The Retirement Power Hour

In this episode, Host and CERTIFIED FINANCIAL PLANNER™ professional Joe Allaria is joined by Wendy Green, the Founder and Host of the "Hey, Boomer" podcast, and the two discuss Creating Your Retirement Identity. 

Recent retirees can often find themselves in a retirement identity crisis after using their title as a defining adjective for who they are for so many years and then having that title anymore. Tune in to hear more about different ways to frame your identity both prior to and during retirement.

Listener Question
You'll also hear an answer to Dale's question, which is regarding what health insurance alternatives exist for those that wish to retire before they are eligible for Medicare at age 65, but still need health insurance. 

Resources Mentioned in the Show

• Hey, Boomer Coaching Program
• Hey, Boomer Vitality Assessment

Submit Your Questions
To submit a listener question, visit our website HERE and enter the details of your question.

Disclaimer: All material discussed on this podcast is for educational purposes only and should not be construed as individual tax, legal, or investment advice. Investing involves risk of loss and investors should be prepared to bear potential losses. Past performance may not be indicative of future results. Joe Allaria is an Investment Adviser Representative of CarsonAllaria Wealth Management, a Registered Investment Advisory firm. Information discussed on this podcast may be derived from third parties that are believed to be reliable, but CarsonAllaria Wealth Management does not control or guarantee the accuracy or timeliness of such information and disclaims all liability for damages resulting from such sources. Any references to third parties are provided as a convenience and do not constitute an endorsement.

In this episode, Host and CERTIFIED FINANCIAL PLANNER™ professional Joe Allaria is joined by Co-Host Jay Waters, Wealth Advisor with CarsonAllaria Wealth Management, to discuss our Top 10 Retirement Myths that seem to be widely accepted amongst those in or near retirement. In Part 2 of this two-part series, we cover the final five myths, including:

Final 5 of the Top 10 Retirement Myths

1. Long-term care is covered by Medicare.
2. You can count on historical returns to repeat during retirement.
3. You will only live to age 80-85.
4. You need an annuity if you’re retired.
5. Retirement planning is all about money.

Resources Mentioned in the Show

• Living Too Long is a Risk (CBSNews article on life expectancy)

Submit Your Questions
To submit a listener question, visit our website HERE and enter the details of your question.

Disclaimer: All material discussed on this podcast is for educational purposes only and should not be construed as individual tax, legal, or investment advice. Investing involves risk of loss and investors should be prepared to bear potential losses. Past performance may not be indicative of future results. Joe Allaria is an Investment Adviser Representative of CarsonAllaria Wealth Management, a Registered Investment Advisory firm. Information discussed on this podcast may be derived from third parties that are believed to be reliable, but CarsonAllaria Wealth Management does not control or guarantee the accuracy or timeliness of such information and disclaims all liability for damages resulting from such sources. Any references to third parties are provided as a convenience and do not constitute an endorsement.

In this episode, Host Joe Allaria is joined by Co-Host Jay Waters to discuss our Top 10 Retirement Myths that seem to be widely accepted amongst those in or near retirement. In Part 1 of this two-part series, we cover the first five myths, including:

First 5 of the Top 10 Retirement Myths

1. If you reach a certain dollar amount (say $1M), you can safely retire. 
2. Your investments should be conservative in retirement.
3. You have to avoid market downturns when you’re retired. 
4. You need to have your mortgage paid off in order to retire. 
5. You will have a low marginal tax rate in retirement.

Listener Question
You'll also hear a listener question from Tony about the best accounts to gift money to grandchildren and what alternatives there are to 529 College Savings Plans.

Resources Mentioned in the Show

• College Planning: Is a 529 Plan Right for Your Child? (carsonallaria.com)

Submit Your Questions
To submit a listener question, visit our website HERE and enter the details of your question.

