Retirement Answers

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**Retirement Answers**

Retirement Answers is a podcast built to help you succeed in retirement. The thought of retirement can be overwhelming and downright scary for many… but it doesn’t have to be!

The goal of this podcast is to provide thoughtful insights and strategies to give you the confidence you need to retire successfully. At the end of the day, my ultimate goal for my clients and podcast listeners is to live a fulfilling retirement.

Follow along as I publish a new episode each week covering everything from retirement income planning, tax planning, Social Security, insurance planning, investing, and much more.

Here’s to learning everything you need to know to live out your dream retirement!

Latest Episodes:

5 Ways to Use a HSA in Retirement Oct 10, 2023

Show notes

The Health Savings Account (HSA) is the only account you can contribute to that receives triple-tax advantages.

Tax-deductible contributions
Tax-deferred growth
Tax-free distributions (for qualified medical expenses)

And having a funded HSA in retirement comes with it's advantages:

Use for more frequent healthcare costs
Bridge gap until Medicare age
Helps pay for long-term care
Can be used for anything after age 65 without penalty

***Help me make the show better in 2024. Fill out this quick survey!

Want help with your retirement plan?👇🏼
☎️ Book a call with me: https://calendly.com/jacobduke/intro
✉️ Email me: jacob.duke@appliedcapital.com

Submit your question here: jacob@retirementanswers.net
YouTube: https://www.youtube.com/@retirementanswers

#retirement #howmuchtoretire #retirementplanning #rothira #rothconversion #investing #401k #socialsecurity

When Should I Take Social Security? 6 Things to Consider Oct 03, 2023

Show notes

Deciding when to take your Social Security benefits is a common question for most retirees. This decision can cause stress because there is never a perfect answer.

If you knew how long you were going to live, it would make this really easy, but that just isn't reality. So, making the most educated decision based on your specific situation is all you can do.

In this episode of Retirement Answers, I cover the following:

The basics of how your Social Security benefits are calculated
3 questions to ask yourself when deciding when to take Social Security
And 6 things to consider when making this decision

It's not always as easy as saying, "I'm going to take my benefits as soon as I can because I want to get something out of Social Security". Yes, your health, family history, and current financial situation might indicate that you should take your benefits as soon as possible.

But for others, this could be a mistake. I hope this episode helps give you some insights into what you should think about before taking Social Security.

If you are enjoying Retirement Answers, please give a rating and review. Also, share the podcast with friend who might find it helpful.

Want help with your retirement plan?👇🏼
☎️ Book a call with me: https://calendly.com/jacobduke/intro
✉️ Email me: jacob.duke@appliedcapital.com

Submit your question here: jacob@retirementanswers.net
YouTube: https://www.youtube.com/@retirementanswers

#retirement #howmuchtoretire #retirementplanning #rothira #rothconversion #investing #401k #socialsecurity

Are You Ready For The Next Recession? Sep 26, 2023

Show notes

What are you going to do next time the market enters a recession? Are you prepared? Do you have a plan?

Most investors are reactive to turbulence in the market. They act out of emotion and fear, which is human nature, but if they had a plan in place BEFORE the market volatility came, they wouldn't have to panic.

Listen in as I share why you have to:

Have a plan before the market volatility begins
Expect poor market and economic conditions

And how how you can change your outlook on retirement so you don't have to live in worry.

Want help with your retirement plan?👇🏼
☎️ Book a call with me: https://calendly.com/jacobduke/intro
✉️ Email me: jacob.duke@appliedcapital.com

Submit your question here: jacob@retirementanswers.net
YouTube: https://www.youtube.com/@retirementanswers

#retirement #howmuchtoretire #retirementplanning #rothira #rothconversion #investing #401k #socialsecurity

How to Pay 0% Capital Gains Tax Sep 19, 2023

Show notes

Tax planning in retirement is a crucial piece in a successful retirement plan. We often think about Roth conversions and tax-loss harvesting as the primary ways to lower your tax bill in your retirement years.

But many forget about an opportunity right in front of them... Tax-gain harvesting!

This is when you can use the long-term capital gains tax rates to your advantage by intentionally realizing gains when your income is low. By doing this you can achieve a 0% capital gains rate on your investment gains!

Want help with your retirement plan?👇🏼
☎️ Book a call with me: https://calendly.com/jacobduke/intro
✉️ Email me: jacob.duke@appliedcapital.com

Submit your question here: jacob@retirementanswers.net
YouTube: https://www.youtube.com/@retirementanswers

#retirement #howmuchtoretire #retirementplanning #rothira #rothconversion #investing #401k #socialsecurity

The Ultimate Guide to 401k Rollovers Sep 12, 2023

Show notes

Do you have an old 401k from a previous employer? Or maybe even a few straggling out there?

I'm a fan of keeping things organized and simple, so rolling over those old 401ks into an IRA to consolidate your money could is typically a good idea. The hard part is knowing how to actually do the rollover correctly.

It can be scary because it is your life savings that you are trying to move from one account to another.

Well, in this episode, I guide you through the exact process to make sure you do your 401k rollover correctly. Also, I share the benefits of doing a rollover and different times it might not make sense to do a rollover.

