How do you figure out how much money you're spending on your investments? In this week's episode, Devin and John talk about the types of fees you might be paying, and how you can figure out what they are. For more information, visit the show notes at http://www.bigpictureretirement.net/059
One in three people will eventually have some type of dementia. By the time you reach age 80, your chances of having Alzheimer’s is about about 50%, meaning that it’s very likely for at least one spouse in an older couple to have cognitive decline. Which brings us to a serious question: Can your spouse give full consent to sexual activity if they have diminished memory and understanding? Devin and John discuss a case where the husband was charged with criminal rape of his wife who had Alzheimer’...
Looking at changes from the investment perspective: The change in the environment of shopping may impact your investments. Investment in these new technologies may provide solid returns. On the other hand, investments in physical retailers and certain types of real estate may do poorly. It’s definitely worthwhile to consider what the future might look like when you’re selecting your investments, because changes in the economy may significantly impact your retirement portfolio. For more informati...
“Do I get a step-up in the basis of a property that I inherited?” This is the first of two questions in today's "Listener Questions" episode. Then John answers a question about leaving an inheritance to someone who may face a divorce. Should you do something special in this situation? To read more, or find more information, visit http://www.bigpictureretirement.net/056
Will Social Security be there when you retire? Devin and John agree that Social Security will still be there, but may be quite different than it is now. There are many possible solutions to this issue, but there are two proposals that are most likely: An increase of the age at which you start receiving benefits or increased Social Security taxes. Listen to find out more. For more information, visit the show notes at http://www.bigpictureretirement.net/055...
It’s that time of year, when you make great plans for the upcoming new year. Devin and John have a great plan to help you make 2018 the year when you get all your financial plans in order. No matter what else happens, at the end of 2018, you’ll be either one year further into retirement, or one year closer to retirement. Let’s make it a productive year, so you can relax and enjoy the things that really matter. For more information, visit the show notes at http://www.bigpictureretirement.net/054...
Now that the Tax Cuts and Jobs Act of 2017 has been signed into law by President Trump, we can plan to make changes in how we spend, save, and give - or can we? John and Devin get into some of the specifics of the tax reform and how it may or may not affect your income tax liability in the U.S. For more, visit the show notes at http://www.bigpictureretirement.net/053
If you listen to the news, you’ve probably heard some investment and financial planning industry folks make some wild predictions, and often those predictions don’t come true. In this week’s episode, Devin and John invited some friends to help them investigate some recent predictions and how they actually turned out. David Waldrop is a financial advisor with Bridgeview Capital Advisors and Andrew Comstock is a Chartered Financial Analyst with Castlebar Asset Management. For more, visit http://bi...
Recorded live at FinCon from a 1974 Volkswagon Superbeetle, Devin and John are joined with Roger Whitney, the Retirement Answer Man, and Elle Martinez of CoupleMoney.com. The main topic? Divorce is the biggest threat to anyone’s financial stability. How do you work together with your spouse? Elle says, don’t start talking about money - talk about goals. For more information, go to the show notes at http://www.bigpictureretirement.net/051...
Stacey’s financial advisor recommended 3-6 months of living expenses be in cash. She asks us how much she really needs. Ron from Portland wants to know what to do with his personal trust now that the beneficiaries are responsible adults. Does he still need this estate planning tool, or can he just have the trust terminate at his death? For more, go to http://www.bigpictureretirement.net/050
People who are millionaires have respect for a dollar, and they cut expenses that don’t add value to their lives. Joe Saul-Sehy was a financial planner for 16 years, and he has observed some interesting things about how millionaires handled their money. He says it’s not discipline, it’s about seeing something good that happens, then making it automatic. Other takeaways from this episode: Automate important tasks Know that there’s a big difference between planning for tomorrow vs. planning for th...
Things You Should Do Before The End Of The Year: Charitable contributions Harvest Investment Gains and Losses Required Minimum Distributions Sit Down And Review This Stuff With Your Tax Advisor There are a number of things you could do in the next few weeks to properly wrap up 2017. How do you decide which items to prioritize? Devin and John cover things they think you need to do before the end of the year. For more details, visit http://www.bigpictureretirement.net/048...
Congress is moving fast through the process of changing our tax code. There are still lots of details to be ironed out, but one of the major provisions is a cut to the corporate tax rate. There is also a proposal to cap the tax rate on pass-through business entities - which may reduce the amount of taxes paid by small businesses. There are also many parts of the proposals that will impact individuals. More can be found at http://bigpictureretirement.net/047...
A reverse mortgage is an agreement that a bank or other financial institution will loan you money against the value of the house, and you don’t have to repay that money until the property transfers ownership, often due to death of the homeowner. There is lots to be said about reverse mortgages. If you want more information, go to our show notes at http://www.bigpictureretirement.net/046
Devin and John explore the different ways that working can affect your Social Security benefit. Then John explains how and why a child may be eligible for Supplemental Security Income (SSI) when the father was covered under a teacher’s retirement program and did not pay into Social Security. For more details and resource, visit http://bigpictureretirement.net/045
Clayton was shaped by the money experiences of his childhood, particularly his father’s job loss. After some financial challenges, Clayton and his wife decided to figure out how to build an income that isn’t tied to their jobs working for someone else. They decided to buy rental properties to create income to cover their monthly income needs, what Clayton calls his “freedom number.” Highlights include: The importance of figuring out how much money you need each month How real estate might be par...
