Secure Your Retirement

Latest Episodes:

Required Minimum Distributions in Retirement - Monthly, Quarterly, or Annually? Oct 16, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the best time to take Required Minimum Distributions. Having a retirement plan and your personal preference will help you determine whether to take RMDs monthly, quarterly, or annually.

Listen in to learn the advantages and disadvantages of taking required minimum distributions monthly, quarterly, or annually. You will also learn how the three-bucket strategy income safety and growth buckets can work together to your advantage.

In this episode, find out:

Required Minimum Distributions – the amount you’re required to take out of your tax-deferred accounts.
The importance of understanding when you have to start taking your RMDs to develop a withdrawal strategy earlier.
Understanding how to utilize Roth IRAs as a tax-free bucket for retirement planning.
The categories of investment accounts are subject to required minimum distributions and when to take them.
The potential advantages and disadvantages of taking required minimum distributions monthly.
The three-bucket strategy – how the income safety and growth buckets work together to your advantage.
The potential advantages and disadvantages of taking required minimum distributions quarterly.
The potential advantages and disadvantages of taking required minimum distributions annually.
Questions to ask to determine your personal preference of taking RMDs monthly, quarterly, or annually.

Tweetable Quotes:

“Understanding when you have to start taking those required minimum distributions is going to be key to developing a plan and a strategy around them.”- Murs Tariq
“Required Minimum Distributions (RMDs) are based out of the totality of your IRAs, but you do not have to take it out of each account.”- 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.

Social Security Taxation – How it Works in Retirement Oct 09, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon, Murs, and Taylor discuss how social security taxation works for both single and married filing jointly. Other sources of income you have coming in determine the amount of your social security that will be taxed.

Listen in to learn the importance of understanding your sources of income, social security benefits, and how they’ll be taxed, and have a long-term perspective. You will also learn why some people with low income in other areas can have their social security untaxed.

In this episode, find out:

● How a single person needs to think about social security and their other sources of income.

● Understanding the other sources of income that determine your social security taxability.

● A scenario on how married filing jointly social security is taxed as determined by income.

● Why some people with low income in other areas can have their social security untaxed.

● How your social security tax ranges differs when filing as a single person.

● How states differ from the federal government when it comes to social security taxation.

● The importance of understanding your sources of income and social security benefits taxation.

● The benefits of working with a financial advisor to help you take a long-term perspective.

● Taylor explains where to find your social security item on your tax returns.

Tweetable Quotes:

● “The amount of your social security that is reported on your tax return as taxable depends on what your other sources of income are; the more income you have from other sources, the more of your social security is going to be taxable.”- Taylor Wolverton

● “Every state taxes social security a little bit differently; some may follow same rules as federal taxation while some states don’t tax social security at all.”- Taylor Wolverton

Resources:

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

QCDs and Donor Advised Funds in Retirement Planning Oct 01, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss things to be aware of about qualified charitable distributions (QCDs) and donor-advised funds. The QCDs and donor-advised funds are great tax benefits strategies, but they make sense in your retirement planning journey in two different scenarios.

Listen in to learn about QCDs, the tax benefits you can take advantage of when donating to charity organizations, and the rules of the strategy. You will also learn more about the donor-advised fund, how to take advantage of itemizing tax returns, and the rules of the strategy.

In this episode, find out:

Qualified Charitable Distributions – a tax savings contribution you can do out of your IRA.
The QCDs tax benefits you can take advantage of when donating to charity organizations.
The rules on when and how to take your QCDs, plus how QCDs can apply to your RMD when done properly.
Donor Advised Funds – stacking your donations together to take advantage of itemizing tax returns.
The rules of a donor-advised fund, how to fund this account, and why it’s flexible.
Understanding where both QCDs and donor-advised funds make sense for you.

Tweetable Quotes:

“The rule with the QCDs is that you’ve got to be seventy and a half in order to do it; with donor-advised funds, you can do it no matter what your age is.”- Radon Stancil
“Once you make a contribution into a donor-advised fund, it’s irrevocable.”- Murs Tariq

Resources:

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

Practical Tips for a Successful RV Lifestyle when you Retire Sep 25, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon speaks with Jenelle Jones about the perks of the RV lifestyle in retirement. Jenelle is the owner of the oldest RV club for anyone traveling on their own, The Wandering Individuals Network. She refers to herself as an RV travel enabler who has been living the RV lifestyle full-time for four years.

Listen in to learn the importance of joining a club as a solo RV traveler to have friends and avoid anxiety and loneliness. You will also learn about the positives of the RV lifestyle and how to overcome the inevitable challenges.

