Secure Your Retirement

In this Episode of the Secure Your Retirement Podcast, Radon and Murs speak with Andrew Opdyke about an update on the state of the economy of the first quarter of 2023. Andrew discusses the divergence within the economy, the issues with the banks, the recession and market volatility, and much more.

Listen in to learn why you shouldn’t worry about the US debt ceiling and its impact from a market standpoint. You will also learn why inflation might last longer and cause a recession if the federal reserve doesn’t prioritize the inflation fight.

In this episode, find out:

• The divergence within the economy – the goods and services sides of the economy are moving in different directions.
• The issues with the banks – how banks got hit from holding assets in a high-interest rate environment.
• Why the banking issues won’t lead to another financial crisis since it’s largely contained.
• Why the US dollar losing its world reserve status might be a passing conversation in the long run.
• Understanding the US debt ceiling and why it has a very little real lasting impact from a market standpoint.
• Why inflation might last longer if the federal reserve doesn’t prioritize the inflation fight.
• Andrew’s optimism on earnings progression, production growth, and service industry progression.

Tweetable Quotes:

• “The slowdown we’re seeing economically is not a collapse of activity, is that it’s become more difficult to buy that technology that keeps the output growth continuing.”- Andrew Opdyke
• “The debt numbers don’t tell you the full situation; you need to understand both sides of the balance sheet.”- 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 five different things to consider when it comes to withdrawing your retirement money. To successfully establish an income stream in your retirement, you must be strategic when taking money from the retirement accounts you’ve built over the years.

Listen in to learn how to determine your spending during retirement and which accounts the money will come from. You will also learn the importance of being flexible to make changes to your strategy as things and priorities shift over time.

In this episode, find out:

●     Determine your retirement needs – understand how much you’ll need and build a plan.

●     Understand the different types of retirement accounts, the rules around them, and how they play out.

●     Determine your tax priorities and understand the pros and cons of your decisions.

●     Manage investment risks using the bucket strategy (cash in the bank, investment, and safety buckets).

●     Be willing to adjust your strategy over time as priorities change, preferably annually.

Tweetable Quotes:

●     “You need to understand the rules around traditional IRAs and traditional 401Ks and how that’s going to play out.”- Radon Stancil

●     “A retirement-focused financial plan in our eyes is something that is living, breathing, and is going to go through some changes.”- 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 importance of reviewing your beneficiary designation annually. Always checking your beneficiaries in all your accounts and updating your beneficiary forms is the only way to avoid putting your loved ones in difficult scenarios.

Listen in to learn the importance of naming contingent beneficiaries after your primary beneficiaries to ensure everything is clear. You will also learn why you need to consider the tax implications of each account, the needs of your beneficiaries, and its impact on your overall estate plan.

In this episode, find out:

●     The importance of always updating your beneficiary designations on all your accounts.

●     Understand estate law in your state since they vary from state to state.

●     Ensure your beneficiary form is appropriately done and has a primary and a contingent beneficiary.

●     Review your beneficiary designations annually by reaching out to institutions.

●     Consider the tax implications of each account to understand the proper beneficiary.

●     Understand the impact on your overall estate plan to avoid disinheriting your beneficiaries.

●     Consider the needs of your beneficiaries and the impact of the assets on their lives.

●     Be specific when listing all your beneficiaries to avoid creating any confusion.

●     Consult with an attorney as a second set of eyes to help you think through scenarios.

●     Consider contingencies if you name a primary beneficiary to avoid future confusion.

Tweetable Quotes:

●     “A lot of accounts can have beneficiaries associated with them. Take a list of all the accounts that you have and start checking to see.”- Murs Tariq

●     “It’s your account, your responsibility to reach out to the institution to make sure they’ve got your beneficiary there.”- 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 Heather Schreiber about social security spousal benefits and how it works.  Heather is a retirement income strategist, speaker, writer, and educator of financial, legal, and tax professionals.

Listen in to learn how spousal income works for couples with wide disparities in income benefits. You will get the full picture of how the fifty percent income benefit that the lower wage earner gets from the higher wage earner’s full retirement age benefit works.

In this episode, find out:

• How spousal benefit will be impacted if the higher wage earner predeceases the lower wage earner.
• Heather explains what happens with married couples with wide disparities in income benefits.
• Understanding the meaning of spousal benefit and the value of waiting a little longer to collect.
• Why spousal benefit always starts at fifty percent of the higher wage earner's full retirement age benefit.
• Understanding who’s entitled to the spousal benefit for people under 70 by January 2024.

