Big Picture Retirement

Flat-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.

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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 resortin...

Description: 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 e...

In 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...

In 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 flu...

Ever 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...

We’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 particul...

In 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 b...

Taxing 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...

The calculation the IRS uses to determine how you pay taxes on retirement income creates this danger zone where taxes can be SIGNIFICANTLY amplified. And if you fall into this danger zone, you could pay a MUCH higher tax rate on some of your retirement income. In this encore episode, we talk about how you can avoid the pitfall of paying way too much in taxes on that income.

Although this show does not provide specific ...

How about this for a New Year's resolution - PROTECT YOUR ASSETS! In today's show, we bring back one of our most downloaded episodes where John covered the details on what to do with your personal property that could be exposed to creditors and ambulance-chasing attorneys. 

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...

In today's encore episode, we're talking about how to avoid the six most common Social Security mistakes. Some of these mistakes can be easily corrected. However, others can result in long-term or even permanent damage. 

In today's episode, John and I talk about:

• Small missteps that cause overpayment notices
• Miscalculating spousal and survivor benefits
• Avoidable earning’s record errors
• The Social Security tax bomb
• Relying on t...

Another special encore episode just in time for year end. Managing taxes in retirement may have a greater impact than any other single cost-saving measure you take. Today, we're replaying our epsiode with Andy Panko for a discussion into tax loss harvesting, and one that doesn't get a lot of attention...tax GAIN harvesting. 

Visit Andy's Facebook group Taxes In Retirement https://www.facebook.com/groups/495122561395942 

Listen to A...

Today 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 pro...

Today we're bringing back one of our most downloaded episodes: The Three Reasons for Roth Conversions. 

We released this back in May of 2023 and it’s already shot up to be one of the most listened-to episodes we’ve ever recorded. That’s really no surprise because Roth conversions have become a hot topic, and for good reason too. After paying taxes for all the years you’ve worked, who doesn’t want to try to...

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...

In 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 c...

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 Fairne...

For 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 ...