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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 6
Apr 20, 2021

The past year has made it difficult to find the silver linings on the darkest of days. The headlines have been so ominous that, according to most of our clients, they just can’t watch the news anymore. We get it. So here’s some good news: According to Fidelity, retirement savings accounts reached record high levels in 2020. Money market funds in the United States, including retail and institutional funds, both taxable and tax-free, have increased $615 billion (to $4.39 trillion) over the last 12 months through March 12, 2021, an average increase of $12 billion per week (Source: Investment Company Institute). 

If this pandemic has done anything, it’s woken us up to pay attention and get serious about where our money is going. According to InvestmentNews, 82% of Americans say COVID-19 affected their retirement plans. We are going to dig into that stat and offer prudent advice as you plan. For better or for worse, here we are and there’s no time like the present to make a plan.

Apr 13, 2021

What does excess money in the economy and the potential rise in interest rates say about future inflation? We thought you’d never ask!

In fact, there are a lot of questions we thought you’d never ask, because since 2020, things have gotten a bit complicated as the Fed continually attempts to “balance the economy.” We’ll do our best to answer those questions. Our hope is to help put the pieces together for you today so that you can make educated decisions about your current financial situation and retirement.

Apr 1, 2021

I (Shea) will never forget the thrill of opening my first bank account with my dad. He also created a chores and budget spreadsheet. I was ready to become an adult at the ripe old age of eight! The taste of independence was thrilling until I reached my early 20s and money went to things like … toilet paper. What a letdown!

Teaching kids about money can be exciting, especially when they are able to learn about investing. Today, we are going to teach you how to talk to kids (and grandkids) about money, and let you know about a few exciting options like the custodian Roth IRA account!

Mar 24, 2021

Are you considering an IRA rollover? Whether you’ve recently left your employer or simply prefer the options an IRA has to offer, a rollover may be the right move for you. Keep in mind, however, that there are also several common pitfalls you can encounter by improperly executing a rollover.

Whether you’re a spouse who has inherited an IRA or you’re the retirement account owner, there are a number of rules you must know in order to avoid costly penalties rolling over your investments.

Today, Dennis and Heidi will share the most common rollover mistakes and other possibilities, as well as discuss what to do with your tax refund this year. Have you considered depositing it into your IRA?

Mar 18, 2021

Dennis Prout and Heidi Thompson discuss the importance of naming successor beneficiaries.  In this episode they also help us understand the Roth IRA Rules. 

Mar 3, 2021

Perhaps one of the greatest reasons to hire a CPA to file your taxes and help monitor your business is to protect yourself against what you don’t know. Your job is to be excellent in your line of work, and theirs is to watch out for you. When we came across an article in Kiplinger called “22 IRS Audit Red Flags,” we immediately realized that local CPA, Jon Sluis, should join the conversation. After all, isn’t the real question, “Can I get audited?”

Join Dennis and Jon today as they dig deep into the world of taxes and retirement planning. The two are inseparable. 

Mar 3, 2021

Folks often ask us, “When is the best time to get serious about retirement?” The answer is usually, “Now.” Realistically, most people start getting serious about retirement about 10 years out. They start to look at their 401(k) at work, their savings, debts and, if they haven’t already, they open an IRA or consider converting to a Roth IRA. We found a few fun articles, “11 Moves to Make Before Retirement” and “10 Things You Spend Less On in Retirement.”

The show today will be the before and after retirement! Dennis and Heidi will tag team the topics and give you something to think about. After all, now is always a good time!

Feb 24, 2021

So you want to rollover your unwanted RMD (required minimum distribution) into an IRA? Not so fast! It’s not 2020 anymore (thank God!) when no one had to take an RMD, and that ONE-TIME exception allowed by the CARES Act no longer applies. The rules for 2021 say that you cannot, we repeat, CANNOT roll over your RMD into an IRA or any other retirement account. As Ed Slott would say, “How money moves matters!”

This year, you must take your RMD and follow the rules or the consequences will be expensive. Join Dennis and Heidi this week as they refresh your RMD memory. Also, this is a good week to have our own Shelley Osborne live to give you a few tips on understanding tax forms and filing taxes this year. Her advice … “Pay attention to the form changes!”

Feb 12, 2021

We think it’s fair to say that the main goal in retirement is to do it once. No one dreams of going back to work once you have punched the proverbial time clock for the last time. According to InvestmentNews and a study done by Clever Real Estate, the pandemic has doubled retiree debt partly because of the need for credit. Many retirees are struggling to live the pre-retirement lifestyle and are going into debt to cover basic expenses. This begs the question, “How much should one save for retirement?”