Disclaimer: All material discussed on this podcast is for educational purposes only and should not be construed as individual tax, legal, or investment advice. Investing involves risk of loss and investors should be prepared to bear potential losses. Past performance may not be indicative of future results. Joe Allaria is an Investment Adviser Representative of CarsonAllaria Wealth Management, a Registered Investment Advisory firm. Information discussed on this podcast may be derived from third parties that are believed to be reliable, but CarsonAllaria Wealth Management does not control or guarantee the accuracy or timeliness of such information and disclaims all liability for damages resulting from such sources. Any references to third parties are provided as a convenience and do not constitute an endorsement.

On Episode 13, host Joe Allaria covers "13 Year-End Financial Strategies" to consider before we enter into 2023.

Here are the 13 strategies with links to resources mentioned

1. Contribute to employer-sponsored retirement plans
2. Contribute to a Health Savings Account (HSA)
3. Spend the rest of Flex Spending Account (FSA)
4. Make charitable contributions (with appreciated stock and/or donor advised funds)
5. Bunch your medical expenses (if applicable)
6. Tax-loss harvesting
7. Gain harvesting
8. Roth IRA conversions
9. IRA contributions (deadline is April 18th, 2023)
10. Consider a large business expense
11. Do a withholding analysis (especially for retirees)
12. Make sure you take your Required Minimum Distribution (RMD)
13. Gift to child or family member for estate tax reduction purposes

Submit Your Questions
To submit a listener question, visit our website HERE and enter the details of your question.

Disclaimer: All material discussed on this podcast is for educational purposes only and should not be construed as individual tax, legal, or investment advice. Investing involves risk of loss and investors should be prepared to bear potential losses. Past performance may not be indicative of future results. Joe Allaria is an Investment Adviser Representative of CarsonAllaria Wealth Management, a Registered Investment Advisory firm. Information discussed on this podcast may be derived from third parties that are believed to be reliable, but CarsonAllaria Wealth Management does not control or guarantee the accuracy or timeliness of such information and disclaims all liability for damages resulting from such sources. Any references to third parties are provided as a convenience and do not constitute an endorsement.

The Bipartisan Budget Act of 2015 made what some would consider significant changes to a few key Social Security filing strategies. Specifically, the legislation removed some well-known Social Security loopholes that were used by many to increase spousal benefits. But, one of those loopholes was phased out over time, which means it could still be used by some.

Listen in to hear more about the restricted filing strategy, which could be used if one spouse was born in 1953 or earlier, and if the other spouse is already receiving Social Security. But, this loophole is closing quickly, so tune in to this mini episode to learn more!

Resources mentioned in the show

• [Blog] A Social Security Loophole that still Exist
• [Blog] Social Security: 7 Crucial Mistakes & How to Avoid Them
• [Podcast] Retirement Power Hour, Episode 9, Six Social Security Mistakes you Need to Avoid

Submit Your Questions
To submit a listener question, visit our website HERE and enter the details of your question.

Disclaimer: All material discussed on this podcast is for educational purposes only and should not be construed as individual tax, legal, or investment advice. Investing involves risk of loss and investors should be prepared to bear potential losses. Past performance may not be indicative of future results. Joe Allaria is an Investment Adviser Representative of CarsonAllaria Wealth Management, a Registered Investment Advisory firm. Information discussed on this podcast may be derived from third parties that are believed to be reliable, but CarsonAllaria Wealth Management does not control or guarantee the accuracy or timeliness of such information and disclaims all liability for damages resulting from such sources. Any references to third parties are provided as a convenience and do not constitute an endorsement.

A sound financial plan is only one part of living a better retirement. Another huge part is maintaining good health and it's extremely difficult to "retire better" if you don't feel better. On this episode, Kevin English, a health and wellness expert specializing in helping those over 50 years of age, joins Joe Allaria to share a few simple keys to improving your health even after age 50, including:

• How to eat better without going on an extreme fad diet
• How to maintain muscle with a simple workout routine
• How to maintain your overall health with good lifestyle decisions

But first, we answered a very common question about enrolling in Medicare.  Laura asks "I’m 65 and wondering if I need to enroll in Medicare. I’m still working and have coverage through work. Some people are saying I need to enroll, but others say I don’t until I retire. Which is it? Thank you for your help."

