Financial Planning Explained

This week on Financial Planning: Explained, host Michael Menninger, CFP®, welcomes back Nick DeVito, CFP®, for a practical life events financial planning case study focused on three major financial decisions many families face: buying a house, paying for a child’s college, and deciding what to do with an inheritance.

In Part I of this case study, Mike and Nick walk through how major life events can affect a family’s overall financial plan—and why making one decision in isolation can have unintended consequences for other areas of your finances.

From purchasing a home and determining how much you can comfortably afford, to preparing for future college expenses and making thoughtful decisions when an inheritance enters the picture, this conversation highlights the importance of looking at the big financial picture before making major moves.

Rather than focusing on one-size-fits-all financial advice, Mike and Nick use a real-world planning scenario to explore the questions financial planners consider when helping clients navigate significant life transitions.

Listeners will gain valuable insight into:

• How buying a house can impact your overall financial plan
• What to consider before taking on a mortgage
• How to balance homeownership goals with other financial priorities
• Strategies for planning and paying for a child’s college education
• How college funding can affect retirement and long-term financial goals
• What to consider when receiving an inheritance
• How to think through the decision of what to do with inherited assets
• Why an inheritance shouldn't automatically be invested or spent without a plan
• How major life events can change your financial priorities
• The importance of coordinating short-term decisions with long-term goals
• Why comprehensive financial planning matters during major transitions
• How working through different scenarios can lead to better financial decisions

Major life events often come with major financial decisions. Buying a home, funding a child’s education, and receiving an inheritance can each have a significant impact on your cash flow, investments, taxes, retirement strategy, and long-term financial goals.

This case study demonstrates why financial planning is about more than simply answering individual financial questions. The goal is to understand how each decision fits into the larger picture—and how thoughtful planning can help families make confident decisions while avoiding unnecessary financial stress.

Whether you're buying your first home, preparing to pay for your child's college, expecting an inheritance, or simply trying to build a more comprehensive financial plan, this episode offers practical insights and real-world considerations to help you think through the next major financial decision.

For more information on Menninger & Associates Financial Planning, visit: https://maaplanning.com

Meet Michael Menninger, CFP®, host of Financial Planning: Explained: https://maaplanning.com/who-we-are/

This week on Financial Planning: Explained, host Michael Menninger, CFP®, welcomes back Nick DeVito, CFP®, to break down one of the most important and often misunderstood topics for beneficiaries of retirement accounts: Inherited IRAs and the IRS rules that apply to them.

When you inherit an IRA, the rules for taking distributions can be very different from the rules that applied to the original account owner. Depending on when the account owner died, your relationship to the deceased, and other factors, you may face specific distribution requirements, deadlines, and potential tax consequences.

Mike and Nick walk through the key rules surrounding inherited IRAs and explain what beneficiaries need to understand when they inherit a traditional IRA or other retirement account. They discuss the 10-year rule, required minimum distributions (RMDs), beneficiary requirements, and some of the common mistakes that can create unexpected tax problems.

The episode also includes a real-world client situation involving a large, well-known financial institution. Mike and Nick discuss how the institution provided the client with incorrect guidance about handling an inherited IRA, highlighting just how confusing these rules can be—even when someone is working with a major financial company. The case study demonstrates why beneficiaries should carefully evaluate inherited IRA advice and understand the rules before making potentially costly decisions.

The conversation also highlights why inherited IRAs should not simply be treated like your own retirement account. Understanding the applicable IRS rules and creating a distribution strategy can be critical to avoiding unnecessary taxes and penalties while making the most of an inherited retirement account.

