IRMAA stands for Income Related Monthly Adjustment Amount. In short, it is a surcharge that can be added to your Medicare Part B & D premiums IF you earn to much money. I talk about IRMAA here on the podcast and with my clients because it is something we have to pay attention to so that it doesn't catch us off guard, but I feel like many view IRMAA as something you MUST avoid. In this episode, I share a brief overview of IRMAA and tell you why you shouldn't avoid IRMAA at all costs. In fact,...
Sep 11, 2024•17 min•Ep 82•Transcript available on Metacast Having a Roth IRA in retirement can be very powerful. It allows you to make tax-free distributions for retirement income and gives you flexibility around your tax brackets... But I've noticed one thing. I/we as financial planners often suggest taking from your Roth IRA last for income in retirement so it has more time to compound tax-free. While this is often a good idea mathematically, I have been asking myself this question: "Everyone is told to save to a Roth IRA so they have tax-free income ...
Aug 27, 2024•31 min•Ep 81•Transcript available on Metacast It's not secret that sudden market declines can cause fear and anxiety in investors' minds. Recently, we've seen some volatility enter the markets and you might be wondering if you should make any changes to your portfolio. In this episode, I provide a framework and steps you can follow to navigate the emotions and uncertainties market volatility throw at us. If you'd like an example of the Retirement Income Buckets, shoot me and email and I will send it right over! ——————————————————————————— E...
Aug 13, 2024•21 min•Ep 80•Transcript available on Metacast Book a free consultation to get started today 👉 https://www.rivertreewealth.com/get-started I've seen a common theme in almost every portfolio review I have done lately for prospective clients... I share that investing mistake and 4 others with you in this weeks episode! ——————————————————————————— Website: https://www.rivertreewealth.com LinkedIn: https://www.linkedin.com/in/jacobduke Jacob Duke, CFP, MBA is the founder of Rivertree Wealth and the host of the Retirement Answers podcast. DISCLA...
Jul 30, 2024•19 min•Ep 79•Transcript available on Metacast Book a free consultation to get started today 👉 https://www.rivertreewealth.com/get-started Tax planning is a huge part of building a successful retirement plan. You often hear about Roth conversions or tax-loss harvesting, but there is a simple way that EVERYONE can reduce there taxes each year... ASSET LOCATION. ——————————————————————————— Website: https://www.rivertreewealth.com LinkedIn: https://www.linkedin.com/in/jacobduke Jacob Duke, CFP, MBA is the founder of Rivertree Wealth and the ho...
Jul 18, 2024•26 min•Ep 78•Transcript available on Metacast Book a free consultation to get started today 👉 https://www.rivertreewealth.com/get-started Required Minimum Distributions (RMD) aren't the worst thing in the world, but they could force you to pay taxes you don't want to pay. In this episode, I share 5 ways to reduce your RMDs and take back control of your tax bill in retirement. ——————————————————————————— Website: https://www.rivertreewealth.com LinkedIn: https://www.linkedin.com/in/jacobduke Jacob Duke, CFP, MBA is the founder of Rivertree ...
Jul 02, 2024•22 min•Ep 77•Transcript available on Metacast Book a free consultation to get started today 👉 https://www.rivertreewealth.com/get-started Not sure where to pull income from first in retirement? It can be a overwhelming to figure this out because of the impact your distributions have on other items in retirement such as Social Security taxes, RMDs, Medicare Premiums, and more. This week on the podcast I share some ideas around how to decide where to pull income from first in retirement. ——————————————————————————— Website: https://www.river...
Jun 25, 2024•16 min•Ep 76•Transcript available on Metacast Today, I'm sharing 7 reasons you shouldn't do Roth conversions... I hear about far too many people who are trying to do Roth conversions, but they shouldn't be doing any at all. Yes, Roth conversions are a power tax planning strategy for retirees, but it's not the best strategy for everyone. Creating a comprehensive plan that is unique to your situation is key. Don't just do Roth conversions because it's what everyone is talking about! ——————————————————————————— Website: https://www.rivertreewe...
Jun 11, 2024•22 min•Ep 75•Transcript available on Metacast Need a custom retirement plan? 👉 Get started today: https://www.rivertreewealth.com/get-started Wondering if you have enough money saved up to retire comfortably in 2024? In this video, I provide a framework you can use to evaluate how much you need to live a worry-free retirement. ——————————————————————————— Website: https://www.rivertreewealth.com LinkedIn: https://www.linkedin.com/in/jacobduke Jacob Duke, CFP, MBA is the founder of Rivertree Wealth and the host of the Retirement Answers podc...
Jun 04, 2024•16 min•Ep 74•Transcript available on Metacast One of the biggest questions around Social Security is, "Will I pay income taxes on my Social Security benefits?" I answer this very question, walk through an example, and share some tips on how you can lower your Social Security taxes in the future. ——————————————————————————— Website: https://www.rivertreewealth.com LinkedIn: https://www.linkedin.com/in/jacobduke Jacob Duke, CFP, MBA is the founder of Rivertree Wealth and the host of the Retirement Answers podcast. 👉 Do you have your custom r...
