Secure Your Retirement

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the difference between an enrolled agent (EA) and a certified public accountant (CPA) in retirement planning. The CPA and EA deal with tax at a certain level but differ in their education, scope of work, geographical limitations, and ethical standards.

Listen in to learn how we utilize an EA to do tax strategy beyond just tax filing as part of retirement planning. You will also learn why we consider the current financial situation, retirement plan, tax deductions, tax loss harvesting, changes in tax law, timing, and family life changes in a client’s formal tax strategy meeting.

In this episode, find out:

• The key educational and certification differences between an EA and a CPA.
• Scope of work – the wide range of duties of a CPA as opposed to an EA’s taxation-only focus.
• Understanding the continuing education both a CPA and EA have to do to maintain their status.
• Geographical limitations – a CPA is state-specific, while an EA is federally licensed.
• The specific ethical standards both a CPA and an EA must adhere to.
• A formal tax strategy – looking at your current financial situation, retirement plan, tax deductions, tax loss harvesting, changes in tax law, timing, and family life changes.

Tweetable Quotes:

• “It’s powerful to understand the intricacies of doing good tax planning ahead of time, not just tax filing.”- Radon Stancil   

“A CPA is going to be required and held to a certain standard how much continuing education they have to do; an EA is required to complete 72 hours of continuing education to maintain their status.”- 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 elements of their integrated wealth management experience approach. An integrated wealth management experience offers a similar approach to a family office but for multiple people. A family office is a scenario where you have enough assets that you need a whole team to help you manage those assets.

Listen in to learn more about the elements of an integrated wealth management experience: a retirement financial plan, specific-to-the-client investment process, and tax planning. You will also learn how we’re involved in every step of the wealth management process, in-house or with a partner.

In this episode, find out:

• A family office – having enough assets you need a whole team to help manage those assets.
• How we created an integrated wealth management experience that looks like a family office.
• The three elements of our in-house and partnered integrated wealth management experience.
• The importance of estate planning as part of the integrated wealth management experience.
• How we work with an expert to simplify and plan the social security side of things.
• How we analyze a client’s situation and help plan for health insurance ourselves or with partners.
• How we make the financial plan and wealth management process easier for the client by being involved.

Tweetable Quotes:

• “The reason why estate planning is so important as part of the integrated wealth management experience is because if we don’t have things in place, it can make it very difficult for whoever we leave behind.”- Radon Stancil 
• “Social security can be simple and complex at the same time, and that’s why we have a social security consultant on retainer with us that we tap into for her knowledge.”- 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 five financial planning things to do annually. It is preferable to do these things in or closer to the last quarter of the year, which allows you time to correct whatever needs correcting.

Listen in to learn about things to consider when doing tax strategy and planning before the end of the year to enable changes. You will also learn the importance of having a Medicare and healthcare planning, year-end investment review, estate planning update, and reviewing your RMDs.

In this episode, find out:

• Tax planning – things to consider when doing tax strategy and planning before the end of the year.
• Required Minimum Distributions – understand what RMDs are and make sure it’s taken care of.
• Medicare and healthcare planning – review your options and benefits and make changes if needed.
• Year-end investment review – look at how your investments are set to be aware of any risks and potential changes.
• Estate planning update – to ensure everything is done properly and update any changes.

Tweetable Quotes:

• “It’s a good exercise always to be looking at your investment portfolio; it’s set up to keep you aware of what’s going on and whether there are changes that need to be made.”- Murs Tariq
• “Keep in mind that an estate planning update is a good thing to go through and see if everything is done properly and then do an update.”- 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 speak with Jessica Iverson about long-term care options to consider as part of the retirement plan. Jessica is a long-term care expert in long-term care planning and wealth management.

Listen in to learn how long-term insurance has evolved from standalone to asset-based long-term care insurance policies and the benefits of these changes. You will also learn about the right age to start planning for long-term care and the average cost of different long-term options.

In this episode, find out:

• How long-term insurance has evolved from standalone to asset-based long-term care insurance policies.
• The right age to start planning for long-term care plus the benefits of an asset-based life insurance policy.
• The average cost of long-term care for assisted living, private room nursing home, and home healthcare.
• The different types of asset-based long-term care and how they work.
• The difference between asset-based life insurance and life insurance policy within chronic illness riders.
• The underwriting process for both long-term care focused products and life insurance policies.
• Understanding how qualified assets are structured to fund the idea of long-term care.

