Teaching you all about IRAs & Roth IRAs, employer retirement plans, taxes, Social Security, Medicare, portfolio withdrawal strategies, annuities, estate planning and much more!
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Andy summarizes the tax-related concepts to know when giving to charities, and summarizes a few ways in which to make your charitable donations as tax-efficient for you as possible Links in this episode: IRS Publication 526 - here My YouTube video - How to Give to Charities Tax Efficiently My YouTube video - Overview of Federal Income Taxation Teno…
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#114 – Retirement planner chat, with me...Andy Panko from Tenon Financial
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We're switching things up a bit! In this week's episode, guest host Mike Powers (from Manuka Financial; was a previous guest on the podcast) chats with the show's host, Andy Panko from Tenon Financial. In the episode, they talk about a wide array of retirement planning topics and Andy's view and approach toward them, such as tax planning, distribut…
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#113 - Q&A edition...how to find a retirement tax planner, Medicare premium surcharges, bullet maturity bond ETFs and MORE!
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Listener Q&A where Andy talks about: Can you retroactively increase your income for a prior tax year ( 2:37 ) How to find a retirement planning tax specialist ( 8:16 ) How the Medicare IRMAA premium surcharge income lookback works ( 17:24 ) Determining how much mega back door Roth contributions to do ( 22:02 ) Is it okay to employ your child part-t…
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Andy chats with a real person (not an advisor) doing their own retirement planning. In this episode, Andy talks with Jane (an anonymous name). They talk about a wide array of retirement planning topics such as when she started getting serious about retirement planning, what she wishes she would have known earlier, what she learned from seeing her p…
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#111 – Retirement planner chat, with Victor Medina from Palante Wealth
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Andy chats with fellow retirement planner Victor Medina, CFP®, RICP®, CELA® from Palante Wealth. In this episode they talk about a wide array of retirement planning topics such as tax planning, distribution strategies, investing, annuities, long-term care insurance, how to help advise people who are spending more than planned, what consumers often …
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I'm a buffoon and I missed including another important pro of doing an employer plan-to-IRA rollover in episode #110's list of pros and cons of rollovers. The additional potential pro is the ability to do Qualified Charitable Distributions ("QCDs") out of the IRA if you're at least 70 1/2 and charitably inclined. So, the recap the full list of pros…
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#110 - Pros and cons of rolling over employer plans [like a 401(k)] to an IRA
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Andy summarizes the pros and cons of rolling over an employer plan (such as a 401(k), 403(b), 401(a), 457 or the federal Thrift Savings Plan) to an IRA or Roth IRA. To sum up: Potential PROS of rolling over an employer plan to an IRA or Roth IRA: More investment options Likely lower fees and costs Access to professional advice Better control over t…
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#109 - Q&A edition...how to know if your 401(k) is good, how much tax to withhold from Social Security, should you invest in International stocks and MORE!
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Listener Q&A where Andy talks about: How to know if your 401(k) is good ( 5:57 ) Is it safer to bank at multiple banks instead of just one ( 14:33 ) How much tax should you withhold from your Social Security ( 21:10 ) Whether each spouse needs to take out excess Roth IRA contributions if only one spouse's income put their Married Filing Joint total…
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#108 – Retirement planning chat with "real" people, Ali & Alison Walker
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Andy chats with real people (not advisors) doing their own retirement planning. In this episode, Andy talks with Ali & Alison Walker, who live in Arizona currently but lived and traveled abroad for a few years after retiring. They talk about a wide array of retirement planning topics such as when Ali & Alison started getting serious about retiremen…
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#107 – Retirement planner chat, with Mike Powers from Manuka Financial
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Andy chats with fellow retirement planner Mike Powers, CPA, PFS, CFP®, from Manuka Financial. In this episode they talk about a wide array of retirement planning topics such as tax planning, distribution strategies, investing, annuities, long-term care insurance, how to help advise people who are spending more than planned, what consumers often ove…
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Andy talks about the main points to consider when deciding when to start your Social Security retirement benefits Links in this episode: Tenon Financial June 2024 newsletter discussing how to optimize your Social Security claiming decision - here Retirement Planning Education June 2024 blog discussing how to optimize your Social Security claiming d…
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#105 - Q&A edition... having mortgages in retirement, understanding Medicare coinsurance, when to consider long term care insurance and MORE!
