About Getting Retirement Right with Darrin McComas & Shon Peil
Welcome to Getting Retirement Right with your hosts Darrin McComas and Shon Peil where we strive to simplify your financial life and provide you freedom from taxes, risk, stress and poor advice.
For more resources or if you have any specific financial questions contact us at AbrahamCo.com
The Getting Retirement Right podcast and related materials are provided for general information and entertainment purposes only and do not constitute accounting investing legal, tax or professional advice. Visitors should not act upon the content or information found here without first seeking appropriate advice from an accountant, financial advisor, lawyer or other qualified professional.
Should You Pay Off Your Mortgage with Retirement Savings?
Darrin McComas and Shon Peil interview each other about the financial implications of using retirement savings to pay off a mortgage, revealing key advantages and pitfalls.
14 Jun 2023
The Importance of Responsibly Transitioning into Retirement
Darrin McComas and Shon Peil discuss essential retirement planning, budgeting, and active living strategies for a fulfilling transition into retirement.
7 Jun 2023
Take Control of Your Retirement Plan - Roll Over Your 401(k) Now
Darrin McComas and Shon Peil explain how to supercharge retirement savings through strategic 401(k) rollovers and IRA investments.
24 May 2023
The Roth IRA: Overview and Benefits for Your Retirement
Hosts Darrin McComas and Shon Peil clarify Roth IRA benefits and misconceptions, guiding listeners toward maximizing their retirement plans.
17 May 2023
Part 2 - 5 Mistakes to Avoid in Retirement
Darrin McComas and Shon Peil interview each other, revealing five critical retirement planning mistakes to avoid for lasting financial prosperity.
10 May 2023
Part 1 - 5 Mistakes to Avoid in Retirement
In this interview, Darrin McComas and Shon Peil discuss five critical retirement mistakes, focusing on healthcare costs and investment risks to ensure financial security.
3 May 2023
Could the Debt Ceiling Crisis Impact Your Retirement?
Darrin McComas and Shon Peil discuss how the debt ceiling crisis impacts retirement and the vital role of a proactive financial advisor during market instability.
26 Apr 2023
Understanding Your Risks - Part 3: Inflation and Political Risk (Plus a Mystery Risk You Need to Take Action on Today!)
Hosts Darrin McComas and Shon Peil discuss inflation and political risks, guiding listeners on proactive planning for a secure retirement.
19 Apr 2023
Understanding Your Risks - Part 2: Longevity and Liquidity Risks
Hosts Darrin McComas and Shon Peil interview industry experts on navigating longevity and liquidity risks to secure your retirement nest egg.
12 Apr 2023
Understanding Your Risks - Part 1: Market Risk and Concentration Risk
Hosts Darrin McComas and Shon Peil explain market and concentration risks, empowering listeners to identify and understand these threats in their investment portfolios.
5 Apr 2023
Questions From Our Community: Demystifying Annuities: Fixed, Variable, and Indexed Explained and Other Topics
On this episode of Getting Retirement Right, hosts Darrin McComas and Shon Peil face the 'firing squad' to help listeners navigate the confusing and costly world of taxes, retirement planning, annuities and Social Security, empowering their audience to make informed decisions and secure their financial freedom.
In this episode, you will:
Uncover the impact of taxes on Social Security and why income considerations matter
Discover the potential of fixed-indexed annuities for reliable returns on your investment
Know when to exercise caution when considering variable annuities by understanding hidden fees and risks
Develop a strategic deaccumulation plan for tax-efficient withdrawals in your retirement
Evaluate pension withdrawal options and weigh the pros and cons of lump sum vs. monthly payouts
The resources mentioned in this episode are:
Schedule an appointment with an advisor at AbrahamCo.com to discuss your unique retirement plan and situation.
Attend one of the online classes or join the upcoming weekly live community to learn more about retirement planning and interact with others.
If you have a variable annuity, consider a review with a professional to ensure it's the right product for you and to fully understand the fees and performance.
Consider a fixed indexed annuity as a potential investment option for your retirement plan, offering growth potential with reduced risk.
Seek professional advice before making any decisions about collecting Social Security, especially if you're still working and earning a high income.
Ensure your retirement plan includes a variety of investment options and strategies tailored to your specific needs and goals.
Preventing Taxes on Social Security
In general, retirees want to maximize their income while reducing taxes on Social Security benefits. The importance of this topic means understanding how Social Security benefits are calculated and the impact of other sources of income on the taxable portion of Social Security. Effective strategies can help retirees minimize or entirely avoid taxes on these benefits. Careful planning and a solid understanding of the tax rules surrounding Social Security can greatly impact one's overall retirement income. Darrin McComas and Shon Peil touch on the subject of Social Security taxes, recommending that individuals with high incomes refrain from taking Social Security benefits, as it can lead to unnecessary tax burdens. They also provide advice on finding other investment opportunities that can cater to an individual's financial goals. Being well-prepared and knowing when to seek expert advice can significantly contribute to managing Social Security taxes effectively.
