Shows
Big Picture Retirement®Key Changes for 2026In this episode, Devin and John break down the key tax and retirement planning changes coming in 2026 and what they mean for your income, benefits, and long term strategy. We cover the latest Social Security COLA update, the expected increase to Medicare Part B premiums, and the new Social Security earnings test thresholds. We also walk through the shifting rules around capital gains, the standard deduction, and the return of the SALT cap. For charitable giving, we outline the new above the line deduction, the AGI floor for itemizing, the cap tied to the highest tax rate, and the...
2025-12-0136 minBig Picture Retirement®Three Priorities That Should Shape Your Social Security DecisionWhen should you claim Social Security? For high-net-worth retirees, this is not a simple decision. In this episode, we explain why Social Security is not just a monthly check but a strategic part of a well-built retirement plan. Devin begins by challenging the common belief that wealthy retirees do not need to think about Social Security. In reality, those with more assets often have more choices, and those choices make the timing decision even more important. You will learn about the three core priorities that should guide how and when you file: protecting a surviving...
2025-09-0125 minBig Picture Retirement®What Millionaire Retirees Fear Most (But Rarely Talk About) For many affluent retirees, the biggest financial fear isn't market volatility or rising taxes. It's this simple question: What happens if I'm not the one here to manage the plan? In this episode, we talk about a deeply personal concern shared by countless couples. When one spouse manages the investment strategy, the tax planning, and the long-term vision, the other is often left trusting that everything will work out. That trust may work fine today, but what if something changes tomorrow? What if the surviving spouse is left with a complex financial plan they don't fully understand?
2025-08-2541 minBig Picture Retirement®5 Mistake Most Millionaire Retirees MakeYou've done the hard work. You saved consistently, built a seven-figure portfolio, and are ready to enjoy retirement. But even millionaire retirees can make mistakes that put their plans at risk. In this episode, Devin shares the five most common retirement mistakes he sees among high-net-worth clients. These include missing long-term tax planning opportunities, underestimating healthcare and long-term care costs, failing to plan for success as well as failure, approaching income withdrawals without structure, and overpaying for financial advice. If you want to get the most out of what you've saved, this episode will help you avoid costly missteps...
2025-07-2131 minBig Picture Retirement®Inbox Question | A Better Approach to the S&P 500?John asks about buying the individual sectors of the S&P 500 and rebalancing based on performance instead of simply buying an index fund. Devin shares the pros and cons that he can see with this strategy and shares what he thinks is a better approach. 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://carrolladvisory.co/podcast1 📍Contact John's team at https://www.rossandshoalmire.com/ If you're thinking, "I love the Big Picture Retirement...
2025-03-2007 minBig Picture Retirement®What Happens to Your Crypto When You Die? Estate Planning for Digital AssetsCryptocurrency has changed the financial landscape, and that includes estate planning. Unlike traditional assets, crypto presents unique challenges—there's no customer service line to recover lost passwords, and without proper planning, your digital assets could be lost forever. If you're thinking, "I love the Big Picture Retirement podcast!" please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the "ratings and reviews" section, tap to rate with five stars, and select "Write a Review." Then be sure to let us kn...
2025-02-1722 minBig Picture Retirement®The 4 Mindsets That Shape Your Retirement SuccessYour mindset can make or break your retirement. Are you a Pollyanna, Delegator, Controller, or Realist? In this episode, we dive into the four common mindsets retirees bring to the table and how each one impacts their financial, tax, and legal decisions. From blind optimism to overconfidence, we explore the strengths and pitfalls of each mindset—and how you can evolve to make better choices. Whether you're just starting to plan or reevaluating your approach, this episode will help you identify your mindset and build a strategy for long-term success. If you're thinking, "I love the Big Pi...
2025-02-1043 minBig Picture Retirement®Inbox Questions | Why Use Your IRA First for Long-Term Care Expenses?In this episode, we tackle Richard's question about why it might make sense to use IRA (non-Roth) accounts first to pay for long-term care expenses. We'll explain the reasoning behind this strategy, including the tax implications, potential benefits for your overall financial plan, and how it fits into managing your retirement assets. If you're thinking, "I love the Big Picture Retirement podcast!" please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the "ratings and reviews" section, tap to rate w...
2025-02-0621 minBig Picture Retirement®Tariffs: Balancing the Pros and ConsFrom President Trump's upcoming tariffs on Canada, Mexico, and China to the historical legacy of the "Chicken Tax," tariffs have shaped economies and industries in ways both expected and unforeseen. In this episode, we dive into the purpose, pros, and cons of tariffs, exploring their impact on consumers, businesses, and global trade. Learn how these taxes can stimulate domestic production, drive up consumer costs, and even transform entire industries, like the U.S. auto market. Whether you're curious about the economic trade-offs or the quirky history of a chicken trade war, this episode has you covered! If...
2025-02-0331 minBig Picture Retirement®Inbox Questions | Should Early Social Security Factor Into Retirement Calculations?In this episode, we address Joe's question about how claiming Social Security benefits early can reduce withdrawals from retirement accounts and potentially lead to greater long-term growth. Joe shares his calculation comparing the cumulative Social Security benefit difference with the investment growth of withdrawals saved by filing early. Is he onto something, or is there a missing piece? Tune in to explore how Social Security timing fits into a Big Picture retirement strategy and hear our take on Joe's approach. If you're thinking, "I love the Big Picture Retirement podcast!" please consider rating and reviewing...
2025-01-3008 minBig Picture Retirement®Supreme Court Ruling: The Hidden Risks in Life-Insurance Buy-Sell AgreementsA recent Supreme Court decision in Connelly v. United States has sent shockwaves through closely held businesses employing life-insurance-funded redemption-type buy-sell agreements. In this episode, we break down the case, the tax implications, and why the IRS may not respect your agreed-upon valuation. Discover why it's critical to review and, if necessary, restructure your buy-sell agreements to avoid unexpected estate tax burdens. We'll explore alternatives like cross-purchase agreements and address key considerations for life insurance ownership. Don't miss this discussion for business owners and advisors alike! If you're thinking, "I love the Big Picture Retirement podcast!" please...
