Our least favorite topic to discuss is divorce. It’s fairly safe to say that no one gets married thinking that one day it will end. Even if it’s warranted, it hurts to see relationships go their separate ways because it wasn’t the plan. Once a year we discuss this topic so that you (or your family members) can be informed on how to approach the financial complexity of divorce with more confidence. It’s not just about who gets the house. Rather, it’s more about the retirement accounts and future Social Security benefits. Like any other plan, think about the long game and try your best not to react to the short-term.
“Learn from the mistakes of others. You can’t live long enough to make them all yourself.”
~ Eleanor Roosevelt
Have you heard this quote before? There aren’t truer words in the world of advising. Day after day, week after week, month after month and decade after decade, we’ve had the privilege of hearing our clients tell their personal stories. We’ve also had the privilege of helping them NOT become an “example” for others of “what not to do.” Luckily, Ed Slott has compiled a list of PRL (private letter rulings) of big mistakes made by others.
Join us today for an hour of storytelling to learn by example. If you can, always choose to learn ahead of time.
Last week, Ed Slott gave us some incredible perspective as we look at the impact COVID-19 has had on retirement planning. The federal government has always been able to change the rules in the ninth inning, as we witnessed with the SECURE Act in 2019, but we’ve never experienced anything quite like this! Today, we are going to have the same conversation with you that we are having with our clients – how to play offense when you feel so defensive.
As the federal government looks to fund the stimulus package, there are rumors of higher tax rates, inflation and long-term impacts on Social Security. Retirement is your responsibility and, honestly, why would you have it any other way, especially as we enter into a COVID culture?
“Just because you can do something, doesn’t mean you should!” said our special guest, Ed Slott, CPA and America’s IRA expert! On today’s show, he explains why there is an incredible opportunity for retirees and pre-retirees today. The tax brackets are still low and if you don’t use them, you lose them! So, what does that mean for you? If RMDs are canceled for the year, should you still take yours? What about Roth conversions? Is now a good time?
He answers all of these questions plus more because, “Nothing is for everybody,” which is why you need educated advisors in the financial Olympics.