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Retirement Planning - Redefined

Retirement Planning - Redefined

By: John Teixeira and Nick McDevitt
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 Financial and retirement planning guidance from Certified Financial Planner John Teixeira and Nick McDevitt of PFG Private Wealth Management in the Tampa Bay, FL area. On this show, you'll learn about how the financial and retirement world has evolved over the past several decades, how to properly plan for your own future, and some of the important pitfalls to avoid. PFG Private Wealth Management, LLC is a registered investment adviser. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investment involve risk and, unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.Copyright John Teixeira and Nick McDevitt Economics Personal Finance Politics & Government
Episodes
  • The 5 Must-Do’s In Year One of Retirement

    The 5 Must-Do’s In Year One of Retirement
    Oct 9 2025
    Well, you’re retired. Now what? Some people subscribe to the “first year rule” which says that the majority of your best retirement months will all take place in the first year of retirement. So how can you be strategic during that first year and set the tone in the right way, both emotionally and financially? Helpful Information: PFG Website: https://www.pfgprivatewealth.com/ Contact: 813-286-7776 Email: info@pfgprivatewealth.com Disclaimer: PFG Private Wealth Management, LLC is an SEC Registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. The topics and information discussed during this podcast are not intended to provide tax or legal advice. Investments involve risk, and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed on this podcast. Past performance is not indicative of future performance. Insurance products and services are offered and sold through individually licensed and appointed insurance agents. Marc Killian: Well, you're retired. Now what? Some people subscribe to the first year rule, which says that the majority of your best retirement months will take place in that first year. So how can we be strategic during the first year and set the tone the right way, both emotionally and financially? Let's talk about it this week here on Retirement Planning Redefined. Hey everybody, welcome in once again to another edition of the podcast with John and Nick from PFG Private Wealth, as we talk about the five must do categories in year one, or things at least to be thinking about when we get to that first year of retirement. John and Nick have helped many families get to and through retirement, so it's a good conversation for us to have and get some insight from the fellows this week. If you need some help, go to pfgprivatewealth.com. That's pfgprivatewealth.com. Nick, what's going on, buddy? How are you? Nick: Good, good. Just staying busy. Can't believe it's already almost October, so time flies. Marc Killian: Yeah. By the time we drop this, it might be closer to November, so time definitely flies for sure. John, my friend, how are you doing? Are you hanging in there with the family? John: Yeah, doing well, doing well. Family's good, the girls are getting back into gymnastics, I'm trying to get them into basketball, so having some fun. Marc Killian: Okay, nice. John: Got some solar panels put up on the house before the tax credit goes away, and I'm excited to try those out, I'll keep you posted. Marc Killian: Nice. Yeah, look at that, being efficient. So share some of that information with the listeners out there in case they want to, because that's a great point, the tax credit may be going away, I think pretty soon, so maybe something worthwhile. John: Yes, end of the year. Marc Killian: Yeah. Well, let's get into this first year conversation, guys. We'll start with some financial, then we'll transition to the more touchy-feely side of things, although it's not that touchy-feely, it's just important stuff to think about. But I guess you've got to learn how to adapt, that's going to be probably the overarching theme, that first year is a heck of a gear change from the working life to the retired life, so learn how to adjust financially, I suppose. John, you want to start? John: Yeah. So the first few years, I'd have to say, are typically the most difficult for retirees to adjust. I just had a meeting actually yesterday, and the person did a great job saving, actually had a pension, good retirement accounts, and there was this fear of how much should I be spending, what should I be doing? So it was that one month, two month shock of, all right, how do I get a paycheck and what should I be doing with my time? So it's important to take a look at what was on your bucket list, what do you want to accomplish, and like we say with anything, and I know Nick's going to jump into this a little bit more, what's your strategy for income moving forward? Nick: Yeah. Especially the first year, clients tend to break into A or B as far as the structure of how they like income. So for example, we'll go through the exercise, get the expenses on paper, go through the plan so we've got a pretty good idea of what the expenses are going to look like, and then create their distribution schedule for the first year. And some people like to look at the numbers and say, let's just say that their number works out to them needing income from their investments at 8,000 a month, so some of them, and it's interesting because you kind of see the mindset, some of them will start to say, "All right, well, hey, we built in a bunch of buffers in there, I want to make sure we're not spending ...
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    16 mins
  • IRMAA: The Hidden Medicare Penalty You Might Be Paying

