Big Picture Retirement®

The big news lately has been about bank failures. Since the banking industry is closely tied to the investment business, this has raised the question, "Are my investments safe? What happens if my brokerage company or asset custodian goes out of business?" In today's episode we'll dive in and tell you what is, and what is not, covered. If you're thinking "I love the Big Picture Retirement podcast"...

For those with a pension, the retirement planning decision is not as cut-and-dried as it seems on the surface. Should you take a lump sum, should you wait about taking it, and what are the rules specific to your pension plan? In today's episode we're joined by Jeremy Keil from the Retirement Revealed podcast to discuss some of the most important points to consider when making this decision.  Find...

Every year, the "Dirty Dozen" list is compiled to warn taxpayers of common scams that they may encounter at any time. However, many of these fraudulent schemes tend to increase during the tax filing season when individuals are preparing their tax returns or seeking professional assistance. It is crucial to remain vigilant and avoid falling victim to these scams. If you're thinking "I love the Big...

For many people, the thought of retirement brings up images of relaxation and happiness. However, retiring can also be a time of great challenge. In this episode, we'll discuss the four major challenges that retirees face and provide actionable tips for overcoming them. If you're thinking, "I love the Big Picture Retirement podcast" please consider rating and reviewing this show! This helps me sup...

In this episode, we explore the rapidly evolving field of AI and its potential impact on the world of professional advising. Can a machine like ChatGPT truly replace the expertise and personal touch of a human advisor? Today we put AI to the test.  If you're thinking "I love the Big Picture Retirement podcast" please consider rating and reviewing this show! This helps me support more people -- jus...

Answering listener questions is becoming our favorite episode to record. Today we go back to the voicemail to answer several questions on Social Security.  Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and look for the tab on the right side that says "Send A Voicemail."  Although this show does not provide specific tax, legal, or financial advice, you ca...

Finding 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!...

Today 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:...

For 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...

For 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 throug...

The 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 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...

Today'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/  

If 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...

With 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...

Do 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.r...

A 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...

For 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.

In 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...

Often 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. 

In 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. 

In 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...

Thinking 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/  

Can 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...

The 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.rossandshoalmir...