A couple weeks ago, I (Dennis) dedicated a significant amount of time to finishing my continuing education requirements in order to earn the Certified Private Wealth Advisor designation. In the middle of a very intense 24-hour session, a PhD accountant from the Booth School of Business in Chicago gave a surprising, edge-of-your-seat piece about tax-advantaged business sales and the reported tax benefits as shown by the required public disclosure, including how individual business owners can do the very same for themselves and those that follow.
The information from this class (about 75 pages in all) has already been sent on to today’s guest, Jon Sluis, CPA. And when Jon is in the house, you know there’ll be a lot of great information … as well as a few surprises! We’ll discuss all the exciting, gory details, and you may well be pleasantly surprised at the sheer size of the tax savings should you decide to employ these savvy options. We can’t wait to dive into this topic, and we hope you can join us! Tune in and take control!
“Forecasts create the mirage that the future is knowable.” Given our bent to discuss the markets and economy, there is no better reality check than the astute words of American Economist Peter Bernstein. In the end (of course) we all must continue to take as much responsibility as we’re able, and to act in the way most prudent for ourselves and our future.
On today’s show, we will discuss the current economy but also time-tested ideas and information to help us deal with the reality on the ground. While the things we can’t control seem to grow daily, we’ll dive into the areas we can control. You get it, this approach can mean a greater chance of success in the long term as well as understanding what the veterans of such times are saying. Lots of questions and so many uncertainties can present opportunities for those who are patient.
See you today, where you can tune in take control!
When should I collect Social Security? How do I find out how much my benefits will be? What about disability benefits? Child survivor benefits?
On today’s radio show, we’ll tackle many of the common questions and themes we hear from our clients regarding Social Security. And joining us in our studio will be our own local expert, Bob Simpson, Northern Michigan District Manager for the Social Security Administration. We’ll discuss these and many other issues surrounding Social Security, like taxes, benefit reductions due to outside work, breakeven points for having waited to start benefits, and collecting during economic uncertainty.
Feel free to call in and discuss your situation with Bob. He is an excellent and trustworthy source for your inquiries! We hope you join us as you tune in and take control!
A recent headline from a well-known financial publisher read: What to Do When Recession Threatens Your Retirement. Many of our clients at Prout Financial Design are expressing similar sentiments, and are wondering if they should wait to retire or simply adjust their plans based on the current down market. Given that the U.S. stock market just suffered its worst first half since 1970, these questions are common themes we’ll see for some time.
So for today’s show, it makes sense for us to discuss what’s on most peoples’ minds as the markets decline into possible recession. We’ll delve into this with articles, background and even formulas for adjusting spending that Vanguard utilizes with non-profit organizations. Next, Heidi will discuss the Social Security cost of living increase and how to take advantage of I bonds. Last, Deann will borrow the best of the stats to share with you. So tune in and take control!
When “life” happens (as it certainly has this past year) to those with retirement accounts, questions often arise regarding how or when to take Required Minimum Distributions (RMDs) in the midst of a declining stock market, as well as determining what type of accounts are best to tap in the event of a hurricane or other natural disaster. If you’ve been waiting to take these RMDs out of necessity or timing considerations, you won’t want to miss today’s show! We’ll be discussing the numerous options you have in making these withdrawals, and perhaps even present a few you may not have considered. There are surprisingly many ways to change up your distribution to lessen the pain of a lower stock market and even avoid possible penalties. Ed Slott, CPA, has weighed in on this topic, and we’ll add his thoughts to the chorus. Heidi will be discussing how to avoid the most recent scam regarding student loan payoffs, and Deann will chime in with stats you’ll love to consider!
See you this Thursday at 10 a.m. or Saturday at 9 a.m. Tune in and take control!
Today on New Retirement Radio, we’ll be discussing an article from Financial Planning magazine titled “Wealthy investors do a lousy job of telling heirs what they’ll get.” Apparently, the rich are like everybody else in America in that they typically don’t like to talk about money. But for investors with significant assets to pass on to their heirs, that can be a very costly problem. Deann will provide stats that underscore many points in this article. With the sheer size and complexity of assets passing to the next generation, we’ll discuss the importance of enlightening the next generation. Next, Heidi will cover the benefit of working two jobs and how that may give you access to more than one retirement plan, which may benefit you greatly. Whether or not you have access to such a strategy, this discussion should help you understand the world of retirement plans and how to better take advantage of these wonderful wealth-building tools. Tune in and take control!
