When an Annuity Makes Sense: A Real-Life Example with Andy Panko, #232
Retire With Ryan
How can an annuity help you secure income in retirement? Annuities often come with a reputation for being complicated, expensive, and overhyped—but they aren’t one-size-fits-all. The truth is, while they’re not the best solution for everyone, there are situations where they can provide the guaranteed monthly income some retirees need. In this episode, I’m joined by Andy Panko, CFP®, RICP®, EA, and President of Tenon Financial. Together, we’ll cut through the confusion and explore when an annuity might actually be the right fit for your retirement strategy. You will want to...
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Are Donor-Advised Funds A Smart Tax Move? Ep #231
Retire With Ryan
Last year, Americans donated $558 million to charities. 69% of those donations come from individuals. They also donated 4.1 billion hours to charities. If you are someone making a donation to a charity, you need to know how they can help you reduce your taxes. One way to do that is through a donor-advised fund. What is a donor-advised fund? How does it work? Should you consider using one for charitable giving? I’ll cover the details in this episode. You will want to hear this episode if you are interested in... [1:39] Sign up for my newsletter at RetireWithRyan.com...
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11 Potential Tax Changes Under A Trump White House, #230
Retire With Ryan
What could a Trump White House and Republican-controlled Congress mean for your finances? In this episode, we break down the potential tax changes—from individual tax brackets to business deductions and state taxes—that could impact your bottom line. Tune in to understand the areas with low, moderate, and high potential for change and what steps you should consider if you live in a high-tax state. You will want to hear this episode if you are interested in... [1:19] Sign up for my weekly newsletter [2:28] Area of low potential for changes [4:25] Area of moderate potential for...
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Mistakes To Avoid During Medicare Open Enrollment with Danielle Roberts, #229
Retire With Ryan
How does Medicare Open Enrollment work? Do you need a supplement plan? How do you choose between a Medigap or Medicare Advantage plan? Navigating these questions can be overwhelming. That’s why Danielle Roberts—co-founder of and the author of “10 Costly Medicare Mistakes You Can't Afford to Make”—joins me in this episode to help you avoid common pitfalls during Medicare Open Enrollment. You will want to hear this episode if you are interested in... [1:42] How Medicare open enrollment works [3:45] Do you need a supplemental plan? [5:13] How CMS changes impact plans...
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2025 Medicare IRMAA Surcharge Updates, #228
Retire With Ryan
On November 8th, 2024, Medicare announced that in 2025, Medicare Part B will cost $185 per month per person—an increase of about $10.30 from 2024. Keep in mind, if your income is above a certain point, you’ll have to pay an “Income-Related Monthly Adjusted Amount,” or “IRMAA” tax. Is there a way to avoid paying the IRMAA surcharge? I share some strategies in this episode of Retire with Ryan. You will want to hear this episode if you are interested in... [1:25] How to get a FREE copy of “10 Costly Medicare Mistakes” [2:20] The cost of Medicare Parts A, B, and D in 2025...
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5 Overlooked Tax Benefits of 529 Plans, #227
Retire With Ryan
In this episode, we’re diving into the often-overlooked tax benefits of 529 plans. Most people know that 529 plans can help cover college expenses, but there are other valuable perks beyond just tuition savings. From paying down student loans to making the most of tax deferral advantages, this episode breaks down five key tax benefits you may not be aware of. Let me help you maximize the potential of your 529 plan. You will want to hear this episode if you are interested in... [1:39] What are 529 plans? [3:04] Repaying student loans [4:14] Covering K-12 expenses [5:20] Tax...
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Do Small-Cap Stocks Offer Greater Growth Potential Than Large-Cap Stocks? #226
Retire With Ryan
The S&P 500 is having another stellar year, yet small-cap stocks—representing the smallest publicly traded companies in the United States—haven't performed as well. While this might seem like a downside, it can also present unique opportunities for investors. In this episode, we’ll dive into the pros and cons of investing in small-cap stocks, the potential growth they offer, and how you can get started. You will want to hear this episode if you are interested in... [0:51] Should you consider investing in small-caps? [1:59] What are small-cap stocks? [3:28] Pros and cons...
