In this episode, we dive into the world of Required Minimum Distributions (RMDs) and clear up a common misconception: RMDs don’t have an expiration date. Once you hit age 73, the IRS requires you to start taking RMDs, and they continue annually for the rest of your life or until your retirement account is empty. But how is the distribution amount determined each year? We’ll break down how your RMD is recalculated based on your account balance and life expectancy using IRS tables.

Plus, we’ll explore the exception to the rule—Roth IRAs. While they don’t require RMDs during the owner’s lifetime, inherited Roth IRAs can be subject to RMD rules. Whether you're planning for your own retirement or looking to maximize your legacy, this episode has the information you need to navigate RMDs with confidence.

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When it comes to maximizing your Social Security benefits, timing is everything. In this episode, we explore the ins and outs of when Social Security benefits become less taxed—or even non-taxable—and how your claiming age plays a crucial role in your financial future. We’ll break down how delaying your benefits until age 70 can unlock the maximum monthly payout, offering a boost of about 76% compared to starting at age 62. We’ll also discuss the strategic benefits of waiting, especially if you anticipate a longer life expectancy or have other income sources that allow for a delay.

Whether you're planning for your retirement or helping a loved one make sense of their options, this episode is packed with insights to help you make the most of your Social Security. Tune in for a deep dive into how to make every retirement dollar count!

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Yes, annuity income is considered retirement income, and it plays a significant role in many Georgia retirees' financial plans. But did you know that understanding the tax implications of annuity income can make or break your retirement strategy? In this episode, we dive into the key details you need to know about how annuity income is taxed in Georgia, helping you navigate the complex landscape of qualified and non-qualified annuities.

Learn the difference between annuities funded with pre-tax dollars—like those from a traditional 401(k) or IRA—and those funded with after-tax dollars. We explain how qualified annuity payments are taxed as ordinary income and why non-qualified annuities may offer a tax advantage for retirees over 62. Plus, discover how you can leverage Georgia's generous retirement income exclusion of up to $65,000 per person to potentially reduce or eliminate your state tax liability on annuity payments.

Tune in to get the insights you need to coordinate your annuity payments with other income sources, minimize your overall tax burden, and maximize your retirement income in Georgia.

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In this episode, we dive into a common misconception about how Social Security benefits are calculated: does it really come down to your last 3 years of work? Spoiler alert: it doesn’t! Instead, your Social Security retirement benefit is based on your average earnings over your 35 highest-earning years, adjusted for inflation to account for wage changes throughout your career. We’ll explore what this means for those with varying work histories—whether you’ve worked more than 35 years or fewer. Discover how recent high earnings can replace earlier lower-earning years and how gaps or shorter work histories might impact your benefits. Tune in to gain a clearer understanding of how your Social Security is truly calculated, and what you can do to make the most of your retirement!

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Retiring at 55 with $3 million—sounds like a dream, right? But is it really possible? In this episode, we dive into the numbers and strategies that can make this early retirement goal a reality. We’ll explore how to structure your retirement income, manage the risks of inflation, healthcare costs, and ensure you don’t outlive your money.

We'll cover two popular retirement strategies for stretching that $3 million retirement fund:

The 4% Rule: This well-known strategy suggests withdrawing 4% of your portfolio each year, giving you an initial annual income of $120,000. We'll break down the pros and cons of this method, including its flexibility and exposure to market risks, as well as the challenges posed by inflation over time.

Annuity with $190,000 Annually for Life: Alternatively, purchasing an annuity can provide guaranteed income for life, offering a steady $190,000 annually. We'll discuss why this might be a good choice for those seeking stability, along with the trade-offs like reduced liquidity and accessibility to the principal.

We’ll also touch on other crucial factors like the role of Social Security starting at age 62, the importance of life insurance for protection, and why long-term care insurance could be essential for managing future healthcare costs.

If you’re dreaming of retiring early with a solid financial plan, this episode is packed with insights to help you decide if $3 million is enough for your retirement vision. Tune in to learn how to make your money work for you—and enjoy the retirement lifestyle you want!