Much like the flu season, tax season is never greeted with joy. If only there were a vaccine. As Will Rogers said, “The only difference between death and taxes is that death doesn’t get worse every time Congress meets.” This week, Jon Sluis joins us to talk about the hot issues related to the tax filing date, which is on April 18 this year, as well as common audit triggers, unrealized and realized losses, SEP IRA and Simple IRA Roth options and your tax questions! Whether or not Will Rogers weighs in, we’ll be generating all the heat and energy we can muster during this tax season to keep you informed as possible! And, as always … tune in and take control!
If you’ve listened to our program long enough, you know that when going through your year-end tax planning, we’ve always encouraged those doing a Roth IRA conversion to pay the tax owed with funds outside of the Roth to achieve the most benefit. But is that still advisable?
On today’s show, we’ll discuss an article from the November issue of Ed Slott’s newsletter that may cause you to think otherwise. You may decide to be more aggressive than usual by paying taxes owed (if needed) from the IRA itself. The tax benefits over time that you’ll still receive (albeit to a lesser degree) from a Roth conversion can still make a positive long-term difference! Gazing into the future in this case may be especially valuable for you and your family.
Also, Heidi will discuss year-end tax planning tips and other planning ideas. Deann will join us, too, with stats relevant to today’s topics. We promise real information to help you think more deeply about your financial situation to help improve your own game! See you today 10 a.m. or on Saturday for the rebroadcast at 9 a.m.
Tune in and take control!
Wow, what a difference a month makes, right? It seems while we’re still celebrating Thanksgiving, the next question becomes, “When can we pick up the Christmas Tree?” In concert with that today, Dennis will discuss last-minute year-end tax planning strategies, and Heidi will review Baby Boomer spending habits and the impact on their retirements. Deann will make a bit of a change to the stats this week to discuss common questions and answers that Ed Slott’s team receives regarding retirement assets and accounts. And if we have time, we’ll also discuss the current economy and projected interest rate changes we may see soon. All this as well as your questions and comments to everything financial. See you Thursday (or Saturday) and always remember … tune in and take control!
The ink has not yet dried on all the changes brought about by the Secure Act of 2020 and its ultimate impact on us, our children, and their families. The rules keep changing and so do the opportunities to take advantage as well as make some costly mistakes. We will be discussing the 5-step guide to plan-to-IRA rollovers from Ed Slott’s most recent November IRA newsletter. In the show, we will address sample situations from clients and similar decisions they are facing with pension plans and the effects of a rapidly increasing interest rate. The complexities are surprising. Having a strategic decision-making matrix in place to guide you can be invaluable, whether you’re 45 or 75. Heidi will be discussing the new IRS rules regarding allowable contribution amounts as well as the new 2023 tax rates. Deann will bring the news on the stats front to round it out and we’ll have several exciting announcements too!
Tune in and take control!
Special Guests Laverna Witkop and Dawn McConnell
According to Pew Research Center, the rate of retirement for Boomers has accelerated since COVID-19 began. Nearly 29 million Boomers retired in 2020, three million Boomers are expected to retire by 2030, paving the way for what is now called "The Great Retirement," which may surpass The Great Resignation as the most significant hiring trend for 2022. This is a staggering stat! What most folks forget to consider in their retirement plan is healthcare. Believe it or not, there are professionals who specialize in this, and we know who they are!
Join Laverna Witkop and Dawn McConnell from Ford Insurance Agency who are LIVE with us today. They will talk about the annual election period (AEP) for Medicare Advantage plan (October 15 through December 7). It’s time to review and pay attention to changes. This also might be a good time to jump in! Open enrollment for individual health insurance plans is from November 1 to December 15, with a possible extension.
So tune in and have your questions ready!
One question we often hear from our clients is, “What happens if we need some money out of our tax qualified accounts? Are we subject to any additional costs or tax penalties?” The good news is that penalty exceptions/options are growing, so this week Dennis will discuss how you may legally withdraw funds in the most tax advantaged way possible. We’ll also finish last week’s notes on the economy as promised from the radio show commentary. Then, Heidi will cover Ed Slott’s advice about spousal beneficiary mistakes to avoid. We think this information is incredibly important and encourage your questions! Lastly, Deann will bring up-to-date stats on the subject at hand to add to the mix! Tune in and take control!
