Secure Your Retirement

Latest Episodes:

10 Retirement Tax Tips for The Beginning of 2023 Jan 09, 2023

Show notes

Do you want to keep your tax planning smooth as you set goals for this year? As you think about getting ready for the tax season and setting goals for 2023, we know you want to make your life a bit simpler.

In this episode of the Secure Your Retirement podcast, we share ten tax tips for the beginning of 2023 to simplify your life. We discuss things like tax-free sources of income, Roth conversions, tax withholding, Required Minimum Distributions, and much more.

In this episode, find out:

Take advantage of tax-free sources of income – consider where your income is coming from.
Consider converting a traditional IRA into a Roth IRA and whether or not it makes sense for you.
Review your tax withholding to avoid under-withholding or over-withholding.
Take advantage of deductions for medical expenses – keep track of your medical expenses throughout the year.
Take advantage of charitable contribution deductions – through QCDs or donor-advised funds.
Don’t forget about quarterly payments to the IRS to avoid penalties.
Don’t forget about state taxes when making quarterly payments to avoid penalties.
Consider part-time work to keep you busy or for medical insurance if you retire before 65.
Don’t forget about the Required Minimum Distributions (RMDs) if you’re turning 72 this year.
Keep track of your tax documents to prepare your CPA or yourself for tax returns.

Tweetable Quotes:

“If you can control your taxable income, it will give you great tax planning advantages throughout 2023.”- Radon Stancil
“There can be a penalty if you do not do enough withholding or you do not do quarterly payments throughout the year.”- 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.

Retirement Planning Considerations to Begin in 2023 Jan 02, 2023

Show notes

Welcome to our very first episode of the year! Regardless of what the stock market will look like in 2023, you should consider some things in your retirement plan to still be in a good place.

It would be good to begin the year at the right place financially and in your retirement planning strategy. You also want to understand where you stand, whether you’re already in retirement or getting closer to retirement.

In this episode of the Secure Your Retirement podcast, we list ten items we think you should be considering, reviewing, and taking a look at as you set your 2023 goals. Listen in to learn why assessing your current financial situation will be your first step toward setting better goals for 2023.

In this episode, find out:

Review your financial goals with your financial advisor on how it went last year and the potential this year.
Assess your current financial situation – be aware of your overall net worth, assets, liabilities, and savings.
Tweak your spending plan – track your spending and have a goal as you get closer to retirement.
Review your insurance coverages – are you getting what you’re paying for, and do you have enough?
Consider your retirement savings – how you can continue to fund your retirement plan.
Make a debt repayment plan – focus on getting out of debt in 2023.
Review your investment portfolio – reduce your portfolio’s risk exposure to what you want.
Consider your estate planning needs – prioritize getting your documents in place.
Review your credit report to ensure there’s no fraudulent activity.
Take advantage of tax-saving opportunities – be proactive with your contributions and donations.

Tweetable Quotes:

“It would be good to begin the year understanding what you’re spending and what you want to be your goal as you get closer to or in retirement.”- Radon Stancil
“Assessing that current financial situation is going to be the best first step to help you start thinking about what you want to do in 2023.”- Murs Tariq

Resources:

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

Looking Back - Taxes - Retirement Planning – Annuities Dec 26, 2022

Show notes

We’ve come to the end of the year! It was a fun-filled year with quite an unpredictable market, but we made it.

In this episode of the Secure Your Retirement podcast, we will cover three main topics we’ve covered throughout the year. We discuss the episodes focusing on tax planning, retirement planning, and annuities. Listen in to learn why you should ensure your financial advisor and CPA are connected and working together as a team.

In this episode, find out:

The best resources for taxes – episode 185 with Steve Jarvis to get you thinking about taxes.
Episode 163 – Steve Jarvis on his advice on Roth conversions.
Episodes 184 & 158 – Connecting financial and tax planning and not thinking about them separately.
Episode 161 – Required Minimum Distributions (RMDs) and Qualified Charity Distributions (QCDs) strategies.
Episode 182 –Three questions to ask yourself about your retirement planning.
Episode 180 – How to navigate the federal reserves and inflation.
Episode 177 – Explaining the idea around Medicare part B & D surcharges that we can have (IRMAA).
Episode 157 – Detailing the retirement bucket strategy and how we help our clients.
Episode 146 – How to have a risk-adjusted portfolio and how we do it.
Episode 153 – Bonds versus bond alternatives concept and the conversation around it.
Episode 187 – Fixed annuities- best rates in over a decade.