Tweetable Quotes:

• “Any benefit that you take prior to your full retirement age, whether it’s your own, spousal benefit, ex-spousal benefit, or survivor benefit, does come with a reduction.”- Heather Schreiber
• “Social security wants to be paying your own retirement benefits before they pay any benefits under any other records.”- Heather Schreiber

Connect with Heather:

• LinkedIn: https://www.linkedin.com/in/heather-schreiber-ricp%C2%AE-nssa%C2%AE-74a09157/

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, Nick and Taylor return to talk about the retirement plan implementation after the initial process. When you decide to be our client, we ask for all the information needed to open your account with our custodian Charles Schwab.

Listen in to learn what the transfer process of your investments from your current custodian to Charles Schwab looks like. You will also learn about the 45-day meeting, which we set up to answer any of your questions, finalize the important parts of the investment strategy, and talk about estate planning.

In this episode, find out:

• Episode #199 - a recap of our retirement planning process.
• The personal information we need to create a client’s account with our custodian Charles Schwab.
• The transfer process of your investments from another firm to Charles Schwab.
• How we can replicate your account from another custodian exactly as it was at Charles Schwab.
• How the transfer process of a company plan differs from an IRA to an IRA transfer.
• The tax planning process to help you lower your taxable income during your retirement.
• How Nick communicates with clients throughout the process to ensure everything is set up.
• The 45-day meeting – answering questions, finalizing the investment strategy, and discussing estate planning.

Tweetable Quotes:

• “Exactly as it was at the other custodian, it can be replicated right at Charles Schwab.”- Nick
• “For many advisors and us, we don’t work for Charles Schwab; we’re not connected to them in any kind of financial relationship or dictated by them; they’re simply a custodian.”- 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 question of whether you can retire at age 66, using a specific example from an article in Market Watch. They provide insights and advice on retirement planning and financial management.

If you’re feeling anxious about whether it’s time for you to retire or not, you’re not alone. Retirement planning can be a nerve-wracking and overwhelming decision for many people.

Listen in to learn the importance of considering all the elements involved in retirement planning and seeking professional advice when necessary. You will also learn why you should consider expenses, taxes, and potential long-term care costs in retirement planning.

In this episode, find out:

●     The Market Watch article scenario plus why savings isn’t the only determining factor of retiring comfortably.

●     The importance of income planning for retirement and how it involves more than just numbers.

●     The GPS analogy – the process of building a retirement-focused financial plan.

●     Avoid a higher rate of return in financial planning and, instead, use a conservative approach.

●     The impact of travel expenses on retirement planning and how to have a realistic budget.

●     Consider how taxes can affect your overall retirement plan.

●     The importance of considering long-term care insurance.

●     Establish a baseline to understand how to plan for a long-term care scenario.

Tweetable Quotes:

●     “It’s not all about the numbers; it’s also what you want out of retirement and what retirement is going to look like for you.”- Murs Tariq

●     “If you don’t think about the taxes and you don’t consider them, it can be devastating to your overall retirement plan.”- 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 importance of having a trust as part of your retirement plan with Andres Mazabel. Trust & Will provides an “easy and secure” way to create estate plans and settle estates online, with the ability to customize legal documents.

A trust is a legal agreement that helps you secure whatever legacy means to you when you’re no longer around. Andres explains what probate is and why you need to create a trust as part of your estate planning to simplify things for your loved one.

Listen in to learn the importance of getting a financial advisor’s guidance when it comes to establishing a trust.  

In this episode, find out:

• How Trust and Will empower people to understand the importance of estate planning better.
• How estate planning helps protect whatever legacy means to you.
• The difference between a will and a trust and the benefits of having each in place.
• The privacy and control a trust gives over when and how distributions are made.
• Andres explains the complexities of a trust – how it works when you’re alive and gone.
• How to plan and transfer all your estate assets into a trust.
• How to avoid probate by adding your assets to beneficiaries and having a trust.

