Josh Scandlen Podcast

Brodie Gay, from Unison.com, joins us to tell us how you can access some cash in your home without taking on debt.  This has a lot of appeal to me, actually.  Listen to find out why.  --- Support this podcast: https://anchor.fm/josh-scandlen-podcast/support

================================ Get the PDF version of my Tax Bomb book for free follow this link. https://mailchi.mp/7e528cd3cfb3/taxbomb Be on the lookout for my 4th book coming out soon, YOU CAN RETIRE ON SOCIAL SECURITY! If you like what you see, a thumbs up helps A LOT. It tells YouTube that people are engaged and so the Youtube algorithm will show the video to others who may be interested in the content. So, give me a thumbs up, please! Don't forget to SUBSCRIBE by clicking here: https://www.youtube.com/channel/UCSEzy4i9xrKPoaU9z0_XbmA?sub_confirmation=1 My Amazon Product page:  https://www.amazon.com/shop/heritagewealthplanning Anything you buy there Amazon pays me a commission.  Much appreciated! If you received value from this video and/or channel, and want to say thanks, feel free to send a donation via Paypal. I'm not too proud to ask! https://bit.ly/2Gq1QsE Contact me: Josh@heritagewealthplanning.com GET MY BOOKS:   ALL are FREE to Kindle Unlimited Subscribers! The Tax Bom

Time for a new CPA.  Guy didn't even ask what her expenses were!!! How can you say ANYTHING about someone's ability to retire without knowing the most important thing regarding retirement???  Time to hang up the pencil, sir! ================================ Get the PDF version of my Tax Bomb book for free follow this link. https://mailchi.mp/7e528cd3cfb3/taxbomb Be on the lookout for my 4th book coming out soon, YOU CAN RETIRE ON SOCIAL SECURITY! If you like what you see, a thumbs up helps A LOT. It tells YouTube that people are engaged and so the Youtube algorithm will show the video to others who may be interested in the content. So, give me a thumbs up, please! Don't forget to SUBSCRIBE by clicking here: https://www.youtube.com/channel/UCSEzy4i9xrKPoaU9z0_XbmA?sub_confirmation=1 My Amazon Product page:  https://www.amazon.com/shop/heritagewealthplanning Anything you buy there Amazon pays me a commission.  Much appreciated! If you received value from this video and/or channel, an

In this series of videos we're going to tackle what someone can do when they have $1 million in an IRA.  We'll start with Karen and Ken, Married Filing Jointly.  WE'll have them take Social Security at 66, 70 and 62 and look at their taxes due, their income, expenditures and their ending net worth.  Then we'll see what things look like when they start Roth conversions. Finally,  we'll make Karen a single taxpayer right out the gate and see what that looks like.  So, buckle up, it's gonna be a wild ride! ================================ Get the PDF version of my Tax Bomb book for free follow this link. https://mailchi.mp/7e528cd3cfb3/taxbomb Be on the lookout for my 4th book coming out soon, YOU CAN RETIRE ON SOCIAL SECURITY! If you like what you see, a thumbs up helps A LOT. It tells YouTube that people are engaged and so the Youtube algorithm will show the video to others who may be interested in the content. So, give me a thumbs up, please! Don't forget to SUBSCRIBE by clic

MRI went down without a hitch...but does bring up some other stuff to talk about.  --- Support this podcast: https://anchor.fm/josh-scandlen-podcast/support

This is the GRAND Conclusion of our 6 part case study on Karen and Ken.  We lay it all out on the infamous white board and use the PVC pipe to point out the BEST strategy for Karen and Ken regarding when to take Social Security and whether they should convert assets to Roth IRAs.  If you haven't watched the previous 5 videos they are all in the playlist. --- Support this podcast: https://anchor.fm/josh-scandlen-podcast/support

Danielle Roberts owns the Boomer Benefits Youtube channel, Facebook page...and , course, actual business.   She reached out to me a few weeks ago so I could share some thoughts with her audience that you don't need MILLIONS to retire.  Unfortunately, the reach of Suze Orman and others is wide and deep and so many, many people are grinding away, at their crappy, old jobs, for fear of running out of money.  So, they never liberate themselves.  Sad....just sad.  Here's all of Danielle's contact info. To read our blog post on 50 Ingenius Ways to Earn Extra Money in Retirement, click here: https://boomerbenefits.com/50-ways-to... Boomer Benefits provides free claims support for life for all of our Medigap and Medicare Advantage policyholders so that you are never alone in dealing with Medicare.  We are licensed in 47 states and we are a top-producing, award winning agency with over 2000 5-star reviews from Medicare beneficiaries just like you. New to Medicare? Attend our FREE

