Secure Your Retirement

What if something happened to you and you needed somebody else to make decisions in your place? Do you have a durable power of attorney in place to make things easier for you and your loved ones?

A durable power of attorney is an essential estate planning document for when you become disabled or incapacitated. It allows somebody else to make decisions and transactions that you would normally do yourself.

In this episode of the Secure Your Retirement podcast, we explain the ten reasons why you need a power of attorney regardless of your age. Listen in to learn the peace of mind you will have knowing that everything will be taken care of if something happens to you.

In this episode, find out:

• You become incapacitated or disabled, and you can’t make any transactions.
• It gives you convenience when traveling, making things easier for the what-ifs that can happen.
• The financial decisions related to your health need to be part of a durable power of attorney.
• Have someone who can handle your financial affairs if you cannot do so.
• Give someone the ability to make real estate transactions on your behalf.
• Making gifts to fulfill your wishes if you don’t have the mental capacity to do so.
• Have someone to deal with all your tax matters if you’re unable to.
• A durable power of attorney can help protect your privacy.
• It helps avoid guardianship proceedings which saves time and effort.
• It provides peace of mind knowing that you have a backup plan if something happens.

Tweetable Quotes:

• “The durable power of attorney would allow somebody else to be able to make simple transactions that you cannot do.”- Radon Stancil
• “A power of attorney makes it possible for privacy to be maintained in a scenario of incapacity or disability.”- 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.

Don’t we all wish we gained financial literacy at a young age? Maybe then, we wouldn’t have made so many money mistakes as young adults. How about giving your kids or grandkids that money management knowledge as early as possible?

One way to ensure that your kids or grandkids feel comfortable and confident managing money, regardless of their age, is by ensuring you prepare them early with financial education.

In this episode of the Secure Your Retirement podcast, we have Clifton Corbin, a registered financial consultant, financial literacy advocate, and author of Your Kids Their Money. Listen in to learn how to create financial comfort and security by consistently building habits such as savings and wealth creation in your kids.

In this episode, find out:

• How Clifton’s early financial mistakes prompted him to help parents educate their kids about money.
• When to start teaching kids about money and how to approach it.
• The importance of teaching kids how to feel financially secure first so they can avoid financial stress.
• How to use your knowledge to educate your grandkids, plus the benefits of gifting them financially.
• The concept behind Clifton’s book Your Kids Their Money and the money lessons it provides.

Tweetable Quotes:

• “It’s about giving kids opportunities to learn and practice good money management habits while they’re still young and home with you before they need it.”- Clifton Corbin
• “I want everyone to feel comfortable and confident managing money regardless of what stage of your life you’re in.”- Clifton Corbin

Get in Touch with Clifton:

• Website: https://cliftoncorbin.com/
• Instagram: https://www.instagram.com/cdcorbin_/

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 2023, we’re committed to adding a lot of value with the information we’re putting out through this podcast.

In this episode of the Secure Your Retirement podcast, we list some things to look forward to in our 2023 content, including the Secure Act 2.0, trust, social security strategies, IRMAA, tax planning, and quarterly updates.

Listen in to learn more about our lineup and the 2023 tax updates you cannot afford to miss.

In this episode, find out:

• The Secure Act 2.0 – changes on RMDs, ages, and other things affecting your retirement plan.
• Who needs trust – walking you through the idea of trust and the documents you need to have in place.  
• Social security strategies – what is the best age to take social security?
• IRMAA – walking you through what you need to think around your Medicare Parts B& D.
• Tax planning – the 2023 updates on the rules and guidelines around tax.
• Quarterly updates with Andrew Opdyke.

Tweetable Quotes:

• “Social security is a complicated factor around the idea of when is the best time to take it.”- Radon Stancil
• “Social security and Medicare go hand in hand, and you want to understand what IRMAA is.”- 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.

Are you curious about how your retirement plan is affected by the Secure Act 2.0? The Secure Act 2.0 was just passed at the end of the calendar year 2022 with some major updates on it.

The Secure Act 2.0 has changed things around when to take your Required Minimum Distributions from now moving forward.

In this episode of the Secure Your Retirement podcast, we discuss how the Secure Act 2.0 will affect your retirement plan. Listen in to understand more about the right time to take RMDs and the rules around Required Beginning Date (RBD).

