Secure Your Retirement

In this Episode of the Secure Your Retirement Podcast, Radon and Murs have Joseph O'Donnell, a cybersecurity safety expert, talk about cybersecurity safety in retirement. Joe explains the nature of phishing emails and texts, how they’re used to trap you into giving out personal information, and the two powerful ways to avoid falling victim to phishing emails.

Listen in to learn the importance of staying informed and taking precautions when using the internet instead of avoiding it. You will also learn the importance of having strong passwords, changing passwords when you suspect maliciousness, setting up two-factor authentication, and more.

In this episode, find out:

• How phishing emails are used to trap you into giving out access to personal and/or financial information.
• Why you should step back from a suspicious email and verify the source to avoid falling victim to a phishing email.
• How to be informed and take precautions when using the internet instead of avoiding it altogether.
• The importance of having a strong password and changing your password when exposed to cyberattacks.
• How two-factor authentication works and the importance of setting it up to avoid cyberattacks.
• The importance of having a password manager from a reputable provider that encrypts information.

Tweetable Quotes:

• “The way email is today, you just cannot trust an email, so if you get a suspicious email, the number one thing to do is step back away from the email and don’t trust it.”- Joseph O'Donnell
• “A password manager is a fantastic way to help you have complex and unique passwords for the accounts that you log into.”- Joseph O'Donnell

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 why you shouldn’t gamble with your retirement. They compare how gambling in Vegas and retirement investing co-relates and why having an expert help you with your retirement strategy is important.

Listen in to learn about the risk and reward concept in retirement investing and how your age and life experiences will impact it. You will also learn how to avoid uncertainty and unpredictability with an investment strategy and the importance of a good long-term strategy and a diversified investment portfolio.

In this episode, find out:

• The risk and reward concept in retirement investing and how it changes as we age and through life experiences.
• How to avoid uncertainty and unpredictability with your retirement investment strategy.
• Instant gratification vs. having a good long-term strategy when investing for retirement.
• How having a diversified investment portfolio with a good risk management team allows you to avoid making emotional decisions.
• Understanding the psychological aspect of making/investing money to make better outcomes.
• The importance of having an experienced expert to help you with your retirement strategy.

Tweetable Quotes:

• “We’re helping clients layout and understand the rules of retirement, so their money lasts as long as they do.”- Radon Stancil

“Having a longer-term sound strategy rather than trying to chase a return every single day or year over year makes a lot of sense.”- 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 the 529 plan as a tax-free investment vehicle and the new ruling around it. A 529 plan is a tax-free compound interest account funded for qualified educational expenses.

Listen in to learn about the stipulations around the new ruling enabling rolling unused 529 money into a Roth IRA for the beneficiary you set it up for. You will also learn the importance of opening and funding a 529 account without going crazy with the money and teaching your kids/grandkids how to open a Roth IRA account as early as they can.

In this episode, find out:

●     The power of the 529 plan as a tax-free compound interest account for qualified educational expenses.

●     The new ruling enables rolling unused 529 money into a Roth IRA for the beneficiary you set it up for.

●     The 15-year hoarding period of the 529 account before rolling it into a Roth IRA.

●     Why the 529 rollover is limited to the annual Roth IRA limit and a lifetime limit.

●     The 529 beneficiary must also be the owner of the Roth IRA and cannot be transferred to a different beneficiary.

●     The earned income amount rule for the 529 beneficiary to be able to roll over the annual Roth IRA limit.

●     Why you should open and fund a 529 account and teach your kids/grandkids how to open a Roth account.

Tweetable Quotes:

●     “With a 529, the rule is, all growth is tax-free provided it is used for qualified educational expenses.”- Murs Tariq

●     “There’s an ability to roll unused 529 money into a Roth IRA for the beneficiary that you set it up for.”- 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 our in-house Medicare specialist, Shawn Southard, discuss the Medicare Advantage open enrollment. With an education background and a servant's heart, Shawn is passionate about helping people find the right Medicare plans.

Listen in to learn about the benefits of a Medicare Advantage plan and the reasons for the Medicare Advantage open enrollment period. You will also learn why someone would choose to go with a Medicare Advantage plan over the original Medicare plan, plus the strategic downsides of the former.

In this episode, find out:

●     The couple times you can get into Medicare in a year and the open enrollment available for Medicare Advantage holders.

●     Medicare Advantage plan – all the same benefits offered by original Medicare plus a few extra things.

●     The reasons why people do a Medicare Advantage plan as opposed to the original Medicare plan.

●     The strategic downsides of going with a Medicare Advantage plan, which includes their network plans.

