Retirement Planning Education, with Andy Panko

Part 1 of 2 of my discussion with retirement coach Kevin Lyles where he shares his knowledge of planning for the “softer” side of retirement through discussions about meaning, purpose, fulfillment, etc. (original recording was from January 13 2021) Links in this episode:The Rock Retirement Club - www.RockRetirementClub.comFacebook 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 and Kevin Lao from Imagine Financial Security discuss when cash value (aka permanent) life insurance may be appropriate, and what to know about the sales processes around such productsLinks in this episode:Kevin's firm, Imagine Financial Security - https://imaginefinancialsecurity.com/Kevin's podcast, the "Planning for Retirement Podcast" -  https://imaginefinancialsecurity.com/planning-for-retirement-podcast/

Explanation of what financial planning is (and isn't)Links in this episode:www.adviceonlynetwork.com www.napfa.orgwww.feeonlynetwork.comwww.garrettplanningnetwork.comwww.xyplanningnetwork.comRetirement Planning Education podcast episode #015 - What do all of the letters mean after financial advisors' namesRetirement Planning Education podcast episode #053 - What is tax planningFacebook 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 what Qualified Charitable Distributions ("QCDs") are and why they're the most tax-efficient way to donate cashLinks in this episode:Retirement Planning Education podcast episode #051 - Introductory overview of the federal income tax system Facebook 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 process for how to part ways with your financial advisorLinks in this episode:Facebook 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 what it means to be a fiduciary and why that term has become a marketing buzzwordLinks in this episode:Boomer Benefits website - https://www.BoomerBenefits.comFINRA BrokerCheck - hereFacebook 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 "step up in basis" and how it can make unrealized taxable gains magically disappear when leaving property to heirsLinks in this episode:Boomer Benefits Facebook group page - https://www.facebook.com/groups/508122746351903Facebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Summary of the "Section 121" exclusion of up to $500k of gain on selling your primary residenceLinks in this episode:Boomer Benefits website - https://www.BoomerBenefits.comIRS Publication 523 - hereMy podcast about the Net Investment Income Tax - hereFacebook 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 to reinvest dividends when in retirementCapital gain exclusion when selling a primary residence, and the "step up in basis" when leaving a primary residence to heirs How the Social Security "earnings test" impacts benefits when under Full Retirement Age and still workingHow to amend a tax returnConsiderations when gifting stock that has appreciated in valueLinks in this episode:Boomer Benefits Facebook group page - https://www.facebook.com/groups/508122746351903My podcast episode about the 4% Rule - hereFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Summary of the key takeaways from the 2023 Social Security Trustees ReportLinks in this episode:Boomer Benefits website - https://www.BoomerBenefits.comSSA press release about the 2023 Trustees report, with link to the full report - https://www.ssa.gov/news/press/releases/2023/#3-2023-3Facebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com