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New Retirement Radio with Dennis Prout Podcast

The days of simple retirement planning are gone and those who can manage their own portfolio are choosing not to. Prout Financial Design began over 25 years ago as an education based financial planning practice. Dennis Prout, Certified Financial Planner, believes that each client should not only understand their finances, they should be actively involved in the decisions made. Join the conversation! Dennis' radio show can be heard LIVE every Thursday at 10 am on News Talk 580 am or you can listen here instead. Thanks for tuning in! Advisory Services offered through Capital Asset Advisory Services, a Limited Liability Company, and a Registered Investment Advisor. Prout Financial Design does not provide tax, accounting, or legal services. Please consult the appropriate professional regarding your individual circumstance. Not associated with or endorsed by the Social Security Administration or any other government agency.
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Now displaying: Category: Business
May 24, 2022

Are you thinking about semi-retirement? Ya know … where you work a little bit but not too much? It’s a way to dip your toes into full-time retirement without getting in too deep. You might negotiate a part-time position at your current job and golf part-time. Or, you can pursue a new career altogether and collect from a retirement account. What if you volunteered part-time and started a consulting company part-time?

The possibilities are endless IF you’re willing to dream about them. This show really takes the cake when it comes to the creative side of retirement planning.

Know what you want. Make the numbers work, then work part-time!

May 10, 2022

The pandemic forced three million of America’s Baby Boomers into unexpected retirement, according to economics journalist Nate DiCamillo. This may not be a permanent choice, but it’s a concern for those who are suddenly forced to draw from their retirement accounts indefinitely. In a Gallup survey taken in 2018, most Americans expect to retire at age 66; today, however, most will retire around age 60. That’s about 26% of retirees who must leave the workforce earlier than expected.

Today, we are going to talk about how to draw from accounts considering the early withdrawal penalty. We will discuss in detail the “Rule of 55.”

“Now is no time to think of what you do not have. Think of what you can do with what there is.”
-Ernest Hemingway

May 10, 2022

When talks of inflation began at the beginning of the year, the word “transitory” was used frequently. Meaning, was inflation here to stay or would it pass? We now know the answer. So, what does that mean for your pocketbook in the short term and your retirement in the long term? The plane ticket to visit the grandkids one year ago is now double, if not triple, the cost. Decisions must be made differently … AGAIN! The realities of inflation will continually affect our lives and investments, but does it also could mean there’s a recession on the horizon?

Today, we are going to look at the graphs, numbers and historical data to shed light on these questions while also giving you tips on how to evaluate your finances.

May 4, 2022

Forgive us. We needed a holiday pun and couldn’t find one any one better than “Eggs in a Basket” when it comes to retirement planning.

Today, we are going to focus specifically on your 401(k) and learning how to draw from that account in retirement. When you look at your retirement nest egg, there are probably several sources of income from which you can draw. The questions then become, “Which egg? From which basket? When? How much? What if it’s a Cadbury?” Well, unlike your 401(k)s, the Cadbury should be consumed all at once!

Join Shea and Heidi this week for a lively conversation about income strategies in retirement, also known as “Cracking the nest egg.”

Apr 25, 2022

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.

Apr 18, 2022

“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.

Apr 12, 2022

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!

Apr 5, 2022

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.

Mar 18, 2022

There has been a worldwide increase in divorce rates since the pandemic began. Increased time together, social distancing from community, and global economic and health stress have put added pressure on relationships that may have already been struggling.

This is not a topic we enjoy covering, but it’s reality and we want to help.

If you or someone you know is going through a divorce, it’s important to understand that the financial assets of a couple, including their retirement assets, are often split. Unfortunately, if mistakes are made during this process, it can lead to one or both spouses paying unnecessary taxes and penalties, making their divorce even more stressful. From properly splitting retirement accounts to naming new beneficiaries, there are crucial steps that must be taken to ensure retirement assets are managed in the best way possible during a divorce.

Tune in and take control. The long-term effects of the pandemic are beginning to really set in for a lot of us.

