Secure Your Retirement

Latest Episodes:

How To Manage Risk in Volatile Markets May 29, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss managing investment risk in volatile markets using the active management strategy. An active management strategy is not superior to the buy-and-hold investment strategy, but it is a great way to reduce risk in volatile markets.

Listen in to learn how we use data/numbers to identify and align with the best asset classes to be invested in. You will also learn why an active asset management strategy allows you to make a decent rate of return, not lose a bunch of money, and have peace of mind in your retirement.

In this episode, find out:

Understanding actively managing – very low to no risk on your investment.
Good risk management – using data to identify and align with the best asset classes to be invested in.
The portfolio adjustments we conduct with an active management strategy.
How we significantly reduce risk by leaving a risk-managed opportunity in the portfolio.
Why monitoring how asset classes move is a good way to structure the portfolio.
The peace of mind you get in your retirement by having an active asset management strategy.

Tweetable Quotes:

“Actively managing means we’re going to transition the portfolio so it’s in a good place as it can be, but it could also mean that we reduce risk.”- Radon Stancil
“There are pros and cons to investing in general; at the end of the day, you want to pick a strategy that’s comfortable to you.” - 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.

Important Age Milestones in Retirement May 22, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the important financial planning milestones that happen at different ages. These are things you should be thinking about and preparing for before getting to retirement.

Listen in to learn about the different financial milestones that happen in the life of a child from birth all the way to retirement. You will also learn when to work on your catch up contributions, the social security eligibility age, when to withdraw all your retirement assets and much more.

In this episode, find out:

● The future-based savings accounts you can set up for a child from birth.

● The key ages where different financial milestones happen all the way to age twenty-six.

● Age fifty milestone – the catchup contributions you can add after age fifty in 2023.

● Age fifty-nine and a half milestone – the age where you can withdraw all your retirement assets without a penalty.

● Things that happen at age sixty-two where you’re eligible for social security at a reduced rate.

● The different things that happen at age sixty-five including eligibility for Medicare.

● Understanding why the full retirement age is key for social security benefits.

● Why there’s no reason not to turn on social security after the age of seventy.

● Age seventy and a half – when you get full deductibility on your QCDs.

Tweetable Quotes:

● “When you’re at age fifty-nine and a half or above, just know that some options when it comes to investing and retirement planning become available to you.”- Murs Tariq

● “Age seventy and a half is key because that’s when you can start taking contributions in your IRA and giving them to a charity.”- Radon Stancil

Resources:

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

Why You Need a HIPAA Authorization May 15, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss why you need a HIPAA form as part of your overall estate plan package. A HIPAA form is a simple document to put together and is recognized for protecting your personal health information, giving you privacy.

Listen in to learn how your HIPAA Authorization can connect with your living will or health care power of attorney for information to be shared. You will also learn about the medical information that can be released to an authorized person per HIPAA standards.

In this episode, find out:

How the HIPAA Authorization form protects your personal health information and medical history.
How your HIPAA Authorization form can connect with your living will or health care power of attorney.
Why the HIPAA form should be connected to the living will so that the information can be shared.
Have your adult kids sign a HIPAA form to give you permission to access their medical data.
The elements of the health information to be released by HIPAA standards.
The information included when setting up the HIPAA authorization form.

Tweetable Quotes:

“The purpose of a HIPAA Authorization is to protect your medical information from being given to someone without your consent or permission.”- Radon Stancil
“The HIPAA form is there to authorize or give consent for medical professionals to be able to give information about your medical history, and it also gives you the ability to request information.”- Murs Tariq

Resources:

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

What Issues Should You Consider Before You Retire? May 08, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the issues to consider before you retire. Sometimes, you get the luxury of deciding when to retire, and sometimes you don’t, but either way, you always want to be thinking about the elements when it comes to retirement planning.

Listen in to learn the importance of understanding your cash flow needs and budget and building some type of plan for your retirement. You will also learn the importance of budgeting for health insurance if you retire earlier than age 65 and the options to consider for long-term care planning.

In this episode, find out:

● Cash flow – understand your expenses, where money will come from, and build a plan.