●     Why a Medicare Advantage holder would want to change from one plan to another within the plan.

Tweetable Quotes:

●     “Medicare Advantage or Part C is just another way people can get their health coverage during their Medicare journey.” - Shawn Southard

●     “If you’re a Medicare Advantage holder, you can use the time from January 1st to March 31st to find another Medicare Advantage plan that your doctor is in a network.”- 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 and Murs discuss what you should get for the fee you’re paying a financial advisor. When looking for a financial advisor, it’s important to ask yourself what you’re getting versus their fee.

Listen in to learn about the three major types of financial advisors and what each offers you. You will also learn about categories of our Wealth Integrated Management System: specialized investment strategy, a retirement-focused financial plan, tax strategy, estate planning, and other ever-evolving elements to cater to our clients' needs.

In this episode, find out:

• Understand that there’s no better fee than another; it’s all about what you want from a relationship.
• The hourly rate advisor – offers a transactional type of relationship where you get to implement their recommendations.
• An asset under management advisor – they charge you a percentage of the assets they’re managing for you.
• Commission-based advisor in funds in the stock market and outside the stock market.
• Understand that with asset management, the lower the fee, the further it will be hands-off.
• The Wealth Integrated Management System – the four major categories and other ever-evolving elements.

Tweetable Quotes:

• “What we’re not saying is, this fee is better than that fee because it all comes down to what you want out of the relationship.”- Radon Stancil
• “There are a few different types of advisors out there, and it’s up to you to do some research and vetting and understand what it is that you’re truly looking for.”- Murs Tariq
• “This wealth integrated management system is continuously evolving to take care of needs that are presented to us.”- 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 highlight some different episodes throughout 2023. These episodes’ topics are significant resources for retirement planning and would greatly help if you went back and listened.

Listen in to learn the different episodes with information about what you need in retirement, including a power of attorney, estate planning, retirement income strategies, and more. You will also learn about the episodes on long-term care planning options, plus the basics of continuing care retirement community (CCRC).

In this episode, find out:

• Episode 193 – the elements we discuss to help you navigate the decision to retire now or work longer.
• Episode 197 – understanding the power of attorney and why you need it in retirement.
• Episode 201 – an interview with our partner on things to think about when it comes to a trust.
• Episode 204 – an interview with a consultant about social security spousal benefits in retirement.
• Episode 208 – maximizing tax benefits by bunching charitable contributions strategy.
• Episode 217 – how to create an income in retirement by restructuring assets and buckets strategies.
• Episode 219 – things to consider when choosing to do CDs or annuities.
• Episode 224 – understanding long-term care planning options in retirement.
• Episode 223 – protecting against cybersecurity threats and why the episode is super important.
• Episode 226 – we walk you through our integrated wealth experience in retirement strategies.
• Episode 231 – an interview with our in-house taxation expert on how social security taxation works.
• Episode 234 – an interview with an IRA expert to help you understand the Roth IRA: 5-year rule.
• Episodes 236 & 238 – an interview about continuing care retirement community (CCRC) basics.
• Episode 235 – the art of a Risk-adjusted Portfolio in Retirement with four major elements.
• Episode 239 – an interview with our partner around simplified estate planning in retirement.

Tweetable Quotes:

• “If you’re concerned about long-term care and don’t know what to do and which direction to go in, episode 224 could be a good starting point for you.”- Murs Tariq
• “If you’re taking social security and just want to understand how it works or you’re trying to plan for when you take social security, episode 231 is a great episode to go back and listen through.”- 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 and Murs discuss the important tax numbers for 2024. Tax rate numbers for 2024 are out, and it’s important to understand them to make the necessary adjustments and know how your income will be affected.

Listen in to learn how the progressive tax system works and the importance of understanding your marginal and average tax rates. You will also learn about the 2026 tax rates sunset, long-term capital gains tax rates, standard deductions, and much more.

In this episode, find out:

• The tax rates for 2024 and the ranges for both single and married filing jointly.  
• How the progressive tax system works and the importance of understanding your marginal and average tax rates.
• Understanding long-term capital gains and why it’s taxed differently from your income.
• The 2026 tax rates sunset – a tax law that will expire unless we have some significant political changes.
• It is understanding standard deductions and some additional deductions for both single and married filing jointly.   
• Understanding the Social Security tax for 2024 and things to keep in mind about social security tax.
• Medicare premium part B and IRMAA and how you can be affected by additional surcharges.
• How the 401k, traditional IRAs, and Roth IRAs contribution numbers have changed for 2024.
• The Health Savings Account (HSA) tax numbers from an individual plan perspective and family plan for 2024.

