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
Most of us have a whole world of digital stuff out there, and some of it is important. You need a plan for how your survivors will access these accounts, whether you are disabled or dead.
As our world becomes more and more digital, it becomes more important that your survivors, heirs and executors can access certain online accounts. This may include bank accounts, email, electronic document storage, insurance policies, and many other types of accounts.
Find more information and resources in our show notes at http://www.bigpictureretirement.net/039
If you've put together a little bit of money, or you have a regular stream of income, it's reasonable to be concerned about protecting those assets from lawsuits or other types of liability.
Today, John explains some of the simple steps you can take to put some protections about the money that you have.
First, consider what type of liability you might face. Second, consider what assets might be at risk. Third, check out your insurance coverage. Fourth, separate your business assets from your personal property, and figure out the right tool for each object.
Highlights include:
For more information, visit http://bigpictureretirement.net/038
Devin and John talk about assigning people to act for you, and picking good stocks for your investments.
First, Brenda has a question about naming a successor trustee for a trust she has set up. In many kinds of legal and estate planning documents, you need to designate someone to act on your behalf. John explains the four options for naming those folks.
Next, Chris asks how to pick better stocks and stop losing money in the stock market. Devin shares that despite his skills and the resources available to him, he hasn't had a lot of success with individual stocks. He's had better luck diversifying, such as in an index fund. Then, John explains his philosophy with a great story about glove box money vs. casino money.
For more information, visit http://www.bigpictureretirement.net
Dr. Brandon Renfro, a PhD in behavioral economics, talks about bonds: When they're right for you and when they should be reconsidered.
Brandon does a great job of explaining different types of bonds, why they are considered a good investment, and how our current low interest rate situation changes the value of bonds as part of your portfolio.
For more information, visit http://bigpictureretirement.net
Social Security is an important source of income for older Americans, but it can also provide many benefits beyond retirement income. Life is full of risks, and Social Security helps provide some income for those who have faced these situations.
Think about these statistics:
As you can see, understanding Social Security benefits is an crucial part of your overall financial planning. Today, Devin and John talk about the non-retirement benefits provided by the Social Security program, and why they are important to you. There are two main categories of benefits: Benefits for the worker, and benefit for the worker's family. Benefits for the worker include retirement income, disability income, and Medicare health care coverage for the disabled. Benefits for the worker's family include benefits for the worker's spouse and family if the worker dies or becomes disabled. Highlights include:
For more information, visit http://bigpictureretirement.net
There are few things worse than getting involved in a financial scam.
Unfortunately, there are always some people who will abuse their professional status, and use their knowledge to rip people off.
How can you avoid being scammed?
Things to look for in a financial advisor:Do you have a question for a future Listener Questions episode? Submit it to questions@bigpictureretirement.net
Listener Questions: Rob asks about sending the distributions from an Individual Retirement Arrangement (IRA) to a charity. John discusses a couple of different scenarios and explains the possible tax benefits. He also includes ideas for some more advanced strategies for charitable giving so you can support your favorite charities even after death.
Then, Rosa wants to know about continuing to get Social Security survivor benefits from a former spouse, even if she remarries. This is a common situation, but you really need to look at the financial considerations before moving ahead. Devin explains the exact rules, and how these rules could impact the timing of your remarriage.
For more information, visit http://bigpictureretirement.com
Women often have different financial needs than men, and even more when there has been a change in their marital situation.
This week, Devin and John talk with Russ Thorton of Wealthcare for Women. Russ works with financial planning for women, with a particular emphasis on women in transition. Whether through death or divorce, newly single women may need special advice and expertise to move forward financially.
Highlights include:
Where you should start figuring out your money: where are you financially? This includes investments, expenses, insurance coverage, estate plans, taxes, and everything else.
How it helps to have help from someone who is not emotionally involved in the situation.
When hearing about your friend's situation can do more harm than good.
Why you need to trust your gut.
How to find the right financial advisor for you.
Resources mentioned in this episode:
Enter the Echo giveaway at www.bigpictureretirement.net/echo
Russ Thorton's Wealthcare for Women website and on Twitter at @RussThorton
Devin and John's free ebook: www.bigpictureretirement.net/steps
Every month, Devin and John have an entire episode dedicated to answering listener questions. If you have a question, submit it to questions@bigpictureretirement.net.
Don't forget to subscribe to the show, and leave a rating and a review!
Many current retirees have a background of military service. Benefits from military service can become a big part of the retirement planning picture, but it can be hard to know what benefits are available and how you can use them. In this week's episode, Devin and John talk about military-related benefits and how to get information about them.
You can break down most military benefits into one of three categories: retirement benefits, service-connected disability benefits, and non-service connected disability benefits.
Retirement benefits are earned through career of military service, generally more than 20 years. Retirement benefits include lifetime income and Tricare health coverage.
Service-connected disability benefits are available for those who are disabled as the result of their military service. In addition to the benefits available from the Department of Veterans Affairs, there may be benefits available from your state or local government. One important thing to note: many times, the disability that was acquired while you were in the military may not show itself for many years.
Non-service-connected disability benefits are available to veterans who require care for a disability that has no relationship to your military service. Usually called "aid and attendance benefit," or improved pension. It is there for people who need help with their care, and provides monthly income.
If you have served our country through military service, understanding your benefits is an important part of your overall financial plan. Please share this information with your military friends and family! Resources mentioned in this episode:
John's firm's website: http://RossandShoalmire.com
Devin and John's free ebook: http://bigpictureretirement.net/steps
Once a month, Devin and John answer listener questions. You can submit your questions to questions@bigpictureretirement.net
So you find yourself retiring in a second marriage? This week's episode is full of useful information and fascinating stories about one of the most complicated family situations: Second marriages.
There is so much to consider: Social Security benefits, pensions, other benefits, children, houses, long-term care insurance, and much more.
Steps you need to take before you have a second, or subsequent, marriage:
Highlights include:
You won't want to miss a minute of the conversation about this oh-so-important topic.
Do you have a question for Devin and John? Send them to questions@bigpictureretirement.net.
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