Seniors facing financial strain and credit card debt may find relief through reverse mortgages, which can provide access to home equity and stability. Understanding Social Security benefits and maximizing them through strategic claiming can also help alleviate financial burdens in retirement. Effective stewardship of resources is crucial for wise financial decision-making. [... more]

The new tax law provides benefits to retirees and seniors, including a higher standard deduction, an additional senior deduction, and changes to charitable deductions. The law also extends the estate tax exemption and increases the SALT deduction cap. Understanding these provisions can help individuals make informed decisions about their retirement planning and charitable giving. [... more]

Mentoring in retirement can be a meaningful way to invest in the next generation, but it's essential to reframe it according to God's design for this season of life. A more effective model is intergenerational friendship, where there's genuine mutuality, blessing, and affirmation. This approach is rooted in biblical models, such as Jesus' relationship with his disciples, and can be applied in various contexts, including local churches and workplaces. [... more]

Estate planning is crucial at various stages of life, from college students needing powers of attorney to new parents requiring guardians for their children, and retirees seeking asset protection and healthcare directives. [... more]

Deciding when to take Social Security benefits can be a complex financial decision, impacting tens of thousands of dollars. A financial advisor can help you consider factors such as reduction, cash flow needs, debt, charitable giving, and longevity to make an informed decision. Additionally, establishing a lifestyle finish line can help guide personal spending and long-term planning, while a net worth finish line can provide a maximum limit on total assets. Stewardship and financial wisdom are essential in managing God's money and accomplishing His purposes. [... more]

For those nearing retirement, working longer can have a significant impact on their financial security, with studies showing that delaying retirement by just a few months can have the same benefit as saving a higher percentage of income over three decades. This can be especially beneficial for those who plan to claim Social Security benefits before age 70, as waiting beyond full retirement age can increase monthly benefits by two-thirds of one percent or eight percent per year. However, this decision also involves considering emotional and relational factors, such as the potential impact on relationships and lifestyle, and requires open and honest communication as a couple. [... more]

Christians can redefine retirement as a season of rest, renewal, and re-engagement as elders filled with wisdom and blessing for a coming generation. This biblical view of retirement involves laying down past work identities and embracing a new season of life, where one can invest in a future generation and stay engaged in community. [... more]

Using a reverse mortgage for an early inheritance can be a strategic financial planning tool, allowing homeowners to give away part of their home value while alive without risking ownership or ability to live in the home. It's essential to consider long-term health care planning, tax implications, and overall financial goals when making this decision. Additionally, protecting credit files and scores is crucial to prevent identity theft and ensure financial stability. [... more]

Carrying debt into retirement can significantly reduce lifestyle choices and increase the likelihood of returning to work. Understanding biblical principles of finance and effective debt management strategies can help individuals avoid debt and achieve financial freedom. Additionally, making informed decisions about inherited IRAs and property investments can also impact one's financial future. [... more]

As the baby boomer generation ages, they'll leave a tidal wave of wealth to their heirs, but is the next generation ready for that wealth? Experts say it's more important than ever for families to discuss wealth transfer and seek professional guidance when necessary. [... more]

Paying extra for Medicare can be a surprise for high-income retirees, but understanding the IRMA tax and its brackets can help with financial planning and making informed decisions about healthcare costs. [... more]

Many seniors are struggling with debt, particularly mortgage payments, which can be a significant burden in retirement. Harlan Akula discusses the dangers of keeping mortgage payments into our retirement years and explains how seniors can eliminate or reduce these payments, potentially turning their home into an income stream. Additionally, the hosts address questions on social security, credit card debt, and biblical stewardship, providing guidance on managing finances and achieving financial health. [... more]

Rob West discusses various financial topics, including retirement planning, investment strategies, and biblical stewardship. He answers listener questions on topics such as IRA inheritance, life insurance, and divorce and finances, providing guidance on making wise financial decisions and living a life of stewardship. [... more]

The Bible teaches that hoarding is a result of fear, envy, and greed, and that it cancels out generosity. God wants us to trust in His provision and to be good stewards of our resources. We should prioritize generosity and avoid the temptation to hoard, instead focusing on using our money to accomplish God's purposes. [... more]

As the baby boomer generation ages, they'll leave a tidal wave of wealth to their heirs, but research shows they're not preparing the next generation to manage that inheritance. Experts say it's more important than ever for families to discuss wealth transfer and seek professional guidance when necessary. [... more]

Retiring with debt can reduce lifestyle choices and increase the likelihood of returning to work. A debt management plan can help pay off debt 80% faster, and financial planning can ensure a comfortable retirement. Considering income-generating land or downsizing can also provide financial freedom. [... more]

Mark Biller joins Rob West to discuss the most common retirement planning mistakes, including underestimating the impact of inflation, investing too conservatively, and overestimating investment income. They also touch on the importance of planning for at least two decades of retirement and accounting for health care costs. [... more]