Tweetable Quotes:

• “In general, your social security can be zero percent taxable, fifty percent taxable, or up to eighty-five percent taxable.”- Murs Tariq
• “If you make more than one hundred and sixty-one thousand as a single person or more than two hundred and forty thousand married filing jointly, you cannot put money into a Roth account.”- 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 and Murs discuss the retirement issues to consider as we approach the end of the year. As the year ends and another begins, it’s important to have a checklist to ensure you have things closed out for 2023 and things set up for 2024.

Listen in to learn about tax planning strategies to look at, such as threshold tax brackets, qualified charitable distributions, donor-advised funds, and more. You will also learn the benefits of having a Health Savings Account (HSA) and contributing to 529 accounts at the end of the year.

In this episode, find out:

• Assets and debt issues 
• Required minimum distributions. 
• Tax planning 
• Threshold tax bracket –Why look at your threshold to manage it?
• The qualified charitable distributions tax-free strategy
• Why you should Bunch contributions/donor-advised funds.
• Did you or will you be receiving windfall type of money? 
• Marital status changes – understand where you are going and the advantages and opportunities to take.
• Health Savings Account (HSA) – the tax benefits
• Check if you maxed your 401k and contribute to a Roth account if eligible for future tax benefits.
• How to contribute to a 529 account using your annual gift exclusion amount.
• Insurance – if you have met your deductible
• Estate planning – review your beneficiary destinations to make things easier if anything occurs.

Tweetable Quotes:

• “You want to plan ahead if you’re going to turn sixty-five in a couple of years because whatever you make now affects your Medicare surcharges in the future.”- Radon Stancil
• “If you’re looking to contribute to a 529 account, just realize that you can use some of those annual rules to get money in there for your kids or grandkids.”- 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 Anne Rhodes discuss how the wealth.com platform simplifies estate planning. Anne is the Chief Legal Officer at wealth.com with a mission to make estate planning and cross-generational wealth transfer affordable and accessible to more Americans.

She describes the two buckets where the core documents every American must have fall and their importance in estate planning.

Listen in to learn about the importance of documents like the HIPAA form, certification of trust, and why you should consider a trust versus a will. You will also learn how wealth.com is set up to reduce estate planning friction and simplify estate planning for financial advisors and their clients.

In this episode, find out:

• The core documents every American needs to have in case of death or incapacitation and their importance.
• The HIPAA form – What does it allow you to do?
• The certification of trust – accompanies a living trust as a cover sheet, so you don’t have to reveal your trust’s private information.
• Reasons to consider having a trust versus a will, like privacy and reducing the cost and time of probate.  
• Anne explains the process from signing the documents to making them legal.

Tweetable Quotes:

• “The HIPAA release form is important to accompany the advanced healthcare directive.”- Anne Rhodes
• “We really want to give financial advisors and their clients a tool that they can trust to go deeply into this estate planning world.”- Anne Rhodes

Get in Touch with Anne:

LinkedIn: https://www.linkedin.com/in/annexrhodes/

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 Rae Dawson discuss the basics of CCRC around cost, the waitlist, deciding a CCRC and the right age to move to a CCRC. Rae is a CCRC expert and spent her original career primarily managing people and projects in high-tech in Silicon Valley for many years before gaining an interest in CCRC.

She explains why CCRC cost is determined by the type of contract and the location of the community and things to consider when considering the cost of a CCRC.

Listen in to learn the importance of being flexible in your requirements to avoid a long waitlist that can go up to 4-15 years. You will also learn about the typical age of a CCRC entry and the advantages of joining a CCRC earlier.

In this episode, find out:

• Things to consider when thinking about the cost of a CCRC as per the contract in the Triangle area.
• The meaning of buy-in and monthly fees for a traditional CCRC for single or double occupancy.
• CCRC’s rule of thumb - know whether you qualify for a CCRC and should pursue that dream.
• Why you should consider placing your name on a waitlist at multiple communities to have options.
• The advantages of joining a CCRC earlier on when you’re healthy and not very old.
• Things to think about when you decide to live in a CCRC to choose the suitable community for yourself.

Tweetable Quotes:

• “You should have in assets three times the CCRC entrance fees, and your monthly income should be two times the monthly fee.”- Rae Dawson
• “You might be able to enter a community more quickly if you’re flexible in your requirements.”­- Rae Dawson
• “People that live in CCRCs tend to live longer than the average American, and so it’s not unusual to find people in their late 90s to 100s living in the community.”- Rae Dawson

Get in Touch with Rae:

• Email: [email protected] 

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.