Big Picture Retirement

In this episode of the Big Picture Retirement podcast, we dive into listener questions about Social Security, tackling a wide range of scenarios to help you navigate the complexities of your benefits.

Lois asks about the earnings limit for survivor benefits versus other benefits for someone born in 1955. She’s been told she must repay two months of benefits because her earnings exceeded the limit. Are the SSA's guidelines accurate?

Jane inquires if filing for Social Security at age 65 will affect her survivor benefits when her husband, who is 70, passes away. She also wonders if she can file for a reduced spousal benefit at 65 and what impact this has on her overall benefit strategy.

Sheila is contemplating whether to draw down from her IRA instead of taking Social Security before age 70, aiming to ensure she doesn't outlive her savings. We explore the benefits of delaying Social Security.

B.D. shares a challenging experience with the SSA regarding overpayments and benefits for a disabled adult child. How can they determine the correct benefits and address these overpayment issues?

Carolyn wants to know if her husband, who receives a government pension affected by the Windfall Elimination Provision (WEP), can draw spousal benefits from her Social Security, which is higher than his own but less than half of his pension.

Don is currently working while collecting Social Security and asks if his benefits will be adjusted to account for new Social Security taxes paid.

Tom seeks advice on whether to take Social Security at age 66 or wait until his full retirement age in 2025 to maximize both his and his wife's benefits.

Bob plans to wait until 70 to draw Social Security to maximize benefits and wonders if his wife is entitled to 50% of his total benefit or just 50% of his FRA benefit. Additionally, he asks if his wife can claim his benefit amount at 70 if he passes away before her.

Kevin discusses the debate around the best time to take Social Security, particularly the pros and cons of taking it between FRA and age 70.

Hal asks if his wife needs to apply for the spousal benefit or if the SSA will automatically adjust her benefits when he starts collecting his at age 70.

If you’re thinking, "I love the Big Picture Retirement podcast!” please consider rating and reviewing this show! This helps us support more people, just like you, move toward a confident retirement. 

Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary.

https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and look for the tab on the right side that says “Send A Voicemail.

”Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms.

Contact Devin’s team athttps://www.carrolladvisory.com/

Contact John’s team athttps://www.rossandshoalmire.com/

Want to ask a question? You can find us in our Facebook group. https://www.facebook.com/groups/bigpictureretirement

In this episode, we tackle a diverse range of listener questions from reverse mortgages, annuities, Roth conversions, healthcare before the Medicare age, and a lot more. 

Tune in as we discuss:

• Al's Question: Recommendations for reverse mortgages and the conditions under which they can be beneficial.

• Paul's Inquiry: Using deferred annuities, specifically laddering Fixed Income Annuities with no fees, as alternatives to bonds to generate "safe" money in retirement.

• Pete's Scenario: The implications of converting a large amount to a Roth IRA and using it to cover all retirement needs.

• Sid's Concern: Strategies for obtaining affordable healthcare before Medicare eligibility for himself and his younger wife.

• Susan's Request: Fun and humanitarian investment options for extra funds in retirement.

• Mark's Situation: Possibilities for reasonable healthcare coverage if retiring at 62, with a focus on income-based options.

• Hayle's Curiosity: A personal question about our host's marital status.

If you’re thinking, "I love the Big Picture Retirement podcast!” please consider rating and reviewing this show! This helps us support more people, just like you, move toward a confident retirement. 

Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary.

https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and look for the tab on the right side that says “Send A Voicemail.

”Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms.

Contact Devin’s team athttps://www.carrolladvisory.com/

Contact John’s team athttps://www.rossandshoalmire.com/

Want to ask a question? You can find us in our Facebook group. https://www.facebook.com/groups/bigpictureretirement

In this episode, Devin dives deep into the Social Security questions sent in by our listeners. Topics include questions on the earnings limit, spousal benefits, survivor benefits, and the big one...how future benefit cuts could impact retirees

If you’re thinking, "I love the Big Picture Retirement podcast!” please consider rating and reviewing this show! This helps us support more people, just like you, move toward a confident retirement. 

Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary.

https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and look for the tab on the right side that says “Send A Voicemail.

”Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms.

