PharmD Money

Owning accounts jointly with your spouse is very common. Everything from property to your bank accounts most likely has a joint title on it. The convenience of using those accounts makes the joint titling a no-brainer for most.

However, from an estate planning standpoint, it may not be in your best interest to do. Jointly owned assess don't allow some to maximize the tax benefit of the step-up in basis rule. 

Because of this, it may make sense to reconsider or reexamine your joint taxable account titling decision.  In this episode we explore this and who may benefit from not using the joint title on their investment accounts.

Enjoy the show!

You can connect with Derek on social media at:

https://twitter.com/derekjdelaney 
https://www.linkedin.com/in/derekdelaneypharmdfp/ 
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050

As a pre-retiree looking into retirement, you may find yourself wondering what you're going to do to fill your time when you finally retire. You spend a large portion of your day at work and when that time suddenly becomes available in retirement, what will you do with it?

One way people start envisioning their answer to this question is by learning about what other people who are already retired are doing. And because I'm lucky enough to have conversations with many retiree's, I can help shine some light on a few common answers.

In this podcast episode, Derek will cover his 5 most common ways retiree's are spending their time once they pull the retirement trigger.

1.) Start doing similar work you did as a kid
2.) Work with an adult child by starting a business
3.) Become the grandkids' daycare provider.
4.) Turn that part-time hobby into a full-time endeavor
5.) Start incorporating healthier habits into your life

Enjoy the show!

You can connect with Derek on social media at:

https://twitter.com/derekjdelaney 
https://www.linkedin.com/in/derekdelaneypharmdfp/ 
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050

Retirement planning can be easily pushed aside. It's not hard to find other things that are going on in life that will take priority. Unfortunately, one of the biggest retirement planning advantages a person can give themselves is time.

Enough time to plan, organize, and implement everything that should be in place. That is why I feel the sweet spot to start getting serious about retirement is when you are 10 years away.

That is why in this podcast episode, Derek will go over a few of his top planning tips for those pharmacists who are 10 years away from retirement.

Tip 1: Creating clarity about your retirement.
Tip 2: Projecting what possible income sources will be and at what amounts in retirement.
Tip 3: Creating a debt paydown strategy. Yes, even for your mortgage. 

Enjoy the show!

You can connect with Derek on social media at:

https://twitter.com/derekjdelaney 
https://www.linkedin.com/in/derekdelaneypharmdfp/ 
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050

One of the biggest, if not the biggest, decision a retiree will need to make when it comes to their retirement is deciding which retirement withdrawal strategies they will want to implement. There are no shortage of options to choose from. This can make determining what is best for you, a difficult task. 

In this podcast episode, Derek will preview the 4 most common type of retirement withdraw strategies and the pro's and con's of each. 

- Dynamic Portfolio Withdraw Percentage
- Static Portfolio Withdraw Percentage
- Bucketing Withdrawal Approach
- Delegating Income Approach

Enjoy the show!

You can connect with Derek on social media at:

https://twitter.com/derekjdelaney 
https://www.linkedin.com/in/derekdelaneypharmdfp/ 
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050

Investment management is a straight forward concept for many people in the accumulation stage. Take money from your paycheck and stick it into your 401(k). Make sure your 401(k) is diversified and let the power of compounding do its magic in your favor.

However, retirement is a completely different game. Gone are the days of saving and accumulating. Instead, you are now tasked with managing your investment portfolio in a way that aligns with your new stage of life. 

This can be a stressful and overwhelming job for many new retirees. That is why in the podcast episode, Derek will explain what considerations new retirees need to have when it comes to investment management and how these new considerations are very different than what they have experienced as accumulators. 

Topics discussed include:

- Not getting overly conservative
- Investment management aligning with your retirement withdraw strategy
- The power of diversification
- Tax considerations on top of investment management decisions
- Your safety bucket of money

Enjoy the show!

You can connect with Derek on social media at:

https://twitter.com/derekjdelaney 
https://www.linkedin.com/in/derekdelaneypharmdfp/ 
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050

Or by email at:
[email protected]

Early retirement is a dream scenario for many people. Retirement could mean a second chance at a new career, a new lifestyle, or even a just greater time freedom. But with all the good that can come from retiring at 50, it also is a big financial risk.

