Secure Your Retirement

Latest Episodes:

Retirement Tips For Gifting and Loaning Money to Children Mar 04, 2024

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss things to consider when gifting and loaning money to children. There are tax and financial implications when it comes to gifting, but you can do it right when you understand all the legalities.

Listen in to learn the importance of understanding the purpose of gifting money to your kids to help you structure it and think of the implications. You will also learn how to navigate the legalities of loaning money or co-signing a house with your kids.

In this episode, find out:

Understand the purpose of gifting money to your kids to help you structure it and consider the implications.
Think about your own financial stability before gifting money to avoid becoming a liability.
Think about the potential tax implications to you when gifting the money while still alive.
Consider how to navigate the idea of estate planning, family dynamics, and your legacy.
Why co-signing a house with your kid is the least desirable option for gifting money.
How to navigate the legalities of loaning money to your kids to buy a house.
Advantages of loaning money to your kids, plus the importance of having the right documentation in place.
The different things to consider when it comes to gifting, transferring, or loaning your family.

Tweetable Quotes:

"Exercise caution before presenting money as a gift, ensuring that you are certain it won't be spent, unless you are confident in having a predetermined amount set aside."- Radon Stancil
“Although the act of giving can be rewarding and satisfying, it's important to carefully consider the various implications involved in gifting, transferring, or loaning to your family.”-Murs Tariq

Resources:

If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!

To access the course, simply visit POMWealth.net/podcast.

Harnessing the Power of Step-Up in Basis in Retirement Feb 26, 2024

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss how to harness the power of step-up in basis when it comes to inheritance. A basis is the original investment into something and can be a big tax strategy as a step-up in inheritance.

Listen in to learn about the tax advantage inheritors get when capital gains on investments are erased when you pass away. You will also learn the importance of having a conversation with a financial professional to evaluate the risk associated with holding one investment for basis purposes.

In this episode, find out:

Basis – your original investment into something and why it’s important when talking about a step-up in inheritance.
Step-up in basis – the tax advantage inheritors get when capital gains on investments are erased.
Why the step-up in basis could be an excellent wealth transfer strategy for long-term investments.
The importance of having a conversation with your financial advisor to evaluate the risk associated with holding one investment.

Tweetable Quotes:

“Comprehending the concept of step-up in basis holds significant importance in navigating inheritance matters, such as stocks or properties. It can emerge as a strategic consideration even prior to the actual inheritance event.”- Murs Tariq

Resources:

To access the course, simply visit POMWealth.net/podcast.

Closing the Gap Strategies for Coping with Medicare's Doughnut Hole in Retirement Feb 19, 2024

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs have Shawn Southard, our in-house Medicare expert, talk about Medicare's doughnut hole. Medicare’s doughnut hole is a temporary limit on what a Medicare drug plan will pay towards the course of the drug.

Listen in to learn about the importance of enrolling into a prescription drug plan at the right time to avoid paying penalties. You will also learn about the four stages of how Medicare Part D works, plus strategies you can take yourself to avoid the doughnut hole.

In this episode, find out:

Doughnut hole – a temporary limit on what a Medicare drug plan will pay towards the course of the drug.
The history of the prescription drug side of Medicare (Part D) and the importance of enrolling in a prescription drug plan.
The four stages of how Medicare Part D works – the deductible, initial coverage, coverage gap, and catastrophic coverage.
How the Inflation Reduction Act of 2022 will benefit Medicare beneficiaries moving forward.
The strategies available to help you avoid the doughnut hole if the government doesn’t fix it.

Tweetable Quotes:

“When it comes time to get on Medicare, you want to make sure that even if you don’t need it right away, you do enroll into a prescription drug plan to avoid any penalties.”- Murs Tariq
“If you do not enroll into a prescription drug plan when you are first eligible to do so when you turn sixty-five or retire and get into Medicare, there’s a late enrolment penalty of 1% per month for every month you’re not enrolled in a drug plan when you’re supposed to be.”- Shawn Southard

Resources:

To access the course, simply visit POMWealth.net/podcast.

Beneficiary Best Practices in Retirement – A Yearly Check-In Feb 12, 2024

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon, Murs, and Nick discuss beneficiary best practices and what’s discussed in a typical beneficiary’s meeting. Things can change in a year, and that’s why we believe it’s important to update or change beneficiaries annually.

Listen in to learn how we prepare for the beneficiaries’ topic before the client meeting. You will also learn how primary and contingent beneficiaries work and the difference between per stirpes and per capita beneficiary designations.

