Big Picture Retirement®

For countless retirees, the greatest challenge isn't saving money, but spending it. After years of diligent saving, the transition to drawing down those hard-earned funds can be fraught with anxiety and uncertainty. But what if there was a way to ease this tension? In this episode, we explore the often unexpected emotional hurdles of retirement spending and reveal the antidote: a well-defined plan. With the right roadmap, retirees can grant themselves permission to spend, savoring the fruits of their labor with the confidence that their financial future remains secure. Join us as we share real-life stories of this struggle and offer insights into crafting a plan that truly brings peace of mind

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/

• Suzanne's Dilemma - Suzanne from California is on the brink of retirement and finds herself at a crossroads regarding her Social Security collection and marriage. With a mix of emotions, financial goals, and intricate social security rules, we navigated her through her options and potential benefits.
• Richard's Inquiry - Richard from Massachusetts brought up a probing question about the SECURE Act, specifically regarding the 10-year rule for inherited IRAs. We got into the nuances of how the rule works, ensuring clarity for Richard and others in similar situations.
• Sandra's Charity Vision - Sandra from West Virginia had a query about transferring money from her IRA directly to a charity, tax-free. Our hosts unveiled the benefits of the qualified charitable deduction and took a light-hearted detour discussing the evolution of church donation practices in recent years.
• Mike's Calculation - Mike from Michigan, set to embark on his social security journey this November, wanted clarity on the combined social security amount he and his wife can expect. The answer isn't simple, but our hosts were up for the challenge!
• Steve's Unique Scenario - Steve from Oregon presented a distinct case, involving his wife's longstanding disability. Unpacking the convoluted rules of disability and its relation to social security, we offered insights tailored to Steve's unique circumstances.
• Rich's Digital Age Questions - Rich from Ohio is forward-thinking and contemplated the benefits of collecting Social Security at different ages, pondering over future investments, and the intriguing concept of social security being dispersed in digital dollars. Our discussion ventured into the realm of modern investment techniques and the rising prominence of digital currency.

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, Devin and John answer a few questions from listener's voicemails!

Join us as we dissect these questions, providing you with actionable insights and strategies to give you clarity and confidence about your retirement. 🎙️📈👥

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 real worth of a financial advisor. If they're only offering investment management or just lightly touching upon financial planning, is that 1% fee justifiable? Then Devin and John talk about the evolution of how compensation for advice has changed – from its commission-based roots to percentage-based asset management fees, and now, towards the emerging trend of flat fee charges.

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, John dives deep into the intricacies of charging orders for LLCs. If you own an LLC, what happens when there's a personal judgment against you? How do state laws influence the level of protection? Many view LLCs as a protective measure, especially when holding valuable assets like real estate. Yet, while these structures are designed to offer a shield, are there circumstances where one's personal liabilities can affect their business assets?

From understanding the foundational purpose of an LLC to discussing the nuances of outside liabilities, we tackle all these questions and more.

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 open the phone lines and talk directly with our listeners to answer their burning questions.

Mark from Maryland starts us off, delving into the graduated progression of taxation. Devin sheds light on the historical backdrop and the ongoing challenges of the Social Security Trust Fund, underscoring the reverberations of past political decisions.

Lola from Kansas grapples with the optimal timing of her Social Security benefits claim, juxtaposed against the future of her Medicare once her husband steps into retirement. Devin and John unpack the intricacies of Medicare, particularly when transitioning from an employer offering continued health insurance.

Carolyn from North Carolina seeks clarity on the often-misunderstood spousal benefit. Devin elucidates the disparities in benefits between higher earning spouses and their lower or non-earning counterparts.

Lastly, Kevin from Indiana, on the brink of his retirement in March, is on the lookout for guidance on navigating his debt, his 457 plan, and the maze of Social Security benefits. Armed with Kevin's detailed financial profile, the hosts chart out strategic avenues, emphasizing the criticality of gauging net income needs prior to retirement decisions. The conversation also touches on tax implications, the art of bracket management, and the sway of interest rates over debts.

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/

Is it possible that Roth IRAs will be taxable in the future?

Could they change the rules and start including the distributions from a Roth as part of your taxable income?

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 recent IRS revenue ruling that has the financial and estate planning communities buzzing. The possibility that trust accounts may no longer benefit from a step-up in basis has caused some panic among individuals who have used trust planning as the cornerstone of their estate plans. For decades, the step-up in basis has been a cornerstone of estate planning, allowing assets to pass on to heirs with a new cost basis set at the date of the original owner's death. But what does this new ruling mean for the future of estate transfers, wealth management, and tax implications?

Join us as we unpack:

1. A brief history of the step-up in basis and why it's significant.
2. An overview of the IRS revenue ruling in question.
3. Potential implications for trust accounts and their beneficiaries.

If you're trying to understand what this could mean for your family's future, this episode promises to shed light on a topic that could reshape the estate planning landscape.

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, Devin and John answer a few questions from listener's voicemails. Here's a glimpse of what we discuss:

1. Carol wonders if her husband can start collecting Social Security on her benefits, despite her already receiving hers.
2. Cynthia brings a multifaceted query on government pensions, deceased spouse benefits, and the intricacies surrounding her mother's and stepfather's financial landscape.
3. Michael seeks clarity on the Secure Act 2.0, especially regarding Qualified Charitable Distributions (QCD) and their tax implications.
4. Clark delves into the optimal timing for claiming his Social Security benefits, while navigating the complex considerations surrounding retirement investment strategies and market dynamics.
5. Bobby is curious about the specifics of the full retirement age year and its timeframe.
6. In another call, Michael navigates the transition from SSI to Social Security for a disabled adult and the health insurance implications involved.
7. Lilo ponders the transition between spousal benefits and survivorship benefits in the unfortunate event of his passing, and how that impacts his younger wife's benefits.
8. And finally, Kathleen, dealing with the ramifications of the Secure Act, seeks advice on handling the inherited IRA from her late mother and understanding the tax implications of her Required Minimum Distributions.

Join us as we dissect these questions, providing you with actionable insights and strategies to give you clarity and confidence about your retirement. 🎙️📈👥

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/

• What's the most common age to file for Social Security?
• Social Security Income Limit: Single or Joint Income?
• Full Retirement Age Increasing to 70?
• Spousal Benefits Calculation
• Can I undo a Roth Conversion?

If you're thinking "I love the Big Picture Retirement podcast" please consider rating and reviewing this show! This helps me 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/