Big Picture Retirement: Recent Episodes

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Today we answer a question from Chris about The Good Life Abroad and whether we plan to take a trip with the company. We share our thoughts on the concept, what interests us about their offerings, and whether a future review might be on the horizon.

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://carrolladvisory.co/podcast1

📍Contact John’s team at https://www.rossandshoalmire.com/

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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Today we answer a question from Sandi about how much umbrella insurance coverage you really need — especially as you approach retirement. We discuss why someone might choose a $2 million policy, how assets like home value, retirement accounts, and savings factor in, and share real-world examples to help you gauge whether you’re over- or underinsured.

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://carrolladvisory.co/podcast1

📍Contact John’s team at https://www.rossandshoalmire.com/

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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Today we answer a question from Peter about what happens when a parent dies with a fully planned estate that avoids probate — and how the Small Estate Affidavit process works in practice. We discuss handling unexpected estate assets like refund checks, whether you can open an estate bank account without letters testamentary, and who’s responsible for final taxes and bills

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://carrolladvisory.co/podcast1

📍Contact John’s team at https://www.rossandshoalmire.com/

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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In this special episode, we catch up on a backlog of insightful listener questions—covering everything from estate planning and Social Security taxation to Roth conversions and Medicare rules. If you’ve been wrestling with real-world retirement planning decisions, you’re not alone. Today’s episode delivers practical answers to the kinds of issues many people face but few have clearly explained.

We tackle:

• IRMAA and Social Security Taxation – Does IRMAA include Social Security income if it’s not taxable?
• Capital Gains on a Vacation Home – Should you delay estate planning until after the sale of a property? What about the "2 out of 5 years" exemption?
• Paying Inheritance Taxes – If all your accounts list beneficiaries, how will state inheritance taxes (like Pennsylvania's) get paid on time?
• Step-Up in Basis with TOD Deeds – In Oklahoma, does property with a Transfer on Death deed still receive a step-up in basis?
• Impact of Home Sale on IRMAA and Roth Conversions – How does selling a vacation home affect your income-based Medicare premiums and Roth conversion strategies?
• Medicare Enrollment Rules at Age 65 – Are you legally required to enroll in Medicare at 65 if not on a qualifying employer plan?
• Trusts and Anonymity – How can you use estate planning tools while keeping your affairs private and self-directed?
• Probate Friendliness by State – Which states make probate easy, and which ones almost demand a trust-based plan?
• Inherited IRAs and Roth Conversions – Can a beneficiary convert inherited IRA funds into a Roth IRA for future tax-free growth?

If you’ve ever had a nuanced question about retirement or estate planning, chances are someone else has too—and we’re tackling them head-on in this packed Q&A episode.

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://carrolladvisory.co/podcast1

📍Contact John’s team at https://www.rossandshoalmire.com/

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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In the final installment of our 3-part estate planning series, we dive into one of the most overlooked—but critically important—aspects of planning: protecting your heirs’ inheritance. It’s not enough to simply leave assets to your loved ones. Without proper planning, those assets could be exposed to divorce, lawsuits, creditors, or mismanagement.

We’ll explore how using trusts can provide long-term protection and flexibility, and why leaving assets outright may be a costly mistake. You’ll learn how to:

• Safeguard inheritances from a beneficiary’s divorce or personal liabilities
• Provide for special needs or disabled heirs without jeopardizing government benefits
• Handle contingency planning, including what happens if a beneficiary predeceases you
• Protect minor children using trusts instead of relying on court-supervised guardianships

We also highlight common mistakes—like failing to update your estate plan after major life events—and share practical steps to avoid them.

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://carrolladvisory.co/podcast1

📍Contact John’s team at https://www.rossandshoalmire.com/

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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Today we answer Jeff’s question about using home equity to pay for end-of-life care — from tapping into equity for in-home support to selling the home to cover nursing home costs. In high-cost states like California, many seniors are house rich and cash poor, and this episode explores strategies to help families navigate that challenge.

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://carrolladvisory.co/podcast1

📍Contact John’s team at https://www.rossandshoalmire.com/

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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In this episode, we shine the light on common estate planning mistakes that can derail even the best intentions. We discuss the risks of failing to update beneficiary designations and why relying solely on joint ownership can create unexpected complications.

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://carrolladvisory.co/podcast1

📍Contact John’s team at https://www.rossandshoalmire.com/

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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Today we answer a question from Cathy about helping aging parents in California navigate care costs, preserve limited resources, and explore options like pro bono legal support.

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://carrolladvisory.co/podcast1

📍Contact John’s team at https://www.rossandshoalmire.com/

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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In this episode, we cover key tax considerations around wealth transfer. We cover the differences between federal estate tax and state inheritance tax, and explain why the stepped-up basis is such a powerful tool for minimizing capital gains taxes for heirs.

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://carrolladvisory.co/podcast1

📍Contact John’s team at https://www.rossandshoalmire.com/

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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In this episode, Brian asks some great questions about using Net Unrealized Appreciation (NUA) for company stock inside a 401(k). We dive into the rules, timing, and strategies that could lead to major tax savings—if you do it right.

We cover:

• What exactly is NUA and why it matters
• Can you use NUA before retirement?
• Do you need to be age 59½?
• Can you move the stock out in segments, or does it have to be all at once?
• Common mistakes that could cost you

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://carrolladvisory.co/podcast1

📍Contact John’s team at https://www.rossandshoalmire.com/

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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In this episode, we explore how to pass on your assets smoothly and efficiently—without dragging your loved ones through probate court. You’ll learn why probate can be costly and time-consuming, and how non-probate strategies like beneficiary designations, joint ownership, and revocable living trusts can help you keep more money in your family’s hands and less in legal fees.

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://carrolladvisory.co/podcast1

📍Contact John’s team at https://www.rossandshoalmire.com/

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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In this inbox episode, we break down how the Social Security earnings limit works—especially for C corp owners who split income between salary and dividends. Learn what counts toward the limit, what doesn’t, and how smart income structuring can help you avoid benefit reductions.

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://carrolladvisory.co/podcast1

📍Contact John’s team at https://www.rossandshoalmire.com/

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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In the first part of our series on estate planning, we laid the groundwork for why incapacity planning matters and what documents you need to get started. But there’s more to it than just having your paperwork in order.

In this second episode on planning for incapacity, we take the conversation further by focusing on what happens when long-term care is needed. We’ll walk through the different types of care—home care, assisted living, and nursing homes—and how to plan ahead financially using private pay, long-term care insurance, or Medicaid planning.

We’ll also highlight common pitfalls like outdated or missing Powers of Attorney, and the risks of DIY estate planning that can create real problems down the road.

If you haven’t reviewed your incapacity planning documents lately—or if you’ve never had them in place—this episode is your call to action.

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://carrolladvisory.co/podcast1

📍Contact John’s team at https://www.rossandshoalmire.com/

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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Today kicks off a brand-new series on estate planning.

Estate planning is one of those things everyone knows they should do—but far too many people put it off, sometimes until it’s too late. And the truth is, whether your financial situation is complex or pretty straightforward, having a solid estate plan isn’t just about what happens after you're gone. It’s also about making things easier for your loved ones—and protecting yourself—while you're still here.

That’s why we’re launching this special series to break estate planning down into simple, practical steps. We’ll walk through the essential documents you need, the common mistakes that can derail a plan, and some of the more advanced strategies for protecting and passing on your wealth efficiently.

Whether you’re starting from scratch or just need to update an existing plan, this series will give you the roadmap you need.

Now, we originally thought we could cover the first part of this in a single episode—but planning for incapacity turned out to be too important to rush. In this episode, we’ll cover why incapacity planning is essential, real-life scenarios that make it critical, and the foundational documents every adult should have: Financial and Medical Powers of Attorney, and Advance Directives.

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://carrolladvisory.co/podcast1

📍Contact John’s team at https://www.rossandshoalmire.com/

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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John asks about buying the individual sectors of the S&P 500 and rebalancing based on performance instead of simply buying an index fund. Devin shares the pros and cons that he can see with this strategy and shares what he thinks is a better approach.

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://carrolladvisory.co/podcast1

📍Contact John’s team at https://www.rossandshoalmire.com/

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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Rosemary’s husband is scaling back to 32 hours a week as part of his transition plan before switching careers. With Social Security in mind, she asks: Will this reduced income impact their future benefits? In this episode, we break down how Social Security calculates benefits, whether lower earnings in the final working years can reduce your check, and what to consider before making the shift. If you’re thinking about adjusting your workload before retirement, this is an episode you won’t want to miss!

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://carrolladvisory.co/podcast1

📍Contact John’s team at https://www.rossandshoalmire.com/

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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Planning to travel in retirement? In this episode, I sit down with Andrew Motiwalla from The Good Life Abroad to discuss how retirees can make the most of their travel experiences—without the stress.

We talk about: ✅ Why travel is at the top of most retirees' bucket lists ✅ How to plan trips that align with your passions ✅ The best underrated destinations for immersive experiences ✅ How to avoid common travel planning pitfalls ✅ How long-term travel is changing the way retirees experience the world

If you’re looking to travel smarter, go beyond tourist hotspots, and make the most of your retirement years, this conversation is for you!

📍 Learn more about The Good Life Abroad: https://thegoodlifeabroad.com/

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://carrolladvisory.co/podcast1

📍Contact John’s team at https://www.rossandshoalmire.com/

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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This week, we’re diving into a question about the tax treatment of Special Needs Trusts. There are two types—First-Party and Third-Party trusts—but how does each one affect taxes? We’ll break down key differences in taxation, who reports the income, and what trustees need to consider when filing returns. If you or a loved one rely on a Special Needs Trust, understanding the tax implications is essential. Tune in for a clear and practical breakdown!

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://carrolladvisory.co/podcast1

📍Contact John’s team at https://www.rossandshoalmire.com/

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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For countless retirees, the greatest challenge isn't saving money, but spending it. After years of diligent saving, the transition to drawing down those hard-earned funds can be fraught with anxiety and uncertainty. But what if there was a way to ease this tension? In this episode, we explore the often unexpected emotional hurdles of retirement spending and reveal the antidote: a well-defined plan. With the right roadmap, retirees can grant themselves permission to spend, savoring the fruits of their labor with the confidence that their financial future remains secure. Join us as we share real-life stories of this struggle and offer insights into crafting a plan that truly brings peace of mind

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://carrolladvisory.co/podcast1

📍Contact John’s team at https://www.rossandshoalmire.com/

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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Dan asks: If monthly income from an IRA exceeds $2,908 for a single person, would that result in disqualification for Medicaid? We break down the income limits, potential strategies to navigate Medicaid eligibility, and how certain tools—like Qualified Income Trusts (Miller Trusts)—can help individuals qualify despite exceeding the income cap. Tune in for a clear explanation of how Medicaid rules apply to retirement accounts and long-term care planning.

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://carrolladvisory.co/podcast1

Contact John’s team at https://www.rossandshoalmire.com/

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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We’ve heard this hundreds of time... 'I wish someone had warned me about this when I retired.' More often than not, they're referring to one of five key challenges that catch many retirees by surprise.

