Over the past 10 years, the U.S. population age 65 and over has increased 34% to more than 50 million people (Investment News). The Silver Tsunami is here, and you’ve got two options: Ride the wave or get up to higher ground. Today, we are getting the bird’s-eye view of 2020 and the six changes in Social Security that are coming.
If you’re retired or planning to retire soon, this is a show you won’t want to miss! And just in case you do, you can find the Investment News article here. We will be adding some additional information from IRA guru Ed Slott too!
Last year, Dennis and his wife, Jill, bought their first boat. It was a magical summer, with high heat starting in May and lasting through to September. Every free moment (including one staff party) was had on the water. This summer, however, seems to be holding on to spring one white knuckle at a time. We had a good run though, because the last cold summer I (Shea) remember was in 2009. If we were to take the temp on the current economic expansion, it too feels like it might be on its last legs (depending on who you talk to). From low interest rates, to price changes, Fed funds and bank profits, and yield inversions – the signs are all there. Or are they?
What are the opportunities for the current economy? If you plan on retiring in the next five years, how should you position your portfolio? Tune in for some great tips on how to evaluate the market for yourself and who to talk to in order to get your plan shipshape!
Maybe you didn’t notice it at first. After all, you live out of town and only visit your parents in the summer. But during your most recent visit, many things seemed amiss. Unpaid bills were piled up on the kitchen table. Items in the fridge were expired. In fact, your parents aren’t eating like they used to, if at all. And why, oh, why have they become so paranoid?
You make their doctor appointments and join them, but it’s time to find someone to help you long distance, because there’s only so much you can do. Who can act on their behalf? Pay the bills? Act as a trustee? Believe it or not, there is a local dynamic duo that can act as a conservator or guardian.
Today, we are interviewing Brenda Miller and Lisa Lundy from Fiduciary Services North, Inc. They’ve served the five-county area as senior advocates and personal representatives for more than 10 years, and have wisdom to share for those seeking an independent third party to manage financial, medical and legal logistics.
By a landslide, the 401(k) retirement savings account is the most common savings vehicle for most folks. It’s accessible at most companies and has tax advantages that will encourage you to save, including a Roth 401(k) option. The more progressive companies require people to “opt out” instead of “into” the 401(k) plan being offered. Pretty cool, eh? (said with a strong northern Michigan accent). So, how does one take advantage of this option to save? When can you take the money out? Should you roll it over when you retire? Why do some advisors dislike the 401(k) option?
We’re pretty sure this show will be one that you won’t want to miss! You’ve been saving, so learn how to be a bit more clever when you do.
Learn about the importance of having difficult conversations with your family members about estate planning and inheriting family assets. Whether you are the parent or the child, it is not always an easy topic to bring up.
The man, the myth, the IRA legend – Ed Slott – is calling in today for a LIVE broadcast!
What will we talk about? The better question is, “What won’t we talk about?”
From missed retirement account deadlines to tax advantages of a Roth IRA – no topic will be off-limits! So be ready to call in with your questions. This show will be a full hour of non-stop information that will help you navigate the complexities of retirement planning as it relates to taxes.
When it comes to saving for retirement, one of the biggest mental blocks for people is that the accounts are protected. In other words, there are rules about how much you can put in, take out and when. Considering all the rules, it’s no surprise that mistakes are made, and they can be costly. The question then becomes, which ones can be fixed? Which ones can’t? Ed Slott gives this example: If a non-spouse beneficiary of an inherited IRA attempts a rollover, there is no going back. If the money comes out, it cannot be returned; inherited IRAs can only be transferred. A rollover of an inherited IRA is a fatal error, and no one can un-ring that bell.
Tune in today to learn about the ins and outs of fixing IRA and retirement plan mistakes.
Women live longer than men. Women spend less time in the workforce due to child-rearing years and caretaking for their families. Women make less on the dollar than men. Almost two-thirds of Americans living with Alzheimer’s are women. Are the stats stacked against women and their financial security?
A Fidelity study of more than 8 million investment accounts concluded that women’s portfolios tend to deliver higher returns. We tend to save more, take fewer risks and are patient to build a financial plan rather than fixate on investment performance.
Women take notice! You are good at this!
