Secure Your Retirement

Latest Episodes:

Reviewing 2023 in your Retirement Dec 25, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs highlight some different episodes throughout 2023. These episodes’ topics are significant resources for retirement planning and would greatly help if you went back and listened.

Listen in to learn the different episodes with information about what you need in retirement, including a power of attorney, estate planning, retirement income strategies, and more. You will also learn about the episodes on long-term care planning options, plus the basics of continuing care retirement community (CCRC).

In this episode, find out:

Episode 193 – the elements we discuss to help you navigate the decision to retire now or work longer.
Episode 197 – understanding the power of attorney and why you need it in retirement.
Episode 201 – an interview with our partner on things to think about when it comes to a trust.
Episode 204 – an interview with a consultant about social security spousal benefits in retirement.
Episode 208 – maximizing tax benefits by bunching charitable contributions strategy.
Episode 217 – how to create an income in retirement by restructuring assets and buckets strategies.
Episode 219 – things to consider when choosing to do CDs or annuities.
Episode 224 – understanding long-term care planning options in retirement.
Episode 223 – protecting against cybersecurity threats and why the episode is super important.
Episode 226 – we walk you through our integrated wealth experience in retirement strategies.
Episode 231 – an interview with our in-house taxation expert on how social security taxation works.
Episode 234 – an interview with an IRA expert to help you understand the Roth IRA: 5-year rule.
Episodes 236 & 238 – an interview about continuing care retirement community (CCRC) basics.
Episode 235 – the art of a Risk-adjusted Portfolio in Retirement with four major elements.
Episode 239 – an interview with our partner around simplified estate planning in retirement.

Tweetable Quotes:

“If you’re concerned about long-term care and don’t know what to do and which direction to go in, episode 224 could be a good starting point for you.”- Murs Tariq
“If you’re taking social security and just want to understand how it works or you’re trying to plan for when you take social security, episode 231 is a great episode to go back and listen through.”- Radon Stancil

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.

Important 2024 Tax Numbers in Retirement Dec 18, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the important tax numbers for 2024. Tax rate numbers for 2024 are out, and it’s important to understand them to make the necessary adjustments and know how your income will be affected.

Listen in to learn how the progressive tax system works and the importance of understanding your marginal and average tax rates. You will also learn about the 2026 tax rates sunset, long-term capital gains tax rates, standard deductions, and much more.

In this episode, find out:

The tax rates for 2024 and the ranges for both single and married filing jointly.
How the progressive tax system works and the importance of understanding your marginal and average tax rates.
Understanding long-term capital gains and why it’s taxed differently from your income.
The 2026 tax rates sunset – a tax law that will expire unless we have some significant political changes.
It is understanding standard deductions and some additional deductions for both single and married filing jointly.
Understanding the Social Security tax for 2024 and things to keep in mind about social security tax.
Medicare premium part B and IRMAA and how you can be affected by additional surcharges.
How the 401k, traditional IRAs, and Roth IRAs contribution numbers have changed for 2024.
The Health Savings Account (HSA) tax numbers from an individual plan perspective and family plan for 2024.

Tweetable Quotes:

“In general, your social security can be zero percent taxable, fifty percent taxable, or up to eighty-five percent taxable.”- Murs Tariq
“If you make more than one hundred and sixty-one thousand as a single person or more than two hundred and forty thousand married filing jointly, you cannot put money into a Roth account.”- Radon Stancil

Resources:

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

End Of Year Issues to Consider in Retirement Dec 11, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the retirement issues to consider as we approach the end of the year. As the year ends and another begins, it’s important to have a checklist to ensure you have things closed out for 2023 and things set up for 2024.

Listen in to learn about tax planning strategies to look at, such as threshold tax brackets, qualified charitable distributions, donor-advised funds, and more. You will also learn the benefits of having a Health Savings Account (HSA) and contributing to 529 accounts at the end of the year.

In this episode, find out:

Assets and debt issues
Required minimum distributions.
Tax planning
Threshold tax bracket –Why look at your threshold to manage it?
The qualified charitable distributions tax-free strategy
Why you should Bunch contributions/donor-advised funds.
Did you or will you be receiving windfall type of money?
Marital status changes – understand where you are going and the advantages and opportunities to take.
Health Savings Account (HSA) – the tax benefits
Check if you maxed your 401k and contribute to a Roth account if eligible for future tax benefits.
How to contribute to a 529 account using your annual gift exclusion amount.
Insurance – if you have met your deductible
Estate planning – review your beneficiary destinations to make things easier if anything occurs.

Tweetable Quotes:

“You want to plan ahead if you’re going to turn sixty-five in a couple of years because whatever you make now affects your Medicare surcharges in the future.”- Radon Stancil
“If you’re looking to contribute to a 529 account, just realize that you can use some of those annual rules to get money in there for your kids or grandkids.”- Murs Tariq

Resources:

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

Anne Rhodes – Estate Planning in Retirement – Simplified Dec 04, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs have Anne Rhodes discuss how the wealth.com platform simplifies estate planning. Anne is the Chief Legal Officer at wealth.com with a mission to make estate planning and cross-generational wealth transfer affordable and accessible to more Americans.

