New Retirement Radio with Dennis Prout Podcast

Episode 383 - When a Roth Doesn’t Make Cents Nov 04, 2024

Roth! Roth! Roth! Can you hear the steady chant from the financial advisors and tax experts around the world? Ed Slott, a Roth enthusiast, believes we have entered a rothification era. On today’s show, we’re about to blow your mind by playing the devil’s advocate. Dare we question the Roth? Is there ever a time when a Roth or Roth conversion may not be the best financial move? Yes. Jon Sluis, CPA and tax expert, from Intrust will join our show and guide us through a lively discussion about the tax implications of Roth conversions. Being wise with money and saving for your financial future is not easy and the answer is not always black and white; there’s a lot of emotion attached to the green stuff. If you dare, join us as we discuss the “other side” of the Roth. Tune in and take control!

Episode 376 - Key Strategies for Sustainable Retirement Income Planning Nov 04, 2024

“I’m retired, now what?” How does one find that balance between excessive and overly conservative withdrawals? Every retiree’s situation is different. On today’s show, Dennis will uncover some key strategies to help guide you into discovering a withdrawal balance that’s right for you. He’ll also take a closer look at the article, “3 key considerations for sustainable retirement income” by Capital Group. Next, according to the IRS Code Section 2518, the term “qualified disclaimer” means an irrevocable and unqualified refusal by a person to accept an interest in property, but only if one follows the rules. Who knows those rules better than Ed Slott? Heidi will lead us in a discussion based on Ed Slott’s current manual of those rules, as well discuss the possible advantages of planning with disclaimers. You might be surprised by the flexibility that disclaimer planning can offer. Deann will join in the conversation and share timely stats regarding the topics at hand.

Tune in and take control!

Episode 375 - Gifting and Rollover Strategies Sep 06, 2024

Retirement planning is not only about saving for your future, but also about leaving a legacy, like an inheritance for your loved ones. But what if there were another way, a tax-saving strategy, other than leaving an inheritance after one’s passing? Dennis is back and ready to discuss Ed Slott’s gifting strategies to help identify those who might want to take advantage of these benefits. Whether gifting to children or charities, you could save taxes in the long-term and help capitalize on tax-free gifting opportunities.

When it comes time to roll over a company plan, there are two questions one should ask: First, CAN the distribution from my company plan be rolled over? Second, SHOULD my distribution from my company plan be rolled over? Today, Heidi will discuss all the factors to consider when thinking about a company plan rollover as well as reasons to roll over a company plan to an IRA. And there may be reasons to leave your assets in the company plan. All this and more will be discussed as we dive into Ed Slott’s advice on such matters. Deann will join in the conversation and share timely stats regarding the topics at hand.

Stay tuned and take control!

Episode 373 - Taking Advantage of a Slowing Economy Sep 06, 2024

On today’s show, get ready for a listening adventure as we discuss ... the economy! Specifically, we’ll talk about navigating the current economy in a world of uncertainty, as well as charitable giving through the lens of the IRA Qualified Charitable Distribution. So, strap on your helmets as we attempt to determine what’s happening and whether we are heading into a recession. (There, I said it.) Technically, however, a recession occurs when there are two successive quarters of declining gross domestic product. For an economy to tip into recession is not a stretch, but it always seems to be a worrisome thought for those who are concerned about the economy. Also, Dennis and Nathan will make this show an all-guys trio along with the host Ron Jolly. We’ll have lots of stats and information to assist you with the reality of a slowing economy and position yourself to take advantage.

Tune in and take control!