Medicare...ahhhh harder than rocket science.  Medicare makes Social Security planning seem like you're on the beach watching the kids play. But thankfully, there are people who know a thing or two about Medicare.  Danielle Roberts is one.  And in this video we interview her about all things Medicare.  ================================ Get the PDF version of my Tax Bomb book for free follow this link. https://mailchi.mp/7e528cd3cfb3/taxbomb Be on the lookout for my 4th book coming out soon, YOU CAN RETIRE ON SOCIAL SECURITY! If you like what you see, a thumbs up helps A LOT. It tells YouTube that people are engaged and so the Youtube algorithm will show the video to others who may be interested in the content. So, give me a thumbs up, please! Don't forget to SUBSCRIBE by clicking here: https://www.youtube.com/channel/UCSEzy4i9xrKPoaU9z0_XbmA?sub_confirmation=1 My Amazon Product page:  https://www.amazon.com/shop/heritagewealthplanning Anything you buy there Amazon pays me a commis

In this episode I chat with Mark J. Kohler, CPA, JD.  You're going to get a lot out of this episode, especially if you are interested in all things taxes and small business. Get Mark's books here. https://amzn.to/2HXmEa6  Remember if you buy through my link you are supporting the podcast. I am grateful to you.  You can subscribe to Mark's Youtube channel here too https://www.youtube.com/user/MarkJKohler --- Support this podcast: https://anchor.fm/josh-scandlen-podcast/support

Medicare does NOT cover long term care costs.  Did you know that? Probably not.   I bet you did know, though, that you're going to spend a TON of money on health care in retirement.  Fidelity for instance says you're going to spend $275,000 in costs on health care and that's BEFORE you even visit a long term care facility. And I can see it now... We hardly have enough in my retirement account to put food on the table, and now Fidelity and a lot of other firms are saying we're going to need nearly $300k to pay for health casts in retirement??!!  What are we going to do??? The answer is...stop worrying about this.  Do you know you're going to need over $500k in retirement in order to put food on the table? Did you know you'll need another $500k in your retirement to pay for housing costs, and that's before you factor in if you have a mortgage or not??? OMG, OMG!  We're all doomed!!! STOP the insanity!  We're not all doomed.  How these researchers like Fidelity get th

Should you borrow from your 401k to finance a vehicle? In this video we model scenarios as to when it makes sense.  First thing to understand is how a 401k loan actually works. You can borrow up to 50% of your balance or $50k, whichever is less.  So if you have $10k in your 401k, you can borrow $5k. If you have $50k in your 401k, you can borrow $25k.  If you have $150k in your 401k you can borrow??? That's right, $50k.  Good job! So, let's say you have $50k in your 401k and are looking to buy a vehicle for $25k.  You can borrow the $25k from your 401k or you can finance it through the dealership.  $25k borrowed from your 401k at 5% interest means you're monthly payment will be $470.   Thus this decision really comes down to what the interest rate is your dealer or bank is offering.  Watch the video and I show you some examples. Hope this helps! ================================= If you like what you see, a thumbs up helps A LOT. So, give me a thumbs up, please!

Texas is such a great state.  Southern, Mexican, Cajun, German culture all thrown into one place. Plus the diversity in landscape.   Arid in South Texas. Green rolling hills in the east. Deserts, beaches, mountains.  Can it get any better? Absolutely fantastic. Just to set the record straight, there "ain't no saguaros in texas" https://www.youtube.com/watch?v=mg5VwtODOJQ.  You need to go to AZ to see those.  But taxes in Texas are not nearly as favorable as one would think.  Yes, no income tax.  That's awesome.  But property and sales taxes are high.   I remember when we lived in South Texas getting hammered by property tax. We had come from Virginia where property taxes were low.  All of sudden having these huge property taxes was a shock to the system for sure.  Texas definitely offsets it with its NO income tax. But then you throw a high sales tax in the mix and you realize Texas is not nearly the panacea many make it out to be from a tax pe

Tennessee is one of the few states with no income tax.  So, right there alone the good folks in Tennessee are going to be taxed very favorably when it comes to retirement. However, sales in Tennessee is the second highest in the nation, clocking in at 9.46% on average when you factor in local sales tax.  But, a high sales tax is the only sore spot for retirees in Tennessee because property taxes are also among the lowest in the country at .75%.  Factor in Tennessee's lower median home value with the low property tax rate and you have a winning scenario for retired home owners.  Overall, Tennessee comes in very favorably for retirees.  ================================= If you like what you see, a thumbs up helps A LOT. So, give me a thumbs up, please! Don't forget to SUBSCRIBE by clicking here: https://www.youtube.com/channel/UCSEzy4i9xrKPoaU9z0_XbmA?sub_confirmation=1 Contact me: Josh@heritagewealthplanning.com GET MY BOOK:   Strategic Money Planning: 8 Easy Ways To Put Y

Pennsylvania is very good to its retirees in terms of the taxes they pay.  In fact, ALL retirement income is excluded from taxation!   So, just say you have $40k in Social Security and $60k in IRA, pension and 401k distributions.  You will pay 0 in tax.  That is a big, fat Goose Egg, my friends.  Now,  you may think PA has a high sales tax.  And you'd be wrong.  The state plus local sales tax rate puts PA in the bottom third of all the US for sales tax. Lastly, the property tax rate is pretty high at around 1.50%.   There is not much of a homestead exemption either.  But the median property value in Pennsylvania is not extraordinarily high either.  So, while you pay a high percentage, relative to the rest of the US, the total dollar you pay is closer to the middle of the average US state  From an income tax perspective alone, PA is very favorable for retirees. Moderately low sales tax add to the allure.  The property tax is a bit high

