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Purposeful Planning with Aspen Wealth Management
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160. "One Big Beautiful Bill" at Year-End: Tax Considerations
04:30||Ep. 160With the passage of the One Big Beautiful Bill Act earlier this year, the tax landscape has shifted significantly for 2025 and beyond. In this episode of Purposeful Planning, we explore the expiring tax credits you need to act on before year-end, the new opportunities for tax savings, and changes that could affect everyone from retirees to small business owners. Whether you're planning for estate transfers or maximizing deductions, understanding these changes is crucial for effective year-end tax planning. Sources: https://www.irs.gov/credits-deductions/residential-clean-energy-credit https://www.irs.gov/credits-deductions/energy-efficient-home-improvement-credit https://www.irs.gov/credits-deductions/businesses/sustainable-aviation-fuel-credit https://bradfordtaxinstitute.com/Content/How-the-OBBBA-Impacts-Your-AMT-Risk-Starting-in-2026.aspx https://www.hartfordfunds.com/insights/investor-insight/navigating-longevity/social-security/the-obbbas-new-social-security-deduction-what-it-really-means-for-retirees.html https://smartasset.com/taxes/trumps-plan-to-eliminate-the-state-and-local-tax-deduction-explained https://www.usatoday.com/story/money/2025/08/30/trump-accounts-1000-one-big-beautiful-bill/85855571007/ https://www.laboremploymentlawblog.com/2025/07/articles/employee-benefits/what-employers-should-know-about-the-one-big-beautiful-bill-act-obbba/#:~:text=Bonus%20depreciation%20is%20a%20tax,in%20long%2Dterm%20capital%20planning. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. This information has been derived from sources believed to be accurate and is intended merely for educational purposes, not as advice. Aspen Wealth Management is a registered investment advisor with the SEC. This recorded posting utilizes AI generated voiceovers. While the Firm strictly prohibits the use of AI for advisory activities constituting investment advice, financial plans, portfolio analysis and management, and reporting, the use of AI for other purposes, such as voiceovers, is permitted and utilized for the firm’s recordings.
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159. Early Retirement: Bridging Your Healthcare Gap
04:25||Ep. 159Dreaming of early retirement? There's a critical detail many people overlook: health insurance coverage in the years before Medicare kicks in at 65. In this episode of Purposeful Planning, we explore the healthcare gap that early retirees face and walk through your options, from the Health Insurance Marketplace to COBRA and Health Savings Accounts. Whether you're planning to retire in your fifties or helping someone navigate this transition, understanding these options is essential for making early retirement work. Sources: https://www.empower.com/the-currency/life/big-life-changes-research https://crr.bc.edu/will-the-average-retirement-age-keep-rising/ https://www.transamericainstitute.org/research/publications/details/retiree-life-in-the-post-pandemic-economy-2024 https://www.healthcare.gov/quick-guide/ https://www.congress.gov/crs-product/R48290 https://www.gao.gov/products/gao-25-106798 https://www.kff.org/medicare/retiree-health-benefits-going-going-nearly-gone/#:~:text=For%20the%20past%2025%20years,down%20from%2066%25%20in%201988. https://www.dol.gov/general/topic/health-plans/cobra https://www.healthcare.gov/high-deductible-health-plan/hdhp-hsa-work-together/#:~:text=If%20you%20don't%20use,that%20Medicare%20doesn't%20cover. https://www.aspenwealthmgmt.com/resource-center/retirement/medicare-made-easy-retirement-healthcare-costs The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. This information has been derived from sources believed to be accurate and is intended merely for educational purposes, not as advice. Aspen Wealth Management is a registered investment advisor with the SEC. This recorded posting utilizes AI generated voiceovers. While the Firm strictly prohibits the use of AI for advisory activities constituting investment advice, financial plans, portfolio analysis and management, and reporting, the use of AI for other purposes, such as voiceovers, is permitted and utilized for the firm’s recordings.
158. The Biggest Mistakes to Avoid When Estate Planning
04:22||Ep. 158Remember those old Crock-Pots where you could set it and forget it? Estate planning doesn't work that way. In this episode of Purposeful Planning, we examine why the "set-it-and-forget-it" approach to estate planning can lead to costly mistakes, particularly with $80-125 trillion expected to be transferred between generations over the next two decades. From outdated beneficiary designations to changes in tax law, discover why regular reviews are essential and what mistakes to avoid. Sources: https://smartasset.com/taxes/trust-tax-rates https://taxpolicycenter.org/briefing-book/how-do-state-and-local-estate-and-inheritance-taxes-work https://www.aspenwealthmgmt.com/resource-center/financial-planning/next-generation-financial-leadership https://www.aspenwealthmgmt.com/resource-center/estate/estate-planning-mistakes-to-avoid The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. This information has been derived from sources believed to be accurate and is intended merely for educational purposes, not as advice. Aspen Wealth Management is a registered investment advisor with the SEC. This recorded posting utilizes AI generated voiceovers. While the Firm strictly prohibits the use of AI for advisory activities constituting investment advice, financial plans, portfolio analysis and management, and reporting, the use of AI for other purposes, such as voiceovers, is permitted and utilized for the firm’s recordings.
