Big Picture Retirement

In today's encore episode, we're talking about how to avoid the six most common Social Security mistakes. Some of these mistakes can be easily corrected. However, others can result in long-term or even permanent damage.  In today's episode, John and I talk about: Small missteps that cause overpayment notices Miscalculating spousal and survivor benefits Avoidable earning’s record errors The Social Security tax bomb Relying on the SSA for your advice Using software to make decisions  Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms. Contact Devin’s team at https://www.carrolladvisory.com/ Contact John’s team at https://www.rossandshoalmire.com/

Another special encore episode just in time for year end. Managing taxes in retirement may have a greater impact than any other single cost-saving measure you take. Today, we're replaying our epsiode with Andy Panko for a discussion into tax loss harvesting, and one that doesn't get a lot of attention...tax GAIN harvesting.  Visit Andy's Facebook group Taxes In Retirement https://www.facebook.com/groups/495122561395942  Listen to Andy's podcast Retirement Planning Education at https://podcasts.apple.com/us/podcast/retirement-planning-education-with-andy-panko/id1605251516  Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms.  Contact Devin’s team at https://www.carrolladvisory.com/  Contact John’s team at https://www.rossandshoalmire.com/ 

Today we're bringing back a fan favorite from 2022. The Fine Print of Beneficiary Designations. This is something that seems straightforward at first glance - just fill out a form naming the people you wish to inherit your account in the event that you pass away.  Seems simple enough, right? What lurks in the background is some nuance contained within these designations that may result in unexpected outcomes. Two examples: -Not properly designating per stirpes vs. pro rata can actually lead to accidentally disinheriting members of your family that you had NO intention of cutting out -Leaving a trust as the beneficiary can be the perfect solution or the worst solution (depending on the language in your trust) In this episode, John and Devin discuss how to ensure your assets will be passed in accordance with your desires (without leaving a tax bomb as a parting gift).  If you’re thinking "I love the Big Picture Retirement podcast” please consider rating and reviewing this show! This helps us support more people

Today we're bringing back one of our most downloaded episodes: The Three Reasons for Roth Conversions.  We released this back in May of 2023 and it’s already shot up to be one of the most listened-to episodes we’ve ever recorded. That’s really no surprise because Roth conversions have become a hot topic, and for good reason too. After paying taxes for all the years you’ve worked, who doesn’t want to try to reduce the taxes they’ll pay in retirement? But…a Roth conversion doesn’t make sense for everyone and after reviewing hundreds of Roth conversion plans, we've observed three primary reasons why a Roth conversion may be beneficial. In this episode, we'll explore each of these reasons. If you’re thinking "I love the Big Picture Retirement podcast” please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to

In today's episode, we discuss an eye-opening study from Vanguard, a leader in the DIY investing space. In this report, they cover how partnering with a financial advisor could potentially amplify your average annual return by a notable 3%. (Hint…it’s more than just “doing your investments.”) We'll break down the methodology behind this report and explore the nuances of the value an advisor brings to the table. To get on the same page, you can find the report here: https://advisors.vanguard.com/insights/article/putting-a-value-on-your-value-quantifying-adv isors-alpha If you’re thinking "I love the Big Picture Retirement podcast” please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast. We’re a

In 2021, the Corporate Transparency Act (CTA) was enacted with the goal of unveiling hidden ownership structures and counter illicit financial undertakings. Yet, while its implications are far-reaching, the conversation has largely missed a pivotal audience: owners and operators of LLCs and small businesses. These groups, despite being at the heart of the Act's purview, have received little guidance or clarity on the changes ahead. With the CTA's effective date of January 1, 2024, rapidly approaching, the need for understanding and preparation has never been more pressing. In this episode, we dive deep into the CTA’s impact on LLCs and small enterprises. If you’re thinking "I love the Big Picture Retirement podcast” please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most