May 28, 2024•21 min•Ep 73•Transcript available on Metacast In recent years, there has been a growing concern around Social Security going insolvent. There are some truths to these concerns, but there are also many misunderstandings. The biggest misunderstanding is that Social Security will be going away entirely. The confusing part is that the Social Security trust fund could be running out in the future, but Social Security is a pay-as-you-go system. This just means that the dollars received every year in taxes are paid out every year in benefits. So, ...
May 21, 2024•28 min•Ep 72•Transcript available on Metacast Estate planning is often a forgotten part of a financial plan, but there are a few steps you can take to start building your estate plan. It doesn't have to complicated, so I am sharing 3 must-haves to include in your estate plan. There are more elements to think about including in your estate plan, but these should get you started. ——————————————————————————— Website: https://www.rivertreewealth.com LinkedIn: https://www.linkedin.com/in/jacobduke Jacob Duke, CFP, MBA is the founder of Rivertree...
May 14, 2024•18 min•Ep 71•Transcript available on Metacast So you inherited an IRA... But now what? Do you have to take all of the money out immediately? Over your lifetime? Within 10 years? The SECURE Act was instituted in 2020, but we are still trying to understand what the rules actually are for IRA inheritors. Prior to the SECURE Act, you could stretch the Required Minimum Distributions (RMD) over your lifetime. This gave you the benefit of spreading out your tax liability over many years. The SECURE Act took this "stretch" provision away for many b...
May 07, 2024•35 min•Ep 70•Transcript available on Metacast There are lots of opinions and ideas around how to properly plan for and live out a successful retirement. Today, I'mis sharing 8 do's & don'ts of retirement planning that I often run into when talking with prospective clients. Topics covered: - How to invest in retirement - How you can trust your plan - Why you should be proactive instead of reactive - Understanding Social Security - Talking to others who have already retired A big part of having a successful retirement is knowing what pitf...
Apr 30, 2024•20 min•Ep 69•Transcript available on Metacast It's an election year! We will be choosing the next President of the United States later this Fall and times like this often raise a lot of questions in investors' minds. "Will the stock market go down is this person is elected?" "Should I get out entirely to avoid any turbulence?" "Which political party has the best track record when it comes to stock market returns?" "If that person get's elected, things with definitely go south." But here's the hard part... We all have preferences and politic...
Apr 23, 2024•12 min•Ep 68•Transcript available on Metacast As a retirement planner, I get to see the good and the bad of every retirement plan. All the good decisions and the mistakes that come up. In an effort to help you avoid some common mistakes I see, I put together a list of 8 mistakes to avoid. These are mistakes around investing, income planning, withdrawal strategies, and mindset mistakes. I hope this helps you know what to look out for and encourages you if you are already aware of these potential mistakes. If you enjoy the podcast, I'd love i...
Apr 16, 2024•18 min•Ep 67•Transcript available on Metacast I have some big news to share with you... I have launched my own wealth management firm, Rivertree Wealth! I'm excited to continue serving my clients and begin working with new clients in the future. To learn more about Rivertree and how we can help you, please visit www.rivertreewealth.com . Also, I wanted to share our system, the Rivertree System, with to give you more insight to how we approach retirement planning. Hopefully these insights give you an idea of how the different planning topics...
Apr 09, 2024•17 min•Ep 66•Transcript available on Metacast Alright... Let's talk about financial advisor fees. Understanding how a financial advisor gets paid can be hard because there are numerous ways an advisor can receive compensation. In this episode of Retirement Answers, Jacob breaks down the main things you need to know about advisory fees in an objective, unbiased way. Topics covered: - Commissions vs Fees - Fee Only vs Fee Based vs Commission Based - Conflicts of interest If you enjoy the podcast, I'd love it if you could give a rating and rev...
Mar 26, 2024•17 min•Ep 65•Transcript available on Metacast Roth IRAs are powerful retirement accounts. You get to pay your tax now, let your investments grow tax-sheltered, and take from the account in retirement TAX-FREE! (The tax-free part depends on whether or not you meet the age 59.5 and 5 year requirements) Having a Roth IRA in retirement will help you lower your tax bill in your retirement years and be a huge benefit when it comes to Social Security taxation or IRMAA (Medicare premium surcharges). In this episode of Retirement Answers, I share 5 ...
Mar 19, 2024•22 min•Ep 64•Transcript available on Metacast Maybe you have heard of retirement "gap years" or maybe it's a new concept to you, but how to plan for your retirement gap years is a common question for retirees. The value of these years is that they are likely going to be the lowest tax years for the rest of your life. This means you could have an opportunity to take advantage of those lower tax rates and lower your lifetime tax bill. In this episode of Retirement Answers, we cover: What these gap years are Discuss how you can use them to you...
