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
#049: How Millionaires Handle their Money, with Joe Saul-Sehy
December 04, 2017 08:00 - 31 minutes - 14.4 MBPeople who are millionaires have respect for a dollar, and they cut expenses that don’t add value to their lives. Joe Saul-Sehy was a financial planner for 16 years, and he has observed some interesting things about how millionaires handled their money. He says it’s not discipline, it’s about seeing something good that happens, then making it automatic. Other takeaways from this episode: Automate important tasks Know that there’s a big difference between planning for tomorrow vs. pla...
#048: Steps To Take Before The End of The Year
November 27, 2017 08:00 - 22 minutes - 10.5 MBThings You Should Do Before The End Of The Year: Charitable contributions Harvest Investment Gains and Losses Required Minimum Distributions Sit Down And Review This Stuff With Your Tax Advisor There are a number of things you could do in the next few weeks to properly wrap up 2017. How do you decide which items to prioritize? Devin and John cover things they think you need to do before the end of the year. For more details, visit http://www.bigpictureretirement.net/048
#047: The Trump Tax Plan
November 20, 2017 08:00 - 32 minutes - 14.7 MBCongress is moving fast through the process of changing our tax code. There are still lots of details to be ironed out, but one of the major provisions is a cut to the corporate tax rate. There is also a proposal to cap the tax rate on pass-through business entities - which may reduce the amount of taxes paid by small businesses. There are also many parts of the proposals that will impact individuals. More can be found at http://bigpictureretirement.net/047
#046: Is A Reverse Mortgage Right For You?
November 13, 2017 08:00 - 39 minutes - 18.1 MBA reverse mortgage is an agreement that a bank or other financial institution will loan you money against the value of the house, and you don’t have to repay that money until the property transfers ownership, often due to death of the homeowner. There is lots to be said about reverse mortgages. If you want more information, go to our show notes at http://www.bigpictureretirement.net/046
#045: Post-Retirement Work, and Social Security Disability Benefits
November 06, 2017 08:00 - 24 minutes - 11.4 MBDevin and John explore the different ways that working can affect your Social Security benefit. Then John explains how and why a child may be eligible for Supplemental Security Income (SSI) when the father was covered under a teacher’s retirement program and did not pay into Social Security. For more details and resource, visit http://bigpictureretirement.net/045
#044: Psychology, Passive Income, and Your Freedom Number With Clayton Morris
October 30, 2017 07:00 - 29 minutes - 13.6 MBClayton was shaped by the money experiences of his childhood, particularly his father’s job loss. After some financial challenges, Clayton and his wife decided to figure out how to build an income that isn’t tied to their jobs working for someone else. They decided to buy rental properties to create income to cover their monthly income needs, what Clayton calls his “freedom number.” Highlights include: The importance of figuring out how much money you need each month How real estat...
#043: Digging Deeper Into Medicare, and Donut Holes
October 23, 2017 07:00 - 28 minutes - 12.9 MBPart 2 of a series about Medicare. This time Devin and John tackle the costs of Medicare Part B, then go into Medicare D (prescription drug coverage). It’s important to understand how Medicare Part D work – it can be a little tricky. For more information, visit the show notes at http://www.bigpictureretirement.net/043
#042: What Medicare Covers, and What It's Going To Cost
October 16, 2017 07:00 - 34 minutes - 15.8 MBUnderstanding Medicare is an important part of your overall retirement planning, but it's so confusing and complicated! Devin and John share the different parts of Medicare and what they cover. More information can be found at http://www.bigpictureretirement.net/042
#041: Does Your Debt Die When You Do?
October 09, 2017 07:00 - 29 minutes - 13.8 MBDevin and John answer listener questions you've sent in. Arlene wants to know what happens to her debts after she dies. John guesses she is probably asking whether her children will be responsible for those debts. It’s a good question! The short answer is no, but, of course, there is a longer answer. Then Jay wants to talk about a purchase he wants to make. It might be a little extravagant, and his financial advisor is against the purchase. Both Devin and John have seen both sides of thi...