We’re so glad you asked! Today, Dennis and Heidi are going to share what the average retirement savings per age should be vs. what the national average is. This will help you benchmark your situation and adjust as you approach the retirement time clock!

Feb 10, 2021

The last time Ed Slott, “America’s IRA Expert,” joined us on the air, we were waiting on pins and needles to see who the next U.S. President would be. Well now that we know, we also know a few more things about the coming year … like that you must take your RMD (required minimum distribution) and that tax rates might be changing. Ed has a few surprises to share as well.

The anxiety folks are feeling hasn’t disappeared, but it has shifted to, “What now?” We’re hoping to give you some measure of control from Ed’s perspective.

Feb 9, 2021

The American College New York Life Center for Retirement Income released a QUIZ.  last year to test your retirement knowledge. It might be worth your time to take it and then tune in to our show. Why? Because retirement is now 100% your responsibility. Gone are the days of simple retirement planning, which included a pension, Social Security and savings. Today, we are left to our own resources and knowledge to create a plan. Plus, there are a lot of factors to consider outside of different savings vehicles. For example, when surveyed, young Baby Boomers changed jobs 11.7 times in their career. Add to this longevity and the responsibility of caring for elderly parents and adult children, and there’s a lot more to consider when planning where the money needs to go.

Jan 26, 2021

We don’t want to … but we must look back on 2020. Why? Because it was a BIG year for IRA rulings and Social Security. As much as we’d like to think that you’ve been listening, we want to repeat ourselves once again. Moving forward into the New Year will require you to check your lists twice. Dennis will cover the IRA rulings and Heidi will review the Social Security list.

Tune in today and grab your pen and a pad of paper. There will be a lot to remember.

Jan 13, 2021

If you haven’t heard already, the second stimulus passed, and it has quite a few implications for business owners. Jon Sluis shares details of the package in this video, and we will discuss it LIVE on the air today. SPOILER ALERT: Forgiveness of the PPP loan could possibly save business owners 30% and meals are 100% deductible in 2021. Those are two great surprises!

Dennis will also weigh in on economists’ projections for the New Year, which include rumors of inflation based on historical trends.

Jan 13, 2021

This week I continue my “Real Retirement Stories” series by interviewing my friend Paul. He began his career at GM the week after graduating high school.  He attended what is now called Kettering University, a GM co-op program that was highly competitive. Less than half of his class made it through.  As an engineer, he started in operations, moved to assembly, and then landed his dream job with the team that built the Corvette. He loved every minute of his 40-year career and felt thankful to have found it. My uncle Burt used to say, “If you love what you do, you’ll never work a day in your life.” Paul agrees!

Paul and I both love cars and finding wisdom in the unexpected places. Tune in to hear how his career, view of money and retirement evolved as life played out in unexpected ways.

It’s always good to end on a good note, and Paul is someone that did just that!

Jan 13, 2021

We hope this Christmas season finds you tucked into your home with family nearby as you all huddle by the radio. Today’s show is unlike any we have done before. Dennis will read a short Christmas story by O. Henry called, “The Gift of the Magi,” which was published in 1905. In addition to the story, you’ll also hear many of Dennis’ favorite Christmas songs sprinkled between segments.

Merry Christmas and Happy Holidays from all of us at Prout Financial Design. When we count our blessings, you definitely top the list!

Dec 23, 2020

In the age of DIY, should you manage your own portfolio? That’s a great question! And we’d like to weigh in. According to the financial experts at The Balance, one of the world’s largest investment companies, Vanguard, has been examining this question for 15 years. Based on research, analysis and testing, Vanguard has concluded that there is, in fact, a quantifiable increase in return from working with a financial advisor. Vanguard calls this advantage the “Advisor’s Alpha.” When certain best practices are followed, the result can be an Alpha in the 3 percent per year range. Read more about this topic HERE.

Beyond the math, there are plenty more reasons to get an advisor on your team. On today’s show, Dennis and Heidi will give you a few good ones when considering an advisor in 2021.

Dec 18, 2020

Not sure about you, but we’re getting a little excited thinking about 2020 coming to an end. When we joked about 20/20 vision and getting more clarity – we never imagined a pandemic as the impetus to get us there. For a lot of you, the disruption has caused you to reevaluate your careers, goals and travel plans. We no longer take for granted our health, seeing family on a regular basis or even having enough toilet paper.

Join us today for the checklist to end all checklists! We will cover the changes in 2020, milestone ages, life events and, of course, how to talk to your beneficiaries about your plans.

Bring your list. Check it twice. This year was naughty. Not nice.