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Listener Q&A where Andy talks about: Whether or not it's okay to have a mortgage or rent in retirement ( 1:56 ) Medicare Part B coinsurance of 20% and whether Medigap/Supplemental policies are worth it ( 8:50 ) How much money is TOO MUCH money to have in a Health Savings Account ( 13:50 ) If I've changed any of my views or processes around retireme…
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#104 – Retirement planning chat with a "real" person, Laura Maione
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Andy chats with a real person (not an advisor) doing their own retirement planning. In this episode, Andy talks with Laura Maione, who lives in Illinois and retired during the pandemic. They talk about a wide array of retirement planning topics such as when Laura started getting serious about retirement planning, what she wishes he would have known…
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#103 – Retirement planner chat, with Angie Furubotten-LaRosee from Avea Financial Planning
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Andy chats with fellow retirement planner Angie Furubotten-LaRosee CFP®, from Avea Financial Planning. In this episode they talk about a wide array of retirement planning topics such as tax planning, distribution strategies, investing, annuities, long-term care insurance, how to help advise people who are spending more than planned, what consumers …
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Andy gives a summary of the key takeaways from the recently released 2024 Social Security Trustees Report Links in this episode: The 2024 Social Security Trustees Report - here The "Summary of Provisions That Would Change the Social Security Program" - here Tenon Financial monthly e-newsletter - Retirement Planning Insights Facebook group - Retirem…
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#101 - Q&A edition...Choosing a custodian, 401(k) contribution limits, gift tax exclusion limits and MORE!
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Listener Q&A where Andy talks about: How to choose a brokerage firm/custodian to use ( 3:00 ) How frequently to rebalance your portfolio ( 11:46 ) Annual 401(k) contribution limits between employee and employer contributions ( 14:55 ) Understanding gift taxes, when a gift tax return is required, the lifetime gift/estate size exemption and the annua…
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#100 – 100th episode celebration!!! Andy's 100 words of retirement planning wisdom
1:30:56
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Thank you for your support through 100 episodes!!! 🥳 To celebrate the milestone of the 100th episode, Andy shares his 100 best bits of retirement planning wisdom, broken up into 10 topics of 10 pieces of wisdom each. The 10 topics are: 1) Investments, 2) Social Security, 3) Medicare, 4) Taxes, 5) Estate & Legacy Planning, 6) Annuities & Life Insura…
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#099 – Retirement planning chat with a "real" person, Al DiSalvio
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Andy chats with a real person (not an advisor) doing their own retirement planning. In this episode, Andy talks with Al DiSalvio, who lives in New Jersey and plans on retiring in 2025. They talk about a wide array of retirement planning topics such as when Al started getting serious about retirement planning, what he wishes he would have known earl…
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#098 – Retirement planner chat, with Lauren Hunt from Daybreak Wealth Management
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Andy chats with fellow retirement planner Lauren Hunt, CFP®, from Daybreak Wealth Management. In this episode they talk about a wide array of retirement planning topics such as tax planning, distribution strategies, investing, annuities, long-term care insurance, how to know when someone has "enough" to retire, what consumers often overlook in reti…
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Explanation of the Required Minimum Distribution ("RMD") rules for inherited IRAs Links in this episode: The IRS's Single Life Expectancy Table Charles Schwab's Inherited IRA Withdrawal Rules Tenon Financial monthly e-newsletter - Retirement Planning Insights Facebook group - Retirement Planning Education (formerly Taxes in Retirement) YouTube chan…
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#096 - Q&A edition...US government debt concerns, Health Savings Accounts, how to estimate taxes and MORE!
