I retired at age 48, so I am in my lates 50s. Many of them resisted me because they couldn't understand the idea of not working if it wasn't necessary. I considered the phases of my life. I worked very hard to achieve what I have now, but in my last years, I owe it to myself to "stop and smell the roses." In my instance, I departed the nation after retiring and currently reside in Latin America. It made it possible for me to appreciate my new surroundings while escaping all the bad things that were going on in America. Nobody that I know of regrets retiring has yet to come to me.
Nice way to retire. For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement fund has grown way more than it would have with just the 401(k). Haha.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than a million dollars by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
Rob, thank you for bringing Andy onto your show. I learned a lot from him and you both. Thank you for answering my question about bond fund allocation. Andy, thank you for taking time out for this show. You shared a lot of great facts and insights that we all need to know.
THX so much Bret 🍻 …you have a great memory!! Closed on sale of company 8/01 and winding it down…having fun and stress going away quickly…working on financial planning. Another great scenic video! Look forward to seeing your next big adventure 👀. Cheers!
Why US ROTH has such weird rule, our TFSA is like your ROTH, once we contributed allowable amount into the account, we can withdraw anytime without paying tax, you get the room back next calendar year. We just can’t be actively trade stocks in our TFSA account. Very simple.🇨🇦
It’s crazy amount of time & resources Americans have to dedicate to plan& deal with their health care. It’s shocking for a Canadian why your citizens don’t demand universal healthcare.
Roth conversions and Social Security are always hot topics that everyone has different opinions on and wants to solve. The problem is that they can't be readily solved until the future reveals itself (death, tax rates, etc.).
Great answer on Bonds. Too many people are too conservative and too over allocated to fixed income. Not taking risk by investing in the SP500 in retirement results in people running out of wealth to deal with an uncertain future. A financial advisor needs to tell people there risk tolerance does not matter. What only matters is the numbers.
(I prefer the previous mic sound but whatever works for you and makes you happy works for me!) I was confused by the capital gains on house/appraisal discussion. I was glad to learn that a retroactive appraisal could be done. That is great information. But I did not understand why it would not be worthwhile to get an appraisal at death if you sell the home soon after spouse death. It seems like that timeframe is not what matters. The timeframe that matters is how long has the couple owned the house. Don't you need the appraisal for the date of death of the spouse for the IRS or can you just guess a ballpark number. The timing of the house sale seems irrelevant to me. If my parents owned the home for 30 years and my dad dies doesn't my mom need to get an appraisal to substantiate her step up in basis for half the property from dad? Then if she sells the house 5 years after my dad died she can use her half of original basis plus half of my dad's stepped up basis to get to the new basis. It seems like the 30 years of appreciation would be very relevant step up in basis. Anyway, perhaps I misunderstood the explanation. Even if the home were sold a month after dad dies there would still be a substantial benefit for my mom to get that step up in basis to her 30 year old basis. To me, what really matters is how long and how much appreciation since the married couple purchased to the date of death of one spouse. However, I may be totally confused and misunderstood! Thanks Rob and Andy!!
I had an old sep-IRA I rolled into my current 401k. Both in fidelity and they had the hardest time handling it internally but thought they sorted it out. 2 weeks later I start getting checks in the mail and had to do it manually 😕 it was nerv racking mostly because they didn't give a fixed number of days it would take and still botched it
As far as a beneficiary HSA, since it’s the money of the deceased after all, it would seem logical and right for using this money for the owners burial too. It should be available for his health at the end and his end of life preparations in general. My guess is it isn’t and probably so due to the life insurance lobby, but that seems like a legitimate expense.
