Retirement Planning Education, with Andy Panko

Andy chats with three different "real" people to discuss how they handled the non-financial/emotional transition from working to retirement, and what they do now to provide a sense of fulfillment, meaning and purpose and in retirementLinks in this episode:Tenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Andy and Larry Pershing from Optimum Retirement Planning share their thoughts on a handful of current events and "hot topics" relating to retirement planning. Specifically, they talk about: The pending "Big Beautiful Bill" tax bill that recently was approved by the House; what's in it, what's not in it, practical planning considerations around it, etc. ( 8:12 )Potential concerns about US debt US government bond defaults ( 34:50 )Talking to kids and heirs about your estate planning and wishes for after you're gone ( 50:02 )Estimated tax payments for people who recently retire ( 59:40 )Sources and tools to consider using to do tax return and estimated tax estimates ( 1:02:27 )The level of the S&P 500's concentration to the top few companies and the technology sector ( 1:06:04 )Whether 1.75% of assets is a reasonable fee for a financial advisor to charge ( 1:19:07 )What to know and consider when keeping money behind in a 401(k) vs rolling it over to an IRA ( 1:26:01 )Links in this episode:Larry's firm - Optimum Retirement PlanningLarry's previous appearance on the Retirement Planning Education Podcast - #081 – Retirement planner chat, with Larry Pershing from Optimum Retirement PlanningTax Foundation's summary of the Big Beautiful BillStephanie Kelton's book - The Deficit MythThe DinkyTown 1040 estimatorThe IRS Tax Withholding EstimatorTenon Financial's August 2024 newsletter about - Employer plan-to-IRA rollover pros and consTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comMy company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy discusses what financial firms do for their fee, using his own firm, Tenon Financial, as an exampleLinks in this episode:Tenon Financial's website - https://tenonfinancial.com/Tenon Financial's June 2025 newsletter - hereAndy's article explaining how it's impossible to quantify the value of advisory services in - How Much Are Your Services Worth?Tenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

In this special guest host episode, Mike Powers and Kirsten Ashbaugh from Manuka Financial talk cybersecurity best practices.Links in this episode:Manuka Financial's website - https://www.manukafinancial.com/Tenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Listener Q&A where Andy talks about: Why more fund managers don't offer mutual fund-to-ETF conversions ( 5:02 )How my firm helps clients prepare for severe market declines, and how we communicate bad markets to them ( 8:48 )Who's the voice of the intro and outro to this podcast ( 16:06 )For spouses claiming Social Security, what's a good claiming strategy when one spouse doesn't have enough work history to get their own benefit and can only get spousal benefits ( 17:19 )Could a person continue to fund a 529 for their children and later transfer the beneficiary to eventual grandchildren ( 21:37 )What constitutes a gift of digital assets; is it the transfer of the key to the wallet? ( 24:01 )What date/time is used for the date of death valuation of assets, like crypto, that trade 24/7 ( 25:52 )How will the sale of a vacation property impact IRMAA ( 26:55 )How will the sale of a vacation property impact Roth conversion analysis and trying to fill up a certain tax bracket ( 28:46 )Why were the recent 3 and 5-year returns of total bond market funds so poor ( 32:48 )Making estimated payments or withholdings to cover the tax obligations from a Roth conversion done late in the year ( 41:39 )Thoughts on a listener's proposed basic retirement plan, investment allocation and bucketing strategy ( 47:20 )The Smart Money, Fresh Minds podcast - hereMy YouTube video on Estimated Taxes, Tax Withholdings and Underpayment Penalties - hereTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comMy company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy chats with real people (not advisors) doing their own retirement planning. In this episode, Andy talks with Rob Berger, the creator of the Rob Berger YouTube channel, the founder of the former DoughRoller website, published author and more!. They talk about a wide array of retirement planning topics such as when he started getting serious about retirement planning and a variety of financial topics such as Social Security, investing, how he plans to address any potential long term care scenarios and more!Links in this episode:Rob's YouTube channel - https://www.youtube.com/@rob_bergerRob's website - https://robberger.com/Tenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Andy and Brian Tegtmeyer share their thoughts on a handful of current events and "hot topics" relating to retirement planning. Specifically, they talk about: Should someone delay their planned