Mr. Stillman's Opus

Retirement can come with a lot of tax questions and concerns. From understanding the tax implications of withdrawing from your retirement accounts to minimizing taxes on investment income, it can be overwhelming. On today’s episode, we’ll break down the top ten tax questions retirees are asking in 2023. Before you file your 2022 taxes and plan ahead for the rest of the year, make sure to listen to this episode as we’ll discuss some important tax questions that retirees should ask themselves to ensure they're making the most of their retirement savings and minimizing their tax burden.   Here’s some of what you’ll learn in this episode: What are the tax implications of withdrawing money from my retirement accounts? (1:47) Will my Social Security benefits be taxed? (3:17) Does the taxation of my pension income differ from other forms of income? (6:38) How will my taxes change if I decide to move to another state in retirement? (9:12) What are the tax considerations for gifting money to my children or grandchildr

mistakes. No matter how experienced you might be, we’re all susceptible to a moment of weakness. On this episode, John will cover some of the top rookie mistakes we see people make and share examples of how he’s seen this play out. Plus, he’ll illustrate how to avoid these missteps or how to fix them if you’re already made some in your financial life. Here’s some of what you’ll learn in this episode: Do you have a purpose for the money you’re investing? (1:39) Why investors don’t always understand the amount of risk they have. (6:43) How emotions play a role in the decisions you make. (9:15) Why we all fall into the trap of a ‘hot tip’ (13:32) The role your advisor should play in helping you avoid these mistakes. (16:46)   Connect with us:  Web: https://rosewoodwealthmanagement.com/ Phone: 919-391-3446

The SECURE Act 2.0 was pushed through Congress late last year, and even though you won’t see too many exciting headlines about the legislation, there are actually some great planning opportunities inside. We spent a little time talking about the RMD age change that will impact people in or near retirement in our last episode. Now we want to highlight a few more positive changes that you need to know about, including catch-up contribution increases, a 529 to Roth option, and a benefit for people for some people still paying off student loans.   Here’s some of what you’ll learn in this episode: Catch-up contributions for increase for people aged 60-63. (1:15) You’ll have the ability to move 529 money to a Roth with restrictions. (3:36) Student loan payments could qualify you for a company 401(k) match. (8:06)   Connect with us:  https://rosewoodwealthmanagement.com/ 919-391-3446

We’re only a few years removed from the SECURE Act being passed, which brought about significant retirement planning changes. Now three years late, Congress passed SECURE Act 2.0 in late December and we have another round of changes to process and adjust to. We’ll cover these provisions over the course of multiple episodes, but today we’ll focus primarily on another adjustment to the age you have to begin taking required minimum distributions. Starting this year, the age will move from 72 to 73, which is pretty big news for people that are in their mid-to-late 60s.     Here’s some of what you’ll learn in this episode: The RMD age pushed back from 72 to 73 beginning this year. (2:14) A specific example of why this change matters to planning. (4:44)   Connect with us:  https://rosewoodwealthmanagement.com/ 919-391-3446  

The end of the year (or start of a new year) probably means you’re getting a lot of financial statements in your mailbox (or inbox if you’re paperless). Ever wonder what some of those terms mean as you look at your 401(k), IRA and other account balances? Let’s spend a little time looking over a financial statement and breaking down some of the terms you might come across. Here’s some of what you’ll learn on this episode: How accurate are retirement income projections you’ll see? (1:38) What do you need to know about that asset allocation pie chart they include for your investments? (4:34) Are all the fees listed on the account statement? (7:43) Will you miss anything if you don’t read through the disclosures and fine print? (9:49) Other balances you might find on your statement. (11:15)   Connect with us:  https://rosewoodwealthmanagement.com/ 919-391-3446

Even if she wasn’t directly talking about money, Grandma said a lot of smart things that we can apply to financial planning. We might not have known it then, but looking back on wisdom that was imparted to us can teach us lessons years later. On this episode, let’s take some classic Grandma sayings and see how they relate to our financial lives.   Here’s some of what you’ll learn on this episode: How ‘when it rains it pours’ applies to the way the market behaves. (1:33) ‘You never know’ is used quite a bit in financial planning. (4:19) ‘A bad apple spoils the whole barrel.’ (6:43) Why it’s important to get information ‘straight from the horse’s mouth.’ (8:49) Yes, ‘if your friend jumps off a bridge, would you do it too?’ applies to finances. (10:00)   Connect with us:  https://rosewoodwealthmanagement.com/ 919-391-3446

Getting through retirement can be a lot like running a marathon. While we may not know that through first-hand experience, we can certainly lean on the lessons we’ve learned from family and friends who have succeeded in this endeavor. On this episode, let’s talk about some of the similarities of getting to the finish line in racing and retirement. Much like in retirement, runners might be able to finish a race without all the planning and prep, but they might not how they’re feeling during and after. Here’s some of what you’ll learn on this episode: What planning and preparation goes into retirement? (2:12) The proper diet is just as important as planning. (5:24) Why you shouldn’t start too fast in retirement. (8:28)   Connect with us:  https://rosewoodwealthmanagement.com/ 919-391-3446