Tweetable Quotes:

“No matter what your situation is and what you might be doing, make sure your financial advisor and CPA/tax preparer are working together.”- Radon Stancil
“Fixed index annuities have the ability to provide the guarantees that the market cannot.”- Murs Tariq

Resources:

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

MAGI Versus AGI - What is the Difference? Dec 19, 2022

Show notes

Do you know the difference between Adjusted Gross Income and Modified Adjusted Gross Income? Are you aware of how they affect your tax bracket and Medicare charges?

Understanding the difference between AGI and MAGI and having conversations about them with your financial advisor will help you manage your taxes and IRMAA efficiently. The “looking forward tax planning” strategy is about helping you save money.

In this episode of the Secure Your Retirement podcast, we discuss the difference between AGI (Adjusted Gross Income) and (Modified Adjusted Gross Income) and why you need to know it. Listen in to learn about examples of numbers, how they change, and how you can prepare prior.

In this episode, find out:

How the Modified Adjusted Gross Income can affect your IRMAA surcharges.
Understanding how we look and arrive at Adjusted Gross Income (AGI).
The things added to arrive at the Modified Adjusted Gross Income (MAGI).
Understanding the tax code will make you efficient in the different tax things you can do.
How smart tax planning can save you Medicare premium surcharges.
Think and prepare for AGI & MAGI to avoid the negative effects if you’re at Medicare age.

Tweetable Quotes:

“Your Adjusted Gross Income (AGI) ultimately is what is going to determine where you fall as far as the tax bracket goes.”- Murs Tariq
“You might be able to have some forward thinking and start to think about this and have that conversation with your financial advisor or CPA.”- Radon

Resources:

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

Andrew Opedyke - The Economic Update For 2022 Dec 12, 2022

Show notes

Looking for an Update for what's been happening during 2022 and what's going to happen in 2023? How about inflation and recession? Will we see a recession in 2023? What has the Federal government been doing? When interest rates rise, does the economy absorb it?

The Federal government has raised interest rates very quickly this year. What about the coming year? How are the elections affecting our economy?

In this episode of the Secure Your Retirement podcast, we have Andrew Opdyke, a Certified Financial Advisor, Economist at First Trust Advisor. Listen in to learn the primary reasons why the present and future economy can be less stressful in your retirement plan.

In this episode, find out:

● Learn how the prices we see today are not as they seem.

● Is the peak of interest rates going to get even higher?

● Have we seen a recession and if so, what is the future going to look like?

● What leads to the slowdown of the economy?

● How was the economy affected by Covid and will it change?

Tweetable Quotes:

● “Inflation is the name of the game and when can they stop reacting to it”- Andrew Opdyke

● “What is the federal government going to do to get us back to normalcy and how long is that going to take?”- Murs Tariq

● “A central theme for 2023 is going to be bear market rallies” -Andrew Opdyke

Resources:

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

Fixed Annuities - Best Rates in Over a Decade Dec 05, 2022

Show notes

Looking for a positive during this current negative high-interest rate market? How about looking into fixed index annuities? We’re experiencing the best interest rates environment that we have witnessed in the fixed annuities arena in over ten years.

A fixed index annuity is an insurance product that acts as a bond alternative with a protected principle by the insurance company. Annuities are even more attractive today than ever as markets, including the typically safe bond market, turn volatile.

In this episode of the Secure Your Retirement podcast, we discuss fixed index annuities and why they’re the best bond alternatives in the current volatile market. Listen in to learn the primary reasons why someone would consider a fixed index annuity in their retirement plan.

In this episode, find out:

Fixed index annuity – the bond alternative that offsets the equity side of the market.
A fixed annuity can provide a lifetime income similar to a pension.
A point-to-point method – how to calculate a fixed annuity interest from beginning to end.
How a fixed annuity protects you from downside loss of principle.
Why the fixed index annuity is a more attractive alternative to bonds in the next ten years.
The surrender charge schedule – the time you commit your money to an insurance company.
Understanding what it means to have money in a fixed index annuity from a restrictive point of view.

Tweetable Quotes:

“The bond side of the market, which is supposed to be our safety net, is very volatile.”- Murs Tariq
“If the fixed index annuity is down, you don’t make any money, but you also don’t lose any money.”- Radon Stancil

Resources:

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

Structured Notes - Frequently Asked Questions Nov 28, 2022

Show notes

Have you heard about structured notes, and what questions do you have about them?

Structured notes are issued by a bank to perform in either the risk management growth or income categories. A bank looks at elements such as interest rates, volatility in the market, and some indices before issuing structured notes.

In this episode of the Secure Your Retirement podcast, we talk about structured notes, what they are, how they work, and their purpose over a glass of cabernet sauvignon wine. Listen in to learn about the coupon and principal barriers and how we work to minimize the risk.