About Our Guest
Kevin English is the Founder and CEO of The Silver Edge, an online personal training and nutrition coaching company. He's also the creator and host of the Over 50 Health & Wellness podcast. Kevin's mission is to counter the narrative that it's "all downhill" after 50, and draws from his own personal experience with a health scare as motivation to help others live a healthier life, even after age 50.

Resources mentioned in the show

• When can I sign up for Medicare QUIZ (via Medicare.gov)
• Access to Kevin's free guides on nutrition, working out, and overall health
• Access to your very own FREE retirement assessment

Submit Your Questions
To submit a listener question, visit our website HERE and enter the details of your question.

Disclaimer: All material discussed on this podcast is for educational purposes only and should not be construed as individual tax, legal, or investment advice. Investing involves risk of loss and investors should be prepared to bear potential losses. Past performance may not be indicative of future results. Joe Allaria is an Investment Adviser Representative of CarsonAllaria Wealth Management, a Registered Investment Advisory firm. Information discussed on this podcast may be derived from third parties that are believed to be reliable, but CarsonAllaria Wealth Management does not control or guarantee the accuracy or timeliness of such information and disclaims all liability for damages resulting from such sources. Any references to third parties are provided as a convenience and do not constitute an endorsement.

Retirement brings unique challenges that you may not experience during your working years. Advisors that work with retirees or those close to retirement should understand this and adjust their practices accordingly. In this episode, Joe Allaria is joined by 30-year industry veteran, Scott Carson, as the two discuss five things a retirement-focused advisor should do.

We also cover a listener question from Julie on long-term care premium increases, and if it makes sense to keep these policies as the premiums go up.

About Our Guest
Scott Carson, AIF®, CEPA is a Senior Wealth Advisor with CarsonAllaria Wealth Management and specializes in working with retirees and those close to retirement, and takes a keen interest in the holistic aspects of financial planning, including tax and estate planning issues. Many of Scott's clients are current or former small business owners and Scott has helped several build succession plans to transition those businesses.

Scott began his financial planning career in with IDS (An American Express Company) in 1989 after working as a commercial banker for five years with MidAmerica Banks and Citigroup. He was a partner with the Pines Financial Group prior to founding Meridian Financial Group in 1999, where he continued to build his client base for over 15 years. He co-founded CarsonAllaria Wealth Management, an independent Registered Investment Adviser, in 2017. 

Resources mentioned in the show

- How to Get Your Free Retirement Assessment

Submit Your Questions
To submit a listener question, visit our website HERE and enter the details of your question.

Disclaimer: All material discussed on this podcast is for educational purposes only and should not be construed as individual tax, legal, or investment advice. Investing involves risk of loss and investors should be prepared to bear potential losses. Past performance may not be indicative of future results. Joe Allaria is an Investment Adviser Representative of CarsonAllaria Wealth Management, a Registered Investment Advisory firm. Information discussed on this podcast may be derived from third parties that are believed to be reliable, but CarsonAllaria Wealth Management does not control or guarantee the accuracy or timeliness of such information and disclaims all liability for damages resulting from such sources. Any references to third parties are provided as a convenience and do not constitute an endorsement.

In this episode, Host Joe Allaria, CFP® answers a listener question about how to estimate life expectancy for the purposes of building your financial plan, and he also explains six of the biggest and most common mistakes that retirees are making in regard to Social Security, including:

1. Starting benefits too early
2. Not coordinating benefits for married couples
3. Not maximizing survivor benefits
4. Not maximizing divorced benefits
5. Relying on the Social Security Administration for advice
6. Thinking all Social Security decisions are final

Resources mentioned in the show

1. SSA Life Expectancy Calculator
2. Living to 100 Life Expectancy Calculator
3. Effect of Early or Delayed Retirement on Retirement Benefits
4. Earnings Test Income Limits Chart (SSA)
5. Social Security: What Would Happen If the Trust Funds Ran Out?

