Retirement Planning Education, with Andy Panko

Listener Q&A where Andy talks about: 
Should Roth conversion analysis look at marginal or effective tax rates ( 4:21 )
His thoughts on why qualified Roth account distributions might eventually be included in certain measures of Modified Adjusted Gross Income ("MAGI") ( 8:28 )
What other MAGIs are potentially impacted and should be watched out for with doing Roth conversions ( 12:38 )
The difference between "directionality" and "precision" in retirement planning ( 20:40 )
Is it reasonable for an advisor to charge you extra for outsourcing some of their investment management to a separately managed or sub-managed account ( 25:38 )
His thoughts of reinvesting a deferred compensation plan to all cash when the plan will soon begin paying out its deferred payments ( 29:34 )
His thoughts on using multiple dividend and fixed income funds to create a "high income sleeve" for near-term distribution needs ( 35:25 )
Whether it's accurate that you can indirectly file a tax return extension simply by making an online tax payment and select "extension" as the reason for the payment ( 39:05 )
Can a minor with less than $400 of self-employment income not file a tax return yet still be eligible to contribute to a Roth IRA ( 44:56 )
How he helps clients balance Fear of Missing Out ("FOMO") and Fear of Running Out ("FORU") ( 52:04 )
How much of his planning work with clients is computational vs psychological ( 54:42 )
His thoughts on the gamification of investing, and the prediction markets ( 58:11 )
Why there are so many different funds like buffered ETFs and option trading ETFs, at higher expense ratios, when many can just invest in a few basic low-cost ETFs ( 1:00:36 )

To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Andy's LinkedIn profile: https://www.linkedin.com/in/andypanko/

Links in this episode:

Episode 207 of the podcast - Roth conversion analysis; more than meets the eye

Tenon Financial monthly newsletter/blog - Retirement Planning Insights
YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)
Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy chats with a real person (not an advisor) doing their own retirement planning. In this episode, Andy talks with Tom. They talk about a wide array of retirement planning topics such as when he started getting serious about planning for retirement, why he went back to work as a consultant a year after retiring, why their plans of relocating to a different state have since changed, what his Roth conversion plan is, and more!

 
 Links in this episode:

Tenon Financial monthly e-newsletter - Retirement Planning Insights
YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)
Retirement Planning Education website - www.RetirementPlanningEducation.com

To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Andy's LinkedIn profile: https://www.linkedin.com/in/andypanko/

Andy and Tanya Nichols from Retire Agile share their thoughts on a handful of current events and "hot topics" relating to retirement planning. Specifically, they talk about:

How we help clients get over the hurdle of actually spending their savings ( 10:27 )
Their thoughts on having mortgages in retirement ( 22:27 )
What they think is likely to happen to the Social Security system, and what changes might be made in advance of the trust fund depleting in a few years ( 34:56 )
When people should start spending down their Health Savings Accounts, or HSAs ( 44:10 )
Some state-specific tax planning considerations to keep in mind ( 53:07 )
Their thoughts on living/revocable trusts, when they're needed, when they're not, etc. ( 1:03:12 )
Alternatives to bond for people looking for investments that sit between the volatility and growth potential of stocks, and the stability and principal protection of cash and cash equivalents ( 1:16:39 )

Links in this episode:
Retire Agile website - https://www.retireagile.com/

To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

My company newsletter - Retirement Planning Insights
YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)
Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy discusses common tax planning mistakes often made in retirement. Additionally, he shares insight on how to attempt to prevent such mistakes, and/or fix them after they've happened

The 8 common mistakes are:
Not paying enough income tax timely throughout the year, and having underpayment penalties as a result
Missing or not taking the correct amount of Required Minimum Distributions (“RMDs”)
Having improper beneficiary designations
Not properly applying Roth account withdrawal rules
Not understanding IRA “basis” and the pro rata rule
Not being as tax-efficient as possible with charitable giving
Not managing Modified Adjusted Gross Income (“MAGI”)
Not planning for state-specific income tax considerations

Links in this episode:
My YouTube video - How Much Estimated Tax to Pay
Summary of RMD factors from the Retirement Planning Education website's - Free Stuff
IRS summary of RMDs - here
My company's newsletter - Required Minimum Distribution ("RMD") Rules from Inherited IRAs
My YouTube video - Roth IRA Withdrawal Rules 
My YouTube video reply of the webinar - IRA after-tax "basis," the pro rata rule and Form 8606
My YouTube video - How to give to charities tax-efficiently
My company's newsletter - How to donate to charities tax-efficiently
My YouTube video - What is Modified Adjusted Gross Income, or "MAGI"

Tenon Financial monthly e-newsletter - Retirement Planning Insights
YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)
Retirement Planning Education website - www.RetirementPlanningEducation.com

To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Listener Q&A where Andy talks about: 
Are tax return amendments needed if info from a 1099-R was left out but doesn't impact the return's gross or taxable income ( 4:08 )
What are the pros and cons of using average cost basis tracking for mutual funds ( 8:36 )
Tax implications of nonqualified annuities and surrendering vs annuitizing it ( 13:55 )
Is there a more optimized way to pay taxes on in-plan Roth conversions as opposed to having additional taxes withheld from your paycheck ( 23:21 )
Thoughts on using "reverse budgeting" to figure out how much you spend, instead of manually adding up all of the line items of actual expenses you have ( 28:28 )
How to properly report on your tax return a disability exception to the 10% IRA early withdrawal penalty if the custodian won't reflect the exception on the 1099-R ( 34:31 )
How much is too much to pay a financial advisor who charges a percent of assets under management, and thoughts on only rolling some of a 401(k) to an advisor and managing the rest on your own ( 40:23 )
Options/insurance to help cover expenses for dental, vision, and hearing since traditional Medicare doesn't cover those things ( 47:46 )
When to consider getting a financial advisor (or at least getting a one-time financial plan done) ( 52:06 )
How to properly report on your tax return a SEPP (Substantially Equal Periodic Payment) exception to the 10% IRA early withdrawal penalty if the custodian won't reflect the exception on the 1099-R ( 58:00 )
Thoughts on retiring from Oklahoma to a high cost of living place like New York City (to be near kids and grandkids) ( 1:02:02 )

To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Links in this episode:

Tenon Financial monthly newsletter/blog - Retirement Planning Insights
YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)
Retirement Planning Education website - www.RetirementPlanningEducation.com