Secure Your Retirement

In this Episode of the Secure Your Retirement Podcast, Radon and Murs speak with Andrew Opdyke about a 2023 end-year economic update and the expected shift in the economy in 2024. Andrew is a Certified Financial Advisor and Economist at First Trust Advisor.

Listen in to learn about the impact of the concentration of investments in the top ten companies and when the market broadening will happen. You will also learn about things to consider when expanding your investment portfolio in 2024, like profitability, appropriate pricing, and portfolio evaluation.

In this episode, find out:

• The expected rate cuts in 2024 in the market after the end of rate hikes this last quarter.
• The concentration of investments in the top ten companies and when the market broadening will happen.
• Why early 2024 will be when we can correctly vet the health of the US economy without outside factors.
• Things to consider to expand your investment portfolio in 2024 and avoid making costly mistakes.
• The geo-political shift happening in the world right now and how it will impact the economy.
• Why there are no clear AI winners in the future as it continues to grow.
• The end-of-year concerns – how geo-political issues could impact our economy if things shift in the wrong direction.  
• The end-of-year excitement – the progress of AI and the unleashing of human potential happening right now.

Tweetable Quotes:

• “There are things you’re never going to predict, but we can build portfolios to try to deal with the unknowns.”- Andrew Opdyke
• “New technologies take longer to make an impact than we anticipate in the short-term, but they do more than we anticipate over the long-term.”- 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 have Rae Dawson to discuss the basics of Continuous Care Retirement Communities (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 what it means for a facility/community to be a CCRC and why most assisted care facilities are not CCRCs.

Listen in to learn more about CCRC regulations in North Carolina, the importance of having a plan before moving into a CCRC, the types of CCRC financial rating sources, and the five different CCRC contract models in NC. You will also learn about the factors determining how long it might take to get into a CCRC and why it’s not too soon for you to think about getting into a CCRC when in your 50s.

In this episode, find out:

• Rae’s background career in high-tech and Continuous Care Retirement Communities (CCRC).
• What it means for a community to be a CCRC and why most assisted care facilities are not CCRCs.
• The importance of having a plan if you decide to age in place or move to a CCRC.
• The CCRC regulations in North Carolina, plus how to use the Department of Insurance website.
• Why it’s not too soon for you to think about getting into a CCRC when you’re in your 50s.
• The types of CCRC financial rating sources, what they offer, and what to consider when selecting a CCRC.
• Understanding the five different types of CCRC contract models offered in North Carolina.
• Factors that determine the type of CCRC contract model you should consider.

Tweetable Quotes:

• “To be a CCRC, a community has to offer multiple levels of care, which are independent living, assisted living, skilled nursing, and they will typically also offer memory care.”- Rae Dawson
• “If you cannot find a facility/community on the Department of Insurance website, it’s not a CCRC.”- 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.

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the art of building a risk-adjusted portfolio. When building a risk-adjusted portfolio, it’s important to identify your personal risk preference and choose the best model to structure your investment portfolio.

Listen in to learn the key differences between passive and active investment styles and the benefits of each in helping you reach your goals. You will also learn about the tactical and core investment strategies and how they considerably cut risk.  

In this episode, find out:

• The two styles of investing – the key differences between the goals of passive and active investing.
• Understanding the tactical and core investment strategies and how they considerably cut risk.
• The elements of the moderate growth portfolio and how they reduce the effects of market volatility.
• The importance of having a conversation around risk with your financial advisor to identify where to be with risk exposure.

Tweetable Quotes:

• “Every strategy (passive and active investing) will have its years that it wins and every strategy will have its years that it loses against the other.”- Radon Stancil
• “The tactical is there to start reducing risk when we have heightened periods of volatility or deterioration in the market.”- 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 Denise Appleby to discuss the Roth IRA 5-year rule in more detail. Denise is the CEO of Appleby Retirement Consulting Inc., a firm that provides IRA tools and resources for financial and tax professionals.

She explains the nuances around two separate Roth IRA 5-year rules and what you need to take distributions from a Roth IRA if you’re aged 59 and a half or below. Listen in to learn the importance of starting your Roth IRA 5-year clock earlier and protecting your records to avoid paying taxes you don’t owe.