In this episode, find out:

• How the age of taking RMDs has shifted from seventy-two to seventy-three and five.
• The Required Beginning Date (RBD) and the rules around it if you choose to defer your RMDs.
• We share some examples to help you understand when to take your RMDs as per the Secure Act 2.0.
• Why you need the help of a professional if you miss taking your RMD.
• The formula to take your RMD and the frequency in which to take it.

Tweetable Quotes:

• “If you reached age seventy-two after the year 2022 has ended, there’s no RMD for your IRA in 2023.”- Murs Tariq
• “Do not think you get to skip 2023 if you’re already in your Required Minimum Distribution.”- 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.

Are you torn between retiring now or continuing to work? Working longer or retiring now isn’t just about money; there are many elements you should be thinking about.

Many factors might lead you to retire early or want to continue working even after you’ve reached retirement age. What, then, are these elements you should consider when navigating that decision?

In this episode of the Secure Your Retirement podcast, we discuss the elements to consider when deciding whether to retire now or work longer. We expound on financial readiness, health, personal goals, age, and long-term care.

In this episode, find out:

• Think about your financial readiness – your ability to retire or not.
• The different aspects of health you should look into when considering retiring.
• Evaluate your personal goals and interests and how they will fulfill you in retirement.
• Key ages to remember and the opportunities each can afford you.
• Think about your family and their reliance on your current salary.
• Avenues to evaluate when thinking about your healthcare and long-term care in retirement.

Tweetable Quotes:

• “What’s equally important to savings is how much you’re going to spend in retirement; spending can make or break a retirement plan.”- Murs Tariq
• “Health insurance and dealing with our healthcare cost can be a significant in retirement.”- 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.

Do you want to keep your tax planning smooth as you set goals for this year? As you think about getting ready for the tax season and setting goals for 2023, we know you want to make your life a bit simpler.

In this episode of the Secure Your Retirement podcast, we share ten tax tips for the beginning of 2023 to simplify your life. We discuss things like tax-free sources of income, Roth conversions, tax withholding, Required Minimum Distributions, and much more.

In this episode, find out:

• Take advantage of tax-free sources of income – consider where your income is coming from.
• Consider converting a traditional IRA into a Roth IRA and whether or not it makes sense for you.
• Review your tax withholding to avoid under-withholding or over-withholding.
• Take advantage of deductions for medical expenses – keep track of your medical expenses throughout the year.
• Take advantage of charitable contribution deductions – through QCDs or donor-advised funds.
• Don’t forget about quarterly payments to the IRS to avoid penalties.
• Don’t forget about state taxes when making quarterly payments to avoid penalties.
• Consider part-time work to keep you busy or for medical insurance if you retire before 65.
• Don’t forget about the Required Minimum Distributions (RMDs) if you’re turning 72 this year.
• Keep track of your tax documents to prepare your CPA or yourself for tax returns.

Tweetable Quotes:

• “If you can control your taxable income, it will give you great tax planning advantages throughout 2023.”- Radon Stancil
• “There can be a penalty if you do not do enough withholding or you do not do quarterly payments throughout the 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.

Welcome to our very first episode of the year! Regardless of what the stock market will look like in 2023, you should consider some things in your retirement plan to still be in a good place.

It would be good to begin the year at the right place financially and in your retirement planning strategy. You also want to understand where you stand, whether you’re already in retirement or getting closer to retirement.

In this episode of the Secure Your Retirement podcast, we list ten items we think you should be considering, reviewing, and taking a look at as you set your 2023 goals. Listen in to learn why assessing your current financial situation will be your first step toward setting better goals for 2023.  

In this episode, find out:

• Review your financial goals with your financial advisor on how it went last year and the potential this year.
• Assess your current financial situation – be aware of your overall net worth, assets, liabilities, and savings.
• Tweak your spending plan – track your spending and have a goal as you get closer to retirement.
• Review your insurance coverages – are you getting what you’re paying for, and do you have enough?
• Consider your retirement savings – how you can continue to fund your retirement plan.
• Make a debt repayment plan – focus on getting out of debt in 2023.
• Review your investment portfolio – reduce your portfolio’s risk exposure to what you want.
• Consider your estate planning needs – prioritize getting your documents in place.
• Review your credit report to ensure there’s no fraudulent activity.
• Take advantage of tax-saving opportunities – be proactive with your contributions and donations.

