In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss how to harness the power of step-up in basis when it comes to inheritance. A basis is the original investment into something and can be a big tax strategy as a step-up in inheritance.

Listen in to learn about the tax advantage inheritors get when capital gains on investments are erased when you pass away. You will also learn the importance of having a conversation with a financial professional to evaluate the risk associated with holding one investment for basis purposes.

In this episode, find out:

• Basis – your original investment into something and why it’s important when talking about a step-up in inheritance.
• Step-up in basis – the tax advantage inheritors get when capital gains on investments are erased.
• Why the step-up in basis could be an excellent wealth transfer strategy for long-term investments.
• The importance of having a conversation with your financial advisor to evaluate the risk associated with holding one investment.

Tweetable Quotes:

• “Comprehending the concept of step-up in basis holds significant importance in navigating inheritance matters, such as stocks or properties. It can emerge as a strategic consideration even prior to the actual inheritance event.”- 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 Shawn Southard, our in-house Medicare expert, talk about Medicare's doughnut hole. Medicare’s doughnut hole is a temporary limit on what a Medicare drug plan will pay towards the course of the drug.

Listen in to learn about the importance of enrolling into a prescription drug plan at the right time to avoid paying penalties. You will also learn about the four stages of how Medicare Part D works, plus strategies you can take yourself to avoid the doughnut hole.

In this episode, find out:

• Doughnut hole – a temporary limit on what a Medicare drug plan will pay towards the course of the drug.
• The history of the prescription drug side of Medicare (Part D) and the importance of enrolling in a prescription drug plan.
• The four stages of how Medicare Part D works – the deductible, initial coverage, coverage gap, and catastrophic coverage.
• How the Inflation Reduction Act of 2022 will benefit Medicare beneficiaries moving forward.
• The strategies available to help you avoid the doughnut hole if the government doesn’t fix it.

Tweetable Quotes:

• “When it comes time to get on Medicare, you want to make sure that even if you don’t need it right away, you do enroll into a prescription drug plan to avoid any penalties.”- Murs Tariq
• “If you do not enroll into a prescription drug plan when you are first eligible to do so when you turn sixty-five or retire and get into Medicare, there’s a late enrolment penalty of 1% per month for every month you’re not enrolled in a drug plan when you’re supposed to be.”- Shawn Southard

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 Nick discuss beneficiary best practices and what’s discussed in a typical beneficiary’s meeting. Things can change in a year, and that’s why we believe it’s important to update or change beneficiaries annually.

Listen in to learn how we prepare for the beneficiaries’ topic before the client meeting. You will also learn how primary and contingent beneficiaries work and the difference between per stirpes and per capita beneficiary designations.

In this episode, find out:

• Understanding the topics covered in a financial planning strategy meeting and its benefits.
• How we prepare for the beneficiaries’ topic before the client meeting.
• The reasons why we advise updating or changing beneficiaries annually.
• The beneficiary designation’s structure – how primary and contingent beneficiaries work.
• Per stirpes – designating how funds will flow down the family lineage if the beneficiary is deceased.
• Per capita – designating funds to go across to other beneficiaries if any of them is deceased.

Tweetable Quotes:

• “The more beneficiary designations you can have added to your accounts, the simpler the estate process is going to be when that terrible time comes.”- Murs Tariq
• “Per stirpes is a specific beneficiary designation that you can put on your investment accounts that designates that funds will flow down that specific family tree.”- Nick Hymanson

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 to prepare to file for the 2023 taxes. The first things you should be looking at include your different sources of income and tax forms connected to that income.

Listen in to learn the importance of working with a professional tax preparer to avoid misreporting different income taxes. You will also learn why you should report your Qualified Charitable Distributions and Roth conversions to your tax preparer to avoid overpaying taxes or paying penalties.

In this episode, find out:

• Things to think about your taxes to avoid last-minute rush come April 15th.
• The difference between the two types of 1099 forms you should know to avoid confusion.
• The importance of working with a professional tax preparer to avoid misreporting rental income taxes.
• When it’s worth and not worth it to itemize your expenses for your tax preparer.
• The importance of reporting your Qualified Charitable Distributions to reap tax benefits.
• Why you should report your Roth conversions to your tax preparer to avoid paying penalties.
• Understanding how your Roth IRA contributions impact your tax returns.
• Ensure your tax preparer has your correct date of birth on file if you turn sixty-five to avoid overpaying taxes.