Episode 372 - Positivity and Proactivity Aug 12, 2024

When discussing the state of the current American economy, we find ourselves at a place in time when negativity and uncertainty seem to take center stage. However, what if there were a glimmer of economic hope within these dark and uncertain times? On today’s show, we hope to illuminate a positive perspective as the United States takes center stage in global performance. According to a recent article by Capital Group, Economic Outlook: U.S. Powers Global Growth, the United States, along with Japan and India, find themselves in the top quadrant of resilient growth. As a result, the U.S. and India could generate strong tailwinds for the global economy due to a strong consumer-driven economy. Heidi will lead us through this discussion, on the global economy, as we look at the how, why and what could come from the impending election. And Nathan will highlight an Ed Slott article, “The Beneficiary Form Reigns Supreme – Even After 28 years.” July is as good a month as any to send a friendly reminder your way … CHECK BENEFICIARIES on your accounts. Beneficiary designation is one of the most vital parts of an IRA, and an inaccurate beneficiary designation could have devastating results for all involved. Check, double check and update if necessary. Finally, Deann will share stats to highlight the conversation at hand. We look forward to your texts and calls. Tune in and take control!

Episode 371 - Mid-Year Catch-Up to the Fast-Moving Train! Aug 12, 2024

What? It’s mid-year already? Just yesterday, as my wife Jill and I walked around Boardman Lake, a gentleman reminded us that the days are getting shorter. (His wife, however, was not happy with that!)

Being that we’re halfway through the year, we think it’s a great time to cover your frequently asked questions about Social Security, especially concerning future benefit cuts occurring after 2034. We’ll also discuss an article from The Wall Street Journal about surging penalties from the IRS that’s costing Americans billions, and what this might mean for you. Fortunately, history can help us here. Last, using historic data from Capital Group, we’ll examine the potential opportunities available to us during the current economy as it continues its resilience and performance on the world stage.

Tune in and take control!

Episode 370 - The Fundamentals of Lifetime RMDs Jun 30, 2024

Do you know your RMD age? Now that taxes are simplified, there are four RMD ages and no longer just one. On today’s show, we’ll discuss numerous topics regarding RMDs, including: The various ages and what that means; the three steps to fixing a missed RMD; death and its impact on the RMD; work plan exceptions; and something called “RMD aggregation.” In the end, what may seem simple from afar can be much more complex up close. We’re excited for today’s discussion, and hope you will find it quite helpful. One further note, Dennis begins his sabbatical this week to write the book he’s wanted to do for a long time. He’ll show up periodically until his return in August. As always, your questions are welcome!

Tune in and take control!

Episode 369 - The TCJA Sunset! Jun 30, 2024

Can anything in the tax law sunset? Yes it can! The Tax Cuts and Jobs Act of 2017, which included several major changes and provisions in the tax code, will see a majority of those changes sunset after 2025. For some, this will mean a tax increase. For others (depending on what, if anything, Congress might do), this may not mean much of anything. Unless the package from 2017 is extended, several changes will occur. First, the standard deduction will get cut in half. Next, individual tax rates will increase when the current rates sunset on December 31, 2025. How do we respond, when in essence, we’re looking in a mirror darkly?

That is the question today’s show will deal with. If we anticipate that rates will increase, what (if anything) should we do now? What planning activities could we undertake rather safely and still profit and perhaps understand more of our options? We hope to answer these and any other questions with the help of Traverse City CPA, Jon Sluis. We look forward to a lively discussion and hope you can join us!

Tune in and take control!

Episode 366 - Taxes and Tech Giants On the New Retirement Radio Horizon Jun 30, 2024

Having just returned from our jaunt to Indianapolis to imbibe our insatiable need for new tax information, we are loaded for bear (if you will) with the most recent tax information related to IRAs, beneficiaries and the travails the mix of the two can cause. We will share this information to help you to navigate and deal with the ever-changing world of your retirement accounts as well as discuss the issues you should be most concerned about. Heidi will discuss one of the simplest rules to remember – the “Once per Year Rollover Rule” – and explain its shortfalls in order to avoid paying unnecessary taxes and penalties. Dennis will provide information on possible investment opportunities and help you separate AI hype from investment opportunity with an article from Capital Group. Last, we will discuss the ramifications if the Fed does not cut interest rates this year. As always, Deann will share the stats related to these topics, along with your questions via text or phone. Tune in and take control!