Join us today as I (Shea) interview Heidi Thompson about how women can use accessible resources to create the financial security they are looking for.
Typically, we interview CPAs prior to tax season to help listeners as they prepare their taxes. This year, however, we had a different idea: We interviewed a CPA post-tax season too. Jon Sluis, president of Intrust Solutions, sat down with our two advisors, Dennis Prout and Heidi Thompson, to discuss the after-tax math. Learn what worked for most in the 2018 season and what you’ll need to do in the coming year. We’ll focus a good portion of the show on solo entrepreneurs.
Do you feel it? Spring is HERE! Most days you can walk outside without a jacket, the grass is greener and there are buds on the trees. And Tax Day is finally behind us! It’s time for new beginnings, and a great opportunity to have a “spring cleanup” conversation.
That means we’re going back to the basics of financial planning, starting with the letter “B” for budgets. Then we’ll discuss ways to cut expenses, save for retirement and buy insurance.
Regardless of age, income or retirement status, it’s always good to take a second look and see where there is room for improvement.
We could do a weekly segment on Social Security alone. The stats are astounding:
That being said, let's chat more about it today on NEW Retirement Live!
Find out why 2019 is a key year for Social Security, how divorce affects your accounts, and when to choose between a lump sum or a bigger Social Security benefit.
Week after week, we talk about saving, saving, saving! So that one day you can spend, spend, spend! What if we talked about how to spend your money now? That’s the silver lining to Tax Day for those of you who are getting refunds. The IRS processed 26.9 million individual tax refunds as of February 8, the second week of tax season, and the average refund issued was $1,949. (cnbc.com)
Perhaps you’ve already decided what’s happening with that money. But in case you need more ideas, we want to help you!
My friend Chelsea’s dad has a clever saying as not to be persuaded by “he said, she said” arguments. He says, “There’s always two sides to every pancake.” It took me a minute to understand what he meant, but honestly, it makes sense! The same goes for estate planning. The intention of the one leaving assets may not be received by the heirs with the same understanding. In fact, they might fight it.
Unfortunately, we hear this story frequently. Whether you’re the one planning or receiving, we want to help you see both sides of the pancake!
Even within the context of today’s economic reality, there are very astute economists and financial industry experts who can’t agree on a popular topic … and no, it’s not Donald Trump. It’s predicting a recession. All these folks are reviewing the same charts, observing the same historical patterns and working within the same market. And yet, they are drawing very different conclusions. We are going to share the facts with you on today’s show so that you can decide what side you’d like to take – the bear or the bull. We will also give you advice that these experts might all agree on … becoming as recession ready as possible.
Believe it or not, it’s simple advice that applies to any economic climate.
Remember the days of simple retirement planning? Folks had a pension, savings, and social security. That was about it! Today there are multitudes of accounts to consider. There are Traditional IRAs, 401(k)s, 403(b)s, Roth IRAs, Social Security, Pensions, Stocks, Bonds and Mutual Funds, Annuities, Life insurance and the list goes on. Guess what hasn’t changed? Taxes. All accounts must be taxed one way or another. When creating your retirement income strategy, it’s imperative to consider tax consequences for each account. This is necessary for withdrawal strategies. Today we are going to review Kiplingers, “How 11 Types of Retirement Income Get Taxed.”
Did you know that there are more than 2,700 regulations governing Social Security in retirement? Have you made the right decision regarding your own benefits? Most people don’t realize that, just like your taxes, this type of planning takes considerable thought … but you only get one chance to do it.
Don’t leave money on the table.
This morning we'll discuss the five ways you could maximize your Social Security benefits.
This past weekend, I (Shea) was invited to a birthday party for a friend turning 60. The required dress code was a jumpsuit (I’m not kidding!). They projected Soul Train on the wall while we danced the night away doing “The Hustle.”
Entering a new decade matters to us personally, but what does it mean for our wallet? Ed Slott just released the article, “Retirement Savings Milestones: A Century of Planning.” Why is this important information? If you miss a milestone, there can be steep penalties or lost opportunities.