    IRMAA: The Hidden Medicare Penalty You Might Be Paying
    Oct 2 2025
    Medicare isn’t always as free as you think. In this episode, we'll explain IRMAA—the income-based surcharge that can raise your premiums and shrink your Social Security check. Learn what triggers it, who’s most at risk, and a few smart planning moves to help keep more money in your pocket. Helpful Information: PFG Website: https://www.pfgprivatewealth.com/ Contact: 813-286-7776 Email: info@pfgprivatewealth.com Disclaimer: PFG Private Wealth Management, LLC is an SEC Registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. The topics and information discussed during this podcast are not intended to provide tax or legal advice. Investments involve risk, and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed on this podcast. Past performance is not indicative of future performance. Insurance products and services are offered and sold through individually licensed and appointed insurance agents. Episode Transcript Think Medicare is free once you hit 65. Well, not quite. If your income's too high, there's a hidden surcharge that can quietly shrink your social security check by thousands a year. It's called IRMAA, and we're going to talk about that today here on Retirement Planning Redefined. Hey everybody, welcome into the podcast. Thanks for hanging out with John and Nick and myself as we talk, investing, finance and retirement. And guys, we're going to talk about Aunt Irmaa this week instead of Uncle Sam. Seems like there's these two relatives that got their hand in your pocket. I've always been taught to call IRMAA, the Aunt Irmaa that comes by and pinches your cheeks really hard instead of the cool one that gives you candy when you're a kid. So we're going to talk about IRMAA, and what it is and why it exists and all that good stuff this week. How you doing, John? John: I'm doing all right. How are you? Speaker 1: Hanging in there. Doing pretty good. Looking forward to chatting with you guys about this, learning a little bit about what is IRMAA and what does it do to us. And Nick, my friend, how are you? Nick: Pretty good. Staying busy in the red zone for wedding planning and all that kind of stuff. And we are in football season so- Speaker 1: There you go. Nick: ... I've had to adjust my sleep schedule a little bit. Speaker 1: Exactly. So between planning and football, you're burning the candle at both ends. John: Monday is a little slower for Nick- Speaker 1: Little slower. Gotcha. John: ... the last three weeks, especially with the Bills, how good they look. Speaker 1: Yeah, for sure. Yeah, my Lions look pretty good on Monday night this pastime. Nick: You sure do. Speaker 1: Yeah. Well, let's get into the conversation a little bit, guys. What is IRMAA and why does it exist? Whoever wants to start? Nick: All right, I'll go ahead and start. So essentially IRMAA is an acronym that refers to essentially an income related monthly adjustment for the cost of Medicare part B and D. So essentially back in '03, as the plans both Medicare and social security continually get reevaluated due to the pressure that they're under from the standpoint of expenses and flows in, they decided to put this into place where to kind of tier it where people that were earning income currently, so if you're single earning income greater than 106,000 or married filing jointly earning income greater than 212,000, the premiums for part B start to go up. So this is something that we've dealt with quite a bit with clients. It's based upon modified adjusted gross income, which nobody knows what that means, but it is a term that everybody's heard or most people have heard. As a reminder part A, there is no premium charge as long as you worked you or your spouse or former spouse work 40 quarters. This applies to the part B and part D. And it's not a penalty from the perspective of how they look at it. It's not like you're doing something wrong. It's more along the lines of almost just like tax brackets where lower income, lower bracket, the same thing on this, lower income, lower premium. Speaker 1: Gotcha. Yeah. And that interesting piece that catches people is that it's a two year ago look back. So they're going to adjust it based on what you made two years back. So as you move into retirement, that could feel a little... You're like, wait a minute, why is this going up? But they're looking at maybe the last couple of years. Nick: Yeah, for sure, and there is a form that people can fill out. We oftentimes help people fill them out. I think we've done it twice in the last two weeks where you can basically contest it. So especially if you've just retired and you were previously high ...
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    16 mins
  • Understanding Estate Planning: Trust Mistakes And Issues (Part 4)

