By Bill Bloom
5
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The podcast currently has 222 episodes available.
The episode began by highlighting the surprising fact that Social Security benefits can indeed be subject to federal income tax, based on an individual's combined income and filing status. The host emphasized the importance of understanding how and why Social Security benefits are taxed, as well as the potential impact it can have on one's retirement income.
Throughout the show, the host provided detailed explanations on how to calculate combined income, which includes adjusted gross income, non-taxable interest, and half of Social Security benefits. By breaking down the tax thresholds for different filing statuses, such as single, married filing jointly, and married filing separately, the host offered valuable insights into how these factors can determine the taxable portion of Social Security benefits.
Moreover, the episode explored various strategies to mitigate the taxation of Social Security benefits, such as Roth IRA conversions, managing other income sources, and relocating to tax-friendly states in retirement. The host emphasized the importance of considering factors like life expectancy, investment returns, and claiming age when determining the break-even age for Social Security benefits.
By sharing real-life examples and practical tips, the host aimed to empower listeners to make informed decisions about their Social Security benefits and retirement income. The episode concluded with a reminder to consult with financial advisors and tax professionals to create a comprehensive retirement plan tailored to individual circumstances.
Tune in every Friday night at 6 p.m. Central Time to the Retire As You Desire show for more valuable insights and expert advice on retiring with confidence and achieving your desired lifestyle.
The Truth About Social Security
In this episode of the Retire As You Desire show, we delve into the crucial topic of Social Security and its role in retirement income planning. Social Security can be a major source of income for retirees, making it vital to understand how it works for informed financial decisions.
Episode Breakdown:
Importance of a Retirement Income Plan We discuss the need for a solid retirement income strategy, whether or not Social Security is your primary source of income. I share insights from my experience as a Retirement Income Certified Professional (RICP) and the benefits of working with a retirement income specialist.
Calculating Social Security Benefits Learn how Social Security benefits are calculated, focusing on Average Indexed Monthly Earnings (AIME) and Primary Insurance Amount (PIA). We explore how benefits are determined based on your highest 35 years of earnings and the effects of early versus delayed benefits.
Cost of Living Adjustments (COLA) I explain how Cost of Living Adjustments are calculated using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), and how these adjustments can impact your Social Security income over time.
Social Security's Financial Stability Addressing common misconceptions, we review data from the Social Security Administration’s annual report on trust fund depletion and its implications for future beneficiaries. We also discuss potential solutions to funding challenges, such as raising payroll taxes and adjusting benefits.
Strategic Planning for Social Security Benefits We explore strategies for maximizing Social Security benefits, including spousal benefits and optimal timing for claims. I offer tips on how to structure benefit claims to ensure a steady income throughout retirement.
Tune in every Friday night for more insights and strategies to help you retire as you desire!
TIMESTAMPS:
00:00:00 - Introduction to Social Security in Retirement
00:01:04 - Importance of Social Security in Retirement Planning
00:02:41 - How Social Security Benefits are Calculated
00:05:00 - Understanding Average Indexed Monthly Earnings (AIME)
00:06:25 - Primary Insurance Amount (PIA) Explained
00:08:26 - Impact of Claiming Age on Benefits
00:09:19 - Cost of Living Adjustments (COLA) Overview
00:10:13 - Example Calculation of Social Security Benefits
00:12:14 - Understanding Cost of Living Adjustments
00:13:08 - Deep Dive into COLA Calculations
00:17:07 - Factors Affecting Social Security Funding
00:20:01 - Future Projections for Social Security
00:25:06 - Misinformation About Social Security
00:27:05 - Current Funding Status of Social Security
00:30:12 - Demographic Changes and Their Impact
00:32:41 - Potential Solutions for Social Security Funding Issues
00:36:28 - Strategies for Maximizing Social Security Benefits
00:39:39 - Spousal Benefits and Coordination of Claims
00:43:05 - Restricted Applications and Survivor Benefits
00:46:07 - Coordinating Income Timing in Retirement
00:47:11 - Conclusion and Call to Action
QUOTES:
"This is the most important part of any retirement income plan, whether you have social security or if you don't." - 00:01:04
"Most people have no clue how your social security income is actually calculated." - 00:02:09
"Making smart decisions now is going to impact your Social Security benefits in the future." - 00:04:05
"Your social security income is based on a couple of things: your lifetime earnings and the age at which you start receiving benefits." - 00:04:28
"If you take your income at 65 versus 67, it's going to be reduced by those 24 months." - 00:08:15
"If your full retirement age is 67, and if you wait till 70, you're going to receive an 8% increase every single year that you delay." - 00:08:58
"The cost of living adjustments are going to help you keep pace with inflation on a different level." - 00:09:29
"If you claim your benefits before your full retirement age, everyone's income is affected. It will be reduced." - 00:40:46
"You only have a 12-month window to correct this." - 00:38:04
"Retirement is all about making better decisions, but from a benefit standpoint." - 00:38:35
Living Abroad in Retirement
In today's episode of the Retire As You Desire TV Show, Bill Bloom delved into the exciting topic of living abroad in retirement.
