Big Picture Retirement
201 episodes - English - Latest episode: 28 days ago - ★★★★★ - 366 ratingsIf you are planning for, or living in, retirement…this is the show for you.
The success of your retirement may depend on how well you planned for the "big picture" and connected the dots of your legal, tax, and financial plan. In this show, we’ll dig beneath the surface and discuss how you should apply this planning with your hosts- attorney John Ross and financial planner Devin Carroll.
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Episodes
Finding the Right Tax Advisor
January 30, 2023 10:30 - 31 minutes - 28.6 MBFinding 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 ...
Listener Voicemails - Answering (mostly) Social Security Questions
January 16, 2023 10:30 - 27 minutes - 25.9 MBToday 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/
Secure Act 2.0
January 11, 2023 10:30 - 33 minutes - 34.4 MBFor 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.ross...
Social Security at 62: Why Filing Ages are Changing
January 03, 2023 10:30 - 21 minutes - 22.7 MBFor 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/ Conta...
Legal vs. Insurable Title (How to avoid screwing up your real estate)
December 27, 2022 10:30 - 33 minutes - 35.3 MBThe 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/
Managing Tax Loss (AND GAIN) Harvesting with Andy Panko
December 19, 2022 10:30 - 33 minutes - 37.8 MBManaging 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://podcas...
Listener Q&A: Inherited HSA, TOD Real Estate, Social Security spousal benefits, and LLC questions
December 12, 2022 10:30 - 36 minutes - 39.9 MBToday'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/
What Is a 1031 Exchange?
December 05, 2022 10:30 - 24 minutes - 25.1 MBIf 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 ht...
Does Social Security Have An Inflation Donut Hole?
November 28, 2022 10:30 - 8 minutes - 9.69 MBWith 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 tw...
Crash Course on Annuities
November 14, 2022 10:30 - 30 minutes - 32.5 MBDo 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/
Encore: The 5 Types of Trusts (and when they are used)
November 07, 2022 09:30 - 47 minutes - 40.3 MBA 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.
How A Bear Market Can Maximize Your Retirement
October 31, 2022 09:30 - 30 minutes - 34.1 MBFor 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.
Big Changes To Social Security In 2023
October 24, 2022 09:30 - 25 minutes - 26.1 MBIn 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
Nothing (Legally) Last Forever
October 17, 2022 09:30 - 17 minutes - 17.2 MBOften 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.
Why 2023 Medicare Premiums Are Going Down
October 10, 2022 09:30 - 13 minutes - 14.7 MBIn 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.
A Better Approach to Retirement Income Distributions
October 03, 2022 09:30 - 24 minutes - 25.2 MBIn 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...
Living In Sin: When Remarriage Causes Financial Harm
September 26, 2022 09:30 - 28 minutes - 36.9 MBThinking 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/
Should You Use A Break Even Calculator for Social Security?
September 19, 2022 09:30 - 25 minutes - 29.5 MBCan 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 usi...
Deadline Looming To Avoid The Estate Tax
September 12, 2022 09:30 - 38 minutes - 46.8 MBThe 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/
Should You Own An Airbnb for Retirement Income?
September 06, 2022 09:30 - 1 hour - 74.2 MBAirbnb 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 righ...
6 Social Security Mistakes That Can Damage Your Retirement
August 29, 2022 09:30 - 48 minutes - 58.2 MBThere 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 y...
Checkbook Control LLC: How To Own Alternatives In Your IRA
August 22, 2022 09:30 - 26 minutes - 33 MBThe "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/
The Fine Print of Beneficiary Designations
August 12, 2022 14:16 - 36 minutes - 46.9 MBBeneficiary 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 cuttin...
Think Twice About These Rules of Thumb
August 08, 2022 09:30 - 25 minutes - 32.2 MBThere 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/
Asset Protection for Personal Property
August 01, 2022 18:59 - 37 minutes - 47.6 MBIf 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/
And...we're back!
July 29, 2022 21:26 - 6 minutes - 8.19 MBOur "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/ Contac...
The Bear Market's Silver Lining
March 23, 2020 14:44 - 11 minutes - 16.2 MBBear 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.
Coronavirus and Your Retirement
March 01, 2020 23:56 - 24 minutes - 22.5 MBHow 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.
The Secure Act: Part II
December 20, 2019 18:01 - 52 minutes - 36.2 MBHow 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.
The Future of Big Picture Retirement
November 13, 2019 23:10 - 7 minutes - 5.12 MBIt’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
Protecting Rental Property
September 09, 2019 05:00 - 35 minutes - 24.2 MBWhen 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
New Laws for Inheriting Property Jointly
August 26, 2019 05:00 - 29 minutes - 20.2 MBNot 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
Estate Planning for Pets
July 08, 2019 05:00 - 29 minutes - 20.1 MBWhen 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 t...
9 Steps If You Expect Your Will To Be Contested
June 24, 2019 03:13 - 36 minutes - 25.3 MBIs 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
5 Things To Know About The Secure Act of 2019
June 03, 2019 14:06 - 49 minutes - 33.8 MBThis 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
Will Trump Save Social Security
May 20, 2019 05:00 - 30 minutes - 21.2 MBCurrent 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/1...
The Financial Abusers Playbook: Learn Their Secrets
May 06, 2019 05:00 - 40 minutes - 27.9 MB90% 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 ...
Spring Cleaning - the Financial Edition
April 01, 2019 05:00 - 36 minutes - 25 MBSpring 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
Medicare Buy-In at 50
March 18, 2019 05:00 - 29 minutes - 20 MB"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
Social Security Reform with Congressman John Larson
March 04, 2019 06:00 - 41 minutes - 28.7 MBAn 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
The 5 Types of Trusts (and when they are used)
February 18, 2019 06:00 - 47 minutes - 32.7 MBA 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 htt...
Illegal Immigration and Social Security
February 04, 2019 06:00 - 29 minutes - 20.1 MBAre 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
What You Need To Know About Medicare: Part 2
January 21, 2019 06:00 - 35 minutes - 24.2 MBDanielle 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 informat...
Understanding the Parts of Medicare with Danielle Roberts
January 07, 2019 06:00 - 39 minutes - 27.5 MBDanielle 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
How Much Are You Paying For Your Investments? [ENCORE]
December 31, 2018 06:00 - 20 minutes - 14.3 MBHow 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
Talking Trade Wars with David Stein [ENCORE]
December 24, 2018 06:00 - 28 minutes - 19.5 MBDavid 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
Listener Questions: IRAs and Trusts, and Special Social Security Rules
December 17, 2018 06:00 - 21 minutes - 14.9 MBDevin 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
Listener Questions: Medicaid Estate Recovery and Social Security Myths
December 10, 2018 06:00 - 29 minutes - 20.5 MBJohn 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
#100: What Rights do Grandparent Have?
December 03, 2018 06:00 - 30 minutes - 21.1 MBWhat 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
#099: Understanding Charitable Remainder Trusts
November 19, 2018 06:00 - 26 minutes - 18 MBCRUTS 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