The end of the year brings more than just holidays. 

It’s also a key moment to make tax-efficient moves that can shape your financial picture for the next year.

In this episode, Nick Russell and Becky Wagoner share a practical year-end checklist to help you stay proactive with your retirement accounts, avoid tax penalties, and make informed planning decisions before December 31. 

From Roth conversions to charitable donations, they break down what needs to be done now and what can wait until tax season.

Key Takeaways:

• The difference between calendar-year and tax-year deadlines for contributions
• Which accounts must be funded before December 31, and which can wait until tax filing
• How to handle required minimum distributions and use QCDs for charitable giving
• Tips on tax-loss harvesting, managing capital gains, and avoiding the wash-sale rule
• When and why to consider Roth conversions, plus timing strategies after retirement
• And more!

Connect with Sunrise Wealth Advisors: 

• LinkedIn: Nick Russell
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• X: Nick Russell

The holidays bring joy, but they also bring financial pressure that can leave you dazed come January.

What if you could enjoy the season without the post-holiday regret? What if your spending reflected what truly matters to you?

In this episode, Nick Russell and Becky Wagoner share strategies for managing holiday expenses while staying aligned with your values. From creating supportive budgets to choosing meaningful gifts over material exchanges, they offer fresh perspectives on celebrating without overspending. 

They also reveal startling statistics about gift returns and discuss creative alternatives that prioritize experiences and connections over commercialism.

Key takeaways:

• Creating a budget based on what brings you joy (hosting, gifts, or travel) rather than feeling restricted by arbitrary spending limits
• Starting with 1% of annual income as a holiday budget baseline and building in 5-10% flexibility for unexpected expenses
• Choosing experience-based gifts like time together, teaching family recipes, or childcare exchanges instead of material items
• Celebrating holidays on alternative dates to save on travel costs and reduce stress while maintaining meaningful traditions
• The reality that 17% of gifts (worth $890 billion) are returned annually, with 8.4 billion pounds ending up in landfills
• And more!

Resources:

• Forbes: 12 Tips To Build A Holiday Budget That Won’t Break The Bank
• Optoro: With Returns Fraud & Abuse on the Rise, and 69% of Shoppers Admitting to Wardrobing, with 64% Doing So At Least Once a Month
• NRF and Happy Returns Report: 2024 Retail Returns to Total $890 Billion

Connect with Sunrise Wealth Advisors: 

• LinkedIn: Nick Russell
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• X: Nick Russell

Taxes don’t stop when you retire; they just get sneakier. From Social Security surprises to Medicare premium surcharges, retirees face more hidden taxes than they might expect.

In this episode, Nick Russell and Becky Wagoner reveal how to spot and manage the “Big Four Hidden Taxes” that can quietly drain your retirement income. They break down these taxes, how they interact, and what proactive planning can do to minimize their bite.

Nick and Becky also uncover how to recognize, anticipate, and plan for the hidden tax traps that impact retirees’ income, investments, and healthcare costs.

Key Takeaways:

• The difference between “obvious” and “hidden” taxes in retirement
• How Social Security benefits become taxable and how thresholds apply
• What happens if you forget to take Required Minimum Distributions (RMDs)
• Understanding the “Tax Torpedo” and its ripple effect on income and Medicare
• What IRMAA is and how it can inflate your Medicare premiums, plus how to appeal
• And more!

Connect with Sunrise Wealth Advisors: 

• LinkedIn: Nick Russell
• Sunrise Wealth Advisors
• X: Nick Russell

Estate planning isn’t just for the wealthy. It’s about giving your loved ones clarity and control when it matters most.

In this episode, Nick Russell and Becky Wagoner explain why estate planning should start early, the essential documents everyone needs, and how to protect digital and financial assets for your family’s future. 

They share personal stories, practical advice, and even a touching family example that shows how thoughtful planning can leave a lasting legacy.

Nick and Becky explore:

• Why failing to plan can cause emotional and financial chaos for families
• The four essential documents every adult should have: will, trust, power of attorney, and living will
• How beneficiaries and “payable on death” accounts override your will
• The importance of organizing and protecting your digital assets and passwords
• When to update your estate plan to reflect life changes like marriage, divorce, or new property
• And more!

Connect with Sunrise Wealth Advisors: 

• LinkedIn: Nick Russell
• Sunrise Wealth Advisors
• X: Nick Russell

Running a business means wearing many hats, but retirement planning doesn’t have to get lost in the shuffle.

In this episode, Nick Russell and Becky Wagoner unpack retirement savings strategies designed for small business owners and entrepreneurs. From SEP IRAs to solo 401(k)s, they explain how different plans work, who they’re best suited for, and why offering retirement options can help retain employees. They also share real-life examples and discuss how flexibility is key as your business grows and changes.

Key points:

• The differences between SEP IRAs, SIMPLE IRAs, solo 401(k)s, and traditional 401(k)s
• Contribution limits, tax considerations, and setup costs for each type of plan
• How retirement benefits improve employee retention and reduce turnover costs
• Why small business owners shouldn’t rely solely on selling their business as a retirement strategy
• Practical advice on evolving your plan as your income and number of employees grow
• And more!

