Retire With Ryan

Did you know that there are steps you can take to defer capital gains taxes on your rental property? If you own or are considering buying a rental property, you want to make the most of your investment. I’ve come up with some helpful tips that you can use to make sure you aren’t overpaying when it comes to your capital gains taxes. What are you waiting for? Grab your pen and paper, you don't want to miss a minute of this informative episode! 

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• Understanding what a 1031 exchange is [1:18] 
• How depreciation works [6:00]
• A “like-kind property” [7:30]
• Avoid paying unnecessary taxes [12:00] 
• Ownership structures that can be used for a 1031 exchange [14:00]
• Next steps you can take [18:00]
• Closing thoughts [19:20] 

Deferred taxes on a rental property? Sounds too good to be true! Using a tool in the IRS code called, a 1031 exchange, savvy men and women like you can enjoy deferred taxes on your rental property. In short, a 1031 exchange allows you to avoid paying capital gains taxes when you sell an investment property and reinvest the proceeds from the sale within certain time limits in a property or properties of like kind and equal or greater value. Is taking the plunge and going for a 1031 exchange the right step for you? If you are ready to dive into this complex topic with some helpful tips, you’ve come to the right place! 

If moving forward with a 1031 exchange is in your future, here are some steps you can take to get started on the right foot. If you haven’t already, make sure to connect with a good accountant who can help you with getting your finances in order for this new process. After speaking with your accountant, you’ll want to find a qualified intermediary - if you can’t find one, try looking for one in a state that was mentioned that has safeguards in place. Make sure to hire that intermediary BEFORE you sell your property so you can use the 1031 exchange. Finally, don’t forget about the two important dates when it comes to a 1031 exchange, 

• 45-day rule - Within 45 days of the sale of your property, you must designate the replacement property in writing to the intermediary, specifying the property you want to acquire.
• 180-day rule - You must close on the new property within 180 days of the sale of the old.

To hear me expand on how to get started with a 1031 exchange and so much more when it comes to finances and retirement, make sure to listen to this episode!

• https://www.irs.gov/pub/irs-news/fs-08-18.pdf
• https://www.cpajournal.com/2016/10/01/selecting-a-qualified-intermediary-for-a-like-kind-exchange/
• https://www.irs.gov/pub/irs-pdf/f8824.pdf
• https://www.millionacres.com/taxes/depreciation/real-estate-101-rental-property-depreciation-rules-all-investors-should-know/

www.MorrisseyWealthManagement.com/contact

Have you been looking at the local real estate market lately? Are you ready to start thinking about purchasing a rental property as a part of your long-term investment strategy? What are the benefits and potential pitfalls that come with investing in a rental property? If you are ready to jump into what it takes to invest in real estate using rental properties, you’ve come to the right place! On this episode, I’ll cover some helpful tips that savvy professionals like you can use to make the most informed financial decisions when it comes to investing in rental properties. Make sure you have pen and paper handy, you don’t want to miss a minute of this informative episode! 

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• Using rental properties wisley [1:10] 
• Make sure you do your due diligence before you buy [3:00]
• Know your future return on the investment [4:45] 
• Leveraging your rental property for tax advantages [7:00] 
• Buying a rental property [9:30] 
• Finding the right rental property to get started [14:00] 
• Managing your rental property [17:00] 
• Should you buy a rental property? [19:00]
• Closing thoughts [20:50] 

If you are looking into buying a rental property, keep much of that same energy and caution that you had when you bought your first house! The last thing you want is to let your guard down when it comes to purchasing the right rental property - do your due diligence and don’t skimp! Should you really buy that house that just went up for sale next door? Is it really worth it to buy a rental property across state lines? If you want to get a good idea on some of the helpful parameters that you need to consider when purchasing a rental property - listen to this episode! 

Many people turn to investing in a rental property because they heard it was a good idea or it just made the most sense to them. What is your goal? Have you thought about your end game when it comes to purchasing a rental property? How much will you need to rent it out for? What are your projected expenses? If you don’t have an investment plan BEFORE you purchase a property you likely won’t develop one before it's too late. If you want to make sure you are crossing all of your “t’s” and dotting all of your “i’s,” you are in luck! Learn from my experience of managing several rental properties over the years - I’ll point you in the right direction! 