Tweetable Quotes:

• "Consider all your diverse revenue streams and locate the corresponding tax form as your initial step."- Taylor Wolverton
• “You want to send as much documentation as you can get for both income and expenses associated with your rental property to your tax preparer this year.”- 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 have Joseph O'Donnell, a cybersecurity safety expert, talk about cybersecurity safety in retirement. Joe explains the nature of phishing emails and texts, how they’re used to trap you into giving out personal information, and the two powerful ways to avoid falling victim to phishing emails.

Listen in to learn the importance of staying informed and taking precautions when using the internet instead of avoiding it. You will also learn the importance of having strong passwords, changing passwords when you suspect maliciousness, setting up two-factor authentication, and more.

In this episode, find out:

• How phishing emails are used to trap you into giving out access to personal and/or financial information.
• Why you should step back from a suspicious email and verify the source to avoid falling victim to a phishing email.
• How to be informed and take precautions when using the internet instead of avoiding it altogether.
• The importance of having a strong password and changing your password when exposed to cyberattacks.
• How two-factor authentication works and the importance of setting it up to avoid cyberattacks.
• The importance of having a password manager from a reputable provider that encrypts information.

Tweetable Quotes:

• “The way email is today, you just cannot trust an email, so if you get a suspicious email, the number one thing to do is step back away from the email and don’t trust it.”- Joseph O'Donnell
• “A password manager is a fantastic way to help you have complex and unique passwords for the accounts that you log into.”- Joseph O'Donnell

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 shouldn’t gamble with your retirement. They compare how gambling in Vegas and retirement investing co-relates and why having an expert help you with your retirement strategy is important.

Listen in to learn about the risk and reward concept in retirement investing and how your age and life experiences will impact it. You will also learn how to avoid uncertainty and unpredictability with an investment strategy and the importance of a good long-term strategy and a diversified investment portfolio.

In this episode, find out:

• The risk and reward concept in retirement investing and how it changes as we age and through life experiences.
• How to avoid uncertainty and unpredictability with your retirement investment strategy.
• Instant gratification vs. having a good long-term strategy when investing for retirement.
• How having a diversified investment portfolio with a good risk management team allows you to avoid making emotional decisions.
• Understanding the psychological aspect of making/investing money to make better outcomes.
• The importance of having an experienced expert to help you with your retirement strategy.

Tweetable Quotes:

• “We’re helping clients layout and understand the rules of retirement, so their money lasts as long as they do.”- Radon Stancil

“Having a longer-term sound strategy rather than trying to chase a return every single day or year over year makes a lot of sense.”- 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 529 plan as a tax-free investment vehicle and the new ruling around it. A 529 plan is a tax-free compound interest account funded for qualified educational expenses.

Listen in to learn about the stipulations around the new ruling enabling rolling unused 529 money into a Roth IRA for the beneficiary you set it up for. You will also learn the importance of opening and funding a 529 account without going crazy with the money and teaching your kids/grandkids how to open a Roth IRA account as early as they can.

In this episode, find out:

●     The power of the 529 plan as a tax-free compound interest account for qualified educational expenses.

●     The new ruling enables rolling unused 529 money into a Roth IRA for the beneficiary you set it up for.

●     The 15-year hoarding period of the 529 account before rolling it into a Roth IRA.

●     Why the 529 rollover is limited to the annual Roth IRA limit and a lifetime limit.

●     The 529 beneficiary must also be the owner of the Roth IRA and cannot be transferred to a different beneficiary.

●     The earned income amount rule for the 529 beneficiary to be able to roll over the annual Roth IRA limit.

●     Why you should open and fund a 529 account and teach your kids/grandkids how to open a Roth account.

Tweetable Quotes:

●     “With a 529, the rule is, all growth is tax-free provided it is used for qualified educational expenses.”- Murs Tariq

●     “There’s an ability to roll unused 529 money into a Roth IRA for the beneficiary that you set it up 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 have our in-house Medicare specialist, Shawn Southard, discuss the Medicare Advantage open enrollment. With an education background and a servant's heart, Shawn is passionate about helping people find the right Medicare plans.