2025-01-2727 minBig Picture Retirement®Inbox Questions | Will GPO Repeal Affect My Benefits?In this episode, we answer Lori's question about whether the repeal of the Government Pension Offset (GPO) will increase her survivor benefits and how it could impact benefits for those with similar circumstances. We also address Jesus's concern about whether his Social Security check will be reduced when he retires from TRS (Teacher Retirement System). If you've ever wondered how these rules might affect your benefits, this episode is packed with answers and insights. If you're thinking, "I love the Big Picture Retirement podcast!" please consider rating and reviewing this show! This helps us support more people...
2025-01-2418 minBig Picture Retirement®The Unexpected Early RetirementSometimes life throws curveballs, and you may end up retiring earlier than planned. In this episode, we dive into JP Morgan's data on why people retire earlier than expected and discuss how to prepare for the unexpected. Learn why having a solid backup plan is essential and what steps you can take to protect your financial future, even if your retirement timeline changes. If you're thinking, "I love the Big Picture Retirement podcast!" please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just...
2025-01-2024 minBig Picture Retirement®Inbox Questions | Reducing Taxes and Managing RMDsIn this episode, we tackle Kay's questions about managing her IRA and Roth accounts in retirement. With significant assets, no LTC insurance, and children in differing financial circumstances, Kay wants to minimize taxes while preparing for required minimum distributions (RMDs) and long-term care expenses. We explore the pros and cons of massive Roth conversions, the impact of IRMAA on Medicare premiums, and other strategies for keeping income taxes as low as possible. If you're thinking, "I love the Big Picture Retirement podcast!" please consider rating and reviewing this show! This helps us support more people -- just...
2025-01-1613 minBig Picture Retirement®A Smarter Way to Manage Retirement IncomeRetirement can be stressful, especially when the markets are unpredictable. In this episode, we'll talk about a simple strategy to give you peace of mind and financial stability in retirement. You'll learn how to set aside five years of income to avoid selling investments during market downturns, create a clear plan for where your money will come from, and adjust your approach based on your comfort with risk. This straightforward method helps you stay on track, worry less, and enjoy the retirement you've worked so hard for. If you're thinking, "I love the Big Picture Retirement podcast!"...
2025-01-1332 minBig Picture Retirement®Inbox Questions | Prescription Prices: A Rant and a ResponseToday's episode is part rant, part answer to Mike's question about the high cost of prescription drugs under Medicare Part D. We dive into why these costs are so steep, explore alternatives like Canadian pharmacies, and discuss what you can do to manage healthcare expenses in retirement. If you're thinking, "I love the Big Picture Retirement podcast!" please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the "ratings and reviews" section, tap to rate with five stars, and select "...
2025-01-0916 minBig Picture Retirement®Smart Financial Planning: Balancing Data with Peace of MindFinancial planning often feels like a numbers game—follow the math, and you'll make the best decisions, right? But what happens when the spreadsheet says one thing, and your peace of mind says another? In this episode, we share the personal story of why Devin and his wife chose to pay off nearly $500,000 in debt, despite the numbers telling them not to. We explore the emotional cost of debt, the value of financial freedom, and how to balance logic with what truly feels right. If you're thinking, "I love the Big Picture Retirement podcast!" please consider rating an...
2025-01-0625 minBig Picture Retirement®Inbox Questions | When Should You Stop Using TurboTax?Today, we tackle a question many retirees face: Can you manage your taxes with DIY software like TurboTax, or is it time to bring in a professional? We'll explore the challenges of navigating tax complexities in retirement, including 401(k) rollovers, RMDs, and other scenarios that could make filing trickier than expected. If you're thinking, "I love the Big Picture Retirement podcast!" please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the "ratings and reviews" section, tap to rate with f...
2025-01-0212 minBig Picture Retirement®Inbox Questions | When Should You Use An LLC?We answer a question from a 44-year-old Pittsburgh bus driver earning over six figures annually who maxes out a Roth IRA, contributes 10.5% to a 457 plan, and is covered by a pension. He owns five rental properties in his name and wonders if and when he should transfer them to an LLC. If you're thinking, "I love the Big Picture Retirement podcast!" please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the "ratings and reviews" section, tap to rate with f...
2024-12-2009 minBig Picture Retirement®5 Reasons 2025 Could Be a Turbulent Year for StocksCould 2025 be a stormy year for the stock market? In this episode, we explore five potential triggers that could send markets into turmoil. From the unpredictability of Trump-era "tape bombs" to a potential bursting of the AI bubble, we break down the risks investors should watch for. We also examine how protectionist trade policies, signs of an economic slowdown, and a possible Federal Reserve policy pivot could create turbulence. If you're looking to stay ahead of the curve and prepare for what's next, this is the episode for you. If you're thinking, "I love the Big Picture...
2024-12-1632 minBig Picture Retirement®Inbox Questions | Capital Gains on the Sale of HomeToday, we tackle a question from Patrick about the nuances of capital gains taxes on the sale of a primary residence. We break down how community property laws can impact your tax liability, the role of improvements in calculating your cost basis, and other key considerations to keep in mind when selling your home. If you're thinking, "I love the Big Picture Retirement podcast!" please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the "ratings and reviews" section, tap...
2024-12-1207 minBig Picture Retirement®What Trump's Tax Policies Mean for Your RetirementHow could Trump's tax policies impact your retirement plans? In this episode, we break down the potential changes, from tax cuts to shifting brackets, and discuss what they could mean for your savings, Social Security, and investment strategies. If you're thinking, "I love the Big Picture Retirement podcast!" please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the "ratings and reviews" section, tap to rate with five stars, and select "Write a Review." Then be sure to let us k...
2024-12-0932 minBig Picture Retirement®BOI Reporting Delayed: The Future of the Corporate Transparency ActIn this episode, we're diving into the latest legal drama surrounding the Corporate Transparency Act (CTA). A federal judge in Texas has temporarily blocked this law, which would have required U.S. businesses to report detailed information about their stakeholders to the government. What does this mean for business owners? Is this a win for small businesses or just a delay in the inevitable? We'll break down the law, the court's decision, and what might happen next—all in plain English. If you're thinking, "I love the Big Picture Retirement podcast!" please consider rating and reviewing this sho...