Viewers will gain valuable insight into:

• What happens when you inherit an IRA
• How the IRS inherited IRA rules work
• The inherited IRA 10-year rule explained
• When inherited IRA beneficiaries may be required to take distributions
• How RMD rules apply to inherited IRAs
• Important differences between inherited IRAs and your own IRA
• How beneficiary status can affect inherited IRA distribution rules
• Potential tax consequences of inherited IRA distributions
• A real-world example of incorrect inherited IRA guidance from a large financial institution
• Why even major financial institutions can get inherited IRA rules wrong
• Common inherited IRA mistakes beneficiaries should avoid
• What the SECURE Act changed for inherited retirement accounts
• Why timing matters when taking distributions from an inherited IRA
• How inherited IRA rules can affect your overall tax strategy
• What beneficiaries should know before taking money out of an inherited IRA
• Why professional retirement and tax planning can be important after inheriting an IRA

Inherited IRAs can come with complicated rules, and making the wrong move can potentially result in unnecessary taxes or penalties. As this episode's real-world case study demonstrates, the size or reputation of a financial institution doesn't necessarily mean that the advice you receive is correct or appropriate for your specific situation.

Whether you've recently inherited an IRA, expect to inherit one in the future, or are helping a family member plan for an inherited retirement account, understanding the rules can help you make more informed financial decisions.

This episode provides a practical overview of inherited IRA rules and the IRS requirements beneficiaries should understand as they navigate retirement account inheritance and wealth transfer.

For more information on Menninger & Associates Financial Planning, visit: https://maaplanning.com

This week on Financial Planning: Explained, host Michael Menninger, CFP®, welcomes back Nick DeVito, CFP®, to walk through a practical estate planning and inheritance case study involving a daughter who is trying to piece together her late father’s financial affairs.

In this real-world scenario, the daughter is struggling to track down important assets, including her father’s pension, 401(k), and life insurance policy. Even more concerning, she doesn’t know whether she was named as a beneficiary—or who may have been designated to receive these assets.

Mike and Nick explore the challenges families can face after the death of a loved one when financial accounts, beneficiary designations, and important documents aren't clearly organized or communicated. The discussion highlights why proactive estate planning and proper beneficiary designations are so important, and how a lack of planning can create unnecessary stress and uncertainty for surviving family members. The conversation provides practical insight into how families can better prepare for the transfer of wealth, locate financial assets, review beneficiary designations, and ensure their estate plan reflects their wishes.

Listeners will gain valuable insight into:

• How to track down a deceased family member’s pension, 401(k), and life insurance
• What happens when you don't know who the beneficiary is
• Why beneficiary designations are so important in estate planning
• Common problems families encounter after the death of a loved one
• How retirement accounts and insurance policies are transferred after death
• The importance of keeping financial records and account information organized
• Why beneficiary designations should be reviewed regularly
• How proactive estate planning can help prevent confusion and family stress
• What families should know about inheritance and wealth transfer
• How a comprehensive estate plan can help protect your family and assets

Estate planning isn't just about deciding what happens to your assets—it's also about making sure your loved ones can find those assets and understand what to do with them when the time comes. This case study illustrates how missing information and outdated beneficiary designations can create significant challenges, and why having a clear plan in place can make the inheritance process much smoother.

Whether you're creating your own estate plan, helping aging parents organize their finances, or preparing to pass wealth on to the next generation, this episode offers practical insights and real-world considerations to help you plan ahead.

For more information on Menninger & Associates Financial Planning, visit: https://maaplanning.com

This week on Financial Planning: Explained, host Michael Menninger, CFP®, welcomes back Cheryl Lagunilla, Health Insurance Advisor at Focused Health Access, to continue their Medicare discussion with a practical, real-world case study and an in-depth look at IRMAA (Income-Related Monthly Adjustment Amount).

Building on the Medicare fundamentals covered in Part I, Mike and Cheryl walk through a realistic Medicare planning scenario to demonstrate how coverage decisions, enrollment timing, and income can affect healthcare costs in retirement. They also explain how IRMAA works, who is affected, and why higher-income retirees may pay increased premiums for Medicare Part B and Part D.

The conversation highlights common situations retirees face when enrolling in Medicare, strategies for minimizing unexpected costs, and the importance of incorporating healthcare planning into an overall retirement strategy. Whether you're nearing Medicare eligibility, already enrolled, or helping a loved one navigate the process, this episode offers practical insights to help you make more informed decisions.

