Secure Your Retirement

In this Episode of the Secure Your Retirement Podcast, Murs discusses how to approach a retirement withdrawal strategy when you have enough to retire early. He explains the importance of having a financial professional to help you with the withdrawal strategy to avoid the stress of the deaccumulation phase.

Listen in to learn the importance of starting a withdrawal strategy in the first few years of retirement to avoid a sequence of return risks. You will also learn about all the things you should be thinking about if you want to retire early or at any age to keep your life fun and exciting in retirement.

In this episode, find out:

• The stress that comes with the deaccumulation phase after the accumulation phase all our lives.
• The four percent rule, what it says about retirement planning, and why we don’t agree with it in 2023.
• The importance of speaking with a financial advisor to help you with the withdrawal strategy and all its pieces.
• The sequence of return risk and the importance of starting a withdrawal strategy in the first few years of retirement.
• Consider strategies to help you tap into your 401k if you’re retiring early.
• Think through how much you need and want to keep your life fun and exciting in retirement.
• Consider any income, health insurance, and where to withdraw from to make your withdrawal strategy successful.
• The simplistic view of how we approach the bucket system and a withdrawal strategy.

Tweetable Quote:

• “The four percent rule says if you withdraw four percent of your assets on an annual basis, then you should be able to maintain your assets, and you should have a higher probability of success for retirement planning.” - 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 different retirement things to consider if your spouse passes away. They explain how to approach cash flow, estate settlement, insurance, tax, and investment and assets issues.

Listen in to learn the importance of knowing how much you’re spending, where that money comes from, and what changes will happen after a spouse’s death. You will also learn the importance of getting an attorney to help you through the probate process if your deceased spouse didn’t have a will executor.

In this episode, find out:

• Cashflow – Consider where the money is coming from and whether any changes will occur.
• The importance of knowing how much you’re spending, where that money is coming from, and what changes will happen after a spouse’s death.
• Estate settlement issues – The question to ask yourself and the correct process to go through with an attorney.
• Insurance issues – Check their life insurance, work-related benefits, and other types of insurance.
• Tax issues – Things to consider with the home, joint properties, income taxes, and dependent children.
• Investment and assets issues – Consider their money accounts, transferability, and other assets.
• Other things to consider – Driver’s license, email accounts, and social media accounts to avoid identity theft.

Tweetable Quotes:

• “Knowing how much you’re spending, where that money is coming from, and what changes are going to happen due to the death of a spouse is going to help you start thinking through all the different issues.”- Murs Tariq
• “You want to reach out to an attorney to help out with a probate issue, especially if there’s a lot of assets that will go through probate.”- 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, Nick, and Taylor discuss the importance of mid-year tax planning. It’s important to look at the previous year’s tax situation because some things, like Roth conversions and qualified charitable distributions, need to be done before the end of the year in order to be reported on your tax returns.

Listen in to learn the importance of coming up with a good tax withholding strategy to avoid tax liabilities and bills during tax season. You will also learn about the tax benefits of donor-advised funds and qualified charitable distributions.

In this episode, find out:

• How we look at your last year’s tax situation to better plan your taxes before the end of the year.
• The importance of coming up with a good tax withholding strategy to avoid tax liabilities and bills.
• How we review your basic information and sources of income on a tax planning software program.
• Things you can do to achieve the benefits of itemizing and saving on your taxes.
• Nick explains how we set up a donor-advised fund through Charles Schwab.
• Understanding who qualifies for qualified charitable distributions (QCDs), plus their tax benefits options.
• Understanding all the requirements needed for a mid-year tax planning meeting.

Tweetable Quotes:

• “Looking at the previous year’s tax return and having conversations throughout the year really helps us guide the withdrawals and the tax strategy.”- Nick Hymanson
• “There’s a benefit of working with a financial planner to make qualified charitable distributions transactions because the custodian does not report them.”- 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 long-term care, how it works, and your options. If you want to know and understand what long-term care may cost you in the future, you must first understand the actual cost of long-term care.