• www.rentometer.com

• 6 Ways To Make Money From Real Estate #54

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Are you interested in getting into the real estate market? What is the best way to dip your toe into this lucrative market? Do you need to have a lot of cash to get started or are there other options out there? If you think you are ready to start investing in real estate or you just want to get some more information, this is the episode for you! Join me as we explore six ways that savvy investors like you can use to start making money from the real estate market - you don’t want to miss it! 

• Making money with publicly-traded REITs [1:30] 
• Privately traded REIT options [5:00]
• Buying a rental property [7:15] 
• Renting out part of your home [10:30] 
• House flipping [12:15] 
• Using a real estate investment group [16:30] 
• Real estate crowdfunding platforms [19:00] 
• Closing thoughts [20:50] 

Are you wary about sinking all of your money into a second house for investment purposes? What if there was a way to invest in real estate without worrying about renters, maintenance, and other common factors that people worry about? Many people are turning to real estate investment trusts (REIT) to get started in real estate investing. 

A REIT is a company that owns, operates, or finances income-generating real estate. Modeled after mutual funds, REITs pool the capital of numerous investors. This makes it possible for individual investors to earn dividends from real estate investments—without having to buy, manage, or finance any properties themselves. Make sure to tune into this episode as I expand on how you can get started with investing in REITs!

Of course, most people immediately think of buying a second property when they consider investing in real estate but what about leveraging your current property to bring in an income? There are two common ways people use their home to bring in additional income, renting out a room and sectioning off a portion of the house or property for rental use. If you want to get started when it comes to investing in real estate this is a relatively simple way to tip your toe into the real estate pool. Hear more about making the most out of your real estate investment opportunities by listening to this episode! 

• The 5 Step Portfolio Process #17
• Real Estate Select Sector SPDR (XLRE)
• Income Property | HGTV

www.MorrisseyWealthManagement.com/contact

Are you using all the investment options you have available through your workplace? Are your investments like a 403B managed by a reputable entity? If you want to make the most of your investments so you have plenty to rely on in retirement, you’ve come to the right place! On this episode, we’ll cover eight ways to not get schooled on your 403B account - this one is especially for educators and public servants in Connecticut. Have pen and paper handy - you don’t want to miss a minute of this informative episode! 

• Making the most of your 403B account [1:20] 
• Starting your 403B account [3:50]
• Changing your account management [8:00] 
• What investments can you make with a 403B? [13:50]
• Closing thoughts [16:00] 

I'm sure you’ve heard of a 401k - but do you know what a 403B is? A 403B account is a retirement account for certain employees of public schools and tax-exempt organizations. Participants in 403B accounts often include teachers, school administrators, professors, government employees, nurses, doctors, and librarians.

If you want to start your 403B account, you will do so through your employer. You’ll contribute to your 403B via payroll deductions. Next, you have to determine which provider you’ll use to manage the funds you are investing in. Make sure to pay close attention to your options when it comes to choosing a provider - just because you have a lot of options, it doesn’t mean they are all good quality choices. To hear more about 403B’s and how to make the best decision on investing your money, make sure to tune into this episode! 

Over the years I’ve worked hard to keep my clients informed and up to date on what matters most regarding their investments. I don’t want to see hard-working men and women like you make simple mistakes that could be avoided. Take it from me, I’ve heard the stories and I’ve seen the pitfalls, there is a better way! If you want to keep your investments safe, stay informed! You don’t need to have all the answers, you just need to know where to turn. I am so glad that many of you have found a place where you can ask your questions and get helpful advice. If you have a question that you’d like to ask, make sure to leave a comment below! It would also be helpful if you take some time to leave the podcast a review on Itunes or wherever you listen to this podcast. 

• Which is Better: Roth IRA or Traditional IRA #25

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Do you find yourself struggling with your plans for retirement? What will your pension look like? How much supplemental savings will you need to enjoy the lifestyle you had always dreamed of? For years, it has been my passion to empower men and women like you to make the most informed choices you can when it comes to your retirement. This week, I decided to focus on the answer to another question asked by a member of our growing audience. On this episode, I’ll cover three things you need to know about purchasing service credit for Connecticut teachers. If you’d like me to address a topic you are interested in, make sure to leave a comment below! 