Listen in to learn about the benefits of a Medicare Advantage plan and the reasons for the Medicare Advantage open enrollment period. You will also learn why someone would choose to go with a Medicare Advantage plan over the original Medicare plan, plus the strategic downsides of the former.

In this episode, find out:

●     The couple times you can get into Medicare in a year and the open enrollment available for Medicare Advantage holders.

●     Medicare Advantage plan – all the same benefits offered by original Medicare plus a few extra things.

●     The reasons why people do a Medicare Advantage plan as opposed to the original Medicare plan.

●     The strategic downsides of going with a Medicare Advantage plan, which includes their network plans.

●     Why a Medicare Advantage holder would want to change from one plan to another within the plan.

Tweetable Quotes:

●     “Medicare Advantage or Part C is just another way people can get their health coverage during their Medicare journey.” - Shawn Southard

●     “If you’re a Medicare Advantage holder, you can use the time from January 1st to March 31st to find another Medicare Advantage plan that your doctor is in a network.”- Shawn Southard

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 what you should get for the fee you’re paying a financial advisor. When looking for a financial advisor, it’s important to ask yourself what you’re getting versus their fee.

Listen in to learn about the three major types of financial advisors and what each offers you. You will also learn about categories of our Wealth Integrated Management System: specialized investment strategy, a retirement-focused financial plan, tax strategy, estate planning, and other ever-evolving elements to cater to our clients' needs.

In this episode, find out:

• Understand that there’s no better fee than another; it’s all about what you want from a relationship.
• The hourly rate advisor – offers a transactional type of relationship where you get to implement their recommendations.
• An asset under management advisor – they charge you a percentage of the assets they’re managing for you.
• Commission-based advisor in funds in the stock market and outside the stock market.
• Understand that with asset management, the lower the fee, the further it will be hands-off.
• The Wealth Integrated Management System – the four major categories and other ever-evolving elements.

Tweetable Quotes:

• “What we’re not saying is, this fee is better than that fee because it all comes down to what you want out of the relationship.”- Radon Stancil
• “There are a few different types of advisors out there, and it’s up to you to do some research and vetting and understand what it is that you’re truly looking for.”- Murs Tariq
• “This wealth integrated management system is continuously evolving to take care of needs that are presented to us.”- 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 highlight some different episodes throughout 2023. These episodes’ topics are significant resources for retirement planning and would greatly help if you went back and listened.

Listen in to learn the different episodes with information about what you need in retirement, including a power of attorney, estate planning, retirement income strategies, and more. You will also learn about the episodes on long-term care planning options, plus the basics of continuing care retirement community (CCRC).

In this episode, find out:

• Episode 193 – the elements we discuss to help you navigate the decision to retire now or work longer.
• Episode 197 – understanding the power of attorney and why you need it in retirement.
• Episode 201 – an interview with our partner on things to think about when it comes to a trust.
• Episode 204 – an interview with a consultant about social security spousal benefits in retirement.
• Episode 208 – maximizing tax benefits by bunching charitable contributions strategy.
• Episode 217 – how to create an income in retirement by restructuring assets and buckets strategies.
• Episode 219 – things to consider when choosing to do CDs or annuities.
• Episode 224 – understanding long-term care planning options in retirement.
• Episode 223 – protecting against cybersecurity threats and why the episode is super important.
• Episode 226 – we walk you through our integrated wealth experience in retirement strategies.
• Episode 231 – an interview with our in-house taxation expert on how social security taxation works.
• Episode 234 – an interview with an IRA expert to help you understand the Roth IRA: 5-year rule.
• Episodes 236 & 238 – an interview about continuing care retirement community (CCRC) basics.
• Episode 235 – the art of a Risk-adjusted Portfolio in Retirement with four major elements.
• Episode 239 – an interview with our partner around simplified estate planning in retirement.

Tweetable Quotes:

• “If you’re concerned about long-term care and don’t know what to do and which direction to go in, episode 224 could be a good starting point for you.”- Murs Tariq
• “If you’re taking social security and just want to understand how it works or you’re trying to plan for when you take social security, episode 231 is a great episode to go back and listen through.”- 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.