Big Picture Retirement

Devin Carroll and John Ross
  • 4.7 (412)
  • INVESTING
  • UPDATED WEEKLY
Big Picture Retirement Podcast

Planning for, or already enjoying, your retirement? This is the show for you. The success of your retirement hinges on how well you connect the dots between legal, tax, and financial planning. Join hosts attorney John Ross and financial planner Devin Carroll as they dig beneath the surface to help you gain the confidence and clarity needed to navigate your retirement journey successfully.

  1. 4 DAYS AGO

    Listener Voicemails: Super-funding 529s, Sophisticated Trusts, and Boosting Social Security Benefits

    In this episode, we’re answering more listener voicemails about Social Security, gifting money, and estate planning. First, we help a listener who’s trying to figure out the best way to maximize his wife’s Social Security benefits. He’s getting close to his full retirement age in 2025 and wants to make sure they get the most out of their benefits. Next, we talk about a question regarding "superfunding" a 529 plan. A listener’s mom wants to contribute a large amount upfront for her niece’s education, but they’re worried about potential gift taxes if the rules change in 2026. We explain how the rules work and what to consider. Lastly, we hear from a listener who recently moved to the Mississippi Gulf Coast and is looking for an advanced estate planning attorney. He’s got a solid estate plan but wants to make sure it’s as sophisticated as it needs to be, especially regarding trusts. If you’re curious about Social Security strategies, gifting, or refining your estate plan, this episode has plenty of useful information to help you make the right choices. Tune in for straightforward advice and practical tips! If you’re thinking, "I love the Big Picture Retirement podcast!” please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!  Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517  Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.  Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms.  Contact Devin’s team at https://www.carrolladvisory.com/  Contact John’s team at https://www.rossandshoalmire.com/

    46 min

  2. AUG 26

    Listener Q&A: Demystifying Brokerage Statements, Retirement Readiness, and Investment Strategies

    Today, Devin and Alexander are back answering listener questions. Tune in as we explore: Jamie's request for a detailed walkthrough of a monthly brokerage account statement, explaining where to find and understand fees, and demystifying various financial terms in plain English. Carl's situation as a 58-year-old with a diversified $1.1 million nest egg, seeking advice on overcoming the fear of retiring despite having solid financial resources, zero debt, and multiple income streams from pensions and investments. John's inquiry about the implications of cashing in a 30-year-old MetLife whole life policy, including tax considerations, potential impacts on medical insurance premiums, and alternative ways to reinvest the funds. Ken from Florida's strategy on maximizing retirement savings through Roth and Pre-Tax 401k contributions, the benefits of Roth IRA versus Roth 401k, and navigating contribution limits to optimize tax efficiency and investment options. Shawn's quest to understand the best methods for locking in a 6% return over the long term, exploring various investment vehicles and strategies. Patrick's interest in the tax implications of holding equity investments in a non-tax-advantaged account, specifically using an S&P index fund, and how gains would be reported and taxed. If you’re thinking, "I love the Big Picture Retirement podcast!” please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!  Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517  Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.  Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms.  Contact Devin’s team at https://www.carrolladvisory.com/  Contact John’s team at https://www.rossandshoalmire.com/

    34 min

  3. AUG 19

    Listener Voicemails: Social Security, Trusts, and IRA Math Mysteries

    In this episode we’re answering listener voicemails and tackling some tough questions about Social Security, RMDs, estate planning, and more. First up, we help Diane, whose husband is a minister, figure out why his Social Security benefits don’t include his housing allowance, even though he pays taxes on it. Then, we talk through a listener’s concerns about how changing the title on a brokerage account could affect the revocable living trust her parents set up. We also explain how Required Minimum Distributions (RMDs) work and why the percentage you have to take out increases as you get older. Next, we respond to John H., who challenges our math on whether it’s better to withdraw an entire IRA at once or spread it out over 10 years. Finally, we offer advice to Richard, who’s looking for a new attorney to update his and his wife’s wills after losing contact with their original lawyer. If you’ve ever wondered about Social Security, trusts, or retirement strategies, this episode is packed with practical tips and answers to common questions. Tune in and get the clarity you need for your retirement planning! If you’re thinking, "I love the Big Picture Retirement podcast!” please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!  Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517  Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.  Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms.  Contact Devin’s team at https://www.carrolladvisory.com/  Contact John’s team at https://www.rossandshoalmire.com/

    35 min

  4. AUG 12

    Listener Q&A: Navigating RMDs, Investment Strategies, and Retirement Income Planning