Last week, a gentleman had a question about finding a financial advisor in his community. Based on that inquiry, we think it’s important to discuss the appropriate questions to ask when searching for a new financial advisor to determine if that person is right for you. We’ll also round out the conversation and help you think through the areas or specifics you’ll want to address when meeting with a Financial professional.
Heidi will discuss Vanguard’s read on the economy and their interpretation of whether or not we’re headed into a recession. We think it’s relevant and timely information you’ll want to take advantage of. We’ll also feature some IRA questions for Ron Jolly, and Deann will take a different track with this week’s stats that we think you’ll find equally interesting! Lots to review this week, so join us today at 10 am (or listen to the rebroadcast Saturday at 9 am). Tune in and take control!
Sometimes a bit of perspective is helpful, so on today’s show we’ll do our best to give you a dollop or two about the current economy. Specifically, we’ll put into context how where we were just a few short years ago matters to the course correction being instituted by our own Federal Reserve. This reminds me of the old axiom, “An ounce of prevention is worth a pound of cure.” As everyone knows, we are getting a fair pounding right now in the form of ever-increasing interest rates on the economy. For those who save in the most conservative way, this is a much needed boost. But for those who operate in this economy by providing goods and services, the challenges increase. We’ll also look at some fair amount of analysis to help us through the weeds and hopefully provide some daylight and information helpful to you. Heidi will discuss the effects of insurance coverages on your accounts and what that means. Deann will bring insight with stats meant to enhance the conversation. AND, as usual, your questions by phone or text are always welcome! Join us on Thursday, March 30, at 10 a.m. (or the rebroadcast on Saturday, April 1, at 9 a.m.) for an early spring getaway! Tune in and take control!
Because Christmas is just around the corner, we’ll quiz Ron Jolly on some common retirement questions to see what he “knows” as well as shed some light to our common (and not so common) questions. And while there’s still time … we’ll also discuss the topic of year-end tax breaks that we didn’t get to cover on last week’s show. Heidi will discuss Capital Group’s guide to recessions and how to prepare for it. (With all this “happy talk,” we might just need an extra round of chocolate to keep the goodness and light shining!) And, as always, we welcome your questions of a financial nature either by text or by phone. Come and join us, where we really do attempt to cover the issues most related to your financial concerns on a weekly basis. Tune in and Take control!
It seems that there’s been a contagion of mismatches lately. Specifically, Silicon Valley Bank’s (SVB) demise (and very likely many others soon to follow) as well as today’s economic numbers should give us all plenty to think about and dig deeper into. The speed at which SVB fell was shocking. Most of us non-Westerners never heard of this bank, unless of course you follow Jim Cramer, who was touting SVB as a great investment just last month. This past weekend, however, after a week of rapid decline, the FDIC took over SVB and is pledging to make good on all depositors’ assets. So what can we learn about this for our own situation? On today’s show, we’ll uncover what happened to SVB and discuss how we might apply any lessons to our personal situation. Heidi will discuss the five-year rule related to Roth conversions, and Deann will have stats aplenty to add to the conversation, which we think will be fast and furious this week! So tune in and take control!
Though most people aren’t really comfortable talking about death, planning for our own estates can leave many of us wishing the reality weren’t quite so serious. So, on today’s show, we’ll try to keep the conversation with Cortney Danbrook, estate planning attorney here in Traverse City, informative, insightful and on the lighter side as we discuss the “what-ifs” and keep it realistic. Deann will add stats related to the subject to emphasize as much as possible about life and the inevitabilities we will all face one day. So join us this morning on WTCM with your estate planning questions. Tune in and take control!
Penalties can happen to anyone, and with IRAs, there are two types that commonly occur: RMD and excess contribution. The SECURE 2.0 Act had created some significant changes regarding these penalties, so today on New Retirement Radio, Heidi will discuss these in depth and give you a deeper understanding to help you avoid them altogether!
Nathan Prout will be joining us in the studio to discuss a new class of beneficiaries called “eligible designated beneficiaries,” or “EDBs.” Tune in to find out what this means for you, including advantages of EDBs versus non-EDBs and more.
Tax season is upon us, so we will share the five things you need to know when making a 2022 Roth IRA contribution. If time permits, we will discuss an article from The Wall Street Journal titled “The Last-Minute Retirement Plan Moves That Can Cut Your Tax Bill.” Believe it or not, there’s still time to make last-minute retirement contributions that could lower your tax bill. Deann will dive into the conversation and share the latest data.
We look forward to our time with you live on WTCM AM 580 this morning from 10-11 a.m. Tune in and take control!