retirement if the markets are bad ( 6:50 )Should someone cancel or delay taking a big trip in retirement if the markets are bad ( 13:48 )Should someone start Social Security earlier than they were otherwise planning to since there appears to be increased uncertainty about the future strength of the system ( 18:22 )Do people need to make estimated tax payments in retirement ( 26:44 )If someone has never worked with an advisor and has always DIY'd their own planning, should they continue to DIY it in retirement ( 32:49 )Are inheritances taxable, and what should people do with them ( 41:58 )Tax smart ways to do charitable giving in retirement ( 54:01 )Do gift givers or receivers of gifts have to pay tax on gifts ( 57:49 )Links in this episode:Brian's firm - Truly Prosper Financial PlanningSara Grillo's list of flat fee advisors - hereAdvisors in the Advice Only Network - hereTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comMy company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy provides some tips and best practices to help keep your ID and financial information secure. Specifically:Check your credit report regularlyFreeze your creditGet a tax return filing PIN from the IRSUse strong and unique passwords for all websites and online accountsUse a password managerUse two-factor (if not multi-factor) authentication wherever possibleUse a VPN (Virtual Private Network) whenever on public Wi-FiUse separate e-mails for different types of accountsPut a "Self-Lock" on your SSN within the E-Verify systemLock your SIM card with your cellular providerBe cognizant of phishing and vishing scamsBe mindful of protection physical information and itemsLinks in this episode:Transunion credit freeze - hereExperian credit freeze - hereEquifax credit freeze - herewww.MyFICO.comwww.CheckFreeScore.comIRS PIN info - hereE-Verify Self-Lock info - hereFTC article about how to spot phishing - hereAARP article about how to spot vishing - hereTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Listener Q&A where Andy talks about: Buffer ETFs and whether they can be used as replacements for CDs in building a ladder for upcoming years' expenses ( 4:29 )His thoughts on direct indexing and whether it's worth doing to try to make non-qualified accounts for tax-efficient ( 14:11 )Whether or not it's practical to implement a bucketing strategy ( 23:38 )Considerations to put into a will when there is a beneficiary who may be contentious or difficult to deal with ( 34:18 )Estate size exemptions and considerations for spouses splitting up accounts ( 42:55 )Annualizing income on Form 2210 when making estimated payments and income earned or recognized is lumpy or uneven throughout the year ( 48:37 )The "Kiddie Tax" and when it applies ( 54:27 )To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comMy company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

In this special edition "real" person chat, Andy talks with four different people who went through "gray" divorce (i.e. divorcing later in life; typically over the age of 50), to learn what they wish they would have known or done differently as they were going through the divorce process.  Tenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Andy chats with fellow retirement planner Mark Rosinski, CFP®, CPA from Dunes Financial. In this episode they talk about a wide array of retirement planning topics such as tax planning, distribution strategies, investing, annuities, long-term care insurance, how to know when people have enough to retire, what consumers often overlook in retirement planning and much more!Links in this episode:Mark's advisory company website - Dunes Financialhttps://www.kitces.com/Wade Pfau - Retirement Planning Guidebook: https://www.amazon.com/Retirement-Planning-Guidebook-Navigating-Important/dp/194564009XRetirement & IRA Show: https://podcasts.apple.com/us/podcast/the-retirement-and-ira-show/id656868743All-In Podcast: https://podcasts.apple.com/us/podcast/all-in-with-chamath-jason-sacks-friedberg/id1502871393The Drive Podcast: https://podcasts.apple.com/us/podcast/the-peter-attia-drive/id1400828889The Retirement Nerds: https://www.youtube.com/@TheretirementnerdsCar Dealership Guy: https://x.com/GuyDealershipColin Stroud: https://www.linkedin.com/in/gosomewhere/His points service website: https://www.gosomewhere.world/Ramit Sethi MoneyDials: https://www.iwillteachyoutoberich.com/money-dials/To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy discusses the ins and outs of mutual fund capital gain distributions, particularly in normal taxable brokerage accounts.Links in this episode:Tenon Financial monthly e-newsletter - Retirement Planning InsightsTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Listener Q&A where Andy talks about: Whether the rule of thumb saying in retirement you'll need about 80% of what you were making in wages is on a gross or net of taxes basis ( 6:49 )Understanding why some dividends are "qualified" and some are not, why they're taxed differently, and why