Listen in to learn about assisted living services for long-term care that involve more than a nursing home. You will also learn about long-term care insurance methods/plans, how they work, plus the pros and cons of each.

In this episode, find out:

• The importance of knowing and understanding the cost of long-term care and what it may cost you.
• Understanding why long-term care itself is more than a nursing home.
• The assisted living services that you might require for long-term care and their cost.
• How the self-insuring method works, plus the pros and cons of it.
• How Medicare benefits long-term care even though it doesn’t provide long-term care insurance.
• Understanding how Medicaid provides for long-term care, plus its pros and cons.
• How Traditional long-term care insurance works, plus the pros and cons of the plan.
• Asset-based long-term care insurance – the beauty of life insurance combined with long-term care insurance.
• How long-term care and chronic illness riders are added to life insurance, plus their pros and cons.
• How asset-based long-term care through an annuity works, the benefits, and why it’s a good option.
• How an asset doubler for your income works and who it’s a good option for.

Tweetable Quotes:

• “The thing about coming to terms and understanding long-term care and what it may cost in your plan is thinking about the actual cost of long-term care.”- Murs Tariq
• “Medicare does not provide what is called long-term care insurance or custodian care, but it does have some benefits there.”- Radon Stancil
• “An asset-based long-term care policy through an annuity is a great option.”- 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 how Rule 100 applies to retirement planning risk management. The conversation around risk is extremely important for you to have an investment structure you’re comfortable with.

Listen in to learn why investment risk is subjective and should be looked at as an individual. You will also hear us perform an exercise to help you understand our numerically driven system that measures risk comfort.

In this episode, find out:

• Understanding why risk is an individual affair, plus why rule 100 may or may not work.
• The numerically driven system we use to measure your comfortability with risk.
• We go through a thought-provoking exercise to help you understand what risk looks like in numbers.
• How we develop an investment plan that will achieve growth without an uncomfortable risk. 
• The importance of understanding the risk potential rather than words like moderately conservative.

Tweetable Quotes:

• “We want you to understand rule 100 and how it’s applied in retirement planning.”- Murs Tariq
• “Risk of how much we take in investments is really subjective; it’s one of those things we have to look at as an individual.”- 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 managing investment risk in volatile markets using the active management strategy. An active management strategy is not superior to the buy-and-hold investment strategy, but it is a great way to reduce risk in volatile markets.

Listen in to learn how we use data/numbers to identify and align with the best asset classes to be invested in. You will also learn why an active asset management strategy allows you to make a decent rate of return, not lose a bunch of money, and have peace of mind in your retirement.

In this episode, find out:

• Understanding actively managing – very low to no risk on your investment.
• Good risk management – using data to identify and align with the best asset classes to be invested in.
• The portfolio adjustments we conduct with an active management strategy.
• How we significantly reduce risk by leaving a risk-managed opportunity in the portfolio.
• Why monitoring how asset classes move is a good way to structure the portfolio.
• The peace of mind you get in your retirement by having an active asset management strategy.

Tweetable Quotes:

• “Actively managing means we’re going to transition the portfolio so it’s in a good place as it can be, but it could also mean that we reduce risk.”- Radon Stancil
• “There are pros and cons to investing in general; at the end of the day, you want to pick a strategy that’s comfortable to you.” - 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 important financial planning milestones that happen at different ages. These are things you should be thinking about and preparing for before getting to retirement.

Listen in to learn about the different financial milestones that happen in the life of a child from birth all the way to retirement. You will also learn when to work on your catch up contributions, the social security eligibility age, when to withdraw all your retirement assets and much more.

In this episode, find out:

●     The future-based savings accounts you can set up for a child from birth.

●     The key ages where different financial milestones happen all the way to age twenty-six.

