When taxes decline, many questions typically arise. In the case of the State of Michigan rolling back the retirement tax, copious amounts of questions and confusion seemed to reign. Today on New Retirement Radio, we will discuss the graduated change in the tax. For all Michigan taxpayers, the income tax rate dropped to 4.05% in 2023, down from 4.25% in 2022. Pension income for public servants like police officers and firefighters, state troopers and others will be fully exempt from paying state income tax in 2023. Others who receive a pension may face a graduated change in their tax through 2026. This is a big change and will have a significant impact on all Michigan residents! So be nice to your tax preparer, as they may ultimately play a more important role for you going forward! Next, Nathan will discuss less well-known benefits of life insurance policies, including utilizing cash values at or near retirement. Last, Deann brings the stats on taxes as well as stories of fishing for salmon.
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The new economy continues to show itself to us. While (of course) we cannot guess the future, the present certainly cannot be discounted as to what it provides in terms of usable information. What indicators can tell us how the economy is doing? Are those who are most pessimistic wrong? Do we maintain or change our holdings given the reality of rising short-term interest rates and what seems like increasing risk in our markets? On today’s show, we’ll investigate what these indicators are and give our best in terms of real strategy to assist you in allocating your portfolio for an uncertain future. We’ll also learn some of the new rules for retirement accounts. Heidi will shed light on how to use today’s relatively lower taxes to your advantage. And Deann will weigh in on the economic front.
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The September 2023 edition of Ed Slott’s newsletter comes with stories and insights about elder abuse, where scammers within families steal retirement account funds, resulting in significant losses as well as tax penalties. This is another example of why accountability needs to prevail within families, especially when larger retirement account balances are involved. Of course, on top of the losses are the significant issues related to family and the difficulty in many cases of ever getting these funds returned. On today’s show, we’ll discuss what to do to arm yourself and your loved ones against this threat. Also, Heidi will discuss how to avoid scams and scammers, and how cyber security plays a key role in protecting yourself. Deann joins us as well to bring the stats related to our subject and shed more light and learning on this.
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Too much cash! Who would have ever thought this would be a problem? Given how rates for conservative fixed income investments – including CDs, Treasury Bills and all the rest – have risen so dramatically, the pressure to get out of low-yielding money market and savings accounts has risen significantly. Investors who rushed for the exits last year and plowed trillions into money market funds, now around $5 trillion, may be wondering if it’s time to retrace a bit. With so much to talk about and so little time, on today’s show, we’ll discuss what you might want to consider and how to cash in on today’s higher rates. We’ll also discuss how to get attractive income options, and what exactly those are. Heidi will discuss the article “The Five Biggest Mistakes People Make When Picking a Medicare Plan.” How complex can it be? You may be surprised! Last, Deann has the stats to bring as well as to where and how interest rates and the economy are showing up. We look forward to the show and your questions. Tune in and take control!
On our August 10 New Retirement Radio show, a caller asked about a recent article by Ray Dalio in The Wall Street Journal. Dalio has written and spoken extensively about the economy, including his November 2021 book, Principles for Dealing with the Changing World Order, which I think is a research masterpiece and have discussed on previous radio shows. The caller’s question piqued my interest in revisiting Dalio, so today we will discuss his take on the current economic situation as discussed by Spencer Jakab in the August 12 issue of The Wall Street Journal. Given Dalio’s experience in running the world’s largest hedge fund, we think you’ll find his comments pertinent and interesting. Then Heidi will weigh in on saving and planning for retirement by Generation Xers (people born between 1965 and 1980). Given their unique challenges, the advice may be helpful to us all in planning through our own set of circumstances. And Deann will share all stats wise and wonderful to add to the conversation! Tune in and take control!
Jon Sluis, CPA, joins us today to help us catch up on 2023 tax law changes as well as look out for future adjustments we need to be aware of. As you know, proper tax planning requires being aware of not only what’s new, but what has changed from the previous year. And you guessed it … there are lots of changes and updates for 2023 you need to know about. New retirement provisions that recently took effect will make a difference for your long-term planning. We will also discuss the impact of staying up-to-date on beneficiary designations to allow for maximum flexibility in the settlement of your retirement accounts. As we’ve seen with our own clients’ accounts, custodians of IRAs and other retirement accounts who are not aware of the current provisions within the law may negatively affect you and your loved ones.
Your bottom line can be impacted by these tactics, so tune in and take control!