We got a retroactive appraisal for my dad to sell house 3+ years after my mom passed away. It’s easy to do and costs same as any appraisal. They are easy to do they assess current property state and then go find actuals from comparable sales within 1-3 months of the spouses death. Their house had significantly appreciated from. Purchase 25 years earlier. So that saved a lot of long term capital gains tax when my dad sold to move into independent living community
If you are enrolled in Medicare, it's going to be very hard, maybe impossible, to be allowed to contribute to an HSA, let alone open one. There's probably more to it than I can explain, but the net result is that most people have to stop contributing to to their HSA when they enroll in Medicare, usually at age 65. If you are not enrolled in Medicare yet, this would be a great opportunity to look into getting a supplement plan instead of an Advantage plan (supplement likely costs more but the coverage is much better than Advantage, so supplement would be a good choice if you anticipate high costs in the near future), which would be an option available in the first-year-only after starting Medicare. Most people will have started Medicare at 65, and if enrolled in Advantage ((essentially, leaving Medicare for private insurance), switching back to original Medicare at age 78 would require insurance underwriting. Not impossible, but necessary. Check out Ed Weir (former SSA/Medicare administrator) on his YT channel for more details.
Rob, the number of ads on this stream were entirely disproportionate. Stopped watching because of the incessant interruptions. One data point to consider.
![Six Hundred Strike [EPIC: The Musical] Full Animatic](http://i.ytimg.com/vi/zov6NXIAuow/mqdefault.jpg)
Two of my favorite RUclips financial guys on the same show at the same time.....heaven. Love ya Rob and Andy.
Andy Panko is great. Very reasonable and knowledgeable. I like his Facebook group.
Great livestream. Please have Andy back on the show!
Thanks for having flat fee nerdy Andy on your show! ❤ his FB group as well.
I retired at age 48, so I am in my lates 50s. Many of them resisted me because they couldn't understand the idea of not working if it wasn't necessary. I considered the phases of my life. I worked very hard to achieve what I have now, but in my last years, I owe it to myself to "stop and smell the roses." In my instance, I departed the nation after retiring and currently reside in Latin America. It made it possible for me to appreciate my new surroundings while escaping all the bad things that were going on in America. Nobody that I know of regrets retiring has yet to come to me.
Nice way to retire. For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement fund has grown way more than it would have with just the 401(k). Haha.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than a million dollars by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
Exactly
I just Googled her name and her website came up right away. It looks interesting so far. I sent her an email and i hope she responds soon. Thanks
What a great discussion! I never heard of Andy before today but this was very informative. Thanks Rob!
To my surprise, it was nice to see this as I'm subscribed to both of your channels so this is a big WIN! Thanks guys.
Rob & Andy, thank you....loved the show. You two made a great team.
Rob, thank you for bringing Andy onto your show. I learned a lot from him and you both. Thank you for answering my question about bond fund allocation. Andy, thank you for taking time out for this show. You shared a lot of great facts and insights that we all need to know.
Two of the best non-biased folks to listen to concerning retirement advice! I enjoyed and learned from this.
FANTASTIC Rob and Andy! That was awesome!
THX so much Bret 🍻 …you have a great memory!! Closed on sale of company 8/01 and winding it down…having fun and stress going away quickly…working on financial planning. Another great scenic video! Look forward to seeing your next big adventure 👀. Cheers!
Thanks to you both. Great information!
When my mother passed she had a bunch of medical expenses I told them to pound sand. They did.
My mother when she died, had a hospital bill for like $900 bucks no HSA. I kept getting the bills. I told them the same thing😂
Why US ROTH has such weird rule, our TFSA is like your ROTH, once we contributed allowable amount into the account, we can withdraw anytime without paying tax, you get the room back next calendar year. We just can’t be actively trade stocks in our TFSA account. Very simple.🇨🇦
It’s crazy amount of time & resources Americans have to dedicate to plan& deal with their health care. It’s shocking for a Canadian why your citizens don’t demand universal healthcare.
This was great. Thank you to both of you.
I don’t know about Panko’s retirement advice, but I really like his breadcrumbs!
Like always, I enjoyed your show.
Rob. I LOVED the ROM comic books back when I was a kid. I've always thought it was cool you had that.
Two smart guys. BTW, I prefer Lincoln logs
I just started The Wire last week!
Roth conversions and Social Security are always hot topics that everyone has different opinions on and wants to solve. The problem is that they can't be readily solved until the future reveals itself (death, tax rates, etc.).
Great answer on Bonds. Too many people are too conservative and too over allocated to fixed income. Not taking risk by investing in the SP500 in retirement results in people running out of wealth to deal with an uncertain future. A financial advisor needs to tell people there risk tolerance does not matter. What only matters is the numbers.