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• What service credit is available [2:00] 
• The best time to purchase credits [5:00] 
• Make sure you are choosing the right option [9:00]
• Closing thoughts [12:00]

In the state of Connecticut, teachers are a part of the Connecticut Teachers' Retirement System (CTRS). The system was established in 1917 and is the largest public retirement system in the state. CTRS uses a program based on credits, there are numerous types of service credit that may be purchased to increase an educator’s retirement benefit. Some are treated the same as actual Connecticut public school teaching service and some are considered as Non-Connecticut. Here is a list of PURCHASABLE SERVICE CREDIT where you will find a list of purchasable credit along with links to the corresponding form(s) required to document the credit.

You can purchase additional credited services before the time of retirement or at the time benefits commence. If an active employee dies after attaining eligibility to receive an immediate retirement benefit and has designated his/her spouse as his/her primary beneficiary, the surviving spouse can purchase additional credited service in accordance with the laws and regulations in effect at the time of the member’s death.

Over the years, I’ve seen too many men and women who asked the right questions too late in the game. Don’t let that happen to you! Take full advantage of the resources available so you can get a jump start on your retirement. Even if retirement still feels like several miles away, it won’t hurt to do some of the leg work now so you can rest easy. What are you waiting for, grab pen and paper - you don’t want to miss a minute of this informative episode! 

• https://portal.ct.gov/TRB/Content/Active-and-Inactive/Active-and-Inactive-Menu/Purchase-Service-Credit
• https://portal.ct.gov/TRB/Content/Active-and-Inactive/Active-and-Inactive-Menu/Purchase-Service-Credit/Additional-Service-Credit-Cost-Estimator
• https://portal.ct.gov/-/media/TRB/Content/ActiveInactive/AI_VOLSUP20.pdf

www.MorrisseyWealthManagement.com/contact

Do you understand how your employer's pension plan works? How many years do you have to wait to get your full retirement amount? Are there advantages to retiring later? Are they worth the wait? To help you get a better handle on your retirement and specifically what you need to know about the Connecticut Teachers Retirement Pension, I’ll be covering three things that you need to know before you retire as a CT public school teacher. This particular subject is near and dear to my heart, as many of you know I have family members who are educators in the state of Connecticut - I hope this helps you as much as it helps them as well! 

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• Understanding the Connecticut Teachers Retirement Pension [1:45] 
• How benefits are calculated [4:00]
• What it takes to qualify for early retirement [8:00] 
• How proratable retirement works [11:00] 
• What makes the most sense for you? [15:00] 
• Closing thoughts [20:20] 

In the state of Connecticut, teachers are a part of the Connecticut Teachers' Retirement System (CTRS). The system was established in 1917 and is the largest public retirement system in the state. A teacher’s contributions and those made on their behalf by the state or school district do not determine the value of the pension at retirement. Contributions are invested in the market, and often managed by private equity and hedge funds, however - a teacher’s pension wealth is not derived from the returns on those investments. Instead, it is determined by a formula based on their years of experience and final salary. Additionally, it is important to note that the state assesses an educator’s final salary based on the average of their highest 3 years of salary. 

At the end of the day, the value of the pension is derived from a formula. A teacher pension is calculated in Connecticut with the following formula. 2% Multiplier x Avg. 3 years of highest salary x Years of service. 

Join me on this episode as I dive even further into this topic so you have the information you need to make the right decision - you don’t want to miss it! 

Too often I see savvy men and women who are doing the best they can to make the right financial and retirement decisions only to miss critical data that could make all the difference. Not only do I want to give you the right information, but I also want you to check my work! Make sure to follow up on any of the topics discussed in today’s episode by visiting the links in the resources section at the end of this post - it is my hope that these resources will empower you as you take control of your future. As always, don’t hesitate to leave a comment and let me know if there is a topic that you’d like me to address! 