Mar 18, 2022

It’s been more than 30 years since Dennis became a financial advisor. Prout Financial Design started with just a few class offerings, one staff member and very modest office space. It’s been an incredibly rewarding career … one that he doesn’t plan on leaving anytime soon. While most of his planning focus is spent on positive, profitable outcomes for his clients, Dennis must also have candid, matter-of-fact conversations with them and their families about facing diminishing capacity. It never seems to happen all at once, but over time the family starts to notice the signs of declining cognition – repeated conversations, missed or forgotten details, and various other memory impairments.

Today’s show is for anyone who is facing the same awakening and needs to know the proper steps to move forward. We all want the best for our loved ones, which includes assembling the proper team – and family – of support.

Mar 7, 2022

In 2021, an average of 65 million Americans received a monthly Social Security payment totaling more than $1 trillion in benefits. Nearly nine out of 10 people aged 65 and older received a Social Security benefit as of December 31, 2020. And Social Security accounts for nearly 30% of the income for elderly citizens. (source: ssa.gov)

Can you say, “Wow!”?

We have Bob Simpson from the Social Security office with us LIVE today for the entire hour. This is always a treat! We will answer as many of your calls as possible while updating you with the most current information. If you want to learn more before the show, click here.

Mar 1, 2022

First comes love … then comes the beneficiary updates! Naming the beneficiaries of your retirement assets may seem like an obvious task to complete as you plan, but it is often also one of the most overlooked. Failing to properly update your beneficiary forms can compromise the legacy you worked so hard to build.

To help ensure your assets are handled properly after your death, click here to download a “Beneficiary Form Checklist.” You can follow along on the show today, or simply call our office at 231-947-3992 for guidance from our advisors.

Feb 21, 2022

We talk about IRAs a lot. Like, a lot, a lot. Every week in fact! And as tax season is quickly approaching, those of you who are proficient savers may be wondering what the rules and deadlines are. Thankfully, our trusted advisor on this topic, Ed Slott, himself has provided an extensive list for us to cover. We will go over deadlines, contribution limits, compensation for IRA eligibility, Roth IRA contribution rules and IRA trusts.

And if that’s not enough … we are going to talk about the hottest topic out there … GOLD! In the age of inflation, many of our clients have inquired about investing their IRAs in gold. Yes, it can be held in an IRA, but it MUST be done properly.

Feb 17, 2022

When it comes time to set goals, people tend to focus on what they need to improve vs. what they are already good at. Today, we will elevate what’s working in your life to achieve what’s next. But first, one must cut the noise. This skill is something athlete Cooper Kupp has achieved. His performance in 2021 was one of the greatest statistical receiving seasons in NFL history, and it wasn’t by accident. We will dig deeper into his story and the stories of our clients who we get to see every day.

Financial success isn’t just about the money, it’s about how to design your life to achieve it. Today, Dennis will discuss the impact of quieting yourself to determine who you are and where you want to go.

Feb 15, 2022

Rumors about the stock market being due for a correction appear to be coming true. Last Friday, we saw a swift decline and the “geeks” out there have been glued to their screens ever since. As inflation continues to rise and the stock market falls, we must find middle ground. How do we reckon the change without stimulus checks on the horizon? We can start by asking three things: 1) your risk tolerance; 2) how far you are from retirement; and 3) if you’re already retired, what accounts you should draw from.

These are wild times, and we’re going along for the ride! 

Feb 4, 2022

What better way to begin the NEW year than with a NEW interview with Ed Slott on NEW Retirement Radio! We are excited to have him answer a few burning questions of ours, and hope that you call in with yours. Our discussion will revolve around how to leverage your retirement savings considering the new tax tables, Roth conversions, HSAs and so much more!

Dec 22, 2021

The last couple of years have motivated us to look closely at our personal health, finances and estate planning. What happens if we need more help should the worst happen? Who would act on your behalf if your partner can’t? Should it be one of your children? There are several different types of POAs (Powers of Attorney) to discuss – conventional, durable, springing and medical.

Lucky for you (and us) we have Cortney Danbrook LIVE with us today. She started her career in wealth management and crossed over into the legal world. Her combined experiences give a unique perspective that offers families a chance to approach estate and wealth succession planning, family cottage preservation and legacy asset planning holistically.

Don’t leave your family guessing … leave them with a plan.