(I prefer the previous mic sound but whatever works for you and makes you happy works for me!) I was confused by the capital gains on house/appraisal discussion. I was glad to learn that a retroactive appraisal could be done. That is great information. But I did not understand why it would not be worthwhile to get an appraisal at death if you sell the home soon after spouse death. It seems like that timeframe is not what matters. The timeframe that matters is how long has the couple owned the house. Don't you need the appraisal for the date of death of the spouse for the IRS or can you just guess a ballpark number. The timing of the house sale seems irrelevant to me. If my parents owned the home for 30 years and my dad dies doesn't my mom need to get an appraisal to substantiate her step up in basis for half the property from dad? Then if she sells the house 5 years after my dad died she can use her half of original basis plus half of my dad's stepped up basis to get to the new basis. It seems like the 30 years of appreciation would be very relevant step up in basis. Anyway, perhaps I misunderstood the explanation. Even if the home were sold a month after dad dies there would still be a substantial benefit for my mom to get that step up in basis to her 30 year old basis. To me, what really matters is how long and how much appreciation since the married couple purchased to the date of death of one spouse. However, I may be totally confused and misunderstood! Thanks Rob and Andy!!
Heck yeah, The Wire and Dexter are both masterpieces
I had an old sep-IRA I rolled into my current 401k. Both in fidelity and they had the hardest time handling it internally but thought they sorted it out. 2 weeks later I start getting checks in the mail and had to do it manually 😕 it was nerv racking mostly because they didn't give a fixed number of days it would take and still botched it
For the 401k rollover question. Is there an option for an in kind 401k rollover?
As far as a beneficiary HSA, since it’s the money of the deceased after all, it would seem logical and right for using this money for the owners burial too. It should be available for his health at the end and his end of life preparations in general. My guess is it isn’t and probably so due to the life insurance lobby, but that seems like a legitimate expense.
5-
We got a retroactive appraisal for my dad to sell house 3+ years after my mom passed away. It’s easy to do and costs same as any appraisal. They are easy to do they assess current property state and then go find actuals from comparable sales within 1-3 months of the spouses death. Their house had significantly appreciated from. Purchase 25 years earlier. So that saved a lot of long term capital gains tax when my dad sold to move into independent living community
Andy gave great advice sounds simple stupid kinda like Mark Zoril. But a fraction of the cost no AUM.
@andypanko Just discovered ATE - love them!
Question: I am 78 years old, does it make any sense for me to open an HSA. I anticipate high medical expanses in 2 to 5 years.
If you are enrolled in Medicare, it's going to be very hard, maybe impossible, to be allowed to contribute to an HSA, let alone open one. There's probably more to it than I can explain, but the net result is that most people have to stop contributing to to their HSA when they enroll in Medicare, usually at age 65. If you are not enrolled in Medicare yet, this would be a great opportunity to look into getting a supplement plan instead of an Advantage plan (supplement likely costs more but the coverage is much better than Advantage, so supplement would be a good choice if you anticipate high costs in the near future), which would be an option available in the first-year-only after starting Medicare. Most people will have started Medicare at 65, and if enrolled in Advantage ((essentially, leaving Medicare for private insurance), switching back to original Medicare at age 78 would require insurance underwriting. Not impossible, but necessary. Check out Ed Weir (former SSA/Medicare administrator) on his YT channel for more details.
Once you're covered by any part of Medicare, you cannot contribute to an HSA.
If you're enrolled in Medicare, you're not eligible for an HSA.
Are you part of a high-deductible healthcare plan at this time? My understanding is that is mandatory in order for you to start an HSA.
Flat fee advisor, regardless of assets. Dude has positioned himself with a zero volatility income. Well played
🤘
Rob, the number of ads on this stream were entirely disproportionate. Stopped watching because of the incessant interruptions. One data point to consider.
🫡🍺
surprised that was the best thumbnail picture you could come up with? Both looked dumbfounded or bored. Otherwise good discussion.
When Andy didn't know that donation is limited to basis when held for short year, and he was hesitant to agree, credibility lost for me
This guy is not made for podcast… Rob great job trying to make this interesting.