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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: Page 3
Apr 24, 2023

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!

Apr 24, 2023

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!

Apr 24, 2023

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!

Apr 24, 2023

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!

Apr 3, 2023

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!

Apr 3, 2023

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!

Apr 3, 2023

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!

Apr 3, 2023

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!

Mar 19, 2023

Does this email look familiar to you? Unfortunately, due to Covid, we had to postpone last week's show and rebroadcast a former show. However, we're back and feel better than ever. Looking forward to spending the hour with you!

The ever-changing income scene as well as potential opportunities you might take never cease to amaze. But at least it gives us more to talk about than the unseasonable weather lately.

First, we will discuss the impact of 8.7% increase in Social Security – specifically, how it will impact those who are not yet collecting, and how it will affect the Social Security Trust Fund. Second, the Medicare situation also bears watching as we continue to observe how that performs. Finally, given the declines we’ve seen in the stock market last year as well as the anticipated volatility this year, we will examine how to best approach 2023 for opportunities and cautions.

Mar 19, 2023

On last week’s show, CPA Jon Sluis talked about the tax law changes brought about by the SECURE 2.0 Act of 2022, which was signed into law by President Biden on December 29, 2022. Unfortunately, because there was so much to discuss and so many changes, we could only scratch the surface. 

So for todays’ show, we’ll continue the discussion and share even more information as it’s disseminated to us. We’ll also interpret and clarify this new information, and hopefully address all your questions and concerns. The changes brought about by the SECURE 2.0 Act were so sweeping that Ed Slott has devoted his entire January newsletter to this subject matter. It’s not often we see something of this magnitude, and the impact may be rather significant to you in the future! 

Mar 19, 2023

On today’s show, CPA Jon Sluis joins us as we sharpen our focus and (hopefully) our financial well-being as we examine changes to the tax law that were effective on December 23, 2022, as well as adjustments wrought in by the New Year. Ed Slott also has a lot to say about this, so we will share his notes to keep you well-informed. Much will be written and said about these tax reworks, so we’ll discuss how you can reap the most benefits and use these changes (with examples) to help motivate you to action. 

Mar 3, 2023

Today, Ed Slott, CPA, joins us as we discuss the new SECURE 2.0 Act as well as Ed’s own personal strategies for retirement. Ed is a nationally recognized IRA distribution expert, professional speaker, TV personality and best-selling author. His most recent books include Retirement Decisions Guide: 2023 Edition and The New Retirement Savings Time Bomb. Ed brings a tremendous amount of personal experience and professional expertise to the spectrum of retirement planning, and this same background will be shared with us in this pre-recorded program. As we discussed just after the recording, we were still amazed at the energy, knowledge and enthusiasm Ed shared with us. We are excited to have you share in this, as we talk about many subjects, including Roths, and new rules and regulations. We hope this motivates you to continue your own beneficial journey of knowledge and practical assistance. As always, tune in and take control!

Mar 3, 2023

Last week, we discussed Capital Group’s “Five Keys to Investing in 2023.” Unfortunately, we only got through the first two before we ran out of time, so Dennis will wrap up that discussion in the first part of today’s show.

A recent article in The Wall Street Journal reports that more Americans are tapping into their 401(k) savings due to economic and financial hardships. Since 2018, the government has loosened the rules for taking such withdrawals. But what qualifies as a hardship withdrawal? When, if ever, is it appropriate to make a withdrawal? We will answer these questions and more, and discuss the pros and cons of a 401(k) withdrawal versus a loan.

Tax season is upon us, so Heidi will share some timely advice regarding “Seven Useful Facts about Tax Diversification and Retirement.” And Deann will highlight some thought-provoking stats that are sure to intrigue. We look forward to hearing from you (via call or text) live on WTCM AM 580 this morning from 10 to 11 a.m. (with a rebroadcast on Saturday from 9 to 10 a.m.). Tune in and take control!

