Upticks: A Financial Planning & Investment Podcast

Rethink Your Refund, Social Security Gamble, and Throwing Away Money (Ep. 295)

·33 min·3 clips

Why giving Uncle Sam a $3,000 interest-free loan might be costing you more than you think.

The episode begins with a critique of tax refunds, framing them as interest-free loans to the government that could be better used for debt or personal goals. Hosts Jake Falcon and Cory Bittner then explain the ensemble practice at Falcon Wealth Advisors, emphasizing multiple professionals reviewing client plans for checks and balances. A listener question about starting the 'go-go years' in retirement leads to advice on planning activities and trying new things. The hosts discuss an article about Americans throwing away $68 million in coins annually, with Jake suggesting the U.S. stop making pennies due to production costs. Another segment covers tax mistakes, noting the statute of limitations varies and a former IRS attorney advises focusing on future compliance. Social Security strategies are explored, including the option to withdraw applications within 12 months and pause benefits for higher payouts later. The episode concludes with analysis of new Biden administration rules for fiduciary advisors in retirement accounts, with Jake arguing for title changes over regulations to protect consumers.

As heard by us

A $3,000 refund and a tossed penny become sharp prompts for rethinking where money should sit.

A tax refund gives the episode its useful central question: is a big check a helpful forced-savings habit, or is it money left with Uncle Sam while debts and family priorities sit waiting?

Read the full review in PlayNext →

Why you'd press play

You want to know whether your tax refund is helping you, or quietly lending money to Uncle Sam for free.

Read the full recommendation in PlayNext →

Listen to the show on

Apple Podcasts Spotify

Play clips from this episode More from Upticks: A Financial Planning & Investment Podcast