Big Picture Retirement®

Stacey's financial advisor recommended 3-6 months of living expenses be in cash. She asks us how much she really needs.

Ron from Portland wants to know what to do with his personal trust now that the beneficiaries are responsible adults. Does he still need this estate planning tool, or can he just have the trust terminate at his death?

For more, go to http://www.bigpictureretirement.net/050

People who are millionaires have respect for a dollar, and they cut expenses that don't add value to their lives.

Joe Saul-Sehy was a financial planner for 16 years, and he has observed some interesting things about how millionaires handled their money. He says it's not discipline, it's about seeing something good that happens, then making it automatic.

• Other takeaways from this episode:
• Automate important tasks
• Know that there's a big difference between planning for tomorrow vs. planning for the long-term
• Improving revenue AND decreasing the costs go hand-in-hand
• Knowledge doesn't pay – action pays

For more details, go to the show notes at http://www.bigpictureretirement.net/049

Things You Should Do Before The End Of The Year:

• Charitable contributions
• Harvest Investment Gains and Losses
• Required Minimum Distributions
• Sit Down And Review This Stuff With Your Tax Advisor

There are a number of things you could do in the next few weeks to properly wrap up 2017. How do you decide which items to prioritize?

Devin and John cover things they think you need to do before the end of the year.

For more details, visit http://www.bigpictureretirement.net/048

Congress is moving fast through the process of changing our tax code. There are still lots of details to be ironed out, but one of the major provisions is a cut to the corporate tax rate.

There is also a proposal to cap the tax rate on pass-through business entities - which may reduce the amount of taxes paid by small businesses.

There are also many parts of the proposals that will impact individuals. More can be found at http://bigpictureretirement.net/047

A reverse mortgage is an agreement that a bank or other financial institution will loan you money against the value of the house, and you don't have to repay that money until the property transfers ownership, often due to death of the homeowner.

There is lots to be said about reverse mortgages. If you want more information, go to our show notes at http://www.bigpictureretirement.net/046

Devin and John explore the different ways that working can affect your Social Security benefit.

Then John explains how and why a child may be eligible for Supplemental Security Income (SSI) when the father was covered under a teacher's retirement program and did not pay into Social Security.

For more details and resource, visit http://bigpictureretirement.net/045

Clayton was shaped by the money experiences of his childhood, particularly his father's job loss.

After some financial challenges, Clayton and his wife decided to figure out how to build an income that isn't tied to their jobs working for someone else.

They decided to buy rental properties to create income to cover their monthly income needs, what Clayton calls his "freedom number."

Highlights include:

The importance of figuring out how much money you need each month

How real estate might be part of the right solution to meet your freedom number.

For more information, visit our show notes at http://www.bigpictureretirement.net/044

Part 2 of a series about Medicare.

This time Devin and John tackle the costs of Medicare Part B, then go into Medicare D (prescription drug coverage).

It's important to understand how Medicare Part D work – it can be a little tricky.

For more information, visit the show notes at http://www.bigpictureretirement.net/043

Understanding Medicare is an important part of your overall retirement planning, but it's so confusing and complicated!

Devin and John share the different parts of Medicare and what they cover.

More information can be found at http://www.bigpictureretirement.net/042

Devin and John answer listener questions you've sent in.

Arlene wants to know what happens to her debts after she dies. John guesses she is probably asking whether her children will be responsible for those debts. It's a good question! The short answer is no, but, of course, there is a longer answer.

Then Jay wants to talk about a purchase he wants to make. It might be a little extravagant, and his financial advisor is against the purchase. Both Devin and John have seen both sides of this, folks who have spent too much of their retirement, and folks who haven't spent nearly enough. Devin threw out a possible rule-of-thumb: if the purchase exceeds 5% of your net worth, and your advisors are expressing concern, maybe you need to think a little more.

For more information, or to contact Devin or John, go to http://www.bigpictureretirement.net/041