Claim OwnershipRetirement Planning Education, with Andy Panko
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© 2024 Retirement Planning Education, with Andy Panko
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Teaching you all about IRAs & Roth IRAs, employer retirement plans, taxes, Social Security, Medicare, portfolio withdrawal strategies, annuities, estate planning and much more!
117 Episodes
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We're switching things up a bit! In this week's episode, guest host Mike Powers (from Manuka Financial; was a previous guest on the podcast) chats with the show's host, Andy Panko from Tenon Financial.In the episode, they talk about a wide array of retirement planning topics and Andy's view and approach toward them, such as tax planning, distribution strategies, investing, annuities, long-term care insurance, how to help advise people who are spending more than planned, what consumers often o...
Listener Q&A where Andy talks about: Can you retroactively increase your income for a prior tax year ( 2:37 )How to find a retirement planning tax specialist ( 8:16 )How the Medicare IRMAA premium surcharge income lookback works ( 17:24 )Determining how much mega back door Roth contributions to do ( 22:02 )Is it okay to employ your child part-time in your small business to give them earnings so you can contribute to a Roth IRA for them ( 28:07 )My thoughts on "bullet" maturity bond E...
Andy chats with a real person (not an advisor) doing their own retirement planning. In this episode, Andy talks with Jane (an anonymous name). They talk about a wide array of retirement planning topics such as when she started getting serious about retirement planning, what she wishes she would have known earlier, what she learned from seeing her parents go through a long term care event with her father, and a variety of financial topics such as Social Security, investing, how she and her hus...
Andy chats with fellow retirement planner Victor Medina, CFP®, RICP®, CELA® from Palante Wealth. In this episode they talk about a wide array of retirement planning topics such as tax planning, distribution strategies, investing, annuities, long-term care insurance, how to help advise people who are spending more than planned, what consumers often overlook in retirement planning and much more!Links in this episode:Victor's company's website - Palante WealthVictor's podcast - Retirease RadioSi...
1I'm a buffoon and I missed including another important pro of doing an employer plan-to-IRA rollover in episode #110's list of pros and cons of rollovers. The additional potential pro is the ability to do Qualified Charitable Distributions ("QCDs") out of the IRA if you're at least 70 1/2 and charitably inclined.So, the recap the full list of pros (including QCDs) and cons of doing an employer plan-to-IRA rollover:Potential PROS of rolling over an employer plan to an IRA or Roth IRA:More inve...
Andy summarizes the pros and cons of rolling over an employer plan (such as a 401(k), 403(b), 401(a), 457 or the federal Thrift Savings Plan) to an IRA or Roth IRA. To sum up:Potential PROS of rolling over an employer plan to an IRA or Roth IRA:More investment optionsLikely lower fees and costsAccess to professional adviceBetter control over tax withholdingsMore withdrawal optionsLess Required Minimum Distributions ("RMDs") to manageLess financial clutterPotential CONS of rolling over an empl...
Listener Q&A where Andy talks about: How to know if your 401(k) is good ( 5:57 )Is it safer to bank at multiple banks instead of just one ( 14:33 )How much tax should you withhold from your Social Security ( 21:10 )Whether each spouse needs to take out excess Roth IRA contributions if only one spouse's income put their Married Filing Joint total income over the Roth IRA contribution eligibility threshold ( 25:20 )Should you hire an advisor for a one-time Roth conversion analysis and ...
Andy chats with real people (not advisors) doing their own retirement planning. In this episode, Andy talks with Ali & Alison Walker, who live in Arizona currently but lived and traveled abroad for a few years after retiring. They talk about a wide array of retirement planning topics such as when Ali & Alison started getting serious about retirement planning, what they wish they would have known earlier, how they planned for the non-financial aspects of retirement, and a variety of fi...
Andy chats with fellow retirement planner Mike Powers, CPA, PFS, CFP®, from Manuka Financial. In this episode they talk about a wide array of retirement planning topics such as tax planning, distribution strategies, investing, annuities, long-term care insurance, how to help advise people who are spending more than planned, what consumers often overlook in retirement planning and much more!Links in this episode:Mike's company's website - Manuka FinancialMichael Kitces website - hereMr Money M...