#040: Keeping it Simple with Doug Goldstein
October 02, 2017 07:00 - 20 minutes - 9.52 MBChess involved both strategy and psychology - much like investing! Doug Goldstein, author of RICH AS A KING: How the Wisdom of Chess Can Make You a Grandmaster of Investing, joins Devin in a discussion about the way chess strategies can be applied to your personal finances. For the show notes, go to http://www.bigpictureretirement.net/040
#039: Planning Your Digital Afterlife
September 25, 2017 07:00 - 28 minutes - 13.2 MBMost of us have a whole world of digital stuff out there, and some of it is important. You need a plan for how your survivors will access these accounts, whether you are disabled or dead. As our world becomes more and more digital, it becomes more important that your survivors, heirs and executors can access certain online accounts. This may include bank accounts, email, electronic document storage, insurance policies, and many other types of accounts. Find more information and resou...
#038: Protecting Your Assets From Lawsuits and Other Liabilities
September 18, 2017 06:00 - 30 minutes - 14.2 MBIf you've put together a little bit of money, or you have a regular stream of income, it's reasonable to be concerned about protecting those assets from lawsuits or other types of liability. Today, John explains some of the simple steps you can take to put some protections about the money that you have. First, consider what type of liability you might face. Second, consider what assets might be at risk. Third, check out your insurance coverage. Fourth, separate your business assets from...
#037: Designating Your Representatives, and Picking Stocks
September 11, 2017 06:00 - 24 minutes - 11.2 MBDevin and John talk about assigning people to act for you, and picking good stocks for your investments. First, Brenda has a question about naming a successor trustee for a trust she has set up. In many kinds of legal and estate planning documents, you need to designate someone to act on your behalf. John explains the four options for naming those folks. Next, Chris asks how to pick better stocks and stop losing money in the stock market. Devin shares that despite his skills and the reso...
#036: All About Bonds with Dr. Brandon Renfro
September 04, 2017 06:00 - 30 minutes - 14.5 MBDr. Brandon Renfro, a PhD in behavioral economics, talks about bonds: When they're right for you and when they should be reconsidered. Brandon does a great job of explaining different types of bonds, why they are considered a good investment, and how our current low interest rate situation changes the value of bonds as part of your portfolio. For more information, visit http://bigpictureretirement.net
#035: Why Social Security is Important for YOU (even if you're not close to retirement)
August 28, 2017 06:00 - 18 minutes - 8.42 MBSocial Security is an important source of income for older Americans, but it can also provide many benefits beyond retirement income. Life is full of risks, and Social Security helps provide some income for those who have faced these situations. Think about these statistics: In 2014, 3.3 million kids received Social Security benefits 34% of all benefits are paid to the spouse or child of the covered worker Average age folks begin to receive disability benefits is 54 Over 24% of toda...
#034: How to Avoid a Bernie Madoff-Type Scam
August 21, 2017 06:00 - 32 minutes - 15.1 MBThere are few things worse than getting involved in a financial scam. Unfortunately, there are always some people who will abuse their professional status, and use their knowledge to rip people off. How can you avoid being scammed? Things to look for in a financial advisor: Find someone who uses an independent custodian with a solid reputation. To whom are you writing the checks? Check out the firm on the Securities and Exchange Commission website. Research the individual via the ...
#033: Giving IRA Money to Charity, and Remarriage & Social Security
August 14, 2017 06:00 - 17 minutes - 8.08 MBListener Questions: Rob asks about sending the distributions from an Individual Retirement Arrangement (IRA) to a charity. John discusses a couple of different scenarios and explains the possible tax benefits. He also includes ideas for some more advanced strategies for charitable giving so you can support your favorite charities even after death. Then, Rosa wants to know about continuing to get Social Security survivor benefits from a former spouse, even if she remarries. This is a com...
#032: Why Women Need Better Financial Advice with Russ Thornton
August 07, 2017 06:00 - 24 minutes - 11 MBWomen often have different financial needs than men, and even more when there has been a change in their marital situation. This week, Devin and John talk with Russ Thorton of Wealthcare for Women. Russ works with financial planning for women, with a particular emphasis on women in transition. Whether through death or divorce, newly single women may need special advice and expertise to move forward financially. Highlights include: Where you should start figuring out your money: whe...
#031: Veterans - Are you getting ALL your benefits?
July 31, 2017 06:00 - 35 minutes - 16.3 MBMany current retirees have a background of military service. Benefits from military service can become a big part of the retirement planning picture, but it can be hard to know what benefits are available and how you can use them. In this week's episode, Devin and John talk about military-related benefits and how to get information about them. You can break down most military benefits into one of three categories: retirement benefits, service-connected disability benefits, and non-servi...
