Understanding Social Security: Is It Really Running Out of Money?

In recent years, the topic of Social Security has become a significant source of anxiety and confusion for many Americans. With headlines suggesting that Social Security is running out of money, it's essential to separate fact from fiction and understand the realities of the system.

Timestamps:

00:00 Intro
03:30 No Money In Trust Fund
05:10 Two SS Views
07:38 Will Benefits Be Cut?
12:15 What Should We Do?
14:10 Final Thoughts

✅Contact Thatcher at [email protected] with comments and questions!

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DISCLAIMER: The information provided in these episodes is only to be considered helpful hints and education. Nothing said or shown is to be misconstrued as specific tax, legal, or investment advice. Consult with your tax, legal, or investment professional before acting on anything you see in these videos.

​​Investment Advisory Services are offered through ProPath Financial, a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed in this podcast should be viewed as investment advice.

Hey there! Have you ever thought about what you can truly control in your retirement? It’s a lot like golf, isn’t it? You can perfect your swing, but once you hit the ball, it’s out of your hands.

Are you spending too much time worrying about market returns or tax policies that you can’t control? What if I told you that focusing on your savings, spending habits, and investment choices could lead to a happier retirement?

Have you considered how your health and longevity play into your retirement plan? What actions are you taking today to ensure a longer, healthier life?

Let’s dive into the retirement equation together. Are you ready to take control of your financial future? Join me in exploring what’s truly in your hands!

Timestamps:

 0:00 – 2:14: Intro – Podcast kickoff & golf analogy for retirement controllables.
2:14 – 3:28: Focus on Controllables – Why they matter in retirement planning.
3:28 – 6:22: Out-of-Control Factors – Market returns, tax policy, and uncertainties.
6:22 – 9:04: Partial Control – Earnings, longevity, and their impact.
9:04 – 12:28: Longevity’s Role – Why it’s crucial in retirement planning.
12:28 – 16:10: Total Control Areas – Saving, spending, and investment choices.
16:10 – 20:52: Conclusion – Key takeaways and additional resources. 

✅Contact Thatcher at [email protected] with comments and questions!

Are you over age 50 and need retirement help?
Schedule a free consultation https://www.propathfinancial.com/get-started

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DISCLAIMER: The information provided in these episodes is only to be considered helpful hints and education. Nothing said or shown is to be misconstrued as specific tax, legal, or investment advice. Consult with your tax, legal, or investment professional before acting on anything you see in these videos.

​​Investment Advisory Services are offered through ProPath Financial, a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed in this podcast should be viewed as investment advice.

Welcome to the Functional Retirement Podcast with your host, Thatcher Taylor! In this episode, we dive deep into the world of Roth catch-up contributions and the significant changes coming in 2026 that every retiree needs to know. If you're over 50 and working for an employer with a 401(k), this episode is a must-listen!

Discover how the Secure Act 2.0 is reshaping retirement planning by making Roth catch-ups mandatory for high-income earners. Thatcher breaks down the implications of these new rules, including the shift from pre-tax to Roth contributions, and what it means for your tax strategy and retirement income.

Learn about:

• The differences between pre-tax and Roth contributions
• How to navigate the new mandatory Roth catch-up rules
• Strategies for maximizing your retirement savings
• The importance of planning for tax-free income in retirement

Whether you're cooking, working out, or just taking a walk, tune in to gain valuable insights that can help you secure your financial future. Don't forget to like, subscribe, and share to support the growth of the podcast!

Join us on this journey to a more informed retirement. Your future self will thank you!

Timestamps:

0:03 - Intro & importance of facts
0:37 - Financial planners, IRS & Roth catch-ups
2:03 - 50+ with 401k & contribution limits
4:22 - Secure Act 2.0 & mandatory Roth catch-ups
6:36 - Tax changes & future Roth benefits
9:20 - RMDs, affected plans & income thresholds
11:00 - Compliance, planning & deductions
13:15 - Closing & next steps 

✅Contact Thatcher at [email protected] with comments and questions!

Are you over age 50 and need retirement help?
Schedule a free consultation https://www.propathfinancial.com/get-started

Subscribe for all things retirement, investment, tax, & estate planning https://www.youtube.com/@functionalretirement

Join The Newsletter For All Wealth Building Tactics
https://propath.ck.page/60fab1df4d

DISCLAIMER: The information provided in these episodes is only to be considered helpful hints and education. Nothing said or shown is to be misconstrued as specific tax, legal, or investment advice. Consult with your tax, legal, or investment professional before acting on anything you see in these videos.

​​Investment Advisory Services are offered through ProPath Financial, a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed in this podcast should be viewed as investment advice.

In this episode of the Functional Retirement Podcast, host Thatcher Taylor, a Certified Financial Planner, dives deep into the world of Roth IRAs. He discusses the growing popularity of Roth accounts and the various methods to contribute to them, especially for those who may face income limits.