Andy talks about the main points to consider when deciding when to start your Social Security retirement benefitsLinks in this episode:Tenon Financial June 2024 newsletter discussing how to optimize your Social Security claiming decision - hereRetirement Planning Education June 2024 blog discussing how to optimize your Social Security claiming decision - hereMy YouTube video - Calculating Your Social Security Primary Insurance AmountTenon Financial monthly e-newsletter - Retirement Planning I...
Listener Q&A where Andy talks about: Whether or not it's okay to have a mortgage or rent in retirement ( 1:56 )Medicare Part B coinsurance of 20% and whether Medigap/Supplemental policies are worth it ( 8:50 )How much money is TOO MUCH money to have in a Health Savings Account ( 13:50 )If I've changed any of my views or processes around retirement planning as a result having chatted with multiple "real people" and other retirement planners in this podcast ( 24:57 )How advisors can he...
Andy chats with a real person (not an advisor) doing their own retirement planning. In this episode, Andy talks with Laura Maione, who lives in Illinois and retired during the pandemic. They talk about a wide array of retirement planning topics such as when Laura started getting serious about retirement planning, what she wishes he would have known earlier, how she planned for the non-financial aspects of retirement, and a variety of financial topics such as Social Security, investing, portfo...
Andy chats with fellow retirement planner Angie Furubotten-LaRosee CFP®, from Avea Financial Planning. In this episode they talk about a wide array of retirement planning topics such as tax planning, distribution strategies, investing, annuities, long-term care insurance, how to help advise people who are spending more than planned, what consumers often overlook in retirement planning and much more!Links in this episode:Angie's company's website - Avea Wealth ManagementAngie's "Questions to a...
Andy gives a summary of the key takeaways from the recently released 2024 Social Security Trustees ReportLinks in this episode:The 2024 Social Security Trustees Report - hereThe "Summary of Provisions That Would Change the Social Security Program" - hereTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retiremen...
Listener Q&A where Andy talks about: How to choose a brokerage firm/custodian to use ( 3:00 )How frequently to rebalance your portfolio ( 11:46 )Annual 401(k) contribution limits between employee and employer contributions ( 14:55 )Understanding gift taxes, when a gift tax return is required, the lifetime gift/estate size exemption and the annual gift exclusion ( 19:08 )The two different 5-year rules for Roth IRAs ( 24:03 )How mortgages or home equity lines of credit play into how mu...
Thank you for your support through 100 episodes!!! 🥳 To celebrate the milestone of the 100th episode, Andy shares his 100 best bits of retirement planning wisdom, broken up into 10 topics of 10 pieces of wisdom each. The 10 topics are:1) Investments, 2) Social Security, 3) Medicare, 4) Taxes, 5) Estate & Legacy Planning, 6) Annuities & Life Insurance, 7) Pensions, 8) Long Term Care, 9) the Financial Advisory Industry and 10) Non-Financial & Life PlanningLinks in this episode:Genwo...
Andy chats with a real person (not an advisor) doing their own retirement planning. In this episode, Andy talks with Al DiSalvio, who lives in New Jersey and plans on retiring in 2025. They talk about a wide array of retirement planning topics such as when Al started getting serious about retirement planning, what he wishes he would have known earlier and a variety of financial topics such as Social Security, investing, Roth conversions, how he recently took a work assignment abroad and more!...
Andy chats with fellow retirement planner Lauren Hunt, CFP®, from Daybreak Wealth Management. In this episode they talk about a wide array of retirement planning topics such as tax planning, distribution strategies, investing, annuities, long-term care insurance, how to know when someone has "enough" to retire, what consumers often overlook in retirement planning and much more!Links in this episode:Lauren's company's website - Daybreak Wealth ManagementMichael Kitces content - here David...
Explanation of the Required Minimum Distribution ("RMD") rules for inherited IRAsLinks in this episode:The IRS's Single Life Expectancy TableCharles Schwab's Inherited IRA Withdrawal RulesTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com
Listener Q&A where Andy talks about: Am I concerned about the increasing amount of US government debt, and how do I think it will impact retirees' investments ( 1:32 )Are there any custodians that offer Roth versions of SEP IRAs ( 16:58 )Is there a simple way to estimate what your total taxes will be for the year ( 19:28 )Could it make sense to invest in municipal bonds instead of bonds where the interest is taxable - even if the after-tax yield of the non-municipal bonds is higher -...
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