Money Matters by Allworth Financial

What happens when an early retirement success story hits an unexpected tax wall? In this episode of Money Matters, Scott and Pat dive straight into real-life retirement dilemmas, starting with a 55-year-old caller sitting on a $4M+ nest egg who was hit with a major tax surprise.

Ron’s taxable brokerage account is generating $75,000 in unexpected annual capital gains distributions—threatening his Affordable Care Act (ACA) health insurance subsidies and throwing off his early retirement plans. Scott and Pat break down why "ripping off the Band-Aid," taking a one-time tax hit, and shifting to direct indexing might be the key to regaining control of his income.

Also featured on this episode:

Mark (Age 51): With over $2M saved and sights set on retiring in seven to eight years, Mark asks where to put extra cash after maxing out his pre-tax 401(k). Scott and Pat explain why paying down a 2.9% mortgage early is terrible math and why a Mega Backdoor Roth should take priority.

Trouble Brewing in Life Insurance: Scott and Pat discuss private equity firms acquiring life insurance companies, the hidden solvency risks in fixed indexed annuities, and why the current environment shares eerie similarities to the Savings and Loan crisis.

Join Money Matters: Get your most pressing financial questions answered by Allworth's co-founders Scott Hanson and Pat McClain. Call 833-99-WORTH. Or ask a question by clicking here. You can also be on the air by emailing Scott and Pat at questions@moneymatters.com.

Download and rate our podcast here.

Worried about how the upcoming election will impact your investments? In this special bonus episode of Money Matters, Scott and Pat are joined by Apollo Lupescu, Vice President at Dimensional Fund Advisors (known as the "Secretary of Explaining Stuff"), to look past the political noise and examine what decades of market history actually reveal.

In this episode, they discuss:

Emotions vs. Evidence: Why politics triggers strong emotional reactions, and why successful investing requires separating those feelings from portfolio decisions.

Midterms & Market History: What typically happens to the stock market during election months—and why the data going back to 1950 might surprise you.

Presidents & Returns: A look at market performance across multiple administrations, from Nixon to Biden, and why policy is just one small ingredient in long-term corporate growth.

The "Single-Party Control" Myth: The surprising return statistics behind periods when one political party controlled the White House, the Senate, and the House of Representatives.

Staying the Course: How having a financial plan and an objective advisor can protect your long-term wealth from short-term election anxiety.

Join Money Matters: Get your most pressing financial questions answered by Allworth's co-founders Scott Hanson and Pat McClain. Call 833-99-WORTH. Or ask a question by clicking here. You can also be on the air by emailing Scott and Pat at questions@moneymatters.com.

Download and rate our podcast here.

When your retirement savings cross the seven-figure mark, the simple strategies that got you there might actually cost you money in taxes. In this episode, Scott and Pat explain why a high earner with a $1.8M portfolio needs to move beyond basic target-date funds and ETFs into direct indexing—plus when to pay off low-interest debt, how to pass down wealth, and when you can finally afford to spend more.

Scott and Pat also cover:

The 3.25% Mortgage Dilemma: Should you accelerate payoff on low-interest debt when Treasuries yield 5%?

Transitioning from Saving to Spending: A 36-year-old father with $1M saved asks if it’s safe to ease off contributions and start spending more.

The "Bank of Mom and Dad": The financial and family dynamics of gifting or loaning money to adult children for high-cost home down payments.

Real Estate & Tax Traps: Navigating capital gains, Delaware Statutory Trusts (DSTs), and term life insurance rules.

Join Money Matters: Get your most pressing financial questions answered by Allworth's co-founders Scott Hanson and Pat McClain. Call 833-99-WORTH. Or ask a question by clicking here. You can also be on the air by emailing Scott and Pat at questions@moneymatters.com.

Download and rate our podcast here.

Is retiring at 55 with a $2M nest egg realistic? On this episode of Money Matters, Scott and Pat break down the numbers with a caller aiming for an early exit from the corporate grind. They discuss how to balance pre-tax 401(k)s, Roths, RSUs, and taxable brokerage accounts—plus how to front-load 529 plans without triggering unnecessary taxes.