In this episode, find out:

Understanding the topics covered in a financial planning strategy meeting and its benefits.
How we prepare for the beneficiaries’ topic before the client meeting.
The reasons why we advise updating or changing beneficiaries annually.
The beneficiary designation’s structure – how primary and contingent beneficiaries work.
Per stirpes – designating how funds will flow down the family lineage if the beneficiary is deceased.
Per capita – designating funds to go across to other beneficiaries if any of them is deceased.

Tweetable Quotes:

“The more beneficiary designations you can have added to your accounts, the simpler the estate process is going to be when that terrible time comes.”- Murs Tariq
“Per stirpes is a specific beneficiary designation that you can put on your investment accounts that designates that funds will flow down that specific family tree.”- Nick Hymanson

Resources:

To access the course, simply visit POMWealth.net/podcast.

Preparing To File Your 2023 Taxes in Retirement Feb 05, 2024

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon, Murs, and Taylor discuss how to prepare to file for the 2023 taxes. The first things you should be looking at include your different sources of income and tax forms connected to that income.

Listen in to learn the importance of working with a professional tax preparer to avoid misreporting different income taxes. You will also learn why you should report your Qualified Charitable Distributions and Roth conversions to your tax preparer to avoid overpaying taxes or paying penalties.

In this episode, find out:

Things to think about your taxes to avoid last-minute rush come April 15th.
The difference between the two types of 1099 forms you should know to avoid confusion.
The importance of working with a professional tax preparer to avoid misreporting rental income taxes.
When it’s worth and not worth it to itemize your expenses for your tax preparer.
The importance of reporting your Qualified Charitable Distributions to reap tax benefits.
Why you should report your Roth conversions to your tax preparer to avoid paying penalties.
Understanding how your Roth IRA contributions impact your tax returns.
Ensure your tax preparer has your correct date of birth on file if you turn sixty-five to avoid overpaying taxes.

Tweetable Quotes:

"Consider all your diverse revenue streams and locate the corresponding tax form as your initial step."- Taylor Wolverton
“You want to send as much documentation as you can get for both income and expenses associated with your rental property to your tax preparer this year.”- Taylor Wolverton

Resources:

To access the course, simply visit POMWealth.net/podcast.

Cybersecurity Safety in Retirement Jan 29, 2024

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs have Joseph O'Donnell, a cybersecurity safety expert, talk about cybersecurity safety in retirement. Joe explains the nature of phishing emails and texts, how they’re used to trap you into giving out personal information, and the two powerful ways to avoid falling victim to phishing emails.

Listen in to learn the importance of staying informed and taking precautions when using the internet instead of avoiding it. You will also learn the importance of having strong passwords, changing passwords when you suspect maliciousness, setting up two-factor authentication, and more.

In this episode, find out:

How phishing emails are used to trap you into giving out access to personal and/or financial information.
Why you should step back from a suspicious email and verify the source to avoid falling victim to a phishing email.
How to be informed and take precautions when using the internet instead of avoiding it altogether.
The importance of having a strong password and changing your password when exposed to cyberattacks.
How two-factor authentication works and the importance of setting it up to avoid cyberattacks.
The importance of having a password manager from a reputable provider that encrypts information.

Tweetable Quotes:

“The way email is today, you just cannot trust an email, so if you get a suspicious email, the number one thing to do is step back away from the email and don’t trust it.”- Joseph O'Donnell
“A password manager is a fantastic way to help you have complex and unique passwords for the accounts that you log into.”- Joseph O'Donnell

Resources:

To access the course, simply visit POMWealth.net/podcast.

Don't Gamble Your Retirement Jan 22, 2024

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss why you shouldn’t gamble with your retirement. They compare how gambling in Vegas and retirement investing co-relates and why having an expert help you with your retirement strategy is important.

Listen in to learn about the risk and reward concept in retirement investing and how your age and life experiences will impact it. You will also learn how to avoid uncertainty and unpredictability with an investment strategy and the importance of a good long-term strategy and a diversified investment portfolio.

In this episode, find out:

The risk and reward concept in retirement investing and how it changes as we age and through life experiences.
How to avoid uncertainty and unpredictability with your retirement investment strategy.
Instant gratification vs. having a good long-term strategy when investing for retirement.
How having a diversified investment portfolio with a good risk management team allows you to avoid making emotional decisions.
Understanding the psychological aspect of making/investing money to make better outcomes.
The importance of having an experienced expert to help you with your retirement strategy.