dividends from bond funds aren't qualified ( 14:15 )Whether the decision to start Social Security sooner vs later would change if Social Security were to no longer be federally taxable ( 22:09 )Whether spouses can combine their 401(k) balances ( 27:03 )What a Form 5498 is, and if you need it to do your tax return, considering it often isn't available until after April 15th ( 30:27 )If you can still make a 2024 Roth IRA or traditional IRA contribution in early-2025 ( 31:40 )Whether you can make a contribution to a Roth IRA via transferring shares "in-kind" from a brokerage account ( 37:23 )To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comMy company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy chats with a real person (not an advisor) doing their own retirement planning. In this episode, Andy talks with Jim Jones. They talk about a wide array of retirement planning topics such as transitioning from owning a dental practice into retirement, investing, Social Security, when they got serious about retirement planning, and more!  Links in this episode:Jim's podcast - The JimJamTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Andy and Mike Powers share their thoughts on a handful of current events and "hot topics" relating to retirement planning. Specifically, they talk about: Tariffs: what they are, who pays them, do they cause inflation, etc. ( 9:42 )Pros and cons of Treasury Inflation Protected Securities, or TIPS  ( 21:32 )Whether or not to hold international stocks ( 37:07 )Considerations about whether to de-risk your portfolio and hold more cash a as result of expecting market uncertainty going forward ( 48:21 )Options for where to hold cash ( 54:33 )Observations and things to consider regarding doing your tax return ( 1:03:20 )Data and cyber security considerations ( 1:13:54 )Links in this episode:Mike's article about TIPS - hereMike's article on how to freeze your credit - hereMike's article on properly reporting US government obligation interest on your tax return - hereVanguard's forward-looking forecasts - hereCalifornia's one-time tax return penalty abatement - hereTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comMy company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy discussed how to determine how much Roth conversion to do in a particular year (assuming you've decided Roth conversions make sense for you). He walks through how to do a current year income & tax projection, and what tax "targets" or "goals" are commonly used in determining how much conversion to do.Links in this episode:DinkyTown 1040 online tax return projection tool - hereTenon Financial monthly e-newsletter - Retirement Planning InsightsTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Listener Q&A where Andy talks about: Can Donor Advised Funds ("DAFs") be funded with pre-tax IRA money ( 2:22 )How to do a backdoor Roth IRA contribution and avoid the pro rata rule if you have pre-tax funds in other IRAs  ( 5:46 )What are the must have important things to address and get right in retirement planning, vs what are nice to have optimization things ( 10:51 )How come most flat fee advisors don't work with clients with net worth in excess of $10 million ( 19:50 )How to invest excess money in taxable brokerage accounts ( 26:21 )Can funds or investments in taxable brokerage accounts be exchanged in-kind with others to avoid consequences ( 30:07 )Why is the 10-year Treasury bond used as a benchmark for many fixed income products, and why do bond prices change when interest rates change ( 32:49 )How to know if you're over-saving ( 38:27 )Thoughts about timing in when you take distributions vs doing Qualified Charitable Distributions ("QCDs") to satisfy Required Minimum Distributions ("RMDs") ( 41:51 )My thoughts on crypto assets ( 46:29 )To find an "advice only" advisor - www.AdviceOnlyNetwork.comTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comMy company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy chats with a real person (not an advisor) doing their own retirement planning. In this episode, Andy talks with John McLaurin. They talk about a wide array of retirement planning topics such as planning for special needs and the "generational" planning involved, investing, Social Security, when they got serious about retirement planning, and more!  