Retirement Answers is a podcast built to help you succeed in retirement. The thought of retirement can be overwhelming and downright scary for many... but it doesn't have to be! The goal of this podcast is to provide thoughtful insights and strategies to give you the confidence you need to retire successfully. At the end of the day, my ultimate goal for my clients and podcast listeners is to live a fulfilling retirement. Follow along as I publish a new episode each week covering everything from retirement income planning, tax planning, Social Security, insurance planning, investing, and much more. Here's to learning everything you need to know to live out your dream retirement!
Social Security survivor benefits are really confusing, but in this episode I break down everything you need to know about survivor benefits to help you make more informed decisions.
Most retirees assume they are entitled to 50% of their spouse's Social Security, but that is not true... In this episode, I outline the rules for Social Security spousal benefits, how it works, and why your decision to take Social Security impacts your spousal benefits.
Do you have after-tax money in your Traditional IRA? Well, when it comes time to make distributions or do Roth conversions, you could unknowingly pay more in tax that you otherwise have to if you aren't aware of the IRA Pro-Rata rule or how you can fix this issue before it becomes a problem. In this week's Friday Q&A, I answer James' question on this specific topic.
The top retirees approach retirement completely different from everyone else. They have an abundance mindset and live with intentionally, and that's what I discuss in today's episode.
Roth conversions are a powerful tax planning opportunity for retirees, but the devil is in the details. Missing a couple small things could end up costing you.In this Friday Q&A, we answer the following questions:How are dividends taxed in different account types?If I do a Roth conversion, do I need to make estimated tax payments or can I just pay when I file my taxes?
There are a few simple ways to save money in retirement and keep more of your hard earned money in your pocket. In this episode, I share 10 hacks that will help you save money and reduce taxes in retirement.
What if the market tanks right after you retire? It's important to be prepared and have a plan in place for the 'what-ifs' that could happen. In this weeks Friday Q&A, I answer Carolina's question and share how I like to build portfolios that are recession-proof.
Roth conversions might be causing you to pay more in taxes compared to simply not doing any Roth conversions. In this episode, I explain how RMDs and your future tax rate could be much lower than the tax rate you would pay today on any Roth conversions you do.Roth is great, but it isn't always better.
Trying to figure out how to plan for travel expenses in retirement? That's the question that I address on this week's Friday Q&A.I share a few things to consider as you plan how much you are going to spend on travel in retirement.
What if you could do a Roth conversion completely tax-free? Would you even believe me if I said this was possible?In this episode, I share how you can use a charitable gifting strategy in tandem with your Roth conversions to eliminate the taxes on the conversion. It's like magic, but it's not... It's just strategy!
Long-term care planning is difficult to figure out. There is no "right" way to do it because some prefer to self insure while others prefer to purchase insurance. In this Friday Q&A, I address Theresa's question about long-term care planning and how I think about it.
The stock market might be taking a hit, but that doesn't mean there aren't opportunities out there. In fact, it's times like these the top 1% make the smartest moves.In this episode, I share 3 opportunities that you can take advantage of during market crashes.
You've been investing throughout your entire career and trying to grow your portfolio so you are ready for retirement. But what happens to your investments when get to retirement? Should you make a bunch of changes? Should you be more conservative?Join me as I discuss how to approach investing during retirement and a few different things you need to consider.
The fear and unknowns of retirement make it hard for most retirees to spend confidently. In fact, I think spending with confidence in retirement might be the hardest thing to do. Will you run out of money? Are you spending too much? What if the market crashes and you never recover?All of the "what ifs" lead to under spending in the prime retirement years and dying with more money than you started retirement with. So, in this episode, I share tips on how you can overcome your worries about spending too much in retirement.
What happens if the market goes down dramatically right when I retire? That's a big question on most retirees & pre-retirees minds, so in this episode, I walk through how you can combat this risk and what you should do to be prepared.
In this episode, I share the two Roth IRA 5-year rules that you should know about. Additionally, I provide a HUGE tip that will help you out when doing Roth conversions in retirement. (Most people don't know this)
If you can have these 6 things figured out by the time you are 60, your retirement will be that much more successful and enjoyable.
If you aren't paying attention, a huge tax bomb could arise later in retirement. This tax bomb comes in the form of RMDs... But finding ways to minimize your RMDs will help lower your lifetime tax bill. Most people only look at RMDs at surface level, but these forced distributions impact other items such as Social Security taxation and IRMAA, to name a couple.