●     Age fifty milestone – the catchup contributions you can add after age fifty in 2023.

●     Age fifty-nine and a half milestone – the age where you can withdraw all your retirement assets without a penalty.

●     Things that happen at age sixty-two where you’re eligible for social security at a reduced rate.

●     The different things that happen at age sixty-five including eligibility for Medicare.

●     Understanding why the full retirement age is key for social security benefits.

●     Why there’s no reason not to turn on social security after the age of seventy.

●     Age seventy and a half – when you get full deductibility on your QCDs. 

Tweetable Quotes:

●     “When you’re at age fifty-nine and a half or above, just know that some options when it comes to investing and retirement planning become available to you.”- Murs Tariq

●     “Age seventy and a half is key because that’s when you can start taking contributions in your IRA and giving them to a charity.”- 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 why you need a HIPAA form as part of your overall estate plan package. A HIPAA form is a simple document to put together and is recognized for protecting your personal health information, giving you privacy.

Listen in to learn how your HIPAA Authorization can connect with your living will or health care power of attorney for information to be shared. You will also learn about the medical information that can be released to an authorized person per HIPAA standards.

In this episode, find out:

• How the HIPAA Authorization form protects your personal health information and medical history.
• How your HIPAA Authorization form can connect with your living will or health care power of attorney.
• Why the HIPAA form should be connected to the living will so that the information can be shared.
• Have your adult kids sign a HIPAA form to give you permission to access their medical data.
• The elements of the health information to be released by HIPAA standards.
• The information included when setting up the HIPAA authorization form.

Tweetable Quotes:

• “The purpose of a HIPAA Authorization is to protect your medical information from being given to someone without your consent or permission.”- Radon Stancil
• “The HIPAA form is there to authorize or give consent for medical professionals to be able to give information about your medical history, and it also gives you the ability to request information.”- 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 issues to consider before you retire. Sometimes, you get the luxury of deciding when to retire, and sometimes you don’t, but either way, you always want to be thinking about the elements when it comes to retirement planning.

Listen in to learn the importance of understanding your cash flow needs and budget and building some type of plan for your retirement. You will also learn the importance of budgeting for health insurance if you retire earlier than age 65 and the options to consider for long-term care planning.

In this episode, find out:

●     Cash flow – understand your expenses, where money will come from, and build a plan.

●     Understand your retirement age and the implications on your payment options.

●     The importance of understanding the piece of your retirement your spouse is entitled to.

●     Consider budgeting for health insurance in your retirement if you plan to retire before age 65.

●     The math and emotion to consider when it comes to mortgage payment.

●     Put into alignment some retirement-focused vehicles as you approach retirement.

●     Tax planning – things to consider strategically to lower your tax bracket in retirement.

●     The options you need to think about when it comes to long-term care planning.

Tweetable Quotes:

●     “It’s rare that we’re ever going to take money out of an IRA or 401k to pay the house off because we have to pay taxes.”- Radon Stancil

●     “It is scary to think about long-term care, but it is the reality we need to plan 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 discuss the “bunching” charitable contributions strategy and how it can help you maximize tax benefits. They explain why bunching contributions strategy for 2-3 years is a powerful tool in helping you take advantage of standard deductions. 

Listen in to learn how to bunch your charitable contributions into one year using the donor-advised fund. You will also learn why the donor-advised fund is the most flexible version of giving through the bunching strategy.

In this episode, find out:

• The powerful impact bunching charitable contributions has on your tax scenario.
• How the donor-advised fund can help you overcome the standard deductions.
• Why the donor-advised fund is the most flexible version of giving with a tax benefit.
• How the bunching strategy allows you to gain deductibility by 2-3 years.

Tweetable Quotes:

• “A donor-advised fund is a very key component of how we get to do the bunching strategy.”- Murs Tariq
• “Think of the donor-advised fund as the vehicle that’s going to allow you to be able to group your deductions in one year.”- 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.