In today's episode, we're diving into each of these five areas. If you're on the cusp of retirement, this is crucial viewing to help you steer clear of unexpected hurdles and enter this new phase of life with confidence. Pay particular attention to the last point–it's the most frequently mentioned and the most impactful. Being unprepared for this could have significant consequences, so make sure you are ready for this.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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://carrolladvisory.co/podcast1

Contact John’s team at https://www.rossandshoalmire.com/

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In this episode, Tammy asks about the pros and cons of doing Roth conversions in retirement to manage Required Minimum Distributions (RMDs) down the road. With $2.9 million in combined IRAs and current income of $196,000, she’s concerned about future tax implications. While we can’t give personal advice, we’ll break down the potential benefits, drawbacks, and factors retirees like Tammy should consider when deciding if Roth conversions make sense.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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://carrolladvisory.co/podcast1

Contact John’s team at https://www.rossandshoalmire.com/

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Cryptocurrency has changed the financial landscape, and that includes estate planning. Unlike traditional assets, crypto presents unique challenges—there’s no customer service line to recover lost passwords, and without proper planning, your digital assets could be lost forever.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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://carrolladvisory.co/podcast1

Contact John’s team at https://www.rossandshoalmire.com/

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In this episode, we dive into Stephen’s fascinating question about estate planning for the far future—trusts designed to preserve wealth for individuals who undergo cryonic preservation. Is this cutting-edge legal strategy realistic, or is it more science fiction than practical planning? John can barely contain his excitement as we explore the legal, financial, and philosophical implications of planning for a revival hundreds of years down the line.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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://carrolladvisory.co/podcast1

Contact John’s team at https://www.rossandshoalmire.com/

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Your mindset can make or break your retirement. Are you a Pollyanna, Delegator, Controller, or Realist? In this episode, we dive into the four common mindsets retirees bring to the table and how each one impacts their financial, tax, and legal decisions. From blind optimism to overconfidence, we explore the strengths and pitfalls of each mindset—and how you can evolve to make better choices. Whether you're just starting to plan or reevaluating your approach, this episode will help you identify your mindset and build a strategy for long-term success.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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://carrolladvisory.co/podcast1

Contact John’s team at https://www.rossandshoalmire.com/

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In this episode, we tackle Richard’s question about why it might make sense to use IRA (non-Roth) accounts first to pay for long-term care expenses. We’ll explain the reasoning behind this strategy, including the tax implications, potential benefits for your overall financial plan, and how it fits into managing your retirement assets.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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://carrolladvisory.co/podcast1

Contact John’s team at https://www.rossandshoalmire.com/

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From President Trump’s upcoming tariffs on Canada, Mexico, and China to the historical legacy of the “Chicken Tax,” tariffs have shaped economies and industries in ways both expected and unforeseen. In this episode, we dive into the purpose, pros, and cons of tariffs, exploring their impact on consumers, businesses, and global trade. Learn how these taxes can stimulate domestic production, drive up consumer costs, and even transform entire industries, like the U.S. auto market. Whether you're curious about the economic trade-offs or the quirky history of a chicken trade war, this episode has you 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 -- 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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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://carrolladvisory.co/podcast1

Contact John’s team at https://www.rossandshoalmire.com/

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In this episode, we address Joe’s question about how claiming Social Security benefits early can reduce withdrawals from retirement accounts and potentially lead to greater long-term growth. Joe shares his calculation comparing the cumulative Social Security benefit difference with the investment growth of withdrawals saved by filing early. Is he onto something, or is there a missing piece? Tune in to explore how Social Security timing fits into a Big Picture retirement strategy and hear our take on Joe’s approach.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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://carrolladvisory.co/podcast1

Contact John’s team at https://www.rossandshoalmire.com/

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A recent Supreme Court decision in Connelly v. United States has sent shockwaves through closely held businesses employing life-insurance-funded redemption-type buy-sell agreements. In this episode, we break down the case, the tax implications, and why the IRS may not respect your agreed-upon valuation. Discover why it’s critical to review and, if necessary, restructure your buy-sell agreements to avoid unexpected estate tax burdens. We'll explore alternatives like cross-purchase agreements and address key considerations for life insurance ownership. Don’t miss this discussion for business owners and advisors alike!

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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://carrolladvisory.co/podcast1

Contact John’s team at https://www.rossandshoalmire.com/

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In this episode, we answer Lori’s question about whether the repeal of the Government Pension Offset (GPO) will increase her survivor benefits and how it could impact benefits for those with similar circumstances. We also address Jesus’s concern about whether his Social Security check will be reduced when he retires from TRS (Teacher Retirement System). If you’ve ever wondered how these rules might affect your benefits, this episode is packed with answers and insights.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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://carrolladvisory.co/podcast1

Contact John’s team at https://www.rossandshoalmire.com/

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Sometimes life throws curveballs, and you may end up retiring earlier than planned. In this episode, we dive into JP Morgan’s data on why people retire earlier than expected and discuss how to prepare for the unexpected. Learn why having a solid backup plan is essential and what steps you can take to protect your financial future, even if your retirement timeline changes.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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://carrolladvisory.co/podcast1

Contact John’s team at https://www.rossandshoalmire.com/

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In this episode, we tackle Kay's questions about managing her IRA and Roth accounts in retirement. With significant assets, no LTC insurance, and children in differing financial circumstances, Kay wants to minimize taxes while preparing for required minimum distributions (RMDs) and long-term care expenses. We explore the pros and cons of massive Roth conversions, the impact of IRMAA on Medicare premiums, and other strategies for keeping income taxes as low as possible.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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://carrolladvisory.co/podcast1

Contact John’s team at https://www.rossandshoalmire.com/

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Retirement can be stressful, especially when the markets are unpredictable. In this episode, we’ll talk about a simple strategy to give you peace of mind and financial stability in retirement. You’ll learn how to set aside five years of income to avoid selling investments during market downturns, create a clear plan for where your money will come from, and adjust your approach based on your comfort with risk. This straightforward method helps you stay on track, worry less, and enjoy the retirement you’ve worked so hard for.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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://carrolladvisory.co/podcast1

Contact John’s team at https://www.rossandshoalmire.com/

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Today’s episode is part rant, part answer to Mike’s question about the high cost of prescription drugs under Medicare Part D. We dive into why these costs are so steep, explore alternatives like Canadian pharmacies, and discuss what you can do to manage healthcare expenses in 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, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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://carrolladvisory.co/podcast1

Contact John’s team at https://www.rossandshoalmire.com/

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Financial planning often feels like a numbers game—follow the math, and you’ll make the best decisions, right? But what happens when the spreadsheet says one thing, and your peace of mind says another? In this episode, we share the personal story of why Devin and his wife chose to pay off nearly $500,000 in debt, despite the numbers telling them not to. We explore the emotional cost of debt, the value of financial freedom, and how to balance logic with what truly feels right.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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://carrolladvisory.co/podcast1

Contact John’s team at https://www.rossandshoalmire.com/

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Today, we tackle a question many retirees face: Can you manage your taxes with DIY software like TurboTax, or is it time to bring in a professional? We'll explore the challenges of navigating tax complexities in retirement, including 401(k) rollovers, RMDs, and other scenarios that could make filing trickier than expected.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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://carrolladvisory.co/podcast1

Contact John’s team at https://www.rossandshoalmire.com/

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We answer a question from a 44-year-old Pittsburgh bus driver earning over six figures annually who maxes out a Roth IRA, contributes 10.5% to a 457 plan, and is covered by a pension. He owns five rental properties in his name and wonders if and when he should transfer them to an LLC.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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://carrolladvisory.co/podcast1

Contact John’s team at https://www.rossandshoalmire.com/

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Could 2025 be a stormy year for the stock market? In this episode, we explore five potential triggers that could send markets into turmoil. From the unpredictability of Trump-era “tape bombs” to a potential bursting of the AI bubble, we break down the risks investors should watch for. We also examine how protectionist trade policies, signs of an economic slowdown, and a possible Federal Reserve policy pivot could create turbulence. If you're looking to stay ahead of the curve and prepare for what’s next, this is the episode for you.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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://carrolladvisory.co/podcast1

Contact John’s team at https://www.rossandshoalmire.com/

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Today, we tackle a question from Patrick about the nuances of capital gains taxes on the sale of a primary residence. We break down how community property laws can impact your tax liability, the role of improvements in calculating your cost basis, and other key considerations to keep in mind when selling your home.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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://carrolladvisory.co/podcast1

Contact John’s team at https://www.rossandshoalmire.com/

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How could Trump’s tax policies impact your retirement plans? In this episode, we break down the potential changes, from tax cuts to shifting brackets, and discuss what they could mean for your savings, Social Security, and investment strategies.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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://carrolladvisory.co/podcast1

Contact John’s team at https://www.rossandshoalmire.com/

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In this episode, we’re diving into the latest legal drama surrounding the Corporate Transparency Act (CTA). A federal judge in Texas has temporarily blocked this law, which would have required U.S. businesses to report detailed information about their stakeholders to the government. What does this mean for business owners? Is this a win for small businesses or just a delay in the inevitable? We'll break down the law, the court’s decision, and what might happen next—all in plain English.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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://carrolladvisory.co/podcast1

Contact John’s team at https://www.rossandshoalmire.com/

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In this episode, we’re breaking down common myths about what a Will can actually take care of. A lot of people think a will covers everything, but it’s not that simple! We’ll explain how probate works, why some assets don’t go through your will, and what your will can’t control — like retirement accounts or jointly owned property. We’ll also talk about other tools you might need to make sure your plans really happen the way you want. Join us to learn what your will really does and avoid surprises for your family 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 Review.” Then be sure to let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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In this episode, we break down simple strategies to protect your retirement savings when the market gets rough. We’ll start with why staying calm is key and how planning ahead can help you avoid emotional decisions. You'll learn how to match your investments with both your comfort level and your financial goals, plus why a balanced mix and a short-term “spending bucket” can keep you from selling at the wrong time. We’ll also cover how fees impact your savings and why it’s worth checking if they’re delivering good value. Finally, we’ll share the benefits of regularly reviewing your plan and how smart tax strategies can give you a boost during downturns.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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Today we discuss the pros and cons of downsizing in retirement. We discuss how selling your home can reduce expenses, simplify your lifestyle, and free up money for travel or investments. But we also cover the potential downsides, like emotional attachment to your family home and the hidden costs of moving. Tune in to help decide if downsizing is the right move for you.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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In this episode, we talk about an important part of retirement planning that many people overlook—figuring out how long you might live. We explain why using average life expectancy or guessing based on family history can be risky, and why it’s important to plan for a longer life. We also share tools that can help you estimate how long your savings need to last, whether you’re planning on your own or with a partner. Making a solid plan for how long you’ll need your money is key to a secure retirement.

Resources to use:

Actuaries Longevity Illustrator (ALI) https://www.longevityillustrator.org/

SSA Life Expectancy Calculator https://www.ssa.gov/oact/population/longevity.html

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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Long-term care is a reality that many retirees will face, but the question is—how will you pay for it? In this episode, we break down the three primary ways to cover long-term care expenses. We’ll walk you through the pros and cons of each option and explain why planning ahead is critical. Plus, we’ll introduce a tool that can help you estimate the actual costs of care in your area. Whether you’re planning for yourself or a loved one, this episode will give you the insights you need to make an informed decision about long-term care expenses.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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In this episode, we take a closer look at Monte Carlo simulations—a tool used in retirement planning to estimate your chances of success. But are those percentages really reliable? Can an 85% or 90% success rate give you confidence in your retirement plan? We’ll explain how these simulations work, how different assumptions can lead to very different results, and why you shouldn’t just rely on past returns.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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In this episode, we explore the realities of stock-picking, revealing that it’s a gamble where the odds are heavily stacked against the average investor. Studies show that most individual stocks underperform or lose value over time, so we make a strong case for the smarter and more reliable approach.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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In this episode, we unpack Vice President Kamala Harris’s ambitious plan to lower housing costs, which would be funded by adopting Senator Elizabeth Warren’s sweeping estate tax overhaul. We explore the major changes proposed, including reducing the estate tax exclusion to $3.5 million, significantly increasing estate tax rates, and imposing new restrictions on popular estate planning tools like GRATs and grantor trusts. We also discuss the broader implications of these changes, such as the potential impact on wealth transfer strategies and the generational transfer of assets.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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Today we're joined by Ed Slott, the expert’s expert on retirement planning, to talk about how to make the most of your retirement savings and avoid costly tax surprises. Ed explains why converting to Roth IRAs could be a smart move, the risks of sticking with traditional IRAs, and how to get ready for the taxes that come with required minimum distributions (RMDs). With Ed’s advice, you’ll learn how to approach retirement planning with a clear, long-term strategy.

Check out Ed Slott’s book, The Retirement Savings Time Bomb Ticks Louder, for more tips on managing retirement taxes. To find additional resources and learn more, visit his website at irahelp.com.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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In this episode, we’re answering more listener voicemails about Social Security, gifting money, and estate planning.

First, we help a listener who’s trying to figure out the best way to maximize his wife’s Social Security benefits. He’s getting close to his full retirement age in 2025 and wants to make sure they get the most out of their benefits.

Next, we talk about a question regarding "superfunding" a 529 plan. A listener’s mom wants to contribute a large amount upfront for her niece’s education, but they’re worried about potential gift taxes if the rules change in 2026. We explain how the rules work and what to consider.