Tweetable Quotes:

“We’re helping clients layout and understand the rules of retirement, so their money lasts as long as they do.”- Radon Stancil

“Having a longer-term sound strategy rather than trying to chase a return every single day or year over year makes a lot of sense.”- Murs Tariq

Resources:

To access the course, simply visit POMWealth.net/podcast.

529 Plans to Roth IRA - How it Works in Retirement Jan 15, 2024

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the 529 plan as a tax-free investment vehicle and the new ruling around it. A 529 plan is a tax-free compound interest account funded for qualified educational expenses.

Listen in to learn about the stipulations around the new ruling enabling rolling unused 529 money into a Roth IRA for the beneficiary you set it up for. You will also learn the importance of opening and funding a 529 account without going crazy with the money and teaching your kids/grandkids how to open a Roth IRA account as early as they can.

In this episode, find out:

● The power of the 529 plan as a tax-free compound interest account for qualified educational expenses.

● The new ruling enables rolling unused 529 money into a Roth IRA for the beneficiary you set it up for.

● The 15-year hoarding period of the 529 account before rolling it into a Roth IRA.

● Why the 529 rollover is limited to the annual Roth IRA limit and a lifetime limit.

● The 529 beneficiary must also be the owner of the Roth IRA and cannot be transferred to a different beneficiary.

● The earned income amount rule for the 529 beneficiary to be able to roll over the annual Roth IRA limit.

● Why you should open and fund a 529 account and teach your kids/grandkids how to open a Roth account.

Tweetable Quotes:

● “With a 529, the rule is, all growth is tax-free provided it is used for qualified educational expenses.”- Murs Tariq

● “There’s an ability to roll unused 529 money into a Roth IRA for the beneficiary that you set it up for.”- Murs Tariq

Resources:

To access the course, simply visit POMWealth.net/podcast.

Understanding Medicare Advantage Open Enrollment in Retirement Jan 08, 2024

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs have our in-house Medicare specialist, Shawn Southard, discuss the Medicare Advantage open enrollment. With an education background and a servant's heart, Shawn is passionate about helping people find the right Medicare plans.

Listen in to learn about the benefits of a Medicare Advantage plan and the reasons for the Medicare Advantage open enrollment period. You will also learn why someone would choose to go with a Medicare Advantage plan over the original Medicare plan, plus the strategic downsides of the former.

In this episode, find out:

● The couple times you can get into Medicare in a year and the open enrollment available for Medicare Advantage holders.

● Medicare Advantage plan – all the same benefits offered by original Medicare plus a few extra things.

● The reasons why people do a Medicare Advantage plan as opposed to the original Medicare plan.

● The strategic downsides of going with a Medicare Advantage plan, which includes their network plans.

● Why a Medicare Advantage holder would want to change from one plan to another within the plan.

Tweetable Quotes:

● “Medicare Advantage or Part C is just another way people can get their health coverage during their Medicare journey.” - Shawn Southard

● “If you’re a Medicare Advantage holder, you can use the time from January 1st to March 31st to find another Medicare Advantage plan that your doctor is in a network.”- Shawn Southard

Resources:

To access the course, simply visit POMWealth.net/podcast.

What Are You Getting for the Fee You Are Paying in Retirement? Jan 01, 2024

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss what you should get for the fee you’re paying a financial advisor. When looking for a financial advisor, it’s important to ask yourself what you’re getting versus their fee.

Listen in to learn about the three major types of financial advisors and what each offers you. You will also learn about categories of our Wealth Integrated Management System: specialized investment strategy, a retirement-focused financial plan, tax strategy, estate planning, and other ever-evolving elements to cater to our clients' needs.

In this episode, find out:

Understand that there’s no better fee than another; it’s all about what you want from a relationship.
The hourly rate advisor – offers a transactional type of relationship where you get to implement their recommendations.
An asset under management advisor – they charge you a percentage of the assets they’re managing for you.
Commission-based advisor in funds in the stock market and outside the stock market.
Understand that with asset management, the lower the fee, the further it will be hands-off.
The Wealth Integrated Management System – the four major categories and other ever-evolving elements.

Tweetable Quotes:

“What we’re not saying is, this fee is better than that fee because it all comes down to what you want out of the relationship.”- Radon Stancil
“There are a few different types of advisors out there, and it’s up to you to do some research and vetting and understand what it is that you’re truly looking for.”- Murs Tariq
“This wealth integrated management system is continuously evolving to take care of needs that are presented to us.”- Murs Tariq

Resources:

To access the course, simply visit POMWealth.net/podcast.

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