2024-12-0521 minBig Picture Retirement®What Your Will WON'T DoIn this episode, we're breaking down common myths about what a Will can actually take care of. A lot of people think a will covers everything, but it's not that simple! We'll explain how probate works, why some assets don't go through your will, and what your will can't control — like retirement accounts or jointly owned property. We'll also talk about other tools you might need to make sure your plans really happen the way you want. Join us to learn what your will really does and avoid surprises for your family down the road. If you're th...
2024-11-0445 minBig Picture Retirement®5 Ways to Make Your Retirement Recession-ReadyIn this episode, we break down simple strategies to protect your retirement savings when the market gets rough. We'll start with why staying calm is key and how planning ahead can help you avoid emotional decisions. You'll learn how to match your investments with both your comfort level and your financial goals, plus why a balanced mix and a short-term "spending bucket" can keep you from selling at the wrong time. We'll also cover how fees impact your savings and why it's worth checking if they're delivering good value. Finally, we'll share the benefits of regularly reviewing your plan...
2024-10-2930 minBig Picture Retirement®Is Downsizing Right for Your Retirement?Today we discuss the pros and cons of downsizing in retirement. We discuss how selling your home can reduce expenses, simplify your lifestyle, and free up money for travel or investments. But we also cover the potential downsides, like emotional attachment to your family home and the hidden costs of moving. Tune in to help decide if downsizing is the right move for you. If you're thinking, "I love the Big Picture Retirement podcast!" please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement...
2024-10-2142 minBig Picture Retirement®How Long Will I Live? Planning for Longevity in RetirementIn this episode, we talk about an important part of retirement planning that many people overlook—figuring out how long you might live. We explain why using average life expectancy or guessing based on family history can be risky, and why it's important to plan for a longer life. We also share tools that can help you estimate how long your savings need to last, whether you're planning on your own or with a partner. Making a solid plan for how long you'll need your money is key to a secure retirement. Resources to use: Act...
2024-10-1421 minBig Picture Retirement®3 Ways to Pay for Long-Term CareLong-term care is a reality that many retirees will face, but the question is—how will you pay for it? In this episode, we break down the three primary ways to cover long-term care expenses. We'll walk you through the pros and cons of each option and explain why planning ahead is critical. Plus, we'll introduce a tool that can help you estimate the actual costs of care in your area. Whether you're planning for yourself or a loved one, this episode will give you the insights you need to make an informed decision about long-term care expenses.
2024-10-0735 minBig Picture Retirement®Monte Carlo Simulations: Is Your "Probability of Success" Trustworthy?In this episode, we take a closer look at Monte Carlo simulations—a tool used in retirement planning to estimate your chances of success. But are those percentages really reliable? Can an 85% or 90% success rate give you confidence in your retirement plan? We'll explain how these simulations work, how different assumptions can lead to very different results, and why you shouldn't just rely on past returns. If you're thinking, "I love the Big Picture Retirement podcast!" please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a con...
2024-09-3038 minBig Picture Retirement®The Stock Market Gamble Most Investors LoseIn this episode, we explore the realities of stock-picking, revealing that it's a gamble where the odds are heavily stacked against the average investor. Studies show that most individual stocks underperform or lose value over time, so we make a strong case for the smarter and more reliable approach. If you're thinking, "I love the Big Picture Retirement podcast!" please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the "ratings and reviews" section, tap to rate with five stars, a...
2024-09-2338 minBig Picture Retirement®How Kamala Harris's Housing Plan Could Drastically Change Wealth TransferIn this episode, we unpack Vice President Kamala Harris's ambitious plan to lower housing costs, which would be funded by adopting Senator Elizabeth Warren's sweeping estate tax overhaul. We explore the major changes proposed, including reducing the estate tax exclusion to $3.5 million, significantly increasing estate tax rates, and imposing new restrictions on popular estate planning tools like GRATs and grantor trusts. We also discuss the broader implications of these changes, such as the potential impact on wealth transfer strategies and the generational transfer of assets. If you're thinking, "I love the Big Picture Retirement podcast!" please consider ra...
2024-09-1629 minBig Picture Retirement®Ed Slott Explains How to Outmaneuver the Tax Trap in RetirementToday we're joined by Ed Slott, the expert's expert on retirement planning, to talk about how to make the most of your retirement savings and avoid costly tax surprises. Ed explains why converting to Roth IRAs could be a smart move, the risks of sticking with traditional IRAs, and how to get ready for the taxes that come with required minimum distributions (RMDs). With Ed's advice, you'll learn how to approach retirement planning with a clear, long-term strategy. Check out Ed Slott's book, The Retirement Savings Time Bomb Ticks Louder, for more tips on managing retirement taxes...
2024-09-0935 minBig Picture Retirement®Listener Voicemails: Super-funding 529s, Sophisticated Trusts, and Boosting Social Security BenefitsIn this episode, we're answering more listener voicemails about Social Security, gifting money, and estate planning. First, we help a listener who's trying to figure out the best way to maximize his wife's Social Security benefits. He's getting close to his full retirement age in 2025 and wants to make sure they get the most out of their benefits. Next, we talk about a question regarding "superfunding" a 529 plan. A listener's mom wants to contribute a large amount upfront for her niece's education, but they're worried about potential gift taxes if the rules change in 2026. We...
2024-09-0346 minBig Picture Retirement®Listener Q&A: Demystifying Brokerage Statements, Retirement Readiness, and Investment StrategiesToday, Devin and Alexander are back answering listener questions. Tune in as we explore: Jamie's request for a detailed walkthrough of a monthly brokerage account statement, explaining where to find and understand fees, and demystifying various financial terms in plain English. Carl's situation as a 58-year-old with a diversified $1.1 million nest egg, seeking advice on overcoming the fear of retiring despite having solid financial resources, zero debt, and multiple income streams from pensions and investments. John's inquiry about the implications of cashing in a 30-year-old MetLife whole life policy, including tax considerations, potential...