Submit Your Questions
To submit a listener question, visit our website HERE and enter the details of your question.

Disclaimer: All material discussed on this podcast is for educational purposes only and should not be construed as individual tax, legal, or investment advice. Investing involves risk of loss and investors should be prepared to bear potential losses. Past performance may not be indicative of future results. Joe Allaria is an Investment Adviser Representative of CarsonAllaria Wealth Management, a Registered Investment Advisory firm. Information discussed on this podcast may be derived from third parties that are believed to be reliable, but CarsonAllaria Wealth Management does not control or guarantee the accuracy or timeliness of such information and disclaims all liability for damages resulting from such sources. Any references to third parties are provided as a convenience and do not constitute an endorsement.

There are 11,000 Baby Boomers turning 65 everyday. Many of them share the same Medicare questions, like:

• Do I need to enroll at age 65?
• What if I work past age 65?
• What coverage is best for me?
• Should I get a Medicare Supplement or Medicare Advantage plan?
• What does Medicare cover?
• Does my income impact my premium? If so, how?

On this episode, Joe Allaria is joined by Medicare expert Joanne Giardini-Russell,  CEO of Giardini Medicare, to touch on all of the above.

About Our Guest
Joanne Giardini-Russell is the Founder and CEO of Giardini Medicare, located in Brighton, Michigan. Joanne has spent decades in the insurance industry and has dedicated most of her career to educating her clients about Medicare. She is well-known for her outreach efforts and, most recently, her Tik Tok fame, as she continues to be a leading voice on all issues surrounding Medicare.

Show Resources

1. Deciding Whether to Enroll in Medicare Part A and Part B  When You Turn 65
2. Form L564: Request for Employment Information
3. Form SSA-44: IRMAA Appeal (to reduce or eliminate Medicare surcharges if your income has dropped)

To submit a listener question, visit our website at https://www.retirementpowerhourpodcast.com/contact/ and enter the details of your question.

Disclaimer: All material discussed on this podcast is for educational purposes only and should not be construed as individual tax, legal, or investment advice. Investing involves risk of loss and investors should be prepared to bear potential losses. Past performance may not be indicative of future results. Joe Allaria is an Investment Adviser Representative of CarsonAllaria Wealth Management, a Registered Investment Advisory firm. Information discussed on this podcast may be derived from third parties that are believed to be reliable, but CarsonAllaria Wealth Management does not control or guarantee the accuracy or timeliness of such information and disclaims all liability for damages resulting from such sources. Any references to third parties are provided as a convenience and do not constitute an endorsement.

Does life insurance make sense in retirement? If so, why? What are some creative and useful reasons for retirees to retain coverage? Also, what should policy owners and their agents be doing to properly maintain these policies over time? On this episode of The Retirement Power Hour, host Joe Allaria will be joined by insurance industry rock star Sheryl Moore to discuss all of the above and more!

About our guest
Sheryl Moore is the Founder,  Creator, and CEO of Wink, Inc and Moore Market Intelligence, where she and her companies serve as consultants to major insurance companies on how to better structure insurance products for the future. She is also an educator to both consumers and agents as her website winkintel.com offers news articles, basic education, and analytical tools for insurance agents.

Resources mentioned in the show

1. Click to schedule a free life insurance policy analysis 
2. Click to schedule a free retirement analysis

To submit a listener question, visit https://www.retirementpowerhourpodcast.com/contact/ and enter the details of your question.

Disclaimer: All material discussed on this podcast is for educational purposes only and should not be construed as individual tax, legal, or investment advice. Investing involves risk of loss and investors should be prepared to bear potential losses. Past performance may not be indicative of future results. Joe Allaria is an Investment Adviser Representative of CarsonAllaria Wealth Management, a Registered Investment Advisory firm. Information discussed on this podcast may be derived from third parties that are believed to be reliable, but CarsonAllaria Wealth Management does not control or guarantee the accuracy or timeliness of such information and disclaims all liability for damages resulting from such sources. Any references to third parties are provided as a convenience and do not constitute an endorsement.