Secure Your Retirement

Latest Episodes:

2023 IRMAA Update - Will You Have a Surcharge for Medicare Part B and D? Aug 06, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the 2023 Medicare Part B and D IRMMA surcharges. They explain the modified adjusted gross income and the 2023 surcharges if you earn more than $97k single or $194k married filing jointly.

Listen in to learn about the income-dropping circumstances the IRS considers when exempting anyone from the Medicare IRMMA surcharges. You will also learn you should be aware of your numbers when implementing any type of strategy.

In this episode, find out:

The modified adjusted gross income – the baseline that allows you not to have Medicare surcharges.
Income-dropping circumstances the IRS considers when exempting anyone from the Medicare IRMMA surcharges.
Always ask if you qualify for a Medicare IRMMA surcharges exception and file form SSA44.

As an EXAMPLE:

The surcharges for 2023 if you earn more than $97k single or $194k married filing jointly.
The unfortunate scenarios where the SSA44 doesn’t work.
Why you should be aware of your numbers when implementing any type of strategy.

Tweetable Quotes:

“The IRS does recognize that there are some nuances and special circumstances “life-changing events” that significantly reduce your income.”- Murs Tariq
“If you did have something that occurred and you did a large Roth conversion that put you in a higher bracket for Medicare Premium, it’s one year, so don’t think you’ve put yourself in this position for the rest of your life.”- 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.

Andrew Opdyke - 2023 Mid-Year Economic Update for Retirement Jul 31, 2023

Show notes

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

Listen in to learn the expected and unexpected turn of events in the economy today and why inflation might not allow for rate cuts this year. You will also learn about the things in manufacturing investment and geopolitics that are taking place today and how they’ll change the American and global markets.

In this episode, find out:

The expected and unexpected turn of events in the economy for the year's first half.
Why the inflation stickiness might not allow for rate cuts for the remainder of the year.
Understanding where the rest of the world is standing in terms of inflation and rates.
The possibility of a recession or prolonged inflation due to a slowdown in demand and spending capacity.
The importance of broadening out the market to see a sustainable market that can last years.
The geopolitical shift happening in the world right now and how it will impact things.
Second half of the year concerns – market pullback due to AI, commercial real estate, geo-political issues, and quantitative tightening.
Second half of the year potentials – manufacturing investment that will unlock incredible things in the future.
The direction the market needs to move to increase earnings on overpriced things like AI.

Tweetable Quotes:

“Geo-politically the world could look very different in five to ten years.”- Andrew Opdyke
“Something that we should be observing as we progress through the second half of 2023, there are signs that growth could and should flow as we move towards December.”- Andrew Opdyke
“There are incredible things taking place today that are building for what could be a very strong foundation as we emerge from the feds' job being done.”- Andrew Opdyke

Get in Touch with Andrew:

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

Resources:

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

Should You Consider a Franchise as a Part of Your Retirement Plan? Jul 24, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs speak with Jon Ostenson about the benefits of starting a franchise as part of your retirement plan. Jon is a Certified Franchise Consultant, owner/investor, author, and international speaker specializing in non-food franchising. He discusses the misunderstandings and lack of knowledge he found around franchise opportunities outside of the fast-food industry.

Listen in to learn why franchising is a proven profitability pathway compared to starting a business, plus the financials around franchising cost and revenue. You will also learn how to run a franchise successfully, even with a corporate background and zero business experience.

In this episode, find out:

Jon shares his background and how he gained interest in franchising outside of fast food.
The money-making franchise opportunities that exist outside of the fast food industry.
Why franchising is a proven profitability pathway compared to starting a business.
Non-food franchising – businesses where lots of franchise interest lies.
How to run a franchise successfully even with a corporate background and zero business experience.
Jon explains the franchising process and how he matches clients with the best-fitting franchise.
Understanding the financials around franchising costs and the revenue margins.
Think about franchising as a giving-back opportunity where you create jobs and mentor others.

Tweetable Quotes:

“In the market, there’s a lot of misunderstandings and lack of knowledge around the franchise opportunities that exist, especially in industries people are sometimes interested in outside of fast food.”- Jon Ostenson
“Franchise business has been proven in other markets, so you’re able to step into and as long as you execute and follow that playbook, you know there’s a path to profitability.”- Jon Ostenson

Get in Touch with Jon:

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

Resources:

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

Annuities or CDs - What You Should Consider Jul 17, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the similarities and differences between annuities and CDs and the best one for retirement planning. In as much as CDs and fixed index annuities are similar, CDs are best suited for short-term investments, while annuities are best suited for long-term investments.

