Decoding Your Money Podcast

How much does long-term care change the odds of running short of money in retirement?

Spencer Look, associate director of retirement studies at the Morningstar Center for Retirement and Policy Studies, joins Bob Powell on Decoding Your Money to explain what Morningstar’s retirement simulations reveal about financial security in later life.

Look discusses why projected shortfalls change sharply when the model includes paying for long-term care out of pocket, how working longer and delaying Social Security claiming can improve outcomes, and why consistent retirement plan participation matters. He also explains research showing that essential expenses can consume a larger share of income as people age.

The conversation covers retirement account cash-outs, annuities inside workplace plans and proposals to address long-term care risk. Look closes with practical steps: understand your care options, review your savings rate and, if possible, contribute enough to receive your full employer match.

You spend your entire career learning how to save and invest for retirement, but what happens when it’s time to take the money out? In this episode, host Bob Powell sits down with Tim Steffen, CPA, CFP®, CPWA®, and Director of Advanced Planning at Baird Wealth Management, to decode the complex, unforgiving tax and withdrawal rules that trip up retirees.

In this episode, we cover:

• The 3 Core Rules of Retirement Accounts: Taxes, early withdrawal penalties, and mandatory distributions.
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• Rollover Traps: Direct vs. indirect rollovers, the strict 60-day rule, and avoiding unexpected tax bills.
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• Tax Optimization Tactics: The Net Unrealized Appreciation (NUA) strategy for company stock and separating after-tax dollars using the "cream in the coffee" rule.
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• Early Access Without Penalty: Navigating the Rule of 55 and Section 72(t) substantially equal periodic payment schedules.
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• RMD Masterclass: Current age thresholds (73 vs. 75), first-year delay mechanics, and why the "first dollars out" rule impacts Roth conversions.
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• Tax-Free Giving: How Qualified Charitable Distributions (QCDs) keep your Adjusted Gross Income (AGI) down and protect Medicare premiums.

Year-end planning shouldn’t be a reactive scramble in the final days of December. By taking an intentional, checklist-driven approach across taxes, investments, retirement accounts, and estate planning, you can significantly reduce your lifetime tax bill and avoid costly missed opportunities.

In this episode, host Bob Powell sits down with longtime friend and wealth planning expert John Nersesian, founder of Nersesian Wealth Education, to break down essential proactive strategies before the calendar flips.

In this episode, we cover:

• Proactive Tax Bracket Management: Marginal rate awareness, bracket stuffing, and managing phase-outs under new tax laws (including SALT caps, Senior Deductions, and QBI).
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• Smart Investment Moves: Tax-loss harvesting rules, navigating the 61-day wash sale window, stock option exercise timing, and the emotional discipline of portfolio rebalancing.
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• Retirement Optimization: Maximizing 401(k) and IRA limits, traditional vs. Roth decisions, utilizing Health Savings Accounts (HSAs) as supplemental retirement vehicles, and executing strategic Roth conversions.
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• Distribution & Program Rules: Mandatory RMD timing and penalty reductions, Social Security claiming coordination, and Medicare enrollment choices.
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• Legacy & Philanthropy: Annual gift tax exclusions, 5-year front-loading for 529 plans, "bunching" charitable deductions to beat the standard deduction, and utilizing Qualified Charitable Distributions (QCDs).
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Artificial intelligence has transformed financial fraud. Steve Weisman joins Bob Powell to explain why today's scams are more convincing than ever, why smart people still become victims and the practical habits that can dramatically reduce your risk.

Retirement planning usually begins with a number: How much money will you need?

But leaving work also raises harder questions. Who are you without your career? What will give your days meaning? And after decades of saving, how do you give yourself permission to spend?

Suzanne Norman, a longtime financial educator, executive coach and fellow with LIMRA, joins Bob Powell to explain why retirement requires both financial and emotional preparation.

They discuss how retirees can build a new sense of purpose, why many people feel guilty spending their own savings, and how predictable income can reduce the fear of running out of money. Norman also explains why Generation X may face a more difficult retirement than previous generations, how caregiving affects women’s financial security, and why families should prepare for cognitive decline and financial fraud before a crisis occurs.

The conversation offers practical guidance for people approaching retirement, retirees struggling to spend and families trying to protect aging loved ones.

The latest Medicare trustees report says the Part A trust fund could face a shortfall by 2033. But according to Medicare expert Katy Votava, that's not the biggest issue retirees should be thinking about.

In this episode, Bob Powell and Votava discuss Medicare enrollment mistakes, IRMAA, Roth conversions, HSAs, Medicare Advantage, Medigap and the planning decisions that can save retirees thousands of dollars.

Michael Milligan and Nina Milligan explain how parents can teach children about earning, spending, saving, investing, giving, scams and AI through everyday money conversations.

The Shiller P/E ratio has climbed to levels rarely seen in modern market history. NYU finance professor Colin Slabach joins Robert Powell to explain what elevated valuations could mean for investors, retirees and younger workers.

Topics include:

• Why the Shiller P/E matters
• The danger of distorted risk tolerance
• Investing versus gambling
• Asset allocation and investment policy statements
• AI's role in portfolio management
• Retirement sequence risk
• Inflation and elder fraud

Women May Soon Control Most U.S. Wealth

Artificial intelligence is rapidly changing retirement planning, caregiving and elder care. Chris Heye of Wealthcare joins Robert Powell to discuss how AI may help older adults stay independent longer, improve dementia detection, reduce caregiver burnout and combat fraud. They also explore the risks, including privacy concerns, deepfakes and job displacement.