Links in this episode:The book John mentioned - The Special Needs Planning Guide: How to Prepare for Every Stage of Your Child's LifeTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Andy chats with fellow retirement planner Liz Yoder, CFP®, ChSNC® from Dependent Financial Planning. In this episode they talk about a wide array of retirement planning topics with a particular emphasis on special needs planning and the unique considerations and areas to consider when you or your child has or is likely to have a disabilityLinks in this episode:Liz's advisory company website - Dependent Financial PlanningLiz's LinkedIn profile - Elizabeth (Wolleben) YoderTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy discussed seven common scenarios where it might be beneficial to do Roth conversions:You know your income now is much lower than it will be in the futureYou're married (and may eventually be single)You have large pre-tax accountsYour eventual heirs are likely to be in higher tax situations than you currently areYour plan on moving to a state that will have higher income taxes than your current stateYou're convinced tax rates will increase markedly in the futureYou want greater tax "diversity" amongst your investable accountsLinks in this episode:Tenon Financial newsletter summarizing the 7 potential Roth conversion scenarios - hereTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.comTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Special guest host, Mike Powers, CPA, PFS, CFP®, from Manuka Financial sits behind the microphone to walk through his 22-point retirement planning checklist, which includes financial, insurance and lifestyle considerations.  Links in this episode:Mike's blog post about the retirement planning checklist - hereGeorge Kinder's life planning three questions - hereMike's company's website - Manuka FinancialTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.comTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Listener Q&A where Andy talks about: What it means between an advisor who calls themself a financial planner vs wealth manager vs any other label they choose to use ( 10:24 )My thoughts on the recently repealed Windfall Elimination Provision ("WEP") and Government Pension Offset ("GPO") parts of Social Security ( 20:35 )A follow up to a previously discussed Q&A topic about how much umbrella insurance to purchase ( 31:18 )How income is taxed to a recently deceased person vs their heirs or their estate ( 37:08 )How best to gift money to grandchildren to get them started with saving and investing ( 42:10 )Understanding a bond or bond fund's "duration" and how to use it measure the bond or bond fund's interest rate price change risk. And what it means to have a recommended "holding period" for a bond fund ( 46:45 )To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comMy company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy chats with a real person (not an advisor) doing their own retirement planning. In this episode, Andy talks with Brian Alexander. They talk about a wide array of retirement planning topics such as investing, Social Security, when they got serious about retirement planning, funding potential long term care needs and more!  Links in this episode:Tenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Andy chats with fellow retirement planner Eric Niergarth, CFP®, RICP® from Retirement Roadmap Financial Planning. In this episode they talk about a wide array of retirement planning topics such as tax planning, distribution strategies, investing, annuities, long-term care insurance, how to know when people have enough to retire, what consumers often overlook in retirement planning and much more!Links in this episode:Eric's advisory company website - Retirement Roadmap Financial PlanningTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy explains how there is definitely value in good financial advisory services, but how it's impossible to quantify that value and is often disingenuous for advisors to claim they can, or for studies to try to put a number on itLinks in this episode:Vanguard's research paper - Putting a value on your value: Quantifying Vanguard Advisor's AlphaMy article - How Much are Your Services Worth?My article - Advisors Fees are BrokenTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.comTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Listener Q&A where Andy talks about: What's the difference between index mutual funds and index ETFs, and why choose one over the other ( 6:32 )Is a three-fund index fund portfolio reasonable for someone in the decumulation phase of life ( 17:04 )What's the difference between a "rollover" and "traditional" IRA ( 20:54 )How much of your net worth should you cover with umbrella insurance ( 24:32 )What should someone do about a pre-tax employer plan they don't really need if they're only in their 60s and still a few years away from Required Minimum Distributions ( 33:17 )What to consider when deciding whether to roll an old employer 403(b) into a new employer's 403(b) or to an IRA ( 36:30 )What tax prep courses are there for individuals to learn about doing their own taxes ( 39:13 )Discussion of "bullet" maturity bond funds/ETFs ( 42:30 )To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comMy company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy chats with a real person (not an advisor) doing their own retirement planning. In this episode, Andy talks with Peter Townsend. They talk about a wide array of retirement planning topics such as becoming self-educated in the details of retirement planning AFTER already retiring, Social Security, funding potential long term care needs and more!  