Should You Add a Transfer on Death Beneficiary to Your Assets? #298
Retire With Ryan
On the show this week, I’m talking all about the topic of probate and how adding a Transfer on Death (TOD) or Payable on Death (POD) beneficiary designation to certain assets can help you avoid your estate being tied up in the probate process. You’ll learn which types of accounts allow for TOD or POD beneficiaries, why these designations might be preferable to joint tenancy, and the pros and cons of setting them up. I break down step-ups in cost basis, the impact on estate taxes, and touch on differences across states—plus considerations to make sure your estate plan actually fits your...
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Tax Extension Mistakes to Avoid This Filing Season, #297
Retire With Ryan
In the last episode, I discussed seven mistakes to avoid when filing your 2025 taxes. So in this episode, I'm going to discuss the tax-filing mistakes people can make when filing an extension. Here are the four most common extension errors that could cost you money, including misconceptions about payment deadlines, underestimating taxes, and the importance of understanding state-specific extension rules. You will want to hear this episode if you are interested in... [00:00] Mistakes that people can make if they're filing an extension [01:41] Importance of filing for an extension by...
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7 Tax Mistakes to Avoid When Filing Your 2025 Taxes, Ep#296
Retire With Ryan
Tax season is here, and if you’re just now gathering your documents to file your return—or preparing them for your CPA—this is the time to slow down and make sure you’re not making costly mistakes. In this episode, I walk through seven tax mistakes I frequently see both tax preparers and self-filers make when filing their returns. Some of these errors seem simple on the surface, but they can lead to penalties, missed deductions, delayed refunds, or paying more taxes than necessary. My goal in this episode is to help you avoid these pitfalls so you can file confidently and keep more of...
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What We Still Don’t Know About Trump Accounts, Ep#295
Retire With Ryan
If you watched President Trump’s recent State of the Union address, you probably heard about the new Trump accounts, also known as 530A accounts. In this episode, I break down how these tax-advantaged investment accounts are designed to work, who qualifies, and—just as importantly, what we still don’t know. There’s been a lot of excitement, especially around the $1,000 seed money for eligible children. But before you rush to open one, there are several unanswered questions that deserve your attention. What Are Trump Accounts—and Who Qualifies? Trump accounts were introduced...
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Is It Wise to Gift My Children Money While I’m Alive? Ep#294
Retire With Ryan
If you have children and you’ve been thinking, “Why wait until I’m gone to help them financially?”—this episode is for you. In Episode 294, I walk through the biggest things to consider before making gifts to your kids while you’re still alive, and I break down some of the smartest ways to do it without triggering unnecessary taxes. I’m seeing this trend more and more with my clients, and it makes sense. Financial markets have performed well, real estate has surged, and many retirees are in a stronger position than generations before them. But just because you can gift money...
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Learn the ABCs of Medicare, Ep293
Retire With Ryan
If you’re approaching age 65, Medicare can feel overwhelming fast. Between Parts A, B, C, and D and the timing rules tied to each—it’s easy to make a costly mistake if you don’t understand how the pieces fit together. In this episode, I walk through the Medicare “alphabet,” explaining what each part does, when enrollment matters most, and how your decisions interact with the rest of your retirement plan. We also cover common questions that come up when clients transition from employer-sponsored coverage to Medicare for the first time. Whether retirement is right around the corner...
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6 Changes To Social Security Happening in 2026, #292
Retire With Ryan
The landscape of Social Security is changing yet again. As we enter 2026, six big changes will impact both current and future retirees. I break down everything from the new cost of living adjustment (COLA), increases in the earnings test limit, and updated eligibility requirements, all the way to shifts in the full retirement age and the solvency projections for the Social Security Trust Fund. You’ll also hear practical tips on maximizing your Social Security benefits, how to prepare for what’s ahead, and why it’s more important than ever to have a solid retirement plan in place. ...
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Protecting Your Schwab Accounts From A RAT Attack, #291
Retire With Ryan
Have you ever fallen victim to a RAT attack? No, not the furry kind, a Remote Access Trojan attack. I’m discussing how cybercriminals use social engineering to target victims, and the real-world impact these threats can have on your investment accounts and personal information. I reveal the latest tactics scammers use, and, most importantly, offer practical tips to help you recognize warning signs, safeguard your accounts, and minimize your risk, whether you’re an individual managing your retirement nest egg or a business owner overseeing company assets. You will want to hear...