● Understand your retirement age and the implications on your payment options.

● The importance of understanding the piece of your retirement your spouse is entitled to.

● Consider budgeting for health insurance in your retirement if you plan to retire before age 65.

● The math and emotion to consider when it comes to mortgage payment.

● Put into alignment some retirement-focused vehicles as you approach retirement.

● Tax planning – things to consider strategically to lower your tax bracket in retirement.

● The options you need to think about when it comes to long-term care planning.

Tweetable Quotes:

● “It’s rare that we’re ever going to take money out of an IRA or 401k to pay the house off because we have to pay taxes.”- Radon Stancil

● “It is scary to think about long-term care, but it is the reality we need to plan for.”- Murs Tariq

Resources:

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

Maximizing Tax Benefits by "Bunching" Charitable Contributions May 01, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the “bunching” charitable contributions strategy and how it can help you maximize tax benefits. They explain why bunching contributions strategy for 2-3 years is a powerful tool in helping you take advantage of standard deductions.

Listen in to learn how to bunch your charitable contributions into one year using the donor-advised fund. You will also learn why the donor-advised fund is the most flexible version of giving through the bunching strategy.

In this episode, find out:

The powerful impact bunching charitable contributions has on your tax scenario.
How the donor-advised fund can help you overcome the standard deductions.
Why the donor-advised fund is the most flexible version of giving with a tax benefit.
How the bunching strategy allows you to gain deductibility by 2-3 years.

Tweetable Quotes:

“A donor-advised fund is a very key component of how we get to do the bunching strategy.”- Murs Tariq
“Think of the donor-advised fund as the vehicle that’s going to allow you to be able to group your deductions in one year.”- Murs Tariq

Resources:

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

2023 1st Quarter Economic Update Apr 24, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs speak with Andrew Opdyke about an update on the state of the economy of the first quarter of 2023. Andrew discusses the divergence within the economy, the issues with the banks, the recession and market volatility, and much more.

Listen in to learn why you shouldn’t worry about the US debt ceiling and its impact from a market standpoint. You will also learn why inflation might last longer and cause a recession if the federal reserve doesn’t prioritize the inflation fight.

In this episode, find out:

The divergence within the economy – the goods and services sides of the economy are moving in different directions.
The issues with the banks – how banks got hit from holding assets in a high-interest rate environment.
Why the banking issues won’t lead to another financial crisis since it’s largely contained.
Why the US dollar losing its world reserve status might be a passing conversation in the long run.
Understanding the US debt ceiling and why it has a very little real lasting impact from a market standpoint.
Why inflation might last longer if the federal reserve doesn’t prioritize the inflation fight.
Andrew’s optimism on earnings progression, production growth, and service industry progression.

Tweetable Quotes:

“The slowdown we’re seeing economically is not a collapse of activity, is that it’s become more difficult to buy that technology that keeps the output growth continuing.”- Andrew Opdyke
“The debt numbers don’t tell you the full situation; you need to understand both sides of the balance sheet.”- Andrew Opdyke

Get in Touch with Andrew:

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

Resources:

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

Retirement Withdrawal Strategy Apr 17, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the five different things to consider when it comes to withdrawing your retirement money. To successfully establish an income stream in your retirement, you must be strategic when taking money from the retirement accounts you’ve built over the years.

Listen in to learn how to determine your spending during retirement and which accounts the money will come from. You will also learn the importance of being flexible to make changes to your strategy as things and priorities shift over time.

In this episode, find out:

● Determine your retirement needs – understand how much you’ll need and build a plan.

● Understand the different types of retirement accounts, the rules around them, and how they play out.

● Determine your tax priorities and understand the pros and cons of your decisions.

● Manage investment risks using the bucket strategy (cash in the bank, investment, and safety buckets).

● Be willing to adjust your strategy over time as priorities change, preferably annually.

Tweetable Quotes:

● “You need to understand the rules around traditional IRAs and traditional 401Ks and how that’s going to play out.”- Radon Stancil

● “A retirement-focused financial plan in our eyes is something that is living, breathing, and is going to go through some changes.”- Murs Tariq

Resources:

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

Why Review Beneficiary Designations Annually in Retirement? Apr 10, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the importance of reviewing your beneficiary designation annually. Always checking your beneficiaries in all your accounts and updating your beneficiary forms is the only way to avoid putting your loved ones in difficult scenarios.

