Retirement Planning

27. Everything You Ever Wanted to Know About Social Security But Were Too Afraid to Ask [Video]

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27. Everything You Ever Wanted to Know About Social Security But Were Too Afraid to Ask

Historically, many Americans have planned to rely on Social Security to get them through retirement. But what happens if Social Security isn’t enough to help you secure the retirement you want and know you deserve?

In this episode, J. Barry Watts discusses some of those tough questions about Social Security, and helps you to understand how you can optimize that benefit to become your largest financial asset.

Barry discusses:

– The age at which you should start to file for Social Security
– The minimum qualifications for Social Security 
– A breakdown of how Social Security is funded
– How to maximize your Social Security benefit should your spouse pass away 
– How to avoid taxes on your Social Security
– And more


How to Have More Tax Free Income in Retirement

Connect With Barry Watts: 
LinkedIn: J Barry Watts
LinkedIn: SavingYouTaxes

Disclosure: The content has been made available for informational and educational purposes only, and is not intended to be a substitute for professional tax and investment advice always seek the advice of your own qualified advisor with any questions you may have regarding taxes and investing.

Retirement Planning

Don't Fall for these Common Roth Conversion Mistakes! [Video]

Are you sure your retirement tax plan maximizes your after-tax wealth? You can schedule an appointment with one of our Retirement Experts to look at your situation and help you plan for your future. Call us at (920) 544-0576 or go to We believe Roth Conversions are one of the most powerful tax planning tools retirees can be using right now. So much so, approx. 9 out of 10 plans we build have some kind of Roth Conversion element to them. And yet, every day I see retirees avoiding conversions because of some pervasive Roth Conversion myths. The right advice can be extremely beneficial to your retirement. That also means bad advice can be extremely destructive. These myths fit into the bad advice column. In this video, we dismantly two common Roth Conversion myths that we hear often from retirees. Those two myths are:1. "Conversions result in less money growing for your future. This costs you wealth."2. "You never want to pay conversion taxes out of the conversion. It destroys the value of the conversion"Within this video, we'll uncover a lot of fundamental reasons Roth Conversions make sense. We'll show the math that dispels these miscalculations. Enjoy!#RothConversions #RetirementIncomePlanning- - - - - - - - - - - - - - - - - - - - - Always remember, "You Don't Need More Money; You Need a Better Plan"🍿 Subscribe to our channel:🏆 Join our 'Retirement Mastery' Facebook Group:📈 Talk with us about your retirement plan here:📚 The New 60/40: How the Next Generation of Retirees Can Achieve Radical Financial Freedom through Better Safe Investing - Wealth Management is a Registered Investment Advisor in the State of WI. Safeguard Wealth Management is not an insurance provider. All content on Youtube is for informational purposes only and should not be taken as personal advice for your situation. You can read more disclosures at

Retirement Planning

Roth conversions, HSAs, pension choices, risk management: these are the topics of today’s listener questions. Susan, Gina, IM, and Daniel all submitted their questions to me via  and you can too! If you have any retirement questions, or even if you simply want to leave a comment about the show, click on the link to present your question. Whether you are looking to learn more about HSAs, Roth conversions, or evaluate your pension choices, listening to other listeners’ questions can help you learn how to frame your own questions and consider your options by always keeping your goals in mind.How to evaluate the best way to take a pension? Susan recently asked her financial advisor how she should take her pension and wasn’t satisfied with his answer. There are several options to choose from when deciding how to take a pension. One choice is to take the pension for a larger monthly sum for the duration of the pensioner’s life. Another option is to take a smaller amount over the course of the lives of both the pension holder and their spouse. A third option is to opt for a lump sum payment and forgo the monthly payments altogether.When making this decision there are a few ways to evaluate your choices. Create a what-if scenario to help you compare all the options. Then evaluate them next to your retirement plan of record. Listen in to hear how I perform this exercise with my clients. HSAs after age 65 HSAs are amazing tools that can help you reach your retirement goals. Gina’s question is about HSAs after age 65. She is still employed and plans to continue working for a few more years. She would like to continue to stay enrolled in her high deductible insurance plan so that she can continue to contribute to her HSA, but she isn’t sure how that would affect her Medicare choices. This is a great idea but navigating these waters is tricky since the rules surrounding Medicare are so complicated. Making a mistake could lead to a gap in coverage or even a lifetime penalty on parts B and D premiums. You’ll first want to check the rules surrounding your Medicare eligibility with your employee health insurance provider. Next, you should contact a Medicare navigator like Boomer Benefits . Should IM roll over her 401K to a Roth if she is worried about financial protections? IM writes in with a question about rolling over a 401K to a Roth IRA. She is worried about losing ERISA coverage when transitioning this money. ERISA stands for the Employee Retirement Security Income Act which was put in place to protect workers’ retirement plans. 401Ks are covered under this federal law; however, the protections for IRAs vary wildly from state to state. The first thing to do when considering this question is to check on the rules governing Roth IRA protections in your state. Next, you’ll want to evaluate your personal financial risk and how important this kind of coverage is to you. Make sure to scroll down to the bottom of the show notes to check out all the links to the resources mentioned in this episode.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS • [4:41] Which pension choice best suits Susan’s needs?• [13:40] A question about HSAs after age 65• [17:23] Do the risks associated with Roth IRAs outweigh the benefits?• [22:12] Daniel has a few Roth conversion questions• [30:22] Daniel has a few HSA questionsResources Mentioned In This Episode YouTube episode with Andy Panko on retirement tax bombs Boomer Benefits BOOK - Retirement Planning Guidebook  by Wade PfauInterview with Wade Pfau The Retirement and IRA Show Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement   by Roger WhitneyWork with Roger Roger’s Retirement Learning Center

Retirement Planning

The IRS Wants Access to Your Bank (Bidens Sinister Plan). Mr. Biden along with the IRS have proposed a new plan for fiscal year 2022.....and that's to get banks to give you information about YOUR bank account information on transactions of $600 and over. In this video we will cover exactly what the government is proposing to make sure they get their tax revenue from your private account and have no transaction under $600 go without getting their "cut". This is also a COMPLETE violation of our 4th amendment rights! 0:00 Intro 0:40 What Biden has proposed 2:40 The counter argument 5:35 The second thing that Biden wants 9:09 Daniel's big picture question 11:45 Final thoughts Government Fiscal Policy FY2022: Thanks for Subscribing & Liking our Video! Get Our 1:1 Real Estate Investing Coaching and Mentoring: FREE 7 Day Trial To PropStream Real Estate Investing Software: Pay Off Your Mortgage In 5-7 Years (On Average): Get Our FREE Book "Break Free From Your Mortgage" Get Our FREE Book "0 To 75 Units in 1 Year" JOIN OUR FREE FACEBOOK GROUP FOR LANDLORDS: Are you a Business Owner? Start Accepting Credit Card Payments with Lower Fees: ======================== ---DISCLAIMER--- The suggestions, advice, and/or opinions that are given by Sam Kwak and Daniel Kwak (The Kwak Brothers) are simply opinions. There are no guarantees of set outcomes. Listeners, guests, and attendees are advised to always consult with attorneys, accountants, and other licensed professionals when doing a real estate investment transaction. Listeners, guests, and attendees are to hold The Kwak Brothers and its brand harmless from any liabilities and claims. Not all deals will guarantee any profit or benefits. Listeners, guests, and attendees are to view and listen to all materials and contents furnished by the Kwak Brothers as a perspective based upon experience.