 

Feb 17, 2023

Capital Group companies have been managing assets since 1934. When we read how they differ from the status quo for 2023, as well as their five keys to investing in 2023, it totally piqued our interest! We figured that, given the noise we all see out there with different opinions, you might appreciate a different take on where things might be going as to the economy. In this same vein, we’ll discuss how to handle market declines. As virtually every asset dropped in value in 2022, we thought this might also be helpful. We continue to arm ourselves with information we’ve trusted over the years and are glad to share it with you. Heidi will also join us with information on how to save for retirement when you’re in your 30s. Deann will highlight the stats, bolstering and perhaps even surprising you with her statistical perspective. We look forward to hearing from you (via call or text) live on WTCM AM 580 this morning from 10 to 11 a.m. (with a rebroadcast on Saturday from 9 to 10 a.m.). Tune in and take control!

Sep 1, 2022

The “Inflation Reduction Act” just passed in the Senate, which was approved on a tiebreaker by Vice President Harris. At the end of this week, it will come up for vote by the House of Representatives, which is expected to (you guessed it) PASS! We will discuss in detail what’s in this new bill, and what this sweeping new legislation will mean for you personally, financially and from a tax perspective.

You may have decided to overcome inflation by purchasing a lottery ticket for the $1 billion+ prize that an Illinois resident recently won. What would the tax be, and how could you plan for such a windfall? We will discuss in detail practical options you may decide to take, as well as how to deal with your own lump sum presented within your retirement accounts or employer.

Aug 9, 2022

Welp, Heidi is back from a great trip to Nashville for the Ed Slott conference with updates galore! Today, Dennis and she will refresh your memory regarding: IRA beneficiary form mistakes to avoid; estate as retirement plan beneficiary; choosing a charity as a beneficiary; and spouse and non-spouse beneficiaries. Next up, they will discuss health care taxes and the impact on IRAs, the 10-Point IRA Trust Checklist, and the new DOL rule your advisor should be following.

It's going to be an action-packed show with more information than time to cover it.

Jul 22, 2022

The pandemic changed many things. We witnessed “The Great Resignation.” According to Pew Research, the nation’s “quit rate” reached a 20-year high last November.

Were you one of those who left?

If so, do you know all the options you have available to you for your company retirement plan distribution? Whether it’s a 401(k), 403(b), 457 or another type of company plan, there are several ways you can move or take the money. From an IRA rollover to a Roth conversion to a lump-sum distribution, it’s important to understand your options before making any decisions to avoid costly tax mistakes. There may also be significant tax-saving strategies to consider that are only available at the time of your distribution, so it is critical to proceed with caution.

Jul 22, 2022

In this two-part show, Heidi and Shea will discuss two key elements of retirement planning: Taxes and Transitions. Heidi will delve deep into the implications of how accounts are taxed, so that you can make a strategic plan to withdraw accordingly. Not all accounts are the same and, as the rules change, you must change your plans too.

Shea, a Certified Life Coach, will talk about the importance of understanding how to manage your transition into retirement. Even if you’re looking forward to it, having a plan to manage the change in relationships, time and resources will require a new set of tools.

Jul 18, 2022

Some shows can’t be summed up in one theme … especially when we have way too much to discuss! This week, we will revisit the SECURE Act regulations and what you need to know. The IRS is constantly working to clarify this law and has created more questions than answers. We will do our best to help “cut through the clutter” and get the answers you need!

Second, what does it take to plan for disabled and chronically ill IRA beneficiaries considering the SECURE Act rules? Don’t miss out because there’s a lot to discuss!

And finally, Heidi will help answer the question, “How much mortgage can I afford with the current interest rates?” This certainly is timely for those looking to make a change in their housing or purchase a second home.

Stay tuned and get ready to take some notes! This show will be full of great information. Also, don’t forget that you can text us LIVE at 231-237-7855 or call at 231-947-0023.

Tune in and take control!

Jul 12, 2022

History repeats itself, which is why we expect a recession about every six years. In fact, since 1945, the U.S. economy has weathered 12 different recessions. (History.com)

In 2020, when COVID-19 hit, we experienced such a small recession that it paled in comparison to 2009 – which was 13 years ago. We’ve been discussing this impending doom for quite some time. 