    In this episode of Big Picture Retirement, Devin is joined by Alexander Davis, a financial advisor at Carroll Advisory Group, to address some of the most pressing questions from our listeners. Together, they answer a range of questions, including: Charles' query on the order and process of completing Required Minimum Distributions (RMDs) before making Roth Conversions. Ted's strategy on transitioning maturing tIRA CDs into investment grade and Treasury short and intermediate-term bond funds, and the potential benefits of bond ETFs. Kathy's decision-making process around her company's "Social Security Leveling" offer and its impact on her retirement plan. Claire's approach to allocating her funds in the first year of retirement, balancing between funds, dividend-paying stocks, cash reserves, and a contingency pot for market fluctuations. Chris' best practices for creating an income stream from Roth and pretax retirement assets, considering the effectiveness of dollar-cost averaging in withdrawal strategies. Mike's frustrations with financial advisors who focus more on sales pitches than on comprehensive retirement planning, and his successful journey of managing his own retirement plan for over six years. If you’re thinking, "I love the Big Picture Retirement podcast!” please consider rating and reviewing this show! This helps us support more people, just like you, move toward a confident retirement.  Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now! Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517 Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and look for the tab on the right side that says “Send A Voicemail. ”Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms. Contact Devin’s team athttps://www.carrolladvisory.com/ Contact John’s team athttps://www.rossandshoalmire.com/ Want to ask a question? You can find us in our Facebook group. https://www.facebook.com/groups/bigpictureretirement

    39 min

  5. AUG 5

    Listener Q&A: Tax Strategies, Inheritances, Annuities, and More

    In this episode, Devin and John dive into a variety of listener questions, discussing annuities, maxing out retirement plans, why HSAs aren't widely talked about, IRMAA, and more. Tune in as we explore: Claudia's Situation: Understanding the distribution requirements for inherited qualified and unqualified MYGA accounts in light of recent tax law changes. We discuss the tax implications of cashing out one account at the rollover date versus waiting, and which account is better to save for children’s inheritance to lessen their tax burden. Warren's Issue: Dealing with IRMAA surcharges on Medicare premiums after selling company assets and the impact of high income on Social Security benefits. Rob's Request: Suggestions for adding "Married filing separately" information to our new "Big Picture Retirement Planning Cheat Sheet." Rick Dunn's Question: Clarifying the maximum contributions to IRAs plus an employee deferment program (401k). Michael's Concern: Exploring why Health Savings Accounts (HSAs), despite being excellent tax-saving products, aren't more widely promoted by financial advisors.    If you’re thinking, "I love the Big Picture Retirement podcast!” please consider rating and reviewing this show! This helps us support more people, just like you, move toward a confident retirement.  Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now! Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517 Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and look for the tab on the right side that says “Send A Voicemail. ”Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms. Contact Devin’s team athttps://www.carrolladvisory.com/ Contact John’s team athttps://www.rossandshoalmire.com/ Want to ask a question? You can find us in our Facebook group. https://www.facebook.com/groups/bigpictureretirement

    29 min

  6. JUL 29

    Listener Q&A: Navigating Taxes, Trusts, and More

    In this episode of Big Picture Retirement, we’re back answering more of our listener-submitted questions. Join us as we cover: Anna's Query: When will NESARA begin? Ron's Question: Clarification on calculating taxes on Social Security benefits using our Cheat Sheet, specifically addressing whether AGI already includes SS benefits or if an additional 50% is added. Anne's Concerns: Discussing the threshold for needing trusts for individuals with borderline amounts ($750,000 - $1.5 million) and insurance options for travelers, including auto insurance for rentals in the USA, abroad, and RVs vs. asset protection. Lamont's Inquiry: Confirming the standard deduction amount for a couple both over 65. Don's Situation: Understanding how income received from work as a Trustee or Executor for an estate affects Social Security earnings limits and the implications based on trust wording. Danny's Topic: Evaluating company private E.S.O.P. plans and their benefits. Lori's Request: Exploring the tradeoffs of naming children as beneficiaries versus creating a trust and naming the trust as beneficiary, especially in light of recent changes to inherited retirement accounts and the 10-year distribution window. Additionally, discussing how a trust can offer protection from changes in law. If you’re thinking, "I love the Big Picture Retirement podcast!” please consider rating and reviewing this show! This helps us support more people -- just like you -- move toward a confident retirement. Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now!  Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517  Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.  Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms.  Contact Devin’s team at https://www.carrolladvisory.com/  Contact John’s team at https://www.rossandshoalmire.com/

