S4: Episode 8 – Taxes in Retirement – 5 Topics to Be Aware of
38m
·
Simplify Your Retirement
·
Host Stephen Stricklin and Co-Host Paul Brock take on the topic of taxes in retirement in today’s episode, appropriately released on the tax filing deadline date of 2021. An exciting day for some, and dreaded for others, it’s a reality of our financial life we cannot avoid, and certainly a factor to consider when planning for retirement. Stephen and Paul take a deep dive into some tax lingo. They bring listeners through five topics pertaining to taxes and retirement: Tax Planning, Effective vs. Marginal Tax Rate, Capital Gains, Social Security benefits and Medicare. They give clarity to these terms, and give examples of scenarios from the point of view of a married couple filing jointly. Financial peace comes from having a plan, and having a base understanding of these commonly talked about concepts will help set you up for a successful and peaceful retirement. Stephen and Paul Discuss: Tax Planning; making sure you have a plan to deal with increasing taxes in retirement Effective Tax Rate vs. Marginal Tax Rate Capital Gains; short term vs. long term Taxation on Social Security benefits Medicare; IRMAA Future FAQ episodes to come Resources: Do you have a question to ask for an upcoming podcast episode, or want a FREE copy of our book, Simplify Your Retirement? If so, email: [email protected] http://www.simplifyyourretirement.com/book US Debt Clock Link Connect With Stephen Stricklin: [email protected] WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC
The episode S4: Episode 8 – Taxes in Retirement – 5 Topics to Be Aware of from the podcast Simplify Your Retirement has a duration of
38:24. It was first published
More episodes from Simplify Your Retirement
S4: Episode 12 – Is there value in using multiple advisors? Answering Your Financial FAQ’s!
In today’s episode, the last of Season 4, Stephen Stricklin, along with Paul Brock, answer FAQ’s surrounding retirement planning. In addition to their answers in this episode, we encourage you to look back through the seasons to gain more clarity! One listener asks, “Do you see value in splitting accounts over a few different advisors?” Stephen says with multiple advisors working with the same client, you can end up with similar portfolios, and that may not be as diversified as you’d think. In addition, different advisors have different financial philosophies, Stephen believes in simplicity and consolidation, getting all assets under the same roof. A common question Stephen and Paul face is, “Should I have an alternative to bonds?” In this current environment where the interest rates are rising, and the value of bonds go down, ultimately it depends what your plan is. Their suggestion is a fixed indexed annuity, a fixed annuity, or CD’s. In exchange for the liquidity that bonds offer, you get guaranteed principal protection and no downside risk. When it comes to retirement planning, someone asks, “How can I build a retirement plan when I don’t know when I will retire?” Stephen suggests picking a date and going from there. It doesn’t have to be set in stone, but it’s best to start putting together a plan sooner than later, to have peace of mind. Stephen and Paul Discuss: Overview of all four seasons thus far. Addressing questions sent in from listeners Question 1- “Do you see value in splitting my account over a few different advisors?” Question 2- “Should I use an alternative to bonds, in this environment with interest rates rising?” Question 3- “How can I build a retirement plan when I don’t know when I will retire?” Podcast show taking a break in between season four and season five. Exciting new improvements to the podcast when we resume! Resources: [email protected] http://www.simplifyyourretirement.com/book https://wisewealth.com Season 1 The Three Bucket Approach Part 1 The Three Bucket Approach Part 2 The Three Bucket Approach Part 3 Season 2 Season 3 Season 4 Wise Wealth YouTube Channel Connect With Stephen Stricklin: [email protected] WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC
S4: Episode 11 – Aligning Your Faith With Your Investments With Ben Malick And David Sandhu
Have you ever considered the views of the companies you’ve invested in? Do they align with yours? Join Stephen Stricklin and Paul Brock, along with guests Ben Malick and David Sandhu, as they discuss Biblically Responsible Investing. Ben and David have years of financial experience with Wise Wealth, and in this episode, offer clarity on how we can make good decisions when it comes to thinking biblically about our investments. As an investor, you must screen for companies that take into account the acronym, ESG, Environment, Social and Governance. Do they care for the environment? How do they treat their customers and employees? How well is their board structured? Look for companies that are not harming others for the sake of profit. As a christian, being aware of what you invest your money in is of highest importance. Focus on companies that give back to their employees and their community and support christian values. In the long run, businesses that care for people will flourish. Bright Portfolios is Wise Wealth’s solution. Bright Portfolios is an asset allocation where they manage the portfolios for individual clients. They screen for companies exhibiting good values, and build a fully diversified portfolio. You can feel good about the companies you own and feel good about the returns. You get positive returns and know the money you’re investing is actually doing good in the world. Ben and David Discuss: The philosophy of Biblically Responsible Investing ESG (Environmental, Social, Governance); what investors will screen companies for. Types of companies to avoid. “Sin stocks”; any company that supports tobacco, alcohol, gambling, manufacturing abortion drugs, creating or distributing pornography, companies that harm others for the sake of profit. Types of companies to invest in. “Shining light” or “Beacon of hope” companies are focused on giving back to their employees, giving to the community, and honoring God. Does narrowing down the amount of stocks I invest in because of misaligned values make me lose a little bit of return? Bright Portfolios is an asset allocation where they manage the portfolios for individual clients. They screen for companies exhibiting good values, and build a fully diversified portfolio. Resources: Do you have a question to ask for an upcoming podcast episode, or want a FREE copy of our book, Simplify Your Retirement? If so, email: [email protected] http://www.simplifyyourretirement.com/book Season 2 Episode 10 with Ben Malick Wise Wealth Phone Number: 816-246-WISE (9473) https://wisewealth.com https://brightportfolios.com Connect With Ben and David: [email protected] https://wisewealth.com https://brightportfolios.com Connect With Stephen Stricklin: [email protected] WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC About Our Guests: Ben Malick is the Chief Investment Officer of Wise Wealth, Portfolio Manager for Bright Portfolios, Chartered Financial Analyst and Certified Kingdom Advisor. David Sandhu is a Wise Wealth Financial Advisor, Certified Kingdom Advisor and Chartered Retirement Planning Counselor.
