In this episode, we open the phone lines and talk directly with our listeners to answer their burning questions. Suzanne's Dilemma - Suzanne from California is on the brink of retirement and finds herself at a crossroads regarding her Social Security collection and marriage. With a mix of emotions, financial goals, and intricate social security rules, we navigated her through her options and potential benefits. Richard's Inquiry - Richard from Massachusetts brought up a probing question about th...
Oct 16, 2023•35 min
In today's episode, Devin and John answer a few questions from listener's voicemails! Join us as we dissect these questions, providing you with actionable insights and strategies to give you clarity and confidence about your retirement. 🎙️📈👥 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,...
Oct 09, 2023•49 min
In this episode, we dive into the real worth of a financial advisor. If they're only offering investment management or just lightly touching upon financial planning, is that 1% fee justifiable? Then Devin and John talk about the evolution of how compensation for advice has changed – from its commission-based roots to percentage-based asset management fees, and now, towards the emerging trend of flat fee charges. If you’re thinking "I love the Big Picture Retirement podcast” please consider ratin...
Oct 02, 2023•28 min
In this episode, John dives deep into the intricacies of charging orders for LLCs. If you own an LLC, what happens when there's a personal judgment against you? How do state laws influence the level of protection? Many view LLCs as a protective measure, especially when holding valuable assets like real estate. Yet, while these structures are designed to offer a shield, are there circumstances where one's personal liabilities can affect their business assets? From understanding the foundational p...
Sep 25, 2023•21 min
In this episode, we open the phone lines and talk directly with our listeners to answer their burning questions. Mark from Maryland starts us off, delving into the graduated progression of taxation. Devin sheds light on the historical backdrop and the ongoing challenges of the Social Security Trust Fund, underscoring the reverberations of past political decisions. Lola from Kansas grapples with the optimal timing of her Social Security benefits claim, juxtaposed against the future of her Medicar...
Sep 21, 2023•24 min
Is it possible that Roth IRAs will be taxable in the future? Could they change the rules and start including the distributions from a Roth as part of your taxable income? 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...
Sep 18, 2023•20 min
In this episode, we dive into the recent IRS revenue ruling that has the financial and estate planning communities buzzing. The possibility that trust accounts may no longer benefit from a step-up in basis has caused some panic among individuals who have used trust planning as the cornerstone of their estate plans. For decades, the step-up in basis has been a cornerstone of estate planning, allowing assets to pass on to heirs with a new cost basis set at the date of the original owner's death. B...
Sep 11, 2023•33 min
In today's episode, Devin and John answer a few questions from listener's voicemails. Here's a glimpse of what we discuss: Carol wonders if her husband can start collecting Social Security on her benefits, despite her already receiving hers. Cynthia brings a multifaceted query on government pensions, deceased spouse benefits, and the intricacies surrounding her mother’s and stepfather’s financial landscape. Michael seeks clarity on the Secure Act 2.0, especially regarding Qualified Charitable Di...
Sep 05, 2023•36 min
In today's episode, Devin answers some of the most common questions he receives. What's the most common age to file for Social Security? Social Security Income Limit: Single or Joint Income? Full Retirement Age Increasing to 70? Spousal Benefits Calculation Can I undo a Roth Conversion? If you’re thinking "I love the Big Picture Retirement podcast” please consider rating and reviewing this show! This helps me support more people -- just like you -- move toward a confident retirement. Just scroll...
Aug 14, 2023•20 min
Loaning money to family and friends can be seen as a generous act when they're caught in a financial crunch. However, such acts often come with a caveat - they tend to ruin relationships. If you're diligent about saving money, it's probable that your friends and family members will be aware of this fact, even if your lifestyle isn't extravagant. Consequently, you may find yourself being viewed as a potential provider of funds for others' financial emergencies or poor financial planning. In this ...
Jul 31, 2023•53 min
Description: In this episode we dive into a recent eye-opening report from the Center for Retirement Research. The data reveals a surprising disconnect: while a significant number of pre-retirees remain nonchalant about their retirement, their current savings are far from adequate to support their post-retirement lifestyle. As anxiety and fear disorders are soaring to all-time highs, it's perplexing that the future uncertainty of retirement isn't triggering more concern. Could this be a symptom ...
Jul 17, 2023•27 min
In this episode we tackle the topic of Indexed Universal Life Insurance (IUL), a product often peddled by salespeople as the ultimate retirement solution. However, is all as it seems? We're delighted to welcome guest expert Andy Panko of Tenon Financial and host of the Retirement Planning Education podcast. Together, we dissect the IUL strategy, shedding light on the hidden truths and outright falsehoods often used in selling these products. Join us as we debunk myths, clarify complexities, and ...
Jul 10, 2023•44 min
In the world of estate planning, words hold immense power. Does your estate plan have a definitions page that clearly defines the key terms? If not, there could be massive issues down the road. 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 R...
Jul 03, 2023•26 min
Retirement is often seen as a time of financial stability, but for many people, it can come with several surprises. Here are five retirement surprises you should be aware of, along with examples of how they can impact your retirement strategy. If you’re thinking "I love the Big Picture Retirement podcast” please consider rating and reviewing this show! This helps me support more people -- just like you -- move toward a confident retirement. Just scroll down to the “ratings and reviews” section, ...
Jun 19, 2023•30 min
In this episode, John and Devin dive into some of the nuances of inheritance planning, particularly when it comes to setting up trusts for children. As is the case with most important things, there are lots of hidden "gotchas" that can have unintended consequences. If you’re thinking "I love the Big Picture Retirement podcast” please consider rating and reviewing this show! This helps me support more people -- just like you -- move toward a confident retirement. Just scroll down to the “ratings ...