Episode 368 - Aging, Medical Care and Estate Planning - A Legal Perspective Jun 24, 2024

On today’s show, elder law attorney Deborah Rysso, of the Rysso Law firm in Traverse City, will discuss navigating all things related to aging, care and estate planning from a legal perspective. Deb has extensive experience with the application of legal documents and how they interact with life’s realities. It’s amazing how interactive the documents of law intersect with the workings of care, family relationships and financial planning. Deb’s real-life stories of what she sees on a weekly basis, helping her clients navigate, will certainly be beneficial to many of our listeners. As we discuss these points with Deb, we are also very excited to share her knowledge of Medicaid planning, the limits of these planning options and, in many cases, where they might be best applied. We are looking forward to hosting Deb and think you will enjoy and benefit from hearing!

Tune in and take control!

Episode 367 - Strategies Regarding Defined Benefit/Contribution Plans and Withdrawals Jun 24, 2024

On today’s show, Dennis will detail the characteristics of Defined Benefit Plans and Defined Contribution Plans – including their advantages and disadvantages. So if you have questions about your plans, or want to better understand, this show is for you!

Because every investor’s needs are different, when planning for retirement, it is essential to map out a withdrawal strategy. Heidi will discuss the importance of understanding the portfolio reliance rate, which can help in planning for your future. She’ll also take a look at and further discuss how volatility affects withdrawals, how to tell if an investor relies too heavily on their investment portfolio, what determines a withdrawal rate, and the value of reducing withdrawal stress. And, as always, Deann will be sure to enlighten and educate our listeners by sharing stats in regard to our current economy. We look forward to answering all your questions via air, please text or phone.

Tune in and take control!

Episode 363 - The Best Laid Plans of Mice and Men Jun 24, 2024

Today’s show title refers to the old axiom that no matter how well things are planned, unexpected problems may arise.

As we age, we may need some help with the details related to our financial lives that only very few can handle. Today’s guests are representatives from Fiduciary Services North. They will discuss the services they provide and understand when they may be needed. Things may not always go as planned. For instance, suppose you had anticipated being fully independent until your last day, but given today’s financial complexities, you need help with the basics of managing your monthly bills. Or, you have real estate that needs to be taken care of, and you’re not able to manage the property(ies) on your own. On the other hand, what if the probate court steps in and requires a guardianship be established to protect you and your estate from potential scammers? We’ll talk about estate settlement, court-appointed conservatorships and durable powers of attorney. Deann will bring stats to help with the details.

We’re thinking you’ll have lots of questions, so … tune in and take control!

Episode 359 - Opportunities Abound, but Not Always for the Faint of Heart Apr 08, 2024

This recent market analysis by Capital Group got our attention:

Over the last couple of years, the gap in both returns and valuations between small cap and large cap stocks has expanded against the backdrop of tighter monetary policy.

To further summarize, a well-known index is trading near a 20-year low on a relative basis versus large caps. Limiting your exposure to these assets will limit your risk, but it is always interesting to see where the opportunities might lie in our allocation strategies for the future. We believe you, too, will find it interesting as we discuss why this information could be helpful to your portfolio. Next, Heidi will discuss what retirees can do right now to reduce next year’s taxes, backed by some great quotes from our IRA tax consultant, Ed Slott. Finally, Deann will share stats that better illustrate the subject at hand.

Tune in and take control!

Episode 358 - Who Knew? Apr 08, 2024

Amidst all the blather about an election (you remember, right?), where are the opportunities? Today, we’ll discuss the realities markets have historically experienced during an election year, how investors have responded, and the mistakes investors made. Long-time money manager, The Capital Group, will provide us stats going all the way back to 1933. We’ll also discuss recent moves in the gold market … so hold on to your hats on this one! Also, Nathan will discuss some very interesting findings from LPL Group that, we found, should be particularly helpful. And Heidi will discuss the rules of engagement for Roth IRAs and 529 plan conversions SECURE 2.0 Act. Deann will bring the stats to add to the conversation. So much to talk about! We truly appreciate you, our listeners, and we’re glad to be back live this Thursday!

Tune in and take control!