Episode Breakdown:
1. Considerations Before Moving Abroad
Bill discussed the importance of income in retirement and how it impacts one's choice of location. Factors such as lifestyle preferences and savings play a crucial role in deciding where to live post-retirement.
2. Receiving Income While Living Abroad
Bill highlighted the key aspects of planning for income in retirement while residing outside the United States. Understanding Social Security payments, eligibility, and payment methods are essential for a smooth transition.
3. Best Places to Live and Retire Outside the US
Bill provided insights into countries like Portugal, Greece, Thailand, Panama, and Mexico, which offer affordable living, investment visa opportunities, and unique residency programs for retirees.
4. Tax Implications of Living Abroad
Bill discussed the tax implications of retiring abroad, emphasizing the importance of understanding tax treaties, reporting obligations, and potential double taxation issues.
5. Health Insurance Abroad
Bill explored health insurance options while living outside the US, covering international health insurance plans, local health insurance providers, and the importance of emergency evacuation coverage.
TIMESTAMPS:
00:00:00 - Introduction to Living Abroad in Retirement: The podcast host introduces the topic of living outside of the United States in retirement and highlights the key areas to focus on.
00:05:30 - Planning for Income in Retirement: Discussion on the importance of income in retirement, savings, lifestyle choices, and considerations for living abroad.
00:10:33 - Social Security and Living Abroad: Exploring the eligibility, requirements, and considerations for receiving Social Security income while living outside the U.S.
00:15:14 - Health Insurance Options Abroad: Overview of different health insurance options available for retirees living abroad, including international health insurance plans and local health insurance providers.
00:20:27 - Tax Implications of Living Abroad: Discussion on tax implications for retirees living outside the U.S., including foreign tax credits, reporting obligations, and potential double taxation.
00:25:10 - Factors to Consider for Taxation: Exploring factors such as country of citizenship, retirement income types, and tax treaties between countries for retirees living abroad.
00:30:33 - Action Steps for Tax Planning: Providing action steps for tax planning before moving abroad, including assembling a team, understanding tax burdens, and keeping detailed records.
00:35:26 - Affordable Countries with Investment Visas: Highlighting countries like Portugal, Greece, Thailand, Panama, and Mexico as affordable options with investment visa opportunities for retirees.
QUOTES:
"Living outside of the United States is completely doable." - 00:00:22
"The biggest aspect of Social Security and income in retirement is know the potential tax implications." - 00:10:02
"The name of the game in retirement is to keep the most amount of money in your pockets and your investments for the long haul." - 00:07:31
"If you're going to live somewhere, don't you want to receive income? Don't you want to still have fun and explore and travel?" - 00:08:57
"The U.S. taxes your worldwide income regardless of where you live." - 00:25:10
"Living in a blue zone could extend your lifestyle. It could extend your lifespan." - 00:41:36
"Living in Europe could be a huge benefit, especially if you want to travel." - 00:39:56
"I want people to live as long as they can, have their money last as long as possible, and have their health." - 00:41:57
"Being in Europe could be a huge benefit, especially if you want to travel." - 00:44:02
"These are really great ways to plan and this is what the Retire As You Desire show is all about." - 00:47:07
In this episode, we delved into the fun aspects of retirement and explored why retiring as you desire is essential for a fulfilling life. We discussed the significance of buying back your time in retirement, emphasizing that financial freedom is not just a catchphrase but a state of being where you can live off your assets on your terms.
We highlighted the importance of eliminating financial stress in retirement, as it can impact your mental and physical health, relationships, and overall well-being. By reducing stress, retirees can focus on their goals, improve financial literacy, and make better decisions for a secure future.
Traveling in retirement emerged as a key theme, offering mental stimulation, exposure to new experiences and cultures, and opportunities for physical activity. We explored how travel can enhance mood, strengthen relationships, and create lasting memories for generations to come.
The episode underscored the role of financial planning in retirement, urging listeners to establish comprehensive retirement plans tailored to their unique financial goals and aspirations. We emphasized the value of working with retirement income certified professionals to ensure a secure and fulfilling retirement.
Ultimately, the Retire As You Desire show aims to empower listeners to live the retirement of their dreams by providing valuable insights, strategies, and support for a brighter future. Join us every Friday night at 6 p.m. Central Time for more engaging discussions and practical advice on planning for a fulfilling retirement. Remember, it's never too late to retire as you desire!
In this episode, we delved into the topic of finding the perfect place to retire in the great state of Illinois. As a retirement income planning expert based in Chicago, I shared valuable insights on the best and not-so-great places to consider for retirement in Illinois.