• https://portal.ct.gov/-/media/TRB/Content/ActiveInactive/AI_HANDBOOK.pdf
• https://portal.ct.gov/TRB/Content/Active-and-Inactive/Active-and-Inactive-Menu/Retirement-Information/Payment-Plan-Options
• https://portal.ct.gov/TRB
• https://portal.ct.gov/TRB/Content/Active-and-Inactive/Active-and-Inactive-Menu/Retirement-Information/Estimate-Your-Benefit
• https://forms.office.com/Pages/ResponsePage.aspx?id=-nyLEd2juUiwJjH_abtzi3KO9GYeqiNIh3YmimD1brlUNU9MVUJCRkdIVlJRNkNUSEhJOEJVQzYzUi4u

www.MorrisseyWealthManagement.com/contact

What is your plan for retirement? Are you relying on a pension plan? What about auxiliary investment accounts? How does Medicare and Medicaid factor into your plans for the next stage of life? Don’t let these questions go unanswered for too long! Join me on this episode as we jump into some upcoming changes regarding the state of Connecticut and how their pensions work for state employees. You’ll want to pay close attention if you or someone you love is impacted by the changes in Connecticut. This particular question came to me from one of our listeners - if you have questions that you’d like to hear answered, make sure to reach out and leave a comment! 

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• Understanding upcoming changes for CT State Employees Pensions [1:00] 
• Setting your budget for retirement. [4:00]
• How your health insurance premiums are changing [8:00] 
• Are you eligible to retire? [10:00] 
• Closing thought [12:00] 

What is going on with the changes to the state of Connecticut’s pension plan for state employees? Should you retire ASAP or is it still beneficial to wait? To give you a little bit of context, here is the main issue. 

An agreement made in 2017 with the State Employees Bargaining Agent Coalition (SEBAC) included many changes to state employee retirement benefits. Some of the changes

specifically affect benefits for those who retire on or after July 1, 2022, and could encourage many to retire before then. The biggest change is eliminating the minimum annual cost of living

adjustment (COLA) for pension benefits and delaying a retiree’s first COLA until 30 months after

retirement. The agreement also changed the health insurance premium share for retirees who are not covered by Medicare.

According to the Office of the State Comptroller, as of November 19, 2020, there were 13,066

state employees (full- and part-time) who are eligible for normal or early retirement before July 1, 2022. In the past, similar changes to retirement benefits have led to a surge in 

retirements before the changes became effective. If this pattern reoccurs at a similar rate, the state can expect over 20% of eligible employees to retire between July 2021 and July 2022.

I know that this is a lot of information to think about and unpack - listen to this episode as I expand on this topic and so much more. Also - don’t miss the helpful links in the resources section! 

• Consumer Price Index (CPI-W) - Social Security
• Properly Estimating Retirement Cash Flow #36
• A Retirement Income Planning Strategy That Works, Ep #2
• www.osc.ct.gov/empret/

www.MorrisseyWealthManagement.com/contact

What happens if you are unsatisfied with the level of coverage and support you get with your current Medicare plan? Are you stuck in that plan forever? Are there benefits to exploring and switching to different Medicare plans? In this episode, you’ll hear from our returning guest, Danielle Kunkle Roberts as we complete our three-part interview covering the ins and outs of Medicare. 

Danielle co-founded Boomer Benefits in 2005 in Fort Worth, TX. Boomer Benefits is an award-winning insurance agency for national insurance carriers such as Blue Cross Blue Shield, Aetna, Cigna, Mutual of Omaha, and many other A-rated carriers. Danielle and her team are licensed in 48 states. To help us better understand Medicare, Danielle has agreed to join me for a three-part interview as we dive into Medicare and explain how to get this massive government program to work for you. 

You don’t want to miss a minute of this episode as Danielle is kind enough to share more from her perspective on what to do and what to avoid when it comes to Medicare and more! 