2024-08-2633 minBig Picture Retirement®Listener Voicemails: Social Security, Trusts, and IRA Math MysteriesIn this episode we're answering listener voicemails and tackling some tough questions about Social Security, RMDs, estate planning, and more. First up, we help Diane, whose husband is a minister, figure out why his Social Security benefits don't include his housing allowance, even though he pays taxes on it. Then, we talk through a listener's concerns about how changing the title on a brokerage account could affect the revocable living trust her parents set up. We also explain how Required Minimum Distributions (RMDs) work and why the percentage you have to take out increases as...
2024-08-1935 minBig Picture Retirement®Listener Q&A: Navigating RMDs, Investment Strategies, and Retirement Income PlanningIn this episode of Big Picture Retirement, Devin is joined by Alexander Davis, a financial advisor at Carroll Advisory Group, to address some of the most pressing questions from our listeners. Together, they answer a range of questions, including: Charles' query on the order and process of completing Required Minimum Distributions (RMDs) before making Roth Conversions. Ted's strategy on transitioning maturing tIRA CDs into investment grade and Treasury short and intermediate-term bond funds, and the potential benefits of bond ETFs. Kathy's decision-making process around her company's "Social Security Leveling" offer and its impact...
2024-08-1238 minBig Picture Retirement®Listener Q&A: Tax Strategies, Inheritances, Annuities, and MoreIn this episode, Devin and John dive into a variety of listener questions, discussing annuities, maxing out retirement plans, why HSAs aren't widely talked about, IRMAA, and more. Tune in as we explore: Claudia's Situation: Understanding the distribution requirements for inherited qualified and unqualified MYGA accounts in light of recent tax law changes. We discuss the tax implications of cashing out one account at the rollover date versus waiting, and which account is better to save for children's inheritance to lessen their tax burden. Warren's Issue: Dealing with IRMAA surcharges on Medicare premiums after selling...
2024-08-0528 minBig Picture Retirement®Listener Q&A: Navigating Taxes, Trusts, and MoreIn this episode of Big Picture Retirement, we're back answering more of our listener-submitted questions. Join us as we cover: Anna's Query: When will NESARA begin? Ron's Question: Clarification on calculating taxes on Social Security benefits using our Cheat Sheet, specifically addressing whether AGI already includes SS benefits or if an additional 50% is added. Anne's Concerns: Discussing the threshold for needing trusts for individuals with borderline amounts ($750,000 - $1.5 million) and insurance options for travelers, including auto insurance for rentals in the USA, abroad, and RVs vs. asset protection. Lamont's Inquiry: Confirming...
2024-07-2942 minBig Picture Retirement®Navigating Social Security: Listener Questions AnsweredIn this episode of the Big Picture Retirement podcast, we dive into listener questions about Social Security, tackling a wide range of scenarios to help you navigate the complexities of your benefits. Lois asks about the earnings limit for survivor benefits versus other benefits for someone born in 1955. She's been told she must repay two months of benefits because her earnings exceeded the limit. Are the SSA's guidelines accurate? Jane inquires if filing for Social Security at age 65 will affect her survivor benefits when her husband, who is 70, passes away. She also wonders if she...
2024-07-2235 minBig Picture Retirement®Listener Questions Answered: Reverse Mortgages, Healthcare Before Medicare, and More!In this episode, we tackle a diverse range of listener questions from reverse mortgages, annuities, Roth conversions, healthcare before the Medicare age, and a lot more. Tune in as we discuss: Al's Question: Recommendations for reverse mortgages and the conditions under which they can be beneficial. Paul's Inquiry: Using deferred annuities, specifically laddering Fixed Income Annuities with no fees, as alternatives to bonds to generate "safe" money in retirement. Pete's Scenario: The implications of converting a large amount to a Roth IRA and using it to cover all retirement needs.
2024-07-1544 minBig Picture Retirement®Answering Listener Questions on Social Security In this episode, Devin dives deep into the Social Security questions sent in by our listeners. Topics include questions on the earnings limit, spousal benefits, survivor benefits, and the big one...how future benefit cuts could impact retirees If you're thinking, "I love the Big Picture Retirement podcast!" please consider rating and reviewing this show! This helps us support more people, just like you, move toward a confident retirement. Just scroll down to the "ratings and reviews" section, tap to rate with five stars, and select "Write a Review." Then be sure to le...
2024-07-0840 minBig Picture Retirement®The Power of Donor Advised FundsIf you regularly donate to your church or other charities, donor advised funds (DAFs) might be something you want to look into. These funds offer some big perks. First off, you get a potential tax deduction in the year you contribute, even if the money is given out to charities gradually. Secondly, you have the freedom to decide when to donate. This means if you're facing a high tax bill one year, you can contribute more to your DAF and then distribute it to your chosen causes over time. In today's episode, we'll explore how DAFs work and discuss...
2024-06-1030 minBig Picture Retirement®Unpacking the New IRS Estate Planning MemoIn today's episode, we examine the recent IRS Chief Counsel Memorandum, which introduces significant changes to one of the cornerstone strategies in estate planning. We explore how these new guidelines impact assets placed in trusts like intentionally defective grantor trusts (IDGTs) and spousal lifetime access trusts (SLATs). These trusts have traditionally been used to 'freeze' asset values for estate tax purposes while benefiting from more favorable individual income tax rates. But there's a core piece of this that is going to look different moving forward. If you're thinking "I love the Big Picture Retirement podcast" please consider...
2024-06-0339 minBig Picture Retirement®Too Much of a Good Thing?Lots of investors use the S&P 500 index as a key part of their investment plan, thinking it spreads their money out well among America's biggest companies. But in this episode, we're going to question that idea by looking at the risks of having too much money in just a few of the index's top companies. Even though the index includes 500 stocks, a big chunk of its value comes from just a few big names like Microsoft. We'll explore how this uneven distribution can bring more risk than you might expect, and talk about what happens when too much...
2024-05-2822 minBig Picture Retirement®When Roth IRA Conversions Go Too FarRoth IRA conversions can be a powerful tool for retirement planning, offering tax-free growth and withdrawals. However, there's a fine line between optimizing and overdoing it. In this episode, we talk about the dangers of over-converting to a Roth IRA. We'll explore how converting too much can lead to higher taxes in retirement and cause missed opportunities later. If you're thinking "I love the Big Picture Retirement podcast" please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the "ratings a...
