In this Episode of the Secure Your Retirement Podcast, Radon and Murs speak with Andrew Opdyke as he provides his expert analysis on the current economic landscape and what to expect moving forward. They discusses the divergence within the economy, the issues with the banks, the recession and market volatility, and much more. 

Listen in to learn Analysis of the stock market's performance in the first half of the year and expectations for the remainder of 2024, with a focus on sectors like AI. You will also learn the anticipated rate cuts, and the current state of inflation and employment 

In this episode, find out: 

• Federal Reserve Mid-Year Checkup: Andrew Updyke discusses the Federal Reserve's mid-year meeting and their revised forecast, including the expectation of only one rate cut in 2024 instead of the initially anticipated three. 
• Election Year Dynamics: The influence of the upcoming election on the Federal Reserve's decisions and the potential timing for any rate cuts. 
• Market Performance and Projections: Insights into the market's strong performance in the first half of 2024 and cautious predictions for the remainder of the year. 
• Recession Concerns: An analysis of the current economic indicators and the possibility of a recession in the next six to nine months. 
• Geopolitical Issues: The economic impacts of ongoing geopolitical conflicts, particularly in Ukraine and the Middle East, and their effect on inflation and shipping costs. 

Tweetable Quotes: 

• "Election years tend to bring emotion with them. People get worked up. But while we do get emotionally invested on the political side, it tends not to have a substantial impact in the short-term or medium-term on the markets." – Andrew Opdyke 
• "We have 160 trillion dollars of net worth in this country. I think as we look forward, I'm not looking at this as something that can't be solved, but I do think that we're going to see tweaks." – 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.

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss holistic wealth management, which goes beyond just savings and investments. While an investment manager looks at your investments or savings in your wealth accumulation phase, a holistic wealth manager helps you build a comprehensive retirement-focused financial plan. 

Listen in to learn all the data points we collect and focus on to help you build a comprehensive retirement-focused financial plan. You will also learn the advantages of having a holistic wealth manager to help you make major financial decisions in retirement that you might otherwise hesitate to make. 

In this episode, find out: 

• The role of an investment manager in guiding you to properly save and invest in the wealth accumulation phase. 
• The difference between an investment manager and a holistic wealth manager. 
• How a holistic wealth manager will help you build a comprehensive retirement-focused financial plan. 
• All the data points we get and focus on to help you build a comprehensive retirement-focused financial plan. 
• How holistic financial planning covers all the financial concerns that bother people in retirement. 
• The advantages of having a holistic wealth manager to help you make major financial decisions in retirement. 

Tweetable Quotes: 

• “When you work with a holistic wealth manager, they’re going to begin everything by building a comprehensive financial plan and, in our case, a comprehensive retirement-focused financial plan.”- Radon Stancil. 
• “Just because you may have done a good job of saving the assets, a lot of time you need a lot of help getting all the way to the finish line and understanding some of the major financial decisions.”- 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 income needed during retirement. It’s important to understand that spending needs in retirement will differ significantly from your current earnings due to various factors such as taxes, savings, and job-related expenses. 

Listen in to learn about a comprehensive approach to estimating retirement expenses by identifying costs that will decrease or disappear in retirement. You will also learn about expenses that will remain constant or increase during retirement and the importance of examining your current net income and expenses to understand your spending patterns better. 

In this episode, find out: 

• The flawed approach of using online income percentages to determine your retirement needs. 
• Identifying work-related expenses that will reduce or cease in retirement and their impact. 
• Understanding the ongoing and possibly increasing retirement expenses. 
• The importance of examining your current spending to estimate your future financial requirements better. 
• The importance of having a detailed financial plan to ensure a comfortable retirement. 

Tweetable Quotes: 

• “How much income you're going to need in retirement comes back to how much you’re spending and how much you’re going to spend in retirement because everything's going to be different in retirement.”- Radon Stancil. 
• “The sooner you start thinking about what your life is going to look like in retirement, planning for it, and putting numbers to it, the easier it is to make it a reality.” - 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 practical tips on how to safeguard your information and prevent cybersecurity fraud. Fraudsters are continuously evolving their tactics, making it easy to fall victim with a simple click, which is why keeping yourself educated is important. 

Listen in to learn the importance of regularly updating your personal information with your financial advisor and only making changes with verbal verification. You will also learn the importance of being suspicious of unsolicited emails and phone calls, avoiding sharing sensitive information on social media, and verifying money movement instructions via secure methods. 