As you approach retirement, you likely want to have everything planned out perfectly... When you are going to start taking Social Security?When to do Roth conversions?How to use tax-gain harvesting?What your portfolio allocation should be?And so onThe good news is you aren't alone in your desire to have it all figured out before you jump in retirement, but here's the bad news... You're plan will be wrong... I know, probably not what you want to hear, but it's the truth.In today's episode, I discuss this idea of your retirement plan being incorrect and how you should think about your plan instead.
Do you ever wonder what you might be missing as you plan for retirement? There's so much to think about and plan for that certain things can easily slip through the cracks. In this episode, I share 5 hidden costs that catch retirees off-guard based on what my clients have told me.
The Backdoor Roth might be the greatest tax loophole for high income individuals… But 99% of people have no idea how to do it correctly. So, in this episode, I'm going to tell you exactly how to do a backdoor Roth contribution without messing it up.
Taxes could very easily be your largest expense in retirement. So, having a strategic tax plan might prove to be the most important thing you can do. In this episode, I share 6 common tax mistakes retirees make around withdrawals, Roth conversions, capital gains, & Social Security.
Wait... You're telling me I can sell $126k of gains in my brokerage account and pay no tax on those gains? Yes! (And the best part is... it's legal) Join me as I share how tax-gain harvesting works so you can learn how to implement this tax savings strategy yourself.
How do you know if your retirement plan is good or not? And what are the different things you need to include in your plan? That's what I discuss in this episode because I share 6 things that every good retirement plan includes.
As you prepare for you upcoming retirement, there a few thing you can do to give you the best chance at the retirement of your dreams. In this episode, I share 5 things (plus a bonus tip) that you should BEFORE you retire to help you make the most of your new adventure and rest at night knowing your money is taken care of. Enjoy!
There are plenty of mistakes that can be made when planning for retirement, so I want to warn you about 8 common mistakes that I see.We will talk about the importance of knowing your true spending number, understanding the impact of inflation on retirement spending, balancing investment strategies, planning for taxes, timing Social Security, evaluating the need for Roth conversions, preparing for long-term care, and creating a comprehensive estate plan.Other episodes mentioned:https://open.spotify.com/episode/747cbYYpwgEJIG9l302tZO?si=EM7eryjCTXKSREkJkWqBTA
In this episode of the Friday Q&A, Jacob discusses a listener's dilemma of choosing between taking a lump sum or opting for a monthly pension in retirement. With a detailed inquiry involving health concerns, survivor benefits, and financial flexibility, the discussion delves into various factors such as fixed income, monthly expenses, Social Security benefits, and personal circumstances like employment status and legacy planning.———————————————————————————Book a free consultation to get started today
Still trying to figure out when you are going to retire? Do you have a specific age in mind? It can be hard to decide and then actually go through with it because of the unknown and the "what-ifs" of retirement. But the biggest "what-if" in my opinion isn't what could go wrong in retirement... The biggest "what-if" is getting to the end of your life wishing you would have retired sooner so you could enjoy more time with your family or go on your dream vacation while you had the health.In this episode, I share 4 reasons why you should think about retiring TODAY.———————————————————————————Book a free consultation to get started today
In this Friday Q&A, we tackle a common question from a soon-to-be retiree who is anxious about taking the leap into retirement despite strong financial standing. Discover the psychological challenges and mindset shifts necessary for a smooth transition into retirement.Need help planning for retirement?
When you turn 73 or 75, you will be required to begin taking money from your tax-deferred IRAs, 401ks, 403bs, etc. This is through what is called Required Minimum Distributions (RMDs).While RMDs aren't the worst thing ever, they can create some tax issues in the future if you don't plan accordingly. In this epsiode, I share 5 ways you can lower your RMDs to minimize their negative tax impact in the future.———————————————————————————Book a free consultation to get started today
In the first episode of the Friday Q&A series,I address a viewer's question about whether to pay off their house before retirement. The husband is close to retirement and considers using his ESOP to pay off their recently purchased home. I discuss the pros and cons of this decision, including tax implications and the importance of maintaining liquidity.The episode offers valuable insights for anyone contemplating similar financial moves in the context of retirement planning.