Listeners will gain valuable insight into:

• What IRMAA (Income-Related Monthly Adjustment Amount) is and how it works
• How income affects Medicare Part B and Part D premiums
• A real-life Medicare case study and planning example
• Common Medicare enrollment and planning mistakes
• Strategies to help reduce unexpected Medicare costs
• How healthcare decisions fit into a comprehensive retirement plan
• Tips for evaluating Medicare coverage based on your personal situation
• Why proactive Medicare planning can help you avoid costly surprises

Understanding how Medicare premiums are calculated—and how your financial decisions can impact your healthcare costs—is an essential part of retirement planning. This episode provides practical guidance and real-world examples to help simplify Medicare planning and prepare you for the road ahead.

For more information on Menninger & Associates Financial Planning, visit: https://maaplanning.com.

This week on Financial Planning: Explained, host Michael Menninger, CFP®, is joined by Cheryl Lagunilla, Health Insurance Advisor at Focused Health Access, for a comprehensive discussion on Medicare and Medicaid—two of the most important healthcare programs for retirees and those approaching retirement.

In this episode, Mike and Cheryl break down the fundamentals of Medicare, including Part A (hospital insurance) and Part B (medical insurance), before exploring the different coverage options available, such as Medicare Advantage (Part C), Medigap (Medicare Supplement Insurance), and Part D prescription drug coverage. They also discuss how Medicaid works alongside Medicare, who may qualify for additional financial assistance, and the programs that can help reduce healthcare costs.

The conversation also covers critical Medicare enrollment deadlines, common enrollment mistakes, and how to avoid costly late enrollment penalties that can impact your healthcare expenses for years to come. Whether you're approaching age 65, helping a family member navigate Medicare, or simply planning ahead for retirement, this episode provides practical guidance to help you make informed healthcare decisions.

Listeners will gain valuable insight into:

• Medicare Part A and Part B explained
• Medicare Advantage (Part C) vs. Medigap coverage
• Understanding Medicare Part D prescription drug plans
• Medicaid eligibility and additional financial assistance programs
• Medicare Savings Programs and Extra Help
• Initial Enrollment Period and Special Enrollment Period rules
• How to avoid Medicare late enrollment penalties
• Common Medicare mistakes and how to avoid them
• Healthcare planning as part of a comprehensive retirement strategy
• Tips for choosing the right Medicare coverage for your needs

Understanding your healthcare options is a critical part of successful retirement planning. This episode helps simplify the often-confusing Medicare and Medicaid landscape so you can make confident decisions about your coverage and future healthcare costs.

For more information on Menninger & Associates Financial Planning, visit: https://maaplanning.com.

This week on Financial Planning: Explained, host Michael Menninger, CFP®, welcomes back regular guest Brad Sorensen, CFA, Portfolio Manager and Outsourced Chief Investment Officer at Cornerstone Portfolio Research, for an in-depth discussion on the latest stock market outlook and the key events shaping the global economy.

In this episode, Mike and Brad examine whether today's stock market valuations remain justified as corporate earnings continue to surprise to the upside. With second-quarter earnings showing strong growth across several sectors, investors are asking an important question: Can the market continue climbing, or are risks beginning to outweigh the opportunities?

The conversation explores the current investment landscape, including the impact of the ongoing crisis in the Middle East, geopolitical uncertainty, inflation trends, interest rate expectations, and how global events may influence markets in the months ahead. Mike and Brad also discuss investor sentiment, economic growth prospects, and what recent earnings data may signal for the future direction of stocks.

Whether you're an investor, retiree, financial advisor, or simply interested in understanding today's markets, this episode provides practical perspectives on navigating uncertainty while maintaining a disciplined, long-term investment approach.

For more information on Menninger & Associates Financial Planning, visit https://maaplanning.com.

This week on Financial Planning: Explained, host Michael Menninger, CFP® welcomes back regular guest Brad Sorensen, CFA, Portfolio Manager and Outsourced Chief Investment Officer at Cornerstone Portfolio Research.

In this episode, Mike and Brad discuss the current state of the stock market, examining the latest economic data, market trends, and the key forces shaping today's investment landscape. They break down what's driving recent market performance, how stocks and bonds are reacting to changing economic conditions, and what investors should expect in the months ahead.