Mar 12, 2024•20 min•Ep 63•Transcript available on Metacast Trying to figure out how much income you will need in retirement can be challenging to figure out... There are rules of thumb such as 80% of your current, pre-retirement income or just take 4% of your savings each year for income. But the hard part about rules of thumb is that they are not unique to your or your needs. Some need far less than their pre-retirement income and others need the same amount. In this episode, I walk through how you can determine how much income you will need in retirem...
Mar 05, 2024•13 min•Ep 62•Transcript available on Metacast Discover the missing ingredient to a successful retirement in this episode of Retirement Answers with Jacob Duke. Learn why this ingredient is crucial to your retirement plan and how it can impact your decision-making process. Jacob discusses the pitfalls of trying to be exactly right and the importance of being less wrong tomorrow. He also explores the benefits of building flexibility into your plan, including tax diversification, delaying Social Security, and having wiggle room in your distrib...
Feb 27, 2024•20 min•Ep 61•Transcript available on Metacast In this episode of Retirement Answers, Jacob answers the common question, "should I take social security early and invest it?" Jacob talks through the following: - Benefits and risks of this strategy - An example - Big takeaway 00:00 Intro 00:40 Listener Review 01:10 Benefits and Risks 12:02 Example 14:32 The Importance of Considering Your Unique Plan 15:10 Big Takeaway 18:12 Final Thoughts If you enjoy the podcast, I'd love it if you could give a rating and review on Apple Podcasts. It's the be...
Feb 20, 2024•20 min•Ep 60•Transcript available on Metacast In this episode, Jacob discusses the decision many retirees have to make: prioritizing health insurance subsidies or Roth conversions? He highlights considerations such as the person's tax-deferred balance, age, and whether they are charitably inclined. Jacob explains how the Affordable Care Act can lower premiums for those under a certain income level, and spells out the potential tax savings involved in Roth conversions. He also puts forth the possibility of combining both strategies, dependin...
Feb 13, 2024•19 min•Ep 59•Transcript available on Metacast "When should I retire?" can be one of the hardest questions to answer. There isn't a perfect answer nor a one-size-fits-all. There are plenty of rules of thumb you could go by, but taking an individualized approach to this decision based on your circumstances might be the most important part. In this episode, I share 6 thoughts or ideas to consider when trying to determine the best time to retire. Once you can answer to these 6 ideas with confidence, you could be ready to retire. If you enjoy th...
Feb 06, 2024•17 min•Ep 58•Transcript available on Metacast Have you ever heard someone say they weren't enjoying their retirement? Or maybe they were bored or felt lost? Unfortunately, I hear retirees say this more often than I would like. Because of this, I wanted to share some common regrets I hear from those who are in retirement so that you can avoid those regrets yourself. If you enjoy the podcast, I'd love it if you could give a rating and review on Apple Podcasts. It's the best way you can say 'Thank You'! Want help with your retirement plan?👇🏼...
Jan 30, 2024•23 min•Ep 57•Transcript available on Metacast Social Security can get confusing very quickly. You have FRAs & PIAs, and Spousal benefits, Survivor benefits, Disability, and your own benefits. And the crazy part is that each of these "types" of Social Security benefits have different rules and nuances. In this episode, I am sharing everything you need to know about Survivor Benefits. We will answer the following questions: Who gets a survivor benefit? When can I get a survivor benefit? Do I get my own benefits and the survivor benefit on...
Jan 23, 2024•25 min•Ep 56•Transcript available on Metacast I've had this concept in my mind lately and wanted to share it with you. It's not groundbreaking or innovative. It's a simple concept that I have labeled "Last 5, First 5". It's the idea that this 10 year window (the last 5 years of your career and the first 5 years of your retirement), is the most important to get right in your retirement journey. If you don't get things right in the Last 5, First 5, a successful retirement could be in doubt... Hopefully, this episode encourages you to start pr...
Jan 16, 2024•18 min•Ep 55•Transcript available on Metacast Investing can be hard, but it doesn't have to be... What if I said simple is better, and you don't need a crazy strategy to be a successful investor? We all have our own biases & opinions about what to invest in, but we also have friends, family, neighbors, & advisors telling us what we should do. So, how we do know what the best solution is? Well, I'm sharing 3 principles that I use as a guide to my investment decisions. I hope these help you become a better investor! Want help with you...
Jan 09, 2024•16 min•Ep 54•Transcript available on Metacast Does retirement scare you or give you anxiety? Do you feel like there is too much to know? Well, you're not alone. Almost everyone I talk to who is trying to retire feels a sense of analysis paralysis. They know there are many considerations to thinking about when putting together their retirement plan, but are just unsure how to put it all together. In comes the One-Page Plan... This is a documents that simply lists out what needs to evaluated and when. But how can you fit everything onto 1 pag...
Jan 02, 2024•22 min•Ep 53•Transcript available on Metacast 