2024-05-2031 minBig Picture Retirement®Estate Planning Lessons from the Rockefellers and Vanderbilts Are there lessons we should learn from the comparison of the Rockefellers and the Vanderbilts? In this episode, we look at the contrasting estate planning tactics of two of America's wealthiest dynasties. While both families amassed incredible fortunes, their legacies diverged significantly due to their different approaches to wealth management and succession planning. If you're thinking "I love the Big Picture Retirement podcast" please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the "ratings and reviews" section, t...
2024-05-1326 minBig Picture Retirement®The Five Phases of Retirement Retirement has five distinct phases and each of them have their own unique challenges and opportunities. Understanding these distinct phases is important for anyone who is approaching retirement or has retired within the past year or two. If you know what to expect on the road ahead, it should lead to a much smoother and more fulfilling transition into this new part of your life. If you're thinking "I love the Big Picture Retirement podcast" please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a...
2024-05-0629 minBig Picture Retirement®The Secret Power of Investment LocationIn this episode, we dive into the concept of investment location—a tactical approach in asset allocation across various accounts like IRAs and joint accounts, which can significantly influence your tax liabilities. If you're thinking "I love the Big Picture Retirement podcast" please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the "ratings and reviews" section, tap to rate with five stars, and select "Write a Review." Then be sure to let us know what you loved most about the...
2024-04-2932 minBig Picture Retirement®The Home Buying Earthquake That Changes EverythingIn today's episode, we discuss the landmark $418 million settlement involving the National Association of Realtors (NAR) and its potential implications for the real estate industry. As retirees and others look to buy or sell homes, they're facing a big shift in how real estate services will be priced and delivered. Danny Devito video-https://www.americanrhetoric.com/MovieSpeeches/moviespeechotherpeoplesmoneydevito.html If you're thinking "I love the Big Picture Retirement podcast" please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down...
2024-04-0131 minBig Picture Retirement®3 Types of Investors Who Should Avoid A Flat Fee Financial AdvisorFlat-fee financial advisors aren't for everyone. In fact, there are three types of investors who should steer clear of flat-fee financial advisors. In today's episode, we'll talk about who should avoid hiring a flat fee advisor and either do it on their own or hire a traditional % of AUM advisor. If you're thinking "I love the Big Picture Retirement podcast" please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the "ratings and reviews" section, tap to rate with five...
2024-03-2523 minBig Picture Retirement®The Surprising Way to Save Social Security (Without Raising Taxes or Cutting Benefits)Could the solution to saving Social Security be so glaringly obvious that it has been overlooked, or perhaps even ignored, due to political power dynamics? The concern about the insolvency of the Social Security trust fund looms large as the program faces financial instability, raising fear of increased taxes or reduced benefits for future beneficiaries. However, there is a glimmer of hope. This system can be fixed without resorting to raising taxes or slashing benefits. If you're thinking "I love the Big Picture Retirement podcast" please consider rating and reviewing this show! This helps us support more...
2024-03-1327 minBig Picture Retirement®The Unplanned Journey: Grandparents Raising Grandchildren in RetirementDescription: In todays episode, we talk about the unexpected turns retirement can take, particularly when individuals find themselves in the role of raising a grandchild. This shift in family dynamics can significantly alter one's retirement experience, extending far beyond the obvious impact on travel plans. We'll explore the various aspects that come into play, including the financial ramifications and the adjustments needed in estate planning If you're thinking "I love the Big Picture Retirement podcast" please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident...
2024-03-0441 minBig Picture Retirement®The Risk of Grey DivorceIn today's episode, we'll dive into the intriguing phenomenon of Grey Divorce, which refers to divorces occurring among individuals aged 50 and above. Surprisingly, while the overall divorce rate is on the decline, Grey Divorce is on the rise. Join us as we explore the reasons behind this trend and provide a few thoughts on how to proactively prevent it from happening or protect yourself if it does. If you're thinking "I love the Big Picture Retirement podcast" please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward...
2024-02-2729 minBig Picture Retirement®How to Determine Your Risk ToleranceIn this episode, we explore an unrefined, yet accurate, approach to determining your risk tolerance. Beyond traditional risk tolerance questionnaires that often fluctuate with market conditions, we introduce two key criteria: Freak Out Number - Discover how to assess your decline tolerance in dollar terms, examining at what point you'd feel the need to make significant changes to your portfolio. We address the impact of market fluctuations on risk perception and why it's essential to cut the 'freak out number' in half during turbulent times. Required Growth as Dictated by Your Financial Plan...
2024-02-1921 minBig Picture Retirement®Unlocking the Ex-pat Dream: Debunking Myths and 2024's Top DestinationsEver dreamed about retiring to a sunny beach or quaint village in another country? How about living a life of luxury for less than $3,000 per month? In today's episode, we're debunking common myths and discussing the challenges of living abroad, while also highlighting the top destinations to consider moving to in 2024. If you're thinking "I love the Big Picture Retirement podcast" please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the "ratings and reviews" section, tap to rate with...
2024-02-1331 minBig Picture Retirement®5 Things Nobody Tells You About RetirementWe've heard this hundreds of time... 'I wish someone had warned me about this when I retired.' More often than not, they're referring to one of five key challenges that catch many retirees by surprise. In today's episode, we're diving into each of these five areas. If you're on the cusp of retirement, this is crucial viewing to help you steer clear of unexpected hurdles and enter this new phase of life with confidence. Pay particular attention to the last point–it's the most frequently mentioned and the most impactful. Being unprepared for this could have si...
2024-02-0533 minBig Picture Retirement®3 Reasons You Should Choose A Flat Fee Financial AdvisorIn today's episode, Devin reveals a significant transformation in his professional approach — the transition to a flat fee structure. After a period of subtle hints, the change is now official and marks a new chapter for his firm. Join Devin and John as they discuss the motivations behind this decision, the considerable reduction in firm revenue to make the shift, and the reasons behind the growing popularity of this business model. They'll also dive into why consumers should seriously contemplate opting for a flat fee financial advisor, highlighting the advantages this could bring to their financial planning and management....
