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Retire With Ryan

Retire With Ryan

著者： Ryan R Morrissey
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 If you’re 55 and older and thinking about retirement, then this is the only retirement podcast you need. From tax planning to managing your investment portfolio, we cover the issues you should be thinking about as you develop your financial plan for retirement. Your host, Ryan Morrissey, is a Fee-Only CERTIFIED FINANCIAL PLANNER TM who lives and breathes retirement planning. He’ll be bringing you stories and real life examples of how to set yourself up for a successful retirement.2020 Retirewithryan.com. All Rights Reserved 個人ファイナンス 経済学
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  • Required Minimum Distributions Explained, #263

    Required Minimum Distributions Explained, #263
    2025/07/22
    This week on the show, we’re discussing the specifics of Required Minimum Distributions (RMDs) as we head into the second half of 2025. Whether you’re approaching your first year of RMDs or have been taking them for a while, I break down everything you need to know, from when you need to start taking distributions based on your birth year, to how RMDs are calculated, which accounts are affected, and the potential tax consequences for missing a withdrawal. I’m also sharing eight practical strategies you can use to lower your future RMDs, including asset diversification, Roth conversions, tax-efficient income planning, optimizing Social Security timing, and even using charitable contributions to your advantage. With real-world examples and actionable tips, this episode is packed with valuable insights for anyone looking to navigate their retirement withdrawals as tax-efficiently as possible. You will want to hear this episode if you are interested in... [02:48] Calculating your Required Minimum Distribution.[05:02] IRA distribution factors & penalties.[10:40] Retirement tax strategy tips.[13:35] IRA conversion tax planning.[15:37] Optimizing social security timing.[18:48] Tax-efficient investment account strategy. Smart Strategies to Manage Required Minimum Distributions (RMDs) New rules over the past few years have pushed back when retirees must start taking RMDs. As of today: If you were born in 1959 or earlier, your RMDs begin at age 73.If you were born in 1960 or later, the threshold moves to age 75. RMDs apply to traditional IRAs, rollover IRAs, SEP IRAs, SIMPLE IRAs, and most employer-sponsored plans, including 401(k)s and 403(b)s. Importantly, Roth IRAs are not subject to these mandatory withdrawals during the owner’s lifetime, providing an attractive planning opportunity. How RMDs Are Calculated Your annual RMD is determined by dividing the prior year’s December 31 retirement account balance by a life expectancy factor from IRS tables. Most people use the IRS Uniform Lifetime Table. If your spouse is more than 10 years younger, you get a slightly lower withdrawal requirement by using the Joint Life Expectancy Table. For example, if you are 73 with a $500,000 IRA, and the IRS factor is 26.5, your RMD would be $18,868 for that year. If you miss your RMD, penalties can be steep, 25% of the amount not withdrawn, though if corrected within two years, the penalty drops to 10%. RMDs are generally taxed as ordinary income. If your IRA contains after-tax contributions, those aren’t taxed again, but careful tracking is essential. The key is smart, proactive planning. RMDs increase your total taxable income, which can impact not just your IRS bill, but also Medicare premiums (thanks to the “IRMAA” surcharge) and eligibility for certain state tax breaks. Eight Strategies to Lower RMD Impact Here are several tactics to help retirees minimize RMDs’ sting and keep more of their wealth working for them: Diversify Account Types Early Don’t keep all retirement savings in pre-tax accounts. Consider a mix of pre-tax, Roth, and taxable brokerage accounts so you have flexibility in retirement to optimize withdrawals for tax purposes. Build an Optimized Retirement Income Plan Work with a financial advisor or CPA to design an intentional strategy for sourcing retirement income. With careful planning, you can potentially lower how much tax you’ll owe and avoid unwelcome surprises. Do Roth Conversions When Taxes Are Low If you retire before collecting Social Security (and RMDs), you might have years of low taxable income, prime time to convert part of your traditional IRA to a Roth IRA at a low tax rate. Once in the Roth, future qualified withdrawals are tax-free. Delay Social Security for Strategic Reasons Delaying Social Security not only increases your monthly benefit but also gives you more low-income years for Roth conversions, thus reducing future RMDs. Consider Working Longer If you continue working past RMD age and participate in your employer’s retirement plan, you may be able to delay RMDs from that plan until you retire (as long as you don’t own more than 5% of the company). Aggregate and Simplify Accounts Roll over old 401(k) accounts into a single IRA if eligible. It’s easier to track, calculate, and satisfy RMDs, reducing the risk of costly missteps. Optimize Asset Location Hold faster-growing investments (like stocks) in taxable accounts and slower-growing ones (like bonds) in IRAs. This helps slow the growth of your RMD-producing accounts, keeping future required withdrawals smaller. Use Qualified Charitable Distributions (QCDs) Once you’re RMD-eligible, you can send up to $100,000 per year directly from your IRA to charity. It will count toward your RMD but won’t be taxed, potentially a win-win for you and your favorite causes. Resources Mentioned Retirement Readiness ReviewSubscribe to the Retire with Ryan YouTube ChannelDownload my entire book for FREE...
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    23 分
  • How the Big Beautiful Bill Impacts Solar & EV Tax Credits, #262

