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_outlineWe’ve all heard the statistics that almost half of all marriages end in divorce. And divorce comes at a large cost. That’s why you should come up with a plan for life after divorce. Look at your net worth, put together a budget, and make projections for your future. Let’s get you prepared as you can be.
To do that, I’m launching a three-part series on navigating the financial considerations when going through a divorce. No one wants to plan for the demise of their marriage. I get it. But if you know you’re about to go through the process, there are steps you can take to make it easier.
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You will want to hear this episode if you are interested in...
- [2:04] Do half of all marriages end in divorce?
- [4:50] Gather key financial documents
- [7:59] Take a look at your income
- [8:18] Consider potential job opportunities
- [9:03] Look at your individual credit score
- [9:40] Consider working with a financial planner
Gather key financial documents
If you aren’t managing the household finances, this is especially important. You need to understand how your household is doing. Gather things like:
- Checking, savings, and investment account information. You need to know where the money is and how much is held in the accounts.
- Have an idea of what property you own (which may be easy if it’s simply your primary home). Know the value of any assets you have.
- What debt do you have? Do you have credit card debt, lines of credit, mortgages, or other personal loans? Know what you owe (and how debt may be split when divorced).
- What are your household expenses? What are you spending? Look at things like insurance, utilities, home maintenance costs, etc.
- Do you have any retirement accounts or pensions? What will your Social Security benefits look like?
Take an in-depth look at all of this information. When you divorce, that net worth will be divided in some way. Getting a handle on that is important to understand the changes you’ll need to make.
Take a look at your potential income
You can contact your accountant to get that information if you don’t have it readily available (or can’t get it from your spouse). If you’re not working, it’s time to get a handle on what you may be able to earn if you go back into the workforce.
If you won’t have income or assets to support yourself, consider the job opportunities available to you. What are your skills? What jobs are out there? Can you improve your skills by taking courses? Do you have any licenses you’ll have to renew?
What does your individual credit score look like? After a divorce, you might have to take out additional loans for a mortgage, car, student loans, etc. You’ll need good credit to do that. If you don’t have a good credit score, look into ways you can improve it quickly.
This is a great time to engage a financial planner for assistance. Listen to hear other things you’ll need to consider when going through a divorce.
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
- Revealing Divorce Statistics In 2024
- Get my free budget template and net worth statement