Retirement Planning Education, with Andy Panko

Andy talks about the main points to consider when deciding when to start your Social Security retirement benefitsLinks in this episode:Tenon Financial June 2024 newsletter discussing how to optimize your Social Security claiming decision - hereRetirement Planning Education June 2024 blog discussing how to optimize your Social Security claiming decision - hereMy YouTube video - Calculating Your Social Security Primary Insurance AmountTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Listener Q&A where Andy talks about: Whether or not it's okay to have a mortgage or rent in retirement ( 1:56 )Medicare Part B coinsurance of 20% and whether Medigap/Supplemental policies are worth it ( 8:50 )How much money is TOO MUCH money to have in a Health Savings Account ( 13:50 )If I've changed any of my views or processes around retirement planning as a result having chatted with multiple "real people" and other retirement planners in this podcast ( 24:57 )How advisors can help improve the perception of the industry and how consumers can help try to better vet their potential advisor ( 28:58 )How much net worth is enough to consider not having long term care insurance or life insurance ( 43:52 )Links in this episode:FINRA's BrokerCheck - hereMy company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy chats with a real person (not an advisor) doing their own retirement planning. In this episode, Andy talks with Laura Maione, who lives in Illinois and retired during the pandemic. They talk about a wide array of retirement planning topics such as when Laura started getting serious about retirement planning, what she wishes he would have known earlier, how she planned for the non-financial aspects of retirement, and a variety of financial topics such as Social Security, investing, portfolio distributions, how she plans to address any potential long term care scenarios and more!Links in this episode:Bogleheads forum - hereEarly Retirement - hereFireCalc - herei-ORP Retirement Planner - hereTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy chats with fellow retirement planner Angie Furubotten-LaRosee CFP®, from Avea Financial Planning. In this episode they talk about a wide array of retirement planning topics such as tax planning, distribution strategies, investing, annuities, long-term care insurance, how to help advise people who are spending more than planned, what consumers often overlook in retirement planning and much more!Links in this episode:Angie's company's website - Avea Wealth ManagementAngie's "Questions to ask...when choosing a financial planner"Michael Kitces content - here International Living Magazine - hereWomen of Influence Toastmasters Club - hereTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy gives a summary of the key takeaways from the recently released 2024 Social Security Trustees ReportLinks in this episode:The 2024 Social Security Trustees Report - hereThe "Summary of Provisions That Would Change the Social Security Program" - hereTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Listener Q&A where Andy talks about: How to choose a brokerage firm/custodian to use ( 3:00 )How frequently to rebalance your portfolio ( 11:46 )Annual 401(k) contribution limits between employee and employer contributions ( 14:55 )Understanding gift taxes, when a gift tax return is required, the lifetime gift/estate size exemption and the annual gift exclusion ( 19:08 )The two different 5-year rules for Roth IRAs ( 24:03 )How mortgages or home equity lines of credit play into how much of the gain on the sale of your primary residence can be excluded ( 28:43 )Links in this episode:My YouTube video - Understanding Roth IRA Withdrawal RulesMy Podcast episode - Understanding the $250k or $500k gain exclusion on selling your primary residence My company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Thank you for your support through 100 episodes!!! 🥳 To celebrate the milestone of the 100th episode, Andy shares his 100 best bits of retirement planning wisdom, broken up into 10 topics of 10 pieces of wisdom each. The 10 topics are:1) Investments, 2) Social Security, 3) Medicare, 4) Taxes, 5) Estate & Legacy Planning, 6) Annuities & Life Insurance, 7) Pensions, 8) Long Term Care, 9) the Financial Advisory Industry and 10) Non-Financial & Life PlanningLinks in this episode:Genworth Cost of Care Survey - hereFINRA's BrokerCheck - here Tenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy chats with a real person (not an advisor) doing their own retirement planning. In this episode, Andy talks with Al DiSalvio, who lives in New Jersey and plans on retiring in 2025. They talk about a wide array of retirement planning topics such as when Al started getting serious about retirement planning, what he wishes he would have known earlier and a variety of financial topics such as Social Security, investing, Roth conversions, how he recently took a work assignment abroad and more!Links in this episode:Roger Whitney's Retirement Answer Man podcast - hereRob Berger's YouTube channel - hereJoe Kuhn's YouTube channel - hereTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy chats with fellow retirement planner Lauren Hunt, CFP®, from Daybreak Wealth Management. In this episode they talk about a wide array of retirement planning topics such as tax planning, distribution strategies, investing, annuities, long-term care insurance, how to know when someone has "enough" to retire, what consumers often overlook in retirement planning and much more!Links in this episode:Lauren's company's website - Daybreak Wealth ManagementMichael Kitces content - here David Kelly content - hereIan Bremmer content - hereTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Explanation of the Required Minimum Distribution ("RMD") rules for inherited IRAsLinks in this episode:The IRS's Single Life Expectancy TableCharles Schwab's Inherited IRA Withdrawal RulesTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com