S4: Episode 10 – The Myths and Misconceptions of Fees and Costs
You may have heard the terms “fee” and “cost” used as synonyms, but there is a distinction that could make all the difference in the world of investing. In this episode, Stephen Stricklin and Paul Brock discuss three major misconceptions many people have about fees and costs. A fee is something you can “see,” usually in plain sight, and made known up front, sometimes deterring an individual from taking the plunge. A cost is something you can “feel,” usually not laid out clearly in a statement, but you’ll feel the hidden costs in your returns. The three most popular money saving misconceptions are: investing on your own, that your 401(k) has no fees, and investing online with a robo-advisor, all of which lead people to believe that they are cutting losses associated with various service fees. Stephen and Paul expose these myths with facts and statistics, showing the fees of working with an advisor actually yields greater return than the costs associated with the three methods above. All investments have a cost, and value determines worthiness. The value of having a financial advisor when investing is highly beneficial, and the stats show it is worth it. Stephen and Paul Discuss: The difference between fees and costs. A fee is something that you see, a cost is something that you feel. The myths and misconceptions of fees and costs when it comes to investing. Misconception #1 “I can save money by investing on my own, and pay no fees” Vanguard study Misconception #2 “I can save money by keeping money in the 401K, where there are ‘no fees’” Misconception #3 “I can save money by investing online through a robo-advisor, because there are ‘no fees’” Dalbar study Resources: Don’t forget to email [email protected] if you have any retirement questions you’d like Stephen and Paul to answer in an upcoming episode OR to get a free Copy of Stephen’s book, Simplify Your Retirement! [email protected] http://www.simplifyyourretirement.com/book https://www.investopedia.com/ Connect With Stephen Stricklin: [email protected] WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC
S4: Episode 9 – How A Reverse Mortgage Can Enhance Your Retirement With Gabrielle Welter
Are there better uses for your home equity? In today’s episode special guest Gabrielle Welter, along with host Stephen Stricklin, discuss everything reverse mortgages. Gabrielle is a reverse mortgage specialist in the Chicago area, and with 11 years experience in the financial industry, she has a lot to share. Gabrielle debunks the negative connotation that a reverse mortgage is the “loan of last resort.” She gives an in depth look into how a reverse mortgage can enhance your retirement portfolio overall. She answers questions like; How does a reverse mortgage work if you still have a mortgage payment? What is the cost/value? What happens when you sell your house but there’s still equity in the home? Gabrielle Discusses: Uses for a reverse mortgage, and how it can benefit the retiree- a way to pay for long term care. Different scenarios for a reverse mortgage and how it would work- even if you still owe money on your mortgage, you can still qualify. HECM- home equity conversion mortgage Why a reverse mortgage is valuable- Closing costs are high because it is FHA insured, and it is a non-recourse loan, they cannot pass any debt to any errors. Benefits of being FHA insured Explains the scenario of selling the house, still having equity in the home- leaving remaining equity to beneficiaries, “passing money”. The scenario of not taking equity out of the home, but instead buying a new home, “HECM for purchase” or “H4P”. Resources: Do you have a question to ask for an upcoming podcast episode, or want a FREE copy of our book, Simplify Your Retirement? If so, email: [email protected] http://www.simplifyyourretirement.com/book Myhousecounts.com Connect With Gabrielle Welter: Myhousecounts.com LinkedIn: Gabrielle Welter Connect With Stephen Stricklin: [email protected] WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC About Our Guest: Gabrielle Welter is a reverse mortgage specialist in the Chicago area. She has 11 years of experience in the financial industry, and has even owned her own Allstate agency for 5 years. She is passionate about her work, going beyond just a customer-relationship, to a client-relationship, educating her clients and countless others on her social media platforms. Gabrielle is also married, and the mother of three boys and one golden retriever.
S4: Episode 8 – Taxes in Retirement – 5 Topics to Be Aware of
Host Stephen Stricklin and Co-Host Paul Brock take on the topic of taxes in retirement in today’s episode, appropriately released on the tax filing deadline date of 2021. An exciting day for some, and dreaded for others, it’s a reality of our financial life we cannot avoid, and certainly a factor to consider when planning for retirement. Stephen and Paul take a deep dive into some tax lingo. They bring listeners through five topics pertaining to taxes and retirement: Tax Planning, Effective vs. Marginal Tax Rate, Capital Gains, Social Security benefits and Medicare. They give clarity to these terms, and give examples of scenarios from the point of view of a married couple filing jointly. Financial peace comes from having a plan, and having a base understanding of these commonly talked about concepts will help set you up for a successful and peaceful retirement. Stephen and Paul Discuss: Tax Planning; making sure you have a plan to deal with increasing taxes in retirement Effective Tax Rate vs. Marginal Tax Rate Capital Gains; short term vs. long term Taxation on Social Security benefits Medicare; IRMAA Future FAQ episodes to come Resources: Do you have a question to ask for an upcoming podcast episode, or want a FREE copy of our book, Simplify Your Retirement? If so, email: [email protected] http://www.simplifyyourretirement.com/book US Debt Clock Link Connect With Stephen Stricklin: [email protected] WiseWealth.com Simplify Your Retirement LinkedIn: Stephen Stricklin LinkedIn: Wise Wealth LLC