Scott and Pat also dive into:

The Rise of Private Equity: What proposed SEC changes mean for everyday investors, and the hidden risks, lack of liquidity, and valuation pitfalls of alternative investments in 401(k) plans.

Building a Multi-Generational Legacy: A caller asks how to pass down a $2M estate efficiently. The hosts discuss asset location, when Roth conversions make sense across generations, and navigating RMDs.

Family Wealth Conversations: Why talking to your adult children about trustees and estate planning today prevents headaches tomorrow.

Join Money Matters: Get your most pressing financial questions answered by Allworth's co-founders Scott Hanson and Pat McClain. Call 833-99-WORTH. Or ask a question by clicking here. You can also be on the air by emailing Scott and Pat at questions@moneymatters.com.

Download and rate our podcast here.

How do you turn a lifetime of saving into reliable, tax-smart retirement income? In this episode of Money Matters, Scott and Pat break down what investors with $1M+ need to know when transitioning from building wealth to generating income in today’s market.

In this episode, Scott and Pat tackle real listener situations:

-Caller Case Study 1: Retiring with a 401(k), a solid pension, and a paid-off home—how do you stress-test your plan against inflation and potential Social Security shifts?

-Caller Case Study 2: Buying a second home in Texas while keeping California property—which accounts (cash, taxable gains, Roth, or traditional IRA) should you tap first to avoid costly tax traps?

Plus, macro insights & portfolio strategy:

-Stocks vs. Bonds: Why equity markets and bond yields are sending conflicting signals, and what record highs mean for your rebalancing plan.

-The Psychology of Selling Winners: Why trimming top-performing assets is the hardest—and most critical—discipline for wealth preservation.

Join Money Matters: Get your most pressing financial questions answered by Allworth's co-founders Scott Hanson and Pat McClain. Call 833-99-WORTH. Or ask a question by clicking here. You can also be on the air by emailing Scott and Pat at questions@moneymatters.com.

Download and rate our podcast here.

Can you truly "Die with Zero" when you’ve built a multi-million-dollar portfolio? On this episode of Money Matters, Scott and Pat dive into real-world retirement scenarios covering aggressive tax strategies, spend-down plans, and smart estate transfers.

In this episode, Scott and Pat cover:

The "Die with Zero" Strategy: A 49-year-old entrepreneur with $5.5M in savings wants to know how to safely spend down assets without jeopardizing long-term security.

Solo 401(k)s & Roth Conversions: Navigating tax-efficient withdrawals alongside non-qualified brokerage assets and ongoing business income.

The Short-Term Rental Tax Trap: Can buying an Airbnb offset Roth conversions via bonus depreciation?

Estate Planning & 529 Strategies: Partner Advisor Mark Shone joins to discuss IRA distributions, tax-efficient legacy planning, and funding 529 plans for grandchildren.

Join Money Matters: Get your most pressing financial questions answered by Allworth's co-founders Scott Hanson and Pat McClain. Call 833-99-WORTH. Or ask a question by clicking here. You can also be on the air by emailing Scott and Pat at questions@moneymatters.com.

Download and rate our podcast here.

Is it possible to do a Roth conversion too early? In this episode of Money Matters, Scott and Pat break down why the timing of your tax planning matters just as much as the strategy itself.

They answer real listener questions on navigating the retirement transition—from managing adjusted gross income, to understanding how a great financial advisor provides value beyond just managing a portfolio.

Plus, Allworth Chief Investment Officer Andy Stout joins to discuss the 10-year Treasury yield hitting 5%, putting rising interest rates and government debt into historical perspective.

In this episode, Scott and Pat discuss:

Roth Conversion Timing: Why converting too early could unintentionally spike your healthcare premiums under the Affordable Care Act.

The Value of Wealth Planning: What you should expect from an advisor beyond investment management, and how to evaluate fee structures.

5% on the 10-Year Treasury: Allworth Chief Investment Officer Andy Stout breaks down inflation expectations, Federal Reserve rate moves, and market volatility.