    How the Big Beautiful Bill Impacts Solar & EV Tax Credits, #262
    2025/07/15
    With the recent passage of the Inflation Reduction Act, also known as the Big Beautiful Bill, significant changes are coming to both solar panel and electric vehicle tax credits. I break down what these changes mean, how they can affect your savings, and what steps you might want to take before these credits disappear. From figuring out if solar panels make sense for your home to understanding how electric vehicle credits work (and when they’re expiring), this episode is packed with actionable insights and tips, especially for those planning for retirement or looking to cut down on monthly expenses. You will want to hear this episode if you are interested in... [01:31] Residential solar panels are popular for reducing electric bills, offering significant savings, especially for retirees.[05:23] Solar tax credits are expiring soon.[09:07] Solar investments offset electric costs and protect against future rate hikes, beneficial long term.[11:28] Costs and break-even of electric cars.[13:08] Act now if you want to take advantage of solar tax credits. The Solar Panel Tax Credit is a Fading Opportunity One of the biggest draws for homeowners considering solar panels has been the significant federal tax credit, currently set at 30% of the total installation cost. This credit has made solar an appealing investment for many, offering a direct dollar-for-dollar reduction in the taxes owed. In high-cost electricity states like Connecticut, this can mean hundreds of dollars in monthly savings on your utility bill. However, the Big Beautiful Bill brings an unfortunate change: the solar tax credit is set to disappear at the end of this year. That means if you’ve been thinking about going solar, now is the time to act. If you don’t install solar panels before the deadline could add years to your payback period, undermining the investment’s attractiveness and putting it out of reach for many. Energy Savings of Battery Storage and EVs While solar panels are great for energy savings, adding a battery storage system further enhances their benefits. A battery can store excess solar power for use during peak times or outages, which is particularly helpful for retirees planning to stay in their homes for decades and looking to insulate themselves from rising electricity rates. Electric vehicles (EVs) also offer savings for households with high transportation costs. The federal EV tax credit, worth up to $7,500 on new cars and up to $4,000 for used EVs, has also been a strong motivator for those considering a switch from gas-powered vehicles. The Big Beautiful Bill also changes the EV tax credit, which will disappear even sooner than the solar incentive. Although there are several important limitations: only vehicles assembled in North America qualify, and there’s a cap on purchase price ($55,000 for sedans, $80,000 for SUVs). Income limitations apply as well; single filers must earn less than $150,000 ($300,000 for married couples) to claim the new vehicle credit. The used EV credit comes with lower income caps ($75,000 for singles, $150,000 for couples) and is worth up to $4,000. Should You Act Now? Before making any big investment, think about the following: Timing: Both solar and EV credits will soon vanish. If you want the tax break, don’t wait.Financial Health: The best return comes from paying cash, not financing or tapping retirement accounts.Long-term Plans: Solar and EV investments make the most sense if you plan to stay in your home and keep your vehicle for years to come. Manufacturers may eventually lower prices as credits disappear, but there are no guarantees. With energy incentives set to change dramatically, the window to maximize savings is closing fast. For homeowners and future retirees, the time to act is now, whether that means installing solar, purchasing an EV, or both. Consult with a financial advisor to consider how these decisions fit into your overall retirement and financial readiness strategy. The Treasury Department’s official list of eligible vehicles shows that the cars, trucks, minivans, and SUVs listed below qualify for a full $7,500 tax credit if placed in service between January 1 and September 30 of 2025. In some cases, only certain trim levels or model years qualify. More vehicles may be added to or removed from this list as manufacturers continue to submit information on whether their vehicles are eligible. Acura ZDX EV (2024-2025 model years; MSRP $80,000 or below) Cadillac Lyriq (2024-2025 model years; MSRP $80,000 or below) Cadillac Optiq (2025 model year; MSRP $80,000 or below) Cadillac Vistiq (2026 model year; MSRP $80,000 or below) Chevrolet Blazer EV (2024-2026 model years; MSRP $80,000 or below) Chevrolet Equinox EV (2024-2026 model years; MSRP $80,000 or below) Chevrolet Silverado EV (2025-2026 model years; MSRP $80,000 or below) Chrysler Pacifica Hybrid PHEV (2024-2025 model years; MSRP $80,000 or below) Ford F-150 Lightning (2024-2025 model...
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    14 分
  • Risk and Reward of Withdrawing Social Security Benefits to Invest Them, #261