Links in this episode:Tenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Andy chats with fellow retirement planner Andrew Gray, CFP® from Gray Wealth Strategies. In this episode they talk about a wide array of retirement planning topics such as tax planning, distribution strategies, investing, annuities, long-term care insurance, how to know when people have enough to retire, what consumers often overlook in retirement planning and much more!Links in this episode:Andrew's advisory company website - Gray Wealth StrategiesTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy discusses the things to take into consideration when trying to decide whether to own or rent a home in retirementTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.comTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Listener Q&A where Andy talks about: What to do about the concentration of the top few names in the S&P 500 ( 5:10 )What is direct indexing, when could it make sense and how to manage wash sales when direct indexing ( 13:21 )Whether you need to have taxes withheld from annuities or any other sources of income ( 30:39 )When it might make sense to buy an annuity for only a few years, such as five or 10 years ( 34:34 )If your only income is Social Security and IRA withdrawals, what level of IRA withdrawal will lead to income high enough that you will need to start paying income-based surcharges on Medicare ( 37:47 )How to transfer investment accounts from one broker/custodian to another ( 43:02 )To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comLinks in this episode:The DinkyTown 1040 tax return calculator - hereMy company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy chats with a real person (not an advisor) doing their own retirement planning. In this episode, Andy talks with Jane (anonymous name). They talk about a wide array of retirement planning topics such as dealing with the unexpected death of a spouse, self-educating on retirement and tax planning, doing a really large Roth conversion, Social Security survivor benefits, healthcare options in retirement and more!Links in this episode:The book Die With Zero - hereThe book The Psychology of Money - hereThe Bogleheads forum - hereTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.comTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Andy chats with fellow retirement planner Jamie Lima, CFP®, CDFA from Woodson Wealth Management and Allegiant Divorce Solutions. In this episode they talk about a wide array of retirement planning topics such as tax planning, distribution strategies, investing, annuities, long-term care insurance, how to know when people have enough to retire, what consumers often overlook in retirement planning and much more! Also, Jamie interjects his experience and knowledge around divorce-related matters in the retirement and financial planning processes.Links in this episode:Jamie's advisory company website - Woodson Wealth ManagementJamie's divorce planning company website - Allegiant Divorce SolutionJamie's podcast - Broke Up, Not Broke(n)FINRA's BrokerCheck - hereTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy talks about the basics of what to know regarding taxes and tax planning in retirement. Topics discussed include: What sources of income are taxable vs non-taxableRequired Minimum Distributions ("RMDs") from both your own accounts and inherited accountsHow to pay taxes in retirement: withholdings vs making estimated paymentsGifting tax-efficientlyMaking charitable donations tax-efficientlyOverview of common long-term tax planning strategies:Delaying Social Security and distributing from pre-tax accounts in the interimRoth conversionsTax loss and tax gain harvestingAsset "location" of which investments to hold in which account typesTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comLinks in this episode:The Rock Retirement Club - hereMy company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Special edition episode in which Andy shares his views on whether the below 12 rules of thumb are accurate or not: You should always contribute at least enough to your employer plan (like a 401(k)) to get the full employer matchYou shouldn't help your kids pay for college if it means shorting your own financial security in retirementYou need at least $X million (where $X can be whatever amount someone wants to say) of savings to retireIn retirement, expect to need 80% of whatever your pre-retirement income was each yearThe 4% "rule" is a good tool for determining how much of a portfolio someone can distribution each year in retirementYour target stock allocation percentage should be 100 minus your ageYou should pay off your mortgage before retiringThe rule of 72 is a good tool to tell how long it will take to double your investmentYou should have an emergency fund of cash equal to three to six months of expensesPermanent life insurance should be avoided; only use term life insuranceThe owner of a large investment advisory firm says, "I have annuities and