One of the biggest factors in your ability to retire is whether or not you have debt. If you have no debt, retirement becomes that much easier. BUT does that mean you should pay off your mortgage before retirement at all costs? That's what I discuss in this episode.———————————————————————————Book a free consultation to get started today
"The market is at all-time highs! We are due for a recession! I'm going to wait for the next pullback..."These the statements we all tell ourselves, but we shouldn't follow our own hunches and opinions. This week, I am talking through a framework that you can use to help answer the question, "Is now a good time to buy stocks?"———————————————————————————Book a free consultation to get started today
Most people only think about the money side of retirement. Do I have enough? When should I start Social Security? Which account should I pull money from first?These are all important questions, but the personal and emotional side of retirement often gets overlooked because the financial questions are top of mind. I encourage you to ask yourself, "What are you retiring to?" You know what you are retiring from, but having a game plan for what you are going to do in retirement is crucial so you don't end up lonely, sad, and hating what is supposed to be a wonderful period of life.———————————————————————————Book a free consultation to get started today
Trying to figure out when you should do Roth conversions? In this episode, I share the optimal times to do Roth conversions so that you get the most out of this important tax minimization strategy.———————————————————————————Book a free consultation to get started today
How aggressive or conservative you should invest your money in retirement is a constant question in retirees' minds. How much risk should I take? Should I just use a standard 60/40 portfolio? How much cash should I have on hand?In this episode, I address this common question and provide a framework you can use to determine how much cash you should have in retirement based on YOUR unique situation.———————————————————————————Email: jacob@rivertreewealth.comWebsite: https://www.rivertreewealth.comLinkedIn: https://www.linkedin.com/in/jacobdukeJacob Duke, CFP, MBA is the founder of Rivertree Wealth and the host of the Retirement Answers podcast.DISCLAIMER: This should not be taken as tax, legal, or investment advice. All content is for educational purposes only.
IRMAA stands for Income Related Monthly Adjustment Amount. In short, it is a surcharge that can be added to your Medicare Part B & D premiums IF you earn to much money.I talk about IRMAA here on the podcast and with my clients because it is something we have to pay attention to so that it doesn't catch us off guard, but I feel like many view IRMAA as something you MUST avoid.In this episode, I share a brief overview of IRMAA and tell you why you shouldn't avoid IRMAA at all costs. In fact, going over the IRMAA income limits intentionally, could lead to thousands of dollars of savings.Shoot me an email if you don't already have a copy of the 2024 Cheat Sheet.———————————————————————————Email: jacob@rivertreewealth.comWebsite: https://www.rivertreewealth.comLinkedIn: https://www.linkedin.com/in/jacobdukeJacob Duke, CFP, MBA is the founder of Rivertree Wealth and the host of the Retirement Answers podcast.DISCLAIMER: This should not be taken as tax, legal, or investment advice. All content is for educational purposes only.
Having a Roth IRA in retirement can be very powerful. It allows you to make tax-free distributions for retirement income and gives you flexibility around your tax brackets...But I've noticed one thing. I/we as financial planners often suggest taking from your Roth IRA last for income in retirement so it has more time to compound tax-free. While this is often a good idea mathematically, I have been asking myself this question: "Everyone is told to save to a Roth IRA so they have tax-free income in retirement, but when they get to retirement they are told not to spend from their Roth IRA. What's the point of having a Roth IRA if you aren't going to use it??"In today's episode, I talk through this question and share 6 reasons you would spend your Roth IRA earlier in retirement. Enjoy!———————————————————————————Email: jacob@rivertreewealth.comWebsite: https://www.rivertreewealth.comLinkedIn: https://www.linkedin.com/in/jacobdukeJacob Duke, CFP, MBA is the founder of Rivertree Wealth and the host of the Retirement Answers podcast.DISCLAIMER: This should not be taken as tax, legal, or investment advice. All content is for educational purposes only.
It's not secret that sudden market declines can cause fear and anxiety in investors' minds. Recently, we've seen some volatility enter the markets and you might be wondering if you should make any changes to your portfolio.In this episode, I provide a framework and steps you can follow to navigate the emotions and uncertainties market volatility throw at us.If you'd like an example of the Retirement Income Buckets, shoot me and email and I will send it right over!———————————————————————————Email: jacob@rivertreewealth.comWebsite: https://www.rivertreewealth.comLinkedIn: https://www.linkedin.com/in/jacobdukeJacob Duke, CFP, MBA is the founder of Rivertree Wealth and the host of the Retirement Answers podcast.DISCLAIMER: This should not be taken as tax, legal, or investment advice. All content is for educational purposes only.