Whenever we’re faced with a major life event, certain people will have an impact on us and the decisions we make. But when you work with a financial advisor who you’ve built a strong relationship with, they end up being there for all of these key events because of the financial impact they have. Let’s explore some of the things you should be thinking about to make smart financial decisions when you encounter some of the most significant events in your life. Here’s some of what you’ll learn on this episode: What do you need to consider when you change jobs? (2:35) The tax considerations that come with an inheritance. (5:45) How becoming an empty nester changes your income and savings. (10:03) How we help someone that goes through the death of a spouse. (11:45)   Connect with us:  https://rosewoodwealthmanagement.com/ 919-391-3446

We always talk about the money side of financial and retirement planning. But what about the mental aspect of that big life change? Today we’ll break down an article written by a Licensed Professional Counselor (Kate Schroeder) for Psychology Today, titled The Psychological Investment In Retirement. You might be surprised to find out that many financial advisors actually spend significant time on this side of the planning process, and we’ll take you through that on this show. Here’s some of what you’ll learn on this episode: Few people consider the consequences of leaving your everyday routine behind. (1:53) Why we struggle to find genuine meaning in retirement. (4:20) This is the time to try things you’ve always wanted. (6:24) What can you do invest in personal growth and development? (8:28) What have our clients done to get mentally prepared for retirement? (10:54)   Connect with us:  https://rosewoodwealthmanagement.com/ 919-391-3446

There are plenty of decisions that you’ll make in the retirement planning process that can’t be undone, so you want to make sure that you make the right call. On this episode, we’ll explain why these decisions are so important and can’t be undone. Here’s some of what you’ll learn on this episode: Why claiming Social Security at 62 isn’t always the right decision. (1:58) What’s important to know about spousal benefits on a pension. (4:50) Reasons for getting life insurance and why you should decide soon. (8:46) Choosing the appropriate retirement date can keep you from having to go back to work. (12:15)   Connect with us:  https://rosewoodwealthmanagement.com/ 919-391-3446

People have many reasons for procrastinating when it comes to putting a retirement plan together. Let’s explore some of those excuses and why they can be dangerous, and talk about how to overcome them.   Connect with us:  https://rosewoodwealthmanagement.com/ 919-391-3446

You’ve most likely heard plenty of “rules” you’re supposed to follow to retire successfully. Some of these rules are stated so confidently, you’d be crazy not to immediately accept them as fact. But we don’t mind the threat of being called crazy, so let’s dive into some of the most popular retirement “rules of thumb” to see if they truly lead us down the path of good financial guidance or run a chance of leading us astray.   Connect with us:  https://rosewoodwealthmanagement.com/ 919-391-3446

Tim Williams had a little sister, but for 60 years he never knew she existed.

Gary & Nancy Williford hadn't been living in their new home for very long before the unthinkable happened. This is their story about losing their home to a fire, the aftermath and rebuilding process, and how they've been coping ever since.

Jonie & Meme Neddo were a young, interracial couple in rural Tennessee at a time when interracial dating in rural Tennessee wasn't exactly encouraged. This is their story about how they parted ways in 1980 and found their way back to each other more than 25 years later.

Kathy Pittman lost her husband to a brain tumor when her daughters were just 6 and 4. In this episode, she shares her story--dealing with her grief, trying to make ends meet financially, and raising two girls alone.

Jay Campbell is a client of Rosewood Wealth Management who--back in 2003--argued a case before the Supreme Court, representing a group of West Virginia coal miners in the case Doe v. Chao. At a time when the Supreme Court is getting lots of attention from lots of folks, Jay shares his behind-the-scenes story of how the Court really works.

Larry Falivena is a client of Rosewood Wealth Management who has been battling ALS for the last several years. He joins John Stillman in studio to discuss the disease, the emotional and financial effects on his family, and the nationwide tour of all 30 Major League ballparks that he went on last year in an effort to raise funds and awareness.

Almost everyone will feel the some effects from the new SECURE Act. Some more immediately than others, but in the grand scheme almost everyone will be affected. Ron and I will help you tackle the new rules as we discuss the two most important components: the changes in stretch IRAs and the new RMD age. The most important thing to keep in mind is communicating with your family about the changes from an estate planning standpoint. Don’t fret, we’re gonna break it all down for you and help you get started!  Check out the full show notes for this episode by clicking here. 

There are actually a lot of principles from the personal training and fitness world that we can apply to retirement planning. Let's explore some similarities and learn how to increase our level of financial fitness.  Get the full show notes for this episode at http://mrstillmansopus.com On This Episode:  1:53 - Coaches and Trainers 5:28 - Specific Goals and Training Plans 7:57 - Good Habits and Crunches in the Kitchen 10:52 - The Process Brings You To Your Destination