Listen in to learn about interest rate risk or reinvestment risk associated with CDs and how it affects your investment in the long term. You will also learn about an annuity's higher rate of return potential due to its many index options.

In this episode, find out:

Understanding interest rate risk or reinvestment risk when it comes to CDs.
Why it makes sense to have a short-term investment in a CD instead of a long-term investment.
The similarities and differences between CDs and fixed index annuities.
The higher rate of return potential of an annuity due to its many index options.
How a fixed index annuity works as a compliment to a portfolio full of equities.

Tweetable Quotes:

“CDs are driven off of these interest rates that are higher, and so are the annuities.”- Radon Stancil

“We believe that a fixed index annuity works very well as a compliment to a portfolio full of equities to offset the risk of the market and bring predictability into the overall plan.”- Murs Tariq

Resources:

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

Using a Health Savings Account (HSA) for Medical and Retirement Planning Jul 10, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss ten advantages to a Health Savings Account (HSA) and why you need to know them. A Health Savings Account is a valuable medical and long-term retirement planning tool with more than just tax benefits.

Listen in to learn how to let your HSA contributions grow and invest the money over time for future use as an asset. You will also learn the different ways you can control when and how you want to spend your money on different qualified medical expenses.

In this episode, find out:

HAS’s tax advantages – contributions are tax deductible and can be done at your tax filing.
Triple tax savings – understanding three tax benefits you get from HSA.
Lower healthcare cost – the advantage of a high deductible plan with an HSA.
Affordable and long-term savings – how your HSA contributions can accumulate and grow for future use.
Investment opportunities – how some HSA accounts allow investment in the money markets.
A retirement savings plan with the ability to grow a bucket for future medical expenses.
Flexibility and control – ways you can control when and how you want to spend your money on different qualified medical expenses.
Pretax contributions to payroll deductions – this makes savings easier and smooth.
There’s no use it or lose it rule – HSA is similar to IRA, where you don’t lose money if you don’t use it.
Retirement savings vehicle – let your HSA bucket grow and invest over time to use it as an asset.
Control over your healthcare decisions – you get to make choices on what and how you spend on medical expenses.

Tweetable Quotes:

“If you’re someone who doesn’t go to the doctor often or is relatively healthy, a high deductible plan with an HSA could make a lot of sense because you lower your premiums and cost of actual medical insurance.” - Murs Tariq
“There’s a wide range of what you can use your HSA money for when it comes to medical expenses.”- Radon Stancil

Resources:

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

You Have Enough to Retire, but How Do You Create an Income Jul 03, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Murs discusses how to approach a retirement withdrawal strategy when you have enough to retire early. He explains the importance of having a financial professional to help you with the withdrawal strategy to avoid the stress of the deaccumulation phase.

Listen in to learn the importance of starting a withdrawal strategy in the first few years of retirement to avoid a sequence of return risks. You will also learn about all the things you should be thinking about if you want to retire early or at any age to keep your life fun and exciting in retirement.

In this episode, find out:

The stress that comes with the deaccumulation phase after the accumulation phase all our lives.
The four percent rule, what it says about retirement planning, and why we don’t agree with it in 2023.
The importance of speaking with a financial advisor to help you with the withdrawal strategy and all its pieces.
The sequence of return risk and the importance of starting a withdrawal strategy in the first few years of retirement.
Consider strategies to help you tap into your 401k if you’re retiring early.
Think through how much you need and want to keep your life fun and exciting in retirement.
Consider any income, health insurance, and where to withdraw from to make your withdrawal strategy successful.
The simplistic view of how we approach the bucket system and a withdrawal strategy.

Tweetable Quote:

“The four percent rule says if you withdraw four percent of your assets on an annual basis, then you should be able to maintain your assets, and you should have a higher probability of success for retirement planning.” - Murs Tariq

Resources:

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

What To Consider If Your Spouse Has Passed Away After Retirement Jun 26, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the different retirement things to consider if your spouse passes away. They explain how to approach cash flow, estate settlement, insurance, tax, and investment and assets issues.

Listen in to learn the importance of knowing how much you’re spending, where that money comes from, and what changes will happen after a spouse’s death. You will also learn the importance of getting an attorney to help you through the probate process if your deceased spouse didn’t have a will executor.