In this episode, find out:

The importance of joining a club as an RV traveler to have friends and avoid anxiety and loneliness.
How to have a positive mindset to learn and make the RV life easier.
Jenelle explains some of the challenges she faces as an RV traveler and how she gets past them.
The most important items every RV traveler needs to thrive in that lifestyle.
She describes the positives of living an RV life and how impactful it has been for her.

Tweetable Quotes:

“Join a club or a group so that you’re traveling with your friends; it’s always better to be in a group for safety and anxiety.”- Jenelle Jones
“An RV lifestyle is a complete lifestyle that’s going to be more fulfilling than anything sitting at home being retired watching TV and gardening for some people.”- Jenelle Jones

Get in Touch with Jenelle:

Website: https://wanderingindividualsnetwork.com/
Facebook: https://facebook.com/groups/winrvsingles/members/

Resources:

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

Mastering Medicare Planning in Retirement Sep 18, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss Medicare planning for those coming up on Medicare and those already in Medicare. This is a checklist of three main topics to help you understand what you should be thinking about when it comes to Medicare.

Listen in to learn how to evaluate your prescription drug needs and choose the right Medicare plan that caters to those needs. You will also learn about Medicare supplements and Medicare Advantage plans, plus how to join our Free Webinar to learn more about Medicare planning from experts.

In this episode, find out:

Prescription drug plan – understand your prescription needs, if the plan covers your needs and the cadence of your refills.
Comparing different part D plans that would cover your specific prescription drugs at the lowest cost.
Evaluate your pharmacy network – ensure it’s cost-effective and convenient for you.
Cost analysis – Look at your prescription drug cost to determine the type of plan to pick.
The importance of taking the time to review your plan annually and make changes if needed.
Dental, vision, and hearing – Think about the dental, vision, and hearing coverages you need.
Integrative plans – Do an educated analysis between Medicare Advantage plans and Medicare gap policies.
Doing an individual needs assessment – understand your needs and get an individualized cover.
Medicare supplements and Medicare Advantage plans – an outline of what we’ll cover on our free webinar.

Tweetable Quotes:

“There’s one part of Medicare that covers hospitals, one part that covers doctor’s visits, and then there’s a part D which is all about prescriptions.”- Radon Stancil
“Just because your neighbor, parents, or a family has a certain type of plan doesn’t mean that that’s going to apply to you; Medicare and healthcare in general is very individualized for a reason.”- Murs Tariq

Register For Our Free Medicare Webinar:

info@pomwealth.net with the subject line Medicare Webinar

Resources:

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

What's The Difference Between an EA and a CPA in Retirement? Sep 11, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the difference between an enrolled agent (EA) and a certified public accountant (CPA) in retirement planning. The CPA and EA deal with tax at a certain level but differ in their education, scope of work, geographical limitations, and ethical standards.

Listen in to learn how we utilize an EA to do tax strategy beyond just tax filing as part of retirement planning. You will also learn why we consider the current financial situation, retirement plan, tax deductions, tax loss harvesting, changes in tax law, timing, and family life changes in a client’s formal tax strategy meeting.

In this episode, find out:

The key educational and certification differences between an EA and a CPA.
Scope of work – the wide range of duties of a CPA as opposed to an EA’s taxation-only focus.
Understanding the continuing education both a CPA and EA have to do to maintain their status.
Geographical limitations – a CPA is state-specific, while an EA is federally licensed.
The specific ethical standards both a CPA and an EA must adhere to.
A formal tax strategy – looking at your current financial situation, retirement plan, tax deductions, tax loss harvesting, changes in tax law, timing, and family life changes.

Tweetable Quotes:

“It’s powerful to understand the intricacies of doing good tax planning ahead of time, not just tax filing.”- Radon Stancil

“A CPA is going to be required and held to a certain standard how much continuing education they have to do; an EA is required to complete 72 hours of continuing education to maintain their status.”- Murs Tariq

Resources:

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

Integrated Wealth Management Experience in Retirement Sep 04, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the elements of their integrated wealth management experience approach. An integrated wealth management experience offers a similar approach to a family office but for multiple people. A family office is a scenario where you have enough assets that you need a whole team to help you manage those assets.

Listen in to learn more about the elements of an integrated wealth management experience: a retirement financial plan, specific-to-the-client investment process, and tax planning. You will also learn how we’re involved in every step of the wealth management process, in-house or with a partner.