Preparing yourself financially and emotionally can help the probability that your extended retirement is a success.

In this podcast episode, Derek covers a few key areas that anyone who is thinking about retiring at age 50 should be planning for.

- Getting crystal clear about your retirement purpose
- Dialing in your savings rate and new lifestyle
- Creating and income plan
- Hiring your early retirement team

Enjoy the show!

You can connect with Derek on social media at:

https://twitter.com/derekjdelaney 
https://www.linkedin.com/in/derekdelaneypharmdfp/ 
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050

Or by email at:
[email protected]

You've heard it said before that tax planning is a critical element of retirement success. So what is the opportunity cost of not implementing proactive tax planning in your financial endeavors?

Well, you may find yourself setting off big tax bombs in retirement that could cost you far more than you think. It often happens that individuals are not even aware they are doing it until they file their year end tax return. We don't want that happening to you.

So, in this podcast, Derek will discuss 5 common tax bombs most retirees want to do their best to avoid!

Tax Bomb # 1: IRMAA
Tax Bomb # 2: Social Security Tax
Tax Bomb # 3: Capital Gains/Ordinary Income Taxes
Tax Bomb # 4: Required Minimum Distributions
Tax Bomb # 5: Deferred Retirement Accounts

Enjoy the show!

You can connect with Derek on social media at:

https://twitter.com/derekjdelaney 
https://www.linkedin.com/in/derekdelaneypharmdfp/ 
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050

Or by email at:
[email protected]

In today's episode, we answer some of the more popular audience questions we've received. Some of these questions have been asked multiple times, so we thought it would be a perfect time to answer them in an AMA episode.

Derek will provide his thoughts and answers to the following questions:

1.) What Should I Do During A Bear Market?
2.) Should I Pay My Mortgage Off Before Retirement?
3.) How Accurate Is My Social Security Projection If I Retire Early?
4.) How Do I Know If I Need A Trust Or A Will?
5.) Are All Annuities Bad?

We hope you enjoy the show!

You can connect with Derek on social media at:

https://twitter.com/derekjdelaney 
https://www.linkedin.com/in/derekdelaneypharmdfp/ 
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050

Or by email at:
[email protected]

 There is so much to consider and sort out while working through a retirement transition. However, one of the biggest changes you will experience is the shift of being an accumulator to becoming a de-accumulator in retirement. 

In this episode, Derek will go over what he sees as some of the biggest changes people will experience while making this retirement transition. The subtle and not so subtle differences should be on all pre-retiree's radars as they advance toward their golden years.

These differences include;
- A Total Mindset Shift
- Sequence of Return Risk
- Increased Interest Rate Sensativity
- Taxation Control

Enjoy the show!

You can connect with Derek on social media at:

https://twitter.com/derekjdelaney 
https://www.linkedin.com/in/derekdelaneypharmdfp/ 
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050

Or by email at:
[email protected]

Retirement is an exciting time for many. Especially those who have been looking forward to their golden years for quite some time. Unfortunate for some, the happy and fulfilling retirement fantasy doesn't always materialize into reality. A big reason for this is unintended frugality.

Being cautious with your spending in retirement is a valuable. But taking it to the extreme can be a big determent. It can also be a habit that is extremely hard to overcome. If you've been frugal your entire life, it's going to be difficult to loosen those reigns in retirement, even if you can financially afford to. 

That is why in this episode Derek goes through a few of his tips he's used with his retiree clients who have found themselves in this same situation.

Tip # 1: Revisit Your Core Values
Tip # 2: Match Expenses With Your Income Sources
Tip # 3: Hire A Professional
Tip # 4: Take Micro Actions And Continuously Evaluate 

Enjoy The Show!

You can connect with Derek on social media at:

https://twitter.com/derekjdelaney 
https://www.linkedin.com/in/derekdelaneypharmdfp/ 
https://www.facebook.com/PharmD-Financial-Planning-LLC-116600423803050

Or by email at:
[email protected]