Retirement Planning Education, with Andy Panko

Andy discusses common tax planning mistakes often made in retirement. Additionally, he shares insight on how to attempt to prevent such mistakes, and/or fix them after they've happened

The 8 common mistakes are:
Not paying enough income tax timely throughout the year, and having underpayment penalties as a result
Missing or not taking the correct amount of Required Minimum Distributions (“RMDs”)
Having improper beneficiary designations
Not properly applying Roth account withdrawal rules
Not understanding IRA “basis” and the pro rata rule
Not being as tax-efficient as possible with charitable giving
Not managing Modified Adjusted Gross Income (“MAGI”)
Not planning for state-specific income tax considerations

Links in this episode:
My YouTube video - How Much Estimated Tax to Pay
Summary of RMD factors from the Retirement Planning Education website's - Free Stuff
IRS summary of RMDs - here
My company's newsletter - Required Minimum Distribution ("RMD") Rules from Inherited IRAs
My YouTube video - Roth IRA Withdrawal Rules 
My YouTube video reply of the webinar - IRA after-tax "basis," the pro rata rule and Form 8606
My YouTube video - How to give to charities tax-efficiently
My company's newsletter - How to donate to charities tax-efficiently
My YouTube video - What is Modified Adjusted Gross Income, or "MAGI"

Tenon Financial monthly e-newsletter - Retirement Planning Insights
YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)
Retirement Planning Education website - www.RetirementPlanningEducation.com

To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Listener Q&A where Andy talks about: 
Are tax return amendments needed if info from a 1099-R was left out but doesn't impact the return's gross or taxable income ( 4:08 )
What are the pros and cons of using average cost basis tracking for mutual funds ( 8:36 )
Tax implications of nonqualified annuities and surrendering vs annuitizing it ( 13:55 )
Is there a more optimized way to pay taxes on in-plan Roth conversions as opposed to having additional taxes withheld from your paycheck ( 23:21 )
Thoughts on using "reverse budgeting" to figure out how much you spend, instead of manually adding up all of the line items of actual expenses you have ( 28:28 )
How to properly report on your tax return a disability exception to the 10% IRA early withdrawal penalty if the custodian won't reflect the exception on the 1099-R ( 34:31 )
How much is too much to pay a financial advisor who charges a percent of assets under management, and thoughts on only rolling some of a 401(k) to an advisor and managing the rest on your own ( 40:23 )
Options/insurance to help cover expenses for dental, vision, and hearing since traditional Medicare doesn't cover those things ( 47:46 )
When to consider getting a financial advisor (or at least getting a one-time financial plan done) ( 52:06 )
How to properly report on your tax return a SEPP (Substantially Equal Periodic Payment) exception to the 10% IRA early withdrawal penalty if the custodian won't reflect the exception on the 1099-R ( 58:00 )
Thoughts on retiring from Oklahoma to a high cost of living place like New York City (to be near kids and grandkids) ( 1:02:02 )

To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Links in this episode:

Tenon Financial monthly newsletter/blog - Retirement Planning Insights
YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)
Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy and Mark Ross from the Rock Retirement Club talk about Mark's journey in retiring to become an "encorepreneur" by starting a coaching business, and spending more time creating art. They also address some of standard "real person" planning questions such healthcare before Medicare, Social Security claiming, the emotional transition to leaving the corporate world, and more!

 
 Links in this episode:

Mark's coaching website - https://www.nextthinggroup.com/
Mark's Instagram site for his art - https://www.instagram.com/next_thing_art/
The Rock Retirement Club - https://www.rockretirementclub.com/

Tenon Financial monthly e-newsletter - Retirement Planning Insights
YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)
Retirement Planning Education website - www.RetirementPlanningEducation.com

To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

Andy and Adam Grossman from Mayport Wealth Management share their thoughts on a handful of current events and "hot topics" relating to retirement planning. Specifically, they talk about:

How to analyze an existing annuity and whether to keep it, exchange it to another annuity or surrender it ( 11:44 )
The different things to factor in when considering retiring to a different state ( 23:18 )
What to do with your investments regarding concerns about the U.S.'s national debt, potential inflation, potential market declines, etc. ( 33:41 )
How much to try to optimize moving around cash balances between savings accounts, money market funds, Treasury Bills, CDs, etc. to try to maximize the amount of interest you can get ( 43:44 )
Their thoughts on individual bonds vs bond funds, what we use, and why ( 54:27 )
How we handle and implement inflation assumptions when doing financial planning with clients ( 1:05:37 )
Their thoughts on how Artificial Intelligence may impact financial planning, both as advisors and as consumers ( 1:12:55 )
What to make of illustrations for permanent life insurance policies, how reliable those illustrations are, when to consider buying permanent life insurance, when not to buy permanent life insurance, etc. ( 1:19:48 )

Links in this episode:
Mayport Wealth Management's website - https://www.mayport.com/
Adam's recent appearance on Morningstar's The Long View podcast - https://www.morningstar.com/personal-finance/adam-grossman-asset-allocation-is-an-investors-best-defense

To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com

My company newsletter - Retirement Planning Insights
YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)
Retirement Planning Education website - www.RetirementPlanningEducation.com

Andy discusses the various areas of consideration and analysis that go into deciding whether Roth conversions might potentially be of value. Furthermore, he explains why it's impossible to actually quantify how much tax savings, if any, Roth conversions might potentially create. And what to consider when figuring out how much to convert in any given year

Links in this episode:
Vanguard's "Break Even Tax Rate" Roth conversion analysis white paper - here
Tenon Financial's June 2026 Newsletter/blog - Roth conversion analysis: more than meets the eye

Tenon Financial monthly e-newsletter - Retirement Planning Insights
Facebook group - Retirement Planning Education (formerly Taxes in Retirement)
YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)
Retirement Planning Education website - www.RetirementPlanningEducation.com

To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.com