Tweetable Quotes:

• “Asset-based long-term care is long-term care focused insurance that’s built on an asset which can either be a life insurance policy or an annuity.”- Jessica Iverson
• “It is really the morbidity that the long-term care focused products are looking for in clients.”- Jessica Iverson

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 fourteen common practices to help you protect yourself against cyber security threats. The purpose of this isn’t to scare you but to empower you to be on the internet safely.

Listen in to learn the importance of having strong and complex passwords for your home and office networks and avoid using one password for multiple sites. You will also learn the importance of being mindful when opening emails, using public Wi-Fi, sending sensitive data, and more to avoid cyber-attacks.

In this episode, find out:

• Use unique and strong passwords and avoid using one password for multiple sites.
• Enable two-factor authentication – this adds a layer of security that’s strong.
• Keep software and devices updated to have the freshest security measures in place.
• Beware of phishing attacks – look at every email with a mindset of caution.
• Secure your home network by setting up stronger passwords and different encryptions.
• Be mindful of public Wi-Fi that doesn’t require a password to log in to avoid hacking.
• Back up important data regularly for easier retrieval if data is lost.
• Educate yourself – read, listen, and watch to stay alert on ways to protect yourself against threats.
• Secure social media accounts – adjust privacy settings and be careful of those watching you.
• Encrypt sensitive data – use secure ways or avoid sending sensitive data via email.
• Secure mobile devices in case they were to get into the wrong hands.  
• Limit access to personal information – be careful what you share unless you know who you’re sharing it with.
• Use secure browsing practices – beware of fake website phishing for data.
• Regularly review account activity – don’t go for six months without looking at your account activity.

Tweetable Quotes:

• “The more diversified you could be in your passwords, the more protected you will be.”- Murs Tariq

“You need to be very careful before you open an attachment or click on a link; look at every email with a mindset of caution.”- 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 2023 Medicare Part B and D IRMMA surcharges. They explain the modified adjusted gross income and the 2023 surcharges if you earn more than $97k single or $194k married filing jointly.

Listen in to learn about the income-dropping circumstances the IRS considers when exempting anyone from the Medicare IRMMA surcharges. You will also learn you should be aware of your numbers when implementing any type of strategy.

In this episode, find out:

• The modified adjusted gross income – the baseline that allows you not to have Medicare surcharges.
• Income-dropping circumstances the IRS considers when exempting anyone from the Medicare IRMMA surcharges.
• Always ask if you qualify for a Medicare IRMMA surcharges exception and file form SSA44.

As an EXAMPLE:

• The surcharges for 2023 if you earn more than $97k single or $194k married filing jointly.
• The unfortunate scenarios where the SSA44 doesn’t work.
• Why you should be aware of your numbers when implementing any type of strategy.

Tweetable Quotes:

• “The IRS does recognize that there are some nuances and special circumstances “life-changing events” that significantly reduce your income.”- Murs Tariq
• “If you did have something that occurred and you did a large Roth conversion that put you in a higher bracket for Medicare Premium, it’s one year, so don’t think you’ve put yourself in this position for the rest of your life.”- 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 speak with Andrew Opdyke about a 2023 mid-year economic update and the future. Andrew is a Certified Financial Advisor and Economist at First Trust Advisor.

Listen in to learn the expected and unexpected turn of events in the economy today and why inflation might not allow for rate cuts this year. You will also learn about the things in manufacturing investment and geopolitics that are taking place today and how they’ll change the American and global markets.

In this episode, find out:

• The expected and unexpected turn of events in the economy for the year's first half.
• Why the inflation stickiness might not allow for rate cuts for the remainder of the year.
• Understanding where the rest of the world is standing in terms of inflation and rates.
• The possibility of a recession or prolonged inflation due to a slowdown in demand and spending capacity.
• The importance of broadening out the market to see a sustainable market that can last years.
• The geopolitical shift happening in the world right now and how it will impact things.
• Second half of the year concerns – market pullback due to AI, commercial real estate, geo-political issues, and quantitative tightening.
• Second half of the year potentials – manufacturing investment that will unlock incredible things in the future.
• The direction the market needs to move to increase earnings on overpriced things like AI.