Tweetable Quotes:

• “It would be good to begin the year understanding what you’re spending and what you want to be your goal as you get closer to or in retirement.”- Radon Stancil
• “Assessing that current financial situation is going to be the best first step to help you start thinking about what you want to do in 2023.”- 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’ve come to the end of the year! It was a fun-filled year with quite an unpredictable market, but we made it.

In this episode of the Secure Your Retirement podcast, we will cover three main topics we’ve covered throughout the year. We discuss the episodes focusing on tax planning, retirement planning, and annuities. Listen in to learn why you should ensure your financial advisor and CPA are connected and working together as a team.

In this episode, find out:

• The best resources for taxes – episode 185 with Steve Jarvis to get you thinking about taxes.
• Episode 163 – Steve Jarvis on his advice on Roth conversions.
• Episodes 184 & 158 – Connecting financial and tax planning and not thinking about them separately.
• Episode 161 – Required Minimum Distributions (RMDs) and Qualified Charity Distributions (QCDs) strategies.
• Episode 182 –Three questions to ask yourself about your retirement planning.
• Episode 180 – How to navigate the federal reserves and inflation.
• Episode 177 – Explaining the idea around Medicare part B & D surcharges that we can have (IRMAA).  
• Episode 157 – Detailing the retirement bucket strategy and how we help our clients.
• Episode 146 – How to have a risk-adjusted portfolio and how we do it.
• Episode 153 – Bonds versus bond alternatives concept and the conversation around it.
• Episode 187 – Fixed annuities- best rates in over a decade.

Tweetable Quotes:

• “No matter what your situation is and what you might be doing, make sure your financial advisor and CPA/tax preparer are working together.”- Radon Stancil
• “Fixed index annuities have the ability to provide the guarantees that the market cannot.”- 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.

Do you know the difference between Adjusted Gross Income and Modified Adjusted Gross Income? Are you aware of how they affect your tax bracket and Medicare charges?

Understanding the difference between AGI and MAGI and having conversations about them with your financial advisor will help you manage your taxes and IRMAA efficiently. The “looking forward tax planning” strategy is about helping you save money.  

In this episode of the Secure Your Retirement podcast, we discuss the difference between AGI (Adjusted Gross Income) and (Modified Adjusted Gross Income) and why you need to know it. Listen in to learn about examples of numbers, how they change, and how you can prepare prior.

In this episode, find out:

• How the Modified Adjusted Gross Income can affect your IRMAA surcharges.  
• Understanding how we look and arrive at Adjusted Gross Income (AGI).
• The things added to arrive at the Modified Adjusted Gross Income (MAGI).
• Understanding the tax code will make you efficient in the different tax things you can do.
• How smart tax planning can save you Medicare premium surcharges.
• Think and prepare for AGI & MAGI to avoid the negative effects if you’re at Medicare age.

Tweetable Quotes:

• “Your Adjusted Gross Income (AGI) ultimately is what is going to determine where you fall as far as the tax bracket goes.”- Murs Tariq
• “You might be able to have some forward thinking and start to think about this and have that conversation with your financial advisor or CPA.”- Radon 

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.

Looking for an Update for what's been happening during 2022 and what's going to happen in 2023? How about inflation and recession? Will we see a recession in 2023? What has the Federal government been doing? When interest rates rise, does the economy absorb it?

The Federal government has raised interest rates very quickly this year. What about the coming year? How are the elections affecting our economy?

In this episode of the Secure Your Retirement podcast, we have Andrew Opdyke, a Certified Financial Advisor, Economist at First Trust Advisor. Listen in to learn the primary reasons why the present and future economy can be less stressful in your retirement plan.

In this episode, find out:

●     Learn how the prices we see today are not as they seem.

●     Is the peak of interest rates going to get even higher?

●     Have we seen a recession and if so, what is the future going to look like?

●     What leads to the slowdown of the economy?

●     How was the economy affected by Covid and will it change?

Tweetable Quotes:

●     “Inflation is the name of the game and when can they stop reacting to it”- Andrew Opdyke

●     “What is the federal government going to do to get us back to normalcy and how long is that going to take?”- Murs Tariq

●     “A central theme for 2023 is going to be bear market rallies” -Andrew Opdyke

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.