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Will the Outcome of the Presidential Election Impact the Stock Market? #225
Retire With Ryan
The 2024 election is just days away, and soon you'll have your final chance to cast your vote. With so much at stake, many are anxious about how the markets might respond based on who takes the White House. In this episode of Retire with Ryan, I’ll dive into what we could expect from a Trump or Harris presidency—and explain why, no matter the outcome, it shouldn't drastically change your investment strategy. You will want to hear this episode if you are interested in... [2:37] The state of the Presidential election [6:00] How the stock market is impacted [6:50] How will a Harris...
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7 Ways to Keep Your Estate from Landing in Probate, #224
Retire With Ryan
In some states, probate is avoidable. However, in many states, you can avoid having your estate go through the probate process. I recently went through the probate process when my grandfather passed away and I helped my father settle his estate. It is far easier for your family to settle your estate once you’re gone if it doesn’t go through probate. So, in this episode, I’ll cover 7 things you can do to keep your estate from landing in probate. You will want to hear this episode if you are interested in... [1:57] Settling my grandfather’s estate [4:06] Tip #1: Give...
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7 Steps To Protect Your Schwab Accounts From Hackers, #223
Retire With Ryan
Protecting your finances from hackers is more critical than ever. Cybercriminals are getting more sophisticated, accessing sensitive information like social security numbers and attempting to steal directly from financial accounts. I recently experienced this firsthand when someone impersonated one of my clients. The fraudster knew my client’s social security number and tried to withdraw funds under the guise of an emergency. Fortunately, we were suspicious and confirmed the scam before any money was lost. This encounter highlights the importance of being proactive about securing your...
info_outlineOne of my favorite ways to save for retirement is through a Health Savings Account (HSA). Too many people overlook a health savings account as a great way to save for retirement and healthcare costs. So how do you get the most bang for your buck out of your HSA? I share some simple strategies that very few people employ in this episode.
Disclaimer: I don’t work for Fidelity and they do not compensate me for my reviews. I simply believe it’s a great option for my clients.
You will want to hear this episode if you are interested in...
- [2:14] What is an HSA?
- [4:03] The tax benefits of an HSA
- [4:59] Why put money into an HSA
- [9:17] The bucket approach with HSAs
- [10:23] How to grow your HSA
- [13:48] Action steps
The benefits of an HSA
HSA plans are considered a triple-tax-free retirement account. When you contribute money to the plan, you get a tax deduction on the contributions (reducing your taxable income). The money in the HSA can be invested and grow tax-free. When you take the money out to use it for qualified expenses, it’s tax-free. No other retirement account gives you this benefit.
Let’s assume your HSA is offered through your employer. A good HSA is one that allows you to buy individual stocks and bonds or mutual funds at a low cost. If they don’t offer this, you may want to move to another HSA provider. Outside of employer-sponsored HSAs, my favorite provider is Fidelity.
If you’re just getting started and you’re not ready to invest the money (it’s being saved for healthcare expenses) you want to at least be earning interest. If you don’t choose the stocks, bonds, or mutual funds you want to invest in, your money is automatically swept into a money market option (with rates around 4.5%).
How to grow your HSA
In 2024, a single person can contribute $4,150 to an HSA. If you’re eligible for a family HSA, your limit is $8,300. If you’re over 55, there’s a $1,000 catch-up allowance per year. I would max out your HSA every year and prioritize it beyond your 401K.
You want to let the money grow so that you’re only spending your gains in the future. That’s why you want to pay most HSA-related expenses out of pocket—not with your HSA. The biggest mistake I see is people spending through their HSA money immediately. When you do that, you won’t see tax-deferred growth. So what do you do instead?
If you can, track your expenses on a spreadsheet and keep your receipts. When I pay medical bills, it’s entered into my spreadsheet. Let’s say my family spent $15,000 on medical bills over the last six years and my HSA has $30,000 in it. If I wanted to, I could reimburse myself at any point in time for those expenses, tax-free.
Once you turn 65, you can use the money in your HSA for any expenses. It acts just like a 401K. I share my whole strategy in this episode—don’t miss it.
Resources Mentioned
- Retirement Readiness Review
- Subscribe to the Retire with Ryan YouTube Channel
- Fiduciary: How to Find, Hire, and Establish an Aligned and Trusted Partnership with a Fee-Only Financial Advisor
- Qualified Medical Expenses (per the IRS)
- Fidelity HSA
Connect With Morrissey Wealth Management
www.MorrisseyWealthManagement.com/contact