Key topics include:

• Income Limits: Understanding the thresholds for contributing to a Roth IRA and how they can affect your ability to save.
• Conversions: Learn about the process of converting traditional IRA funds to a Roth IRA, including the important 5-year rule that governs when you can access those funds tax-free. Watch my video here: https://www.youtube.com/watch?v=SjGV6UQ1l04
• Backdoor Roth IRA: A strategy for high-income earners to bypass contribution limits through a non-deductible traditional IRA.
• Roth 401(k): The benefits of contributing to a Roth 401(k) at work, which has no income limits.
• 529 Plan Rollovers: A new opportunity to roll over funds from a 529 plan to a Roth IRA for your children, starting in 2024.

Thatcher emphasizes the importance of understanding the different methods of getting money into a Roth IRA and how each has its own rules and implications. This episode is packed with valuable insights for anyone looking to optimize their retirement savings strategy.

Tune in to learn how to create a more functional and valuable retirement plan!

Timestamps:

00:00 Intro
01:32 Roth Knowledge
05:50 Contributions
09:20 Conversion
13:10 Backdoor Roth
19:00 Roth 401k
23:05 529 to Roth
26:20 Review

✅Contact Thatcher at [email protected] with comments and questions!

Are you over age 50 and need retirement help?
Schedule a free consultation https://www.propathfinancial.com/get-started

Subscribe for all things retirement, investment, tax, & estate planning https://www.youtube.com/@functionalretirement

Join The Newsletter For All Wealth Building Tactics
https://propath.ck.page/60fab1df4d

DISCLAIMER: The information provided in these episodes is only to be considered helpful hints and education. Nothing said or shown is to be misconstrued as specific tax, legal, or investment advice. Consult with your tax, legal, or investment professional before acting on anything you see in these videos.

​​Investment Advisory Services are offered through ProPath Financial, a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed in this podcast should be viewed as investment advice.

We're discussing a crucial topic: the taxation of Social Security benefits. Many retirees are unaware that up to 85% of their Social Security income could be taxable, depending on their overall income.

Recently, there have been discussions about eliminating this tax, which could save retirees thousands annually. However, whether this change occurs or not, understanding how Social Security benefits are taxed is essential for effective retirement planning.

Timestamps:

0:34 -Taxation of Social Security Benefits

1:19-Importance of Understanding Taxation

1:50 -Complexity of Taxes in Retirement

03:14 -Provisional Income Calculation

4:49 -Taxation Thresholds

6:47 -Social Security Tax Trap

14:39 -Strategies to Manage Taxation

19:04-Conclusion

 





 

✅Contact Thatcher at [email protected] with comments and questions!

Are you over age 50 and need retirement help?
Schedule a free consultation https://www.propathfinancial.com/get-started

Subscribe for all things retirement, investment, tax, & estate planning https://www.youtube.com/@functionalretirement

Join The Newsletter For All Wealth Building Tactics
https://propath.ck.page/60fab1df4d

DISCLAIMER: The information provided in these episodes is only to be considered helpful hints and education. Nothing said or shown is to be misconstrued as specific tax, legal, or investment advice. Consult with your tax, legal, or investment professional before acting on anything you see in these videos.

​​Investment Advisory Services are offered through ProPath Financial, a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed in this podcast should be viewed as investment advice.

Just like Michelangelo saw the masterpiece within the marble, you can envision your ideal retirement!  Where do you want to live in retirement? What lifestyle do you envision? 

Your retirement is more than just finances; it’s about mindset and health too! Discover how to refine your retirement plan and ensure a fulfilling lifestyle 

Timestamps:
00:00 Intro
04:20 Vision
08:10 Foundation
13:55 Patience
19:20 Mistakes
23:00 Polish

✅Contact Thatcher at [email protected] with comments and questions!

Are you over age 50 and need retirement help?
Schedule a free consultation https://www.propathfinancial.com/get-started

Subscribe for all things retirement, investment, tax, & estate planning https://www.youtube.com/@functionalretirement

Join The Newsletter For All Wealth Building Tactics
https://propath.ck.page/60fab1df4d

DISCLAIMER: The information provided in these episodes is only to be considered helpful hints and education. Nothing said or shown is to be misconstrued as specific tax, legal, or investment advice. Consult with your tax, legal, or investment professional before acting on anything you see in these videos.

​​Investment Advisory Services are offered through ProPath Financial, a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed in this podcast should be viewed as investment advice.

Let's explore the incredible potential of 401k plans as essential tools for retirement planning. Did you know that as of 2024, there are over 500,000 401k accounts with balances exceeding a million dollars? That's a testament to the power of consistent contributions and smart investing!

Timestamps:
:00 - Introduction
:16 - Importance of 401(k) plan
2:01 - Maximizing 401(k) benefit
6:30 - Contribution limits for 2025
10:00 - Employer matching strategies
12:08 - Tax advantages of 401(k) plans
16:41 - Investment options
19:16 - Rollover and withdrawal rules
26:47 - Common mistakes to avoid
30:00 - Conclusion and final thoughts

✅Contact Thatcher at [email protected] with comments and questions!