Listen in to learn the importance of naming contingent beneficiaries after your primary beneficiaries to ensure everything is clear. You will also learn why you need to consider the tax implications of each account, the needs of your beneficiaries, and its impact on your overall estate plan.

In this episode, find out:

● The importance of always updating your beneficiary designations on all your accounts.

● Understand estate law in your state since they vary from state to state.

● Ensure your beneficiary form is appropriately done and has a primary and a contingent beneficiary.

● Review your beneficiary designations annually by reaching out to institutions.

● Consider the tax implications of each account to understand the proper beneficiary.

● Understand the impact on your overall estate plan to avoid disinheriting your beneficiaries.

● Consider the needs of your beneficiaries and the impact of the assets on their lives.

● Be specific when listing all your beneficiaries to avoid creating any confusion.

● Consult with an attorney as a second set of eyes to help you think through scenarios.

● Consider contingencies if you name a primary beneficiary to avoid future confusion.

Tweetable Quotes:

● “A lot of accounts can have beneficiaries associated with them. Take a list of all the accounts that you have and start checking to see.”- Murs Tariq

● “It’s your account, your responsibility to reach out to the institution to make sure they’ve got your beneficiary there.”- Radon Stancil

Resources:

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

Social Security Spousal Benefit in Retirement Apr 03, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs speak with Heather Schreiber about social security spousal benefits and how it works. Heather is a retirement income strategist, speaker, writer, and educator of financial, legal, and tax professionals.

Listen in to learn how spousal income works for couples with wide disparities in income benefits. You will get the full picture of how the fifty percent income benefit that the lower wage earner gets from the higher wage earner’s full retirement age benefit works.

In this episode, find out:

How spousal benefit will be impacted if the higher wage earner predeceases the lower wage earner.
Heather explains what happens with married couples with wide disparities in income benefits.
Understanding the meaning of spousal benefit and the value of waiting a little longer to collect.
Why spousal benefit always starts at fifty percent of the higher wage earner's full retirement age benefit.
Understanding who’s entitled to the spousal benefit for people under 70 by January 2024.

Tweetable Quotes:

“Any benefit that you take prior to your full retirement age, whether it’s your own, spousal benefit, ex-spousal benefit, or survivor benefit, does come with a reduction.”- Heather Schreiber
“Social security wants to be paying your own retirement benefits before they pay any benefits under any other records.”- Heather Schreiber

Connect with Heather:

LinkedIn: https://www.linkedin.com/in/heather-schreiber-ricp%C2%AE-nssa%C2%AE-74a09157/

Resources:

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

Implementing Your Retirement Plan Mar 27, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Nick and Taylor return to talk about the retirement plan implementation after the initial process. When you decide to be our client, we ask for all the information needed to open your account with our custodian Charles Schwab.

Listen in to learn what the transfer process of your investments from your current custodian to Charles Schwab looks like. You will also learn about the 45-day meeting, which we set up to answer any of your questions, finalize the important parts of the investment strategy, and talk about estate planning.

In this episode, find out:

Episode #199 - a recap of our retirement planning process.
The personal information we need to create a client’s account with our custodian Charles Schwab.
The transfer process of your investments from another firm to Charles Schwab.
How we can replicate your account from another custodian exactly as it was at Charles Schwab.
How the transfer process of a company plan differs from an IRA to an IRA transfer.
The tax planning process to help you lower your taxable income during your retirement.
How Nick communicates with clients throughout the process to ensure everything is set up.
The 45-day meeting – answering questions, finalizing the investment strategy, and discussing estate planning.

Tweetable Quotes:

“Exactly as it was at the other custodian, it can be replicated right at Charles Schwab.”- Nick
“For many advisors and us, we don’t work for Charles Schwab; we’re not connected to them in any kind of financial relationship or dictated by them; they’re simply a custodian.”- Radon Stancil

Resources:

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

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