Joe Knows Retirement

If you're retiring with a pension and over $1 million saved, you are part of a very small and unique group of retirees. In this episode of Joe Knows Retirement, Joe discusses the realities of retiring with a pension and talks about what you need to know so you can plan accordingly. He shares the actual value of a pension depending on how much you receive and how long you receive it, and explains a...

As we move from 2024 to 2025, it's important to keep track of what changes could take place with your tax planning. In this episode of Joe Knows Retirement, Joe reviews all the tax changes taking effect in 2025 and shares ways you can plan to maximize your tax savings. From changes in your retirement accounts, to changes in Medicare premiums, to changes in tax rates, Joe covers it in this episode....

Only 30% of people have an estate plan, but for those with $1 million or more saved or with a pension, they're a non-negotiable. In this episode of Joe Knows Retirement, Joe shares what you need to know about estate planning if you're a Midwestern (Middle Class) Millionaire. He talks about ways to avoid the unnecessary costs of probate, how to prepare for estate taxes, and strategies you can use t...

If you're a Midwestern (Middle Class) Millionaire, you need specialized retirement planning for your unique situation. In this episode of Joe Knows Retirement, Joe shares unique expenses you might face in retirement if you're 55-70 and have over $1 million saved or a pension, as well as a strategy you can use to lower your taxes. From social security to required minimum distributions, Joe talks ab...

Taxes can be one of your biggest expenses in retirement if you don't plan for them. In this episode of Joe Knows Retirement, Joe shares five tax planning strategies you can use to save money, especially if you have over $1 million in savings or have a pension. Whether you want to spend your money for yourself, use it on your family, or give it to charity, Joe talks about strategies you can use to...

Breaking up is hard to do. In this episode of Joe Knows Retirement, Joe talks about the difficult process of breaking up with your financial advisor and shares how you can do so with kindness and firmness. He dives into how you can expect your advisor to potentially respond, and provides email templates you can use to make the process simpler. Are you interested in applying to receive expert help...

Did you know there's a difference between having estate documents in place and having an estate plan in place? In this episode of Joe Knows Retirement, Joe shares why nearly all retirees with over $1 millions or with a pension should consider working with a professional team to implement an estate plan. From providing benefits in tax planning to making sure your beneficiaries use your money in a w...

Required minimum distributions (RMDs) can be problematic in retirement, but they're particularly problematic for those with at least $1 million saved or a pension. In this episode of Joe Knows Retirement, Joe discusses RMDs and shares how they can complicate your retirement and make you pay more in taxes if you don't plan for them. He provides an example by looking at a current client's savings an...

Pensions will help you live more comfortably in retirement, but if you don't plan for them accordingly, that could end up costing you money. In this episode of Joe Knows Retirement, Joe talks about the important things you need to be aware of if you're retiring with a pension. He discusses the different areas of retirement that pensions can affect like Medicare premiums and Social Security taxes,...

Roth conversions are a helpful money-saving strategy for many retirees, but for those retiring with at least $1 million or who have a pension, they're almost a non-negotiable. In this episode of Joe Knows Retirement, Joe shares everything you need to know about Roth conversions if you're retiring with a high net worth. From social security tax to Medicare premiums to capital gains, he explains how...

Losing a spouse if very difficult, but it can be made even more difficult if the surviving spouse doesn't have a financial plan. In this episode of Joe Knows Retirement, Joe talks about the tough topic of losing a loved one and shares things you should know so you can make sure they're taken care of if you pass. He talks about the widow's penalty and shares strategies you can incorporate to lessen...

If you've been a diligent saver all your life, you might be thinking about retiring as early as possible. In this episode of Joe Knows Retirement, Joe talks about the Midwestern Millionaire (or Middle Class Millionaire) and shares several factors they should consider if they're thinking about retiring early. From tax considerations to finding purpose in retirement, Joe discusses it in this episode...