Tweetable Quotes:

• “With a trust, we have so much more control over when and how distributions are actually made.”- Andres Mazabel
• “No matter what state you live in, you want to avoid the probate because it makes the process smoother, reduces cost, and it gets assets transferred to the beneficiaries in a seamless way.”- Murs

Get in Touch with Clifton:

• Website:https://trustandwill.com/ 

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 how the Secure Act 2.0 can affect your retirement plan. 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 good provisions of the Secure Act 2.0 that benefit domestically abused spouses, terminally ill patients, the 529 beneficiaries, and so much more. Listen in to learn why you should talk to a financial advisor to help you do IRA transfers instead of jumping into a rollover without any guidance.

In this episode, find out:

• The confusion the age change of taking Required Minimum Distributions (RMDs) is creating.
• Understanding the meaning of a rollover as part of RMDs and how it works.
• Denise explains the good provisions of the Secure Act 2.0.
• The 529 plan and the stipulations they put in place to govern it’s rolling over into a Roth IRA.
• How to avoid making an IRA rollover mistake by talking to an experienced financial advisor.
• Understanding an IRA rollover and why you have to be careful how you move your money.
• Why you should do a trustee-to-trustee IRA transfer instead of a rollover.
• Denise’s retirement dictionary, where she breaks down retirement language into simple English.

Tweetable Quotes:

• “Don’t believe everything you read online; talk to a financial advisor and interview them just as you would your physician.”- Denise Appleby
• “You really want to do a trustee-to-trustee IRA transfer and never a rollover.”- 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 discusses what the financial retirement planning process looks like. How does it work? What information do you need to present?

Maybe you haven’t worked with a financial advisor before and don’t know the financial planning process. In this episode of the Secure Your Retirement podcast, we have a large part of our team take you through our retirement planning process.

Listen in to learn about the financial snapshot, its information, and why you’d have to share that information with us. You will also learn what the cash, safety, and growth buckets look like as part of the strategy meeting and the clarity they offer.

In this episode, find out:

• The financial snapshot – a questionnaire document to help us get to know you better.
• The importance of sharing all your information for us to make the best recommendation possible.
• The different types of accounts you need to submit to help us with recommendations.
• The questions you’ll have to answer to help us understand your income and expenses.
• Other of your financial categories you’ll need to disclose to us.
• The specific account statements you need to provide to help us build your plan.
• How we use your accounts statements to verify account balances and look at your holdings.
• The steps we’ll take you through to understand the financial planning process.
• Analyzing risk exposure - comparing where your investments are and where you want to be.
• The bucket sheet as part of the strategy meeting; cash, safety, and growth buckets.  

Tweetable Quotes:

• “There’s a whole bunch of different accounts that you can have, some are more common than others, but at the end of the day, it’s important to get the specific type of account so that we know how to build our recommendation.”- Nick
• “The earlier someone starts evaluating not just how much they have today but also what’s going out the door when they fully retire, it makes the plan well thought out and more precise.”- 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.

We know nobody likes to talk about taxes, but there are things you must have your head wrapped around. Thinking and preparing for taxes throughout the year makes the whole scenario easier when tax season is here.

When preparing for tax season, there are some things that you need to compile for your CPA, and it’s easy to forget a document or two.

In this episode of the Secure Your Retirement podcast, we talk about the categories of information you need to get ready to file your taxes. Listen in to learn how to avoid a big tax bill by getting your 10-99 document, filing it, and offsetting some of those things.

In this episode, find out:

• How to handle self-employment income and keep a record of your estimated tax payments.
• Rental income – keep a record of the expenses and dates of the transactions.
• Retirement income – understanding the 10-99 document and its tax information.
• The 10-99 document generated from your savings, investments, and dividends and how it works.
• Get your 10-99 document from your custodian to avoid getting a big tax bill.
• How a tax-deferred account can generate a 10-99 document.
• Homeownership – the documents you need to have ready for tax deductions.
• The donor-advised fund and the benefits you can get from it if you’re charitably inclined.
• Why you should keep track of your medical expenses and health insurance.
• Keep a record of your state and local taxes and give it to your CPA.
• HSA contribution – give the 5498 form to your CPA to get the credit and deductibility.

Tweetable Quotes:

• “If you do not get a 1099 document, file it, and offset some of those things, you could get a very big tax bill that you’d have to go back and correct it.”- Radon Stancil
• “If you have money coming in the door, whether its wages, earnings, pension, retirement income, or investments, there should be some type of documentation.”- 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.