Dec 22, 2021

It turns out that retirement isn’t as easy as “you retire one day and have a check in the mail the next.” Those days (if they ever existed) are long gone. Today, retiring requires thoughtful planning and consideration … things like when to claim Social Security, draw from the 401(k), take out a pension and, lest we forget, tapping in to the good ol’ IRA! And that’s just the beginning, which is why we love to talk about retirement income strategies on our show. To get the most out of your money, you must consider the best time to take money from different accounts for longevity and tax purposes.

This is a FUN show where we will present lots of options. Tune in and take control. Retirement could be right around the corner … if you plan it right!

Dec 21, 2021

Typically, it’s not the big things in life that we fail to plan for, but it’s the little things that get looked over. We have a natural and understandable apprehension to dying, which makes us hesitant to properly plan for our own death. We get it. However, there can be a major consequences if you fail to plan. Mr. Rogers said it best, “Anything that's human is mentionable, and anything that is mentionable can be more manageable.”

Today, Dennis is going to talk about how assets transfer at death, the importance of naming a beneficiary and how to do tax planning for your portfolio.

Dec 2, 2021

’Tis the season for taking your Required Minimum Distributions (RMDs) for the year! That’s right, if you’re over 72 years old, you’ll need to take money out of your tax-deferred retirement accounts. If you don’t, there is a hefty penalty – you will be charged 50% of the amount you were supposed to withdraw. You might ask, “What if I don’t need the money?” In which case we would say, “Have you ever considered making a Qualified Charitable Distribution (QCD) to a non-profit of your choice?” This can be given directly from your IRA, satisfying your RMD, and is excluded from taxable income.

We don’t get to talk about GOOD NEWS very often, but this is definitely a silver lining in retirement planning. Tune in today with guest CPA, Jon Sluis as he talks about this and many other ways to give this season! 

Nov 29, 2021

Do you need to withdraw money from your retirement accounts prior to age 59½? If so, there will be a penalty for doing so. But keep in mind that there are exceptions to every rule. In this case, they are referred to as “10% Early Distribution Penalty Exceptions.” Ed Slott’s recent workshop dedicated 38 pages of material to cover these rules! What does that tell you?

Age matters.

Join us today as we share multiple examples of how important it is to understand the rules and use the exceptions wisely. Tune in and take control!

Nov 12, 2021

The COVID-19 death rate has reached 5 million globally, supply chains are sluggish (at best), oil prices are soaring and inflation is at an all-time high since the early ’80s. Congress is currently targeting IRAs in their new proposals – especially Roth IRAs. Investors are beginning to ask more seriously, “Looking at the year ahead, should I worry?”

Maybe.

What we CAN DO is look at the facts, our personal finances and adjust accordingly. Over the last two years, nothing has been predictable. We believe that the opposite of anxiety is action.

Nov 12, 2021

Occasionally, we’ll get Bob Simpson from the Social Security Office to join us LIVE! It’s a real treat to hear directly from the man who has worked over 30 years doing what he loves … helping people make the most of their Social Security benefits. There is never a dull moment with Bob on the mic! We will be talking about six major Social Security changes in 2022, year-end planning and answering all our listeners’ questions.

Go beyond getting advice from friends, hear directly from the source today.

Nov 10, 2021

Meet our friend, Vaughn Housepian. He’s an unlikely retirement story. Vaugh spent the majority of his 20s bouncing from job to job hoping to land something permanent, only to find himself starting over again and again. It wasn’t until a member of his church suggested that he take a temp job at GM to help cover the bills that things started to find traction. The temp job turned into a successful 30-year career as an engineer at GM where he became known as the “numbers guy.” Upon retirement, he and his wife Sue decided to work together … at Disney!

Tune in and hear the rest of their story today. You’ll be surprised and challenged to stay the course when the going gets tough!

Oct 27, 2021

Last week, it was Year-End Checklist time … this week it’s Tax To-Do’s with guest CPA, Jon Sluis, of Intrust CPA. Jon is a regular on our program who offers unique insights for our listeners. Not only will he remind us of what we should be looking at right now, he will weigh in on a few government tax proposals we may need to consider. It’s also a good time to talk about the cost of converting to a Roth IRA and determining if that is the right choice for you.

As always, this will be a fast-paced, action-packed program. Be ready to take some notes and don’t forget to call in LIVE with your questions.

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