National Debt & Entitlements: Putting modern government spending and Social Security concerns into long-term context.

Join Money Matters: Get your most pressing financial questions answered by Allworth's co-founders Scott Hanson and Pat McClain. Call 833-99-WORTH. Or ask a question by clicking here. You can also be on the air by emailing Scott and Pat at questions@moneymatters.com.

Download and rate our podcast here.

Should you use permanent life insurance to cover long-term care? Does converting a $1M pre-tax account before you stop working make mathematical sense? In this episode of Allworth’s Money Matters, Scott and Pat walk through real-world portfolio case studies, dissect common tax myths, and break down where aggressive financial pitches fall short.

Topics covered in this episode:

The Rise of Prediction Markets: Why momentum traders are shifting from crypto to event betting, and how speculative traps disguise themselves as investing.

Commercial Real Estate Realities: A look at how major leveraged properties can collapse, and the timeless importance of broad diversification.

Caller Case Study (Jonathan): Evaluating a seminar pitch on life insurance with long-term care riders, understanding pure insurance costs, and deciding when self-insuring makes sense with a $2.5M portfolio.

Caller Case Study (Jeff): Debunking the “zero taxes” pitch. Scott and Pat explore the math behind Roth conversions, the difference between marginal brackets, and why high earners shouldn't rush conversion timing before RMD age.

Join Money Matters: Get your most pressing financial questions answered by Allworth's co-founders Scott Hanson and Pat McClain. Call 833-99-WORTH. Or ask a question by clicking here. You can also be on the air by emailing Scott and Pat at questions@moneymatters.com.

Download and rate our podcast here.

Are your retirement assumptions realistic, or is your financial plan relying on best-case scenarios? In this episode of Money Matters, Scott and Pat dive into the practical realities of long-term planning—from preparing for market volatility to navigating complex estate and tax rules. Plus, Scott and Pat answer caller questions on managing a multi-million-dollar portfolio, strategic gifting, and what it really takes to achieve financial independence in your 40s.

In this episode, we cover:

Stress-Testing Your Portfolio: Why planning for bear markets matters, how to avoid overly optimistic return assumptions, and why keeping 5–7 years of income in cash or fixed income can protect your lifestyle.

A $6M Estate & RMD Strategy: Navigating PCRA/401(k) rules while still earning income, managing high tax brackets, and balancing lifetime gifting vs. traditional inheritance.

529 Plans & SECURE 2.0: Key considerations when redirecting college savings and exploring Roth rollover rules.

The Realities of FIRE & Coast FI: Breaking down the 4% rule (25x expenses), balancing early retirement with long-term fulfillment, and understanding the "Four Freedoms."

Protecting Your Family: Why life insurance is essential for young families on the path to financial independence.

Join Money Matters: Get your most pressing financial questions answered by Allworth's co-founders Scott Hanson and Pat McClain. Call 833-99-WORTH. Or ask a question by clicking here. You can also be on the air by emailing Scott and Pat at questions@moneymatters.com.

Download and rate our podcast here.

When can you retire? It’s one of the biggest financial questions you’ll ever answer—and knowing you have enough is about more than reaching a certain number.

In this episode of Allworth’s Money Matters, Scott and Pat help a 57-year-old teacher determine whether she can afford to leave the classroom after 33 years. They break down her pension, retirement savings and spending needs, and discuss whether taking a pension supplement as a lump sum or an annuity makes more sense.

Then, a young couple earning a strong income wonders whether they should keep maximizing retirement savings or build up cash for a future home purchase and possible move out of California. Scott and Pat explain why sometimes the smartest financial decision isn’t saving every available dollar for retirement—it’s making sure your money supports the life you’re trying to build.

So, when can you retire, and how do you balance saving for tomorrow with the financial priorities you have today? Whether retirement is right around the corner or decades away, this episode offers practical perspective for making those decisions with confidence.

