#186 - "Hot topics" edition...Andy and Cody Garrett talk about ACA tax credits, Roth conversions, tax gain harvesting, paying taxes in retirement, using HSAs and MORE!

Listener Q&A where Andy talks about: Can a spouse claim spousal benefits while delaying the start of their own benefit ( 10:40 )What's the best way to view your accounts in terms of how much of them are actually yours after accounting for eventual taxes you have to pay on them ( 14:08 )Can a minor be named as the beneficiary of a retirement account ( 23:28 )His thoughts on dividend stocks and funds ( 26:55 )Follow up thoughts about combining retirement account, in response to a previous listener question ( 34:43 )Considerations and gotchas around changing state tax domicile ( 39:30 )10 cognitive biases in investing, and which three I see the most in my practice ( 46:48 )Considering the present value of expected future Social Security payments when determining asset allocation ( 54:25 )Additional thoughts about the 4% rule and whether you can increase your distribution if your portfolio value increases ( 1:01:40 )To send Andy questions to be addressed on future Q&A episodes, email [email protected] in this episode:NASDAQ's summary of 10 cognitive biases in investing - here Retirement Planning Education podcast episode - #002 - What's the 4% RuleMy company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy chats with a real person (not an advisor) doing their own retirement planning. This episode is a bit different from our normal real people chats though. Andy is joined by Kevin Lyles from the Rock Retirement Club. Kevin is a retired corporate lawyer who has since become a certified retirement coach, focusing on helping people with the non-financial aspects of retirement.In the episode, Andy & Kevin talk about six "Retirement Truths:"You never know when you have enough; there are too many uncertainties and too many changes in lifeThe 90/10 rule; before retirement, planning is often 90% financial, 10% non-financial. In retirement, planning is often 90% non-financial, 10% financialSearching for purpose can lead to frustration and failure to find itOptimization is great. But don't let the elusive quest for perfect be the enemy of good. Don't let yourself get stuck in analysis paralysisTo thrive in retirement, we must continue to grow and achieveRetirement isn't about money; it's about time. Tomorrow is not promised  Links in this episode:The Rock Retirement Club - hereTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.comTo send Andy questions to be addressed on future Q&A episodes, email [email protected]

Andy and Cody Garrett from Measure Twice Financial share their thoughts on a handful of current events and "hot topics" relating to retirement planning. Specifically, they talk about: Affordable Care Act ("ACA") tax credits and income "cliffs" in tax planning ( 08:13 )Doing Roth conversions vs tax gain harvesting ( 22:30 )Paying taxes in retirement; estimated payments vs withholdings ( 31:33 )Rushing into Roth conversions ( 38:50 )When to start doing HSA distributions ( 51:31 )Should you be worried about tech stocks ( 58:23 )Timing Required Minimum Distributions ("RMDs"); when in the year to take them ( 1:08:26 )Retirement spending anxiety ( 1:17:37 )Links in this episode:Cody's website - https://www.measuretwicemoney.com/To send Andy questions to be addressed on future Q&A episodes, email [email protected] company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy shares his thoughts and commentary about 2025 returns and events for:U.S. stocksInternational stocksU.S. bondsGold & SilverBitcoinLinks in this episode:Tenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.comTo send Andy questions to be addressed on future Q&A episodes, email [email protected]

Listener Q&A where Andy talks about: Potential advantages or disadvantages of consolidating retirement accounts ( 4:28 )Paying taxes through IRA withholdings vs making estimated payments ( 13:08 )Whether a minister's housing allowance impacts Affordable Care Act subsidy eligibility ( 26:11 )When Qualified Longevity Annuity Contracts ("QLACs") might make sense to consider ( 30:27 )When following the 4% "rule" for distributions, can you reset your initial distribution if/when your portfolio value increases from market gains ( 37:48 )If someone has an outdated will and unused trust, but the person verbally stated their wishes to the heirs, is there a need to update will and/or trust, especially if there is currently nothing in the trust ( 49:19 )To send Andy questions to be addressed on future Q&A episodes, email [email protected] in this episode:Tenon Financial August 2024 newsletter about - Retirement plan-to-IRA rollover pros and consRetirement Planning Education YouTube video - What is a QLAC (Qualified Longevity Annuity Contract)?Retirement Planning Education podcast episode - #002 - What's the 4% RuleMy company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy chats with a real person (not an advisor) doing their own retirement planning. In this episode, Andy talks with Jill. They talk about a wide array of retirement planning topics such as leaving the workforce relatively early, keeping expenses moderate yet still doing and enjoying a lot in life, what she wishes she would have known and done sooner for her retirement planning, and more!  Links in this episode:Tenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.comTo send Andy questions to be addressed on future Q&A episodes, email [email protected]

Andy and Kevin Thompson from 9i Capital Group share their thoughts on a handful of current events and "hot topics" relating to retirement planning. Specifically, they talk about: Thoughts on how the One Big Beautiful Bill Act complicates 2025 tax planning. And in particular whether people 65 or older should try to keep their income low to get some or all of the extra $6k bonus deduction ( 7:41 )What's up with the markets??? Should we be worried about the stock market? ( 17:33 )Their views on private or alternative investments and whether consumers should embrace them ( 34:30 )Should people try to prevent ever being in IRMAA (i.e. income-based Medicare surcharge) territory with their income, or instead consider SOME IRMAA in the name of longer term tax planning ( 44:04 )Helping address client mental incapacity issues, elder/financial abuse, etc. ( 54:43 )What keeps them up at night, in their roles as advisors ( 1:00:01 )Links in this episode:Kevin's company's website - https://www.9icapitalgroup.com/Kevin's YouTube page - https://www.youtube.com/@9iCap/Kevin's company's Facebook page - https://www.facebook.com/9iCapGroup/Kevin's X (formerly Twitter) page - https://x.com/9ICapGroupKevin's Substack page - https://9icapital.substack.com/Kevin's LinkedIn page - hereTo send Andy questions to be addressed on future Q&A episodes, email [email protected] company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Listener Q&A where Andy talks about: A correction on something incorrect I said last week regarding deciding which spouse's pre-tax account to distribute or convert from ( 3:28 )Pros and cons of using a single total global stock market fund vs multiple other funds such as just US and just international  ( 8:17 )What's in the calculation for Modified Adjusted Gross Income ("MAGI") for purposes of determining eligibility to contribute to a Roth IRA ( 14:49 )Deciding when to start a Roth account, and whether it should be a Roth IRA or Roth 401(K) (if you have the option), and whether it should be funded via conversion or contribution ( 20:40 )What to consider when deciding on which pension payment type of choose ( 27:52 )Should IRA distributions instead be converted to Roth if you don't need to use the money any time soon ( 35:50 )What to consider when retiring late (e.g. late-60s or 70s) ( 42:02 )Explaining certain "fees" on trade confirmations, such as when buying coupon-paying bonds or stocks/ETFs ( 47:21 )Why just looking at unrealized gains or losses on a position in a dividend or distribution paying security don't tell the whole story with regards to how much money you've actually made or lost in the position ( 53:45 )To send Andy questions to be addressed on future Q&A episodes, email [email protected] in this episode:My company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Listener Q&A where Andy talks about: Starting Social Security benefits early so your minor children can claim dependent benefits, and how the earnings test can come into play if you're still working ( 5:53 )Social Security spousal benefits, and what happens when the lower earning spouse starts their own benefit early at a reduced amount, then later switches to spousal benefits ( 10:35)Social Security survivor benefits and whether the surviving spouse should start their own benefits earlier before eventually starting the survivor benefit, and whether there will be a reduction to the survivor benefit as a result ( 13:46 )If spouses each have IRAs, does it matter from which IRA they take distributions ( 18:28 )How income from a decedent's investments is taxed after the death of the decedent ( 23:01 )Whether tax withholdings from wages is treated the same as tax withholdings from IRA distributions with regards to the IRS viewing the amount withheld as having happened evenly throughout the year to help avoid underpayment penalties and interest ( 30:57 )How to find a financial advisor/planner who works on a limited engagement basis for just certain guidance or questions (such as Social Security claiming questions and tax return reviews), without requiring management of investments  ( 36:49 )Why do so many advisors require management of investments to provide their planning services, and how to find an advisor who doesn't (this is an extension of the previous question) ( 41:14 )Using zero-coupon Treasury STRIPS in retirement for income after wages stop but before Social Security or other income sources start ( 45:40 )To send Andy questions to be addressed on future Q&A episodes, email [email protected] in this episode:Devin Carroll's Social Security Spousal Benefit CalculatorFinding an "advice-only" advisor - www.AdviceOnlyNetwork.comMy company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy chats with a real person (not an advisor), Beth Pinsker, a columnist for MarketWatch, about her new book, My Mother's Money, A Guide to Financial Caregiving.In the book, Beth details her personal experience in becoming her mother's financial caregiver, both during her mother's end of life and health decline, and beyond her mother's death and through the estate administration process.The book provides tons of practical knowledge, insight and recommendations for how to ensure your financial affairs are in order, that others who need access to information and accounts have it, that end-of-life planning scenarios are less painful and difficult than they otherwise would be and that estate administration isn't more cumbersome, lengthy and challenging than it needs to be.This book is a must read!Links in the episode:Beth's website - https://bethpinsker.com/To send Andy questions to be addressed on future Q&A episodes, email [email protected] Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com