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Listener Q&A where Andy talks about: Am I concerned about the increasing amount of US government debt, and how do I think it will impact retirees' investments ( 1:32 ) Are there any custodians that offer Roth versions of SEP IRAs ( 16:58 ) Is there a simple way to estimate what your total taxes will be for the year ( 19:28 ) Could it make sense to …
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#095 – Retirement planning chat with a "real" person, Judy Ocaya
1:23:22
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Andy chats with a real person (not an advisor) doing their own retirement planning. In this episode, Andy talks with Judy Ocaya, who lives in California and retired in 2019. They talk about a wide array of retirement planning topics such as when Judy started getting serious about retirement planning, what she wishes he would have known earlier, how…
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#094 – Retirement planner chat, with David and Mary Oransky from Laminar Wealth
1:25:49
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Andy chats with fellow retirement planners Devin Oransky and Mary Oransky, from Laminar Wealth. In this episode they talk about a wide array of retirement planning topics such as tax planning, distribution strategies, investing, annuities, long-term care insurance, how to know when someone has "enough" to retire, what consumers often overlook in re…
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#093 – Advisory fees...the good, the bad, the ugly
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Discussion of the different ways in which advisory firms charge fees, why the percentage of assets under management fee is illogical and unfair, and what alternate fee structures may be less illogical and less unfair Links in this episode: FINRA's BrokerCheck - here My article about trying to quantify the "value" of advisory services - here Tenon F…
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Listener Q&A where Andy talks about: How to establish tax residence in a new state, and how to leave tax residence in your old state Carrying over capital loss deductions Minimizing or eliminating underpayment interest penalties by "annualizing" income using Form 2210 When in the tax return season should you file your return Is an advisory fee of 1…
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#091 – Retirement planning chat with a "real" person, Tom Santi
1:17:23
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Andy chats with a real person (not an advisor) doing their own retirement planning. In this episode, Andy talks with Tom Santi, who lives in Florida and is currently in a part-time/transitional work phase leading toward retirement. They talk about a wide array of retirement planning topics such as when Tom started getting serious about retirement p…
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#090 – Retirement planner chat, with Devin Carroll from Carroll Advisory Group
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Andy chats with fellow retirement planner Devin Carroll, from Carroll Advisory Group. In this episode they talk about a wide array of retirement planning topics such as tax planning, distribution strategies, investing, annuities, long-term care insurance, how to know when someone has "enough" to retire, what consumers often overlook in retirement p…
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#089 – Understanding the S&P 500 index and why it's NOT the right benchmark for your portfolio
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Explanation of what the S&P 500 index is, what it measures, how it works and why it's NOT the right benchmark to use for your portfolio and it's returns Links in this episode: Portfolio Visualizer website - here Tenon Financial monthly e-newsletter - Retirement Planning Insights Facebook group - Retirement Planning Education (formerly Taxes in Reti…
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#088 – Retirement planning considerations for women, with Laura Adams
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Andy talks with Laura Adams, author and host of the The Money Girl podcast, about retirement planning considerations and issues unique to women Links in this episode: Laura's website - https://lauradadams.com/ Laura's podcast - The Money Girl Laura's newsletter - The Money Stack Tenon Financial monthly e-newsletter - Retirement Planning Insights Fa…
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Listener Q&A where Andy talks about: The summary of the five different tax return filing statuses Whether a particular listener could file as Head of Household for his 22 year-old son in college How to get the 1099-INT form if you sold any I Bonds last year Whether you can still do a 2023 Roth conversion now, in February 2024 What to look for and a…
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#086 – Retirement planning chat with a "real" person, Bill Stevenson
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Andy chats with a real person (not an advisor) doing their own retirement planning. In this episode, Andy talks with Bill Stevenson, a married military retiree currently living in Hawaii. They talk about a wide array of retirement planning topics such as when Bill started getting serious about retirement planning, what he wishes he would have known…
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Andy chats with fellow retirement planner Brian Tegtmeyer, CFP®, from Truly Prosper Financial Planning. In this episode they talk about a wide array of retirement planning topics such as tax planning, distribution strategies, investing, annuities, long-term care insurance, how to know when someone has "enough" to retire, what consumers often overlo…
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Explanation of target date retirement funds and how they work, what their fees are, when they can make sense, pros and cons, etc. Links in this episode: Episode #060 of the Retirement Planning Education podcast about mutual funds Tenon Financial monthly e-newsletter - Retirement Planning Insights Facebook group - Retirement Planning Education (form…
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Listener Q&A where Andy talks about: For those who have solo 401(k) plans, when having to file Form 5500EZ is required What's tax gain harvesting and when it's beneficial How to select between online banks that offer high yield savings accounts Bonds vs bonds funds and what should be considered when figuring out how to invest the bond portion of yo…
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#082 – Retirement planning chat with a "real" person, David Folts
