Big Picture Retirement

In the world of estate planning, words hold immense power. Does your estate plan have a definitions page that clearly defines the key terms? If not, there could be massive issues down the road. 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! 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/  Also, be sure to joi

Retirement is often seen as a time of financial stability, but for many people, it can come with several surprises. Here are five retirement surprises you should be aware of, along with examples of how they can impact your retirement strategy. 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 this show does not provide specific tax, legal, or financ

In this episode, John and Devin dive into some of the nuances of inheritance planning, particularly when it comes to setting up trusts for children. As is the case with most important things, there are lots of hidden "gotchas" that can have unintended consequences. 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 this show does not provide specific

Devin shares a personal story of how technology and a professional's inability to interpret the output of that technology led to financial and psychological consequences. The experience was as eye-opening as it was terrifying and taught Devin a valuable lesson about the importance of second opinions and the limitations of relying solely on technology or established routines. Devin's story doesn't stop at the medical mishap. Drawing parallels with the financial advisory industry, he discusses his dissatisfaction with financial advisors who are heavily reliant on software and fail to understand the nuances of the data output. He raises thought-provoking questions about the over-reliance on technology in today's world and emphasizes the importance of truly understanding the tools we use, whether it's an EKG machine or a financial planning software. 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 -- m

Navigating the Social Security filing process as a single individual can be a daunting task. The considerations you need to make differ from those of married couples. In this episode, we aim to simplify this process and provide you with the essential information you need before filing for Social Security. Reasources mentioned in this episode: SSI Blog: Survivors’ Benefits: Exceptions to the Marriage Length Requirement -  https://www.socialsecurityintelligence.com/survivors-benefits-exceptions-to-the-marriage-length-requirement/ Retirement Budget Calculator - https://www.carrolladvisory.com/retirement-budget/  Break Even Calculator - https://www.socialsecurityintelligence.com/calculators/social-security-break-even-calculator/ 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, an

In this week's episode of the Big Picture Retirement podcast, we dive deep into the world of Direct Indexing. As a fairly new approach in the investment ecosystem, it promises tailored portfolio customization and potentential tax optimization. But are these benefits worth the potential pitfalls and complexities? Today Devin is joined by Alec and Alexander, two members of the advisory staff at Carroll Advisory group to discuss the ins and outs, the pros and cons, and whether this new investment strategy fits into your retirement plan. Tune in to make sure you're not missing out on the next big thing in retirement planning or avoiding a potential misstep. 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

The sequence that you use to withdraw your money in retirement can make a massive difference in the amount of taxes you pay AND how long your money lasts. In today's episode, we're talking about an alternate way to think about taking withdrawals that very few people are talking about. If you’re thinking about retiring, or you’ve just retired, you’re going to be glad you listened to this episode. 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:/

Roth conversions have become a trending topic, and for good reason. After paying taxes throughout one's life, it's desirable to strategically reduce taxes during retirement, if feasible. Nevertheless, the viability of a Roth conversion depends on individual circumstances, 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 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 as

While divorce may mark the end of a marriage, it is also a critical juncture in a person's financial and estate planning, as it can significantly impact their future wealth, retirement, and inheritance. In this context, divorce attorneys who fail to consider the bigger picture of estate and financial planning may unwittingly leave their clients vulnerable to financial pitfalls and missed opportunities.  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

Saving for retirement is a lifelong process that unfolds through various stages. While the steps may differ based on individual circumstances, a general framework can be outlined. Each stage requires a different approach to ensure a secure and comfortable 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 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 specif

"Is a reverse mortgage a good idea? It could be but there are certainly some pros and cons to think about before signing those papers. In today's episode, we break down what you should know." 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 this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through the

The calculation the IRS uses to determine how you pay taxes on retirement income creates a danger zone where taxes can be SIGNIFICANTLY amplified. If you fall into this danger zone, you could pay a MUCH higher tax rate on your retirement income. 

The big news lately has been about bank failures. Since the banking industry is closely tied to the investment business, this has raised the question, “Are my investments safe? What happens if my brokerage company or asset custodian goes out of business?" In today's episode we'll dive in and tell you what is, and what is not, covered. 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 tha

For those with a pension, the retirement planning decision is not as cut-and-dried as it seems on the surface. Should you take a lump sum, should you wait about taking it, and what are the rules specific to your pension plan? In today’s episode we’re joined by Jeremy Keil from the Retirement Revealed podcast to discuss some of the most important points to consider when making this decision.  Find the Retirement Revealed podcast at https://keilfp.com/blogpodcast/  Jeremy’s podcast episode covering how to decide between a lump sum vs monthly payments. https://keilfp.com/blogpodcast/get-the-most-from-your-pension-lump-sum-or-monthly-annuity/   

Every year, the "Dirty Dozen" list is compiled to warn taxpayers of common scams that they may encounter at any time. However, many of these fraudulent schemes tend to increase during the tax filing season when individuals are preparing their tax returns or seeking professional assistance. It is crucial to remain vigilant and avoid falling victim to these scams. 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 th

For many people, the thought of retirement brings up images of relaxation and happiness. However, retiring can also be a time of great challenge. In this episode, we'll discuss the four major challenges that retirees face and provide actionable tips for overcoming them. 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 this show does not provide

In this episode, we explore the rapidly evolving field of AI and its potential impact on the world of professional advising. Can a machine like ChatGPT truly replace the expertise and personal touch of a human advisor? Today we put AI to the test.  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 this show does not provide specific tax, legal, or f

Answering listener questions is becoming our favorite episode to record. Today we go back to the voicemail to answer several questions on Social Security.  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.  Contact Devin’s team at https://www.carrolladvisory.com/  Contact John’s team at https://www.rossandshoalmire.com/ 

Finding the right tax advisor can be a frustrating experience. Today, we talk to Steven Jarvis, CPA about the steps you should take when looking for a new advisor to help you with taxes.  Steven is the owner of Retirement Tax Services and aims to bridge the gap between tax professionals, financial advisors, and their mutual clients to help reduce most people's largest expense in retirement: taxes! You can also find him (along with past guest Benjamin Brandt) on his podcast The Retirement Tax Podcast. 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.  Contact Devin’s team at https://www.carrolladvisory.com/  Contact John’s team at https://www.rossandshoalmire.com/ 

Today we go to the voicemail and answer some of our listeners questions. If you want to leave ask a question, visit https://www.bigpictureretirement.com/ and look for the tab on the right-hand 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.  Contact Devin’s team at https://www.carrolladvisory.com/  Contact John’s team at https://www.rossandshoalmire.com/