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Category: Podcast

Ep. 24 – Self Funding Long-term Care Expenses

Most people go into retirement without Long-term Care Insurance. Meaning, they plan to “self-fund” Long-term Care expenses. But really, what ends up happening is that a family member, or family members, will end up providing the care.

In fact, 70% of care provided is done by unpaid caregivers (aka family members).

This goes against what most people’s primary goal is in retirement; “Never to be a burden on their loved ones.”

The problem is the “self-funding” plan wasn’t communicated properly to their loved ones. Or, there was no “self-funding” plan to begin with.

In this episode, we’ll dive into the different assets you could tap into during retirement to “self-fund” long-term care costs, and tips and tricks on how to implement your plan while maintaining your dignity (at home!).

Here are a few links referenced in the show:

Genworth Cost of Care

Publication 502 (IRS)– Qualified Medical Expenses

I hope you enjoy this episode.

Ep. 23 – Using Hybrid Long-term Care to Fund Extended Care Costs in Retirement

This is part 2 of 3 in our series, “How to pay for Long-term care costs in retirement.”

Rodney Mogen and Peter Ciravalo from BC Brokerage are my guests again today and they bring a ton of knowledge on this topic! There is a reason Hybrid Long-term Care policies make up the majority of insurance products sold today. However, because there are so many different types of products and how they fit into a client’s situation, oftentimes retirees and pre-retirees can feel overwhelmed with where to start.

I hope you enjoy this episode and make sure to hit “FOLLOW” so you don’t miss out on part 3, “How to self-fund extended care costs in retirement.”

Here is how to get in touch with BC Brokerage!

BC Brokerage Website

Only Fee Only Podcast

Ep. 22: Paying for Extended Care with Traditional Long-term Care Insurance

One commonly shared concern for all retirees and pre-retirees I’ve spoken to over the years: “Never be a burden on your loved ones.”

As we all go through the aging process, the potential need for extended care is more and more at the forefront.

However, many pre-retirees and retirees fail to prepare for this because financial advisors focus more on selling products instead of real planning.

In episode 17, Harley Gordon joined us to discuss the consequences of not planning for extended care.

In this 3 part series (episodes 22-24), we will talk about the three ways to pay for extended care expenses:

Part 1 – Traditional Long-term Care Insurance

Part 2 – Hybrid Long-term Care Insurance

Part 3 – Self-funding extended care costs

In parts 1 and 2, I had the pleasure of speaking with Peter Ciravalo and Rodney Mogen from BC Brokerage. Peter and Rodney have a wealth of product knowledge but with a financial planning mindset.

I hope you enjoy this episode’s 3-part series.

Here are a few links we referenced in the show.

Genworth Cost of Care

BC Brokerage Website

Peter’s LinkedIn

Rodney’s LinkedIn

Purpose in Retirement, Purpose of this Podcast

The Wall Street Journal just came out with an article called “How to Retire Better, From Retirees Who Learned the Hard Way.”

What’s interesting is that 2 of the 3 suggestions had NOTHING to do with money or finances! It was all about purpose and relationships. So, this podcast is dedicated to talking about this NON-financial topic, “Purpose in Retirement.”

Also, many of you are new listeners whom of course I’ve never met before! Welcome! As a result, I thought I would share my personal story on WHY I initially launched this podcast in 2021, and how that purpose has evolved over time.

I hope you enjoy this show!

I’m including a couple of links below:

WSJ article 👈 Purposeful Retirement (book by Hyrum Smith) 👈

Ep. 20 – How to Reduce Taxes on Your Social Security Income

Did you know your Social Security benefits in retirement could be 100% tax-free? 

Perhaps you didn’t even know Social Security would be taxable as many of you paid into the system for decades!

Today we will unpack how Social Security retirement benefits are taxed, and most importantly how to reduce taxes on those benefits in retirement.


A few notes for the listeners:

Provisional Income / Social Security Tax Rates for 2023

Individual

  • Not Taxable: Less than $25k
  • Up to 50% Taxable: $25k-$34k
  • Up to 85% Taxable: Over $34k

 Married Filing Jointly

  • Not Taxable: Less than $32k
  • Up to 50% Taxable $32k-$44k
  • Up to 85% Taxable: More than $44k

A helpful Kitces.com article

https://www.kitces.com/blog/the-taxation-of-social-security-benefits-as-a-marginal-tax-rate-increase/

Ep. 19 – Tax Loss Harvesting to Create Tax Free Retirement Income

Sometimes “hanging tight” isn’t the best solution during times of volatility. We’ve had two bear markets since the Great Recession of 2008. COVID-19 was the first, and the inflation that ensued thereafter in 2021-2022 led to the second. Tax Loss Harvesting involves selling investments when they are down in value (in a taxable account) to create a realized loss for tax purposes. You can then use these losses in current or future years (retirement) to reduce taxes!

These opportunities don’t come every year, so it’s important to take advantage while you (still) can!

I hope you enjoy this episode!

Ep. 18 – How a Roth Conversion Strategy Could Save Our Client Over $427k in Taxes Throughout Retirement

Roth conversions are definitely gaining lots of popularity, especially with the Tax Cuts and Jobs Act of 2017 expiring in 2026. Because of this, I have noticed consumers believe they should automatically start converting their IRAs and 401ks to Roth accounts!

First and foremost, you have to run the numbers. For every scenario that is a “home run” like the one I’ll discuss today, there is a scenario where it does not make sense. Or, perhaps the time isn’t right (yet).

Make sure to check out this latest episode to hear the first of our three-part series from our recent educational workshop, “How to Reduce Taxes in Retirement.”

Enjoy!

Ep 17. – The Consequences of Extended Care in Retirement

Nobody wants to think of themselves as getting old or frail. In fact, many retirees in their 60s, 70s, and even 80s are still traveling the world. The risk of extended care will never impact them. But if you need extended care, what are the consequences to your loved ones? They are not just financial but physical and emotional.

We are honored to have Harley Gordon join us on this episode, “The Consequences of Extended Care in Retirement.”

Harley is a founding member of the National Academy of Elder Law Attorneys (NAELA), and the founding principal of the CLTC, or Certification in Long-Term Care designation. He’s recognized as one of the top 10 most influential people in the Long-term Care Industry.

We hope you enjoy this episode and hope you learn something that makes an impact.

Ep. 16 – How to plan for Required Minimum Distributions (RMDs)

It’s natural for us to think about how to GET to retirement, but not about how retirement will actually work.

The same is true for saving into a 401k or 403b plan.  Most think about how to invest their 401k and maximize growth.  However, what about the distribution process?  And more importantly, what is the tax impact of those distributions?

Taxes are our clients’ #1 expense during retirement, and RMDs play a big part in tax planning.  Naturally, I am a big advocate of having an RMD plan.

We will dive into how Required Minimum Distributions (RMDs) work and how to plan for them strategically.  Thanks for tuning in!

 
 
 

Ep. 15 – 2023 Market Outlook

2023 Market Outlook

2022 was a tough year for both stocks and bonds.  In fact, it was perhaps the worst year for a 60/40 portfolio, period.  For retirees and pre-retirees, this makes income planning very difficult!  How do you combat record inflation when both stocks and bonds are falling?  Additionally, the risk in stocks is likely not over as the fed continues its rate hike strategy, and a recession is likely.  

The good news is, there are opportunities for retirement investors!  Tune in to hear more about our key opportunities for 2023.

-Yield is back in fixed income

-The value vs. growth story

-International stocks time to shine?

-Bucketing strategy!

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