In this episode, find out:

• Denise explains the nuances around two separate 5-year rules and what they mean.
• Understanding what you need to take distributions from a Roth IRA if you’re 59 and a half.
• The importance of proper record keeping and protection to avoid paying taxes you don’t owe.
• Why you don’t need to keep tracking the 5-year rule if you’re aged 59 and a half and have had a Roth IRA for at least five years.
• Why it needs to be a Roth IRA to start your 5-year clock instead of a Roth 401k.
• The questions beneficiaries need to ask about Roth IRA when dealing with an inherited account.

Tweetable Quotes:

• “The first 5-year rule is used to determine if a Roth IRA distribution is qualified, and for that 5-year rule, it starts January 1 of the first year for which you fund your Roth IRA, and it never starts over.”- Denise Appleby
• “As taxpayers, we have to be responsible for protecting ourselves as is allowed under the tax code, or we’re going to pay taxes we don’t owe because we don’t know we don’t owe.”- Denise Appleby

Get in Touch with Denise:

• LinkedIn: https://www.linkedin.com/in/deniseappleby/

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 5-year rule around Roth IRAs and what conversions look like. A Roth IRA is a powerful tax-free investment tool, especially as a long-term investment growth vehicle.

Listen in to learn the difference between Roth IRAs’ contributions and conversions and how the 5-year rule applies to each. You will also learn about the five advantages of a Roth IRA: tax-free growth, not subject to RMDs, tax diversification, estate planning benefits, and hedge against future tax increases.

In this episode, find out:

• Understanding the 5-year rule on a Roth IRA’s contribution interest to be tax-free.
• The difference between a Roth IRA contribution and conversion.
• Understanding Roth IRA conversions and how the 5-year rule applies to it.
• How to start your Roth IRA clock by opening an account immediately, even as a high-income earner.
• A scenario to help you understand the power of Roth IRA conversions as a long-time growth vehicle.
• The advantages and disadvantages of a Roth IRA and the importance of knowing them.

Tweetable Quotes:

• “If you’re along the line of thinking that taxes in the future are going to be higher than they’re today, a Roth IRA is an extremely powerful tool.”- Radon Stancil
• “When it comes to developing a withdrawal strategy with a sizable tax-free asset like a Roth IRA, we can blend things to optimize our tax brackets as we go through retirement.”- 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 best time to take Required Minimum Distributions. Having a retirement plan and your personal preference will help you determine whether to take RMDs monthly, quarterly, or annually.

Listen in to learn the advantages and disadvantages of taking required minimum distributions monthly, quarterly, or annually. You will also learn how the three-bucket strategy income safety and growth buckets can work together to your advantage.

In this episode, find out:

• Required Minimum Distributions – the amount you’re required to take out of your tax-deferred accounts.
• The importance of understanding when you have to start taking your RMDs to develop a withdrawal strategy earlier.
• Understanding how to utilize Roth IRAs as a tax-free bucket for retirement planning.
• The categories of investment accounts are subject to required minimum distributions and when to take them.
• The potential advantages and disadvantages of taking required minimum distributions monthly.
• The three-bucket strategy – how the income safety and growth buckets work together to your advantage.
• The potential advantages and disadvantages of taking required minimum distributions quarterly.
• The potential advantages and disadvantages of taking required minimum distributions annually.
• Questions to ask to determine your personal preference of taking RMDs monthly, quarterly, or annually.

Tweetable Quotes:

• “Understanding when you have to start taking those required minimum distributions is going to be key to developing a plan and a strategy around them.”- Murs Tariq
• “Required Minimum Distributions (RMDs) are based out of the totality of your IRAs, but you do not have to take it out of each 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, Murs, and Taylor discuss how social security taxation works for both single and married filing jointly. Other sources of income you have coming in determine the amount of your social security that will be taxed.

Listen in to learn the importance of understanding your sources of income, social security benefits, and how they’ll be taxed, and have a long-term perspective. You will also learn why some people with low income in other areas can have their social security untaxed.

In this episode, find out:

●     How a single person needs to think about social security and their other sources of income.

●     Understanding the other sources of income that determine your social security taxability.

●     A scenario on how married filing jointly social security is taxed as determined by income.

●     Why some people with low income in other areas can have their social security untaxed.

●     How your social security tax ranges differs when filing as a single person.

●     How states differ from the federal government when it comes to social security taxation.

●     The importance of understanding your sources of income and social security benefits taxation.

●     The benefits of working with a financial advisor to help you take a long-term perspective.

●     Taylor explains where to find your social security item on your tax returns.