Dec 18, 2020

My hope is that the real retirement stories we’ve been featuring this fall have inspired you to consider what retirement could look like for you. It’s one thing to imagine a life after work and it’s another to realize that dream. Speaking of which, have you taken the time to dream? Most pre-retirees who meet with us have only a vague vision of what they will do ... not because they lack imagination but, simply, because life itself has been so demanding. We get it.

Perhaps you can take time today and start by joining Heidi and Dennis as they share some of the realities (both good and bad) of retirement, including doubling your budget for things like … BOOKS!

Dec 17, 2020

There are two kinds of people in this world: dreamers and doers. Then, there are those who do BOTH! Meet our guest, Sally Manke. During her career as a teacher, she managed to raise two children while also running a seasonal hotel in Manistee with her husband. It wasn’t until retirement that she found her dream job as a fiber artist.

As an artist, Sally’s work has been featured at juried quilt shows throughout the U.S., including the American Quilter’s Society events and International Quilt Festival. Her innumerable awards include a blue ribbon at QuiltWeek in Paducah, Kentucky – ostensibly the Red Carpet of quilt guild shows – and a Red Hot Best nod as Northern Michigan’s Best Visual Artist in 2016. She enjoys sharing her expertise through trunk shows, classes, and workshops at quilt shops and guilds.

Dec 1, 2020

President-elect Joe Biden has proposed a tax plan that will increase taxes on corporations and the wealthy with no increase for individuals earning less than $400K annually. This is just one of several key takeaways that you can read about here, or you can join our special guest, CPA Jon Sluis, LIVE today to learn more. He’s also going to help dispel some of the rumors swirling around in the media and give prudent tax guidance as we head into 2021. And with only six weeks until the end of the year, there are still things you can do for own tax planning.

There’s never a dull moment when we have Jon on the air! Tune in and get the details. In fact, you might want to take some notes.

Nov 24, 2020

Ed Slott might have summarized it best when he said, “Look, there will be a president for the next four years and another one after that. Everything changes. You must focus on your own plan.” We couldn’t agree more! But we all know it’s easier said than done. What happens on a large scale affects us. And it’s not realistic to ignore the bigger picture even if we don’t have control over it. However, it is easier to execute on our own plans.

Today, Dennis and Heidi will give you practical tips on how to take advantage of the good things. There will always be a reason to be negative. Stay positive by managing your own plan.

Nov 24, 2020

I (Shea) have a very vivid memory as a child riding around in my grandfather’s vintage truck and snacking on prunes. He said they were “dessert.” My grandfather did push-ups every morning, took his supplements and didn’t eat much sugar. He also saved his pennies. I wonder what he would think about today’s health care stat:

According to Fidelity research, the cost for health care post-age 65 is $295,000 per couple, excluding long-term care.

Health care is one of the largest expenses that people face in retirement. But don’t despair because there are ways to strategize and fill in the gaps.

Today we have guest expert, Laverna Witkop, from Ford Insurance. She specializes in working with retirees who are navigating the complex world of health insurance. Join us!

Nov 5, 2020

If 2020 were a candy bar, it would be a baker’s chocolate-covered sour patch with an endless sucker for the center (that’s our opinion anyways). Is it a trick or is it a treat? Well, maybe both! Our guest and America’s IRA expert, Ed Slott, has a few things to say about the tricks and treats of 2020. He’ll discuss the potential disadvantages and possibilities of the SECURE Act and CARES Act. And we’ll also get his take on the best strategic moves for the remainder of the year, how to plan for taxes and whether or not you should convert to a Roth IRA. 

Today’s show will be a mixed bag.

Nov 5, 2020

There is one thing we can all agree on: 2020 isn’t the year we hoped it would be. We also realize that this year’s pandemic has forced many of you to revisit your estate planning, which might not have been at the top of your New Year’s Resolution list. A hot topic regarding estate planning and retirement saving is life insurance vs. Roth IRAs.

Both life insurance and Roth IRAs have something in common: they are wealth transfer tools that help facilitate an efficient transfer of assets from one generation to the next and can provide a tax-free legacy. And yet, they are very different because they play by different rules.

Today, Dennis and Heidi will give you three important differences between the two along with tips on how to investigate both!

Nov 2, 2020

A lot can change in a year (insert sarcastic laugh). Maybe the job you thought would never end has been eliminated. Or perhaps you’re retiring earlier than expected. Or maybe this year has brought a lot of clarity and you’ve decided to change directions.

If you have a 401(k) company plan, you have options for the distribution of it. In fact, you have SIX options! How exciting is that? Today, Dennis and Heidi will go through the six options with you along with tips on how to invest if you’re over 70 and working.

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