Lastly, we hear from a listener who recently moved to the Mississippi Gulf Coast and is looking for an advanced estate planning attorney. He’s got a solid estate plan but wants to make sure it’s as sophisticated as it needs to be, especially regarding trusts.

If you’re curious about Social Security strategies, gifting, or refining your estate plan, this episode has plenty of useful information to help you make the right choices. Tune in for straightforward advice and practical tips!

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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Today, Devin and Alexander are back answering listener questions. Tune in as we explore:

• Jamie's request for a detailed walkthrough of a monthly brokerage account statement, explaining where to find and understand fees, and demystifying various financial terms in plain English.
• Carl's situation as a 58-year-old with a diversified $1.1 million nest egg, seeking advice on overcoming the fear of retiring despite having solid financial resources, zero debt, and multiple income streams from pensions and investments.
• John's inquiry about the implications of cashing in a 30-year-old MetLife whole life policy, including tax considerations, potential impacts on medical insurance premiums, and alternative ways to reinvest the funds.
• Ken from Florida's strategy on maximizing retirement savings through Roth and Pre-Tax 401k contributions, the benefits of Roth IRA versus Roth 401k, and navigating contribution limits to optimize tax efficiency and investment options.
• Shawn's quest to understand the best methods for locking in a 6% return over the long term, exploring various investment vehicles and strategies.
• Patrick's interest in the tax implications of holding equity investments in a non-tax-advantaged account, specifically using an S&P index fund, and how gains would be reported and taxed.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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In this episode we’re answering listener voicemails and tackling some tough questions about Social Security, RMDs, estate planning, and more.

First up, we help Diane, whose husband is a minister, figure out why his Social Security benefits don’t include his housing allowance, even though he pays taxes on it. Then, we talk through a listener’s concerns about how changing the title on a brokerage account could affect the revocable living trust her parents set up.

We also explain how Required Minimum Distributions (RMDs) work and why the percentage you have to take out increases as you get older. Next, we respond to John H., who challenges our math on whether it’s better to withdraw an entire IRA at once or spread it out over 10 years. Finally, we offer advice to Richard, who’s looking for a new attorney to update his and his wife’s wills after losing contact with their original lawyer.

If you’ve ever wondered about Social Security, trusts, or retirement strategies, this episode is packed with practical tips and answers to common questions. Tune in and get the clarity you need for your retirement planning!

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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In this episode of Big Picture Retirement, Devin is joined by Alexander Davis, a financial advisor at Carroll Advisory Group, to address some of the most pressing questions from our listeners. Together, they answer a range of questions, including:

• Charles' query on the order and process of completing Required Minimum Distributions (RMDs) before making Roth Conversions.
• Ted's strategy on transitioning maturing tIRA CDs into investment grade and Treasury short and intermediate-term bond funds, and the potential benefits of bond ETFs.
• Kathy's decision-making process around her company's "Social Security Leveling" offer and its impact on her retirement plan.
• Claire's approach to allocating her funds in the first year of retirement, balancing between funds, dividend-paying stocks, cash reserves, and a contingency pot for market fluctuations.
• Chris' best practices for creating an income stream from Roth and pretax retirement assets, considering the effectiveness of dollar-cost averaging in withdrawal strategies.
• Mike's frustrations with financial advisors who focus more on sales pitches than on comprehensive retirement planning, and his successful journey of managing his own retirement plan for over six years.

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 let us know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary.

https://www.carrolladvisory.com/pl/2148282517

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 athttps://www.carrolladvisory.com/

Contact John’s team athttps://www.rossandshoalmire.com/

Want to ask a question? You can find us in our Facebook group. https://www.facebook.com/groups/bigpictureretirement

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In this episode, Devin and John dive into a variety of listener questions, discussing annuities, maxing out retirement plans, why HSAs aren't widely talked about, IRMAA, and more. Tune in as we explore:

• Claudia's Situation: Understanding the distribution requirements for inherited qualified and unqualified MYGA accounts in light of recent tax law changes. We discuss the tax implications of cashing out one account at the rollover date versus waiting, and which account is better to save for children’s inheritance to lessen their tax burden.
• Warren's Issue: Dealing with IRMAA surcharges on Medicare premiums after selling company assets and the impact of high income on Social Security benefits.
• Rob's Request: Suggestions for adding "Married filing separately" information to our new "Big Picture Retirement Planning Cheat Sheet."
• Rick Dunn's Question: Clarifying the maximum contributions to IRAs plus an employee deferment program (401k).
• Michael's Concern: Exploring why Health Savings Accounts (HSAs), despite being excellent tax-saving products, aren't more widely promoted by financial advisors.

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 let us know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary.

https://www.carrolladvisory.com/pl/2148282517

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 athttps://www.carrolladvisory.com/

Contact John’s team athttps://www.rossandshoalmire.com/

Want to ask a question? You can find us in our Facebook group. https://www.facebook.com/groups/bigpictureretirement

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In this episode of Big Picture Retirement, we’re back answering more of our listener-submitted questions. Join us as we cover:

• Anna's Query: When will NESARA begin?
• Ron's Question: Clarification on calculating taxes on Social Security benefits using our Cheat Sheet, specifically addressing whether AGI already includes SS benefits or if an additional 50% is added.
• Anne's Concerns: Discussing the threshold for needing trusts for individuals with borderline amounts ($750,000 - $1.5 million) and insurance options for travelers, including auto insurance for rentals in the USA, abroad, and RVs vs. asset protection.
• Lamont's Inquiry: Confirming the standard deduction amount for a couple both over 65.
• Don's Situation: Understanding how income received from work as a Trustee or Executor for an estate affects Social Security earnings limits and the implications based on trust wording.
• Danny's Topic: Evaluating company private E.S.O.P. plans and their benefits.
• Lori's Request: Exploring the tradeoffs of naming children as beneficiaries versus creating a trust and naming the trust as beneficiary, especially in light of recent changes to inherited retirement accounts and the 10-year distribution window. Additionally, discussing how a trust can offer protection from changes in law.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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In this episode of the Big Picture Retirement podcast, we dive into listener questions about Social Security, tackling a wide range of scenarios to help you navigate the complexities of your benefits.

Lois asks about the earnings limit for survivor benefits versus other benefits for someone born in 1955. She’s been told she must repay two months of benefits because her earnings exceeded the limit. Are the SSA's guidelines accurate?

Jane inquires if filing for Social Security at age 65 will affect her survivor benefits when her husband, who is 70, passes away. She also wonders if she can file for a reduced spousal benefit at 65 and what impact this has on her overall benefit strategy.

Sheila is contemplating whether to draw down from her IRA instead of taking Social Security before age 70, aiming to ensure she doesn't outlive her savings. We explore the benefits of delaying Social Security.

B.D. shares a challenging experience with the SSA regarding overpayments and benefits for a disabled adult child. How can they determine the correct benefits and address these overpayment issues?

Carolyn wants to know if her husband, who receives a government pension affected by the Windfall Elimination Provision (WEP), can draw spousal benefits from her Social Security, which is higher than his own but less than half of his pension.

Don is currently working while collecting Social Security and asks if his benefits will be adjusted to account for new Social Security taxes paid.

Tom seeks advice on whether to take Social Security at age 66 or wait until his full retirement age in 2025 to maximize both his and his wife's benefits.

Bob plans to wait until 70 to draw Social Security to maximize benefits and wonders if his wife is entitled to 50% of his total benefit or just 50% of his FRA benefit. Additionally, he asks if his wife can claim his benefit amount at 70 if he passes away before her.

Kevin discusses the debate around the best time to take Social Security, particularly the pros and cons of taking it between FRA and age 70.

Hal asks if his wife needs to apply for the spousal benefit or if the SSA will automatically adjust her benefits when he starts collecting his at age 70.

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 let us know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary.

https://www.carrolladvisory.com/pl/2148282517

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 athttps://www.carrolladvisory.com/

Contact John’s team athttps://www.rossandshoalmire.com/

Want to ask a question? You can find us in our Facebook group. https://www.facebook.com/groups/bigpictureretirement

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In this episode, we tackle a diverse range of listener questions from reverse mortgages, annuities, Roth conversions, healthcare before the Medicare age, and a lot more.

Tune in as we discuss:

• Al's Question: Recommendations for reverse mortgages and the conditions under which they can be beneficial.
• Paul's Inquiry: Using deferred annuities, specifically laddering Fixed Income Annuities with no fees, as alternatives to bonds to generate "safe" money in retirement.
• Pete's Scenario: The implications of converting a large amount to a Roth IRA and using it to cover all retirement needs.
• Sid's Concern: Strategies for obtaining affordable healthcare before Medicare eligibility for himself and his younger wife.
• Susan's Request: Fun and humanitarian investment options for extra funds in retirement.
• Mark's Situation: Possibilities for reasonable healthcare coverage if retiring at 62, with a focus on income-based options.
• Hayle's Curiosity: A personal question about our host's marital status.

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 let us know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary.

https://www.carrolladvisory.com/pl/2148282517

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 athttps://www.carrolladvisory.com/

Contact John’s team athttps://www.rossandshoalmire.com/

Want to ask a question? You can find us in our Facebook group. https://www.facebook.com/groups/bigpictureretirement

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In this episode, Devin dives deep into the Social Security questions sent in by our listeners. Topics include questions on the earnings limit, spousal benefits, survivor benefits, and the big one...how future benefit cuts could impact retirees

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 let us know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!

Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary.

https://www.carrolladvisory.com/pl/2148282517

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 athttps://www.carrolladvisory.com/

Contact John’s team athttps://www.rossandshoalmire.com/

Want to ask a question? You can find us in our Facebook group. https://www.facebook.com/groups/bigpictureretirement

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If you regularly donate to your church or other charities, donor advised funds (DAFs) might be something you want to look into. These funds offer some big perks. First off, you get a potential tax deduction in the year you contribute, even if the money is given out to charities gradually. Secondly, you have the freedom to decide when to donate. This means if you're facing a high tax bill one year, you can contribute more to your DAF and then distribute it to your chosen causes over time. In today’s episode, we’ll explore how DAFs work and discuss a potential change that could affect them.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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In today's episode, we examine the recent IRS Chief Counsel Memorandum, which introduces significant changes to one of the cornerstone strategies in estate planning. We explore how these new guidelines impact assets placed in trusts like intentionally defective grantor trusts (IDGTs) and spousal lifetime access trusts (SLATs). These trusts have traditionally been used to 'freeze' asset values for estate tax purposes while benefiting from more favorable individual income tax rates. But there’s a core piece of this that is going to look different moving forward.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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Lots of investors use the S&P 500 index as a key part of their investment plan, thinking it spreads their money out well among America's biggest companies. But in this episode, we're going to question that idea by looking at the risks of having too much money in just a few of the index's top companies. Even though the index includes 500 stocks, a big chunk of its value comes from just a few big names like Microsoft. We'll explore how this uneven distribution can bring more risk than you might expect, and talk about what happens when too much of your investment is tied up in just a few places

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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Roth IRA conversions can be a powerful tool for retirement planning, offering tax-free growth and withdrawals. However, there's a fine line between optimizing and overdoing it. In this episode, we talk about the dangers of over-converting to a Roth IRA. We'll explore how converting too much can lead to higher taxes in retirement and cause missed opportunities later.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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Are there lessons we should learn from the comparison of the Rockefellers and the Vanderbilts? In this episode, we look at the contrasting estate planning tactics of two of America's wealthiest dynasties. While both families amassed incredible fortunes, their legacies diverged significantly due to their different approaches to wealth management and succession planning.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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Retirement has five distinct phases and each of them have their own unique challenges and opportunities. Understanding these distinct phases is important for anyone who is approaching retirement or has retired within the past year or two. If you know what to expect on the road ahead, it should lead to a much smoother and more fulfilling transition into this new part of your life.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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In this episode, we dive into the concept of investment location—a tactical approach in asset allocation across various accounts like IRAs and joint accounts, which can significantly influence your tax liabilities.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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In today's episode, we discuss the landmark $418 million settlement involving the National Association of Realtors (NAR) and its potential implications for the real estate industry. As retirees and others look to buy or sell homes, they're facing a big shift in how real estate services will be priced and delivered.