We began by highlighting the advantages of retiring in Illinois, such as the lack of taxation on retirement distributions, making it a financially appealing option for retirees. The state's diverse economy, strong job market, and top-ranked universities contribute to its appeal for retirees seeking a vibrant lifestyle.
Discussing specific cities, we explored the benefits of living in Chicago, known for its cultural richness, world-class museums, and vibrant neighborhoods. We also touched on the affordability and quality of life in cities like Springfield, Peoria, and Rockford, offering a mix of urban and suburban living.
Moving on to the most expensive cities in Illinois, we highlighted areas like Chicago, Evanston, and Naperville, known for their high cost of living driven by factors like housing prices and property taxes. We also discussed the importance of considering safety, community, and healthcare facilities when choosing a retirement location.
Exploring the happiest city in Illinois, Aurora, and the top income earners in the state, we provided a comprehensive overview of the diverse options available for retirees in Illinois. Additionally, we discussed the trend of residents moving to cities outside of Illinois, such as Phoenix, Dallas, and Los Angeles, for various lifestyle preferences.
In conclusion, we emphasized the significance of property taxes, cost of living, and retirement income planning in making informed decisions about where to retire. By working with retirement income professionals, individuals can create a tailored retirement plan to ensure a fulfilling and financially secure retirement in Illinois.
Join us every Friday night for more insights on retiring as you desire. Thank you for tuning in to the Retire As You Desire show!
TIMESTAMPS:
00:00:00 - Introduction to Retire As You Desire Show
00:11:35 - Discussing Affordability in Retirement Locations
00:23:13 - Exploring Most Expensive Cities to Live in Illinois
00:36:03 - Factors to Consider Before Retiring in Illinois
00:40:44 - Highlighting Low Cost of Living Areas in Illinois
00:43:19 - Insights on Top Income Earners in Illinois
00:44:02 - Popular Migration Destinations from Illinois
QUOTES:
"Freedom is a beautiful thing." - 00:00:32
"Chicago is the state's largest city. Most people know this. It's a pretty major financial hub." - 00:02:30
"It's doing the things you love with the people you love when you want to do them." - 00:00:32
"If you're having your kids in Chicago, you have DePaul, you have UIC, you have so many different opportunities to get a great education in the city while living in the city." - 00:03:45
"The cost of living in Springfield is below the national average, which is a good thing for retirees." - 00:14:51
"It's a more expensive place to live these days." - 00:26:22
"The cost of living in Evanston is high, and it's high because of the housing market and the property taxes." - 00:27:47
"The cost of living there is more expensive than Chicago suburbs because of the property taxes." - 00:30:28
"The cost of living there is pretty high, but that's driven by all the housing prices and property taxes." - 00:31:42
"The cost of living there is more expensive, but that's driven by the housing prices and property taxes." - 00:33:52
In this episode, we delved into the dangers of retirement, focusing primarily on the fear of running out of money, which is the number one concern for retirees. Throughout the episode, we explored various factors that contribute to this fear and discussed strategies to plan for a secure retirement income.
Tune in to the Retire As You Desire show every Friday at 6 p.m. Central Standard Time for more insightful discussions on retirement planning and financial security. Thank you for joining us on this journey towards a fulfilling retirement!
00:00:53 - Introduction to Retirement Dangers
00:02:50 - Planning for Income in Retirement
00:05:17 - Common Retirement Dangers
00:12:53 - Average Retirement Savings in America
00:24:54 - Debunking the Fear of Running Out of Money
00:36:54 - Strategies for Planning Lifetime Income
Understanding Retirement DangersManaging Retirement IncomeDecoding Social Security and PensionPlanning for Lifetime IncomeConclusionTimestampsQuotes
Delve into the four phases of retirement with Bill Bloom and discover how to make the most out of this significant life transition.
Episode Summary:
So this gets very complicated because in 20 years from now, who knows what the cost of college will be?
We can guess.
But it's been one of the fastest growing costs perspectives in the United States over the past 30 years, and not to mention some of our clients and some of the people who we work with. They didn't go to college and they've been able to save millions of dollars.
So they don't really believe in college. And some people say, you know what, I want to have money set aside for my grandkids.
If they want to go to college. So I'm going to give you some really great ideas today to help you save and plan for your grandchildren's future. So here's idea number one. It's a traditional way of doing things.
Retirement planning, particularly when it involves deciding when to take your Social Security, is a critical aspect of securing financial stability in one's later years.
For those approaching retirement age and considering when to start receiving Social Security benefits, there are numerous factors to weigh up and decisions to make.
In this comprehensive guide, we'll delve into the intricacies of retirement planning if you are taking Social Security soon, examining the advantages of:
Early versus delayed benefits
Tax considerations
Strategies for optimizing your retirement income
The podcast currently has 222 episodes available.