Secure Your Retirement

Latest Episodes:

I'm 66 - Can I Retire? Mar 20, 2023

Show notes

In this episode of the Secure Your Retirement podcast, Radon and Murs discuss the question of whether you can retire at age 66, using a specific example from an article in Market Watch. They provide insights and advice on retirement planning and financial management.

If you’re feeling anxious about whether it’s time for you to retire or not, you’re not alone. Retirement planning can be a nerve-wracking and overwhelming decision for many people.

Listen in to learn the importance of considering all the elements involved in retirement planning and seeking professional advice when necessary. You will also learn why you should consider expenses, taxes, and potential long-term care costs in retirement planning.

In this episode, find out:

● The Market Watch article scenario plus why savings isn’t the only determining factor of retiring comfortably.

● The importance of income planning for retirement and how it involves more than just numbers.

● The GPS analogy – the process of building a retirement-focused financial plan.

● Avoid a higher rate of return in financial planning and, instead, use a conservative approach.

● The impact of travel expenses on retirement planning and how to have a realistic budget.

● Consider how taxes can affect your overall retirement plan.

● The importance of considering long-term care insurance.

● Establish a baseline to understand how to plan for a long-term care scenario.

Tweetable Quotes:

● “It’s not all about the numbers; it’s also what you want out of retirement and what retirement is going to look like for you.”- Murs Tariq

● “If you don’t think about the taxes and you don’t consider them, it can be devastating to your overall retirement plan.”- 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.

Do You Need a Trust in Retirement? Mar 13, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the importance of having a trust as part of your retirement plan with Andres Mazabel. Trust & Will provides an “easy and secure” way to create estate plans and settle estates online, with the ability to customize legal documents.

A trust is a legal agreement that helps you secure whatever legacy means to you when you’re no longer around. Andres explains what probate is and why you need to create a trust as part of your estate planning to simplify things for your loved one.

Listen in to learn the importance of getting a financial advisor’s guidance when it comes to establishing a trust.

In this episode, find out:

How Trust and Will empower people to understand the importance of estate planning better.
How estate planning helps protect whatever legacy means to you.
The difference between a will and a trust and the benefits of having each in place.
The privacy and control a trust gives over when and how distributions are made.
Andres explains the complexities of a trust – how it works when you’re alive and gone.
How to plan and transfer all your estate assets into a trust.
How to avoid probate by adding your assets to beneficiaries and having a trust.

Tweetable Quotes:

“With a trust, we have so much more control over when and how distributions are actually made.”- Andres Mazabel
“No matter what state you live in, you want to avoid the probate because it makes the process smoother, reduces cost, and it gets assets transferred to the beneficiaries in a seamless way.”- Murs

Get in Touch with Clifton:

Website:https://trustandwill.com/

Resources:

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

How Secure Act 2.0 Could Affect Your Retirement Mar 06, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs have Denise Appleby to discuss how the Secure Act 2.0 can affect your retirement plan. 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 good provisions of the Secure Act 2.0 that benefit domestically abused spouses, terminally ill patients, the 529 beneficiaries, and so much more. Listen in to learn why you should talk to a financial advisor to help you do IRA transfers instead of jumping into a rollover without any guidance.

In this episode, find out:

The confusion the age change of taking Required Minimum Distributions (RMDs) is creating.
Understanding the meaning of a rollover as part of RMDs and how it works.
Denise explains the good provisions of the Secure Act 2.0.
The 529 plan and the stipulations they put in place to govern it’s rolling over into a Roth IRA.
How to avoid making an IRA rollover mistake by talking to an experienced financial advisor.
Understanding an IRA rollover and why you have to be careful how you move your money.
Why you should do a trustee-to-trustee IRA transfer instead of a rollover.
Denise’s retirement dictionary, where she breaks down retirement language into simple English.

Tweetable Quotes:

“Don’t believe everything you read online; talk to a financial advisor and interview them just as you would your physician.”- Denise Appleby
“You really want to do a trustee-to-trustee IRA transfer and never a rollover.”- Denise Appleby

Get in Touch with Denise:

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

Resources:

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

The Retirement Planning Process Feb 27, 2023

Show notes

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discusses what the financial retirement planning process looks like. How does it work? What information do you need to present?

Maybe you haven’t worked with a financial advisor before and don’t know the financial planning process. In this episode of the Secure Your Retirement podcast, we have a large part of our team take you through our retirement planning process.

Listen in to learn about the financial snapshot, its information, and why you’d have to share that information with us. You will also learn what the cash, safety, and growth buckets look like as part of the strategy meeting and the clarity they offer.

