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What is long-term care?

Retirement Prof University
14 Day Retirement Plan
Day 8: Long-Term Care
What is long-term care?

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14 Day Retirement Plan

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Step 1

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Instructor

Derek Tharp

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Welcome!

Kickstart Quiz

Join our Facebook community

Get organized

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Day 1: Retirement Mindset

Welcome!

Join the community!

Derek's story

What are you retiring to?

Planning a joint vision for retirement

Answer Kinder’s Three Questions

ACTION: Kinder’s First Question

ACTION: Kinder’s Second Question

ACTION: Kinder’s Third Question

Takeaways From Kinder's Three Questions

George Kinder's Presentation

Pursuing Happiness

Maintaining a purpose

OPTIONAL: Software set up

ACTION: Register for Income Lab access

ACTION: Register for Maximize My Social Security

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Day 2: Retirement Accounts

Common questions

Roth vs. Traditional

Why the HSA is the most powerful account of all

Changing dynamics in late working years

Traditional IRA basics

Roth IRA basics

Spousal IRA/Roth IRA basics

Does $7,500 per year make a difference?

Employer-sponsored retirement accounts

The six rollover options

Taxation of retirement account withdrawals (non-Roth)

Potential side-effects of IRA distributions

Required minimum distributions (RMDs)

Three RMD mistakes

Savvy IRA strategy #1

Savvy IRA strategy #2

Tax-free Roth IRA distributions

Who can do a Roth IRA conversion?

Other benefits of Roth IRA conversions

Big Roth conversion changes after 2018

Three questions to ask before doing a Roth conversion

Long-term Roth conversion strategy

Limitations and risks of Roth IRA conversions

Savvy IRA strategy #3

Savvy IRA strategy #4

Coordinating IRA planning with Social Security

Savvy IRA strategy #5

Non-designated beneficiaries

Non-eligible designated beneficiaries

Eligible designated beneficiaries

Trusts as IRA beneficiaries

Options for spousal IRA beneficiaries

Bonus IRA strategy

ACTION: Summarize your current retirement accounts

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Day 3: Tax Planning

Intro to tax planning

Tax disclaimer

Don’t forget about state taxes!

Tax planning philosophies

The new challenges that come with retirement tax planning

The four stages of retirement

Retirement tax planning Key #1

Retirement tax planning Key #2

The "Social Security Tax Torpedo"

The good, the bad, and the ugly of Social Security and taxes

Medicare and taxes

Retirement tax planning Key #3: Distribution coordination

Tax bracket management

Alternative approaches to tax bracket management

Tax bracket management example

Other pre-retirement strategies

Charitable giving and tax planning

Retirement tax planning Key #4: Estate plan coordination

Estate Example #2: Choices when inheriting IRAs

Taxes and long-term care

Key focus areas for different phases of retirement

ACTION: Review your most recent tax return

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Day 4: Investing

Intro to Investing

Stocks

OPTIONAL: Why you shouldn't invest in individual stocks

Bonds

Mutual funds

Exchange traded funds (ETFs)

Target date funds

Robo advisors

Factor investing

OPTIONAL: A deep dive into factor investing

COMMING SOON: Betterment set up tutorial

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Day 5: Estate Planning

Leaving a legacy

Dying without a will

Preparing for sudden incapacity

Common estate planning problems

Beyond estate planning: Generational planning

Six step legacy planning process

Step 1: Plan for incapacity

Step 2: Get organized

Step 3: Think about the people you love and the causes you care about

Step 4: Put your wishes in writing

Wills vs. Trusts

Step 5: Creating your family legacy

Step 6: Monitor and update your plan

Federal estate tax overview

State estate taxes

Common mistake #1: Lack of coordination

Common mistake #2: Inaccurate beneficiary designations

Common mistake #3: Per capita vs. per stirpes

Common mistake #4: Inefficient beneficiary designations

Common mistake #5: Guardianship of minors

Common mistake #6: Not funding trusts

Common mistake #7: Inaccessible documents

OPTIONAL: Review/complete estate documents

Completing estate documents with Trust & Will

Completing estate documents with a local attorney

FOR FUN: I review Ron Swanson's estate plan

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Day 6: Social Security

Penalty vs. Bonus

The Social Security problem

Things to know about Social Security

Will Social Security survive?

Insight #1: Inflation-protected income

How to determine your benefit

Insight #2: Early claim reductions

When to apply for benefits

How to estimate your Social Security benefits

How to maximize your benefits

Social Security taxation

Medicare and Social Security premiums

Things to remember when applying for Social Security

Insight #3: Maximize the higher-earner's benefit

Coordinating spousal benefits

Insight #4: Benefits when widowed or divorced

Survivor benefits

Divorced-spouse benefits

The importance of a customized Social Security analysis

What Social Security personnel can and cannot do

Windfall Elimination Provision (WEP)

WEP-Adjusted PIA

Government Pension Offset (GPO)

ACTION: Complete Maximize My Social Security analysis

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Day 7: Medicare

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Day 8: Long-Term Care