#030: Second Marriages and Blended Finances
July 24, 2017 06:00 - 23 minutes - 10.6 MBSo you find yourself retiring in a second marriage? This week’s episode is full of useful information and fascinating stories about one of the most complicated family situations: Second marriages. There is so much to consider: Social Security benefits, pensions, other benefits, children, houses, long-term care insurance, and much more. Steps you need to take before you have a second, or subsequent, marriage: Take a good look at the person you are marrying, including their financial situ...
#029: Disinheriting a Spouse and How to Say NO to an Adult Child’s Request for Money
July 17, 2017 06:00 - 22 minutes - 10.1 MBJohn shares the stories of when, and why, you would disinherits a spouse. Devin gives advice to Kim who wants to know how to say “no” to her adult children’s request for money. For more great advice about how to avoid BIG MISTAKES when planning for retirement, download our free guide: 3 Simple Steps to a Successful Retirement at http://www.bigpictureretirement.net/steps
#028: Quarterly Perspective Q2 2017, with Andrew Comstock
July 10, 2017 06:00 - 18 minutes - 8.53 MBWe are half way through the year and it's time to review the market performance with Andrew Comstock from CastlebarAM.com. Market Snapshot: DOW (DJI) opened at 20,665.17 on April 3, 2017 and closed at 21,287.03 on June 29, 2017. The S&P opened at 2,362.34 on April 3, 2017 and closed at 2,423.41 on June 30, 2017 http://www.bigpictureretirement.net
#027: AgeProof - Living Longer Without Running Out of Money or Breaking a Hip
July 03, 2017 06:00 - 25 minutes - 11.8 MBJean Chatzky, financial editor of NBC's Today show, discusses her new book “AgeProof” about balancing your health and your wealth. She shares some habits that can help you thrive, both financially and physically. Teamwork: Working with a partner can help you meet your financial goals and your health goals. A running partner will motivate you to get out even when you don't feel like it. Find a money partner to help you meet your financial goals. Automation: We know that saving mo...
#026: Who To Talk To At Your Social Security Office
June 26, 2017 06:00 - 27 minutes - 12.4 MBSocial Security benefits are confusing - even for those who work at the SS Office. Often, the person looking for advice is unsure of what information the SS Office needs - or how to communicate it to them. Nancy tells her story of being denied for Social Security benefits - and how Devin Carroll was able to provide her the advice and documentation to fight for her benefits. The difference was $500 a month in Nancy’s favor. Contact Devin for help with your Social Security Benefits at...
#025: What to do when Someone Dies
June 19, 2017 06:00 - 24 minutes - 22 MBDeath is never a pleasant topic. What is less pleasant is passing away suddenly with no planning in place and no way to help your family transition through the process. John walks us through 5 things to do after someone dies: What to do prior to death Immediately after a death Within a few days of a death The first 2 weeks after a death During the year after a death To download the checklist resource, visit http://www.bigpictureretirement.net or http://rossandshoalmire.com
#024: Keep the Original Will, and Rental Income in Retirement
June 12, 2017 06:00 - 15 minutes - 6.93 MBDid you know that a copy of a will may not hold up in Probate? John talks about the need to keep an original copy of the will up-to-date and in a safe place. Devin is asked if buying a rental property in retirement is a better idea than investing in the market. Download 3 Simple Steps to a Successful Retirement at http://www.bigpictureretirement.net/steps
#023: How Much Do You Need in Retirement? Use this online calculator to find out.
June 05, 2017 06:00 - 21 minutes - 10 MBSteve Chen created a retirement planning calculator that anyone can use. The inspiration came from personal experience. His mom needed help at retirement - but she didn't have enough assets to work with most financial planners. Steve from NewRetirement.com discusses financial planning needs for those who aren't "attractive" to financial planners. For more information, visit http://www.bigpictureretirement.net
#022: 5 Lessons Learned from Market Declines
May 29, 2017 06:00 - 24 minutes - 11.1 MBRecessions and market declines are going to happen. What are the lessons we can learn from the Tech Bubble of 2000's and the Great Recession of 2008? Devin shares the 5 lessons he learned during the two most recent market declines while being a financial advisor: 1. Market declines are normal 2. No one can consistently predict market movements 3. The best days hang out with the bad days 4. This time is not different 5. The greatest threat to your portfolio return is not the market ...