As 2024 comes to an end, it's important to double check the areas where you could save money in taxes. In this episode of Joe Knows Retirement, Joe walks through the list of tax planning items worth checking before the end of the year. He shares reminders like maxing out your 401k's and funding your IRAs, as well as discusses tax-saving strategies like Roth conversions. Are you interested in apply...

The Tax Cuts & Jobs Act is set to sunset in 2026, but with the results of the 2024 presidential election, could it be extended? In this episode of Joe Knows Retirement, Joe shares what he think will happen to the Tax Cuts & Jobs Act, as well as Trump's other tax proposals like tax-free social security and tax-free tips and overtime. He also talks about the importance of having a long-term plan reg...

If you're a Midwestern Millionaire (or Middle Class Millionaire), it might be easier to save money than to spend it. On this episode of Joe Knows Retirement, Joe shares stories of clients he's worked with who are better savers than they are spenders, and provides information on how it's okay to use the money you've spent your whole life saving in retirement. Whether you spend your money or give it...

Did you know only 20% of people have a pension? In this episode of Joe Knows Retirement, Joe shares four things you need to know if you have a pension and are in or near retirement. From the importance of having a specialized plan to strategies you can use to save money in taxes, Joe talks about it in this video. Are you interested in applying to receive expert help in planning for your financial...

Your financial situation is specialized, so you financial planner should be specialized. In this episode of Joe Knows Retirement, Joe talks about the difference between general financial planners and specialized financial planners. He also talks about the Midwestern Millionaire and explains how if you fall into that category, you should consider working with a financial planner who is trained for...

With the 2024 presidential election coming up, one common question people ask is, "How will this affect my investments?" In this episode of Joe Knows Retirement, Joe answers that question by sharing three different charts that show how the market has performed based on past elections. He addresses common fears retirees and soon-to-be retirees might have, and stresses the importance of having an in...

So you've decided to do a Roth conversion, now it's time to determine just how much to Roth convert. In this episode of Joe Knows Retirement, Joe goes through several case studies to show all the considerations that go into determining the right Roth conversion amount based on your financial situation. Including factors like pensions, social security, Medicare premiums, capital gains, and more, he...

If you have a 401k from a past employer, you might not know what to do with it. In this episode of Joe Knows Retirement, Joe discusses three options for what you can do with an old 401k, and he goes into detail about why moving it to an IRA could be a smart move for you. He also explains what Roth conversions are and how they can potentially be helpful for your financial situation as well. Are you...

What's the big deal with retirement planning? In this episode of Joe Knows Retirement, Joe explains why retirement planning is more important now than ever before, and dives into the five different areas of your retirement that you need to plan for, especially if you've been a diligent saver all your working years. From taxes to Medicare to trusts, Joe covers it in this episode. Are you interested...

Did you know only 20% of people have a pension? If that's you and you're hoping to utilize Roth conversions in retirement, then you need to make sure you plan accordingly. In this episode of Joe Knows Retirement, Joe answers common questions about Roth converting with a pension, as well as discusses specific topics in retirement like social security and Medicare that can be impacted by Roth conver...

If tax planning isn't part of your retirement plan, you could donate thousands of dollars to Uncle Sam and not even know it. In this episode of Joe Knows Retirement, Joe shares five tax planning strategies you can use to save money, especially if you have $1 million or more in savings. From allocating your investments wisely to utilizing charitable strategies, Joe discusses it in this episode. Are...

You could be a Midwestern Millionaire and not even know it. In this episode of Joe Knows Retirement, Joe explains who the Midwestern Millionaire is and shares how they have to uniquely plan for retirement. From tax planning to spending their money, Midwestern Millionaires need tailored retirement planning which Joe dives into in this episode. Are you interested in applying to receive expert help i...

What's the big deal with Roth conversions? In this episode of Joe Knows Retirement, Joe answers that question and describes who Roth conversions might not be right for, as well as who they often are right for. He considers factors that go into determining whether a Roth conversion is right for you, such as how much money you have in savings, whether or not you have a pension, and your willingness...