Want help with your retirement plan?👇🏼
☎️ Book a call with me: https://calendly.com/jacobduke/intro
✉️ Email me: jacob.duke@appliedcapital.com

Submit your question here: jacob@retirementanswers.net
YouTube: https://www.youtube.com/@retirementanswers

#retirement #howmuchtoretire #retirementplanning #rothira #rothconversion #investing #401k #socialsecurity

The Ultimate Retirement Checklist: 6 Things To Include in Your Plan Sep 05, 2023

Show notes

What is a retirement plan... actually?

Is it a Monte Carlo simulation? Tax projections? Investment allocations?

A retirement plan, in my opinion, is non of those things individually. But when they are put together correctly, they each help produce a comprehensive plan.

So, this week I week I wanted to share what I think a comprehensive retirement plan looks like and what you should include in your plan.

The key takeaway: Your plan doesn't have to be long or super technical. It can be as simple as bullet points on a single page. The most important thing is that the plan is actionable because you can have the best plan, but if you don't execute the plan, it is worthless.

Want help with your retirement plan?👇🏼
☎️ Book a call with me: https://calendly.com/jacobduke/intro
✉️ Email me: jacob.duke@appliedcapital.com

Submit your question here: jacob@retirementanswers.net
YouTube: https://www.youtube.com/@retirementanswers

#retirement #howmuchtoretire #retirementplanning #rothira #rothconversion #investing #401k #socialsecurity

Backdoor Roth IRA: What it is + How it works Aug 29, 2023

Show notes

When you want to save Roth money for retirement, but your income is too high... what do you do?

Do a Backdoor Roth IRA contribution!

Listen in where Jacob shares what a backdoor Roth contribution is, when you should do this (and when you SHOULDN'T), and how to do this correctly.

Want help with your retirement plan?👇🏼
☎️ Book a call with me: https://calendly.com/jacobduke/intro
✉️ Email me: jacob.duke@appliedcapital.com

Submit your question here: jacob@retirementanswers.net
YouTube: https://www.youtube.com/@retirementanswers

#retirement #howmuchtoretire #retirementplanning #rothira #rothconversion #investing #401k #socialsecurity

How to Pay Taxes on Roth Conversions Aug 22, 2023

Show notes

We all know that Roth conversions can be a powerful tax savings strategy for retirees, but how do you actually pay the taxes when doing a conversion?

Listen in to this week's episode to learn about the 2 ways to pay your conversion taxes:

Withhold the taxes
Pay the taxes with cash

Also, I share a few things to look out for and which of these two options I think is the best way to pay the taxes on your Roth conversions.

Be sure to stay to the end to hear this week's listener question. Enjoy the show!

As always, please reach out with questions or topics you want to hear more about by emailing me at jacob@retirementanswers.net.

Want help with your retirement plan?👇🏼
☎️ Book a call with me: https://calendly.com/jacobduke/intro
✉️ Email me: jacob.duke@appliedcapital.com

Submit your question here: jacob@retirementanswers.net
YouTube: https://www.youtube.com/@retirementanswers

#retirement #howmuchtoretire #retirementplanning #rothira #rothconversion #investing #401k #socialsecurity

The Roth Conversion Sweet Spot Aug 15, 2023

Show notes

Roth conversions are often a useful tax savings strategy for retirees, but the hardest part is deciding WHEN to actually do them. In this episode of Retirement Answers, Jacob walks you through what he calls the "Roth Conversion Sweet Spot".

The "Sweet Spot" consists of a few things:

Low Income
Large Tax-Deferred Accounts
Retired
Not taking Social Security
Good cash savings
Not RMD age yet

When all of these things are true, you are a prime candidate for Roth conversions. Even if only a few of these items apply to you, Roth conversions could still be beneficial for you.

Want help with your retirement plan?👇🏼
☎️ Book a call with me: https://calendly.com/jacobduke/intro
✉️ Email me: jacob.duke@appliedcapital.com

Submit your question here: jacob@retirementanswers.net
YouTube: https://www.youtube.com/@retirementanswers

#retirement #howmuchtoretire #retirementplanning #rothira #rothconversion #investing #401k #socialsecurity

Watch Out for This BIG Retirement Tax Trap Aug 08, 2023

Show notes

We all know that we need a plan for taxes in retirement... But what if there is a big tax bill waiting for surviving spouses? Yes, surviving spouses often have larger tax bills as a single tax filer compared to when they were filing jointly. This is what I call the Widow's Tax Trap.

Do you have large IRA or 401k balances?
Are you married?

Well, you will want to pay attention to this episode. I am sharing what the Widow's Tax Trap is and what you can do to avoid it.

Want help with your retirement plan?👇🏼
☎️ Book a call with me: https://calendly.com/jacobduke/intro
✉️ Email me: jacob.duke@appliedcapital.com

Submit your question here: jacob@retirementanswers.net
YouTube: https://www.youtube.com/@retirementanswers

#retirement #howmuchtoretire #retirementplanning #rothira #rothconversion #investing #401k #socialsecurity

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