Join Money Matters: Get your most pressing financial questions answered by Allworth's co-founders Scott Hanson and Pat McClain. Call 833-99-WORTH. Or ask a question by clicking here. You can also be on the air by emailing Scott and Pat at questions@moneymatters.com.

Download and rate our podcast here.

Can you retire early with private equity, direct indexing, and a mega backdoor Roth? In this episode of Money Matters, Scott and Pat help one investor weigh big decisions—from helping adult children buy homes to managing portfolio risk—before an aggressive retirement. Then, they follow up with a high-income saver who put their "mega backdoor" advice into action and is now looking at direct indexing for better tax efficiency.

From choosing the right advisor to making smarter investment moves, early retirement planning means getting the details right. Because a secure retirement isn’t just about how much you’ve saved—it’s what you do next.

Join Money Matters: Get your most pressing financial questions answered by Allworth's co-founders Scott Hanson and Pat McClain. Call 833-99-WORTH. Or ask a question by clicking here. You can also be on the air by emailing Scott and Pat at questions@moneymatters.com.

Download and rate our podcast here.

How do you protect a lifetime of savings when tax laws and changing life goals shift your priorities? In this episode of Money Matters, Scott and Pat explore wealth preservation, from managing concentrated stock positions and real estate decisions to sophisticated tax planning.

In this episode:

The $5.6M Property Test: Scott and Pat analyze a caller’s plan to carry three homes in retirement. They discuss “carry risk” and why even a $5.6 million net worth doesn’t automatically justify expanding a real estate portfolio.

Savings Trade-Offs at 52: A caller asks how to balance college costs for two children with the long-term goal of maximizing 401(k) contributions and Roth IRA savings.

Managing Concentrated Stock: Tom Kaiser, Allworth’s Director of Equity and Option Management, explains how options strategies such as collars can help protect concentrated positions without immediately selling appreciated stock and realizing capital gains.

Step-Up in Basis: Scott and Pat explain how this powerful tax provision can reduce or eliminate unrealized capital gains on inherited assets—and why it can play an important role in wealth preservation and estate planning.

For investors who have accumulated significant assets, wealth preservation isn’t simply about avoiding risk. It’s about understanding the trade-offs between taxes, spending, investments, and the legacy you ultimately want to leave.

Join Money Matters: Get your most pressing financial questions answered by Allworth's co-founders Scott Hanson and Pat McClain. Call 833-99-WORTH. Or ask a question by clicking here. You can also be on the air by emailing Scott and Pat at questions@moneymatters.com.

Download and rate our podcast here.

Are you prepared for the complexities of a high-value retirement? In this episode of Allworth’s Money Matters, Scott and Pat break down real-world case studies for a $3M+ retirement, specifically focusing on the math behind long-term care, the tax implications of early inheritances, and a powerful framework for tax efficiency known as the "3 C's."

In this episode, Scott and Pat discuss:

The Long-Term Care Dilemma: They analyze a $3.7M case study where the caller is retiring abroad. Does she actually need long-term care insurance, or can she "self-insure"? Scott and Pat explain the "elimination period" strategy that could save thousands in premiums.

Managing Early Inheritances: Using a $3.3M case study, Scott and Pat explore the pros and cons of buying a home for your children. They discuss how to manage early inheritances without creating family "real estate wars" or triggering unnecessary IRA taxes.

The "3 C's" Strategy: Allworth partner advisor Ben Abraham joins the show to reveal a strategy for maximizing tax efficiency by balancing stock concentration and charitable giving to fuel massive Roth Conversions.

Join Money Matters: Get your most pressing financial questions answered by Allworth's co-founders Scott Hanson and Pat McClain. Call 833-99-WORTH. Or ask a question by clicking here. You can also be on the air by emailing Scott and Pat at questions@moneymatters.com.

Download and rate our podcast here.

In an economy where AI is reshaping the landscape, how should a sophisticated investor respond? In this episode of Money Matters, Scott and Pat are joined by Dr. Apollo Lupescu from Dimensional Fund Advisors to discuss the "AI Ownership Machine" and how to manage portfolio concentration. Plus, Scott and Pat answer a caller’s questions on maximizing RSUs and utilizing advanced tax-saving vehicles.