you should too"That same person also says of his firm, "we do better when you do better"To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comLinks in this episode:My podcast about the 4% "rule" - hereMy company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Listener Q&A where Andy talks about: How to keep track of Roth IRA contributions ( 6:45 )Considering getting employer-sponsored health insurance to supplement Medicare ( 12:15 )What to do with money from an RMD that you don't actually need ( 16:48 )Understanding the capital gain exclusion on selling your primary residence ( 19:58 )How to determine how much you can rent out a rental property for, and how to screen for tenants ( 23:42 )How to distribute from a portfolio that includes total bond market funds as its fixed income allocation ( 28:10 )Rolling over up to $35k of unused 529 funds into a Roth IRA ( 34:28 )To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comLinks in this episode:The Boomer Benefits Facebook group - hereMy podcast about the primary residence sale capital gain exclusion - hereTransUnion SmartMove website - hereMy company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy chats with a real person (not an advisor) doing their own retirement planning. In this episode, Andy talks with Doug Mann. They talk about a wide array of retirement planning topics such as retiring and living abroad in Thailand and the unique planning considerations involved with being abroad full-timeLinks in this episode:Doug's travel/photography website - www.photomann.comThe Rock Retirement Club - hereRetirePlan website - hereDoug's episode on Roger Whitney's Retirement Answer Man podcast - hereTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.comTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Andy chats with fellow retirement planner Erik Barnes, CFP® from Retirement Portfolio Partners. In this episode they talk about a wide array of retirement planning topics such as tax planning, distribution strategies, investing, annuities, long-term care insurance, how to know when people have enough to retire, what consumers often overlook in retirement planning and much more!Links in this episode:Erik's company website - Retirement Portfolio PartnersThe Rock Retirement Club - hereTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy appeared as a guest/co-host on the September 23, 2024 episode of Rob Berger's YouTube live stream video series. In it, they discussed taxes and tax planning in retirement, as well as a host of other questions such as account rebalancing, Roth conversion analysis, and more! There was also plenty of live Q&A from Rob's loyal followers/watchers.For those who don't already know, Rob Berger has one of the best YouTube channels out there for straight-shooting, educational and informative content about retirement planning and investing. You can find a link to the channel and this specific episode below.Links in this episode:Rob's YouTube channel - hereMy YouTube episode with Rob - hereTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.comTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Listener Q&A where Andy talks about: Itemizing sales taxes on Schedule A of your tax return, particularly when living in two states during the year ( 6:30 )Considerations when deciding between taking a pension or its lump sum ( 11:51 )Should a recently widowed person take advantage of their last year of Married Filing Joint tax brackets and do a large Roth conversion or IRA distribution ( 25:03 )Understanding the pro rata rule when doing a Roth conversion when you have multiple IRAs and a 401(k) ( 31:40 )How the IRS knows if you didn't take Required Minimum Distributions ("RMDs") when you were supposed to ( 37:02 )How to ensure your Treasury interest received (including when received indirectly through a money market mutual fund) is properly reported as tax-free on your state tax return ( 41:36 )To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comLinks in this episode:IRS sales tax deduction calculator - hereRob Berger's YouTube channel - hereMy company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy chats with a real person (not an advisor) doing their own retirement planning. In this episode, Andy talks with Alison (last name not disclosed). They talk about a wide array of retirement planning topics such as the unique planning considerations of having a spouse who's nearly 10 years younger and how an unexpected major medical condition a few years ago resulted in her being on long term disability, presumably through when she starts Social Security. They also talk about about what she wishes she would have known earlier and a variety of financial topics such as Social Security, how they got a late start in getting serious about saving for retirement and more!Links in this episode:Tenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.comTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Andy chats with fellow retirement planner Roger Whitney, CFP®, CIMA®, CPWA® from