2024-01-1640 minBig Picture Retirement®Beyond Billionaires: The Ripple Effect of Taxing Unrealized GainsTaxing the richest's unearned income—why should it matter to you? This episode peels back the complexities of the proposed legislation targeting billionaires' unrealized capital gains to examine its broader consequences. We get into how this potential tax shift could create waves that may lap at the financial foundations of everyday investors. If you're thinking "I love the Big Picture Retirement podcast" please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the "ratings and reviews" section, tap to rate wit...
2024-01-0821 minBig Picture Retirement®Encore: The Fine Print of Beneficiary DesignationsToday we're bringing back a fan favorite from 2022. The Fine Print of Beneficiary Designations. This is something that seems 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 h...
2023-12-0440 minBig Picture Retirement®The Vanguard Verdict: How Advisors Boost Returns by 3%In today's episode, we discuss an eye-opening study from Vanguard, a leader in the DIY investing space. In this report, they cover how partnering with a financial advisor could potentially amplify your average annual return by a notable 3%. (Hint…it's more than just "doing your investments.") We'll break down the methodology behind this report and explore the nuances of the value an advisor brings to the table. To get on the same page, you can find the report here: https://advisors.vanguard.com/insights/article/putting-a-value-on-your-value-quantifying-adv isors-alpha...
2023-11-2032 minBig Picture Retirement®The Corporate Transparency Act: New Rules for LLCs and Small BusinessesIn 2021, the Corporate Transparency Act (CTA) was enacted with the goal of unveiling hidden ownership structures and counter illicit financial undertakings. Yet, while its implications are far-reaching, the conversation has largely missed a pivotal audience: owners and operators of LLCs and small businesses. These groups, despite being at the heart of the Act's purview, have received little guidance or clarity on the changes ahead. With the CTA's effective date of January 1, 2024, rapidly approaching, the need for understanding and preparation has never been more pressing. In this episode, we dive deep into the CTA's impact on LLCs and small enterprises.
2023-11-1328 minBig Picture Retirement®This Is Why You PAY YOUR ADVISOR!In this episode, we open the phone lines and talk directly with our listeners to answer their burning questions. Kristen from California is at a crossroads post-retirement. At 61, she's contemplating drawing from her Social Security benefits but is held back by the perplexing windfall provision. Dive in as we shed light on its legislative history and the possible shift to the Public Servant Fairness Formula. Blair in Florida, a proud dual citizen of Canada and the U.S., kicks off his call with some heartwarming appreciation for hosts John and Devin. Then he brings out a...
2023-11-0729 minBig Picture Retirement®The Surprisingly Hardest Part of RetirementFor countless retirees, the greatest challenge isn't saving money, but spending it. After years of diligent saving, the transition to drawing down those hard-earned funds can be fraught with anxiety and uncertainty. But what if there was a way to ease this tension? In this episode, we explore the often unexpected emotional hurdles of retirement spending and reveal the antidote: a well-defined plan. With the right roadmap, retirees can grant themselves permission to spend, savoring the fruits of their labor with the confidence that their financial future remains secure. Join us as we share real-life stories of this struggle...
2023-10-3036 minBig Picture Retirement®Straight From Our Inbox: Listener Voicemails and moreIn today's episode, Devin and John answer a few questions from listener's voicemails! Join us as we dissect these questions, providing you with actionable insights and strategies to give you clarity and confidence about your retirement. 🎙️📈👥 If you're thinking "I love the Big Picture Retirement podcast" please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the "ratings and reviews" section, tap to rate with five stars, and select "Write a Review." Then be sure to let us know what y...
2023-10-0949 minBig Picture Retirement®Is Your Advisor Worth 1%?In this episode, we dive into the real worth of a financial advisor. If they're only offering investment management or just lightly touching upon financial planning, is that 1% fee justifiable? Then Devin and John talk about the evolution of how compensation for advice has changed – from its commission-based roots to percentage-based asset management fees, and now, towards the emerging trend of flat fee charges. If you're thinking "I love the Big Picture Retirement podcast" please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Ju...
2023-10-0227 minBig Picture Retirement®LLC Protection: Myths, Realities, and Navigating Personal JudgmentsIn this episode, John dives deep into the intricacies of charging orders for LLCs. If you own an LLC, what happens when there's a personal judgment against you? How do state laws influence the level of protection? Many view LLCs as a protective measure, especially when holding valuable assets like real estate. Yet, while these structures are designed to offer a shield, are there circumstances where one's personal liabilities can affect their business assets? From understanding the foundational purpose of an LLC to discussing the nuances of outside liabilities, we tackle all these questions and more.
2023-09-2520 minBig Picture Retirement®On Air - Your Software Is Getting It WRONGIn this episode, we open the phone lines and talk directly with our listeners to answer their burning questions. Mark from Maryland starts us off, delving into the graduated progression of taxation. Devin sheds light on the historical backdrop and the ongoing challenges of the Social Security Trust Fund, underscoring the reverberations of past political decisions. Lola from Kansas grapples with the optimal timing of her Social Security benefits claim, juxtaposed against the future of her Medicare once her husband steps into retirement. Devin and John unpack the intricacies of Medicare, particularly when transitioning from an...
2023-09-2123 minBig Picture Retirement®Will Roth IRAs Become Taxable?Is it possible that Roth IRAs will be taxable in the future? Could they change the rules and start including the distributions from a Roth as part of your taxable income? If you're thinking "I love the Big Picture Retirement podcast" please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the "ratings and reviews" section, tap to rate with five stars, and select "Write a Review." Then be sure to let us know what you loved most ab...
2023-09-1819 minBig Picture Retirement®Has the IRS Ended the Step-Up Basis for Trusts?In this episode, we dive into the recent IRS revenue ruling that has the financial and estate planning communities buzzing. The possibility that trust accounts may no longer benefit from a step-up in basis has caused some panic among individuals who have used trust planning as the cornerstone of their estate plans. For decades, the step-up in basis has been a cornerstone of estate planning, allowing assets to pass on to heirs with a new cost basis set at the date of the original owner's death. But what does this new ruling mean for the future of estate transfers...