    Risk and Reward of Withdrawing Social Security Benefits to Invest Them, #261
    2025/07/08
    This week, I’m addressing a listener's question: Should you collect Social Security at age 62 and invest the money, or wait until your full retirement age, or even age 70, for a bigger benefit? I break down the math and the risks, weighing the advantages of guaranteed annual increases and cost-of-living adjustments against the potential (and pitfalls) of stock market returns. I also explain key rules, such as the earnings limit for early filers, tax implications, and who might benefit from collecting early. Whether you’re eager to take Social Security as soon as you can or are considering holding out for a larger payment, listen in for the practical insights you need to make a smart decision for your financial future. You will want to hear this episode if you are interested in... [03:27] Earnings limits on collecting your Social Security benefits.[05:29] Where to invest to potentially achieve more than 6% return.[07:37] Consider delaying Social Security benefits, but weigh the risk of investing against guaranteed returns.[12:39] Collect Social Security early to invest if you don't need it for living expenses and want to leave a larger inheritance.[13:42] Wait to collect Social Security until full retirement age or 70, especially if dependent on it for income or if you're the higher-earning spouse, to maximize benefits. Social Security’s Built-In Return for Waiting First, it’s essential to understand how Social Security rewards patience for those born in 1960 or later; claiming at 62 results in a significant reduction, down to just 70% of your full retirement benefit. Each year you wait between 62 and your full retirement age (67 for most), your benefit grows by about 6% per year. From 67 to 70, that growth jumps to 8% per year. This increase is essentially a “risk-free” return, as it's guaranteed by the government, not subject to market swings. The Pitfalls of Early Claiming and Investing It’s not uncommon to hear the argument that you could claim benefits early, invest the money (usually in the stock market), and potentially earn more over time. But this approach is riskier than you might realize. Market Volatility: Historically, a diversified stock market fund (like a total market index fund) has surpassed 6% annual returns over long periods, but not always. Roughly 10% of five-year periods since 1926 have lost money. That means there’s a real chance you'll underperform Social Security’s consistent increase, or even lose principal.Taxes: Investment returns, especially dividends, are taxable, which further erodes your effective return. Social Security also may become partially taxable depending on your income, especially if you claim while still working.Earnings Limits: If you’re working between 62 and your full retirement age, you face earnings limits. For example, in 2023, you can only earn $23,400 before your benefit is reduced, making early claiming unattractive for those who don’t plan to retire immediately. The Power of Cost-of-Living Adjustments (COLAs) Over the last ten years, annual cost-of-living adjustments (COLAs) have averaged 2.6% per year. COLAs are applied to your current benefit, so the longer you wait and the higher your starting base, the more you benefit from these increases. Over the decades, this compounding effect can create a significant gap in monthly income between early and later claimers. That means, to truly keep up with waiting, you’d need not just to match the 6-8% annual increases but also beat COLAs, meaning your investments would need to return nearly 9% per year, consistently, and after taxes. Who Might Consider Claiming Early? While waiting typically yields the best results for most retirees, there are exceptions. Early claiming might make sense if: You have significant wealth and don’t need Social Security to live (your goal is to leave a bequest for heirs).You have health issues and a below-average life expectancy.You’re single and want to maximize your estate since Social Security benefits don’t pass to non-spouses. However, for the majority, especially married people or those relying on Social Security as a main income source, waiting yields more lifetime income and a more robust safety net for both spouses. Timing your Social Security claim isn’t about grabbing the first check you can; it's about weighing guaranteed growth against market risk, tax implications, earnings limits, and your own longevity and needs. Resources Mentioned Retirement Readiness ReviewSubscribe to the Retire with Ryan YouTube ChannelDownload my entire book for FREE State Street's Total Stock Market Index Fund Connect With Morrissey Wealth Management www.MorrisseyWealthManagement.com/contact Subscribe to Retire With Ryan
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    16 分

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