In this episode, find out:

A family office – having enough assets you need a whole team to help manage those assets.
How we created an integrated wealth management experience that looks like a family office.
The three elements of our in-house and partnered integrated wealth management experience.
The importance of estate planning as part of the integrated wealth management experience.
How we work with an expert to simplify and plan the social security side of things.
How we analyze a client’s situation and help plan for health insurance ourselves or with partners.
How we make the financial plan and wealth management process easier for the client by being involved.

Tweetable Quotes:

“The reason why estate planning is so important as part of the integrated wealth management experience is because if we don’t have things in place, it can make it very difficult for whoever we leave behind.”- Radon Stancil
“Social security can be simple and complex at the same time, and that’s why we have a social security consultant on retainer with us that we tap into for her knowledge.”- Murs Tariq

Resources:

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

5 Financial Planning Topics That Need to Be Discussed Annually Aug 28, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss five financial planning things to do annually. It is preferable to do these things in or closer to the last quarter of the year, which allows you time to correct whatever needs correcting.

Listen in to learn about things to consider when doing tax strategy and planning before the end of the year to enable changes. You will also learn the importance of having a Medicare and healthcare planning, year-end investment review, estate planning update, and reviewing your RMDs.

In this episode, find out:

Tax planning – things to consider when doing tax strategy and planning before the end of the year.
Required Minimum Distributions – understand what RMDs are and make sure it’s taken care of.
Medicare and healthcare planning – review your options and benefits and make changes if needed.
Year-end investment review – look at how your investments are set to be aware of any risks and potential changes.
Estate planning update – to ensure everything is done properly and update any changes.

Tweetable Quotes:

“It’s a good exercise always to be looking at your investment portfolio; it’s set up to keep you aware of what’s going on and whether there are changes that need to be made.”- Murs Tariq
“Keep in mind that an estate planning update is a good thing to go through and see if everything is done properly and then do an update.”- Radon Stancil

Resources:

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

Long-Term Care Planning Options in Retirement Aug 21, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs speak with Jessica Iverson about long-term care options to consider as part of the retirement plan. Jessica is a long-term care expert in long-term care planning and wealth management.

Listen in to learn how long-term insurance has evolved from standalone to asset-based long-term care insurance policies and the benefits of these changes. You will also learn about the right age to start planning for long-term care and the average cost of different long-term options.

In this episode, find out:

How long-term insurance has evolved from standalone to asset-based long-term care insurance policies.
The right age to start planning for long-term care plus the benefits of an asset-based life insurance policy.
The average cost of long-term care for assisted living, private room nursing home, and home healthcare.
The different types of asset-based long-term care and how they work.
The difference between asset-based life insurance and life insurance policy within chronic illness riders.
The underwriting process for both long-term care focused products and life insurance policies.
Understanding how qualified assets are structured to fund the idea of long-term care.

Tweetable Quotes:

“Asset-based long-term care is long-term care focused insurance that’s built on an asset which can either be a life insurance policy or an annuity.”- Jessica Iverson
“It is really the morbidity that the long-term care focused products are looking for in clients.”- Jessica Iverson

Resources:

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

Protecting Against Cybersecurity Threats Aug 14, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss fourteen common practices to help you protect yourself against cyber security threats. The purpose of this isn’t to scare you but to empower you to be on the internet safely.

Listen in to learn the importance of having strong and complex passwords for your home and office networks and avoid using one password for multiple sites. You will also learn the importance of being mindful when opening emails, using public Wi-Fi, sending sensitive data, and more to avoid cyber-attacks.

In this episode, find out:

Use unique and strong passwords and avoid using one password for multiple sites.
Enable two-factor authentication – this adds a layer of security that’s strong.
Keep software and devices updated to have the freshest security measures in place.
Beware of phishing attacks – look at every email with a mindset of caution.
Secure your home network by setting up stronger passwords and different encryptions.
Be mindful of public Wi-Fi that doesn’t require a password to log in to avoid hacking.
Back up important data regularly for easier retrieval if data is lost.
Educate yourself – read, listen, and watch to stay alert on ways to protect yourself against threats.
Secure social media accounts – adjust privacy settings and be careful of those watching you.
Encrypt sensitive data – use secure ways or avoid sending sensitive data via email.
Secure mobile devices in case they were to get into the wrong hands.
Limit access to personal information – be careful what you share unless you know who you’re sharing it with.
Use secure browsing practices – beware of fake website phishing for data.
Regularly review account activity – don’t go for six months without looking at your account activity.

Tweetable Quotes:

“The more diversified you could be in your passwords, the more protected you will be.”- Murs Tariq

“You need to be very careful before you open an attachment or click on a link; look at every email with a mindset of caution.”- Radon Stancil

Resources:

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

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