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• Danielle joins me to discuss Medicare Open Enrollment [2:00] 
• Why some Medicare plans are no longer available [4:00] 
• Purchasing a supplemental plan [8:30]
• Why HSAs are so helpful. [11:00] 
• Don’t wait before it’s too late! [13:00]
• How Medigap is different in Connecticut [19:00] 
• Connecting with Danielle and her team [22:50]
• Closing thoughts [25:00]

Medicare open enrollment – also known as Medicare’s annual election period – runs from October 15 through December 7 each year. According to Danielle, during the Medicare open enrollment period you have the following options available to you: 

• Switch from Original Medicare to Medicare Advantage (as long as you’re enrolled in both Medicare Part A and Part B, and you live in the Medicare Advantage plan’s service area).
• Switch from Medicare Advantage to Original Medicare (plus a Medicare Part D plan, and possibly a Medigap plan).
• Switch from one Medicare Advantage plan to another.
• Switch from one Medicare Part D prescription drug plan to another.
• Enroll in a Medicare Part D plan if you didn’t enroll when you were first eligible for Medicare. If you haven’t maintained other creditable coverage, a late-enrollment penalty may apply.

Unfortunately, the open enrollment period does not apply to Medigap plans. Also, it is important to note that if you didn’t enroll in Medicare when you were first eligible, you cannot use the fall open enrollment period to enroll. Instead, you’ll use the Medicare general enrollment period, which runs from January 1 to March 31.

Medicare’s general enrollment period is for people who didn’t sign up for Medicare Part B when they were first eligible, and who don’t have access to a Medicare Part B special enrollment period. It’s also for people who have to pay a premium for Medicare Part A and didn’t enroll in Part A when they were first eligible.

If you enroll during the general enrollment period, your coverage will take effect July 1.

Make sure to listen to this episode as Danielle expands on the topic of Medicare open enrollment and so much more! 

• https://boomerbenefits.com/
• https://www.facebook.com/groups/BoomerBenefits/
• https://boomerbenefits.com/medicare-for-fehb-va-tricare-webinar/
• www.medicare.gov
• https://www.amazon.com/Costly-Medicare-Mistakes-Cant-Afford-ebook/dp/B08GL4FSWC
• Medicare Easy Pay

www.MorrisseyWealthManagement.com/contact

Have you thought about which Medicare plan is best for you? What are you waiting for? Don’t wait until the last minute to understand your options! Here to help us navigate the complexities of Medicare is our returning guest, Danielle Kunkle Roberts. 

Danielle co-founded Boomer Benefits in 2005 in Fort Worth, TX. Boomer Benefits is an award-winning insurance agency for national insurance carriers such as Blue Cross Blue Shield, Aetna, Cigna, Mutual of Omaha, and many other A-rated carriers. Danielle and her team are licensed in 48 states. To help us better understand Medicare, Danielle has agreed to join me for a three-part interview as we dive into Medicare and explain how to get this massive government program to work for you. 

From explaining how the Zero cost Medicare programs work to breaking down the differences between Medigap Insurance and Medicare Advantage, Danielle has you covered. Make sure to have pen and paper handy for this informative episode, you don’t want to miss it! 

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• Danielle joins me to discuss Medigap Insurance and Medicare Advantage [0:50] 
• How retiree health insurance can help cover costs [4:00] 
• Medigap Insurance vs. Medicare Advantage [6:00] 
• Navigating the 10 different Medigap plans [10:30]
• How to avoid getting confused by the different rates for the same plans [13:45] 
• Finding the right carrier for your needs [16:00] 
• ZERO cost Medicare plans? Are they worth it? [18:00]
• How to get Dental and Vision coverage [22:00]
• Closing thoughts and how to get a FREE copy of Danielle’s book [24:30]

As we have covered before, Medicare (Part A and Part B) covers most healthcare expenses but it doesn’t cover everything. Even with covered health-cares services, consumers like you are still responsible for a number of copayments and deductibles, which can easily add up. 

This is where Medigap Insurance and Medicare Advantage come in. 

To avoid these out-of-pocket costs, many people with Medicare enroll in two types of plans to cover these gaps in coverage. There are two options commonly used to replace or supplement Medicare Parts A and B. 