In this episode, find out: 

• Never call numbers from suspicious pop-ups claiming to be from reputable companies and instead seek professional help. 
• Best practices for working with your advisor: Provide regular updates and verbal verification of any changes to personal information. 
• The advanced verification methods used by financial custodians like voice recognition and two-factor authentication. 
• How to be suspicious of unsolicited phone calls, avoid sharing sensitive information on social media, and verify money movement instructions securely. 
• Things to do to keep your phone and computer technology up-to-date to prevent security breaches. 
• Avoiding risks with public networks – use personal devices and secured connections when conducting sensitive transactions in public. 
• Password management – create unique passwords for different accounts and use password managers for enhanced security. 
• The importance of verifying the authenticity of emails and links to avoid falling victim to phishing attempts. 

Tweetable Quotes: 

• "We would never change your email, never change your address, never change your phone number without going through the right protocol, which is going to be able to verify you verbally."- Radon Stancil. 
• "Phishing is scammers trying to bait you somewhere or the other by creating urgency by saying, if you don't do this, then something is going to happen to your computer."- Murs Tariq. 
• “At the end of the day, try to be vigilant and ask yourself,  “do I truly know where this is coming from, and is it worth clicking this button?”- 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, Murs, and Taylor discuss the significance of Form 5498 as an essential tax information document. Taylor describes Form 5498 as an informational document that reports contributions, rollovers, and required minimum distributions (RMDs) related to IRAs. 

Listen in to learn why Form 5498 is important for record-keeping and verification purposes but does not impact the already filed tax return. You will also learn why the form shouldn’t cause alarm since it doesn’t necessitate any changes to the already filed tax returns. 

In this episode, find out: 

• The informational purpose of Form 5498 is to verify contributions to and rollovers between retirement accounts. 
• The information reported on Form 5498 includes contributions to IRAs, rollovers, and RMDs. 
• The difference between the taxable distributions reported on Form 1099 and the informational nature of Form 5498. 
• Why Form 5498 does not require any changes to already filed tax returns. 
• How Form 5498 helps the IRS verify that contributions reported on tax returns were actually made. 
• A practical example of a 401k rollover and how it's reported using Form 5498. 
• Why Form 5498 comes out later in the tax year as opposed to other tax return forms. 

Tweetable Quotes: 

• "Form 5498 is for your records in case you were ever to be audited or need to prove to the IRS that you did something this way or that way."- Murs Tariq. 
• "The 5498 reports contributions to accounts, or sometimes custodians will send out 5498s to show what the required minimum distribution should have been for the prior 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 discuss the concept of annuitization and immediate annuities versus deferred annuities. Annuities can come from different sources, such as insurance companies or municipal pensions. 

Listen in to learn how immediate annuities work, their pros and cons, and risks such as the potential loss of the principal if the annuitant dies early. You will also learn how deferred annuities work, the fixed type of deferred annuities, and why they make more sense for retirement planning than immediate annuities. 

In this episode, find out: 

• The concept of annuitization and immediate annuities versus deferred annuities in retirement planning. 
• Understanding that annuities can originate from insurance companies or pension plans. 
• Annuitization – converting a lump sum into an income stream, plus the implications of this conversion. 
• Various protections that can be added to immediate annuities, such as joint annuitization and period certain annuities.   
• How deferred annuities allow the principal to grow over time before withdrawals begin. 
• Fixed deferred annuities – guarantees the principal and offer growth linked to market indices without market risk. 
• The financial suitability of immediate versus deferred annuities for different types of savers. 

Tweetable Quotes: 

• “You want to be very careful about using the word annuitization because sometimes people are receiving income thinking it’s annuitization and it’s truly not.”- Murs Tariq. 
• “If you’re a good saver who’s saved a good amount of money, it’s probably not going to make the best financial decision to do an immediate annuity.”- Radon Stancil. 
• "Should a person put all their money into an annuity? Absolutely not. Not in our opinion. But should they consider an annuity? Possibly."- 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 difference between FDIC (Federal Deposit Insurance Corporation) insurance and SIPC (Securities Investor Protection Corporation) insurance. Both FDIC and SIPC offer protection of funds held in accounts at financial institutions like Charles Schwab or Fidelity.

Listen in to learn about the basics of FDIC insurance, which protects bank deposits, and SIPC insurance, which safeguards investors against the loss of cash and securities. You will also learn about strategies to help you maximize coverage using account titling and diversification.

In this episode, find out:

• FDIC – a federally backed insurance on banks created to restore public confidence in the banking system.
• Understanding the types of accounts and the amount of money FDIC insurance covers.
• SIPC – insurance that protects investors against the loss of cash and securities held by a brokerage firm.
• SIPC insurance doesn’t cover market losses but ensures the return of missing stocks and other securities.
• The differences between bank deposits (covered by FDIC) and investment securities (covered by SIPC).
• The importance of having a diversified investment strategy to balance safety and growth potential.