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Can I Contribute to My 401(k) and a Traditional IRA in the Same Tax Year?, #290
Retire With Ryan
A listener recently wrote in with a common and important retirement planning question: If I’m already maxing out my 401(k), can I also contribute to a traditional IRA in the same year? The short answer is yes—but whether it makes sense, and how much benefit you receive, depends on your income, tax situation, and long-term goals. In this episode, I break down how traditional IRA contributions work alongside employer-sponsored retirement plans, when those contributions are deductible, and what options are available if your income is too high for a deduction. We also explore alternative...
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Top 5 Growth ETFs to Own For 2026 and Beyond, #289
Retire With Ryan
Last week, we covered the best investments to preserve your money, but this week we are shifting gears to focus on growth. For retirees, the goal is to have an income that outpaces inflation, and historically, the best way to achieve that is by having 50% to 70% of your portfolio invested in stock funds. In this episode, I break down five specific Exchange Traded Funds (ETFs) that can help you grow your wealth in 2026. I discuss why I prefer ETFs over mutual funds, specifically focusing on cost, transparency, and liquidity, and provide the exact ticker symbols and expense ratios for the funds...
info_outlineIt’s one of the most frequently asked questions by my clients as they prepare for retirement. And while a million dollars may sound like a lot, the reality is a bit more complex.
There are several key factors to consider when planning your retirement, including factoring in taxes, evaluating withdrawal strategies, and understanding the cost of living where you plan to retire.
Let’s break down how you can determine whether your nest egg will support your ideal retirement.
You will want to hear this episode if you are interested in...
- [01:57] Evaluating if a million dollars is enough to retire.
- [02:47] Tax Considerations on Retirement Withdrawals.
- [05:04] Importance of Social Security as a retirement income supplement.
- [06:12] putting together some type of a monthly budget as far as what you are spending money on now and what you plan to spend money on in retirement.
- [08:37] Risk tolerance’s influence on expected returns and sustainable withdrawal rates.
- [10:51] Risks of exceeding safe withdrawal rates (running out of money early).
How Much Can You Live On?
How much can you safely withdraw each year without depleting your funds too quickly? In this episode, I’m discussing a dynamic withdrawal strategy, which suggests you can withdraw 3% to 5% of your portfolio annually.
Here’s a practical example:
4% withdrawal from $1,000,000 = $40,000 per year.
But it’s crucial to remember: most retirement savings are held in pre-tax accounts such as IRAs and 401(k)s. Distributions from these accounts are taxed as ordinary income. This means the real, spendable income you receive after taxes could be significantly lower.
For example, factoring in roughly 15% in combined federal and state taxes, that $40,000 could shrink to about $34,000 per year.
Factoring In Social Security and Pension Income
Thankfully, your retirement income isn’t limited to withdrawals from your investment accounts. For most, Social Security provides a critical supplement—let’s say an average benefit of around $30,000 per year. Some retirees might also have pension income, though this is becoming less common.
So, your total annual income might look like:
$34,000 (after-tax retirement withdrawal)
+ $30,000 (Social Security)
= $64,000 (before factoring in pension or additional income streams)
Your personal retirement number isn’t “one size fits all”—it depends greatly on what you need to spend in retirement and your other income sources.
Know Your Expenses
Stop fixating on round numbers like “one million or two million dollars” as retirement goals. The real question is: What are your anticipated expenses in retirement? Start by creating a detailed budget of your expected housing, health, food, utilities, travel, and leisure costs.
Once you know your likely annual expense, you can better estimate how much you’ll need to cover from savings versus other sources. If your post-tax retirement income falls short of your living expenses, you may need to adjust your plan by saving more, reducing spending, or considering a later retirement date.
How far your savings go will also depend on your investment strategy. A well-balanced portfolio with an appropriate mix of stocks, bonds, and cash is essential. Being too conservative can hurt your portfolio’s growth potential. You also need to account for inflation.
By following a thoughtful, tailored approach, you can make the most of your retirement—whether your nest egg is one million dollars or not.
Resources Mentioned
- Retirement Readiness Review
- Subscribe to the Retire with Ryan YouTube Channel
- Download my entire book for FREE
- Find My Fiduciary
Connect With Morrissey Wealth Management
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