In this episode, we open the phone lines and talk directly with our listeners to answer their burning questions. Kristen from California is at a crossroads post-retirement. At 61, she's contemplating drawing from her Social Security benefits but is held back by the perplexing windfall provision. Dive in as we shed light on its legislative history and the possible shift to the Public Servant Fairness Formula. Blair in Florida, a proud dual citizen of Canada and the U.S., kicks off his call with some heartwarming appreciation for hosts John and Devin. Then he brings out an intricate issue surrounding the Social Security Totalization agreement and pensions from both countries. Get ready for a deep dive into international pensions, the windfall elimination provision, and the labyrinth of filling out the right forms. Chris from Arizona calls in with a dilemma on Roth conversions while juggling medical subsidies. And then last but certainly not least... Bill from Nevada seeks guidance on maximizing survivor benefit

For countless retirees, the greatest challenge isn't saving money, but spending it. After years of diligent saving, the transition to drawing down those hard-earned funds can be fraught with anxiety and uncertainty. But what if there was a way to ease this tension? In this episode, we explore the often unexpected emotional hurdles of retirement spending and reveal the antidote: a well-defined plan. With the right roadmap, retirees can grant themselves permission to spend, savoring the fruits of their labor with the confidence that their financial future remains secure. Join us as we share real-life stories of this struggle and offer insights into crafting a plan that truly brings peace of mind If you’re thinking "I love the Big Picture Retirement podcast” please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be

In this episode, we open the phone lines and talk directly with our listeners to answer their burning questions. Suzanne's Dilemma - Suzanne from California is on the brink of retirement and finds herself at a crossroads regarding her Social Security collection and marriage. With a mix of emotions, financial goals, and intricate social security rules, we navigated her through her options and potential benefits.   Richard's Inquiry - Richard from Massachusetts brought up a probing question about the SECURE Act, specifically regarding the 10-year rule for inherited IRAs. We got into the nuances of how the rule works, ensuring clarity for Richard and others in similar situations.   Sandra's Charity Vision - Sandra from West Virginia had a query about transferring money from her IRA directly to a charity, tax-free. Our hosts unveiled the benefits of the qualified charitable deduction and took a light-hearted detour discussing the evolution of church donation practices in recent years.   Mike's Calculation - 

In today's episode, Devin and John answer a few questions from listener's voicemails! Join us as we dissect these questions, providing you with actionable insights and strategies to give you clarity and confidence about your retirement.

In this episode, we dive into the real worth of a financial advisor. If they're only offering investment management or just lightly touching upon financial planning, is that 1% fee justifiable? Then Devin and John talk about the evolution of how compensation for advice has changed – from its commission-based roots to percentage-based asset management fees, and now, towards the emerging trend of flat fee charges. If you’re thinking "I love the Big Picture Retirement podcast” please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now! Want to ask Devin or John your question? Just visit ht

In this episode, John dives deep into the intricacies of charging orders for LLCs. If you own an LLC, what happens when there's a personal judgment against you? How do state laws influence the level of protection? Many view LLCs as a protective measure, especially when holding valuable assets like real estate. Yet, while these structures are designed to offer a shield, are there circumstances where one's personal liabilities can affect their business assets? From understanding the foundational purpose of an LLC to discussing the nuances of outside liabilities, we tackle all these questions and more. If you’re thinking "I love the Big Picture Retirement podcast” please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode! Also, if you haven’t done so already

In this episode, we open the phone lines and talk directly with our listeners to answer their burning questions.   Mark from Maryland starts us off, delving into the graduated progression of taxation. Devin sheds light on the historical backdrop and the ongoing challenges of the Social Security Trust Fund, underscoring the reverberations of past political decisions. Lola from Kansas grapples with the optimal timing of her Social Security benefits claim, juxtaposed against the future of her Medicare once her husband steps into retirement. Devin and John unpack the intricacies of Medicare, particularly when transitioning from an employer offering continued health insurance. Carolyn from North Carolina seeks clarity on the often-misunderstood spousal benefit. Devin elucidates the disparities in benefits between higher earning spouses and their lower or non-earning counterparts. Lastly, Kevin from Indiana, on the brink of his retirement in March, is on the lookout for guidance on navigating his debt, his 457 plan

Is it possible that Roth IRAs will be taxable in the future?  Could they change the rules and start including the distributions from a Roth as part of your taxable income?  If you’re thinking "I love the Big Picture Retirement podcast” please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast! We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now! Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and look for the tab on the right side that says “Send A Voicemail.”  Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms

In this episode, we dive into the recent IRS revenue ruling that has the financial and estate planning communities buzzing. The possibility that trust accounts may no longer benefit from a step-up in basis has caused some panic among individuals who have used trust planning as the cornerstone of their estate plans. For decades, the step-up in basis has been a cornerstone of estate planning, allowing assets to pass on to heirs with a new cost basis set at the date of the original owner's death. But what does this new ruling mean for the future of estate transfers, wealth management, and tax implications? Join us as we unpack: A brief history of the step-up in basis and why it’s significant. An overview of the IRS revenue ruling in question. Potential implications for trust accounts and their beneficiaries. If you're trying to understand what this could mean for your family's future, this episode promises to shed light on a topic that could reshape the estate planning landscape. If you’re thinking "I love the

In today's episode, Devin and John answer a few questions from listener's voicemails. Here's a glimpse of what we discuss: Carol wonders if her husband can start collecting Social Security on her benefits, despite her already receiving hers. Cynthia brings a multifaceted query on government pensions, deceased spouse benefits, and the intricacies surrounding her mother’s and stepfather’s financial landscape. Michael seeks clarity on the Secure Act 2.0, especially regarding Qualified Charitable Distributions (QCD) and their tax implications. Clark delves into the optimal timing for claiming his Social Security benefits, while navigating the complex considerations surrounding retirement investment strategies and market dynamics. Bobby is curious about the specifics of the full retirement age year and its timeframe. In another call, Michael navigates the transition from SSI to Social Security for a disabled adult and the health insurance implications involved. Lilo ponders the transition between spousal benefits

 In today's episode, Devin answers some of the most common questions he receives. What's the most common age to file for Social Security? Social Security Income Limit: Single or Joint Income? Full Retirement Age Increasing to 70? Spousal Benefits Calculation Can I undo a Roth Conversion? If you’re thinking "I love the Big Picture Retirement podcast” please consider rating and reviewing this show! This helps me support more people -- just like you -- move toward a confident retirement. Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now! Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and look for the tab on the right side that says “Send A Voicemail.”  Although

Loaning money to family and friends can be seen as a generous act when they're caught in a financial crunch. However, such acts often come with a caveat - they tend to ruin relationships. If you're diligent about saving money, it's probable that your friends and family members will be aware of this fact, even if your lifestyle isn't extravagant. Consequently, you may find yourself being viewed as a potential provider of funds for others' financial emergencies or poor financial planning. In this episode, we'll guide you on navigating these tricky discussions and share our insights drawn from objectively monitoring such loans. If you’re thinking "I love the Big Picture Retirement podcast” please consider rating and reviewing this show! This helps me support more people -- just like you -- move toward a confident retirement. Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode! Also, if y

Description: In this episode we dive into a recent eye-opening report from the Center for Retirement Research. The data reveals a surprising disconnect: while a significant number of pre-retirees remain nonchalant about their retirement, their current savings are far from adequate to support their post-retirement lifestyle. As anxiety and fear disorders are soaring to all-time highs, it's perplexing that the future uncertainty of retirement isn't triggering more concern. Could this be a symptom of avoidance?  Join us as we unpack these findings and offer actionable insights to help you on the road to a worry-free retirement If you’re thinking "I love the Big Picture Retirement podcast” please consider rating and reviewing this show! This helps me support more people -- just like you -- move toward a confident retirement. Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode! Also, if yo

In this episode we tackle the topic of Indexed Universal Life Insurance (IUL), a product often peddled by salespeople as the ultimate retirement solution. However, is all as it seems? We're delighted to welcome guest expert Andy Panko of Tenon Financial and host of the Retirement Planning Education podcast. Together, we dissect the IUL strategy, shedding light on the hidden truths and outright falsehoods often used in selling these products. Join us as we debunk myths, clarify complexities, and equip you with the knowledge to make informed decisions.  Visit Andy’s firm at https://tenonfinancial.com/, listen to his podcast at https://retirementplanningeducation.com/podcast, and visit his site where he walks through his personal experience with an IUL policy at https://theiulexperiment.com/ If you’re thinking "I love the Big Picture Retirement podcast” please consider rating and reviewing this show! This helps me support more people -- just like you -- move toward a confident retirement. Just scroll down to the