FINANCIAL ADVISOR WARNINGS, LAYOFFS, AND HEALTHCARE IN RETIREMENT

Join me and Cory’s conversation this week on Upticks! Gain insights into warnings from financial advisors and what you can do if you’re unexpectedly laid off. Retiring before or after 65? Healthcare needs to be a consideration for you either way.

This episode gets into tax talk and how new IRS features could benefit you. We finish out by debating a few charts and how they analyze historic presidential elections from an economic perspective.

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Read a summary of the conversation below:

What is a client to do if another advisor tells their friend a crash like the 1920s is coming?

In this episode of “Upticks” with Jake and Cory, the hosts kick off the discussion with personal anecdotes about their physical activities, from golf to pickleball. However, the tone shifts when Jake addresses a concerning scenario a client faced. Another financial advisor had advised the client’s friend to cash out all their retirement funds, predicting a crash akin to the Great Depression. Jake and Cory strongly condemn such fearmongering, emphasizing the unpredictable nature of financial markets and the importance of responsible financial advice.

Saving for Healthcare in Retirement? Here’s What It Will Cost You.

Transitioning to financial headlines, the hosts delve into the significant costs associated with healthcare in retirement. A report from the Employee Benefit Research Institute suggests that healthcare expenses for a retired couple can range from $189,000 to $351,000. They stress the importance of working with experts to navigate healthcare options and the need for individuals to take proactive steps to maintain good health.

Retiring Before 65? Make Sure to Know Your Healthcare Options

Continuing the exploration of retirement, the hosts provide insights into various healthcare options for those retiring before the age of 65. Tips include staggering retirement, exploring COBRA, considering the Affordable Care Act, and even looking into disability through Social Security. The hosts emphasize the importance of reviewing healthcare plans annually and incorporating health insurance costs into financial plans.

The IRS Is Cleaning Up Its Act. It’s also Cracking Down on You.

Shifting gears, Jake and Cory discuss updates from the IRS, highlighting improvements in their services and the option to file taxes directly on irs.gov. The hosts also touch upon Required Minimum Distributions (RMDs) and strategies to delay them, such as continuing to work past retirement age. They stress the complexity of the tax code and advocate for working with professionals to navigate it successfully.

Here’s a Way to Delay Some RMDs—and Put Off Your Tax Bill

In the realm of taxes, the hosts explore strategies to delay Required Minimum Distributions, emphasizing the importance of staying informed and proactive in managing tax obligations. The discussion acknowledges the value of working with tax professionals to navigate the intricate tax code effectively.

Biden Faces an Election Year Balancing Act on Energy Prices and Climate Change

Jake and Cory conclude the episode by diving into the political landscape, focusing on the Biden administration’s challenge in balancing energy prices and climate change. They discuss the significance of gas prices in influencing voters’ perceptions and how energy policies may impact the upcoming election. While highlighting charts depicting the misery index, real income as a predictor of elections, and the current state of U.S. crude oil production, the hosts express skepticism about making definitive predictions and emphasize the need for individuals to stay informed and proactive in managing their health and wealth.

Thank you for tuning in, we hope you have a great week!

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