Danny Devito video-https://www.americanrhetoric.com/MovieSpeeches/moviespeechotherpeoplesmoneydevito.html

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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Flat-fee financial advisors aren’t for everyone. In fact, there are three types of investors who should steer clear of flat-fee financial advisors. In today’s episode, we’ll talk about who should avoid hiring a flat fee advisor and either do it on their own or hire a traditional % of AUM advisor.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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Could the solution to saving Social Security be so glaringly obvious that it has been overlooked, or perhaps even ignored, due to political power dynamics? The concern about the insolvency of the Social Security trust fund looms large as the program faces financial instability, raising fear of increased taxes or reduced benefits for future beneficiaries. However, there is a glimmer of hope. This system can be fixed without resorting to raising taxes or slashing benefits.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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Description: In todays episode, we talk about the unexpected turns retirement can take, particularly when individuals find themselves in the role of raising a grandchild. This shift in family dynamics can significantly alter one’s retirement experience, extending far beyond the obvious impact on travel plans. We'll explore the various aspects that come into play, including the financial ramifications and the adjustments needed in estate planning

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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In today's episode, we'll dive into the intriguing phenomenon of Grey Divorce, which refers to divorces occurring among individuals aged 50 and above. Surprisingly, while the overall divorce rate is on the decline, Grey Divorce is on the rise. Join us as we explore the reasons behind this trend and provide a few thoughts on how to proactively prevent it from happening or protect yourself if it does.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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In this episode, we explore an unrefined, yet accurate, approach to determining your risk tolerance.

Beyond traditional risk tolerance questionnaires that often fluctuate with market conditions, we introduce two key criteria:

Freak Out Number - Discover how to assess your decline tolerance in dollar terms, examining at what point you'd feel the need to make significant changes to your portfolio. We address the impact of market fluctuations on risk perception and why it's essential to cut the 'freak out number' in half during turbulent times.

Required Growth as Dictated by Your Financial Plan - Understand the importance of aligning your portfolio's risk level with your retirement income plan. Find out why a well-funded plan might allow for a lower-risk approach, while a distribution-heavy plan may require a different strategy.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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Ever dreamed about retiring to a sunny beach or quaint village in another country? How about living a life of luxury for less than $3,000 per month? In today's episode, we're debunking common myths and discussing the challenges of living abroad, while also highlighting the top destinations to consider moving to in 2024.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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We’ve heard this hundreds of time... 'I wish someone had warned me about this when I retired.' More often than not, they're referring to one of five key challenges that catch many retirees by surprise.

In today's episode, we're diving into each of these five areas. If you're on the cusp of retirement, this is crucial viewing to help you steer clear of unexpected hurdles and enter this new phase of life with confidence. Pay particular attention to the last point–it's the most frequently mentioned and the most impactful. Being unprepared for this could have significant consequences, so make sure you are ready for this.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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In today's episode, Devin reveals a significant transformation in his professional approach — the transition to a flat fee structure. After a period of subtle hints, the change is now official and marks a new chapter for his firm. Join Devin and John as they discuss the motivations behind this decision, the considerable reduction in firm revenue to make the shift, and the reasons behind the growing popularity of this business model. They'll also dive into why consumers should seriously contemplate opting for a flat fee financial advisor, highlighting the advantages this could bring to their financial planning and management.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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Taxing the richest's unearned income—why should it matter to you? This episode peels back the complexities of the proposed legislation targeting billionaires' unrealized capital gains to examine its broader consequences. We get into how this potential tax shift could create waves that may lap at the financial foundations of everyday investors.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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The calculation the IRS uses to determine how you pay taxes on retirement income creates this danger zone where taxes can be SIGNIFICANTLY amplified. And if you fall into this danger zone, you could pay a MUCH higher tax rate on some of your retirement income. In this encore episode, we talk about how you can avoid the pitfall of paying way too much in taxes on that income.

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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How about this for a New Year's resolution - PROTECT YOUR ASSETS! In today's show, we bring back one of our most downloaded episodes where John covered the details on what to do with your personal property that could be exposed to creditors and ambulance-chasing attorneys.

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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In today's encore episode, we're talking about how to avoid the six most common Social Security mistakes. Some of these mistakes can be easily corrected. However, others can result in long-term or even permanent damage.

In today's episode, John and I talk about:

• Small missteps that cause overpayment notices
• Miscalculating spousal and survivor benefits
• Avoidable earning’s record errors
• The Social Security tax bomb
• Relying on the SSA for your advice
• Using software to make decisions

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.carrolladvisory.com/ Contact John’s team at https://www.rossandshoalmire.com/

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Another special encore episode just in time for year end. Managing taxes in retirement may have a greater impact than any other single cost-saving measure you take. Today, we're replaying our epsiode with Andy Panko for a discussion into tax loss harvesting, and one that doesn't get a lot of attention...tax GAIN harvesting.

Visit Andy's Facebook group Taxes In Retirement https://www.facebook.com/groups/495122561395942

Listen to Andy's podcast Retirement Planning Education at https://podcasts.apple.com/us/podcast/retirement-planning-education-with-andy-panko/id1605251516

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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Today we're bringing back a fan favorite from 2022. The Fine Print of Beneficiary Designations.

This is something that seems straightforward at first glance - just fill out a form naming the people you wish to inherit your account in the event that you pass away.

Seems simple enough, right?

What lurks in the background is some nuance contained within these designations that may result in unexpected outcomes.

Two examples:

-Not properly designating per stirpes vs. pro rata can actually lead to accidentally disinheriting members of your family that you had NO intention of cutting out

-Leaving a trust as the beneficiary can be the perfect solution or the worst solution (depending on the language in your trust)

In this episode, John and Devin discuss how to ensure your assets will be passed in accordance with your desires (without leaving a tax bomb as a parting gift).

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.”

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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Today we're bringing back one of our most downloaded episodes: The Three Reasons for Roth Conversions.

We released this back in May of 2023 and it’s already shot up to be one of the most listened-to episodes we’ve ever recorded. That’s really no surprise because Roth conversions have become a hot topic, and for good reason too. After paying taxes for all the years you’ve worked, who doesn’t want to try to reduce the taxes they’ll pay in retirement? But…a Roth conversion doesn’t make sense for everyone 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 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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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In today's episode, we discuss an eye-opening study from Vanguard, a leader in the DIY investing space. In this report, they cover how partnering with a financial advisor could potentially amplify your average annual return by a notable 3%. (Hint…it’s more than just “doing your investments.”)

We'll break down the methodology behind this report and explore the nuances of the value an advisor brings to the table.

To get on the same page, you can find the report here: https://advisors.vanguard.com/insights/article/putting-a-value-on-your-value-quantifying-adv isors-alpha

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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In 2021, the Corporate Transparency Act (CTA) was enacted with the goal of unveiling hidden ownership structures and counter illicit financial undertakings. Yet, while its implications are far-reaching, the conversation has largely missed a pivotal audience: owners and operators of LLCs and small businesses. These groups, despite being at the heart of the Act's purview, have received little guidance or clarity on the changes ahead. With the CTA's effective date of January 1, 2024, rapidly approaching, the need for understanding and preparation has never been more pressing. In this episode, we dive deep into the CTA’s impact on LLCs and small enterprises.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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In this episode, we open the phone lines and talk directly with our listeners to answer their burning questions.

Kristen from California is at a crossroads post-retirement. At 61, she's contemplating drawing from her Social Security benefits but is held back by the perplexing windfall provision. Dive in as we shed light on its legislative history and the possible shift to the Public Servant Fairness Formula.

Blair in Florida, a proud dual citizen of Canada and the U.S., kicks off his call with some heartwarming appreciation for hosts John and Devin. Then he brings out an intricate issue surrounding the Social Security Totalization agreement and pensions from both countries. Get ready for a deep dive into international pensions, the windfall elimination provision, and the labyrinth of filling out the right forms.

Chris from Arizona calls in with a dilemma on Roth conversions while juggling medical subsidies.

And then last but certainly not least...

Bill from Nevada seeks guidance on maximizing survivor benefits for his beloved wife. Bill, navigating Social Security decisions can be a daunting task, especially when thinking about our loved ones.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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For countless retirees, the greatest challenge isn't saving money, but spending it. After years of diligent saving, the transition to drawing down those hard-earned funds can be fraught with anxiety and uncertainty. But what if there was a way to ease this tension? In this episode, we explore the often unexpected emotional hurdles of retirement spending and reveal the antidote: a well-defined plan. With the right roadmap, retirees can grant themselves permission to spend, savoring the fruits of their labor with the confidence that their financial future remains secure. Join us as we share real-life stories of this struggle and offer insights into crafting a plan that truly brings peace of mind

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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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 the SECURE Act, specifically regarding the 10-year rule for inherited IRAs. We got into the nuances of how the rule works, ensuring clarity for Richard and others in similar situations. * Sandra's Charity Vision - Sandra from West Virginia had a query about transferring money from her IRA directly to a charity, tax-free. Our hosts unveiled the benefits of the qualified charitable deduction and took a light-hearted detour discussing the evolution of church donation practices in recent years. * Mike's Calculation - Mike from Michigan, set to embark on his social security journey this November, wanted clarity on the combined social security amount he and his wife can expect. The answer isn't simple, but our hosts were up for the challenge! * Steve's Unique Scenario - Steve from Oregon presented a distinct case, involving his wife's longstanding disability. Unpacking the convoluted rules of disability and its relation to social security, we offered insights tailored to Steve's unique circumstances. * Rich's Digital Age Questions - Rich from Ohio is forward-thinking and contemplated the benefits of collecting Social Security at different ages, pondering over future investments, and the intriguing concept of social security being dispersed in digital dollars. Our discussion ventured into the realm of modern investment techniques and the rising prominence of digital currency.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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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, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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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 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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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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 purpose of an LLC to discussing the nuances of outside liabilities, we tackle all these questions and more.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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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 Medicare once her husband steps into retirement. Devin and John unpack the intricacies of Medicare, particularly when transitioning from an employer offering continued health insurance.

Carolyn from North Carolina seeks clarity on the often-misunderstood spousal benefit. Devin elucidates the disparities in benefits between higher earning spouses and their lower or non-earning counterparts.

Lastly, Kevin from Indiana, on the brink of his retirement in March, is on the lookout for guidance on navigating his debt, his 457 plan, and the maze of Social Security benefits. Armed with Kevin's detailed financial profile, the hosts chart out strategic avenues, emphasizing the criticality of gauging net income needs prior to retirement decisions. The conversation also touches on tax implications, the art of bracket management, and the sway of interest rates over debts.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast! We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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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. But what does this new ruling mean for the future of estate transfers, wealth management, and tax implications?

Join us as we unpack:

1. A brief history of the step-up in basis and why it’s significant.
2. An overview of the IRS revenue ruling in question.
3. Potential implications for trust accounts and their beneficiaries.

If you're trying to understand what this could mean for your family's future, this episode promises to shed light on a topic that could reshape the estate planning landscape.

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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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In today's episode, Devin and John answer a few questions from listener's voicemails. Here's a glimpse of what we discuss:

1. Carol wonders if her husband can start collecting Social Security on her benefits, despite her already receiving hers.
2. Cynthia brings a multifaceted query on government pensions, deceased spouse benefits, and the intricacies surrounding her mother’s and stepfather’s financial landscape.
3. Michael seeks clarity on the Secure Act 2.0, especially regarding Qualified Charitable Distributions (QCD) and their tax implications.
4. Clark delves into the optimal timing for claiming his Social Security benefits, while navigating the complex considerations surrounding retirement investment strategies and market dynamics.
5. Bobby is curious about the specifics of the full retirement age year and its timeframe.
6. In another call, Michael navigates the transition from SSI to Social Security for a disabled adult and the health insurance implications involved.
7. Lilo ponders the transition between spousal benefits and survivorship benefits in the unfortunate event of his passing, and how that impacts his younger wife's benefits.
8. And finally, Kathleen, dealing with the ramifications of the Secure Act, seeks advice on handling the inherited IRA from her late mother and understanding the tax implications of her Required Minimum Distributions.

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, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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        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 down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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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 episode, we'll guide you on navigating these tricky discussions and share our insights drawn from objectively monitoring such loans.

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 Review.” Then be sure to let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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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 of avoidance?

Join us as we unpack these findings and offer actionable insights to help you on the road to a worry-free 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 “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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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 equip you with the knowledge to make informed decisions.