#021: Naming Beneficiaries - How to Avoid Screw-ups
May 22, 2017 06:00 - 46 minutes - 21.2 MBNon-Probate Transfers, Trusts, and how the Beneficiary Designation trumps any wishes you express in your Will. These are just a few of the things you NEED to understand so you can avoid making a major mistake with your estate planning. For more information, visit http://www.bigpictureretirement.net/21
#020: Listener Questions about Moving IRAs back into a 401k, and Social Security for Grandkids raised by Grandparents
May 15, 2017 06:00 - 17 minutes - 8.08 MBLinda and her husband have been raising their grandchildren since birth. Both of the children’s parents are alive. Do the grandchildren qualify for Social Security? Clyde asks if there is any situation where you would roll an IRA into a 401k? It is an unusual situation when this makes sense. Listen in to find out more. Notes from today's show can be found at http://www.bigpictureretirement.net
#019: Lessons We Learned from 15 years as Financial Planners, with David Waldrop
May 08, 2017 06:00 - 28 minutes - 12.9 MBExperience is a great teacher. David Waldrop has more than 15 years of experience, the same as John and I. He comes on to share stories from his history - and how human emotions come into play when making investing decisions. For more information on how to work with us, visit http://www.bigpictureretirement.net
#018: The Basics of Social Security that EVERYONE Should Know, Part 2
May 01, 2017 06:00 - 28 minutes - 19.6 MBIn Part 1 we covered credits, earnings limits, and more. In this episode we finish the series by talking about: Length of marriage rules Spousal Benefits vs Survivor Benefits How you are taxed on social security benefits and more. If you haven’t listened to Part 1, find it here: http://www.bigpictureretirement.net/episode-17-part-1-social-security-basics
#017: The Basics of Social Security that EVERYONE Should Know, Part 1
April 24, 2017 06:00 - 28 minutes - 19.7 MBPart 1 in a 2-part series about what you need to know about Social Security. For more information, or to have a conversation with Devin Carroll or John Ross, visit http://www.bigpictureretirement.net
#016: Listener Questions - Sharing Accounts with Children and Lump-sum Pension Payouts
April 17, 2017 06:00 - 18 minutes - 12.6 MBWanda wrote in to ask why she shouldn’t add a child to her checking account? Brenda retired from a company that offers a pension. She asks if it would be better to take the pension in a stream of payments or as a lump sum. Have a question? Send them in and we will try to answer it on the show. Email [email protected]
Quarterly Perspective Q1 2017, with Andrew Comstock
April 10, 2017 06:00 - 25 minutes - 17.4 MBCan we expect 3 rate increases this year? What could that mean for the market - or our savings? Andrew Comstock, Chief Investment Officer for Castlebar Asset Management, joins us again to recap the market's performance from the first quarter of 2017. Market Snapshot: DOW (DJI) opened at 19,782.86 on January 3rd and closed on March 31, 2017 at 20,663.22 S&P (GSPC) opened the year at 2,251.57 and closed on March 31st at 2,362.72 Visit http://bigpictureretirement.net for more
#014: Wills 101 - Part 2
April 03, 2017 06:00 - 37 minutes - 25.7 MBIn the previous episode we talked about Wills: Why you need one and what to look out for so you do it right. But before you draft out your will, these are the things you need to consider: • Why you should never leave anyone $1. • Beneficiaries: you should know who your people are • Why you need to specifically disinherit people who you don't want to receive anything. • Always anticipate that circumstances will change. • Questions your attorney needs to be asking • Why you might wan...
#013: WIlls 101 - Part 1
March 27, 2017 06:00 - 33 minutes - 24.7 MBAccording to a survey, 71% of Americans do not have a current Will - and half of Americans age 65 or older don't have a Will that is not up-to-date. In this episode we cover the common mistakes people make when drafting their final testaments and why Snoop Dogg isn't going to do one at all. This is part one of a series on Wills. We ask that you subscribe for free to receive the next episode automatically. There is no cost to do so, simply visit iTunes or subscribe on your Android dev...
#012: Listener Questions - Power of Attorney for Social Security and ABLE Accounts
March 20, 2017 06:00 - 24 minutes - 18.1 MBDevin and John answer a question from Mitch about why the Social Security Office would not recognize his Power of Attorney statement. Charlotte is asking about ABLE accounts - tax-advantaged savings accounts for individuals with disabilities and their families. If you want us to address your question on the air, send them to [email protected]
#011: How to Balance Living Well Today While Planning for Tomorrow, with Roger Whitney
March 13, 2017 06:00 - 32 minutes - 23.1 MBRoger Whitney, the Retirement Answerman, shares his approach to spending money on fun today while still being able to plan and save for tomorrow. He likens it to a teeter-totter, and reflects on things his mother taught before she passed away. Find more information or ask us a question at http://bigpictureretirement.net
#010: Get Organized - How to Improve Your Chances for a Successful Retirement
March 06, 2017 07:00 - 37 minutes - 26.3 MB7 doable steps for making it easier to be organized with your retirement finances. One of the biggest hurdles to a successful retirement is getting - and staying - organized. It’s easy for account statements, legal forms and other important documents to pile up in some hidden away desk or drawer. Before long, things are messy. Not just physically messy, but mentally messy too. To accurately plan for an awesome retirement, you need to first clean up the mess. Topics we cover in today...
