Secure Your Retirement

In this Episode of the Secure Your Retirement Podcast, Radon and Murs speak with Andrew Opdyke about a 2024 1st quarter economic update and the expected economic changes in the second quarter. Andrew is a Certified Financial Advisor and Economist at First Trust Advisor.

Listen in to learn how the current concentration performance and the 2024 elections will impact the market volatility and economy, respectively. You will also learn about things that are bringing inflation down and why we’ll still see a relatively shallow recession this year.

In this episode, find out:

●     The unexpected events that risk increasing inflation in the second half of 2024.

●     Understanding the fight between strengthening the economy and keeping the pressure on inflation.

●     The possible impact of the current concentration performance on the market volatility.

●     How the 2024 elections will impact the economy and why you shouldn’t make investment changes based on the outcome.

●     Things bringing inflation down and why we’ll still see a relatively shallow recession.

●     The 2nd quarter concerns – quitting the inflation rates too soon and the huge spending numbers.

●     The 2024 Excitement – the broadening out of companies and the longer-term reward of it.

Tweetable Quotes:

●     “Some of the things that are bringing inflation down are because of some deterioration we’re seeing from pockets of the economy.”- Andrew Opdyke

●     “Based on history, you have virtually never benefited from making significant investment changes based on the party that’s in power.”- Andrew Opdyke

Get in Touch with Andrew:

●     LinkedIn: https://www.linkedin.com/in/andrewopdyke/

Resources:

If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!

To access the course, simply visit POMWealth.net/podcast.

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the impact of the sequence of returns on your retirement plan. The sequence of returns is the risk associated with how your money makes or loses money, and it can significantly impact your retirement plan.

Listen in to learn the importance of having income safety and growth buckets to make your retirement smoother and reliable and give yourself peace of mind. You will also learn how the sequence of returns can positively and negatively impact your retirement investments and overall plan.

In this episode, find out:

●     The three money buckets to set up your retirement plan to avoid the effects of the sequence of returns.

●     Sequence of return – risk associated with the positives and negatives of the sequence of your returns as you get closer to retirement age.

●     The most ideal and not-so-ideal ways to walk into retirement and how the latter can affect your retirement plan.

●     The importance of having income safety and growth buckets to dramatically reduce the risk of the sequence of your returns.

●     Two scenarios to help you understand how the sequence of returns can positively and negatively impact your retirement investments.

Tweetable Quotes:

●     “The sequence of return, particularly when we’re close to retirement or already retired, is going to have a significant impact on our withdrawal strategy and ultimately our peace of mind.”- Murs Tariq

●     "If you enter your retirement phase amidst a market downturn but refrain from withdrawing funds, you can afford the opportunity for it to rebound, a far less significant impact compared to withdrawing from your account during the downturn."- Radon Stancil

Resources:

If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!

To access the course, simply visit POMWealth.net/podcast.

In this Episode of the Secure Your Retirement Podcast, Radon, Murs, and Taylor discuss navigating tax withholding for retirees. When you retire, you have various sources of income, and you can choose to either withhold the tax on them, make estimated tax payments throughout the year, or do a combination of both.

Listen in to learn about your tax withholding options regarding your social security benefits, pension income, and IRA distributions. You will also learn about sources of income not eligible for tax withholding, plus how to avoid tax penalties after selling a highly appreciated asset.

In this episode, find out:

●     Understanding tax withholding and how it differs from estimated tax payments throughout the year. 

●     The options you have when it comes to tax withholding on your social security benefits.

●     The process available and information needed for tax withholding on your pension income.

●     Understanding the default and other tax withholding options available to IRA distributions.

●     Sources of income not eligible for tax withholding and the tax options available for them.

●     Pay attention to the next estimated tax due date when you sell a highly appreciated asset to avoid penalties.

●     All the information we need to know to advise you accordingly and avoid any tax surprises during tax season.

Tweetable Quotes:

●     "Paying estimated taxes periodically demands foresight and a significant time commitment. Your CPA can assist you in projecting the quarterly payments necessary."- Taylor Wolverton

●     "Upon retiring, there may be several years of transition as you establish diverse income streams, with social security being merely one aspect of this process."- Taylor Wolverton

Resources:

If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!

To access the course, simply visit POMWealth.net/podcast.

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the possible impact of the presidential election on your retirement investments. Political uncertainty causes increased volatility in the short term, and the idea here is to maintain security and peace of mind regarding your retirement plan. 