What You’ll Learn:

The "Ownership Machine" vs. Gambling: Learn why shifting your mindset from "betting" on stocks to becoming a part-owner of a business is the key to long-term rational decision-making.

AI and Historical Cycles: Understand how the AI revolution compares to the internet and electricity, and why it is more effective to own the entire "field of horses" rather than trying to pick a single winner.

Navigating Market Highs: Discover why "time in the market" beats "timing the market," and how systematic rebalancing can help you manage anxiety and risk when the market hits all-time highs.

Advanced Tax Optimization: A deep dive into Direct Indexing to harvest tax losses and using Mega Backdoor Roth conversions to maximize tax-free growth for high-income earners.

Join Money Matters: Get your most pressing financial questions answered by Allworth's co-founders Scott Hanson and Pat McClain. Call 833-99-WORTH. Or ask a question by clicking here. You can also be on the air by emailing Scott and Pat at questions@moneymatters.com.

Download and rate our podcast here.

In this episode of Allworth’s Money Matters, Scott and Pat take a deep dive into two real-world case studies that highlight the critical difference between being sold a product and receiving fiduciary advice. First, they talk with a caller managing a $4.5 million estate who has been pitched a complex whole-life insurance strategy. Then, they address a $1.4 million retirement dilemma involving inherited assets and the "liquidity gap."

What you’ll learn in this episode:

The Whole Life Red Flag: Why insurance "leverage" strategies often benefit the advisor more than the client.

Inherited IRA Mastery: How to manage large inherited accounts without triggering unnecessary taxes or penalties.

The Truth About Bonds: Why your current bond allocation might be creating a "liquidity trap" for your early retirement.

Fiduciary vs. Commission: How to tell if your advisor is building a plan or just making a sale.

Join Money Matters: Get your most pressing financial questions answered by Allworth's co-founders Scott Hanson and Pat McClain. Call 833-99-WORTH. Or ask a question by clicking here. You can also be on the air by emailing Scott and Pat at questions@moneymatters.com.

Download and rate our podcast here.

What does it take to manage a multi-million dollar portfolio once you’ve stopped adding to it? In this episode of Money Matters, Scott and Pat dive into the complexities of high-net-worth retirement, focusing on the critical shift from "saving" to "strategic spending."

Through real-world case studies, they explore why "tax location" is often more important than "tax allocation," particularly when it comes to bonds and individual stocks. They also tackle the psychological side of wealth—learning how to upgrade your standard of living and find joy in charitable giving through "warm hand" estate planning.

In this episode, they discuss:

-Markets & AI: The impact of economic warfare and whether AI productivity gains are sustainable.

-Prediction Markets: Why you should be wary of platforms like Polymarket and Kalshi.

-Portfolio Cleanup: Why "over-diversifying" into 30+ funds can be a retirement trap.

-Strategic Giving: Using the "warm hand" approach to fund legacies and charitable causes today.

-Roth Conversions: Navigating tax efficiency for portfolios in the $2M–$10M+ range.

Featured Case Study: A deep dive into bond location and estate planning for a multi-million dollar estate.

Join Money Matters: Get your most pressing financial questions answered by Allworth's co-founders Scott Hanson and Pat McClain. Call 833-99-WORTH. Or ask a question by clicking here. You can also be on the air by emailing Scott and Pat at questions@moneymatters.com.

Download and rate our podcast here.

How do you turn a "jackpot moment" into a lasting family legacy? In this episode of Allworth’s Money Matters, Scott is joined by partner advisor Richard Del Monte (while Pat is on vacation) to tackle the complexities of wealth transitions and family gifting.

Through a $2.1 million case study, the team discusses how to support adult children through "giving while living" without creating family conflict. Then, Simone Devenny, Allworth’s Head of Private Wealth Strategies, joins to share a masterclass in succession planning for business owners. Using a multi-million dollar business exit as a guide, she breaks down the financial planning techniques needed to minimize taxes and protect your legacy during a major liquidity event.