She describes the two buckets where the core documents every American must have fall and their importance in estate planning.

Listen in to learn about the importance of documents like the HIPAA form, certification of trust, and why you should consider a trust versus a will. You will also learn how wealth.com is set up to reduce estate planning friction and simplify estate planning for financial advisors and their clients.

In this episode, find out:

The core documents every American needs to have in case of death or incapacitation and their importance.
The HIPAA form – What does it allow you to do?
The certification of trust – accompanies a living trust as a cover sheet, so you don’t have to reveal your trust’s private information.
Reasons to consider having a trust versus a will, like privacy and reducing the cost and time of probate.
Anne explains the process from signing the documents to making them legal.

Tweetable Quotes:

“The HIPAA release form is important to accompany the advanced healthcare directive.”- Anne Rhodes
“We really want to give financial advisors and their clients a tool that they can trust to go deeply into this estate planning world.”- Anne Rhodes

Get in Touch with Anne:

LinkedIn: https://www.linkedin.com/in/annexrhodes/

Resources:

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

Rae Dawson - The Basics About a CCRC in Retirement - Part 2 Nov 27, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs have Rae Dawson discuss the basics of CCRC around cost, the waitlist, deciding a CCRC and the right age to move to a CCRC. Rae is a CCRC expert and spent her original career primarily managing people and projects in high-tech in Silicon Valley for many years before gaining an interest in CCRC.

She explains why CCRC cost is determined by the type of contract and the location of the community and things to consider when considering the cost of a CCRC.

Listen in to learn the importance of being flexible in your requirements to avoid a long waitlist that can go up to 4-15 years. You will also learn about the typical age of a CCRC entry and the advantages of joining a CCRC earlier.

In this episode, find out:

Things to consider when thinking about the cost of a CCRC as per the contract in the Triangle area.
The meaning of buy-in and monthly fees for a traditional CCRC for single or double occupancy.
CCRC’s rule of thumb - know whether you qualify for a CCRC and should pursue that dream.
Why you should consider placing your name on a waitlist at multiple communities to have options.
The advantages of joining a CCRC earlier on when you’re healthy and not very old.
Things to think about when you decide to live in a CCRC to choose the suitable community for yourself.

Tweetable Quotes:

“You should have in assets three times the CCRC entrance fees, and your monthly income should be two times the monthly fee.”- Rae Dawson
“You might be able to enter a community more quickly if you’re flexible in your requirements.”- Rae Dawson
“People that live in CCRCs tend to live longer than the average American, and so it’s not unusual to find people in their late 90s to 100s living in the community.”- Rae Dawson

Get in Touch with Rae:

Email: rae01dawson@gmail.com

Resources:

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

Andrew Opdyke - 2023 End-of-Year Economic Update Nov 20, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs speak with Andrew Opdyke about a 2023 end-year economic update and the expected shift in the economy in 2024. Andrew is a Certified Financial Advisor and Economist at First Trust Advisor.

Listen in to learn about the impact of the concentration of investments in the top ten companies and when the market broadening will happen. You will also learn about things to consider when expanding your investment portfolio in 2024, like profitability, appropriate pricing, and portfolio evaluation.

In this episode, find out:

The expected rate cuts in 2024 in the market after the end of rate hikes this last quarter.
The concentration of investments in the top ten companies and when the market broadening will happen.
Why early 2024 will be when we can correctly vet the health of the US economy without outside factors.
Things to consider to expand your investment portfolio in 2024 and avoid making costly mistakes.
The geo-political shift happening in the world right now and how it will impact the economy.
Why there are no clear AI winners in the future as it continues to grow.
The end-of-year concerns – how geo-political issues could impact our economy if things shift in the wrong direction.
The end-of-year excitement – the progress of AI and the unleashing of human potential happening right now.

Tweetable Quotes:

“There are things you’re never going to predict, but we can build portfolios to try to deal with the unknowns.”- Andrew Opdyke
“New technologies take longer to make an impact than we anticipate in the short-term, but they do more than we anticipate over the long-term.”- Andrew Opdyke

Get in Touch with Andrew:

LinkedIn: https://www.linkedin.com/in/andrewopdyke/

Resources:

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

Rae Dawson – The Basics About a CCRC in Retirement Nov 13, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs have Rae Dawson to discuss the basics of Continuous Care Retirement Communities (CCRC). Rae is a CCRC expert and spent her original career primarily managing people and projects in high-tech in Silicon Valley for many years before gaining an interest in CCRC.

She explains what it means for a facility/community to be a CCRC and why most assisted care facilities are not CCRCs.

Listen in to learn more about CCRC regulations in North Carolina, the importance of having a plan before moving into a CCRC, the types of CCRC financial rating sources, and the five different CCRC contract models in NC. You will also learn about the factors determining how long it might take to get into a CCRC and why it’s not too soon for you to think about getting into a CCRC when in your 50s.