157. Social Security: Essential Facts for Your Retirement
04:13||Ep. 157Social Security provides retirement income for millions of Americans, yet many people can't answer basic questions about how it works. In this episode of Purposeful Planning, we explore everything from setting up your online account to deciding when to claim benefits. Whether you're helping aging parents navigate their options or planning your own retirement strategy, understanding Social Security is crucial for making informed decisions that could impact your financial security for decades. Sources: https://www.cbpp.org/research/social-security/top-ten-facts-about-social-security#:~:text=It%20also%20provides%20important%20life,Social%20Security%20payroll%20tax%20contributions: https://www.gobankingrates.com/retirement/social-security/americans-dont-understand-facts-about-social-security/ https://www.ssa.gov/myaccount/ https://www.ssa.gov/benefits/retirement/planner/agereduction.html https://www.ssa.gov/faqs/en/questions/KA-02459.html https://www.aspenwealthmgmt.com/resource-center/retirement/medicare-made-easy-retirement-healthcare-costs https://www.aspenwealthmgmt.com/resource-center/blog/social-security-retirement-basics-what-to-know The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. This information has been derived from sources believed to be accurate and is intended merely for educational purposes, not as advice. Aspen Wealth Management is a registered investment advisor with the SEC. This recorded posting utilizes AI generated voiceovers. While the Firm strictly prohibits the use of AI for advisory activities constituting investment advice, financial plans, portfolio analysis and management, and reporting, the use of AI for other purposes, such as voiceovers, is permitted and utilized for the firm’s recordings.
156. Financial Foundations for Young Professionals
04:22||Ep. 156When you're starting your career, financial planning can feel like a luxury you can't afford. In this episode of Purposeful Planning, we explore why establishing good financial habits early is one of the most powerful moves young professionals can make. From the magic of compound growth to practical strategies for saving and investing, discover how small steps today can lead to significant financial security tomorrow. Sources: https://www.cnbc.com/2025/06/04/expert-tips-for-saving-more-money.html https://www.sofi.com/learn/content/average-stock-market-return/#:~:text=The%20average%20stock%20market%20return%20of%20the%20S&P%20500%20is,much%20higher%20or%20much%20lower https://business.yougov.com/content/51940-what-kind-of-americans-own-stocks-and-how-do-they-handle-volatility https://www.aspenwealthmgmt.com/resource-center/financial-planning/good-financial-habits-for-young-couples https://www.aspenwealthmgmt.com/resource-center/financial-planning/starting-on-the-right-foot-financial-tips-for-young-professionals The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. This information has been derived from sources believed to be accurate and is intended merely for educational purposes, not as advice. Aspen Wealth Management is a registered investment advisor with the SEC. This recorded posting utilizes AI generated voiceovers. While the Firm strictly prohibits the use of AI for advisory activities constituting investment advice, financial plans, portfolio analysis and management, and reporting, the use of AI for other purposes, such as voiceovers, is permitted and utilized for the firm’s recordings.
155. Smart Withdrawal Strategies for Retirement
04:05||Ep. 155After decades of saving for retirement, many people focus entirely on accumulation without considering how they'll actually withdraw those funds. In this episode of Purposeful Planning, we explore retirement withdrawal strategies that can help you pay less in taxes, protect your Social Security benefits, and potentially make your money last longer. From the conventional wisdom of spending taxable accounts first to alternative approaches that might work better for your situation, discover how to turn your nest egg into sustainable retirement income. Sources: https://www.ssa.gov/OACT/population/longevity.html https://www.schwab.com/public/file/P-13005058 https://www.cbsnews.com/news/how-much-of-your-social-security-income-is-taxable/#:~:text=If%20your%20combined%20income%20is%20less%20than,85%25%20of%20your%20benefits%20may%20be%20taxable. https://www.aspenwealthmgmt.com/blog/webinars/tax-smart-retirement-keeping-more-of-what-youve-earned https://www.aspenwealthmgmt.com/contact-us-fee-only-advisors-fort-worth The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. This information has been derived from sources believed to be accurate and is intended merely for educational purposes, not as advice. Aspen Wealth Management is a registered investment advisor with the SEC. This recorded posting utilizes AI generated voiceovers. While the Firm strictly prohibits the use of AI for advisory activities constituting investment advice, financial plans, portfolio analysis and management, and reporting, the use of AI for other purposes, such as voiceovers, is permitted and utilized for the firm’s recordings.
154. Back-to-School Strategies for College Kids & Their Families
04:35||Ep. 154As summer winds down and college preparations begin, families face important decisions about education funding, school selection, and financial aid. In this episode of Purposeful Planning, we explore strategies for making college more affordable and manageable—from the power of starting early with 529 plans to navigating the updated FAFSA process. Whether you're sending your first child to college or your last, these insights can help you make informed decisions about higher education investments. Sources: https://www.aspenwealthmgmt.com/resource-center/lifestyle/countdown-to-college/ https://www.aspenwealthmgmt.com/resource-center/estate/smart-tips-for-529-plans https://www.aspenwealthmgmt.com/resource-center/blog/fafsa-changes-2024-25/ https://www.aspenwealthmgmt.com/contact-us-fee-only-advisors-fort-worth https://www.aspenwealthmgmt.com/resource-center/financial-planning/college-funding-planning The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. This information has been derived from sources believed to be accurate and is intended merely for educational purposes, not as advice. Aspen Wealth Management is a registered investment advisor with the SEC. This recorded posting utilizes AI generated voiceovers. While the Firm strictly prohibits the use of AI for advisory activities constituting investment advice, financial plans, portfolio analysis and management, and reporting, the use of AI for other purposes, such as voiceovers, is permitted and utilized for the firm’s recordings.