    43 min

  7. JUL 22

    Navigating Social Security: Listener Questions Answered

    In this episode of the Big Picture Retirement podcast, we dive into listener questions about Social Security, tackling a wide range of scenarios to help you navigate the complexities of your benefits. Lois asks about the earnings limit for survivor benefits versus other benefits for someone born in 1955. She’s been told she must repay two months of benefits because her earnings exceeded the limit. Are the SSA's guidelines accurate? Jane inquires if filing for Social Security at age 65 will affect her survivor benefits when her husband, who is 70, passes away. She also wonders if she can file for a reduced spousal benefit at 65 and what impact this has on her overall benefit strategy. Sheila is contemplating whether to draw down from her IRA instead of taking Social Security before age 70, aiming to ensure she doesn't outlive her savings. We explore the benefits of delaying Social Security. B.D. shares a challenging experience with the SSA regarding overpayments and benefits for a disabled adult child. How can they determine the correct benefits and address these overpayment issues? Carolyn wants to know if her husband, who receives a government pension affected by the Windfall Elimination Provision (WEP), can draw spousal benefits from her Social Security, which is higher than his own but less than half of his pension. Don is currently working while collecting Social Security and asks if his benefits will be adjusted to account for new Social Security taxes paid. Tom seeks advice on whether to take Social Security at age 66 or wait until his full retirement age in 2025 to maximize both his and his wife's benefits. Bob plans to wait until 70 to draw Social Security to maximize benefits and wonders if his wife is entitled to 50% of his total benefit or just 50% of his FRA benefit. Additionally, he asks if his wife can claim his benefit amount at 70 if he passes away before her. Kevin discusses the debate around the best time to take Social Security, particularly the pros and cons of taking it between FRA and age 70. Hal asks if his wife needs to apply for the spousal benefit or if the SSA will automatically adjust her benefits when he starts collecting his at age 70.   If you’re thinking, "I love the Big Picture Retirement podcast!” please consider rating and reviewing this show! This helps us support more people, just like you, move toward a confident retirement.  Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now! Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517 Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and look for the tab on the right side that says “Send A Voicemail. ”Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms. Contact Devin’s team athttps://www.carrolladvisory.com/ Contact John’s team athttps://www.rossandshoalmire.com/ Want to ask a question? You can find us in our Facebook group. https://www.facebook.com/groups/bigpictureretirement

    36 min

  8. JUL 15

    Listener Questions Answered: Reverse Mortgages, Healthcare Before Medicare, and More!

    In this episode, we tackle a diverse range of listener questions from reverse mortgages, annuities, Roth conversions, healthcare before the Medicare age, and a lot more.  Tune in as we discuss: Al's Question: Recommendations for reverse mortgages and the conditions under which they can be beneficial. Paul's Inquiry: Using deferred annuities, specifically laddering Fixed Income Annuities with no fees, as alternatives to bonds to generate "safe" money in retirement. Pete's Scenario: The implications of converting a large amount to a Roth IRA and using it to cover all retirement needs. Sid's Concern: Strategies for obtaining affordable healthcare before Medicare eligibility for himself and his younger wife. Susan's Request: Fun and humanitarian investment options for extra funds in retirement. Mark's Situation: Possibilities for reasonable healthcare coverage if retiring at 62, with a focus on income-based options. Hayle's Curiosity: A personal question about our host's marital status.   If you’re thinking, "I love the Big Picture Retirement podcast!” please consider rating and reviewing this show! This helps us support more people, just like you, move toward a confident retirement.  Just scroll down to the “ratings and reviews” section, tap to rate with five stars, and select “Write a Review.” Then be sure to let us know what you loved most about the episode! Also, if you haven’t done so already, follow the podcast. We add new content every week, and if you’re not following, you’ll likely miss out. Follow now! Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517 Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and look for the tab on the right side that says “Send A Voicemail. ”Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms. Contact Devin’s team athttps://www.carrolladvisory.com/ Contact John’s team athttps://www.rossandshoalmire.com/ Want to ask a question? You can find us in our Facebook group. https://www.facebook.com/groups/bigpictureretirement

    44 min
See All (217)

4.7
out of 5
412 Ratings

About

Planning for, or already enjoying, your retirement? This is the show for you. The success of your retirement hinges on how well you connect the dots between legal, tax, and financial planning. Join hosts attorney John Ross and financial planner Devin Carroll as they dig beneath the surface to help you gain the confidence and clarity needed to navigate your retirement journey successfully.

Information

  • Creator
    Devin Carroll and John Ross
  • Years Active
    2017 - 2024
  • Episodes
    217
  • Rating
    Clean
  • Copyright
    © 2024
  • Show Website
    Big Picture Retirement

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