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Andy chats with a real person (not an advisor) doing their own retirement planning. In this episode, Andy talks with David Folts, a married retiree in Ohio. They talk about a wide array of retirement planning topics such as when David started getting serious about retirement planning, what he wishes he would have known earlier, how he planned for t…
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#081 – Retirement planner chat, with Larry Pershing from Optimum Retirement Planning
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Andy chats with fellow retirement planner Larry Pershing, CFP®, RMA® from Optimum Retirement Planning. In this episode they talk about a wide array of retirement planning topics such as tax planning, distribution strategies, investing, annuities, long-term care insurance, how to know when someone has "enough" to retire, what consumers often overloo…
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Summary of the December 29, 2023 The Wall Street Journal article, To Lower Your Taxes in 2024, Make These Moves Now. The article gives a handful of tips on how to reduce your taxes (not actually just in 2024; the tips in the article can apply to ANY year) Links in this episode: Tenon Financial monthly e-newsletter - Retirement Planning Insights Fac…
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You read that right...the Retirement Planning Education podcast is BACK! :-) New weekly episodes will begin Thursday, January 4th 2024. Be there or be square. Links in this episode: Facebook group - Retirement Planning Education (formerly Taxes in Retirement) YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)…
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Retirement Planning Education is going on hiatus. But hopefully I'll be back at making episodes again in the not too distant future! -Andy Links in this episode: The Retirement & IRA Show - https://www.theretirementandirashow.com/ Facebook group - Retirement Planning Education (formerly Taxes in Retirement) YouTube channel - Retirement Planning Edu…
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#079 – The non-financial or “softer” side of retirement planning, with Kevin Lyles (Part 2 of 2)
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Part 2 of 2 of my discussion with retirement coach Kevin Lyles where he shares his knowledge of planning for the “softer” side of retirement readiness through discussions about having meaning, purpose, fulfillment, etc. (original recording was from January 13 2021) Links in this episode: The Rock Retirement Club - www.RockRetirementClub.com Faceboo…
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#078 – The non-financial or “softer” side of retirement planning, with Kevin Lyles (Part 1 of 2)
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Part 1 of 2 of my discussion with retirement coach Kevin Lyles where he shares his knowledge of planning for the “softer” side of retirement through discussions about meaning, purpose, fulfillment, etc. (original recording was from January 13 2021) Links in this episode: The Rock Retirement Club - www.RockRetirementClub.com Facebook group - Retirem…
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#077 - Understanding cash value life insurance and how it's sold, with Kevin Lao
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Andy and Kevin Lao from Imagine Financial Security discuss when cash value (aka permanent) life insurance may be appropriate, and what to know about the sales processes around such products Links in this episode: Kevin's firm, Imagine Financial Security - https://imaginefinancialsecurity.com/ Kevin's podcast, the "Planning for Retirement Podcast" -…
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Explanation of what financial planning is (and isn't) Links in this episode: www.adviceonlynetwork.com www.napfa.org www.feeonlynetwork.com www.garrettplanningnetwork.com www.xyplanningnetwork.com Retirement Planning Education podcast episode #015 - What do all of the letters mean after financial advisors' names Retirement Planning Education podcas…
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Explanation of what Qualified Charitable Distributions ("QCDs") are and why they're the most tax-efficient way to donate cash Links in this episode: Retirement Planning Education podcast episode #051 - Introductory overview of the federal income tax system Facebook group - Retirement Planning Education (formerly Taxes in Retirement) YouTube channel…
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Explanation of the process for how to part ways with your financial advisor Links in this episode: Facebook group - Retirement Planning Education (formerly Taxes in Retirement) YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified) Retirement Planning Education website - www.RetirementPlanningEducation.com…
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Explanation of what it means to be a fiduciary and why that term has become a marketing buzzword Links in this episode: Boomer Benefits website - https://www.BoomerBenefits.com FINRA BrokerCheck - here Facebook group - Retirement Planning Education (formerly Taxes in Retirement) YouTube channel - Retirement Planning Education (formerly Retirement P…
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Explanation of "step up in basis" and how it can make unrealized taxable gains magically disappear when leaving property to heirs Links in this episode: Boomer Benefits Facebook group page - https://www.facebook.com/groups/508122746351903 Facebook group - Retirement Planning Education (formerly Taxes in Retirement) YouTube channel - Retirement Plan…
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Summary of the "Section 121" exclusion of up to $500k of gain on selling your primary residence Links in this episode: Boomer Benefits website - https://www.BoomerBenefits.com IRS Publication 523 - here My podcast about the Net Investment Income Tax - here Facebook group - Retirement Planning Education (formerly Taxes in Retirement) YouTube channel…
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#070 - Q&A edition...dividend reinvestment, gifting stocks, Social Security survivor benefits and MORE!
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Listener Q&A where Andy talks about: Whether or not to reinvest dividends when in retirement Capital gain exclusion when selling a primary residence, and the "step up in basis" when leaving a primary residence to heirs How the Social Security "earnings test" impacts benefits when under Full Retirement Age and still working How to amend a tax return…
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Summary of the key takeaways from the 2023 Social Security Trustees Report Links in this episode: Boomer Benefits website - https://www.BoomerBenefits.com SSA press release about the 2023 Trustees report, with link to the full report - https://www.ssa.gov/news/press/releases/2023/#3-2023-3 Facebook group - Retirement Planning Education (formerly Ta…
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