Tune in this Thursday to compare your age and your goals! We might wear our jumpsuits. But I guess you’ll never know
There’s still a lot of mystery surrounding the 2018 Tax Package. While the changes are long overdue, it’s going to take some time to get used to them. And since this is the time of year when the rubber meets the road, why not take a look at some of the positives? Kiplinger recently published the “10 Tax Breaks for the Middle Class.” In today’s show, we are going to comb through each one of them!
So tune in to see if there’s a tax break that might be helpful for you!
Is your tax plan up-to-date since the Tax Cuts and Jobs Act was signed into law? Do you have an estate plan in place that will properly distribute your assets once you’ve passed? Do you have any gaps in your insurance coverage or a plan for long-term care? Preparing for retirement can be overwhelming, and it can be easy to overlook some important aspects of your financial plan if you’re not working with a qualified financial professional. But how do you know which financial advisor will best serve your needs?
When choosing a financial professional, there are certain qualities to look for to help you narrow down your choices and to find someone who can help you create a financial plan that will take you through retirement.
If you’re looking, we can help! Tune in today to find out how to choose the right financial advisor(s). We will review Ed Slott's, "Top 10 questions You Should Ask!"
Today is my (Shea’s) favorite holiday! Why? Because who wouldn’t embrace a holiday about love in the dead of winter? The hearts, flowers, colors and sentimental outreach make me happy! Did you know that the total spending for Valentine’s Day is $18.2 BILLION, according to the National Retail Federation. That’s an average of $136.57 per person! Guess how many couples plan on getting engaged on this day? While the number varies, in 2013 it was around six million.
So whether you’re new to love or have been in love for a while, we have a show for you! Because as the old saying goes, first comes love, then comes … money?
When it comes to retirement … given a choice, would you rather retire because you can, or because you have to? The choice is obvious enough. But because freedom in retirement is directly proportional to the amount of money you’ve saved, you want enough money to have choices.
So what is that amount for you?
Tune in today, and we’ll help you find that magic number, as well as discuss the standard retirement strategies that can help you “get there.” You might even discover that you’ve saved too much. Yeah, that’s a thing!
I (Shea) “learned” to color inside the lines when I was in kindergarten. The teacher gave us a blank drawing and some crayons. As we completed our project, she walked around the room giving feedback on our work. She said, “That’s nice Shea. Next time, try coloring inside the lines.” Without looking up I replied, “I just don’t see it that way.” For better or worse, that tends to be how I see the world. On occasion, however, I like to know where the lines are … especially when driving! When it comes to retirement planning, the “lines” are also called “limits.” You are limited in what you can stash away, limited in what you can double up on, and limited in what you can take out and when.
Ed Slott just released his Multiple Plan Table so that you can know your limits when doubling up on contributions. For those of you playing “catch-up,” you will find this table very useful.
I (Shea) am at that strange age when friends start losing their parents. It feels like I just graduated high school and yet, the same year as my 20-year high school class reunion, I’ve also attended several funerals. Some of my friends received an inheritance while others did not. I have witnessed firsthand the negative consequences that a lack of planning can leave on the adult child. Questions of whether or not it was fair or kind swirl around them and their siblings, causing self-doubt and pain. Oddly enough, it’s not about the money … it’s about the feeling of neglect, even if that wasn’t the intention.
Join us today when as find out how some people fail to plan. We’ll also hear some success stories too!
Word on the street is that Baby Boomers HATE the word “retirement.” They find other words for it, much in the same way they figured out how not to be called “Grandma” or “Grandpa.” They call it “Rewirement,” or “The Second Chapter,” or even “Vacation.” Regardless of what you want to call it, retirement itself becomes very real for those who are only one to two years out, ESPECIALLY when there is a downturn in the market.
By year-end 2018, the market dropped almost 20%, and advisors were warning investors to be ready for more volatility in 2019. All of the predictions in the world can’t prepare you for how you’ll need to rethink your money once you’ve collected your last paycheck.
According to the U.S. News & World Report, 80 percent of New Year’s resolutions fail by February. Thankfully, to help us stay in the 20 percent, Kiplinger’sreleased the “15 Steps to a Prosperous New Year.” While we can’t promise that you’ll be prosperous in 2019, we do know that if you aim at nothing, you’ll hit it every time. Why not make a checklist and work through it? Most financial changes are small and incremental … yet, over time, they can be significant!