There's a lot of different opinions out there. There's a lot of information. And just remember, just because you find it on the Internet does not make it correct.
- Darrin McComas
29 Mar 2023
Effective Tax Strategies for Retirement
In this episode, you will learn how to maximize your tax savings with effective tax planning strategies.
You will learn about tax planning, where the importance of minimizing taxes in retirement. Darrin and Shon highlight that taxes are not going away and must be accounted for in planning for retirement. It was noted that the Obama era tax codes will return in 2026, which could result in a significant increase in taxes. Strategies like Roth Conversions and avoiding the 'widow tax trap' in order to maximize tax efficiency.
"Don't leave the IRS a tip, but unfortunately, a lot of retirees do just that. And being as tax efficient in retirement, it can make a huge difference between really having a successful retirement or a very stressful one."
In this episode, you will learn the following:
1. How can you minimize taxes in retirement to ensure a successful retirement?
2. What strategies are available to lower your tax burden in retirement?
3. What is the widow tax trap and how can you avoid it?
For more information, go to abrahamco.com (https://www.abrahamco.com)
22 Mar 2023
Navigating Stock Market Volatility: The Risk Management Rollercoaster
In this episode of 'Getting Retirement Right', a risk-averse protagonist is challenged to shift their mindset towards retirement and overcome their fears of volatile markets, as they strive to build a plan that will protect their hard-earned money and ensure a successful future.
Hosts Darrin McComas and Shon Peil discuss the importance of having a plan for retirement and understanding the risks associated with stock market investing. They explain that banks are facing major issues, creating a lot of uncertainty and lack of confidence in the financial system.
They highlight the fact that stock markets have seen huge drawdowns, followed by wild bounces, and that it is typical of a bear market. They also touch on the interest rate issue, the housing market issue, and how risk is emotional and can change over time.
Lastly, they emphasize the importance of having a risk management process that is based on real numbers and data, not narratives or emotions, and having a financial advisor who can provide guidance.
"It all starts with having a plan. And your money needs to have a plan too. You can't have all your eggs in one basket or all your eggs in one portfolio model or a basket of stocks."
In this episode, you will learn the following:
How is the current financial system creating a lack of confidence and panic?
What is the best approach to money management during a volatile market?
Is having a retirement plan enough to ensure financial success in retirement?
www.abrahamco.com
15 Mar 2023
Maximize Your Social Security: Uncovering the Pros & Cons
Unlock the secrets to maximizing your Social Security benefits with the right strategies!
In this episode of Getting Retirement Right with Darrin McComas and Shon Peil, you will learn how to maximize your Social Security benefits with the right strategies.
They discuss the three main options for filing for Social Security: filing early at age 62, filing at full retirement age, or filing after full retirement age until age 70. It is important to remember that every filing strategy needs to be customized to the individual's situation, as 96% of Americans choose the wrong time to turn on Social Security. Filing early can be beneficial for those with health issues, however it can cost people over $100,000 in benefits if done incorrectly. Delaying Social Security until full retirement age or later can provide an 8% growth in benefits annually and comes with cost of living adjustments
"It's your money, but it seems like there's tricks. It's almost like you have to do certain things correctly to make sure you maximize the amount of money you receive."
In this episode, you will learn the following:
How can you maximize Social Security income and make sure you get it right the first time?
What are the pros and cons of filing early vs. waiting until full retirement age?
What are the potential implications of Roth conversions on Social Security benefits?
www.abrahamco.com
8 Mar 2023
Fundamentals of Creating a Comprehensive Financial Plan
On this episode, Darrin and Shon highlight the topics and questions you should as when you are starting to create the fundamentals of a comprehensive retirement plan. Below are the topics/questions with the timestamp to know when each topic is being discussed:
2:00 - What does a comprehensive retirement plan look like?
4:46 - How do you know when to start social security?
9:22 - People fear running out of money more than death
13:40 - Charitable giving and legacy planning
16:00 - The importance of updating your estate plan
20:39 - What does risk tolerance look like?
23:40 - Riding the volitity of the market
For more information on setting up your retirement plan or if you have a question for Darrin or Shon, go to www.abrahamco.com (https://www.abrahamco.com)
28 Feb 2023
Introduction to the Getting Retirement Right Community
On today's inagural episode, hosts Darrin McComas and Shon Peil share their backgrounds and experience serving others as well as an outline of the topics that will be discussed on the podcast to help simplify your financial life and provide you freedom from taxes, risk, stress and poor advice.
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