Episode 357 - Ch-Ch-Changes! Apr 08, 2024

On today’s show, we’ll hear about the changes that the Marsh brothers at Bill Marsh Automotive Group are experiencing as they sell their long-held business to Serra Motors. About three years ago, in 2021, the Marsh brothers came on the New Retirement Radio Show to share their experience and knowledge gained over the years with their joint management of the business. They return today to discuss their transition out of Marsh Auto and shed light on this period – what they are learning from it from a business standpoint, and what they hope to personally accomplish in this next phase of their lives. As with all our shows, we hope to provide all our listeners a learning experience, whether you’re a business owner, thinking of retirement or are newly retired. We are very excited to hear from them, and hope you’ll tune in for a very active conversation with Bill Jr., Jamie and Mike Marsh.

Tune in and take control!

Episode 356 - Is This Irrational Exuberance? Apr 08, 2024

Around the turn of the previous century, Alan Greenspan made the following famous and prescient comment regarding the dot-com bubble:

“A decline in perceived risk is often self-reinforcing in that it encourages presumptions of prolonged stability and thus a willingness to reach for risk over an ever-more extended time period. History cautions that extended periods of low concern about risk have invariably been followed by reversal, with an attendant fall in the prices of risky assets.”

On today’s show, we’ll ponder and discuss several sources that we think you’ll find helpful in considering these issues as they relate to your own well-being and retirement. Next, Heidi will discuss the importance of getting good Social Security advice as well as explore some of the problems others have encountered in getting that guidance. Lastly, Deann will provide all of us stats of the day to help us all gain perspective.

Tune in and take control!

Episode 355 - Election Year Investing Apr 08, 2024

Market volatility can easily occur in an election year, which could affect your personal investments. On today’s show, we will review the Guide to investing in an election year, published by Capitol Group, in order help us all gain a better perspective. We’ll then discuss investors’ biggest questions like, “How can we invest with confidence in an election year?” “Which political party is better for investors?” “What typically happens to the stock market during election years?” “What have been the best ways to invest in election years?” Next, Heidi will discuss the 10 tax forms retirees receive and what they mean. Lastly, Deann will bring the stats to add to the discussion and help us all navigate what looks like a very interesting year.

Tune in and take control!

Episode 354 - There's gold in them thar hills! Mar 04, 2024

Many of us are familiar with that famous line from Mark Twain’s 1892 novel. In our attempts to deign what's going on in this economy, there is always enough warning for any of us and … of course … plenty of opportunity. Given the current trends we’re seeing in the stock market, especially with some indexes reaching all-time highs, we’re looking forward to see what the future might hold. It is truly amazing what can be gleaned from history. Given the dynamics of this market, it can be very helpful to us to remember the past and take what we can learn from it. On today’s show, Heidi will discuss the potential long-term impact of opening a Roth IRA for the teens in our lives, and Deann will provide the stats to bolster and brighten the conversation! And as always, your questions are welcomed to expand the dialogue.

Tune in and take control!

Episode 353 - Hot Off the Press! Change is Afoot! Feb 08, 2024

For the Sherlock Holmes aficionados in our audience, Sherlock would say, “Watson, the game is afoot!” This would often take them to new adventures of investigation. Today’s new adventure is planning for ever larger IRA balances and the impact this can have on you and your loved ones, given the stock market run we’re having, and key new IRA rulings for 2024. The IRS has already answered several questions about their official interpretation of new SECURE Act 2.0 regulations … but we intend to discuss this in more detail on today’s show! These new rules will be important to know as they can make a difference to your long-term financial health. Also, Heidi will discuss the advantages and disadvantages of paying off your mortgage for retirement, and what this can mean for your long-term financial success. Deann joins in again this week with the stats to add to the mix of retirement.

Tune in and take control!

Episode 352 - Life Can Be Hard Feb 08, 2024

John Wayne once said, “Life is hard if you’re stupid.” For investors, this means being wary of a whole lot of the information disseminated by the popular media of today. Today, we’ll be working with solid data to keep our focus on the information we know is certain. In that light, we’ll cover the economic news of the day from our primary research sources, which include Capital Group’s 2024 edition of their long-term perspective on markets and economies, as well as various economists like Ed Yardeni. We’ll have enough stats to assist you in getting a better idea of ’24 as well as current opportunities you may want to take advantage of. Next, Heidi Cartwright will discuss the new FAFSA rules and regulations related to saving for children and grandchildren’s higher education costs, and the surprising relaxing of some of these rules. Last, Nathan Prout will bring you the current stats of the day, which help so much with perspective.