The Retirement Answer Man podcast. In this episode they talk about a wide array of retirement planning topics such as tax planning, investing, annuities, how to help advise people get over the hurdle of not wanting to spend their money, what consumers often overlook in retirement planning and much more!Links in this episode:Roger's website - The Retirement Answer ManBronnie Ware's book - The Top Five Regrets of the DyingRoger's workbook of info and questions about - Finding a Trusted AdvisorTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy summarizes the tax-related concepts to know when giving to charities, and summarizes a few ways in which to make your charitable donations as tax-efficient for you as possibleLinks in this episode:IRS Publication 526 - hereMy YouTube video - How to Give to Charities Tax EfficientlyMy YouTube video - Overview of Federal Income TaxationTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.comTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

We're switching things up a bit! In this week's episode, guest host Mike Powers (from Manuka Financial; was a previous guest on the podcast) chats with the show's host, Andy Panko from Tenon Financial.In the episode, they talk about a wide array of retirement planning topics and Andy's view and approach toward them, such as tax planning, distribution strategies, investing, annuities, long-term care insurance, how to help advise people who are spending more than planned, what consumers often overlook in retirement planning and much more!Links in this episode:Andy' company's website - Tenon FinancialEd Slott's blog - The Slott ReportEd Slott's paid membership group for advisors - Elite IRA Advisor GroupMichael Kitces blog - hereJeff Levine's X (formerly Twitter) page - hereBob Keebler home page - hereNatalie Choate's book - Life & Death Planning for Retirement BenefitsInvestment News - www.InvestmentNews.comWall Street Journal - www.WSJ.comRoger Whitney's Podcast - The Retirement Answer ManJim Saulnier & Chris Stein's podcast - The Retirement & IRA ShowBenjamin Brandt's podcast - Retirement Starts Today RadioVictor Medina's podcast - Retirease RadioRob Berger's YouTube channel - hereMike's article about the questions to ask a prospective advisor - 9 Questions to Ask a Flat Fee (or any!) Financial Advisor as You Near RetirementMy article about why it's disingenuous for advisors to pretend they can quantify their value in - How Much Are Your Services Worth?To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Listener Q&A where Andy talks about: Can you retroactively increase your income for a prior tax year ( 2:37 )How to find a retirement planning tax specialist ( 8:16 )How the Medicare IRMAA premium surcharge income lookback works ( 17:24 )Determining how much mega back door Roth contributions to do ( 22:02 )Is it okay to employ your child part-time in your small business to give them earnings so you can contribute to a Roth IRA for them ( 28:07 )My thoughts on "bullet" maturity bond ETFs ( 31:30 )Whether reducing withdrawal rates or setting up a bucketing system eliminates Sequence of Returns Risk in retirement ( 43:27 )To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comLinks in this episode:List of flat-free retirement planner referrals - hereLink to the Facebook group post about Sequence of Returns Risk - hereMy YouTube video on Sequence of Returns Risk - hereMy company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy chats with a real person (not an advisor) doing their own retirement planning. In this episode, Andy talks with Jane (an anonymous name). They talk about a wide array of retirement planning topics such as when she started getting serious about retirement planning, what she wishes she would have known earlier, what she learned from seeing her parents go through a long term care event with her father, and a variety of financial topics such as Social Security, investing, how she and her husband plan to address their own potential long term care scenarios and more!Links in this episode:Tenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.comTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Andy chats with fellow retirement planner Victor Medina, CFP®, RICP®, CELA® from Palante Wealth. In this episode they talk about a wide array of retirement planning topics such as tax planning, distribution strategies, investing, annuities, long-term care insurance, how to help advise people who are spending more than planned, what consumers often overlook in retirement planning and much more!Links in this episode:Victor's company's website - Palante WealthVictor's podcast - Retirease RadioSimon Sinek website - hereTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

