Stay ConnectedPlanning for, or already enjoying, your retirement? This is the show for you.
The success of your retirement hinges on how well you connect the dots between legal, tax, and financial planning. Join your hosts John Ross, JD and Devin Carroll, CFP® as they dig beneath the surface to help you gain the confidence and clarity needed to navigate your retirement journey successfully.
Copyright: © 2023
What's the big deal about cryptocurrencies? And is it too late to get in now?
Joe Saul-Sehy from Stacking Benjamins joins us to talk about what cryptocurrencies are and what we should be looking out for in the future of Bitcoin.
One of the benefits Joe shares is, "It is a way to get governments out of transactions, and also a way to make transactions happen faster." It's sort of like moving money into the currency of a different country, except that it isn't (so far) regulated by the government, and transfers can happen super-fast.
Is this a currency, or is this an investment? Listen to learn more.
For more information, visit the show notes at https://www.bigpictureretirement.net/088
Continuing on from last episode's discussion about buying rental property for retirement income, Devin and John talk about the mechanisms for evaluating a rental property.
...and John will entertain you with taxes.
For more information, visit the show notes at http://www.bigpictureretirement.net/087
Have you thought about using rental properties for retirement income?
Is rental real estate a good choice for retirement income for you?
John and Devin go through some of the benefits of rental property.
For more information, visit the show notes at http://www.bigpictureretirement.net/086
People are always talking about probate, and the many ways to avoid probate.
Probate is the legal process of figuring out who gets your stuff. One of the biggest misconceptions about probate is that your estate does not go through probate if you have a will.
Be sure that if you have a will, your estate will go through the probate process. But here's the thing: this process doesn't apply to non-probate transfers.
For more information, visit the show notes at http://www.bigpictureretirement.net/085
The big benefit of the Roth IRA is that you fund it with after-tax money and it grows tax free, and then when you take it out, it is also tax free, if you meet the qualifications.
The big problem with a Roth IRA is that there are income limits to be able to make contributions to a Roth IRA. There are a lot of people out there who can't contribute to a Roth IRA.
So, how do you contribute to a Roth IRA if you make too much money? You use a backdoor Roth IRA.
We have really good notes for you. To read more or to share the show with someone else, visit http://www.bigpictureretirement.net/084
By the end of 2016, there was $660 BILLION dollars in Roth IRAs. So, lots of people are getting this right.
Where you can get some of it wrong
1.It lets you put the money in after tax, so you don't get to deduct the money from your income in the tax year. But, you get to take the money out tax free.
2.If you put money into a Roth, you can pull out your contributions at any time without taxes or penalties
3. You can withdraw from the Roth at any time to purchase a home
4. There's no required minimum distribution from a Roth IRA
For more information, visit the show notes at http://bigpictureretirement.net/083
Is there any value in doing your codicil in blood?
A codicil is an amendment to a will. They can be used when there is a smaller change and it seems easier than doing a whole new will.
Is there a time and place for a codicil? Yes, if no one is going to be mad and challenge the change that you've made.If you're changing beneficiaries, or executors, and they're going to be upset, you need to do a whole new will.
For more information, visit the show notes at http://bigpictureretirement.net/082
Many industries utilize a lot of different types of designations, and that's also true for financial advisors. What do they all mean, and should you care?
Devin asked John, "How many designations do you think there are for financial advisors?" John thinks there is really no way to know that for sure. At FINRA, one of the regulatory bodies for financial advisors, there is a page of 180 designations listed, as of today, and close to 100 of them begin with the word "Certified."
Why do these designations even exist?
Listen in for more, or read the show notes at http://bigpictureretirement.net/081
Listener Becky asks if it is legal to place a surveillance camera in the room of your loved one, specifically in grandma's nursing home.
Devin also answers the question "Does keeping a balance on my credit card help my credit score?"
For more information, visit the show notes at http://bigpictureretirement.net/080
What are the the moral or ethical considerations of using strategies and loopholes to utilize government programs? Is this ethical? It cheating? Is it getting close to fraudulent?
John and Devin go through some scenarios. For more information, visit the show notes at http://www.bigpictureretirement.net/079
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