PharmD Money

Retirement planning is confusing. There is a lot to consider. And just when you think you have everything figured out, the IRS comes along and makes it more difficult. This is usually what happens when people learn about Required Minimum Distributions for the first time.

RMDs are the amount of money the IRS requires that you pull out of your retirement accounts each and every year. Regardless of if you actually need that money or not. Their goal is for you to spend the last dollar you have in a retirement account before you die. This can be a major hinderance on the financial goals of individuals. 

In this podcast, Derek talks about the basics of RMDs everyone should be aware of. He also touches on some of the RMD changes that start on January 1st, 2022. 

If you are trying to learn more about how RMDs may impact your retirement, this episode is for 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]

Retirement planning is a complex topic. There are a number of different financial and behavioral risks that retirees must navigate throughout their golden years. One of the biggest and most impactful decisions a retiree will need to make usually comes at the beginning.

That decision is determining what retirement distribution strategy will be implemented. Or more commonly, how will you safely withdraw money from your retirement next egg over the next 30 - 40 years?

This has become a much bigger and impactful decision for retirees today than it was 15 years. So in this episode, Derek will walk through what he believes are the 4 more common type of retirement withdraw strategies that are being utilized today.

In this episode, we cover:

-The 4% Rule
-The Bucket Approach
-The Guardrails Approach
-The Interest 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

Or by email at:
[email protected]

Many people work for financial reasons. But what happens when you get to the point of not needing income from a job anymore? For many, this is the dream scenario. This is when they get to finally hang it up and fully retire. Welcome to the golden years!

But for others, this decision comes with a lot more angst. They feel the tradeoff of retirement isn't worth what they are leaving behind from their job. So they work longer than they financially have too. And if this is the case, should it be something that is concerning? Is working to long a bad thing?

In this episode, Derek will break down the trade-offs or continuing to work even when you don't have too. Understanding the good and the bad of making that decision will help bring more clarity on if it's truly what is best for you.

Finally, wait until the end when Derek gives his unique recommendations to those who find themselves in this exact situation.

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]

Hiring a financial advisor can be intimidating. To make matters worse, it can be very difficult to differentiate between them. They all have "Financial Advisor" or "Financial Planner" or "Wealth Manager" etc. etc. etc. on their business cards? Does that mean they are all the same and do the same thing?

The answer to that question is a resounding no. But how can you tell? How can you make sure you are hiring the right financial advisor for you? In this podcast episode, Derek will walk through 10 questions you can use to better understand the differences and nuances between financial professionals. These questions will make it much easier to compare and contrast different financial advisors for the benefit of the consumer!

The 10 questions are:

1.) How Do You Get Paid?
2.) Are You Held To A Fiduciary Standard Of Care At All Times?
3.) What Are Your Qualifications?
4.) Beyond Investment Management, What Other Value Can You Provide To Me?
5.) Who Do You Specialize In Working With?
6.) Do You Have The Ability To Provide Proactive Tax Planning Advice?
7.) How Much Do You Typically Charge?
8.) Do Other's Stand To Gain From Our Work Together?
9.) Have You Ever Been Disciplined For Any Unlawful or Unethical Actions In Your Career?
10.) Is There Another Firm Out There That Is Better Suited To Working With Pharmacists And Their Families?

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]

We have made it to a new year. And like every other year, changes have been made on what we are allowed and not allowed to do with our money. So it's important to get caught up with all of the important numbers that will dictate what we can do while we try to maximize our planning opportunities within the year.

In this episode, Derek will talk about 

I. The changes to Federal Income Tax Rates
II. Long Term Capital Income Taxes Rates
III. Net Investment Income Rates
IV. Provisional Income Changes
V. Contribution Limits and updates
VI. RMD changes

We hope you enjoy the episode!

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]

Investment rate of return is the easiest metric to use when determining success and failure of your financial life. It's also the easiest metric to use when correlating it with your future consumption. I made a lot of money this year in my investment account, which means I will be able to afford to spend more in retirement.

This is dangerous thinking, especially when its your primary focus of deciding whether to hire a financial advisor or not. There is so many other details that become more important than investment rate of return when retiring that should be looked at along with a portfolio's rate of return. 

In this podcast episode, Derek will go over why investment rate of return is a poor metric to use when deciding to hire a financial advisor. He will also touch on a few other areas you should be more concerned about when making this type of decision. 

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 planning is a complex and fairly time intensive endeavor. It requires a lot of planning and projecting and ultimately aligning that information overtop an everchanging economic and regulatory landscape. So what are a few items you should make sure you do and not do when it comes to your retirement?

In this episode, Derek goes over his top Do's and Don't for a successful retirement. These items can be applied to almost every pharmacists retirement plan. They include:

Do; Create pinpoint clarity around your first year of expenses in retirement based on your most recent year of expenses. 
Don't; Jump the gun on claiming Social Security benefits
Do; Consider Roth Conversions
Don't; Let media dictate your decision making
Do; Have a safe distribution rate
Don't; Lock yourself into any long-term decisions
Do; Create a team of financial professionals
Don't; Wing it

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]

Today, I am exciting to interview Scotty Sykes, CPA, CFP® with Sykes and Company, P.A. Scotty is a Certified Public Accountant who is actively involved in all areas pf pharmacy accounting and tax with an emphasis on high-level advisory for pharmacy clients.

There is nothing more exciting than getting a hot tax tip and completely pulling one over on the IRS. Ok, so maybe not that exciting, but reducing your tax bill each year is definitely a positive result. There also seems to be no shortage of ways pharmacists are able to do this. Unfortunately, some of those more popular strategies are not as good ( or legal) as many people believe them to be.

In this episode we take a deeper look at a few of the more common tax myths that are circulating around out there and what pharmacists and pharmacy business owners should be on the look-out for.

You can find more information about Sykes and Company P.A. at:

https://www.sykes-cpa.com/

If you're looking to follow or connect with Scotty, you can find him on:

LinkedIn: https://www.linkedin.com/in/scottysykes/
Twitter: @ScottySykesCPA
YouTube: https://www.youtube.com/channel/UCk0m8rv3Xhe7tlXilpKdgmw

Or contact Scotty directly at:

[email protected]

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]

We've been on quite an economic run over the last 13 years. Investment markets have experienced some volatility over that time, but the general direction has been positive. This may lead many people to forget about how bad the last big recession we experienced was.

Recency bias may be leaving some pharmacists unprepared for the next recession and I can't let that happen. So in this episode of the PharmD Money podcast, we explore how you can start preparing yourself for the next big economic recession. It's not if we will experience one, it's when. And I don't know anyone who could accurately predict that. So making sure you're prepared now is absolutely critical.

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]

Do you find yourself looking more and more into early retirement? You're not alone. Whether your a retail pharmacist who is feeling completely burned out or maybe someone who is just looking at that next chapter of their life, retiring early may be the logical next step.

But retiring early comes with a lot of risk. And it takes a lot of precision to pull off. After all, for most pharmacists that decide they want to retire, they only want to do it once! So what can you do to start preparing yourself for this huge change in your life?

It starts with identifying core area's of your finances you are going to want to have buttoned up. So in this podcast, Derek breaks down a few items of your financial life that you are going to want to have squared away in order to give yourself the best chance at having a successful early retirement. 

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]