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You've retired and are wondering, "Can I still put money in my 401(k)?" The short answer is no—once you retire, your contributions to a 401(k) stop because the IRS requires earned income, like wages or a salary, to continue making deposits. But don't worry, your existing 401(k) can still grow through investments! In this episode, we dive into what you can do with your 401(k) after retirement, including how to manage your investment strategy, when to start taking distributions, and the option to roll over your 401(k) into an IRA for potentially more investment choices.

We’ll also explore other retirement income strategies, such as annuities, that can help provide a steady income stream throughout your retirement years. Plus, we’ll introduce our 401(k) Calculator, a handy tool to estimate your retirement savings and ensure you’re on the right track to meet your financial goals. Tune in for expert insights to help you make the most of your retirement savings!

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Are you or a loved one wondering if it’s too late to secure life insurance? In this episode, we explore the age limits for life insurance policies, typically capped at 85. We break down the options available for seniors who may not qualify for traditional policies requiring medical exams, such as simplified issue and guaranteed issue life insurance.

Learn about the simplified issue policies that skip the medical exam and rely on a quick health questionnaire, offering coverage up to age 85. We’ll also dive into guaranteed issue policies, which offer nearly automatic approval for those aged 50 to 85, regardless of health status—perfect for those facing health challenges.

We'll discuss the trade-offs, like higher premiums and limited coverage amounts, and explain how these policies can still offer financial peace of mind through final expense coverage. If you’re approaching 85 or have a loved one who is, this episode will help you understand the options and make an informed decision about life insurance later in life. Tune in and get the clarity you need!

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Are you wondering when is the best time to retire for maximum financial stability? In this episode, we explore why age 70 might be the most beneficial time to retire. At this age, your Social Security benefits reach their peak, offering the highest monthly payments you'll receive throughout your retirement years.

We'll also dive into the advantages of using a Guaranteed Lifetime Withdrawal Benefit (GLWB) to distribute your income. With this approach, you can secure one of the highest withdrawal rates—around 7%—for life, providing a steady stream of income while safeguarding against inflation.

Tune in as we break down the numbers, explain how to use our GLWB Calculator, and guide you through estimating your potential retirement income. Discover how entering your age, savings, and other details into the calculator can give you a clear picture of what your retirement could look like with a 7% withdrawal rate. It's time to make informed decisions and ensure a secure and comfortable retirement.

Think you can stop paying into Social Security once you hit a certain age? Think again! In this episode, we dive into the often misunderstood rules around Social Security taxes and at what point, if ever, you can stop contributing.

Spoiler alert: as long as you’re earning an income—whether from a job or through self-employment—you are required to pay Social Security taxes, no matter your age. We’ll explore key factors like the lack of an age cutoff, how contributions are only required on income up to the annual wage base limit (set at $168,600 for 2024), and what it means for those who are self-employed.

Tune in to get the facts straight, especially if you're still working past retirement age and wondering how these rules impact you!

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In this episode, we dive into an important question for federal employees nearing retirement: "Can I take my Thrift Savings Plan (TSP) in a lump sum?" The answer is yes, but there's a lot to consider before making this decision. A lump sum payout gives you immediate access to your entire TSP balance, but it can have significant implications for your tax situation. With the entire amount counted as taxable income in the year of withdrawal, you could find yourself in a higher tax bracket, leading to a much larger tax bill than you expected.

But the implications don’t stop there. Taking a lump sum can also reduce the long-term growth potential of your retirement savings, potentially leaving you with less money down the road. We’ll explore some alternative options like rolling over your TSP into an IRA or choosing monthly payments, which can spread out your withdrawals, minimize tax burdens, and keep your savings growing.

Plus, we'll introduce you to our TSP Calculator—a tool that can help you estimate potential withdrawal amounts and evaluate the impact of different strategies on your retirement finances. Tune in to get a clearer picture of your TSP withdrawal options and make an informed decision for your future!

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