Is it possible to rise above the decline? We think so.

In the coming hour, Shea will ask rapid-fire questions to our advisors, Dennis and Heidi, who have been studying the market, getting advice from their advisors and helping clients navigate this chaos. As always, we recommend you rise above the noise and consider all the possibilities. This show will teach you how to do just that!

Jun 28, 2022

According to a survey from Realtor.com, around 12% of baby boomers plan to sell their homes in the next year – a larger share than any other generation surveyed. They are a generation rich with real estate. In fact, according to Federal Reserve data, boomers surpassed the Silent Generation in real estate wealth in 2001. You can read more in the New York Times article, “Baby Boomers: Rich With Real Estate and Not Letting Go.” To deepen the conversation, it’s important to remember that the Silent Generation and the Baby Boomers, upon their death, will transfer an estimated $30 to $68 trillion to adult children.

Can you say, “Wowzer”?

Good thing we have a tax man, Jon Sluis with us today who can translate the implication of inheriting real estate, joint tenancy, recapture rates and selling commercial property for retirement income. This is a show you won’t want to miss – especially if you’re investments are in land.

Tune in and take control. It’s all fun and games until you must pay the government … again!

Jun 20, 2022

As you can imagine, client questions have intensified as the market changes direction…again! There is always a dance between planning and pivoting. Financial planning requires us to be measured with both. We have the privilege of sitting with you week to week. We get to listen to your concerns, evaluate your options and focus on opportunities.

Today, Shea will ask your questions and Heidi will answer. Our discussion will include Ed Slott’s “Battle of the Roth Options” to help clarify the difference between a Roth IRA vs. a Roth 401(k). While we’ve mentioned it in passing before, we’ll dig a little deeper this week!

Tune in and take control.

Jun 17, 2022

Our friend, Joe, has been planning his retirement since he was in his 20s. His paycheck, savings, real estate investments and IRAs were constantly tweaked to “perfection.” What is perfect for you? Is it a large retirement account? Not living here in the winter? Having family nearby? Working until you can’t?

Start by defining your perfect retirement, then work back accordingly. Asses your risk tolerance and be HONEST! Are you willing to take a 20% downturn in the market, and do you have time to recover? Do you have life insurance that your beneficiaries can benefit from? What about taxes?

The list goes on and on when it comes time to craft the “perfect” retirement. It starts with you dreaming about what it could look like and ends with executing the plan. The rest is a mystery, and we enjoy helping you navigate it!

Jun 10, 2022

The Elite Advisors of our office – Dennis, Heidi and Nathan – have recently returned from the Ed Slott Conference in Kansas City, and they are full of exciting updates regarding “all things IRA.” Heidi will focus on the common mistakes people make when inheriting IRAs.

For the first time ever, we have Nathan Prout joining the show LIVE to weigh in on his insights. Nathan graduated with a bachelor’s degree in Business Administration and Finance . He is an Elite Advisor with Ed Slott and company, LLC, and is our Director of Client Services. If you decide to create a financial plan, Nathan is the one who ensures data accuracy for our advisors. He is currently working on his Series 65 and will be a financial advisor in the very near future! When he’s not at work, he’s home with his wife Sarah and their new baby girl Simone.

Join us today as our three “money people” take over the airways!

Jun 7, 2022

According to the U.S. Census Bureau, in 2021, 34% of adults aged 15 and older had never been married. And nearly one-third of single adult men live with a parent. In fact, if you read this article in TIME magazine, you’ll discover that “marriage is becoming an increasingly elite institution – people get married for economic advantages.” Married? It’s very rare for a married couple to die on the same day, meaning, one of them will be single later in life managing day-to-day finances alone.

Join us today as we switch the conversation from couples to singles. Our guest, Bob Simpson from the Social Security Office, will share some valuable information for those making decisions about Social Security alone.

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