In this episode, find out:

How structured notes are built to give us risk management growth or income.
How the bank issues structured notes and the risk attached to the bank you choose.
How we build structured products to minimize the risk occurring to less than 10%.
How the coupon barrier works and protects you from losing your principal.
Why we have to think about the issuing bank and barriers regarding structured notes risks.
Factors to consider before buying or selling structured notes to avoid losing money.
What it means for the structured notes to be “called” and how we work around that.
Why the availability and affordability of structured notes make them good tools during volatility.

Tweetable Quotes:

“Structured notes are structured to give us risk manage growth or income.”-Radon Stancil
“On the principal barrier, the only way you can lose money in this structured note is at the end of the term, not on the month.”- Murs Tariq

Resources:

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

Steven Jarvis, CPA - 2022 End-of-Year Tax Strategies Nov 21, 2022

Show notes

What should you be thinking about or doing with your tax planning as we approach the end of the year? Planning your taxes ahead of April is a great way to make the process more efficient.

When it comes to tax planning, the earlier you can do it outside of April, the more things you can get done. Some of the things you should be looking into include RMDs and QCDs, which depend on the situation or age.

In this episode of the Secure Your Retirement podcast, we have Steven Jarvis, a CPA, owner of Retirement Tax Services, the host of Retirement Tax Podcast, and is very knowledgeable in tax planning. We discuss QCDs, standard deductions, Roth conversions, and much more.

In this episode, find out:

Why these last months of the year are a great time to check on your taxes before April.
Things to check on before the year ends to avoid tax interests and penalties.
How QCDs allow you to give to charity without taxation and should be done by the end year.
The advantages of doing QCDs if you’re charity inclined and over the age of seventy and a half.
Understanding the standard deductions and how to save on taxes when donating to charity.
The difference between a Roth conversion and contribution and how to do them correctly.
The advantages of a Roth account in giving tax savings and flexibility.
How taxes are paid on Roth conversions, depending on age and situation.
Why the inflation reduction act doesn’t directly impact your taxes.

Tweetable Quotes:

“Tax planning should be a conversation we have thirteen months of the year.”- Steven Jarvis
“Taxes should go into our considerations; they should not be the primary reason we do something.”- Steven Jarvis

Get in Touch with Steven:

Website: https://retirementtaxservices.com/
LinkedIn: https://www.linkedin.com/in/steven-jarvis-cpa-ba91aa23/

Resources:

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

Tax Planning Should Be a Part of Your Retirement Plan Nov 14, 2022

Show notes

Who wants to pay taxes? It’s impossible to avoid paying taxes altogether; what we can do is be more efficient with them.

Tax planning is an essential part of your retirement plan. To plan tax efficiently in your retirement, you have to understand all the different investments you’ve accumulated and the different types of tax structures to them.

In this episode of the Secure Your Retirement podcast, we discuss why tax planning should be a part of your retirement plan. Listen in to learn why the Roth IRA account is powerful when it comes to tax planning compared to the traditional IRA account.

In this episode, find out:

The importance of understanding your different types of accounts to help make tax planning efficient.
Understanding how much of your social security income is taxable annually.
If possible, ensure no other income coming in is taxable when taking social security income.
The difference between how the traditional IRA and Roth IRA are taxed.
The Roth conversion strategy and the tax planning that goes into making it a success.
Understanding how the cash in the bank and brokerage accounts are taxed.

Tweetable Quotes:

“Understanding the accounts is the first major part of it and where and how can you be taxed in retirement.”- Murs Tariq
“What’s really an important thing when it comes to tax planning is that we do it in advance.”- Radon Stancil

Resources:

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

Having a Fun Fund in Retirement Nov 07, 2022

Show notes

Have you ever thought about incorporating a fun fund into your retirement spending plan? How realistic is it to do the fun things you want to do and for the time you want to do them after retirement?

A fun fund is an extra fund that’s added to your retirement spending fund categories as part of your basic wants after retirement.

In this episode of the Secure Your Retirement podcast, we talk about the categories of retirement spending and the importance of having a fun fund. Listen in to learn why it’s important not to overstate certain things in your retirement plan to avoid a snowball effect.

In this episode, find out:

Three simple categories of a retirement plan; essential income needs, wants, and legacy/gifting.
Essential income needs – the basic things you need to stay relatively happy.
The wants – the things you want out of retirement.
The legacy/gifting – allocating some funds to give away if you can.
How we analyze retirement spending and inflate the basic wants.
The fun fund – an extra fund from your retirement spending plan to support fun activities.
The difference between a fun fund running for 10 years and that running until the end of life.

Tweetable Quotes:

“Running a fun fund does not tax your overall retirement plan that much.”- Radon Stancil
“We take essential income needs, wants, and legacy/gifting together and they work really well to create a spending plan for retirement.”- Murs Tariq

Resources:

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

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