Listen in to learn why combining the strategic core and tactical portfolio strategies works well in lowering risk. You will also learn how structured banknotes lower the risk for a client to have a fixed income in case of a volatile market in an election year. 

In this episode, find out: 

• Understand that political uncertainty causes increased volatility in the short term. 
• How we divide the growth portfolio into the strategic core and tactical themes. 
• The strategic core theme –aligning the portfolio to what we believe will happen based on the economic conditions. 
• Tactical – a good and active risk management tool aligned to what’s working right now. 
• The moderate growth portfolio – how structured banknotes lower the risk for a client to have a fixed income. 

Tweetable Quotes: 

• “There’s probably going to be a little bit of volatility in 2024, but not anything that’s going to be because of party changes or anything of the sort.”- Radon Stancil 
• “We have two themes in our growth model, strategic core, which is fundamentally based and tactical, which is what’s working right this moment.”- Murs Tariq 

Resources:

If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!

To access the course, simply visit POMWealth.net/podcast.

In this Episode of the Secure Your Retirement Podcast, Radon and Murs speak with Mercedes Fernandez about keeping mobility in retirement. Mercedes is the founder of Movement, lead Geriatric Physiotherapist, a certified senior fitness instructor, and an authorized CPR/First Aid responder.

Listen in to learn the most common mobility issues in older adults and the good habits you can develop to reduce them as you age. You will also learn how maintaining movement with simple stretches and following the right instructions with mobility aids and exercise can diminish pain and prolong your mobility ability.

In this episode, find out:

●     Mercedes describes her work in the study of human body movement and her focus on older adults.

●     Most common mobility issues in older adults and good habits you can develop to reduce them.

●     Simple stretches you can do anywhere to diminish most of the pain you don’t even realize you have.

●     How lack of instructions on how to use a mobility aid or exercise can be a fall or health hazard.

●     The importance of maintaining movement as you age to prolong your mobility ability.

●     How to access Mercedes, the demographic she works with, and her treatment process.

Tweetable Quotes:

●     “Stretching is overlooked, but if we all learned how to stretch, we could diminish a lot of the pain that we do not even realize we’re having.”- Mercedes Fernandez

●     “The best prevention and maintenance we can have is to keep moving and incorporate some type of stretching.”- Mercedes Fernandez

Get in Touch with Mercedes:

●     Website: https://mouvement.info/

●     Free Gift: https://mouvement.ck.page/mobility

Resources:

If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!

To access the course, simply visit POMWealth.net/podcast.

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss things to consider when gifting and loaning money to children. There are tax and financial implications when it comes to gifting, but you can do it right when you understand all the legalities.

Listen in to learn the importance of understanding the purpose of gifting money to your kids to help you structure it and think of the implications. You will also learn how to navigate the legalities of loaning money or co-signing a house with your kids.

In this episode, find out:

• Understand the purpose of gifting money to your kids to help you structure it and consider the implications.
• Think about your own financial stability before gifting money to avoid becoming a liability.
• Think about the potential tax implications to you when gifting the money while still alive.
• Consider how to navigate the idea of estate planning, family dynamics, and your legacy.
• Why co-signing a house with your kid is the least desirable option for gifting money.
• How to navigate the legalities of loaning money to your kids to buy a house.
• Advantages of loaning money to your kids, plus the importance of having the right documentation in place.
• The different things to consider when it comes to gifting, transferring, or loaning your family.

Tweetable Quotes:

• "Exercise caution before presenting money as a gift, ensuring that you are certain it won't be spent, unless you are confident in having a predetermined amount set aside."- Radon Stancil
• “Although the act of giving can be rewarding and satisfying, it's important to carefully consider the various implications involved in gifting, transferring, or loaning to your family.”-Murs Tariq 

Resources:

If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!

To access the course, simply visit POMWealth.net/podcast.

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss how to harness the power of step-up in basis when it comes to inheritance. A basis is the original investment into something and can be a big tax strategy as a step-up in inheritance.

Listen in to learn about the tax advantage inheritors get when capital gains on investments are erased when you pass away. You will also learn the importance of having a conversation with a financial professional to evaluate the risk associated with holding one investment for basis purposes.

In this episode, find out:

• Basis – your original investment into something and why it’s important when talking about a step-up in inheritance.
• Step-up in basis – the tax advantage inheritors get when capital gains on investments are erased.
• Why the step-up in basis could be an excellent wealth transfer strategy for long-term investments.
• The importance of having a conversation with your financial advisor to evaluate the risk associated with holding one investment.