I'm a buffoon and I missed including another important pro of doing an employer plan-to-IRA rollover in episode #110's list of pros and cons of rollovers. The additional potential pro is the ability to do Qualified Charitable Distributions ("QCDs") out of the IRA if you're at least 70 1/2 and charitably inclined.So, the recap the full list of pros (including QCDs) and cons of doing an employer plan-to-IRA rollover:Potential PROS of rolling over an employer plan to an IRA or Roth IRA:More investment optionsLikely lower fees and costsAccess to professional adviceBetter control over tax withholdingsMore withdrawal optionsLess Required Minimum Distributions ("RMDs") to manageLess financial clutterGain the ability to do Qualified Charitable Distributions ("QCD")Potential CONS of rolling over an employer plan to an IRA or Roth IRA:May lose the ability to take early distributions without penaltyMay lose the ability to cleanly do backdoor Roth IRA contributionsMay lose the ability to continue to delay RMDs from that plan (if you're still working at that employer)Lose the ability to take loans from the moneyMay lose the ability to take advantage of Net Unrealized Appreciation ("NUA") of company stockMay lose access to a stable value or managed income portfolio investment optionPotentially less creditor protectionLinks in this episode:Tenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.comTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Andy summarizes the pros and cons of rolling over an employer plan (such as a 401(k), 403(b), 401(a), 457 or the federal Thrift Savings Plan) to an IRA or Roth IRA. To sum up:Potential PROS of rolling over an employer plan to an IRA or Roth IRA:More investment optionsLikely lower fees and costsAccess to professional adviceBetter control over tax withholdingsMore withdrawal optionsLess Required Minimum Distributions ("RMDs") to manageLess financial clutterPotential CONS of rolling over an employer plan to an IRA or Roth IRA:May lose the ability to take early distributions without penaltyMay lose the ability to cleanly do backdoor Roth IRA contributionsMay lose the ability to continue to delay RMDs from that plan (if you're still working at that employer)Lose the ability to take loans from the moneyMay lose the ability to take advantage of Net Unrealized Appreciation ("NUA") of company stockMay lose access to a stable value or managed income portfolio investment optionPotentially less creditor protectionLinks in this episode:Summary of the creditor protection of IRAs and Roth IRAs by state - hereTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.comTo send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Listener Q&A where Andy talks about: How to know if your 401(k) is good ( 5:57 )Is it safer to bank at multiple banks instead of just one ( 14:33 )How much tax should you withhold from your Social Security ( 21:10 )Whether each spouse needs to take out excess Roth IRA contributions if only one spouse's income put their Married Filing Joint total income over the Roth IRA contribution eligibility threshold ( 25:20 )Should you hire an advisor for a one-time Roth conversion analysis and plan if they claim it can save you millions in lifetime taxes ( 27:20 )Should you own international stocks in your stock allocation ( 31:58 )To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com Links in this episode:Form W-4V to have federal taxes withhold from your Social Security payments - hereDinkytown online tax return calculator - hereMy YouTube video on fixing excess Roth IRA contributions - hereMy article about the futility of trying to quantify the value of Roth conversions - hereMy company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy chats with real people (not advisors) doing their own retirement planning. In this episode, Andy talks with Ali & Alison Walker, who live in Arizona currently but lived and traveled abroad for a few years after retiring. They talk about a wide array of retirement planning topics such as when Ali & Alison started getting serious about retirement planning, what they wish they would have known earlier, how they planned for the non-financial aspects of retirement, and a variety of financial topics such as Social Security, investing, portfolio distributions, how they plan to address any potential long term care scenarios and more!Links in this episode:Ali & Alison's website - All Options ConsideredBetter Investing organization - hereTanja Hester's Our Next Life blog - hereTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy chats with fellow retirement planner Mike Powers, CPA, PFS, CFP®, from Manuka Financial. In this episode they talk about a wide array of retirement planning topics such as tax planning, distribution strategies, investing, annuities, long-term care insurance, how to help advise people who are spending more than planned, what consumers often overlook in retirement planning and much more!Links in this episode:Mike's company's website - Manuka FinancialMichael Kitces website - hereMr Money Mustache blog - hereChooseFI financial independent community - hereEarly Retirement Now website - hereAllan Roth from Wealth Logic - hereDavid Hulstrom from Financial Architects - hereTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com