Visit Andy’s firm at https://tenonfinancial.com/, listen to his podcast at https://retirementplanningeducation.com/podcast, and visit his site where he walks through his personal experience with an IUL policy at https://theiulexperiment.com/

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 Review.” Then be sure to let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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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 Review.” Then be sure to let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

Also, be sure to join the Big Picture Retirement Facebook group at https://www.facebook.com/groups/bigpictureretirement 

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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, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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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 and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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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 dissatisfaction with financial advisors who are heavily reliant on software and fail to understand the nuances of the data output. He raises thought-provoking questions about the over-reliance on technology in today's world and emphasizes the importance of truly understanding the tools we use, whether it's an EKG machine or a financial planning software.

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 Review.” Then be sure to let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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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-the-marriage-length-requirement/

Retirement Budget Calculator - https://www.carrolladvisory.com/retirement-budget/

Break Even Calculator - https://www.socialsecurityintelligence.com/calculators/social-security-break-even-calculator/

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 Review.” Then be sure to let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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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 strategy fits into your retirement plan. Tune in to make sure you're not missing out on the next big thing in retirement planning or avoiding a potential misstep.

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 Review.” Then be sure to let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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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 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 Review.” Then be sure to let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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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 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 Review.” Then be sure to let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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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 “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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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?

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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 how to decide between a lump sum vs monthly payments. https://keilfp.com/blogpodcast/get-the-most-from-your-pension-lump-sum-or-monthly-annuity/ 

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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 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 let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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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 “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week, and if you’re not following, there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/ 

Contact John’s team at https://www.rossandshoalmire.com/ 

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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” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode!

Also, if you haven’t done so already, follow the podcast. We’re adding new content every week and if you’re not following there’s a good chance you’ll miss out. Follow now!

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.carrolladvisory.com/ 

Contact John’s team at https://www.rossandshoalmire.com/ 

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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.carrolladvisory.com/ 

Contact John’s team at https://www.rossandshoalmire.com/ 

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Finding the right tax advisor can be a frustrating experience. Today, we talk to Steven Jarvis, CPA about the steps you should take when looking for a new advisor to help you with taxes. 

Steven is the owner of Retirement Tax Services and aims to bridge the gap between tax professionals, financial advisors, and their mutual clients to help reduce most people's largest expense in retirement: taxes! You can also find him (along with past guest Benjamin Brandt) on his podcast The Retirement Tax Podcast.

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.carrolladvisory.com/ 

Contact John’s team at https://www.rossandshoalmire.com/ 

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Today we go to the voicemail and answer some of our listeners questions. If you want to leave ask a question, visit https://www.bigpictureretirement.com/ and look for the tab on the right-hand 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.carrolladvisory.com/ 

Contact John’s team at https://www.rossandshoalmire.com/ 

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For the second time in three years, a new law has changed many of the rules about retirement planning. In today's episode, we'll dive into the headline items of this new law and then talk about some of the important pieces that aren't making the news. 

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.carrolladvisory.com/ 

Contact John’s team at https://www.rossandshoalmire.com/ 

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For a long time, 62 was the most popular age to file for Social Security benefits. But in the past several years, data has shown that it has become a less common age to file. There are three main reasons for this and in today's episode we'll dive in and tell you what you need to know. 

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.carrolladvisory.com/ 

Contact John’s team at https://www.rossandshoalmire.com/ 

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The value of a title policy, when it's needed, cannot be understated. There are some missteps that lead to not being able to get this insurance. 

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.carrolladvisory.com/ 

Contact John’s team at https://www.rossandshoalmire.com/ 

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Managing taxes in retirement may have a greater impact than any other single cost-saving measure you take.  Today, we're joined by Andy Panko for a deeper dive into tax loss harvesting, and one that doesn't get a lot of attention...tax GAIN harvesting. 

Visit Andy's firm Tenon Financial at https://tenonfinancial.com/ 

Visit Andy's Facebook group Taxes In Retirement https://www.facebook.com/groups/495122561395942 

Listen to Andy's podcast Retirement Planning Education at https://podcasts.apple.com/us/podcast/retirement-planning-education-with-andy-panko/id1605251516 

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.carrolladvisory.com/ 

Contact John’s team at https://www.rossandshoalmire.com/ 

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Today's episode is all about answering our listener's questions.

Join the thousands who have already joined Devin's online workshop, How To Choose the RIGHT Time to File for Social Security. Get registered here https://www.devincarroll.com/SSessentialsonlineworkshop

Contact Devin’s team at https://www.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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If you’re a real estate investor, you need to understand the 1031 exchange. 

This IRS rule allows for the chance to reinvest the profits from the sale of a property without having to pay capital gains tax.

As long as you replace one investment property with another (and follow all the rules), you can kick that tax bill down the road.

In today's episode, we'll get into the nitty-gritty and tell you how this rule works and the pitfalls that trap most people. 

Contact Devin’s team at https://www.carrolladvisory.com/ 

Contact John’s team at https://www.rossandshoalmire.com/ 

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With all the attention given to the latest Social Security COLA, we’ve been getting lots of questions. Among the questions is about the alleged "donut hole" for Social Security inflation adjustments for individuals 60 and 61 years of age.

Some in this cohort are upset that they may be missing out on significant benefits increases during this high inflation period. This is based on the observation that if all wages are indexed through age 59, and the COLAs don’t start until 62, there are two years of no inflation. Is this really how it works?

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Do annuities deserve the bad publicity they receive? Today we'll do a crash course on the different types of annuities and talk about when one may be right for you. 

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.carrolladvisory.com/  Contact John’s team at https://www.rossandshoalmire.com/ 

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A trust is a legal entity, just like a corporation or an individual person. All trusts will have an exchange of property and three categories of people: the people who create it, called the grantors, or the settlers, or the trust-makers the people in charge of the trust, usually called the trustees the beneficiaries: the people who get the benefit of the trust Devin and John go over the different types of trusts and when to use them. 

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For those who are retired, or getting close to being retired, a bear market is an anxious time. In today's episode, we talk about how you can PROFIT from a declining market and set up the rest of your retirement to reap the rewards of making the right moves while the opportunity is still here.

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In today's episode, we talk about a few of the Social Security changes for 2023 that will have a significant impact to retirees.These changes include: * The 2023 cost of living adjustment * The 2023 Earnings Limit * The 2023 Maximum Family Benefit Formula * The amount needed to earn one credit * The Windfall Elimination Provision (WEP) penalty * The maximum taxable wage base * The Substantial Gainful Activity (SGA) thresholds

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Often described as one of the most complicated legal rules, the "rule against perpetuities" can prevent you from leaving assets to your family forever. 

In today's episode, we dive into this rule and talk about some of the states who are changing their definition of "perpetuity" for generational wealth transfer. 

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In 2023 the premium for Part B Medicare will be going DOWN. In today's episode we talk about how just one drug screwed up the forecasted premiums for 2022, and how that's being adjusted out in 2023. 

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In today's show we are joined by Benjamin Brandt for a discussion about the 4% rule (and how it goes against human nature), using a dynamic spending approach, and building a retirement budget that actually works. 

Connect with Benjamin Brandt on his website at https://retirementstartstodayradio.com/ and sign up for his newsletter at https://retirementstartstodayradio.com/newsletter      

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.carrolladvisory.com/ 

Contact John’s team at https://www.rossandshoalmire.com/ 

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Thinking about getting married again? Before you do, it's important to understand the financial implications (that aren't always obvious). 

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.carrolladvisory.com/ 

Contact John’s team at https://www.rossandshoalmire.com/ 

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Can a Social Security break even calculator help you decide the best age to file? Yes! 

Just know…the results of this calculation alone cannot be the deciding factor when choosing the best filing age. 

Deciding when to file for Social Security benefits requires the examination of multiple pieces of information. A Social Security break-even calculator can help with the decision, but it can never be the sole factor used if you are serious about making a well-rounded decision. 

Before using this calculator, I’d highly encourage you to read my article on the right way to use a Social Security break-even calculator.

Access the break-even calculator here https://www.socialsecurityintelligence.com/calculators/social-security-break-even-calculator/ 

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.carrolladvisory.com/  Contact John’s team at https://www.rossandshoalmire.com/ 

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The tax code is set to have big changes in 2026. If you want to avoid estate taxes when these rules change, there may be steps you need to take TODAY! 

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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Airbnb has revolutionized the lodging industry. Today the value of Airbnb is only slightly less than Marriot, Hilton, and Intercontinental PUT TOGETHER! 

Should you stake your claim in the nightly rental gold rush? 

Joining us today is a very special guest. Karen Carroll is an experienced host with more than 12 years of working with the major nightly rental platforms. 

We'll dive into:

• Why she chose short-term vs. long-term rental
• How to manage a property
• How to identify the right property
• And most importantly...what revenue is possible?

See Karen's listings at https://www.airbnb.com/users/63088703/listings 

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.carrolladvisory.com/ 

Contact John’s team at https://www.rossandshoalmire.com/ 

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There are some mistakes that can be easily corrected. However, others can result in long-term or even permanent damage. 

It is possible, however, to avoid these mistakes if you are aware of what to look for. 

In today's episode, John and I talk about these six common mistakes that have big consequences:

• Small missteps that cause overpayment notices
• Miscalculating spousal and survivor benefits
• Avoidable earning’s record errors
• The Social Security tax bomb
• Relying on the SSA for your advice
• Using software to make decisions

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.carrolladvisory.com/ Contact John’s team at https://www.rossandshoalmire.com/

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The "checkbook control LLC" can be a great tool for investors looking to diversify beyond the traditional investments normally offered in an IRA.

PLUS...if this is structured correctly you can retain control of the assets. 

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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Beneficiary designations seem straightforward at first glance. Just fill out a form naming the people you wish to inherit your account in the event that you pass away.

Seems simple enough, right?

What lurks in the background is some nuance contained within these designations that may result in unexpected outcomes.

Two examples:

-Not properly designating per stirpes vs. pro rata can actually lead to accidentally disinheriting members of your family that you had NO intention of cutting out

-Leaving a trust as the beneficiary can be the perfect solution or the worst solution (depending on the language in your trust)

In this episode, John and Devin discuss how to ensure your assets will be passed in accordance with your desires (without leaving a tax bomb as a parting gift).

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.carrolladvisory.com/

Contact John’s team at https://www.rossandshoalmire.com/

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There are a few rules of thumb that should never be ignored, but you should always question if they are right for you and your unique situation. 

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.carrolladvisory.com/ 

Contact John’s team at https://www.rossandshoalmire.com/ 

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If you've accumulated non-business assets like a second home or large brokerage account, there are steps you can take to protect those assets.

Although this show does not provide tax, legal, or financial advice, you can engage Devin or John through their individual firms. 

Contact Devin’s team at https://www.carrolladvisory.com/ 

Contact John’s team at https://www.rossandshoalmire.com/

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Our "farewell" episode was published in late 2019. We knew then that at some point we'd start recording again, but we had NO IDEA it would take this long. With that said, we're so excited to be back and can't wait to get back in your regular podcast feed. 

Thanks so much for sticking around.

Although this show does not provide tax, legal, or financial advice, you can engage Devin or John through their individual firms. 

Contact Devin’s team at https://www.carrolladvisory.com/ 

Contact John’s team at https://www.rossandshoalmire.com/

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Bear markets bring about a lot of uncertainty. But with the right focus, this can be a time of massive opportunity. In today's episode Devin and John talk about why the current mixture of environments presents a perfect opportunity. 

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How does the Coronavirus affect your Social Security benefit and overall retirement income? In today's show Devin and John are covering the ripple effect and talking about what you need to do.

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How will the the Secure Act impact your retirement plan?

In this special episode Devin and John discuss the widely-reported basics of this new law and then cover some of the the advanced planning opportunities that will now be available.

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It’s been a wonderful ride and we want to thank everyone for listening to the Big Picture Retirement Show. The success of John’s business (rossandshoalmire.com/elderlaw-attorneys) and Devin’s YouTube channel (youtube.com/devincarroll) have created as shortage of time to record new episodes.

If you’d like to stay in touch, please join the Facebook group: bigpictureretirement.com/facebook

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When it comes to rental property, you have to protect yourself in two ways:

Your business from your personal issues, and your personal life from your business issues.

This week, Devin and John talk about the ways to protect your real estate interests.