Tweetable Quotes:

• “Geo-politically the world could look very different in five to ten years.”- Andrew Opdyke
• “Something that we should be observing as we progress through the second half of 2023, there are signs that growth could and should flow as we move towards December.”- Andrew Opdyke
• “There are incredible things taking place today that are building for what could be a very strong foundation as we emerge from the feds' job being done.”- 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 speak with Jon Ostenson about the benefits of starting a franchise as part of your retirement plan. Jon is a Certified Franchise Consultant, owner/investor, author, and international speaker specializing in non-food franchising. He discusses the misunderstandings and lack of knowledge he found around franchise opportunities outside of the fast-food industry.

Listen in to learn why franchising is a proven profitability pathway compared to starting a business, plus the financials around franchising cost and revenue. You will also learn how to run a franchise successfully, even with a corporate background and zero business experience.

In this episode, find out:

• Jon shares his background and how he gained interest in franchising outside of fast food.
• The money-making franchise opportunities that exist outside of the fast food industry.
• Why franchising is a proven profitability pathway compared to starting a business.
• Non-food franchising – businesses where lots of franchise interest lies.
• How to run a franchise successfully even with a corporate background and zero business experience.
• Jon explains the franchising process and how he matches clients with the best-fitting franchise.
• Understanding the financials around franchising costs and the revenue margins.    
• Think about franchising as a giving-back opportunity where you create jobs and mentor others.

Tweetable Quotes:

• “In the market, there’s a lot of misunderstandings and lack of knowledge around the franchise opportunities that exist, especially in industries people are sometimes interested in outside of fast food.”- Jon Ostenson
• “Franchise business has been proven in other markets, so you’re able to step into and as long as you execute and follow that playbook, you know there’s a path to profitability.”- Jon Ostenson

Get in Touch with Jon:

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

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 similarities and differences between annuities and CDs and the best one for retirement planning. In as much as CDs and fixed index annuities are similar, CDs are best suited for short-term investments, while annuities are best suited for long-term investments.

Listen in to learn about interest rate risk or reinvestment risk associated with CDs and how it affects your investment in the long term. You will also learn about an annuity's higher rate of return potential due to its many index options.

In this episode, find out:

• Understanding interest rate risk or reinvestment risk when it comes to CDs.
• Why it makes sense to have a short-term investment in a CD instead of a long-term investment.
• The similarities and differences between CDs and fixed index annuities.
• The higher rate of return potential of an annuity due to its many index options.
• How a fixed index annuity works as a compliment to a portfolio full of equities.

Tweetable Quotes:

• “CDs are driven off of these interest rates that are higher, and so are the annuities.”- Radon Stancil  

“We believe that a fixed index annuity works very well as a compliment to a portfolio full of equities to offset the risk of the market and bring predictability into the overall plan.”- 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 ten advantages to a Health Savings Account (HSA) and why you need to know them. A Health Savings Account is a valuable medical and long-term retirement planning tool with more than just tax benefits.

Listen in to learn how to let your HSA contributions grow and invest the money over time for future use as an asset. You will also learn the different ways you can control when and how you want to spend your money on different qualified medical expenses.

In this episode, find out:

• HAS’s tax advantages – contributions are tax deductible and can be done at your tax filing.
• Triple tax savings – understanding three tax benefits you get from HSA.
• Lower healthcare cost – the advantage of a high deductible plan with an HSA.
• Affordable and long-term savings – how your HSA contributions can accumulate and grow for future use.
• Investment opportunities – how some HSA accounts allow investment in the money markets.
• A retirement savings plan with the ability to grow a bucket for future medical expenses.
• Flexibility and control – ways you can control when and how you want to spend your money on different qualified medical expenses.
• Pretax contributions to payroll deductions – this makes savings easier and smooth.
• There’s no use it or lose it rule – HSA is similar to IRA, where you don’t lose money if you don’t use it.
• Retirement savings vehicle – let your HSA bucket grow and invest over time to use it as an asset.
• Control over your healthcare decisions – you get to make choices on what and how you spend on medical expenses.

Tweetable Quotes:

• “If you’re someone who doesn’t go to the doctor often or is relatively healthy, a high deductible plan with an HSA could make a lot of sense because you lower your premiums and cost of actual medical insurance.” - Murs Tariq
• “There’s a wide range of what you can use your HSA money for when it comes to medical expenses.”- 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.