Episode Overview
Year-end planning doesn't have to become a giant project. Roger walks through the key items every retiree should put eyes on before December 31st -- not to do everything, but to avoid the unforced errors that sneak up on you. He also takes listener questions on coordinating Social Security survivor benefits, weighing a teacher pension lump sum against a higher annual payment, what happens to capital losses when there are no gains to offset, and how to build enough confidence to actually pull the trigger on retirement.
Outline Of This Episode Of The Retirement Answer Man
- (00:00) Year-end planning is about avoiding unforced errors -- not turning the checklist into a project
- (00:42) Rock Retirement Club open enrollment runs October 15-21 -- rockretirementclub.com
- (01:40) October theme in the club: year-end planning
PRACTICAL PLANNING SEGMENT
- (03:35) Life check: pull up your 2027 plan of record and ask what's changed
- (05:01) What spending ideas are floating around that aren't in the plan yet?
- (06:00) Re-check your retirement paycheck: is your contingency fund and income reserve where it needs to be?
- (08:24) Tax-related action items
- (16:18) Deadline-driven items: required minimum distributions
- (17:15) Annual gifting limits ($19,000 per person in 2026)
- (17:45) Charitable giving strategies: cash, appreciated assets, and qualified charitable distributions for those 70.5+
- (18:42) ACA subsidies: if your income changed this year, now is the time to check -- not at tax time
- (20:38) ACA and Medicare open enrollment
LISTENER QUESTIONS
- (22:49) Jim asks about coordinating spousal and survivor Social Security benefits
- (25:09) Brian asks whether to take a teacher pension lump sum or a higher annual pension
- (29:19) Rose asks what happens to capital losses when there are no gains to offset
- (32:36) Bacher asks how to assess confidence in being financially ready to retire
SMART SPRINT
- (41:29) In the next seven days, run through a year-end checklist -- just to put eyes on things. You may not have to do anything, but you'll be glad you looked.
ROCKIN' RETIREMENT IN THE WILD
- (42:26) Roger just got back from his annual golf trip to Traverse City -- a good reminder of why investing in friendships is worth it
REFERENCES
What is Retirement Answer Man?
A top retirement podcast. Roger Whitney, CFP®, CIMA®, CPWA®, RMA, guides you on how to actually do retirement well financially and personally. This retirement podcast isn't afraid to talk about the softer side of retirement. It will teach you how to retire with confidence. Two-time PLUTUS winner for best retirement podcast / blog and the 2019 winner for best financial planner blog. This retirement podcast covers how to create a paycheck, medicare, healthcare, Social Security, tax management in retirement as well as retirement travel and other non-financial issues you'll need to address to rock retirement. Retirement isn’t an age OR a financial number. It’s finding that balance between living well today and feeling confident about your retirement. It’s about gaining more freedom to pursue the life you want. Join the rock retirement community at www.rogerwhitney.com