Contact Devin’s team athttps://www.carrolladvisory.com/

Contact John’s team athttps://www.rossandshoalmire.com/

Want to ask a question? You can find us in our Facebook group. https://www.facebook.com/groups/bigpictureretirement

If you regularly donate to your church or other charities, donor advised funds (DAFs) might be something you want to look into. These funds offer some big perks. First off, you get a potential tax deduction in the year you contribute, even if the money is given out to charities gradually. Secondly, you have the freedom to decide when to donate. This means if you're facing a high tax bill one year, you can contribute more to your DAF and then distribute it to your chosen causes over time. In today’s episode, we’ll explore how DAFs work and discuss a potential change that could affect them.

If you’re thinking "I love the Big Picture Retirement podcast” please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and look for the tab on the right side that says “Send A Voicemail.” 

Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms. 

Contact Devin’s team at https://www.carrolladvisory.com/ 

Contact John’s team at https://www.rossandshoalmire.com/ 

In today's episode, we examine the recent IRS Chief Counsel Memorandum, which introduces significant changes to one of the cornerstone strategies in estate planning. We explore how these new guidelines impact assets placed in trusts like intentionally defective grantor trusts (IDGTs) and spousal lifetime access trusts (SLATs). These trusts have traditionally been used to 'freeze' asset values for estate tax purposes while benefiting from more favorable individual income tax rates. But there’s a core piece of this that is going to look different moving forward.

If you’re thinking "I love the Big Picture Retirement podcast” please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and look for the tab on the right side that says “Send A Voicemail.” 

Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms. 

Contact Devin’s team at https://www.carrolladvisory.com/ 

Contact John’s team at https://www.rossandshoalmire.com/ 

Lots of investors use the S&P 500 index as a key part of their investment plan, thinking it spreads their money out well among America's biggest companies. But in this episode, we're going to question that idea by looking at the risks of having too much money in just a few of the index's top companies. Even though the index includes 500 stocks, a big chunk of its value comes from just a few big names like Microsoft. We'll explore how this uneven distribution can bring more risk than you might expect, and talk about what happens when too much of your investment is tied up in just a few places

If you’re thinking "I love the Big Picture Retirement podcast” please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and look for the tab on the right side that says “Send A Voicemail.” 

Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms. 

Contact Devin’s team at https://www.carrolladvisory.com/ 

Contact John’s team at https://www.rossandshoalmire.com/ 

Roth IRA conversions can be a powerful tool for retirement planning, offering tax-free growth and withdrawals. However, there's a fine line between optimizing and overdoing it. In this episode, we talk about the dangers of over-converting to a Roth IRA. We'll explore how converting too much can lead to higher taxes in retirement and cause missed opportunities later. 

If you’re thinking "I love the Big Picture Retirement podcast” please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and look for the tab on the right side that says “Send A Voicemail.” 

Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms. 

Contact Devin’s team at https://www.carrolladvisory.com/ 

Contact John’s team at https://www.rossandshoalmire.com/ 

Are there lessons we should learn from the comparison of the Rockefellers and the Vanderbilts? In this episode, we look at the contrasting estate planning tactics of two of America's wealthiest dynasties. While both families amassed incredible fortunes, their legacies diverged significantly due to their different approaches to wealth management and succession planning.

If you’re thinking "I love the Big Picture Retirement podcast” please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and look for the tab on the right side that says “Send A Voicemail.” 

Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms. 

Contact Devin’s team at https://www.carrolladvisory.com/ 

Contact John’s team at https://www.rossandshoalmire.com/ 

Retirement has five distinct phases and each of them have their own unique challenges and opportunities. Understanding these distinct phases is important for anyone who is approaching retirement or has retired within the past year or two. If you know what to expect on the road ahead, it should lead to a much smoother and more fulfilling transition into this new part of your life.

If you’re thinking "I love the Big Picture Retirement podcast” please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and look for the tab on the right side that says “Send A Voicemail.” 

Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms. 

Contact Devin’s team at https://www.carrolladvisory.com/ 

Contact John’s team at https://www.rossandshoalmire.com/ 

In this episode, we dive into the concept of investment location—a tactical approach in asset allocation across various accounts like IRAs and joint accounts, which can significantly influence your tax liabilities. 

If you’re thinking "I love the Big Picture Retirement podcast” please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and look for the tab on the right side that says “Send A Voicemail.” 

Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms. 

Contact Devin’s team at https://www.carrolladvisory.com/ 

Contact John’s team at https://www.rossandshoalmire.com/