What happens when you retire and no longer receive a paycheck? How do you pay your taxes in retirement?
This week on The Simply Retirement Podcast, I dive into this common concern among retirees. With the tax season freshly behind us, now’s a great time to address how you’ll handle taxes in your golden years.
Key topics:
Navigating IRS expectations for tax payments without a regular paycheck
Options for tax withholding from Social Security, pensions, and IRAs
Understanding marginal versus average tax rates in retirement
The advantages of estimated quarterly tax payments
The rule of mandatory 20% tax withholding from company retirement plans
The importance of consulting a knowledgeable financial advisor or tax professional
Your Social Security decisions can significantly impact your financial future. How can you make the most of these benefits while avoiding common pitfalls?
In this episode, I explore three lesser-known Social Security strategies that could transform your retirement income plan. From timing benefits to maximizing survivor payouts, I give practical advice to help you make informed decisions for a stronger financial future.
Episode Highlights:
Withdrawing Social Security applications to correct early filing decisions, including the repayment process and impact on benefits
Suspending benefits at full retirement age to increase future payouts or enhance survivor benefits for a spouse
Claiming six months of retroactive benefits for flexibility in tax and income planning
The tax implications of Social Security strategies, highlighting scenarios where planning minimizes lifetime tax liability
The importance of consulting financial advisors who specialize in retirement to tailor strategies to individual circumstances
Have you ever wondered how you would navigate the healthcare maze as you age, especially if you’re flying solo?
Understanding the role of a Patient Advocate might just be the key to planning for your future with confidence and independence.
Join me on the Simply Retirement Podcast as I dive into the world of patient advocacy with Nancy Ruffner, an experienced Patient Advocate and Aging Strategist. Nancy shares insights into supporting individuals navigating complex healthcare decisions and sheds light on the “PIE framework,” an innovative approach to aligning the pieces of your retirement journey.
Nancy discusses:
What exactly Patient Advocate is and how they can support you
Why and when you should consider hiring a Patient Advocate
Navigating the costs and benefits of patient advocacy services
Building your retirement support team with the “PIE framework”
Exploring the unique challenges and opportunities of solo aging
Nancy Ruffner is a Patient Advocate, consultant, and accomplished speaker with a deep commitment to helping others navigate healthcare and aging-related challenges. Through the founding of a patient advocacy agency in 2013 she expanded her career by serving clients and mentoring peers, earning recognition for her expertise and approachable style. Today, Nancy consults online in healthcare navigation, aging matters, and Solo Aging, while inspiring audiences across the U.S. with engaging talks that consistently deliver transformative AHA moments.
Widowhood often brings emotional and financial turmoil, leaving many unsure of where to turn.
Wings for Widows offers a lifeline to widows through personalized coaching and financial guidance.
In this episode, Eric Blake, along with guest Chris Bentley, MBA, CFP®, CLU®, BFA®, CRPC®, Founder and CEO of Wings for Widows, dive into the importance of financial preparedness and support for widows and widowers navigating the complexities of financial decisions post-loss.
You’ll gain valuable insights into the mission of Wings for Widows, learn about the coaching services they offer, and discover practical financial strategies to ensure stability during an emotionally challenging time.
Eric and Chris discuss:
The emotional and financial challenges faced by newly widowed individuals
The concept and impact of the “widow’s crisis”
Essential financial steps and resources for widows
Detailed coaching services provided by Wings for Widows
At the heart of Wings for Widows lies the vision and dedication of Chris Bentley. Chris’s journey to establish this organization was sparked by a profound realization during his tenure as a financial advisor. He recognized a widespread and critical gap in support for individuals in the throes of early widowhood—a time when the need for compassionate, professional financial guidance is most acute, yet startlingly underserved.
Chris Bentley, whose career spans roles as a veteran, entrepreneur, retired financial advisor, author, educator, speaker, and unwavering advocate for the widowed, was moved by the struggles faced by those who had lost a spouse. He observed firsthand the detrimental impact of navigating financial decisions without expert advice during such a vulnerable time. The mistakes made in the wake of loss, often under the cloud of grief and confusion, can have long-lasting repercussions.
Driven by a deep sense of purpose and armed with expertise and empathy, Chris embarked on a mission to change this narrative. In 2017, his vision took flight with the creation of Wings for Widows, a pioneering nonprofit organization dedicated to offering widowed men and women the critical financial coaching and education they sorely need. Chris has since devoted his life to this cause, transforming his insight into action, and in doing so, has built a beacon of hope and empowerment for countless individuals navigating the path of widowhood.
Through Chris Bentley’s leadership, Wings for Widows stands as a testament to what visionary dedication can achieve. His commitment not only addresses the immediate needs of the widowed community but also fosters a broader understanding and appreciation for the unique challenges they face. Chris’s legacy is one of compassion, advocacy, and unwavering support, ensuring that no one has to face the financial aftermath of losing a spouse alone.
Confronting fears isn’t just a personal journey; it’s a critical aspect of financial and estate planning. This is the central theme of today’s discussion, where host Eric Blake, joined by esteemed estate planning attorney Christene “Chris” Downs, dive deep into the unique challenges and essential strategies needed for successful retirement and estate planning.
Key Highlights:
Untangling Estate Planning: Chris Downs simplifies complex estate planning concepts and emphasizes their importance
Estate Planning for All: Whether widowed, divorced, or single by choice, learn the critical role of estate planning in securing financial futures
Beyond the Will: Explore key aspects often overlooked in estate planning, such as incapacity planning and the power of decision-making delegation
Avoiding Unintended Consequences: Understand how an effective estate plan prevents scenarios like ex-spouses unintentionally remaining beneficiaries
Intentional Asset Distribution: Insights into the pitfalls of dying intestate and the value of deliberate asset allocation in accordance with one’s wishes
Powers of Attorney Explained: A deep dive into the significance of Statutory Durable and Medical Powers of Attorney in managing personal and health affairs
Living Wills and Beneficiary Designations: Clarifying the role of living wills and how to align beneficiary designations with your broader estate plan
Chris’s motto is “Be Kind” & her motto defines how she practices law.
Attorney Christene “Chris” Krupa Downs is an attorney at Krupa Downs Law, PLLC in Plano, Texas. Chris focuses her practice on wills, trusts, advance directives, estate planning, guardianships, and probate. She has 13 years of legal experience handling estate planning, probate & guardianship legal matters for clients in Allen, Frisco, McKinney, Plano and throughout Collin, Dallas, and Denton counties.
In addition to her practice, Chris writes and lectures for local and state bar associations, and at legal seminars. She is a member of various professional organizations, including the Collin County Bar Association, the Dallas Bar Association, and the Texas Bar College. She is also active in the State Bar of Texas and served on the Computer and Technology Section Council.
As part of giving back to the Texas community, Chris serves on the board of the Wellness Center for Older Adults, an organization addressing the needs and concerns of Collin County’s older adult population and is treasurer of the Women’s Auxiliary to Plano Children’s Medical Center. She also serves on the board of the Junior League of Collin County as Community Strategic Director and is a former Treasurer and Executive Vice President of the organization. In 2022, Chris was recognized with the Athena Award by the Plano Chamber of Commerce and the Community Service by a Woman Lawyer award by the Collin County Women Lawyers Association.
Chris lives in Plano with her husband, David Downs.