Part 2 of a series about Medicare. This time Devin and John tackle the costs of Medicare Part B, then go into Medicare D (prescription drug coverage). It’s important to understand how Medicare Part D work – it can be a little tricky. For more information, visit the show notes at http://www.bigpictureretirement.net/043
Understanding Medicare is an important part of your overall retirement planning, but it's so confusing and complicated! Devin and John share the different parts of Medicare and what they cover. More information can be found at http://www.bigpictureretirement.net/042
Devin and John answer listener questions you've sent in. Arlene wants to know what happens to her debts after she dies. John guesses she is probably asking whether her children will be responsible for those debts. It’s a good question! The short answer is no, but, of course, there is a longer answer. Then Jay wants to talk about a purchase he wants to make. It might be a little extravagant, and his financial advisor is against the purchase. Both Devin and John have seen both sides of this, folks...
Chess involved both strategy and psychology - much like investing! Doug Goldstein, author of RICH AS A KING: How the Wisdom of Chess Can Make You a Grandmaster of Investing, joins Devin in a discussion about the way chess strategies can be applied to your personal finances. For the show notes, go to http://www.bigpictureretirement.net/040
Most of us have a whole world of digital stuff out there, and some of it is important. You need a plan for how your survivors will access these accounts, whether you are disabled or dead. As our world becomes more and more digital, it becomes more important that your survivors, heirs and executors can access certain online accounts. This may include bank accounts, email, electronic document storage, insurance policies, and many other types of accounts. Find more information and resources in our ...
If you've put together a little bit of money, or you have a regular stream of income, it's reasonable to be concerned about protecting those assets from lawsuits or other types of liability. Today, John explains some of the simple steps you can take to put some protections about the money that you have. First, consider what type of liability you might face. Second, consider what assets might be at risk. Third, check out your insurance coverage. Fourth, separate your business assets from your per...
Devin and John talk about assigning people to act for you, and picking good stocks for your investments. First, Brenda has a question about naming a successor trustee for a trust she has set up. In many kinds of legal and estate planning documents, you need to designate someone to act on your behalf. John explains the four options for naming those folks. Next, Chris asks how to pick better stocks and stop losing money in the stock market. Devin shares that despite his skills and the resources av...
Dr. Brandon Renfro, a PhD in behavioral economics, talks about bonds: When they're right for you and when they should be reconsidered. Brandon does a great job of explaining different types of bonds, why they are considered a good investment, and how our current low interest rate situation changes the value of bonds as part of your portfolio. For more information, visit http://bigpictureretirement.net
Social Security is an important source of income for older Americans, but it can also provide many benefits beyond retirement income. Life is full of risks, and Social Security helps provide some income for those who have faced these situations. Think about these statistics: In 2014, 3.3 million kids received Social Security benefits 34% of all benefits are paid to the spouse or child of the covered worker Average age folks begin to receive disability benefits is 54 Over 24% of today's 20-year-o...
There are few things worse than getting involved in a financial scam. Unfortunately, there are always some people who will abuse their professional status, and use their knowledge to rip people off. How can you avoid being scammed? Things to look for in a financial advisor: Find someone who uses an independent custodian with a solid reputation. To whom are you writing the checks? Check out the firm on the Securities and Exchange Commission website. Research the individual via the Financial Indus...
Listener Questions: Rob asks about sending the distributions from an Individual Retirement Arrangement (IRA) to a charity. John discusses a couple of different scenarios and explains the possible tax benefits. He also includes ideas for some more advanced strategies for charitable giving so you can support your favorite charities even after death. Then, Rosa wants to know about continuing to get Social Security survivor benefits from a former spouse, even if she remarries. This is a common situa...
Women often have different financial needs than men, and even more when there has been a change in their marital situation. This week, Devin and John talk with Russ Thorton of Wealthcare for Women . Russ works with financial planning for women, with a particular emphasis on women in transition. Whether through death or divorce, newly single women may need special advice and expertise to move forward financially. Highlights include: Where you should start figuring out your money: where are you fi...
Many current retirees have a background of military service. Benefits from military service can become a big part of the retirement planning picture, but it can be hard to know what benefits are available and how you can use them. In this week's episode, Devin and John talk about military-related benefits and how to get information about them. You can break down most military benefits into one of three categories: retirement benefits, service-connected disability benefits, and non-service connec...
So you find yourself retiring in a second marriage? This week’s episode is full of useful information and fascinating stories about one of the most complicated family situations: Second marriages. There is so much to consider: Social Security benefits, pensions, other benefits, children, houses, long-term care insurance, and much more. Steps you need to take before you have a second, or subsequent, marriage: Take a good look at the person you are marrying, including their financial situation. Co...