The conversation covers inflation, interest rates, Federal Reserve policy, corporate earnings, economic growth, and investor sentiment, while offering practical insights into navigating market volatility with confidence. Brad also shares his perspective on maintaining a disciplined, long-term investment strategy and avoiding common emotional investing mistakes during uncertain times.

Whether you're an investor, retiree, financial advisor, or simply looking to better understand today's markets, this episode provides valuable insight into the current market environment, what it means for your portfolio, and the opportunities and risks investors should be watching moving forward.

For more information on Menninger & Associates Financial Planning, visit https://maaplanning.com.

This week on Financial Planning: Explained, host Michael Menninger, CFP® welcomes back regular guest Brad Sorensen, CFA, Portfolio Manager and Outsourced Chief Investment Officer at Cornerstone Portfolio Research.

In this episode, Mike and Brad break down the performance of the financial markets during the second quarter of 2026, discussing the key economic events that influenced stocks, bonds, and investor sentiment throughout the quarter.

They examine the latest developments in inflation, interest rates, economic growth, corporate earnings, and Federal Reserve policy, while providing perspective on what these trends could mean for investors heading into the second half of the year.

Brad also shares his insights on navigating ongoing market uncertainty, maintaining a disciplined long-term investment strategy, and avoiding emotional decision-making during periods of volatility.

Whether you're an investor, retiree, financial advisor, or simply interested in understanding today's financial markets, this episode offers valuable insight into the Q2 2026 market recap, current economic conditions, and what investors should be watching next.

For more information on Menninger & Associates Financial Planning, visit https://maaplanning.com.

This week on Financial Planning: Explained, host Michael Menninger, CFP®, and Nick DeVito, CFP®, continue their Social Security Survivor Benefits case study series with Part 3, focusing on three critical retirement planning strategies: IRMAA, the Rule of 72, and Roth IRA conversions.

Building on the previous episodes, Mike and Nick explore how income planning, taxes, and investment decisions all work together when creating a successful retirement strategy. They break down how the Income-Related Monthly Adjustment Amount (IRMAA) can impact Medicare premiums, why proactive tax planning matters, and how retirees can potentially avoid unexpected increases in healthcare costs.

The conversation also dives into the Rule of 72, a simple but powerful financial concept that helps investors understand how long it may take their money to double over time. Mike and Nick explain how this rule can provide perspective when evaluating growth, inflation, and long-term retirement planning decisions.

A major focus of this episode is Roth IRA conversions and how they can be used as a tax-planning tool. They discuss when conversions may make sense, how tax brackets impact conversion decisions, and why strategically managing taxable income throughout retirement can help preserve more wealth for the future.

Through this real-world financial planning case study, viewers will learn why Social Security, Medicare, investment management, and tax strategy should all be coordinated as part of a comprehensive retirement plan — especially during major life transitions like becoming a surviving spouse.

Whether you're approaching retirement, managing inherited assets, navigating Medicare decisions, or looking for ways to reduce future taxes, this episode provides practical retirement planning insights to help you make more informed financial decisions.

For more information on Menninger & Associates Financial Planning, visit: https://maaplanning.com

This week on Financial Planning: Explained, host Michael Menninger, CFP®, and Nick DeVito, CFP®, continue their in-depth Social Security Survivor Benefits case study by exploring one of the most overlooked planning opportunities: unrealized capital gains.

Building on Part 1, Mike and Nick examine how appreciated investments and unrealized capital gains can influence a surviving spouse's long-term financial strategy. Through a real-world financial planning scenario, they explain how inherited assets receive a step-up in cost basis, how capital gains are taxed after the death of a spouse, and why understanding these rules can help families minimize taxes while maximizing retirement income.

Throughout the episode, they demonstrate how Social Security survivor benefits should never be viewed in isolation. Instead, they show how coordinating survivor benefits with investment portfolios, capital gains planning, tax-efficient withdrawals, and estate planning can create a more comprehensive and effective retirement strategy.

Whether you're planning for retirement, helping aging parents, managing inherited investments, or simply looking to make smarter financial decisions, this episode provides practical insights that can help you preserve more of your wealth and avoid costly mistakes.

For more information on Menninger & Associates Financial Planning, visit: https://maaplanning.com