Highlights include:

The Gifting Dilemma: Managing "warm hearts vs. cold hands" in a $2.1M portfolio.

The Business Exit: Estate strategies for multi-million dollar sales.

Family Transparency: How to mentor the next generation on wealth.

Tax Strategy: Sophisticated ways to protect your business proceeds.

Join Money Matters: Get your most pressing financial questions answered by Allworth's co-founders Scott Hanson and Pat McClain. Call 833-99-WORTH. Or ask a question by clicking here. You can also be on the air by emailing Scott and Pat at questions@moneymatters.com.

Download and rate our podcast here.

While Pat is on vacation, Scott and partner advisor Richard Del Monte break down two high-stakes financial scenarios that highlight the difference between "good on paper" and "good in practice."

Through two detailed caller case studies, they explore:

Case Study 1: The $450k New Doctor. After 15 years of medical training, a 32-year-old is finally hitting a massive salary. But with multiple retirement options like 403(b)s and non-governmental 457 plans, her father is worried about "tying her hands" too early. Scott and Richard explain why some retirement plans are actually "traps" for young high-earners and how to use the "mega backdoor" Roth to maximize flexibility.

Case Study 2: The $1.1M Retirement Reality Check. A couple plans to retire next year with just over $1 million, but they’re facing $125k in immediate "one-time" expenses for a wedding and new vehicles. The duo discusses the "4% Rule," the danger of "confusing a bull market with brilliance," and why a 19% return today doesn't guarantee a stress-free tomorrow.

The Philosophy of Work: Richard Del Monte shares his personal "25-year plan" at age 70 and discusses why the most successful people often choose engagement over a traditional retirement.

Join Money Matters: Get your most pressing financial questions answered by Allworth's co-founders Scott Hanson and Pat McClain. Call 833-99-WORTH. Or ask a question by clicking here. You can also be on the air by emailing Scott and Pat at questions@moneymatters.com.

Download and rate our podcast here.

In this episode of Money Matters, Scott and Pat dive into a $5M client case study on the hidden dangers of stock concentration and explain why a $1.5M Roth conversion might be your smartest tax move. They also tackle direct indexing and welcome Allworth partner advisor Victoria Bogner to share the story of "Jim and Karen." You’ll hear how this retired couple unknowingly had 35% of their $5 million portfolio tied up in just eight stocks—and how a shift in "asset location" saved them six figures in projected taxes.

Key Topics Included:

-Roth Conversion Strategies: Managing large pre-tax balances at age 65.

-Direct Indexing vs. Cash: Understanding the risks and tax-loss harvesting.

-The "Asset Location" Secret: Why the right account type matters for your bottom line.

-The Saver’s Mindset: Transitioning from building wealth to enjoying it.

Join Money Matters: Get your most pressing financial questions answered by Allworth's co-founders Scott Hanson and Pat McClain. Call 833-99-WORTH. Or ask a question by clicking here. You can also be on the air by emailing Scott and Pat at questions@moneymatters.com.

Download and rate our podcast here.

Can you support your adult children without derailing your retirement? In this episode of Money Matters, Scott and Pat dive into the financial realities of a caller with a nearly $10M net worth who is spending $75,000 a year to support his adult daughter. They break down the math on his retirement timeline and uncover a common "tax efficiency" mistake that could be costing him significant returns.

Also in this episode:

The "Shell Game" of State Budgets: How budget constraints in states like California could impact your long-term security.

Roth Conversions & Moving States: Why a move from California to Nevada completely changes the math on Roth conversions and RMD management.

The "Payroll" Pitfall: The hidden risks of putting family members on your business payroll for tax benefits.

Investing "Backwards": Why your 401(k) and brokerage account allocations might be working against each other.

Join Money Matters: Get your most pressing financial questions answered by Allworth's co-founders Scott Hanson and Pat McClain. Call 833-99-WORTH. Or ask a question by clicking here. You can also be on the air by emailing Scott and Pat at questions@moneymatters.com.

Download and rate our podcast here.