2023-09-1132 minBig Picture Retirement®Straight From Our Inbox: Listener Voicemails on Social Security and MoreIn today's episode, Devin and John answer a few questions from listener's voicemails. Here's a glimpse of what we discuss: Carol wonders if her husband can start collecting Social Security on her benefits, despite her already receiving hers. Cynthia brings a multifaceted query on government pensions, deceased spouse benefits, and the intricacies surrounding her mother's and stepfather's financial landscape. Michael seeks clarity on the Secure Act 2.0, especially regarding Qualified Charitable Distributions (QCD) and their tax implications. Clark delves into the optimal timing for claiming his Social Security benefits, while navigating the complex considerations surrounding retirement investment strategies and...
2023-09-0535 minBig Picture Retirement®Most Common Filing Age, Roth Conversions, and More In today's episode, Devin answers some of the most common questions he receives. What's the most common age to file for Social Security? Social Security Income Limit: Single or Joint Income? Full Retirement Age Increasing to 70? Spousal Benefits Calculation Can I undo a Roth Conversion? If you're thinking "I love the Big Picture Retirement podcast" please consider rating and reviewing this show! This helps me support more people -- just like you -- move toward a confident retirement. Just scroll down to the "ratings and reviews" section, tap to rate with five stars, and select "Write a Review." Then b...
2023-08-1419 minBig Picture Retirement®Should You Loan Money to Friends and Family?!Loaning money to family and friends can be seen as a generous act when they're caught in a financial crunch. However, such acts often come with a caveat - they tend to ruin relationships. If you're diligent about saving money, it's probable that your friends and family members will be aware of this fact, even if your lifestyle isn't extravagant. Consequently, you may find yourself being viewed as a potential provider of funds for others' financial emergencies or poor financial planning. In this episode, we'll guide you on navigating these tricky discussions and share our insights drawn from objectively...
2023-07-3152 minBig Picture Retirement®Retirement Reality Check: Should YOU Be Worried?Description: In this episode we dive into a recent eye-opening report from the Center for Retirement Research. The data reveals a surprising disconnect: while a significant number of pre-retirees remain nonchalant about their retirement, their current savings are far from adequate to support their post-retirement lifestyle. As anxiety and fear disorders are soaring to all-time highs, it's perplexing that the future uncertainty of retirement isn't triggering more concern. Could this be a symptom of avoidance? Join us as we unpack these findings and offer actionable insights to help you on the road to a worry-free retirement
2023-07-1727 minBig Picture Retirement®Unmasking the IUL Sales Pitch with Andy PankoIn this episode we tackle the topic of Indexed Universal Life Insurance (IUL), a product often peddled by salespeople as the ultimate retirement solution. However, is all as it seems? We're delighted to welcome guest expert Andy Panko of Tenon Financial and host of the Retirement Planning Education podcast. Together, we dissect the IUL strategy, shedding light on the hidden truths and outright falsehoods often used in selling these products. Join us as we debunk myths, clarify complexities, and equip you with the knowledge to make informed decisions. Visit Andy's firm at https://tenonfinancial.com/, listen to h...
2023-07-1044 minBig Picture Retirement®The 5 Surprise Retirement ExpensesRetirement is often seen as a time of financial stability, but for many people, it can come with several surprises. Here are five retirement surprises you should be aware of, along with examples of how they can impact your retirement strategy. If you're thinking "I love the Big Picture Retirement podcast" please consider rating and reviewing this show! This helps me support more people -- just like you -- move toward a confident retirement. Just scroll down to the "ratings and reviews" section, tap to rate with five stars, and select "Write a Review." Then be sure...
2023-06-1930 minBig Picture Retirement®Inheritance Missteps: Navigating Trusts and ChildrenIn this episode, John and Devin dive into some of the nuances of inheritance planning, particularly when it comes to setting up trusts for children. As is the case with most important things, there are lots of hidden "gotchas" that can have unintended consequences. If you're thinking "I love the Big Picture Retirement podcast" please consider rating and reviewing this show! This helps me support more people -- just like you -- move toward a confident retirement. Just scroll down to the "ratings and reviews" section, tap to rate with five stars, and select "Write a Review."...
2023-06-1226 minBig Picture Retirement®Lessons Learned from a Heart AttackDevin shares a personal story of how technology and a professional's inability to interpret the output of that technology led to financial and psychological consequences. The experience was as eye-opening as it was terrifying and taught Devin a valuable lesson about the importance of second opinions and the limitations of relying solely on technology or established routines. Devin's story doesn't stop at the medical mishap. Drawing parallels with the financial advisory industry, he discusses his dissatisfaction with financial advisors who are heavily reliant on software and fail to understand the nuances of the data output. He raises...
2023-06-0536 minBig Picture Retirement®4 Things Singles Should Know About Filing for Social SecurityNavigating the Social Security filing process as a single individual can be a daunting task. The considerations you need to make differ from those of married couples. In this episode, we aim to simplify this process and provide you with the essential information you need before filing for Social Security. Reasources mentioned in this episode: SSI Blog: Survivors' Benefits: Exceptions to the Marriage Length Requirement - https://www.socialsecurityintelligence.com/survivors-benefits-exceptions-to-the-marriage-length-requirement/ Retirement Budget Calculator - https://www.carrolladvisory.com/retirement-budget/ Break Even Calculator - https://www.socialsecurityintelligence.com/calculators/social-security-break-even-calculator/
2023-05-3127 minBig Picture Retirement®Direct Indexing: Revolutionizing Investment Strategies or Just Hype?In this week's episode of the Big Picture Retirement podcast, we dive deep into the world of Direct Indexing. As a fairly new approach in the investment ecosystem, it promises tailored portfolio customization and potentential tax optimization. But are these benefits worth the potential pitfalls and complexities? Today Devin is joined by Alec and Alexander, two members of the advisory staff at Carroll Advisory group to discuss the ins and outs, the pros and cons, and whether this new investment strategy fits into your retirement plan. Tune in to make sure you're not missing out on the next big...
2023-05-2326 minBig Picture Retirement®The Optimal Retirement Withdrawal Strategy The sequence that you use to withdraw your money in retirement can make a massive difference in the amount of taxes you pay AND how long your money lasts. In today's episode, we're talking about an alternate way to think about taking withdrawals that very few people are talking about. If you're thinking about retiring, or you've just retired, you're going to be glad you listened to this episode. If you're thinking "I love the Big Picture Retirement podcast" please consider rating and reviewing this show! This helps me support more people -- just like you -- move toward...