For more information, visit the show notes at https://www.bigpictureretirement.com/118

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Not long ago, Devin and his brothers inherited some property. Thankfully, this deal went pretty smoothly because they all wanted to sell it.

However, not all inheritances go as smoothly.

Knowing about the Uniform Partition of Heirs Property Act should make you want to go back to your estate plan, and see how you can amend your estate plan to avoid these potential conflicts.

For more information, visit the show notes at https://www.bigpictureretirement.com/117

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When you're talking about estate planning, and the care of pets, some interesting things can happen. It's not uncommon for people to want to provide for their pets in their wills, whether designating the person who will care for the pet, or providing money to care for the pet. There used to be a lot of pitfalls when creating plans for pets. Technically, an animal is property and the animal has the same legal rights as any other property (like a couch). This is really hard for animal people to comprehend. Get the information you need by listening to this episode. For more information, visit the show notes at https://www.bigpictureretirement.com/estate-planning-for-pets

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Is it possible that your heirs might disagree with your will? There are many things you can do to reduce or even eliminate fights after you are gone.

In this week's episode, elder lawyer John Ross talks about the dos and don'ts of writing a will when you think there might be conflict between your survivors.

For more information, visit the show notes at https://bigpictureretirement.com/115

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This week's episode includes some reader questions, and a review of the The Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act).

The SECURE Act has passed the House of Representatives, and a similar bill is working in the Senate.

For more, visit the show notes at https://www.bigpictureretirement.com/5-things-to-know-about-the-secure-act-of-2019 

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Current reports show there will only be enough money coming into Social Security to pay about 75% of Social Security Benefits. Even if we have record-setting economic numbers, we're very close to being too little, too late.

Can a President make changes quick enough to solve the problem?

Devin explains how one change can solve the problem, and how other ideas only partially keep Social Security solvent.

For more information, visit the show notes at https://www.bigpictureretirement.com/113 

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90% of contested probate cases were between the surviving wife and the children of the deceased man.

We received an email from a listener whose widowed father met a new woman and let her into his life. However, the kids have some concerns about the new friend, and a little research has shown some concerning information about this person.

There is a very specific routine of how people commit elder abuse. Listen as John spells out the secrets of the Financial Abuser's Playbook.

For more information, visit the show notes at https://www.bigpictureretirement.net/112 

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Spring is here, and it's a great time to do some financial spring cleaning. Devin and John go over a few things you want to do:

• A fee audit
• Double-check your beneficiary designations.
• ...and more

For more information, visit the show notes at https://www.bigpictureretirement.net/111 

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"Medicare for All" has been in the news a lot lately. Senator Bernie Sanders thinks insurance companies should be abolished and everyone should get Medicare.

So this week, Devin and John talk about the pros and cons of different ideas about expanding Medicare coverage to folks of lower ages.

For more information, visit the show notes at https://www.bigpictureretirement.net/110 

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An exclusive interview with Congressman John Larson about the proposed changes to Social Security in the SS2100 Act.

For more information, visit the show notes at https://www.bigpictureretirement.net/109 

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A trust is a legal entity, just like a corporation or an individual person. All trusts will have an exchange of property and three categories of people:

• The people who create it, called the grantors, or the settlers, or the trust-makers
• The people in charge of the trust, usually called the trustees
• The beneficiaries: the people who get the benefit of the trust

Devin and John go over the different types of trusts and when to use them.

For more information, visit the show notes at https://www.bigpictureretirement.net/108 

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Are illegal immigrants going to cause the collapse of the Social Security system?

The Social Security trustees reports that more immigration is a benefit to the system.

Devin and John of Big Picture Retirement look at both sides and get to the truth behind Illegal Immigration and Social Security.

For more information, visit the show notes at https://www.bigpictureretirement.net/107 

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Danielle Roberts of BoomerBenefits.com is back again this week, talking with Devin about more Medicare issues. Danielle is an expert on Medicare supplements and Medicare Advantage plans, and runs the Boomer Benefits company to help seniors with their Medicare needs.

In last week’s episode, Danielle and Devin talked about the parts of Medicare, the difference between a Medicare supplement and a Medicare Advantage plan, and how to find the right agent and product for you.

For more information, visit the show notes at https://www.bigpictureretirement.net/106

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Danielle Roberts explains the different parts of Medicare to us in a way that is easy to understand and follow.

This is Part 1 of a 2-part series with Danielle Roberts of BoomerBenefits.com.

For more information, visit the show notes at https://www.bigpictureretirement.net/105 

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How do you figure out how much money you're spending on your investments?

In this encore presentation, 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/104 

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David Stein, host of the Money For The Rest of Us podcast, will explain the importance of trade, and how the trade, and trade wars, might impact you and your retirement.

For more information, visit the show notes at http://www.bigpictureretirement.net/103

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Devin and John continue working their way through some of the listener questions that have been coming in.

John has a question about making a trust the beneficiary of an IRA, and then Devin has a question about Social Security benefits for public employees who have not contributed to Social Security.

For more information, visit the show notes at https://www.bigpictureretirement.net/102 

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John received a question from a listener with a blended family. The wife needs long-term care, and the assets to support such an expense!

He talks about “Medicaid estate recovery” and other recommendations for power of attorney, etc.

Then Devin answers a question about the Social Security earnings limit and then tackles some myths about Social Security.

For more information, visit the show notes at https://www.bigpictureretirement.net/101 

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What kind of rights do grandparents have?

John Ross from the Big Picture Retirement Show deals with a lot of people in retirement, and many of those folks have grandchildren.

He shares some harrowing stories and tips you can use to makes sure your rights are honored.

For more information, visit the show notes at http://www.bigpictureretirement.net/100 

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CRUTS are Charitable Remainder Trusts.

Any time you are dealing with charitable planning, you must first have the charitable intent.

You can find some tax benefits that go along with that charitable intent, but you have to start with the charitable intention.

Ultimately, the charity is almost always going to benefit more than the donor.

For more information, visit the show notes at http://www.bigpictureretirement.net/099

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Part 2 of the conversation about active versus passive investing with guest Rick Ferri, author of Smart Money.

For more information, visit the show notes at https://www.bigpictureretirement.net/098 

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This week, Devin welcomes Rick Ferri to the show to talk about active versus passive investing.

But before the interview gets started, John and Devin have an entertaining conversation about the recently released 2019 Social Security and Medicare adjusted numbers, including:

• The increase in Social Security benefits
• Medicare premiums
• Adjusted Social Security earnings limit
• Higher limit on how much money you will pay Social Security benefits
• and more!

For more information, visit the show notes at http://www.bigpictureretirement.net/097

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In light of the recent market activity, Devin and John thought it would be useful to re-broadcast their original episode on the lessons they've learned from past market declines.

Lesson 1: Market declines are normal
Lesson 2: No one can consistently predict market movements
Lesson 3: The best days hang out with the bad days

...and more two more you can read about at https://www.bigpictureretirement.net/lessons-learned-from-market-declines

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On the surface, Social Security survivor benefits seem pretty simple: at the death of the first spouse, the surviving spouse is eligible to receive his or her own benefit, or the benefit of the deceased, whichever is greatest.

In today's show, Devin and John go over:

• Who Is Eligible for Survivor's Benefits
• How Much Is The Spousal Survivor Benefit
• The RIB LIM, or "Widow's Limit"
• and Restricted Filings

For more information, visit the show notes at http://www.bigpictureretirement.net/095

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Important benefits offered by the Department of Veterans Affairs (VA) are changing.

Devin and John talk about:

• Improved Pension with Aid and Attendance
• Clearly Defined Assets Test
• Adding A Look-back Period

For more information, visit the show notes at http://www.bigpictureretirement.net/094

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Part 3 in the Big Picture Retirement series on Drawdown Strategies: Brandon Renfro talks about "setting a floor."

For more information, visit the show notes at http://www.bigpictureretirement.net/093

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Part 2 in our series. In this episode we answer the question "How are you going to take your money out so that it lasts?" Then, once you have a plan for which accounts you should access in which order, how are you going to figure out the amount of income to take out from your portfolio?

For more information, visit the show notes at https://www.bigpictureretirement.net/092

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When you stop working, you've put aside some money into different types of accounts, and maybe you have a pension, or some rental property, or other investments. How do you start converting those assets into an income stream that will last for the rest of your life?

Brandon Renfro, Ph.D., joins Devin on a discussion about:

• The tax torpedo
• The Net Unrealized Appreciation Rule
• Provisional income and how much of your Social Security is taxable

For more details, visit the show notes at https://www.bigpictureretirement.net/091

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There are a few areas within Social Security that you could mess up without even meaning to do things wrong.

One of my most trusted mentors has often told me, "Big doors swing on little hinges."

I've found that to be applicable to many things in life and it's certainly true in retirement planning. The small decisions you make, when stretched over long periods, can have big consequences.

Here are the 5 Social Security mistakes that can cost you dearly when you retire.

There's more to learn at http://www.bigpictureretirement.net/090

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Did you know you could buy a horse as an investment in your IRA? What about real estate and other assets?

Kirk Chisholm, of Innovative Advisory Group, joins us to explain how self-directed IRAs work. They a tricky thing, so you need to understand the rules before taking any action.

You will learn what a Disqualified Person is, the rules behind handling real estate in an IRA, and what other things you can find in a self-directed IRA.

For more information, visit the show notes at http://www.bigpictureretirement.net/089

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What’s the big deal about cryptocurrencies? And is it too late to get in now?

Joe Saul-Sehy from Stacking Benjamins joins us to talk about what cryptocurrencies are and what we should be looking out for in the future of Bitcoin.

One of the benefits Joe shares is, “It is a way to get governments out of transactions, and also a way to make transactions happen faster.” It’s sort of like moving money into the currency of a different country, except that it isn’t (so far) regulated by the government, and transfers can happen super-fast.

Is this a currency, or is this an investment? Listen to learn more.

For more information, visit the show notes at https://www.bigpictureretirement.net/088

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Continuing on from last episode's discussion about buying rental property for retirement income, Devin and John talk about the mechanisms for evaluating a rental property.

...and John will entertain you with taxes.

For more information, visit the show notes at http://www.bigpictureretirement.net/087

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Have you thought about using rental properties for retirement income?

Is rental real estate a good choice for retirement income for you?

John and Devin go through some of the benefits of rental property.

For more information, visit the show notes at http://www.bigpictureretirement.net/086

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People are always talking about probate, and the many ways to avoid probate.

Probate is the legal process of figuring out who gets your stuff.

One of the biggest misconceptions about probate is that your estate does not go through probate if you have a will.

Be sure that if you have a will, your estate will go through the probate process. But here’s the thing: this process doesn’t apply to non-probate transfers.

For more information, visit the show notes at http://www.bigpictureretirement.net/085

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The big benefit of the Roth IRA is that you fund it with after-tax money and it grows tax free, and then when you take it out, it is also tax free, if you meet the qualifications.

The big problem with a Roth IRA is that there are income limits to be able to make contributions to a Roth IRA. There are a lot of people out there who can't contribute to a Roth IRA.

So, how do you contribute to a Roth IRA if you make too much money? You use a backdoor Roth IRA.

We have really good notes for you. To read more or to share the show with someone else, visit http://www.bigpictureretirement.net/084

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By the end of 2016, there was $660 BILLION dollars in Roth IRAs. So, lots of people are getting this right.

Where you can get some of it wrong

1.It lets you put the money in after tax, so you don’t get to deduct the money from your income in the tax year. But, you get to take the money out tax free.

2.If you put money into a Roth, you can pull out your contributions at any time without taxes or penalties

1. You can withdraw from the Roth at any time to purchase a home

2. There’s no required minimum distribution from a Roth IRA

For more information, visit the show notes at http://bigpictureretirement.net/083

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Is there any value in doing your codicil in blood?

A codicil is an amendment to a will. They can be used when there is a smaller change and it seems easier than doing a whole new will.

Is there a time and place for a codicil? Yes, if no one is going to be mad and challenge the change that you've made.If you're changing beneficiaries, or executors, and they're going to be upset, you need to do a whole new will.

For more information, visit the show notes at http://bigpictureretirement.net/082

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Many industries utilize a lot of different types of designations, and that's also true for financial advisors. What do they all mean, and should you care?