Tweetable Quotes:

• “Comprehending the concept of step-up in basis holds significant importance in navigating inheritance matters, such as stocks or properties. It can emerge as a strategic consideration even prior to the actual inheritance event.”- Murs Tariq

Resources:

If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!

To access the course, simply visit POMWealth.net/podcast.

In this Episode of the Secure Your Retirement Podcast, Radon and Murs have Shawn Southard, our in-house Medicare expert, talk about Medicare's doughnut hole. Medicare’s doughnut hole is a temporary limit on what a Medicare drug plan will pay towards the course of the drug.

Listen in to learn about the importance of enrolling into a prescription drug plan at the right time to avoid paying penalties. You will also learn about the four stages of how Medicare Part D works, plus strategies you can take yourself to avoid the doughnut hole.

In this episode, find out:

• Doughnut hole – a temporary limit on what a Medicare drug plan will pay towards the course of the drug.
• The history of the prescription drug side of Medicare (Part D) and the importance of enrolling in a prescription drug plan.
• The four stages of how Medicare Part D works – the deductible, initial coverage, coverage gap, and catastrophic coverage.
• How the Inflation Reduction Act of 2022 will benefit Medicare beneficiaries moving forward.
• The strategies available to help you avoid the doughnut hole if the government doesn’t fix it.

Tweetable Quotes:

• “When it comes time to get on Medicare, you want to make sure that even if you don’t need it right away, you do enroll into a prescription drug plan to avoid any penalties.”- Murs Tariq
• “If you do not enroll into a prescription drug plan when you are first eligible to do so when you turn sixty-five or retire and get into Medicare, there’s a late enrolment penalty of 1% per month for every month you’re not enrolled in a drug plan when you’re supposed to be.”- Shawn Southard

Resources:

If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!

To access the course, simply visit POMWealth.net/podcast.

In this Episode of the Secure Your Retirement Podcast, Radon, Murs, and Nick discuss beneficiary best practices and what’s discussed in a typical beneficiary’s meeting. Things can change in a year, and that’s why we believe it’s important to update or change beneficiaries annually.

Listen in to learn how we prepare for the beneficiaries’ topic before the client meeting. You will also learn how primary and contingent beneficiaries work and the difference between per stirpes and per capita beneficiary designations.

In this episode, find out:

• Understanding the topics covered in a financial planning strategy meeting and its benefits.
• How we prepare for the beneficiaries’ topic before the client meeting.
• The reasons why we advise updating or changing beneficiaries annually.
• The beneficiary designation’s structure – how primary and contingent beneficiaries work.
• Per stirpes – designating how funds will flow down the family lineage if the beneficiary is deceased.
• Per capita – designating funds to go across to other beneficiaries if any of them is deceased.

Tweetable Quotes:

• “The more beneficiary designations you can have added to your accounts, the simpler the estate process is going to be when that terrible time comes.”- Murs Tariq
• “Per stirpes is a specific beneficiary designation that you can put on your investment accounts that designates that funds will flow down that specific family tree.”- Nick Hymanson

Resources:

If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!

To access the course, simply visit POMWealth.net/podcast.

In this Episode of the Secure Your Retirement Podcast, Radon, Murs, and Taylor discuss how to prepare to file for the 2023 taxes. The first things you should be looking at include your different sources of income and tax forms connected to that income.

Listen in to learn the importance of working with a professional tax preparer to avoid misreporting different income taxes. You will also learn why you should report your Qualified Charitable Distributions and Roth conversions to your tax preparer to avoid overpaying taxes or paying penalties.

In this episode, find out:

• Things to think about your taxes to avoid last-minute rush come April 15th.
• The difference between the two types of 1099 forms you should know to avoid confusion.
• The importance of working with a professional tax preparer to avoid misreporting rental income taxes.
• When it’s worth and not worth it to itemize your expenses for your tax preparer.
• The importance of reporting your Qualified Charitable Distributions to reap tax benefits.
• Why you should report your Roth conversions to your tax preparer to avoid paying penalties.
• Understanding how your Roth IRA contributions impact your tax returns.
• Ensure your tax preparer has your correct date of birth on file if you turn sixty-five to avoid overpaying taxes.

Tweetable Quotes:

• "Consider all your diverse revenue streams and locate the corresponding tax form as your initial step."- Taylor Wolverton
• “You want to send as much documentation as you can get for both income and expenses associated with your rental property to your tax preparer this year.”- Taylor Wolverton

Resources:

If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!

To access the course, simply visit POMWealth.net/podcast.