#009: Hiring a Legal Advisor
February 27, 2017 07:00 - 38 minutes - 27 MBWhat should you look for when hiring a legal advisor? In this episode we discuss the first question you need to ask a potential legal advisor, what to watch out for, and the benefits of paying a flat fee versus an hourly rate. For more information, visit http://bigpictureretirement.net
#008: Listener Questions about Social Security Earnings Limitations and Power of Attorney for 18-year olds
February 20, 2017 07:00 - 18 minutes - 13 MBDoes an 18-year old need a Power of Attorney? You bet! We also discuss limitations for drawing Social Security benefits while working. If you have questions, email them to [email protected]
#007: Is Your Advisor a Fiduciary or Salesperson, with Michael Kitces
February 13, 2017 07:00 - 44 minutes - 31 MBMichael Kitces joins us to discuss the difference between Fiduciary and Suitability Standards and what is happening to the Department of Labor's Fiduciary Rule. Is your Financial Advisor a salesperson or fiduciary looking out for your best interest? For more information, visit http://www.bigpictureretirement.net
#006: Hiring a Financial Advisor
February 06, 2017 07:00 - 40 minutes - 27.9 MBThe second type of advisor every retiree needs in their corner is a Financial Advisor. Not everyone needs a financial advisor. But those who are within 10 years of retirement, are too busy to do their own planning, or with complex financial situations can definitely benefit from having a financial advisor. We discuss what to look for when selecting an advisor that matches your desired needs. Be sure to check out more of our resources at http://www.bigpictureretirement.net
#005: Hiring a Tax Advisor
January 30, 2017 07:00 - 41 minutes - 28.6 MBNobody can obtain the full range of knowledge a person needs to be fully prepared for retirement. Retirees, and those building a retirement portfolio, need an advisory council. Today's episode focuses on how to hire a Tax Advisor: Where to look, what to look for, and what questions do you ask to make sure you're getting the right tax advisor for you. For help understanding more about retirement and preparing for YOUR Big Picture Retirement, visit http://www.bigpictureretirement.net
Andrew Comstock - Quarterly Perspective
January 26, 2017 13:41 - 23 minutes - 16.5 MBThe last part of 2016 was really good for the stock market and the new year didn’t stop the momentum. Now that the DOW has hit 20,000…what’s next? Joining us to discuss this is Andrew Comstock, the chief investment officer for Castlebar Asset Management.
#004: Listeners Questions - Wills vs Trusts, and is there any truth behind the Social Security Gun Ban
January 23, 2017 07:00 - 30 minutes - 21.2 MBWhat is truly behind the so-called "social security gun ban"? Also, John digs into the differences between a will and a trust. For more, visit http://bigpictureretirement.net
#003: Listening to Gurus, with Joe Saul-Sehy
January 16, 2017 07:03 - 36 minutes - 25.1 MBWho do you listen to for financial advice? Dave Ramsey? Sure Orman? Jim Kramer? Joe Saul-Sehy, a recovering Financial Planner and host of Stacking Benjamins joins us to talk about when it's the right time to follow the gurus - and when it's not. He also shares stories from his biggest failures in life to show that he's been right where you are - or worse. Today's show is brought to you by http://SocialSecurityIntelligence.com
#002: Jacob and Esau
January 03, 2017 17:00 - 26 minutes - 18.3 MBJohn shares the story of Jacob and Esau from the Bible to describe one of the most common mistakes people make in retirement. Please subscribe to the show so you don't miss an episode. For more, visit http://bigpictureretirement.net
#001: Four Corners of Retirement Planning
January 02, 2017 17:00 - 33 minutes - 23.4 MBWhat are the Four Corners of Retirement Planning? I'll bet you know them - but do you have a grasp on all four? John and Devin explain each: Health, Taxes, Legal and Income For more information, or to contact us, visit http://bigpictureretirement.net