Devin asked John, "How many designations do you think there are for financial advisors?" John thinks there is really no way to know that for sure. At FINRA, one of the regulatory bodies for financial advisors, there is a page of 180 designations listed, as of today, and close to 100 of them begin with the word "Certified."

Why do these designations even exist?

Listen in for more, or read the show notes at http://bigpictureretirement.net/081

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Listener Becky asks if it is legal to place a surveillance camera in the room of your loved one, specifically in grandma's nursing home.

Devin also answers the question "Does keeping a balance on my credit card help my credit score?"

For more information, visit the show notes at http://bigpictureretirement.net/080

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What are the the moral or ethical considerations of using strategies and loopholes to utilize government programs? Is this ethical? It cheating? Is it getting close to fraudulent?

John and Devin go through some scenarios. For more information, visit the show notes at http://www.bigpictureretirement.net/079

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While we move into our new recording studio, and with all the new listeners coming on board, we are replaying an episode from 6 months ago: The Tatoo Factor and Predictions that Didn't Happen

Devin shared some examples of pretty dire predictions by investment professionals, and asked David and Andrew how they would respond.

David points out that the fear of losing everything is pretty compelling – there’s a natural instinct to avoid danger.

Andrew recommends that clients focus on their individual plans that has been prepared for their unique situation and risk tolerance.

For more information, visit the show notes at http://www.bigpictureretirement.net/052

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Devin talks about good reasons to file for Social Security at age 62.

Every situation is different, and some folks will benefit more if they file later, but there are many people for whom it makes sense to file early:

• You need the income
• You Are Single and Have Health Issues
• Issues Related To Your Spouse’s Benefits
• Survivor Benefits
• Minor or Disabled Children

For more information, visit the show notes at http://www.bigpictureretirement.net/episode-77-5-smart-reasons-to-file-early-for-social-security/

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Devin and John welcome Brandon Renfro to talk about Real Estate Investment Trusts (REIT).

A REIT is a packaged investment product, like a mutual fund, that is invested in real estate related assets.

There are a couple of different types of REITS that you can buy.

For more information, visit the show notes at http://www.bigpictureretirement.net/076 

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For many, going to college is the goal, but the costs can be overwhelming. If you’re a parent, or a grandparent, you’ve got to be thinking, “How do I keep these children from going into that hole?”

John and Devin share ideas and tips for how to make college affordable for you or your children/grandchildren.

For more information, visit the show notes at http://bigpictureretirement.net/episode-75-ways-to-pay-for-college

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Devin and John continue the discussion from Episode 73: The Right Way To Qualify for Medicaid for Long-Term Care

Single person: you can have a house, you can have a car, you can have your funeral paid for, you can have $2,000.

How can you bring your assets down below the $2,000 limit? There are quite a few good options.

Now, if you're part of a married couple, you have a different set of issues.

As you can see, this stuff is really complicated.

For more information, visit the show notes at http://bigpictureretirement.net/074

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What is the right way to qualify for Medicaid for long-term care expenses? Listen in as John and Devin discuss Medicaid eligibility factors, non-countable assets, and what - if anything - needs to be done with assets now to possibly protect these assets down the road.

For more information, visit the show notes at http://www.bigpictureretirement.net/073

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Warren Buffett made a bet, that came to be known as Buffett’s bet, that the S&P 500 would outperform any basket of hedge funds in the next 10 years. It started on the 1st day of January 2008, and was supposed to conclude at the end of 2017.

If you look the final results, the S&P annualized gain was 7.1%, which is impressive considering that this challenge started during a terrible time in the market. The group of hedge funds didn’t even earn an average of 2.1% during that period of time.

It’s weird that Buffett made this bet, because he has made his fortune by buying individual stocks. This bet was contrary to the way he invests personally.

Letter to shareholders In the event of his death, he directs the trustees to put 90% of the trust funds value in S&P 500 index funds.

It does raise the important question, in your own portfolios, should you just stay to with a packaged product?

For more information, visit the show notes at http://www.bigpictureretirement.net/072

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This idea of dividends sounds good, but chasing yield often ends badly.

Dividends aren't guaranteed, but having the right balance for your situation can benefit you when it comes to dividend-paying stocks.

Learn what a dividend is and what to look out for when looking at dividend stocks at http://www.bigpictureretirement.net/071

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Is a credit score important while you’re in retirement? That depends on your situation.

For some people, maintaining good credit can continue to be valuable. For others, who won’t be doing anything that requires credit, there’s no need consider a credit score when making decisions.

Find out more at http://www.bigpictureretirement.net/070

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Managing your retirement savings can require a lot of knowledge and decisions. Lots of folks don’t want to worry about which funds to be invested in, and what asset allocation is best for them. If that sounds like you, a target date fund might be right for you.

Each fund is identified with a year, and generally you would be picking a fund that corresponds to the date when you plan to retire. They’re very popular because they are easy. You can just put your money in one fund, and you’re done.

The way the investments are made in the account, the closer you are to the target date, the more conservative the investments become. The further you are from the target date, the more aggressive the investments will be.

If you are considering a target date fund, there are a couple of things to figure out. For more information, visit the show notes at http://www.bigpictureretirement.net/069

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Devin and John are joined by Roger Whitney, founder of the Retirement Answer Man Podcast and author of the recently released book, Rock Retirement.

For more information, visit the show notes at http://www.bigpictureretirement.net/068

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Devin and John explore one popular alternatives to traditional health insurance: health care sharing arrangements.

John has about 20 employees, and he provides health insurance to the employees (but not the families.) This is a high-deductible plan, so the employee still pays $3,000 to $4,000 per year before the insurance kicks in. So, as a general rule, John knows that he (and his employees) will see virtually no benefit from this very expensive coverage.

Because a health care sharing arrangement is not traditional health insurance, there are some important secondary results. For example, these plans don’t make you eligible to use a health savings account (HSA). It also doesn’t count as health insurance to be deducted as self-employment insurance premiums on your taxes.

Bottom line: if you are out there in the open market looking for health insurance, you should at least explore these health care sharing arrangements.

For more information, visit the show notes at http://www.bigpictureretirement.net/067

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David Stein, host of the Money For The Rest of Us podcast, will explain the importance of trade, and how the trade, and trade wars, might impact you and your retirement.

For more information, visit the show notes at http://www.bigpictureretirement.net/066

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Devin brings on special guest Andrew Comstock to talk about what's going on in the market and what we can expect moving forward

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The Census Bureau has announced that by 2030, senior citizens (65 and older) will outnumber people aged 18 and under. What will this mean for health care costs and the security of pension plans?

John and Devin also talk about a recent app that sold millions of people’s Facebook information. Is this truly a data breach of sorts?

For more information, visit the show notes at http://bigpictureretirement.net/065

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Each month or so, Devin and John devote an episode to answering listener questions. This week, they’ve picked two great questions submitted by listeners like you.

Devin answered this question: “Is this a good time to invest?”

John tackled the concern from a listener who asked: “Is there any way I can keep a nursing home from taking my Social Security?”

For more information, visit the show notes at http://www.bigpictureretirement.net/064

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Not all accountants are created equal. Some are just document processors. They get you in, do your return and send you on your way. Advice? Ha! Others actually care enough to ask the important questions and give you guidance that improves your tax outlook. For more information, visit the show notes at http://www.bigpictureretirement.net/hiring-right-tax-advisor/

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You’ve probably heard the Biblical account of Jacob & Esau. Hidden within this story is a powerful lesson about estate planning that is still overlooked today.

For more information, visit the show notes at http://www.bigpictureretirement.net/episode-002-lesson-from-jacob-esau/

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As you approach your 60s, the hot question becomes, “When should I file for Social Security?”

It’s an easy question, right? You just figure out when you’re going to die, and then do the math.

Unfortunately, the world doesn’t work like that.

Devin points out that the real question should be, “What if I live longer than expected?

For more information, visit the show notes at http://www.bigpictureretirement.net/061

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Should I buy long-term care insurance? Should I keep the long-term care insurance I already have? These are important questions, and there are no easy answers. Long-term care is expensive, but long-term care insurance is also expensive. When you start looking at some of the statistics, it can get scary. But thankfully, the statistics don’t show the whole picture. Once you consider all the issues and factors, the big question is managing the risk of needing financial assistance with long-term care vs. how much it is going to cost to manage the risk. There are three ways to pay for long-term care: 1) Self-funding through personal assets 2) Through access to government benefits, either VA benefits or Medicaid 3) Long-term care insurance For more information, visit the show notes at http://www.bigpictureretirement.net/060

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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

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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’s disease.

For more information, visit the show notes at http://www.bigpictureretirement.net/058

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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 information about the Amazon Effect on investments, visit the show notes at http://www.bigpictureretirement.net/057

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“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

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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

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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

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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

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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://bigpictureretirement.net/052

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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

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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

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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 the long-term
• Improving revenue AND decreasing the costs go hand-in-hand
• Knowledge doesn’t pay – action pays

For more details, go to the show notes at http://www.bigpictureretirement.net/049

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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

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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

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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 

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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 

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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 part of the right solution to meet your freedom number.

For more information, visit our show notes at http://www.bigpictureretirement.net/044 

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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 

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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

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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 who have spent too much of their retirement, and folks who haven’t spent nearly enough. Devin threw out a possible rule-of-thumb: if the purchase exceeds 5% of your net worth, and your advisors are expressing concern, maybe you need to think a little more.

For more information, or to contact Devin or John, go to http://www.bigpictureretirement.net/041

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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

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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 show notes at http://www.bigpictureretirement.net/039

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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 personal property, and figure out the right tool for each object.

Highlights include:

• What assets or income are protected
  How your insurance coverage factors into the decision
• Different strategies for business vs. personal assets
• How a revocable trust doesn't provide protection
• How Delaware changed the rules
• Bonus:  John explains the history of trusts - using Devin in his story

For more information, visit http://bigpictureretirement.net/038

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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 available to him, he hasn't had a lot of success with individual stocks. He's had better luck diversifying, such as in an index fund. Then, John explains his philosophy with a great story about glove box money vs. casino money.

For more information, visit http://www.bigpictureretirement.net

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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 

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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-olds will become disabled before the age of 67

As you can see, understanding Social Security benefits is an crucial part of your overall financial planning. Today, Devin and John talk about the non-retirement benefits provided by the Social Security program, and why they are important to you.

There are two main categories of benefits: Benefits for the worker, and benefit for the worker's family. Benefits for the worker include retirement income, disability income, and Medicare health care coverage for the disabled. Benefits for the worker's family include benefits for the worker's spouse and family if the worker dies or becomes disabled.

Highlights include:

• What is a family maximum benefit?
• When and how you can receive survivor or disability benefits
• How various financial plans can impact eligibility for benefits
• How you might want to use this knowledge as part of your financial plan

For more information, visit http://bigpictureretirement.net

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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 Industry Regulatory Authority (FINRA) Broker Check and the Investment Adviser Public Disclosure (IAPD) search function. * Question anyone who gives you a guaranteed return, unless it is quite low.

Things to look for in a legal advisor: * Check your state bar's disciplinary action history. * Get your agreement in writing, including the fees that will be charge for the service recommended. * If you pay any money upfront, how is it accounted for? * Are they working inside their field of expertise?

Do you have a question for a future Listener Questions episode? Submit it to questions@bigpictureretirement.net

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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 situation, but you really need to look at the financial considerations before moving ahead.  Devin explains the exact rules, and how these rules could impact the timing of your remarriage.

For more information, visit http://bigpictureretirement.com

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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 financially? This includes investments, expenses, insurance coverage, estate plans, taxes, and everything else.

How it helps to have help from someone who is not emotionally involved in the situation.

When hearing about your friend’s situation can do more harm than good.

Why you need to trust your gut.

How to find the right financial advisor for you.

Resources mentioned in this episode:

Enter the Echo giveaway at www.bigpictureretirement.net/echo

Russ Thorton’s Wealthcare for Women website and on Twitter at @RussThorton

Devin and John’s free ebook: www.bigpictureretirement.net/steps

Every month, Devin and John have an entire episode dedicated to answering listener questions. If you have a question, submit it to questions@bigpictureretirement.net.

Don’t forget to subscribe to the show, and leave a rating and a review!

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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 connected disability benefits.