In this episode, find out:

Cashflow – Consider where the money is coming from and whether any changes will occur.
The importance of knowing how much you’re spending, where that money is coming from, and what changes will happen after a spouse’s death.
Estate settlement issues – The question to ask yourself and the correct process to go through with an attorney.
Insurance issues – Check their life insurance, work-related benefits, and other types of insurance.
Tax issues – Things to consider with the home, joint properties, income taxes, and dependent children.
Investment and assets issues – Consider their money accounts, transferability, and other assets.
Other things to consider – Driver’s license, email accounts, and social media accounts to avoid identity theft.

Tweetable Quotes:

“Knowing how much you’re spending, where that money is coming from, and what changes are going to happen due to the death of a spouse is going to help you start thinking through all the different issues.”- Murs Tariq
“You want to reach out to an attorney to help out with a probate issue, especially if there’s a lot of assets that will go through probate.”- Radon Stancil

Resources:

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

Mid-Year Tax Planning - Why So Important in Retirement? Jun 19, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon, Nick, and Taylor discuss the importance of mid-year tax planning. It’s important to look at the previous year’s tax situation because some things, like Roth conversions and qualified charitable distributions, need to be done before the end of the year in order to be reported on your tax returns.

Listen in to learn the importance of coming up with a good tax withholding strategy to avoid tax liabilities and bills during tax season. You will also learn about the tax benefits of donor-advised funds and qualified charitable distributions.

In this episode, find out:

How we look at your last year’s tax situation to better plan your taxes before the end of the year.
The importance of coming up with a good tax withholding strategy to avoid tax liabilities and bills.
How we review your basic information and sources of income on a tax planning software program.
Things you can do to achieve the benefits of itemizing and saving on your taxes.
Nick explains how we set up a donor-advised fund through Charles Schwab.
Understanding who qualifies for qualified charitable distributions (QCDs), plus their tax benefits options.
Understanding all the requirements needed for a mid-year tax planning meeting.

Tweetable Quotes:

“Looking at the previous year’s tax return and having conversations throughout the year really helps us guide the withdrawals and the tax strategy.”- Nick Hymanson
“There’s a benefit of working with a financial planner to make qualified charitable distributions transactions because the custodian does not report them.”- Taylor Wolverton

Resources:

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

What If You Need Long-Term Care in Retirement? Jun 12, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss long-term care, how it works, and your options. If you want to know and understand what long-term care may cost you in the future, you must first understand the actual cost of long-term care.

Listen in to learn about assisted living services for long-term care that involve more than a nursing home. You will also learn about long-term care insurance methods/plans, how they work, plus the pros and cons of each.

In this episode, find out:

The importance of knowing and understanding the cost of long-term care and what it may cost you.
Understanding why long-term care itself is more than a nursing home.
The assisted living services that you might require for long-term care and their cost.
How the self-insuring method works, plus the pros and cons of it.
How Medicare benefits long-term care even though it doesn’t provide long-term care insurance.
Understanding how Medicaid provides for long-term care, plus its pros and cons.
How Traditional long-term care insurance works, plus the pros and cons of the plan.
Asset-based long-term care insurance – the beauty of life insurance combined with long-term care insurance.
How long-term care and chronic illness riders are added to life insurance, plus their pros and cons.
How asset-based long-term care through an annuity works, the benefits, and why it’s a good option.
How an asset doubler for your income works and who it’s a good option for.

Tweetable Quotes:

“The thing about coming to terms and understanding long-term care and what it may cost in your plan is thinking about the actual cost of long-term care.”- Murs Tariq
“Medicare does not provide what is called long-term care insurance or custodian care, but it does have some benefits there.”- Radon Stancil
“An asset-based long-term care policy through an annuity is a great option.”- Radon Stancil

Resources:

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

Does The Rule 100 Work in Retirement? Jun 05, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss how Rule 100 applies to retirement planning risk management. The conversation around risk is extremely important for you to have an investment structure you’re comfortable with.

Listen in to learn why investment risk is subjective and should be looked at as an individual. You will also hear us perform an exercise to help you understand our numerically driven system that measures risk comfort.

In this episode, find out:

Understanding why risk is an individual affair, plus why rule 100 may or may not work.
The numerically driven system we use to measure your comfortability with risk.
We go through a thought-provoking exercise to help you understand what risk looks like in numbers.
How we develop an investment plan that will achieve growth without an uncomfortable risk.
The importance of understanding the risk potential rather than words like moderately conservative.

Tweetable Quotes:

“We want you to understand rule 100 and how it’s applied in retirement planning.”- Murs Tariq
“Risk of how much we take in investments is really subjective; it’s one of those things we have to look at as an individual.”- Radon Stancil

Resources:

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

Our TOPPODCAST Picks

Follow Us

Stay Connected

Related Podcasts

Links

Stay Connected