Andy chats with fellow retirement planner Jamie Lima, CFP®, CDFA from Woodson Wealth Management and Allegiant Divorce Solutions. In this episode they talk about a wide array of retirement planning topics such as tax planning, distribution strategies, investing, annuities, long-term care insurance, how to know when people have enough to retire, what consumers often overlook in retirement planning and much more! Also, Jamie interjects his experience and knowledge around divorce-related matters in the retirement and financial planning processes.

Links in this episode:

• Jamie's advisory company website - Woodson Wealth Management
• Jamie's divorce planning company website - Allegiant Divorce Solution
• Jamie's podcast - Broke Up, Not Broke(n)
• FINRA's BrokerCheck - here

To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

• Tenon Financial monthly e-newsletter - Retirement Planning Insights
• Facebook group - Retirement Planning Education (formerly Taxes in Retirement)
• YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)
• Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy talks about the basics of what to know regarding taxes and tax planning in retirement. Topics discussed include:

• What sources of income are taxable vs non-taxable
• Required Minimum Distributions ("RMDs") from both your own accounts and inherited accounts
• How to pay taxes in retirement: withholdings vs making estimated payments
• Gifting tax-efficiently
• Making charitable donations tax-efficiently
• Overview of common long-term tax planning strategies:
  • Delaying Social Security and distributing from pre-tax accounts in the interim
  • Roth conversions
  • Tax loss and tax gain harvesting
  • Asset "location" of which investments to hold in which account types

To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Links in this episode:

• The Rock Retirement Club - here

• My company newsletter - Retirement Planning Insights
• Facebook group - Retirement Planning Education (formerly Taxes in Retirement)
• YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)
• Retirement Planning Education website - www.RetirementPlanningEducation.com

Special edition episode in which Andy shares his views on whether the below 12 rules of thumb are accurate or not:

1. You should always contribute at least enough to your employer plan (like a 401(k)) to get the full employer match
2. You shouldn't help your kids pay for college if it means shorting your own financial security in retirement
3. You need at least $X million (where $X can be whatever amount someone wants to say) of savings to retire
4. In retirement, expect to need 80% of whatever your pre-retirement income was each year
5. The 4% "rule" is a good tool for determining how much of a portfolio someone can distribution each year in retirement
6. Your target stock allocation percentage should be 100 minus your age
7. You should pay off your mortgage before retiring
8. The rule of 72 is a good tool to tell how long it will take to double your investment
9. You should have an emergency fund of cash equal to three to six months of expenses
10. Permanent life insurance should be avoided; only use term life insurance
11. The owner of a large investment advisory firm says, "I hate annuities and you should too"
12. That same person also says of his firm, "we do better when you do better"

To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Links in this episode:

• My podcast about the 4% "rule" - here

• My company newsletter - Retirement Planning Insights
• Facebook group - Retirement Planning Education (formerly Taxes in Retirement)
• YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)
• Retirement Planning Education website - www.RetirementPlanningEducation.com