In this episode, find out:

The financial snapshot – a questionnaire document to help us get to know you better.
The importance of sharing all your information for us to make the best recommendation possible.
The different types of accounts you need to submit to help us with recommendations.
The questions you’ll have to answer to help us understand your income and expenses.
Other of your financial categories you’ll need to disclose to us.
The specific account statements you need to provide to help us build your plan.
How we use your accounts statements to verify account balances and look at your holdings.
The steps we’ll take you through to understand the financial planning process.
Analyzing risk exposure - comparing where your investments are and where you want to be.
The bucket sheet as part of the strategy meeting; cash, safety, and growth buckets.

Tweetable Quotes:

“There’s a whole bunch of different accounts that you can have, some are more common than others, but at the end of the day, it’s important to get the specific type of account so that we know how to build our recommendation.”- Nick
“The earlier someone starts evaluating not just how much they have today but also what’s going out the door when they fully retire, it makes the plan well thought out and more precise.”- Murs Tariq

Resources:

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

Planning For Taxes in Retirement Feb 20, 2023

Show notes

We know nobody likes to talk about taxes, but there are things you must have your head wrapped around. Thinking and preparing for taxes throughout the year makes the whole scenario easier when tax season is here.

When preparing for tax season, there are some things that you need to compile for your CPA, and it’s easy to forget a document or two.

In this episode of the Secure Your Retirement podcast, we talk about the categories of information you need to get ready to file your taxes. Listen in to learn how to avoid a big tax bill by getting your 10-99 document, filing it, and offsetting some of those things.

In this episode, find out:

How to handle self-employment income and keep a record of your estimated tax payments.
Rental income – keep a record of the expenses and dates of the transactions.
Retirement income – understanding the 10-99 document and its tax information.
The 10-99 document generated from your savings, investments, and dividends and how it works.
Get your 10-99 document from your custodian to avoid getting a big tax bill.
How a tax-deferred account can generate a 10-99 document.
Homeownership – the documents you need to have ready for tax deductions.
The donor-advised fund and the benefits you can get from it if you’re charitably inclined.
Why you should keep track of your medical expenses and health insurance.
Keep a record of your state and local taxes and give it to your CPA.
HSA contribution – give the 5498 form to your CPA to get the credit and deductibility.

Tweetable Quotes:

“If you do not get a 1099 document, file it, and offset some of those things, you could get a very big tax bill that you’d have to go back and correct it.”- Radon Stancil
“If you have money coming in the door, whether its wages, earnings, pension, retirement income, or investments, there should be some type of documentation.”- Murs Tariq

Resources:

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

10 Reasons Everyone Needs a Power of Attorney in Retirement Feb 13, 2023

Show notes

What if something happened to you and you needed somebody else to make decisions in your place? Do you have a durable power of attorney in place to make things easier for you and your loved ones?

A durable power of attorney is an essential estate planning document for when you become disabled or incapacitated. It allows somebody else to make decisions and transactions that you would normally do yourself.

In this episode of the Secure Your Retirement podcast, we explain the ten reasons why you need a power of attorney regardless of your age. Listen in to learn the peace of mind you will have knowing that everything will be taken care of if something happens to you.

In this episode, find out:

You become incapacitated or disabled, and you can’t make any transactions.
It gives you convenience when traveling, making things easier for the what-ifs that can happen.
The financial decisions related to your health need to be part of a durable power of attorney.
Have someone who can handle your financial affairs if you cannot do so.
Give someone the ability to make real estate transactions on your behalf.
Making gifts to fulfill your wishes if you don’t have the mental capacity to do so.
Have someone to deal with all your tax matters if you’re unable to.
A durable power of attorney can help protect your privacy.
It helps avoid guardianship proceedings which saves time and effort.
It provides peace of mind knowing that you have a backup plan if something happens.

Tweetable Quotes:

“The durable power of attorney would allow somebody else to be able to make simple transactions that you cannot do.”- Radon Stancil
“A power of attorney makes it possible for privacy to be maintained in a scenario of incapacity or disability.”- Murs Tariq

Resources:

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

Clifton Corbin – Teaching Kids About Money & Retirement Feb 06, 2023

Show notes

Don’t we all wish we gained financial literacy at a young age? Maybe then, we wouldn’t have made so many money mistakes as young adults. How about giving your kids or grandkids that money management knowledge as early as possible?

One way to ensure that your kids or grandkids feel comfortable and confident managing money, regardless of their age, is by ensuring you prepare them early with financial education.