Connect with Sunrise Wealth Advisors: 

• LinkedIn: Nick Russell
• Sunrise Wealth Advisors
• X: Nick Russell

Nick Russell and Becky Wagoner break down what retirement planning really looks like at each stage of life. From the first savings habits in your 30s, to protecting your income and family in your 40s, to running “stress tests” in your 50s to see if you are truly on track, this episode is packed with practical insights and relatable stories. 

Nick shares how even $300 a month in your 30s can grow into $1 million, why time in the market matters more than timing, and how reviewing insurance and running projections can prevent costly mistakes later on. Becky adds real-life perspective, including what Fidelity suggests you should have saved by each decade.

What to expect in this episode:

• How saving 10% of your income early builds momentum
• The power of compounding and why starting late costs more
• Insurance and protection strategies in your 40s
• Stress testing your plan in your 50s before retirement hits
• And more!

Connect with Sunrise Wealth Advisors:

• LinkedIn: Nick Russell
• Sunrise Wealth Advisors
• X: Nick Russell

Nick and Becky open up about a deeply relevant topic: divorce and finances. 

Drawing from both personal experience and professional perspective, they highlight the hidden financial pitfalls and overlooked steps that can make or break a secure future after separation.

Listeners will learn:

• Why updating beneficiaries is one of the most urgent post-divorce tasks
• How Social Security benefits may still apply after 10 years of marriage
• The role of pension planning and life insurance in protecting income streams
• The difference between equal and equitable when dividing assets
• And more!

Previous Episode of Interest:

• Marriage: The Ultimate Investment in Love and Money (Ep. 28)

Connect with Sunrise Wealth Advisors:

• LinkedIn: Nick Russell
• Sunrise Wealth Advisors
• X: Nick Russell

Marriage isn’t just about romance. It’s also one of the most impactful financial partnerships you can form.

In this episode, Nick Russell and Becky Wagoner mix humor and practical advice as they explore the financial pros and cons of tying the knot. 

From tax breaks to Social Security benefits, they cover how marriage can boost your finances and where it can cause headaches. The conversation also touches on statistics about money habits, financial infidelity, and why open conversations about money matter at every stage of life.

Key Points:

• Financial benefits of marriage, which may include potential tax advantages, the ability to contribute to a spousal IRA, and eligibility for Social Security spousal and survivor benefits.
• Inheritance rights for spouses and how marriage can simplify asset transfer and beneficiary claims.
• Potential drawbacks such as higher combined tax bills, shared debt responsibility, and complications for later-life marriages.
• Statistics on couples’ financial habits, including separate vs. joint accounts and the prevalence of financial infidelity.
• The importance of regular financial conversations to strengthen relationships and align goals.

Previous Episode of Interest:

• Social Security 101: Understanding Your Retirement Benefits (Ep. 24)

Connect with Sunrise Wealth Advisors: 

• LinkedIn: Nick Russell
• Sunrise Wealth Advisors
• X: Nick Russell

From geopolitical conflicts to viral financial trends, there’s no shortage of worries bombarding investors daily.

But how much of it matters for your money?

This week, Nick Russell and Becky Wagoner answer the burning questions they keep hearing from clients, busting myths and calming nerves about global events, political chatter, and financial TikTok trends.

Nick and Becky discuss:

• Whether global conflicts like Russia/Ukraine or unrest in the Middle East should trigger panic for investors
• Common misunderstandings about Donald Trump running for a third presidential term 
• Strategies to avoid getting overwhelmed by 24/7 news cycles, emphasizing living life instead of obsessing over headlines
• The sudden buzz around Irrevocable Life Insurance Trusts (ILITs), why TikTok might be fueling interest, and who needs them
• Seasonal trends in the stock market, revealing why July often shines while the summer slump is largely a relic of Wall Street history
• And More!

Connect with Sunrise Wealth Advisors: 

• LinkedIn: Nick Russell
• Sunrise Wealth Advisors
• X: Nick Russell

What do poker and smart investing have in common? More than you think.

In this episode, Nick Russell and Becky Wagoner explore how strategies from the poker table can lead to smarter financial decisions. From managing emotions under pressure to calculating odds and pivoting in uncertain environments, they draw surprising parallels between poker psychology and sound financial planning. You’ll also learn the meaning behind classic poker lingo, the origin of the “dead man’s hand,” and why Becky still needs a cheat sheet every time they play.

Nick and Becky discuss:

• How mastering psychology helps both poker players and investors stay emotionally grounded
• Why knowing your odds and probabilities leads to better financial choices
• What long poker tournaments can teach you about patience and retirement planning
• How to pivot when the environment shifts, whether it’s market volatility or life itself
• And More!

Connect with Sunrise Wealth Advisors: 

• LinkedIn: Nick Russell
• Sunrise Wealth Advisors
• X: Nick Russell