1. Medicare Advantage plans. Medicare Advantage plans are an alternative to Medicare Parts A and B. If you enroll in a Medicare Advantage plan, you’re still in the Medicare program. However, you’ll get your Medicare benefits through your Medicare Advantage plan, instead of through the federally administered program. 
2. Medicare Supplement (or Medigap) insurance plans. Medigap is a type of health insurance that offers additional coverage for normal Medicare plans. It helps fill in the “gaps” in normal Medicare coverage by helping you pay for out-of-pocket costs. 

To hear Danielle expand on the difference between these two options and what savvy consumers like you can do to make the best possible choice, make sure to listen to this episode! 

Don’t forget to check out the links below to dig deeper into this topic and learn more from Danielle. Her book is another fantastic resource that belongs on your shelf get your FREE copy today! 

• https://boomerbenefits.com/
• https://www.facebook.com/groups/BoomerBenefits/
• https://boomerbenefits.com/medicare-for-fehb-va-tricare-webinar/
• www.medicare.gov
• https://www.amazon.com/Costly-Medicare-Mistakes-Cant-Afford-ebook/dp/B08GL4FSWC
• Medicare Easy Pay

www.MorrisseyWealthManagement.com/contact

Do you know when you should sign up for Medicare? Will your prescription drugs be covered by Medicare or do you need to start looking into alternative options? If you are confused and overwhelmed by Medicare and all the complexity that surrounds the government program, you aren’t alone! After talking with many of her clients over the years, Danielle Kunkle Roberts discovered there was no easy solution to navigating Medicare so she decided to create one! 

Danielle co-founded Boomer Benefits in 2005 in Fort Worth, TX. Boomer Benefits is an award-winning insurance agency for national insurance carriers such as Blue Cross Blue Shield, Aetna, Cigna, Mutual of Omaha, and many other A-rated carriers. Danielle and her team are licensed in 48 states. To help us better understand Medicare, Danielle has agreed to join me for a three-part interview as we dive into Medicare and explain how to get this massive government program to work for you. 

Have pen and paper ready, you don’t want to miss a minute of this fascinating episode featuring Danielle’s unique perspective! 

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• Reviewing the basics of Medicare [1:30] 
• Why working with a broker can be helpful [4:00] 
• Understanding how Medicare works [7:00] 
• When to sign up for Medicare [10:00]
• Understanding the cost of Medicare part B [12:30] 
• What is Medicare Easy Pay? [15:00] 
• Using a program like COBRA [16:30] 
• How Medicare covers prescription drugs [19:30]
• Closing thoughts and how to get a FREE copy of Danielle’s book [23:00]

What is Medicare and who is qualified to use it? At the end of the day, simply put, Medicare is a national health insurance program in the United States that started in 1965 under the Social Security Administration (SSA) and now administered by the Centers for Medicare and Medicaid Services (CMS). Medicare primarily provides health insurance for Americans aged 65 and older, but also for some younger people with disability status as determined by the SSA, and people with end-stage renal disease and amyotrophic lateral sclerosis. Do you feel like you have the information you need to navigate Medicare? If you’d like some additional information that will help you get headed in the right direction, make sure to listen to this episode with Danielle Roberts. 

You try to do your best to keep up with your investments and adopt the most successful personal finance habits possible but let’s face it, we all get overwhelmed from time to time. Where do you turn to when you get overwhelmed with your finances? What if there was a way to get at least one aspect of your financial portfolio under control and in the hands of trusted professionals? 

Danielle and her team at Boomer Benefits are in the business of helping people understand Medicare, in simple, plain terms that everyone can understand. It’s their belief that you first need to understand Medicare itself. You can’t understand your supplement options until you first get a handle on basic Medicare benefits. Fortunately, they’ve mastered how to make it simple. Learn more from Danielle and her easy-to-understand approach to Medicare and so much more by listening to this informative episode!

• https://boomerbenefits.com/
• https://www.facebook.com/groups/BoomerBenefits/
• https://boomerbenefits.com/medicare-for-fehb-va-tricare-webinar/
• www.medicare.gov
• https://www.amazon.com/Costly-Medicare-Mistakes-Cant-Afford-ebook/dp/B08GL4FSWC
• Medicare Easy Pay

www.MorrisseyWealthManagement.com/contact