    Understanding Estate Planning: Trust Mistakes And Issues (Part 4)
    Aug 27 2025
    We're excited to welcome back estate planning attorney Bill McQueen of Legacy Protection Lawyers! This episode dives into common estate planning mistakes, the nuances of trusts versus wills, and strategies to protect your assets and heirs. From funding trusts correctly to understanding step-up in basis, Medicaid planning, and safeguarding inheritances from creditors, Bill breaks down complex topics in a clear, practical way. Learn more about Bill and Legacy Protection Lawyers Contact info: www.legacyprotectionlawyers.com Phone 727-471-5868 Helpful Information: PFG Website: https://www.pfgprivatewealth.com/ Contact: 813-286-7776 Email: info@pfgprivatewealth.com Disclaimer: PFG Private Wealth Management, LLC is an SEC Registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. The topics and information discussed during this podcast are not intended to provide tax or legal advice. Investments involve risk, and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed on this podcast. Past performance is not indicative of future performance. Insurance products and services are offered and sold through individually licensed and appointed insurance agents. Marc: It's time once again for another edition of Retirement Planning Redefined with John and Nick, Financial advisors at PFG Private Wealth. Find them online at pfgprivatewealth.com. That's pfgprivatewealth.com. And we're excited to have our guest speaker, Bill McQueen, back with us to continue our conversation about estate planning, and trusts, and probate, and all these pieces that we need when it comes to our retirement strategies. And, of course, Bill is from Legacy Protection Lawyers based out of St. Petersburg, Florida, and we appreciate your time once again. Bill, welcome in. How are you? Bill McQueen: Doing wonderful. Thank you. Marc: Absolutely. Good to have you back. Nick, my friend. What's going on this week? You doing all right? Nick: Oh, yeah, just fighting the Florida heat. Marc: Well, if you picked Florida, right, it's hot. Nick: I will lose. Yeah, I will lose, for sure. Marc: I mean, versus Buffalo, right? You got your choice there. Nick: Yeah. Rochester, yeah, close enough. But, yeah- Marc: Oh, yeah. Okay. Nick: ... for sure. This time of year, I'd rather be there, but it's understandable. Marc: Par for the course? All right, I got you. Well, we're happy to have Bill back. And, of course, if you guys have questions about estate planning, definitely reach out to he and his team at LegacyProtectionLawyers.com. That's LegacyProtectionLawyers.com. And Bill, we were talking a lot about, obviously, trusts and funding them, and all the different kind of pieces that go in there. So, on this final episode, this part four of the series, we want to talk about some of the common mistakes and things that you guys see as professionals, then try to help people avoid these or highlight some of the things. So, we talked as we finished off about the funding issue of a trust. What are some other common mistakes that you tend to see? Bill McQueen: First off, I would say it might not be considered a common mistake, but a common misconception. A lot of people who think that, "Well, hey, I've created this revocable trust, and so my assets aren't in my individual name. Now they're held by my trust. And so, if something were to happen and I were to be sued, for some reason, my wealth is protected inside this trust." And unfortunately, that's not the case with a revocable trust. Again, the revocable trust just acts as a substitute for your last will and testament. And because the person who creates it has so much control over those assets, they can do anything they want with those assets. If somebody were to sue them, there'd be a lawsuit of some sort, and a judgment was entered against that person who created that trust. Those creditors can get at those assets that are inside the revocable trust no differently than if they were held in the person's individual name. So, that's something that we always need to advise clients that they're well aware of. There may be other ways to protect their wealth from creditors, but putting them in a revocable trust does not give them credit or protection from that standpoint. The other thing that comes up fairly frequently is, I have real estate, and should I put it in my revocable trust or not? If that real estate is something that's not your primary home or your residence here in Florida, we would definitely say do that, and especially if the clients own real estate outside the state of Florida. They might have a vacation home in North Carolina or something like that. If they own that home in ...
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    22 mins
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