Retirement benefits are earned through career of military service, generally more than 20 years. Retirement benefits include lifetime income and Tricare health coverage.

Service-connected disability benefits are available for those who are disabled as the result of their military service. In addition to the benefits available from the Department of Veterans Affairs, there may be benefits available from your state or local government. One important thing to note: many times, the disability that was acquired while you were in the military may not show itself for many years.

Non-service-connected disability benefits are available to veterans who require care for a disability that has no relationship to your military service. Usually called "aid and attendance benefit," or improved pension. It is there for people who need help with their care, and provides monthly income.

If you have served our country through military service, understanding your benefits is an important part of your overall financial plan. Please share this information with your military friends and family!

Resources mentioned in this episode:

John's firm's website: http://RossandShoalmire.com

Devin and John's free ebook: http://bigpictureretirement.net/steps

Once a month, Devin and John answer listener questions. You can submit your questions to questions@bigpictureretirement.net

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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.
• Consider your current situation, including any benefits that come from your previous marriage.
• Meet with an experienced, knowledgeable estate planner to explore all of the possibilities.

Highlights include:

• How community property states are different.
• Why a prenuptial agreement is a good idea, especially for second and later marriages.
• The most overlooked aspect of financial planning for second marriages.  You don’t want to miss this!

You won’t want to miss a minute of the conversation about this oh-so-important topic.

Do you have a question for Devin and John?  Send them to questions@bigpictureretirement.net.

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John shares the stories of when, and why, you would disinherits a spouse. Devin gives advice to Kim who wants to know how to say “no” to her adult children’s request for money.

For more great advice about how to avoid BIG MISTAKES when planning for retirement, download our free guide: 3 Simple Steps to a Successful Retirement at http://www.bigpictureretirement.net/steps

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We are half way through the year and it's time to review the market performance with Andrew Comstock from CastlebarAM.com.

Market Snapshot:

DOW (DJI) opened at 20,665.17 on April 3, 2017 and closed at 21,287.03 on June 29, 2017.

The S&P opened at 2,362.34 on April 3, 2017 and closed at 2,423.41 on June 30, 2017

http://www.bigpictureretirement.net

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Jean Chatzky, financial editor of NBC's Today show, discusses her new book “AgeProof” about balancing your health and your wealth.  She shares some habits that can help you thrive, both financially and physically.

Teamwork:

Working with a partner can help you meet your financial goals and your health goals.  A running partner will motivate you to get out even when you don't feel like it.  Find a money partner to help you meet your financial goals.

Automation:

We know that saving money works best is when we put it on automatic pilot.  Do the same thing with your health!  Schedule your workouts.  Have two or three healthy, simple meals that you can just grab out of the refrigerator without thinking.

Substitution:

Small tweaks can turn bad habits into good habits.  We've all heard that you should swap out home-brewed coffee for expensive coffee shop habits.  How can you do the same thing with your health?  Rather than convincing yourself to quit a bad habit, figure out how you can adjust it.

For more information about Jean and her new book, visit http://www.bigpictureretirement.net/episode-27-ageproof-living-longer-without-running-money-breaking-hip/

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Social Security benefits are confusing - even for those who work at the SS Office.

Often, the person looking for advice is unsure of what information the SS Office needs - or how to communicate it to them.

Nancy tells her story of being denied for Social Security benefits - and how Devin Carroll was able to provide her the advice and documentation to fight for her benefits. The difference was $500 a month in Nancy’s favor.

Contact Devin for help with your Social Security Benefits at http://www.bigpictureretirement.net/about/devin-carroll

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Death is never a pleasant topic. What is less pleasant is passing away suddenly with no planning in place and no way to help your family transition through the process.

John walks us through 5 things to do after someone dies:

• What to do prior to death
• Immediately after a death
• Within a few days of a death
• The first 2 weeks after a death
• During the year after a death

To download the checklist resource, visit http://www.bigpictureretirement.net  or http://rossandshoalmire.com

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Did you know that a copy of a will may not hold up in Probate? John talks about the need to keep an original copy of the will up-to-date and in a safe place.

Devin is asked if buying a rental property in retirement is a better idea than investing in the market.

Download 3 Simple Steps to a Successful Retirement at http://www.bigpictureretirement.net/steps

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Steve Chen created a retirement planning calculator that anyone can use. The inspiration came from personal experience. His mom needed help at retirement - but she didn't have enough assets to work with most financial planners.

Steve from NewRetirement.com discusses financial planning needs for those who aren't "attractive" to financial planners.

For more information, visit http://www.bigpictureretirement.net

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Recessions and market declines are going to happen. What are the lessons we can learn from the Tech Bubble of 2000's and the Great Recession of 2008?

Devin shares the 5 lessons he learned during the two most recent market declines while being a financial advisor:

1. Market declines are normal
2. No one can consistently predict market movements
3. The best days hang out with the bad days
4. This time is not different
5. The greatest threat to your portfolio return is not the market

You can read more at http://socialsecurityintelligence.com/5-lessons-ive-learned-market-declines

Do you know what to expect from a great Financial Advisor during market declines?

Straightforward Advice
Truthful Activity
Proactive Support

If you don't have an advisor who can help you through the downturns then contact us at http://www.bigpictureretirement.net

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Non-Probate Transfers, Trusts, and how the Beneficiary Designation trumps any wishes you express in your Will.

These are just a few of the things you NEED to understand so you can avoid making a major mistake with your estate planning.

For more information, visit http://www.bigpictureretirement.net/21

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Linda and her husband have been raising their grandchildren since birth. Both of the children’s parents are alive. Do the grandchildren qualify for Social Security?

Clyde asks if there is any situation where you would roll an IRA into a 401k? It is an unusual situation when this makes sense. Listen in to find out more.

Notes from today's show can be found at http://www.bigpictureretirement.net

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Experience is a great teacher. David Waldrop has more than 15 years of experience, the same as John and I. He comes on to share stories from his history - and how human emotions come into play when making investing decisions.

For more information on how to work with us, visit http://www.bigpictureretirement.net

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In Part 1 we covered credits, earnings limits, and more.

In this episode we finish the series by talking about: Length of marriage rules Spousal Benefits vs Survivor Benefits How you are taxed on social security benefits and more.

If you haven’t listened to Part 1, find it here: http://www.bigpictureretirement.net/episode-17-part-1-social-security-basics

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Part 1 in a 2-part series about what you need to know about Social Security.

For more information, or to have a conversation with Devin Carroll or John Ross, visit http://www.bigpictureretirement.net

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Wanda wrote in to ask why she shouldn’t add a child to her checking account?

Brenda retired from a company that offers a pension. She asks if it would be better to take the pension in a stream of payments or as a lump sum.

Have a question? Send them in and we will try to answer it on the show. Email questions@bigpictureretirement.net

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Can we expect 3 rate increases this year? What could that mean for the market - or our savings?

Andrew Comstock, Chief Investment Officer for Castlebar Asset Management, joins us again to recap the market's performance from the first quarter of 2017.

Market Snapshot: DOW (DJI) opened at 19,782.86 on January 3rd and closed on March 31, 2017 at 20,663.22

S&P (GSPC) opened the year at 2,251.57 and closed on March 31st at 2,362.72

Visit http://bigpictureretirement.net for more

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In the previous episode we talked about Wills: Why you need one and what to look out for so you do it right.

But before you draft out your will, these are the things you need to consider:

• Why you should never leave anyone $1.
• Beneficiaries:  you should know who your people are
• Why you need to specifically disinherit people who you don't want to receive anything.
• Always anticipate that circumstances will change.
• Questions your attorney needs to be asking
• Why you might want to avoid making personal property bequests in your will. • Reference to tangible personal property.
• Residuary Clause
• Choosing an executor - and what is an executrix?
• Do you want your executor to get a bond?

Contact us for help with your Wills: http://www.bigpictureretirement.net

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According to a survey, 71% of Americans do not have a current Will - and half of Americans age 65 or older don't have a Will that is not up-to-date.

​In this episode we cover the common mistakes people make when drafting their final testaments and ​why Snoop Dogg isn't going to do one at all.

This is part one of a series on Wills. We ask that you subscribe for free to receive the next episode automatically. There is no cost to do so, simply visit iTunes or subscribe on your Android device. You can even listen via our website. All resources and links can be found at http://bigpictureretirement.net

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Devin and John answer a question from Mitch about why the Social Security Office would not recognize his Power of Attorney statement.

Charlotte is asking about ABLE accounts - tax-advantaged savings accounts for individuals with disabilities and their families.

If you want us to address your question on the air, send them to questions@bigpictureretirement.net

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Roger Whitney, the Retirement Answerman, shares his approach to spending money on fun today while still being able to plan and save for tomorrow.

He likens it to a teeter-totter, and reflects on things his mother taught before she passed away.

Find more information or ask us a question at http://bigpictureretirement.net

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7 doable steps for making it easier to be organized with your retirement finances.

One of the biggest hurdles to a successful retirement is getting - and staying - organized. It’s easy for account statements, legal forms and other important documents to pile up in some hidden away desk or drawer. Before long, things are messy. Not just physically messy, but mentally messy too.

To accurately plan for an awesome retirement, you need to first clean up the mess.

Topics we cover in today's episode:

• Streamline your accounts and Go Paperless
• Verify your Social Security Earnings have been recorded
• Create a Master File

And John talks about the best way to store passwords. The answer may surprise you!

For a complete description of the seven steps and list of important documents to keep safe, visit http://www.bigpictureretirement.net/finances-organized

Have a question for the show? Send it to questions@bigpictureretirement.net

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What should you look for when hiring a legal advisor? In this episode we discuss the first question you need to ask a potential legal advisor, what to watch out for, and the benefits of paying a flat fee versus an hourly rate.

For more information, visit http://bigpictureretirement.net

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Does an 18-year old need a Power of Attorney? You bet!

We also discuss limitations for drawing Social Security benefits while working.

If you have questions, email them to questions@bigpictureretirement.net

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Michael Kitces joins us to discuss the difference between Fiduciary and Suitability Standards and what is happening to the Department of Labor's Fiduciary Rule.

Is your Financial Advisor a salesperson or fiduciary looking out for your best interest?

For more information, visit http://www.bigpictureretirement.net

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The second type of advisor every retiree needs in their corner is a Financial Advisor.

Not everyone needs a financial advisor. But those who are within 10 years of retirement, are too busy to do their own planning, or with complex financial situations can definitely benefit from having a financial advisor.

We discuss what to look for when selecting an advisor that matches your desired needs.

Be sure to check out more of our resources at http://www.bigpictureretirement.net

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Nobody can obtain the full range of knowledge a person needs to be fully prepared for retirement. Retirees, and those building a retirement portfolio, need an advisory council.

Today's episode focuses on how to hire a Tax Advisor: Where to look, what to look for, and what questions do you ask to make sure you're getting the right tax advisor for you.

For help understanding more about retirement and preparing for YOUR Big Picture Retirement, visit http://www.bigpictureretirement.net

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The last part of 2016 was really good for the stock market and the new year didn’t stop the momentum. Now that the DOW has hit 20,000…what’s next?

Joining us to discuss this is Andrew Comstock, the chief investment officer for Castlebar Asset Management. 

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What is truly behind the so-called "social security gun ban"? Also, John digs into the differences between a will and a trust.

For more, visit http://bigpictureretirement.net

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Who do you listen to for financial advice? Dave Ramsey? Sure Orman? Jim Kramer?

Joe Saul-Sehy, a recovering Financial Planner and host of Stacking Benjamins joins us to talk about when it's the right time to follow the gurus - and when it's not.

He also shares stories from his biggest failures in life to show that he's been right where you are - or worse.

Today's show is brought to you by http://SocialSecurityIntelligence.com

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John shares the story of Jacob and Esau from the Bible to describe one of the most common mistakes people make in retirement.

Please subscribe to the show so you don't miss an episode.

For more, visit http://bigpictureretirement.net

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What are the Four Corners of Retirement Planning?

I'll bet you know them - but do you have a grasp on all four?

John and Devin explain each: Health, Taxes, Legal and Income

For more information, or to contact us, visit http://bigpictureretirement.net

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What is Big Picture Retirement? Hosts Devin Carroll and John Ross, both professionals in the financial industry, launch this new show to help those about to retire or are already retired.

For more about us or information about this show, visit http://bigpictureretirement.net