Tweetable Quotes:

●     “The amount of your social security that is reported on your tax return as taxable depends on what your other sources of income are; the more income you have from other sources, the more of your social security is going to be taxable.”- Taylor Wolverton

●     “Every state taxes social security a little bit differently; some may follow same rules as federal taxation while some states don’t tax social security at all.”- 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 things to be aware of about qualified charitable distributions (QCDs) and donor-advised funds. The QCDs and donor-advised funds are great tax benefits strategies, but they make sense in your retirement planning journey in two different scenarios.

Listen in to learn about QCDs, the tax benefits you can take advantage of when donating to charity organizations, and the rules of the strategy. You will also learn more about the donor-advised fund, how to take advantage of itemizing tax returns, and the rules of the strategy.

In this episode, find out:

• Qualified Charitable Distributions – a tax savings contribution you can do out of your IRA.
• The QCDs tax benefits you can take advantage of when donating to charity organizations.
• The rules on when and how to take your QCDs, plus how QCDs can apply to your RMD when done properly.
• Donor Advised Funds – stacking your donations together to take advantage of itemizing tax returns.
• The rules of a donor-advised fund, how to fund this account, and why it’s flexible.
• Understanding where both QCDs and donor-advised funds make sense for you.

Tweetable Quotes:

• “The rule with the QCDs is that you’ve got to be seventy and a half in order to do it; with donor-advised funds, you can do it no matter what your age is.”- Radon Stancil   
• “Once you make a contribution into a donor-advised fund, it’s irrevocable.”- 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 speaks with Jenelle Jones about the perks of the RV lifestyle in retirement. Jenelle is the owner of the oldest RV club for anyone traveling on their own, The Wandering Individuals Network. She refers to herself as an RV travel enabler who has been living the RV lifestyle full-time for four years.

Listen in to learn the importance of joining a club as a solo RV traveler to have friends and avoid anxiety and loneliness. You will also learn about the positives of the RV lifestyle and how to overcome the inevitable challenges.

In this episode, find out:

• The importance of joining a club as an RV traveler to have friends and avoid anxiety and loneliness.
• How to have a positive mindset to learn and make the RV life easier.
• Jenelle explains some of the challenges she faces as an RV traveler and how she gets past them.
• The most important items every RV traveler needs to thrive in that lifestyle.
• She describes the positives of living an RV life and how impactful it has been for her.

Tweetable Quotes:

• “Join a club or a group so that you’re traveling with your friends; it’s always better to be in a group for safety and anxiety.”- Jenelle Jones
• “An RV lifestyle is a complete lifestyle that’s going to be more fulfilling than anything sitting at home being retired watching TV and gardening for some people.”- Jenelle Jones

Get in Touch with Jenelle:

• Website: https://wanderingindividualsnetwork.com/
• Facebook: https://facebook.com/groups/winrvsingles/members/

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 Medicare planning for those coming up on Medicare and those already in Medicare. This is a checklist of three main topics to help you understand what you should be thinking about when it comes to Medicare.

Listen in to learn how to evaluate your prescription drug needs and choose the right Medicare plan that caters to those needs. You will also learn about Medicare supplements and Medicare Advantage plans, plus how to join our Free Webinar to learn more about Medicare planning from experts.

In this episode, find out:

• Prescription drug plan – understand your prescription needs, if the plan covers your needs and the cadence of your refills.
• Comparing different part D plans that would cover your specific prescription drugs at the lowest cost.
• Evaluate your pharmacy network – ensure it’s cost-effective and convenient for you.
• Cost analysis – Look at your prescription drug cost to determine the type of plan to pick.
• The importance of taking the time to review your plan annually and make changes if needed.
• Dental, vision, and hearing – Think about the dental, vision, and hearing coverages you need.
• Integrative plans – Do an educated analysis between Medicare Advantage plans and Medicare gap policies.
• Doing an individual needs assessment – understand your needs and get an individualized cover.
• Medicare supplements and Medicare Advantage plans – an outline of what we’ll cover on our free webinar.

Tweetable Quotes:

• “There’s one part of Medicare that covers hospitals, one part that covers doctor’s visits, and then there’s a part D which is all about prescriptions.”- Radon Stancil 
• “Just because your neighbor, parents, or a family has a certain type of plan doesn’t mean that that’s going to apply to you; Medicare and healthcare in general is very individualized for a reason.”- Murs Tariq

Register For Our Free Medicare Webinar:

• [email protected]  with the subject line Medicare Webinar

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.