Georgia taxes for retirees are among the lowest in the nation.  In fact, Georgia ranks in my top 8 for most friendliest towards retirees!    Georgia is even more tax-friendly than its neighbor to the north, Tennessee even though Tennessee has no income tax.  Weird right? And this is a perfect example of the need to look beyond just the states with no income tax as a place to retire that is tax-friendly. For example, in GA, if you are married and have income up to $130k, there is NO TAX! While it's sales tax is the 20th highest in the US, the state does not tax food.  Individual municipalities can though. so do your research on which county taxes food.  But, think about it, what is one largest consumption products? You got it, groceries.  So, in GA, you can get by with a minimal tax on groceries, if any at all.  Property taxes average just under 1%.  Which puts Georgia in the middle of all 50 states. But because the median house value is quite low, the actual d

While Florida has no state income tax, residents there still pay taxes in other ways. But the overall burden is low relative to most other states. Property taxes are about 1% of assessed value.  But don't let that percentage number seem high. The median value of a home in FL is all of around $150k.   So while other states, say California, has a lower property tax rate, the median home values there are 3 times as large as in FL.  Thus, in CA even with a lower rate, their residents pay more in taxes.  Sales tax in Florida is probably the largest of the tax burdens a resident pays.   All in all, NO income tax, low property tax and a moderately high sales tax, PLUS the sun, not a bad place to be.  Keep n mind though, homeowners insurance is always a challenge in FL.  So, get a quote BEFORE you buy a house!!! --- Support this podcast: https://anchor.fm/josh-scandlen-podcast/support

If you want the best football channel on the internet, FlemloRaps is for you.  Find his channel here. https://www.youtube.com/channel/UCazhpToa5Z07lgnUL6fYdEw But more than just football, Flemlo talks about all sorts of things in each video, life lessons in particularly.  Just an amazing channel and human being. Listen to his story and get motivated to get out of your crappy old job to do what you love with this one life you have.  --- Support this podcast: https://anchor.fm/josh-scandlen-podcast/support

Listening to the Meb Faber Podcast while mowing my lawn this afternoon and he mentioned this website called FeeX.com. FeeX is a site you can go and for FREE type in your fund holdings, even link your account if you’re so inclined. Their algorithm will then analyze your funds PLUS a list of comparable funds that are a whole lot cheaper. It’s crazy! And it’s awesome! For instance, I typed in USMIX, which is USAA’s Extended Market Index. Out came a bunch of other funds, exactly like it, but cost significantly less. Then FeeX calculated what the other funds would save me over time in total fees. Folks, we are not talking about pennies here. We’re talking tens of thousands of dollars. Fees matter, my friends. And if you own high fee funds you’ve got to understand the headwind you’re dealing with when it comes to performance. The more fees, the less your fund will be able to compete.  Just no other way around it. Of course, this does not mean higher cost funds CAN’T outperform lower cost funds. It’s just

If you are planning on retiring in Maryland, do NOT rollover your employer sponsored retirement plan, 401k, 403B, 401a, 457, and TSP unless you want to pay more in tax.  And when I say more in tax, I mean much, much more.   Maryland tax law allows you to exclude $29,900 from your employer sponsored plan once you are over 65 years old, per taxpayer.  Which means a married couple could exclude nearly $60k from taxable income.  Maryland also excludes your entire Social Security income from taxes too.  So if you plan right you could have around $100k income, or more,  TAX FREE in the state of Maryland.  Yet if you make the common mistake by rolling over your employer plans to iras you are going to pay a lot more tax. Not good! The easiest thing retirees can do to live comfortably in retirement is to control their expenses.  One of the largest expenses is taxes.  So, reduce your taxes and you have less income needs to pay the bills.  How do you reduce taxes?

I'm about to share with you the simplest strategy you'll ever hear on how to reduce your retirement expenses.  Are you sure you can handle this?  Well here it is... MOVE!  Yup, I said it. Move!  If you're in a high expense county move to a lower expense county. If you're in a high expense state move to a lower expense state.  Mind you, I said this is the simplest thing you can do to reduce your retirement costs, but I did not say it was the easiest thing.  Moving is a hassle, no two ways around that.  But think about it. If you are living in San Francisco and are just squeaking by on $100k a year, that $100k would go a LONG way in Gadsden, AL.  Gadsden, AL is about halfway between Birmingham and Chattanooga. Just a most gorgeous part of the country. An easy drive to the beaches of Orange Beach and the mountains of North Alabama.  Best of all, you won't worry so much about running out of money! If your money situation has you down, there is a simple solution.&