Jun 12, 2023•27 min
Devin shares a personal story of how technology and a professional's inability to interpret the output of that technology led to financial and psychological consequences. The experience was as eye-opening as it was terrifying and taught Devin a valuable lesson about the importance of second opinions and the limitations of relying solely on technology or established routines. Devin's story doesn't stop at the medical mishap. Drawing parallels with the financial advisory industry, he discusses his...
Jun 05, 2023•36 min
Navigating the Social Security filing process as a single individual can be a daunting task. The considerations you need to make differ from those of married couples. In this episode, we aim to simplify this process and provide you with the essential information you need before filing for Social Security. Reasources mentioned in this episode: SSI Blog: Survivors’ Benefits: Exceptions to the Marriage Length Requirement - https://www.socialsecurityintelligence.com/survivors-benefits-exceptions-to-...
May 31, 2023•28 min
In this week's episode of the Big Picture Retirement podcast, we dive deep into the world of Direct Indexing. As a fairly new approach in the investment ecosystem, it promises tailored portfolio customization and potentential tax optimization. But are these benefits worth the potential pitfalls and complexities? Today Devin is joined by Alec and Alexander, two members of the advisory staff at Carroll Advisory group to discuss the ins and outs, the pros and cons, and whether this new investment s...
May 23, 2023•26 min
The sequence that you use to withdraw your money in retirement can make a massive difference in the amount of taxes you pay AND how long your money lasts. In today's episode, we're talking about an alternate way to think about taking withdrawals that very few people are talking about. If you’re thinking about retiring, or you’ve just retired, you’re going to be glad you listened to this episode. If you’re thinking "I love the Big Picture Retirement podcast” please consider rating and reviewing t...
May 15, 2023•22 min
Roth conversions have become a trending topic, and for good reason. After paying taxes throughout one's life, it's desirable to strategically reduce taxes during retirement, if feasible. Nevertheless, the viability of a Roth conversion depends on individual circumstances, and after reviewing hundreds of Roth conversion plans, we've observed three primary reasons why a Roth conversion may be beneficial. In this episode, we'll explore each of these reasons. If you’re thinking "I love the Big Pictu...
May 08, 2023•27 min
While divorce may mark the end of a marriage, it is also a critical juncture in a person's financial and estate planning, as it can significantly impact their future wealth, retirement, and inheritance. In this context, divorce attorneys who fail to consider the bigger picture of estate and financial planning may unwittingly leave their clients vulnerable to financial pitfalls and missed opportunities. If you’re thinking "I love the Big Picture Retirement podcast” please consider rating and revi...
May 01, 2023•29 min
Saving for retirement is a lifelong process that unfolds through various stages. While the steps may differ based on individual circumstances, a general framework can be outlined. Each stage requires a different approach to ensure a secure and comfortable retirement. If you’re thinking "I love the Big Picture Retirement podcast” please consider rating and reviewing this show! This helps me support more people -- just like you -- move toward a confident retirement. Just scroll down to the “rating...
Apr 24, 2023•31 min
"Is a reverse mortgage a good idea? It could be but there are certainly some pros and cons to think about before signing those papers. In today's episode, we break down what you should know." If you’re thinking "I love the Big Picture Retirement podcast” please consider rating and reviewing this show! This helps me 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 Rev...
Apr 03, 2023•41 min
The calculation the IRS uses to determine how you pay taxes on retirement income creates a danger zone where taxes can be SIGNIFICANTLY amplified. If you fall into this danger zone, you could pay a MUCH higher tax rate on your retirement income.
Mar 27, 2023•42 min
The big news lately has been about bank failures. Since the banking industry is closely tied to the investment business, this has raised the question, “Are my investments safe? What happens if my brokerage company or asset custodian goes out of business?" In today's episode we'll dive in and tell you what is, and what is not, covered. 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 -...
Mar 20, 2023•44 min
For those with a pension, the retirement planning decision is not as cut-and-dried as it seems on the surface. Should you take a lump sum, should you wait about taking it, and what are the rules specific to your pension plan? In today’s episode we’re joined by Jeremy Keil from the Retirement Revealed podcast to discuss some of the most important points to consider when making this decision. Find the Retirement Revealed podcast at https://keilfp.com/blogpodcast/ Jeremy’s podcast episode covering ...
Mar 13, 2023•28 min
Every year, the "Dirty Dozen" list is compiled to warn taxpayers of common scams that they may encounter at any time. However, many of these fraudulent schemes tend to increase during the tax filing season when individuals are preparing their tax returns or seeking professional assistance. It is crucial to remain vigilant and avoid falling victim to these scams. If you’re thinking "I love the Big Picture Retirement podcast” please consider rating and reviewing this show! This helps me support mo...
Mar 06, 2023•47 min
For many people, the thought of retirement brings up images of relaxation and happiness. However, retiring can also be a time of great challenge. In this episode, we'll discuss the four major challenges that retirees face and provide actionable tips for overcoming them. If you’re thinking, "I love the Big Picture Retirement podcast” please consider rating and reviewing this show! This helps me support more people -- just like you -- move toward a confident retirement. Just scroll down to the “ra...
Feb 20, 2023•43 min
In this episode, we explore the rapidly evolving field of AI and its potential impact on the world of professional advising. Can a machine like ChatGPT truly replace the expertise and personal touch of a human advisor? Today we put AI to the test. If you’re thinking "I love the Big Picture Retirement podcast” please consider rating and reviewing this show! This helps me support more people -- just like you -- move toward a confident retirement. Just scroll down to the “ratings and reviews” secti...
Feb 13, 2023•36 min
Answering listener questions is becoming our favorite episode to record. Today we go back to the voicemail to answer several questions on Social Security. 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 at https://www.carrolladvi...
Feb 06, 2023•27 min