High levels of confidence in retirement prospects mask a disconnect between worker optimism and actual preparedness, with nearly 70% of workers feeling confident but many lacking adequate savings, and nearly two-thirds of workers acknowledging debt as a problem. Experts recommend running the numbers on retirement, planning to retire mortgages, and considering a biblical approach to retirement that prioritizes service and contribution, rather than a life of leisure. [... more]

Many people are confident about their retirement prospects, but a disconnect between worker optimism and actual preparedness exists. Inflation and potential changes to the American retirement system are top concerns. Workers can learn from today's retirees, who often retire earlier than planned due to health issues or changes at work. Building a realistic retirement plan and communicating with spouses about financial goals are essential steps towards a comfortable retirement. [... more]

Christians are learning to use their shareholder rights to influence corporate policies and promote biblical values, but it's a slow process that requires patience and understanding of the proxy voting process. Financial experts discuss the importance of waiting to claim Social Security benefits and the benefits of paying off high-interest debt, such as a car loan, before retirement. [... more]

Investors need to balance risk management with the potential for long-term growth, as playing it too safe can lead to financial trouble down the road. Recognizing the risk of loss aversion and taking steps to mitigate it, such as diversifying investments and maintaining an emergency fund, can help individuals achieve their financial goals and protect their purchasing power. [... more]

Hans and Robby are back again this week with a brand new episode This week's discussion is about when it comes to income tax how much do retirees pay Don't forget to get your copy of The Complete Cardinal Guide to Planning for and Living in Retirement on Amazon or on CardinalGuide com for free You can contact Hans and Cardinal by emailing hans cardinalguide com or calling - - Learn more at CardinalGuide com Find us on YouTube Cardinal Advisors [... more]

Understanding tax brackets and exemptions can help individuals plan for retirement and minimize their tax liability. Certified financial planner Hans Scheil explains how to take advantage of lower tax rates in 2024, including the use of Roth conversions and Qualified Charitable Distributions, to create a more tax-efficient retirement plan. [... more]

Tithing in retirement can be complicated due to varying income sources, but having a plan can give you confidence in your financial decisions. A certified financial planner shares expert advice on how to approach tithing in retirement, including considering the first fruits principle and applying a percentage to earnings, not just principal. He also discusses tax-efficient ways to give, such as using appreciated stock or donor advised funds. [... more]

Investing involves setting clear financial objectives, such as safety, income, and growth, to achieve long-term financial goals. Understanding the trade-offs between these objectives is crucial for making informed investment decisions. Additionally, managing debt through debt management programs and credit counseling can help individuals achieve financial stability and improve their credit scores. [... more]

Rob West discusses the Legacy IRA, a new retirement account option that allows individuals to make charitable donations while reducing their tax liability. He also answers listener questions on topics such as refinancing car loans, annuities, and whole life insurance policies. [... more]

For high-income retirees, understanding hidden taxes like the Medicare tax, Social Security tax, and investment income tax is crucial. The Modified Adjusted Gross Income (MAGI) formula plays a significant role in determining these taxes. A certified financial planner discusses how to navigate these complexities and plan for a smoother retirement. [... more]

A growing number of retirees are considering un-retiring due to the high cost of living and the need for extra income. The increasing cost of inflation, particularly under the current administration, is affecting retirement savings and making it difficult for people to afford their daily expenses. [... more]

The discussion revolves around climate change, energy policy, and its impact on inflation, as well as the challenges faced by retirees due to declining retirement savings. The conversation also touches on banking regulations, the collapse of Silicon Valley Bank, and the extraction of oil in Alaska, highlighting the contradictions in the Biden administration's policies. [... more]

Certified financial planner Hans Scheil discusses the challenges of Medicare for high-income retirees, including the IRMA surcharge and the importance of tax planning and financial planning to navigate these complexities and make informed decisions about healthcare and retirement. [... more]

The discussion centers around the solvency of Social Security for 2022, exploring the trust fund's $2.85 trillion in assets, payroll tax revenue, and interest earnings, while addressing concerns about the system's ability to meet future benefits. [... more]

In this episode of Finishing Well, certified financial planner Hans Shile discusses 2022 tax rates for retirees and how they can plan their finances to minimize taxes and maximize their after-tax income. He explains the concept of Roth conversions and how it can help individuals pay taxes now or later, and also discusses the importance of understanding the standard deduction and how it can affect tax brackets. [... more]

When a person passes away, their survivors need money to cover expenses, including funeral costs, lost income, and ongoing expenses. Life insurance can provide a tax-free sum of money to help with these costs, and can be purchased even in retirement. There are different types of life insurance, including guaranteed universal life policies and final expense insurance, which can be tailored to individual needs and circumstances. [... more]

Darrell Bock and Hans Scheil discuss the concept of Aunt Irma, a Medicare surtax on high-income individuals, and explore strategies for managing and reducing the tax burden, including planning, appeals, and income management. [... more]