2023-05-1521 minBig Picture Retirement®3 Reasons for Roth ConversionsRoth conversions have become a trending topic, and for good reason. After paying taxes throughout one's life, it's desirable to strategically reduce taxes during retirement, if feasible. Nevertheless, the viability of a Roth conversion depends on individual circumstances, and after reviewing hundreds of Roth conversion plans, we've observed three primary reasons why a Roth conversion may be beneficial. In this episode, we'll explore each of these reasons. If you're thinking "I love the Big Picture Retirement podcast" please consider rating and reviewing this show! This helps me support more people -- just like you -- move toward...
2023-05-0826 minBig Picture Retirement®How Divorce Attorneys Miss the Big PictureWhile divorce may mark the end of a marriage, it is also a critical juncture in a person's financial and estate planning, as it can significantly impact their future wealth, retirement, and inheritance. In this context, divorce attorneys who fail to consider the bigger picture of estate and financial planning may unwittingly leave their clients vulnerable to financial pitfalls and missed opportunities. If you're thinking "I love the Big Picture Retirement podcast" please consider rating and reviewing this show! This helps me support more people -- just like you -- move toward a confident retirement. Just scroll d...
2023-05-0128 minBig Picture Retirement®The 5 Phases of Saving for RetirementSaving for retirement is a lifelong process that unfolds through various stages. While the steps may differ based on individual circumstances, a general framework can be outlined. Each stage requires a different approach to ensure a secure and comfortable retirement. If you're thinking "I love the Big Picture Retirement podcast" please consider rating and reviewing this show! This helps me support more people -- just like you -- move toward a confident retirement. Just scroll down to the "ratings and reviews" section, tap to rate with five stars, and select "Write a Review." Then be sure to...
2023-04-2431 minBig Picture Retirement®Reverse Mortgages- Understanding the Pros and Cons"Is a reverse mortgage a good idea? It could be but there are certainly some pros and cons to think about before signing those papers. In today's episode, we break down what you should know." If you're thinking "I love the Big Picture Retirement podcast" please consider rating and reviewing this show! This helps me support more people -- just like you -- move toward a confident retirement. Just scroll down to the "ratings and reviews" section, tap to rate with five stars, and select "Write a Review." Then be sure to let us know what you...
2023-04-0340 minBig Picture Retirement®Are Your Investment Accounts Safe?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" please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to...
2023-03-2044 minBig Picture Retirement®The IRS Dirty DozenEvery 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 Picture Retirement podcast" please consider rating and reviewing this show! This helps me support more people -- just like you -- move toward a confident retirement. Just scroll down to the "...
2023-03-0647 minBig Picture Retirement®The 4 Challenges Of RetirementFor 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 support more people -- just like you -- move toward a confident retirement. Just scroll down to the "ratings and reviews" section, tap to rate with five stars, and select "Write a Review." Then...
2023-02-2042 minBig Picture Retirement®Can ChatGPT Replace Your Lawyer (or other professional advisor)?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 -- just like you -- move toward a confident retirement. Just scroll down to the "ratings and reviews" section, tap to rate with five stars, and select "Write a Review." T...
2023-02-1336 minBig Picture Retirement®Listener Voicemails - Answering More Social Security QuestionsAnswering 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 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/
2023-02-0626 minBig Picture Retirement®Finding the Right Tax AdvisorFinding 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 Tax Podcast. Want to ask Devin or John your question? Just visit h...
2023-01-3031 minBig Picture Retirement®Should You Own An Airbnb for Retirement Income?Airbnb 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 right property And most importantly...what revenue is possible? See Karen's listings at https...
2022-09-061h 03Big Picture Retirement®The Fine Print of Beneficiary DesignationsBeneficiary 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 cutting out -Leaving a trust as the beneficiary can be the perfect solution o...
2022-08-1236 min
The Devin Carroll ShowHow Do I Calculate Future Benefits For Years Not Shown On My Statement?The Devin Carroll Show is a caller-driven show that helps you simplify the complicated Social Security rules so you can get every dollar in benefits you deserve. If you want to ask Devin your question, we record every Thursday at 12:00 Central. The number is 903-400-4848. We also welcome your emails at askdevin@devincarroll.com
On today's show, we talk to Edward in Florida, Peter in California, Doug in Alabama, and a couple more callers who have great questions in regards to Social Security strategies.
Get a customized Social Security filing plan. Start with a...
2022-02-1039 minThe Devin Carroll ShowDoes Filing At 62 Make Sense?Welcome to the Devin Carroll Show! On today's show, we talk to Jonna, who wants to know if filing at 62 is right for her. Then, Jim has a problem with how the Administration calculates the GPO, and Jerry wants to know if missed benefits are eventually added back to that benefit (in his case, there is a twist) Plus a few other great calls!
Want to be on the show with Devin? We record every Thursday at 12:00 central. The call-in number is:
903-400-4848.
Get a customized Social Security filing plan.
...
2022-01-3121 min
Big Picture Retirement®Does Your Debt Die When You Do?Devin 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 this, folks who have spent too much...
2017-10-0929 min
Big Picture Retirement®Why Women Need Better Financial Advice with Russ ThorntonWomen 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: where are you financially? This includes investments, expenses, insurance coverage, estate plans, taxes, and everything else.
2017-08-0724 min
Big Picture Retirement®Veterans - Are you getting ALL your benefits?Many 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-service connected disability benefits.
Retirement benefits are earned through career of military service, generally more than 20 years. Retirement benefits include li...
2017-07-3135 min
Big Picture Retirement®Who To Talk To At Your Social Security OfficeSocial 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 http://www.bigpictureretirement.net/about/devin-carroll
2017-06-2627 min
Big Picture Retirement®The Basics of Social Security that EVERYONE Should Know, Part 1Part 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
2017-04-2428 min
Big Picture Retirement®Introductory Episode of Big Picture Retirement ShowWhat is Big Picture Retirement? Hosts Devin Carroll and John Ross, both professionals in the financial industry, launch this new show to help those about to retire or are already retired. For more about us or information about this show, visit http://bigpictureretirement.net
2017-01-0120 min