Are you over age 50 and need retirement help?
Schedule a free consultation https://www.propathfinancial.com/get-started

Subscribe for all things retirement, investment, tax, & estate planning https://www.youtube.com/@functionalretirement

Join The Newsletter For All Wealth Building Tactics
https://propath.ck.page/60fab1df4d

DISCLAIMER: The information provided in these episodes is only to be considered helpful hints and education. Nothing said or shown is to be misconstrued as specific tax, legal, or investment advice. Consult with your tax, legal, or investment professional before acting on anything you see in these videos.

​​Investment Advisory Services are offered through ProPath Financial, a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed in this podcast should be viewed as investment advice.

Hey everybody, welcome back to your classroom. Thatcher Taylor here, owner of ProPath Financial. Today, I want to discuss why the average net worth figures you often see are misleading and don't provide meaningful insights for your retirement planning.

If you need assistance with finding your personalized number for retirement, click this link. Please like, subscribe, and share this podcast to help us grow. Thank you for joining me today!

✅Contact Thatcher at [email protected] with comments and questions!

Are you over age 50 and need retirement help?
Schedule a free consultation https://www.propathfinancial.com/get-started

Subscribe for all things retirement, investment, tax, & estate planning https://www.youtube.com/@functionalretirement

Join The Newsletter For All Wealth Building Tactics
https://propath.ck.page/60fab1df4d

DISCLAIMER: The information provided in these episodes is only to be considered helpful hints and education. Nothing said or shown is to be misconstrued as specific tax, legal, or investment advice. Consult with your tax, legal, or investment professional before acting on anything you see in these videos.

​​Investment Advisory Services are offered through ProPath Financial, a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed in this podcast should be viewed as investment advice.

Are you ready to unlock the secrets of Social Security in 2025? 

Join Thatcher Taylor on the latest episode of the Functional Retirement Podcast as he dives deep into the significant changes that could impact your retirement income. From a 2.5% cost of living adjustment to the groundbreaking Social Security Fairness Act that eliminates the windfall elimination provision, this episode is packed with essential insights for anyone navigating the complexities of Social Security. 

Whether you're already receiving benefits or planning for the future, Thatcher's engaging and informative style will help you understand how these changes can affect your financial landscape. Don't miss out on this opportunity to empower your retirement strategy!



0:10 - Introduction and Podcast Growth
1:02 - Podcast Format Changes
3:04 - Social Security Changes Overview
3:27 - Cost of Living Adjustments (COLA)
5:04 - Maximum Taxable Earnings Increase
7:08 - Social Security Tax Breakdown
9:06 - Earnings Limit for Early Social Security Beneficiaries
12:12 - Social Security Fairness Act Introduction
15:00 - Windfall Elimination Provision (WEP)
16:06 - Government Pension Offset (GPO)
18:06 - Medicare Part B Premiums
20:22 - Planning and Preparation for Social Security
21:15 - Conclusion and Call to Action

✅Contact Thatcher at [email protected] with comments and questions!

Are you over age 50 and need retirement help?
Schedule a free consultation https://www.propathfinancial.com/get-started

Subscribe for all things retirement, investment, tax, & estate planning https://www.youtube.com/@functionalretirement

Join The Newsletter For All Wealth Building Tactics
https://propath.ck.page/60fab1df4d

DISCLAIMER: The information provided in these episodes is only to be considered helpful hints and education. Nothing said or shown is to be misconstrued as specific tax, legal, or investment advice. Consult with your tax, legal, or investment professional before acting on anything you see in these videos.

​​Investment Advisory Services are offered through ProPath Financial, a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed in this podcast should be viewed as investment advice.

On this episode of the Functional Retirement Podcast, host Thatcher Taylor,  delves into the relationship between taxes and retirement planning. He emphasizes the importance of considering tax implications not just for the current year, but for the entire span of retirement. Thatcher highlights the need to strike a balance between saving now and enjoying the benefits later, cautioning against focusing solely on preserving portfolio value in retirement. Tune in to learn more about optimizing tax savings throughout your retirement journey.

Timestamps:
02:16 Retirement spending and taxation.
06:30 Understanding effective tax rates.
08:09 Navigating tax brackets in retirement.
12:43 Tax implications of retirement withdrawals.
19:17 The tax trap.
20:13 Taxes in retirement dynamics.

✅Contact Thatcher at [email protected] with comments and questions!

Are you over age 50 and need retirement help?
Schedule a free consultation https://www.propathfinancial.com/get-started

Subscribe for all things retirement, investment, tax, & estate planning https://www.youtube.com/@functionalretirement

Join The Newsletter For All Wealth Building Tactics
https://propath.ck.page/60fab1df4d

DISCLAIMER: The information provided in these episodes is only to be considered helpful hints and education. Nothing said or shown is to be misconstrued as specific tax, legal, or investment advice. Consult with your tax, legal, or investment professional before acting on anything you see in these videos.

​​Investment Advisory Services are offered through ProPath Financial, a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed in this podcast should be viewed as investment advice.