In this episode of the Secure Your Retirement podcast, we have Clifton Corbin, a registered financial consultant, financial literacy advocate, and author of Your Kids Their Money. Listen in to learn how to create financial comfort and security by consistently building habits such as savings and wealth creation in your kids.

In this episode, find out:

How Clifton’s early financial mistakes prompted him to help parents educate their kids about money.
When to start teaching kids about money and how to approach it.
The importance of teaching kids how to feel financially secure first so they can avoid financial stress.
How to use your knowledge to educate your grandkids, plus the benefits of gifting them financially.
The concept behind Clifton’s book Your Kids Their Money and the money lessons it provides.

Tweetable Quotes:

“It’s about giving kids opportunities to learn and practice good money management habits while they’re still young and home with you before they need it.”- Clifton Corbin
“I want everyone to feel comfortable and confident managing money regardless of what stage of your life you’re in.”- Clifton Corbin

Get in Touch with Clifton:

Website: https://cliftoncorbin.com/
Instagram: https://www.instagram.com/cdcorbin_/

Resources:

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

Looking Ahead for 2023 in Retirement Jan 30, 2023

Show notes

In 2023, we’re committed to adding a lot of value with the information we’re putting out through this podcast.

In this episode of the Secure Your Retirement podcast, we list some things to look forward to in our 2023 content, including the Secure Act 2.0, trust, social security strategies, IRMAA, tax planning, and quarterly updates.

Listen in to learn more about our lineup and the 2023 tax updates you cannot afford to miss.

In this episode, find out:

The Secure Act 2.0 – changes on RMDs, ages, and other things affecting your retirement plan.
Who needs trust – walking you through the idea of trust and the documents you need to have in place.
Social security strategies – what is the best age to take social security?
IRMAA – walking you through what you need to think around your Medicare Parts B& D.
Tax planning – the 2023 updates on the rules and guidelines around tax.
Quarterly updates with Andrew Opdyke.

Tweetable Quotes:

“Social security is a complicated factor around the idea of when is the best time to take it.”- Radon Stancil
“Social security and Medicare go hand in hand, and you want to understand what IRMAA is.”- Murs Tariq

Resources:

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

Secure Act 2.0 – How Your Retirement Plan is Affected Jan 23, 2023

Show notes

Are you curious about how your retirement plan is affected by the Secure Act 2.0? The Secure Act 2.0 was just passed at the end of the calendar year 2022 with some major updates on it.

The Secure Act 2.0 has changed things around when to take your Required Minimum Distributions from now moving forward.

In this episode of the Secure Your Retirement podcast, we discuss how the Secure Act 2.0 will affect your retirement plan. Listen in to understand more about the right time to take RMDs and the rules around Required Beginning Date (RBD).

In this episode, find out:

How the age of taking RMDs has shifted from seventy-two to seventy-three and five.
The Required Beginning Date (RBD) and the rules around it if you choose to defer your RMDs.
We share some examples to help you understand when to take your RMDs as per the Secure Act 2.0.
Why you need the help of a professional if you miss taking your RMD.
The formula to take your RMD and the frequency in which to take it.

Tweetable Quotes:

“If you reached age seventy-two after the year 2022 has ended, there’s no RMD for your IRA in 2023.”- Murs Tariq
“Do not think you get to skip 2023 if you’re already in your Required Minimum Distribution.”- Radon Stancil

Resources:

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

Navigating The Decision to Retire Now or Work Longer Jan 16, 2023

Show notes

Are you torn between retiring now or continuing to work? Working longer or retiring now isn’t just about money; there are many elements you should be thinking about.

Many factors might lead you to retire early or want to continue working even after you’ve reached retirement age. What, then, are these elements you should consider when navigating that decision?

In this episode of the Secure Your Retirement podcast, we discuss the elements to consider when deciding whether to retire now or work longer. We expound on financial readiness, health, personal goals, age, and long-term care.

In this episode, find out:

Think about your financial readiness – your ability to retire or not.
The different aspects of health you should look into when considering retiring.
Evaluate your personal goals and interests and how they will fulfill you in retirement.
Key ages to remember and the opportunities each can afford you.
Think about your family and their reliance on your current salary.
Avenues to evaluate when thinking about your healthcare and long-term care in retirement.

Tweetable Quotes:

“What’s equally important to savings is how much you’re going to spend in retirement; spending can make or break a retirement plan.”- Murs Tariq
“Health insurance and dealing with our healthcare cost can be a significant in retirement.”- Radon Stancil

Resources:

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