Tweetable Quotes:

• “FDIC was created to make people feel comfortable with the banking system, knowing that there could be issues, but there are covers that their money is protected”- Murs Tariq.

“Let's think through how to make a financial plan and build an investment strategy around it in various buckets and diversification types of strategies so that we've got good strategies working for 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, Murs, and Shawn discuss Medicare planning for people nearing the age of 65. Shawn explains the timelines and eligibility criteria for the Initial Enrollment Period (IEP), Special Enrollment Period (SEP), and General Enrollment Period (GEP).   

Listen in to learn the importance of understanding enrollment periods to avoid late penalties. You will also learn about Shawn’s seamless approach to guiding clients through the complexities of Medicare planning. 

In this episode, find out: 

• Initial Enrollment Period (IEP) – the seven months before, during, and after you turn 65. 
• Special Enrollment Period (SEP) – working beyond age 65 and coming off an employer group plan. 
• General Enrollment Period (GEP) – three months each year to enroll in Medicare parts A and B. 
• Common scenarios – still working with employer coverage, retirees with retiree health plans, and Social Security beneficiaries. 
• The enrollment process – where to go, the required documents, and the potential penalties for late enrollment. 
• Shawn shares his seamless approach to guiding clients through Medicare planning. 

Tweetable Quotes: 

• “Depending on when either your initial or special enrollment period ended, when you come around and enroll into Medicare during the general enrollment, you may have a late enrollment penalty; it all depends on your situation.”- Shawn Southard 
• “There are some things in Medicare once they're done, they can't be undone, so a mistake that you make can be a lifetime mistake, and late enrollment penalties are monthly lifetime mistakes.”- Shawn Southard 

Connect with Shawn: 

• Email: [email protected]  

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 Lynne Moore about the concept of aging in place, comparing it to continuous care retirement communities (CCRCs). Lynn has an extensive background in geriatrics and now works with ThriveMore, an organization specializing in helping people age in place. 

Listen in to learn how ThriveMore's program supports seniors in staying at home as they age while receiving necessary care. You will also learn the differences between aging in place and living in a CCRC, as well as the benefits of joining the ThriveMore program earlier. 

In this episode, find out: 

• Lynne’s career background in geriatrics nursing and leadership and how she ended up at ThriveMore at home. 
• The similarities and differences between continuing care at home and living in a CCRC. 
• How ThriveMore's program focuses on bringing care services into individuals' homes. 
• The ThriveMore program details about membership fees, eligibility criteria, and benefits. 
• The benefits of joining the program early and the inflation protection of coverage. 
• Why the age-in-place program is best suited for introverts, plus how ThriveMore handles couples. 
• ThriveMore's vetting process for care providers and their emphasis on quality care. 
• Information on how you learn more about ThriveMore and explore the program. 

Tweetable Quotes: 

• “We're arranging, coordinating, navigating, and overseeing care to ensure quality care is provided as the person needs more. And it may be short term, it may be long term, but we're bringing that care in, and in addition to that, the long-term care insurance component is underwriting the cost of that care.”- Lynne Moore 
• “Getting in our program earlier saves you money and helps you be ready in case something unanticipated happens with your health.”- Lynne Moore 

Get in Touch with Lynn: 

• Website: https://www.thrivemoreathome.org/ 
• LinkedIn: https://www.linkedin.com/in/lynne-moore-rn-lnha-cmc-caps-3a899237/ 

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 downsizing in retirement. Scenarios such as lifestyle preferences and financial needs are what make downsizing a consideration for retirees. 

Listen in to learn how we use practical scenarios to help clients visualize the potential outcomes of downsizing decisions. You will also gain insights into the importance of assessing the impact of downsizing on your retirement plan, whether it's for convenience or financial optimization. 

In this episode, find out: 

• Some real-life scenarios where you might want to downsize in retirement. 
• The challenges and benefits of downsizing like monetary implications and lifestyle enhancements. 
• How we strategize to incorporate downsizing into a retirement plan and open up flexibility. 
• The importance of early assessment and strategic planning to make informed downsizing decisions. 
• How we simulate real-life scenarios to give you an insight into the consequences of downsizing in the future.   

Tweetable Quotes: 

• "Downsizing may be an even exchange, but there are a lot of benefits that you pick when you make the move that you weren’t looking for 10 to 20 years ago, but now it’s something important.”- Nick Hymanson. 
• “It gives more flexibility into your retirement plan if you have additional cash flow and funds through your retirement.”- 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.