We think it’s fair to say that retirement is something we all look forward to. It will be great to say, “It’s Saturday every day!” The pandemic, however, rearranged plans for a lot of folks – some were forced to retire early, and others decided to quit while they were ahead. Meanwhile, the rest of us are redesigning what our retirement might look like. Should we stay on a few years longer considering inflation? Should we retire now and start a side hustle? What will the transition look like?
Join Dennis and Shea today as they cover challenges you might not expect and questions to ask yourself as you make the change.
“Every which way you turn, there is something different because of the tax law changes that have happened since 2020. It’s essentially an ‘If this, then that … game’ and everyone is involved,” said Jon Sluis, CPA and owner of Intrust CPA in Traverse City, Michigan.
He joins us on the air today to explain exactly what he means by this statement. He will also discuss the most common IRS “red flags,” which include: virtual currency, child tax credit among divorced couples, and understanding ratios for business expenses. Those who get the most attention are either making more than $1 million or less than $40,000 a year.
Lastly, Sluis will discuss how getting audited by the IRS isn’t necessarily a “bad” thing.
Most financial conversations happen quietly. We don’t typically bring up how much we have saved in our IRA at the summer BBQ with friends and family. Nor do we give away investing ideas that aren’t widely known. However, we do feel comfortable asking for a referral when it’s time to hire an advisor. How do you know if someone is a good fit for you? Can you trust what they know?
During today’s show, we will give you a framework of questions to ask so that your search doesn’t cause unnecessary anxiety. Part of the search is also understanding whether you need an advisor!
It’s been difficult to hold back our personal opinions on events like the current economic crisis, the war in Ukraine, and how they affect all of us. But as advisors, it is crucial that we remain as objective as possible. Even when the world around us is seemingly unstable and changing minute by minute, we must maintain our composure. Our job is to keep our heads and stay rational. Besides understanding numbers, Staying Steady is our superpower. Luckily, we have decades of experience to give us perspective. The United States is in a unique position as we face the current inflation crisis, internal division of citizens, and complete misalignment with other world powers. The question then becomes, “How will we handle it?”
In the past we have been innovative and resourceful. Our communities have been generous and hospitable. Let’s hope the trend continues.
Our show today is somewhat of a wake-up call (if you needed it). Planning for the future has always been a mysterious journey, but the decades ahead will force us to self-manage in ways we have yet to experience.