Palm Trees & Pension Plans: A Christmas in July Retirement Talk

What do tropical shirts, Social Security, and spousal tax planning have in common? They’re all part of this week’s unique episode of The Own Your Retirement Show!

From Palm Trees to Pension Plans

Josh kicks off the show with a heartwarming story of his family’s “Christmas in July” tradition, complete with a decorated palm tree, silly games, and a whole lot of cheer. It’s a great reminder that good planning, whether for a holiday or for retirement, can lead to the most memorable experiences.

Retirement Planning as a Couple: Why Women Need a Voice

The episode takes a powerful turn as Josh and Mark discuss how retirement planning often fails to account for women’s longevity. With more than 11.5 million widows in the U.S., versus 3.7 million widowers, planning for survivorship isn’t just important, it’s essential.

• Women live an average of 6 years longer than men.
• Loss of a spouse leads to significant income reduction. Think lost Social Security or pension.
• Women often face higher long-term care costs and outlive retirement savings.

The takeaway? Retirement planning must consider the surviving spouse’s needs, especially if that spouse is likely to live a decade or more on their own.

Roth Conversions & Tax Strategy Updates

Josh also explains why this may be the “golden window” for Roth conversions. With the Trump tax cuts extended for four more years, many retirees are in a unique position to convert pre-tax money at historically low rates. He covers standard deduction changes, new senior tax breaks, and how personal income levels can shape the right move.

Tariffs: Political Theater or Economic Strategy?

Mark and Josh wade into current events with a candid conversation about tariffs. While economists often raise concerns, Josh points out that some of the trade deals, like those with Japan, may actually prove beneficial long-term. Still, the uncertainty adds another layer of complexity for retirees whose portfolios are tied to the broader economy.

Don’t Overlook These Social Security Details

The duo wraps up with a deeper dive into how Social Security decisions shift depending on your situation: married, widowed, or divorced. Timing and coordination can make a six-figure difference, especially for women who may live longer and need to optimize survivor benefits.

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