In this episode, find out:

Rae’s background career in high-tech and Continuous Care Retirement Communities (CCRC).
What it means for a community to be a CCRC and why most assisted care facilities are not CCRCs.
The importance of having a plan if you decide to age in place or move to a CCRC.
The CCRC regulations in North Carolina, plus how to use the Department of Insurance website.
Why it’s not too soon for you to think about getting into a CCRC when you’re in your 50s.
The types of CCRC financial rating sources, what they offer, and what to consider when selecting a CCRC.
Understanding the five different types of CCRC contract models offered in North Carolina.
Factors that determine the type of CCRC contract model you should consider.

Tweetable Quotes:

“To be a CCRC, a community has to offer multiple levels of care, which are independent living, assisted living, skilled nursing, and they will typically also offer memory care.”- Rae Dawson
“If you cannot find a facility/community on the Department of Insurance website, it’s not a CCRC.”- Rae Dawson

Get in Touch with Rae:

Email: rae01dawson@gmail.com

Resources:

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

The Art of a Risk-Adjusted Portfolio in Retirement Nov 06, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the art of building a risk-adjusted portfolio. When building a risk-adjusted portfolio, it’s important to identify your personal risk preference and choose the best model to structure your investment portfolio.

Listen in to learn the key differences between passive and active investment styles and the benefits of each in helping you reach your goals. You will also learn about the tactical and core investment strategies and how they considerably cut risk.

In this episode, find out:

The two styles of investing – the key differences between the goals of passive and active investing.
Understanding the tactical and core investment strategies and how they considerably cut risk.
The elements of the moderate growth portfolio and how they reduce the effects of market volatility.
The importance of having a conversation around risk with your financial advisor to identify where to be with risk exposure.

Tweetable Quotes:

“Every strategy (passive and active investing) will have its years that it wins and every strategy will have its years that it loses against the other.”- Radon Stancil
“The tactical is there to start reducing risk when we have heightened periods of volatility or deterioration in the market.”- Murs Tariq

Resources:

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

Roth IRA - 5-Year Rule - Your Retirement - Part 2 with Denise Appleby Oct 30, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs have Denise Appleby to discuss the Roth IRA 5-year rule in more detail. Denise is the CEO of Appleby Retirement Consulting Inc., a firm that provides IRA tools and resources for financial and tax professionals.

She explains the nuances around two separate Roth IRA 5-year rules and what you need to take distributions from a Roth IRA if you’re aged 59 and a half or below. Listen in to learn the importance of starting your Roth IRA 5-year clock earlier and protecting your records to avoid paying taxes you don’t owe.

In this episode, find out:

Denise explains the nuances around two separate 5-year rules and what they mean.
Understanding what you need to take distributions from a Roth IRA if you’re 59 and a half.
The importance of proper record keeping and protection to avoid paying taxes you don’t owe.
Why you don’t need to keep tracking the 5-year rule if you’re aged 59 and a half and have had a Roth IRA for at least five years.
Why it needs to be a Roth IRA to start your 5-year clock instead of a Roth 401k.
The questions beneficiaries need to ask about Roth IRA when dealing with an inherited account.

Tweetable Quotes:

“The first 5-year rule is used to determine if a Roth IRA distribution is qualified, and for that 5-year rule, it starts January 1 of the first year for which you fund your Roth IRA, and it never starts over.”- Denise Appleby
“As taxpayers, we have to be responsible for protecting ourselves as is allowed under the tax code, or we’re going to pay taxes we don’t owe because we don’t know we don’t owe.”- Denise Appleby

Get in Touch with Denise:

LinkedIn: https://www.linkedin.com/in/deniseappleby/

Resources:

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

Roth IRAs - 5-Year Rule and Conversions in Retirement Oct 23, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the 5-year rule around Roth IRAs and what conversions look like. A Roth IRA is a powerful tax-free investment tool, especially as a long-term investment growth vehicle.

Listen in to learn the difference between Roth IRAs’ contributions and conversions and how the 5-year rule applies to each. You will also learn about the five advantages of a Roth IRA: tax-free growth, not subject to RMDs, tax diversification, estate planning benefits, and hedge against future tax increases.

In this episode, find out:

Understanding the 5-year rule on a Roth IRA’s contribution interest to be tax-free.
The difference between a Roth IRA contribution and conversion.
Understanding Roth IRA conversions and how the 5-year rule applies to it.
How to start your Roth IRA clock by opening an account immediately, even as a high-income earner.
A scenario to help you understand the power of Roth IRA conversions as a long-time growth vehicle.
The advantages and disadvantages of a Roth IRA and the importance of knowing them.

Tweetable Quotes:

“If you’re along the line of thinking that taxes in the future are going to be higher than they’re today, a Roth IRA is an extremely powerful tool.”- Radon Stancil
“When it comes to developing a withdrawal strategy with a sizable tax-free asset like a Roth IRA, we can blend things to optimize our tax brackets as we go through retirement.”- Murs Tariq

Resources:

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

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