Big Picture Retirement® – Details, episodes & analysis

In this episode, we take a closer look at Monte Carlo simulations—a tool used in retirement planning to estimate your chances of success. But are those percentages really reliable? Can an 85% or 90% success rate give you confidence in your retirement plan? We’ll explain how these simulations work, how different assumptions can lead to very different results, and why you shouldn’t just rely on past returns. 

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 add new content every week, and if you’re not following, you’ll likely miss out. Follow now! 

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517 

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection. 

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://carrolladvisory.co/podcast1

Contact John’s team at https://www.rossandshoalmire.com/ 

In this episode, we explore the realities of stock-picking, revealing that it’s a gamble where the odds are heavily stacked against the average investor. Studies show that most individual stocks underperform or lose value over time, so we make a strong case for the smarter and more reliable approach. 

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 add new content every week, and if you’re not following, you’ll likely miss out. Follow now! 

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517 

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection. 

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://carrolladvisory.co/podcast1

Contact John’s team at https://www.rossandshoalmire.com/ 

In this episode of the Big Picture Retirement podcast, we dive into listener questions about Social Security, tackling a wide range of scenarios to help you navigate the complexities of your benefits.

Lois asks about the earnings limit for survivor benefits versus other benefits for someone born in 1955. She’s been told she must repay two months of benefits because her earnings exceeded the limit. Are the SSA's guidelines accurate?

Jane inquires if filing for Social Security at age 65 will affect her survivor benefits when her husband, who is 70, passes away. She also wonders if she can file for a reduced spousal benefit at 65 and what impact this has on her overall benefit strategy.

Sheila is contemplating whether to draw down from her IRA instead of taking Social Security before age 70, aiming to ensure she doesn't outlive her savings. We explore the benefits of delaying Social Security.

B.D. shares a challenging experience with the SSA regarding overpayments and benefits for a disabled adult child. How can they determine the correct benefits and address these overpayment issues?

Carolyn wants to know if her husband, who receives a government pension affected by the Windfall Elimination Provision (WEP), can draw spousal benefits from her Social Security, which is higher than his own but less than half of his pension.

Don is currently working while collecting Social Security and asks if his benefits will be adjusted to account for new Social Security taxes paid.

Tom seeks advice on whether to take Social Security at age 66 or wait until his full retirement age in 2025 to maximize both his and his wife's benefits.

Bob plans to wait until 70 to draw Social Security to maximize benefits and wonders if his wife is entitled to 50% of his total benefit or just 50% of his FRA benefit. Additionally, he asks if his wife can claim his benefit amount at 70 if he passes away before her.

Kevin discusses the debate around the best time to take Social Security, particularly the pros and cons of taking it between FRA and age 70.

Hal asks if his wife needs to apply for the spousal benefit or if the SSA will automatically adjust her benefits when he starts collecting his at age 70.

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 add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary.

https://www.carrolladvisory.com/pl/2148282517

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 https://carrolladvisory.co/podcast1

Contact John’s team athttps://www.rossandshoalmire.com/

Want to ask a question? You can find us in our Facebook group. https://www.facebook.com/groups/bigpictureretirement

When it comes to rental property, you have to protect yourself in two ways:

Your business from your personal issues, and your personal life from your business issues.

This week, Devin and John talk about the ways to protect your real estate interests.

For more information, visit the show notes at https://www.bigpictureretirement.com/118

Not long ago, Devin and his brothers inherited some property. Thankfully, this deal went pretty smoothly because they all wanted to sell it.

However, not all inheritances go as smoothly.

Knowing about the Uniform Partition of Heirs Property Act should make you want to go back to your estate plan, and see how you can amend your estate plan to avoid these potential conflicts.

For more information, visit the show notes at https://www.bigpictureretirement.com/117

When you're talking about estate planning, and the care of pets, some interesting things can happen. It's not uncommon for people to want to provide for their pets in their wills, whether designating the person who will care for the pet, or providing money to care for the pet. There used to be a lot of pitfalls when creating plans for pets. Technically, an animal is property and the animal has the same legal rights as any other property (like a couch). This is really hard for animal people to comprehend. Get the information you need by listening to this episode. For more information, visit the show notes at https://www.bigpictureretirement.com/estate-planning-for-pets

Is it possible that your heirs might disagree with your will? There are many things you can do to reduce or even eliminate fights after you are gone.

In this week's episode, elder lawyer John Ross talks about the dos and don'ts of writing a will when you think there might be conflict between your survivors.

For more information, visit the show notes at https://bigpictureretirement.com/115

This week's episode includes some reader questions, and a review of the The Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act).

The SECURE Act has passed the House of Representatives, and a similar bill is working in the Senate.

For more, visit the show notes at https://www.bigpictureretirement.com/5-things-to-know-about-the-secure-act-of-2019 

Current reports show there will only be enough money coming into Social Security to pay about 75% of Social Security Benefits. Even if we have record-setting economic numbers, we're very close to being too little, too late.

Can a President make changes quick enough to solve the problem?

Devin explains how one change can solve the problem, and how other ideas only partially keep Social Security solvent.

For more information, visit the show notes at https://www.bigpictureretirement.com/113 

90% of contested probate cases were between the surviving wife and the children of the deceased man.

We received an email from a listener whose widowed father met a new woman and let her into his life. However, the kids have some concerns about the new friend, and a little research has shown some concerning information about this person.

There is a very specific routine of how people commit elder abuse. Listen as John spells out the secrets of the Financial Abuser's Playbook.

For more information, visit the show notes at https://www.bigpictureretirement.net/112