Book a free consultation to get started today
Book a free consultation to get started today
Book a free consultation to get started today
Book a free consultation to get started today
Today, I'm sharing 7 reasons you shouldn't do Roth conversions... I hear about far too many people who are trying to do Roth conversions, but they shouldn't be doing any at all. Yes, Roth conversions are a power tax planning strategy for retirees, but it's not the best strategy for everyone.Creating a comprehensive plan that is unique to your situation is key. Don't just do Roth conversions because it's what everyone is talking about!———————————————————————————Website: https://www.rivertreewealth.comLinkedIn: https://www.linkedin.com/in/jacobdukeJacob Duke, CFP, MBA is the founder of Rivertree Wealth and the host of the Retirement Answers podcast.
Need a custom retirement plan?
One of the biggest questions around Social Security is, "Will I pay income taxes on my Social Security benefits?"I answer this very question, walk through an example, and share some tips on how you can lower your Social Security taxes in the future.———————————————————————————Website: https://www.rivertreewealth.comLinkedIn: https://www.linkedin.com/in/jacobdukeJacob Duke, CFP, MBA is the founder of Rivertree Wealth and the host of the Retirement Answers podcast.
In recent years, there has been a growing concern around Social Security going insolvent. There are some truths to these concerns, but there are also many misunderstandings. The biggest misunderstanding is that Social Security will be going away entirely.The confusing part is that the Social Security trust fund could be running out in the future, but Social Security is a pay-as-you-go system. This just means that the dollars received every year in taxes are paid out every year in benefits.So, as long as taxes are being received, something will be paid out. How much will be paid out though? That's the question that is on everyone's mind.In this episode, I break down:- The details of the latest Trustee Report that was published on May 6th, 2024.- The problem at hand- Ideas for how the system can be sured up- What the trustees suggest and the magnitude of this needing to be fixed- How you should react as a retiree or pre-retiree.———————————————————————————Website: https://www.rivertreewealth.comLinkedIn: https://www.linkedin.com/in/jacobdukeJacob Duke, CFP, MBA is the founder of Rivertree Wealth and the host of the Retirement Answers podcast.
Estate planning is often a forgotten part of a financial plan, but there are a few steps you can take to start building your estate plan.It doesn't have to complicated, so I am sharing 3 must-haves to include in your estate plan. There are more elements to think about including in your estate plan, but these should get you started.———————————————————————————Website: https://www.rivertreewealth.comLinkedIn: https://www.linkedin.com/in/jacobdukeJacob Duke, CFP, MBA is the founder of Rivertree Wealth and the host of the Retirement Answers podcast.
So you inherited an IRA... But now what? Do you have to take all of the money out immediately? Over your lifetime? Within 10 years?The SECURE Act was instituted in 2020, but we are still trying to understand what the rules actually are for IRA inheritors.Prior to the SECURE Act, you could stretch the Required Minimum Distributions (RMD) over your lifetime. This gave you the benefit of spreading out your tax liability over many years.The SECURE Act took this "stretch" provision away for many beneficiaries and left it available to others. Also, the "10-year rule" was created. This new ruling forces certain beneficiaries to distribute the entire balance of the IRA by the end of the 10th year following death.This video is meant to serve as a guide for you in determining how to properly follow the SECURE Act rules for Inherited IRAs.The biggest questions you have to ask yourself are:- What type of beneficiary am I?- What account type have I inherited? (Tax-deferred or Roth)- Did the decedent pass away before or after their Required Beginning Date (RBD)?Answering these questions will help you determine how to distribute your the funds in your Inherited IRA correctly.Want help with your retirement plan?
There are lots of opinions and ideas around how to properly plan for and live out a successful retirement. Today, I'mis sharing 8 do's & don'ts of retirement planning that I often run into when talking with prospective clients.Topics covered:- How to invest in retirement- How you can trust your plan- Why you should be proactive instead of reactive- Understanding Social Security- Talking to others who have already retiredA big part of having a successful retirement is knowing what pitfalls to look out for. Hopefully, this helps you on your retirement journey.Want help with your retirement plan?
© 2020-2025 Ivy Podcast Discovery LLC
