Retirement Planning Education, with Andy Panko

Latest Episodes:

#113 - Q&A edition...how to find a retirement tax planner, Medicare premium surcharges, bullet maturity bond ETFs and MORE! Aug 22, 2024

Show notes

Listener Q&A where Andy talks about:

Can you retroactively increase your income for a prior tax year ( 2:37 )
How to find a retirement planning tax specialist ( 8:16 )
How the Medicare IRMAA premium surcharge income lookback works ( 17:24 )
Determining how much mega back door Roth contributions to do ( 22:02 )
Is it okay to employ your child part-time in your small business to give them earnings so you can contribute to a Roth IRA for them ( 28:07 )
My thoughts on "bullet" maturity bond ETFs ( 31:30 )
Whether reducing withdrawal rates or setting up a bucketing system eliminates Sequence of Returns Risk in retirement ( 43:27 )

To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Links in this episode:

List of flat-free retirement planner referrals - here
Link to the Facebook group post about Sequence of Returns Risk - here
My YouTube video on Sequence of Returns Risk - here

My company newsletter - Retirement Planning Insights
Facebook group - Retirement Planning Education (formerly Taxes in Retirement)
YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)
Retirement Planning Education website - www.RetirementPlanningEducation.com

#112 – Retirement planning chat with a "real" person, Jane Aug 15, 2024

Show notes

Andy chats with a real person (not an advisor) doing their own retirement planning. In this episode, Andy talks with Jane (an anonymous name). They talk about a wide array of retirement planning topics such as when she started getting serious about retirement planning, what she wishes she would have known earlier, what she learned from seeing her parents go through a long term care event with her father, and a variety of financial topics such as Social Security, investing, how she and her husband plan to address their own potential long term care scenarios and more!
Links in this episode:

Tenon Financial monthly e-newsletter - Retirement Planning Insights
Facebook group - Retirement Planning Education (formerly Taxes in Retirement)
YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)
Retirement Planning Education website - www.RetirementPlanningEducation.com

To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

#111 – Retirement planner chat, with Victor Medina from Palante Wealth Aug 08, 2024

Show notes

Andy chats with fellow retirement planner Victor Medina, CFP®, RICP®, CELA® from Palante Wealth. In this episode they talk about a wide array of retirement planning topics such as tax planning, distribution strategies, investing, annuities, long-term care insurance, how to help advise people who are spending more than planned, what consumers often overlook in retirement planning and much more!
Links in this episode:

Victor's company's website - Palante Wealth
Victor's podcast - Retirease Radio
Simon Sinek website - here

To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Tenon Financial monthly e-newsletter - Retirement Planning Insights
Facebook group - Retirement Planning Education (formerly Taxes in Retirement)
YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)
Retirement Planning Education website - www.RetirementPlanningEducation.com

#110 1/2 - ONE MORE pro of rolling over employer plans (like a 401(k)) to an IRA Aug 05, 2024

Show notes

I'm a buffoon and I missed including another important pro of doing an employer plan-to-IRA rollover in episode #110's list of pros and cons of rollovers. The additional potential pro is the ability to do Qualified Charitable Distributions ("QCDs") out of the IRA if you're at least 70 1/2 and charitably inclined.
So, the recap the full list of pros (including QCDs) and cons of doing an employer plan-to-IRA rollover:
Potential PROS of rolling over an employer plan to an IRA or Roth IRA:

More investment options
Likely lower fees and costs
Access to professional advice
Better control over tax withholdings
More withdrawal options
Less Required Minimum Distributions ("RMDs") to manage
Less financial clutter
Gain the ability to do Qualified Charitable Distributions ("QCD")

Potential CONS of rolling over an employer plan to an IRA or Roth IRA:

May lose the ability to take early distributions without penalty
May lose the ability to cleanly do backdoor Roth IRA contributions
May lose the ability to continue to delay RMDs from that plan (if you're still working at that employer)
Lose the ability to take loans from the money
May lose the ability to take advantage of Net Unrealized Appreciation ("NUA") of company stock
May lose access to a stable value or managed income portfolio investment option
Potentially less creditor protection

Links in this episode:

Tenon Financial monthly e-newsletter - Retirement Planning Insights
Facebook group - Retirement Planning Education (formerly Taxes in Retirement)
YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)
Retirement Planning Education website - www.RetirementPlanningEducation.com

To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

#110 - Pros and cons of rolling over employer plans [like a 401(k)] to an IRA Aug 01, 2024

Show notes

Andy summarizes the pros and cons of rolling over an employer plan (such as a 401(k), 403(b), 401(a), 457 or the federal Thrift Savings Plan) to an IRA or Roth IRA. To sum up:
Potential PROS of rolling over an employer plan to an IRA or Roth IRA:

More investment options
Likely lower fees and costs
Access to professional advice
Better control over tax withholdings
More withdrawal options
Less Required Minimum Distributions ("RMDs") to manage
Less financial clutter

Potential CONS of rolling over an employer plan to an IRA or Roth IRA:

May lose the ability to take early distributions without penalty
May lose the ability to cleanly do backdoor Roth IRA contributions
May lose the ability to continue to delay RMDs from that plan (if you're still working at that employer)
Lose the ability to take loans from the money
May lose the ability to take advantage of Net Unrealized Appreciation ("NUA") of company stock
May lose access to a stable value or managed income portfolio investment option
Potentially less creditor protection

Links in this episode:

Summary of the creditor protection of IRAs and Roth IRAs by state - here

Tenon Financial monthly e-newsletter - Retirement Planning Insights
Facebook group - Retirement Planning Education (formerly Taxes in Retirement)
YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)
Retirement Planning Education website - www.RetirementPlanningEducation.com

To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

#109 - Q&A edition...how to know if your 401(k) is good, how much tax to withhold from Social Security, should you invest in International stocks and MORE! Jul 25, 2024

Show notes

Listener Q&A where Andy talks about:

How to know if your 401(k) is good ( 5:57 )
Is it safer to bank at multiple banks instead of just one ( 14:33 )
How much tax should you withhold from your Social Security ( 21:10 )
Whether each spouse needs to take out excess Roth IRA contributions if only one spouse's income put their Married Filing Joint total income over the Roth IRA contribution eligibility threshold ( 25:20 )
Should you hire an advisor for a one-time Roth conversion analysis and plan if they claim it can save you millions in lifetime taxes ( 27:20 )
Should you own international stocks in your stock allocation ( 31:58 )

To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Links in this episode:

Form W-4V to have federal taxes withhold from your Social Security payments - here
Dinkytown online tax return calculator - here
My YouTube video on fixing excess Roth IRA contributions - here
My article about the futility of trying to quantify the value of Roth conversions - here

My company newsletter - Retirement Planning Insights
Facebook group - Retirement Planning Education (formerly Taxes in Retirement)
YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)
Retirement Planning Education website - www.RetirementPlanningEducation.com

#108 – Retirement planning chat with "real" people, Ali & Alison Walker Jul 18, 2024

Show notes

Andy chats with real people (not advisors) doing their own retirement planning. In this episode, Andy talks with Ali & Alison Walker, who live in Arizona currently but lived and traveled abroad for a few years after retiring. They talk about a wide array of retirement planning topics such as when Ali & Alison started getting serious about retirement planning, what they wish they would have known earlier, how they planned for the non-financial aspects of retirement, and a variety of financial topics such as Social Security, investing, portfolio distributions, how they plan to address any potential long term care scenarios and more!
Links in this episode:

Ali & Alison's website - All Options Considered
Better Investing organization - here
Tanja Hester's Our Next Life blog - here

Tenon Financial monthly e-newsletter - Retirement Planning Insights
Facebook group - Retirement Planning Education (formerly Taxes in Retirement)
YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)
Retirement Planning Education website - www.RetirementPlanningEducation.com

#107 – Retirement planner chat, with Mike Powers from Manuka Financial Jul 11, 2024

Show notes

Andy chats with fellow retirement planner Mike Powers, CPA, PFS, CFP®, from Manuka Financial. In this episode they talk about a wide array of retirement planning topics such as tax planning, distribution strategies, investing, annuities, long-term care insurance, how to help advise people who are spending more than planned, what consumers often overlook in retirement planning and much more!
Links in this episode:

Mike's company's website - Manuka Financial
Michael Kitces website - here
Mr Money Mustache blog - here
ChooseFI financial independent community - here
Early Retirement Now website - here
Allan Roth from Wealth Logic - here
David Hulstrom from Financial Architects - here

Tenon Financial monthly e-newsletter - Retirement Planning Insights
Facebook group - Retirement Planning Education (formerly Taxes in Retirement)
YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)
Retirement Planning Education website - www.RetirementPlanningEducation.com

#106 - How to decide the optimal time to start your Social Security benefits Jul 04, 2024

Show notes

Andy talks about the main points to consider when deciding when to start your Social Security retirement benefits
Links in this episode:

Tenon Financial June 2024 newsletter discussing how to optimize your Social Security claiming decision - here
Retirement Planning Education June 2024 blog discussing how to optimize your Social Security claiming decision - here
My YouTube video - Calculating Your Social Security Primary Insurance Amount

Tenon Financial monthly e-newsletter - Retirement Planning Insights
Facebook group - Retirement Planning Education (formerly Taxes in Retirement)
YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)
Retirement Planning Education website - www.RetirementPlanningEducation.com

#105 - Q&A edition... having mortgages in retirement, understanding Medicare coinsurance, when to consider long term care insurance and MORE! Jun 27, 2024

Show notes

Listener Q&A where Andy talks about:

Whether or not it's okay to have a mortgage or rent in retirement ( 1:56 )
Medicare Part B coinsurance of 20% and whether Medigap/Supplemental policies are worth it ( 8:50 )
How much money is TOO MUCH money to have in a Health Savings Account ( 13:50 )
If I've changed any of my views or processes around retirement planning as a result having chatted with multiple "real people" and other retirement planners in this podcast ( 24:57 )
How advisors can help improve the perception of the industry and how consumers can help try to better vet their potential advisor ( 28:58 )
How much net worth is enough to consider not having long term care insurance or life insurance ( 43:52 )

Links in this episode: