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Explorez tous les épisodes du podcast Retirement Planning Education, with Andy Panko

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#180 - Q&A edition...Social Security spousal and survivor benefits, finding an advisor who doesn't require investment management, how a decedent's income is taxed and MORE!27 Nov 202500:56:05

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 andy@andypanko.com


Links in this episode:



#179 – "Real" person chat with Beth Pinsker about her new book, My Mother's Money, A Guide to Financial Caregiving20 Nov 202501:13:40

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:


To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

#170 – Retirement planning chat with a "real" person, Scott18 Sep 202501:01:48

Andy chats with a real person (not an advisor) doing their own retirement planning. In this episode, Andy talks with Scott. They talk about a wide array of retirement planning topics such as leaving the workforce early than planned during COVID and later reengaging in part-time work to have social interaction, managing income for purposes of Affordable Care Act premium tax credits, how life and financial plans always change even in retirement, and more!
 
 Links in this episode:



To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

#081 – Retirement planner chat, with Larry Pershing from Optimum Retirement Planning11 Jan 202401:34:02

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 overlook in retirement planning and much more!

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#080 – How to lower your taxes in 202404 Jan 202400:35:49

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)

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Retirement Planning Education is coming back!21 Dec 202300:11:13

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.

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Retirement Planning Education is going on hiatus22 Jun 202300:03:25

Retirement Planning Education is going on hiatus. But hopefully I'll be back at making episodes again in the not too distant future!

-Andy

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#079 – The non-financial or “softer” side of retirement planning, with Kevin Lyles (Part 2 of 2)15 Jun 202300:30:57

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) 

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#078 – The non-financial or “softer” side of retirement planning, with Kevin Lyles (Part 1 of 2)08 Jun 202300:43:28

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) 

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#077 - Understanding cash value life insurance and how it's sold, with Kevin Lao01 Jun 202301:02:14

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

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#076 - What exactly is "Financial Planning?"25 May 202300:34:57

Explanation of what financial planning is (and isn't)

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#075 - Qualified Charitable Distributions ("QCDs")18 May 202300:33:45

Explanation of what Qualified Charitable Distributions ("QCDs") are and why they're the most tax-efficient way to donate cash

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#074 - How to break up with your financial advisor11 May 202300:41:12

Explanation of the process for how to part ways with your financial advisor

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#169 - "Hot topics" edition...Andy and Justin Pritchard talk about target date funds, illiquid assets in 401(k) plans, firing an advisor and MORE!11 Sep 202501:09:15

Andy and Justin Pritchard from Approach Financial share their thoughts on a handful of current events and "hot topics" relating to retirement planning. Specifically, they talk about: 

  • The pros and cons of target date funds ( 11:05 )
  • Their thoughts on the recent presidential executive order allowing private and illiquid investments to be offered inside 401(k) plans ( 23:26 )
  • Can you make up for insufficient retirement savings by investing more aggressively ( 31:51 )
  • Understanding your advisor's succession plan and how to try to make the succession transition successful for you ( 39:35 )
  • Things to consider when firing an advisor or changing advisors ( 46:39 )
  • Whether people should consider getting a living/revocable trust ( 56:22 )
  • Things to consider if you're looking to hold cash in banks in currencies other than US Dollars ( 59:53 )


Links in this episode:


To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com


#073 - What does it actually mean to be a "fiduciary," and does it matter?04 May 202300:46:04

Explanation of what it means to be a fiduciary and why that term has become a marketing buzzword

Links in this episode:


  • FINRA BrokerCheck - here


#072 - The benefit of "step up in basis"27 Apr 202300:31:46

Explanation of "step up in basis" and how it can make unrealized taxable gains magically disappear when leaving property to heirs

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#071 - Understanding the $250k or $500k gain exclusion on selling your primary residence20 Apr 202300:35:19

Summary of the "Section 121" exclusion of up to $500k of gain on selling your primary residence

Links in this episode:


  • IRS Publication 523 - here


  • My podcast about the Net Investment Income Tax - here


#070 - Q&A edition...dividend reinvestment, gifting stocks, Social Security survivor benefits and MORE!13 Apr 202300:33:01

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
  • Considerations when gifting stock that has appreciated in value

Links in this episode:


  • My podcast episode about the 4% Rule - here


#069 - Highlights of the 2023 Social Security Trustees Report06 Apr 202300:31:35

Summary of the key takeaways from the 2023 Social Security Trustees Report

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#068 - What happens to my investments if my broker goes under?30 Mar 202300:27:52

Explanation of what happens to investments when a broker fails, and why that is a very different (and generally better) scenario for clients than a bank failing

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#067 - Why are banks failing and should we be concerned about more failures?23 Mar 202300:42:09

Discussion of the basics of the U.S.'s monetary and banking systems, and why there have recently been multiple bank failures. And, should we be concerned about the broader banking system and more failures going forward?

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#066 - Common tax forms retirees get at tax return time16 Mar 202300:40:38

Summary of the various tax forms retirees are likely to receive at tax return time. Discusses 1099s, 5498's, 1095's and more!

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#065 - 7 Social Security myths, with Devin Carroll (Part 2 of 2)09 Mar 202300:36:28

Part 2 of 2 of my discussion with Social Security expert, Devin Carroll, where he debunks 7 common Social Security myths (original recording was from December 2020) 

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#064 - 7 Social Security myths, with Devin Carroll (Part 1 of 2)02 Mar 202300:39:30

Part 1 of 2 of my discussion with Social Security expert, Devin Carroll, where he debunks 7 common Social Security myths (original recording was from December 2020) 

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#168 - Helpful tools and interesting information from the recent IRS Tax Forum04 Sep 202500:49:12

Andy summarizes some helpful IRS tools and interesting IRS and tax return-related information after his recent attendance at the annual IRS Tax Forum/conference


Links in this episode:

  • IRS Taxpayer Online Account - here
  • ID.me - here
  • IRS IP PINs - here
  • IRS Document Upload Tool - here
  • IRS Interactive Tax Assistant - here



To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

#063 - Q&A edition...401(k)s & Highly Compensated Employees, interest rates & Social Security, inherited 401(k) distributions and MORE!23 Feb 202300:47:12

Listener Q&A where Andy talks about: 

  • When Highly Compensated Employees may need to retroactively have some of their 401(k) contributions removed
  • How changes in interest rates and inflation impact Social Security benefits 
  • Required Minimum Distributions (“RMDs”) from a 401(k) inherited in 2006 
  • The difference in income taxation between revocable and irrevocable trusts 
  • Pros and cons of target retirement date mutual funds 
  • His thoughts on a career changer entering the retirement and tax planning field

Links in this episode:

#062 - Introduction to Investing (Part 6 of 6) - Creating and managing your portfolio16 Feb 202301:10:09

Part 6 of 6 of a multi-part series on an introduction to investing. In this episode, Andy talks about how to create and manage your portfolio including what to consider when picking an asset allocation, how often to rebalance and how to do tax-efficient asset "location"

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#061 - Introduction to Investing (Part 5 of 6) - Cash and alternative investments09 Feb 202300:40:44

Part 5 of 6 of a multi-part series on an introduction to investing. In this episode Andy talks about the various places in which cash can be invested, as well gives a summary of multiple types of "alternative" investments such as real estate, commodities, hedge funds, interval funds and insurance products

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#060 - Introduction to Investing (Part 4 of 6) - All about mutual funds and exchange traded funds ("ETFs")02 Feb 202300:56:27

Part 4 of 6 of a multi-part series on an introduction to investing. In this episode Andy talks about mutual funds and exchange traded funds ("ETFs"); what they are, what strategies they use, how to trade them, how they're valued, tax considerations, etc.  

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#059 - Introduction to Investing (Part 3 of 6) - All about bonds26 Jan 202301:15:26

Part 3 of 6 of a multi-part series on an introduction to investing. In this episode Andy talks about bonds; what they are, how to trade them, how to value them, what makes their prices change, what terminology to know, etc.  

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#058 - Introduction to Investing (Part 2 of 6) - All about stocks19 Jan 202301:17:00

Part 2 of 6 of a multi-part series on an introduction to investing. In this episode Andy talks about stocks; what they are, how to buy and sell them, how to value them, what terminology to know, etc.

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#057 - Introduction to Investing (Part 1 of 6) - Background considerations and explanation of account types12 Jan 202300:55:48

Part 1 of 6 of an introduction to investing. This episode talks about some background considerations to investing, such as risk-reward trade off and the concepts of risk tolerance & capacity, and also gives an overview of the different types of investment accounts such as brokerage accounts, IRAs, 401(k)s, etc.

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#056 - New RMD rules and other retirement planning changes in SECURE 2.0 Act of 202205 Jan 202300:47:22

Summary of the provisions of the recently enacted SECURE 2.0 Act of 2022 legislation that are most likely to impact you and your retirement planning

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#055 - Financial planning and divorce, with Amy Colton (Part 2 of 2)29 Dec 202200:30:38

Part 2 of 2 of my discussion with Amy Colton, MBA, CDFA, founder of Your Divorce Made Simple, to talk about financial planning considerations specific to divorce (original recording was from November 2021)

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#054 - Financial planning and divorce, with Amy Colton (Part 1 of 2)22 Dec 202200:36:58

Part 1 of 2 of my discussion with Amy Colton, MBA, CDFA, founder of Your Divorce Made Simple, to talk about financial planning considerations specific to divorce (original recording was from November 2021)

Links in this episode:

#167 - Q&A edition...basis in inherited IRAs, Social Security break even analysis, coordinating RMDs and Roth conversions and MORE!28 Aug 202500:54:30

Listener Q&A where Andy talks about: 

  • How to account on your tax return for the basis in inherited IRAs ( 7:00 )
  • Is having large Required Minimum Distributions ("RMDs") really a bad thing ( 12:04 )
  • Is there any merit to using a break-even analysis to help decide when to start Social Security ( 15:59 )
  • When does it make sense for someone to consider working with a financial advisor ( 18:14 )
  • Are Roth contribution and conversion rules the same across all of the various types of employer retirement accounts like 401(k)s, 403(b)s, TSP, etc. ( 26:18 )
  • Are there separate five-year holding periods for Roth conversions done in employer retirement plans ( 27:37 )
  • Do in-plan Roth conversions each have their own five-year holding period to waive the 10% early withdrawal penalty ( 30:36 )
  • Can Roth conversions be done before taking any distributions or doing Qualified Charitable Distributions ("QCDs") in the year someone turns RMD age ( 31:49 )
  • If receiving Restricted Stock Units ("RSUs") or deferred compensation in years after you stop working, is that considered earned income eligible for making Roth IRA contributions ( 34:38 )
  • Does taking a really large Health Savings Account ("HSA") distribution make you a higher audit risk in the eyes of the IRS ( 39:19 )
  • Is there a way to invest in broad stock market exposure but without the ongoing dividends such index fund pay out ( 42:27 )
  • Does the progress toward meeting the five-year rule within an employer Roth retirement plan port over to a Roth IRA or other employer Roth plans when doing a rollover, or vice versa ( 46:08 )
  • How to plan and account for an inheritance that a person is rather certain to receive, but the timing of receiving it isn't certain ( 49:43 )


To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com


Links in this episode:

#053 - What is tax planning?15 Dec 202200:41:07

Explanation of what tax planning is, and isn't. Andy discusses the typical types of services and advice that make up tax planning within retirement planning

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#052 - Q&A edition...457(b) plans, Roth 401(k) conversions, wash sales, Treasury notes and MORE!08 Dec 202200:46:39

Listener Q&A where Andy talks about:

  • The differences between governmental and non-governmental (aka “tax-exempt”) 457(b) plans
  • When Roth 401(k) conversions can be accessed without tax or penalty
  • Whether certain mutual fund sales and purchases will constitute a wash sale
  • Whether it’s better to purchase 10-year US Treasury notes sooner or later if you assume the Federal Reserve will continue raising interest rates
  • How to contribute the maximum HSA family contribution in 2023 if both spouses in a married couple will be at least 55 by the end of 2023

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#051 - Introductory overview of the Federal income tax system01 Dec 202200:37:16

Explanation of the basic structure of the U.S. Federal income tax system

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#050 - What I'm thankful for (from a retirement planning perspective)24 Nov 202200:41:59

Andy discusses what he's thankful for with regards to his career in retirement planning, and more broadly about retirement planning in general

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#049 - The basics of estate planning17 Nov 202200:42:23

An introduction to the key aspects of estate planning

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#048 - Q&A edition...the Social Security "Earnings Test," 401(k) RMDs, tax gain harvesting and MORE!10 Nov 202200:28:31

Listener Q&A where Andy talks about:

  • How the Social Security "Earnings Test" and "Family Maximum" are applied
  • Whether RMDs can be delayed from a Solo 401(k) if still working
  • How Social Security Survivor Benefits work
  • If you can still contribute to a 401(k) if you're still working beyond RMD age
  • What Tax Gain Harvesting is and how to use it


Links in this episode:





#047 - Everything you wanted to know about Medicare, with Danielle Roberts (Part 2 of 2)03 Nov 202200:37:25

Part 2 of 2 of my discussion with Danielle Roberts, founder of Boomer Benefits, to talk about all things Medicare (original recording was from October 2020)

Links in this episode:

  • 2023 Medicare Parts A & B premiums and deductibles, as well as Medicare surcharge (aka "IRMAA") income levels and surcharge amounts - here
  • 2023 Medicare Part D catastrophic coverage out of pocket limit - here



#046 - Everything you wanted to know about Medicare, with Danielle Roberts (Part 1 of 2)27 Oct 202200:48:08

Part 1 of 2 of my discussion with Danielle Roberts, founder of Boomer Benefits, to talk about all things Medicare (original recording was from October 2020)

Links in this episode:

  • 2023 Medicare Parts A & B premiums and deductibles, as well as Medicare surcharge (aka "IRMAA") income levels and surcharge amounts - here
  • 2023 Medicare Part D catastrophic coverage out of pocket limit - here




#045 - Will the 8.7% 2023 Social Security Cost of Living Adjustment apply to me?20 Oct 202200:33:48

Summary of Social Security Cost of Living Adjustments (or "COLAs") and whether the recently announced 2023 COLA of 8.7% will apply to you (spoiler alert...it doesn't apply to everyone!)

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#044 - Q&A edition...RMDs on inherited IRAs, deducting LTC expenses, planning for unknowns and MORE!13 Oct 202200:41:12

Listener Q&A where Andy answers questions about:

  • How the IRS knows if you satisfy RMDs on an inherited account if  you move the account between custodians during the year
  • The deductibility of long-term care expenses as medical expenses
  • Taxation of selling Restricted Stock Units (“RSUs”)
  • Medicare premium surcharges while your Medicare benefits are suspended
  • How to plan for the known knowns, the known unknowns and the unknown unknowns


Links in this episode:

#166 - The most common retirement planning questions from "real" people 21 Aug 202500:51:06

In this slight twist to the "real" person episode format, Andy doesn't interview a real person but instead addresses the most common retirement planning questions he gets from "real" people. The questions addressed are:


  • Do I have enough to retire?
  • When can I retire?
  • How much cash should I have?
  • When should I start my Social Security?
  • How do I get money out of my portfolio?
  • How do I pay taxes?
  • Should I do Roth conversions? If so, how much?


Links in this episode:



 To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

#043 - Everything you wanted to know about reverse mortgages, with Josh Blum (Part 2 of 2)06 Oct 202200:36:32

Part 2 of 2 of the audio replay of my previous video with Josh Blum from Mutual of Omaha where we talked all about reverse mortgages

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#042 - Everything you wanted to know about reverse mortgages, with Josh Blum (Part 1 of 2)29 Sep 202200:45:35

Part 1 of 2 of the audio replay of my previous video with Josh Blum from Mutual of Omaha where we talked all about reverse mortgage

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#041 - The Net Investment Income Tax and how it may impact your retirement planning22 Sep 202200:30:05

Summary of the 3.8% Net Investment Income Tax ("NIIT") and how it may impact your retirement planning

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