Tune in and take control!

Episode 351 - New Year, New Changes Feb 08, 2024

Welcome to 2024! We are excited for the New Year! Some say that the more things change, the more they remain the same. Well, a lot of things are changing in Traverse City and elsewhere on the ownership front as the Baby Boomer generation continues their respective exit(s) and begins to head for the door. As so many businesses are changing hands, we figured this would be an opportune time to ask Jon Sluis, CPA, what he’s seeing, advising and what areas owners should think about before and after the transaction. Timing, planning and opportunities can change quickly for those on the asset ownership side. We’ve already sat with Jon about the show this week, and we welcome your questions to round out the mix! We are glad to be able to bring you this as many of the highlights can add to your personal situation as you navigate pre- and post-retirement.

Tune in and take control!

Episode 350 - Taxes and Year-End Planning Jan 29, 2024

Today on New Retirement Radio, CPA Jon Sluis joins us as we discuss year-end tax planning, IRAs, and the case coming before the Supreme Court next June, deciding whether or not Congress can tax unrealized gains. Taxing unrealized gains may sound like something you’d see in Russia or hear about in fifth grade as a lofty aphorism. Apparently, however, the Supreme Court feels the need to weigh in on this one because, according to The Wall Street Journal, it’s the most important tax case in decades. We’ll offer our opinions on what this proposal could mean and the impact might have on our economy. There are still lots of questions year-end planning, so Jon will share his best advice on how to approach this and help you navigate an always complex set of rules in the U.S. tax code. As always, your questions are welcome and anticipated!

Tune in and take control!

Episode 349 - The Life of Charles Munger: An Incredibly Successful Businessman Jan 29, 2024

On this week’s show, we will honor the legacy of Charlie Munger, Vice President of Berkshire Hathaway, who passed away on November 28. His road to success was one where he started from nothing and achieved what very few others have by sheer hard work, associating with the best people he could, sprinkled in with significant talent honed over the years with significant research and experience. His axioms can help those pursuing higher achievement and a general attitude that can motivate us all. Next, Heidi will discuss the pros and cons of taking Social Security earlier or later (as the case may be) to help you potentially make a better decision as you think about retirement. Heidi’s information is from Heather Schreiber, RICP, and her monthly Social Security newsletter. This is an extensive piece, which we’ll discuss over the next two weeks, so we can fully cover all the material. Last, Deann will cover the interesting stats of billionaires passing on inheritances to their children and the amazing transformation occurring in that space. So much to cover in so little time!

Tune in and take control.

Episode 348 - Estate Planning to Avoid Tax Consequences Dec 18, 2023

A recent headline on a story of James Caan’s estate read, “Estate of James Caan Whacked in Tax Case.” As you might guess, there is a lot to learn from others’ misfortunes. In this case, some unfortunate planning and advice put James Caan and his estate on the wrong side of the IRS. In the end, his estate owed almost $1 million in taxes and penalties. On this week’s show, we’ll discuss estate planning and the best ways to avoid tax consequences. Next, Heidi will discuss the economy and opportunities you might take advantage of given the anticipated eventual decline of interest rates. You might be surprised what these might mean and the thought leaders weighing in on this. We can’t always predict the future, but we can see indicators that can be very helpful in ascertaining where things might go. Last, Deann will provide us with plenty of stats to bolster and bring additional background to our discussion.

Tune in and take control!

Episode 347 - Year-Ending Charitable Planning and Smart Giving Dec 11, 2023

Giving can be a good thing, so on today’s show we’ll discuss how you might do that and where might be the best place to utilize those funds. We’ll also continue by reviewing some deep and complex questions financial advisors asked Ed Slott at a recent conference in September. These questions will help with the everyday issues advisors are facing with their clients. Also, during our class last week, the Ed Slott team expressed their own frustrations with the complexity of new regulations and the questions still unanswered by the IRS. So we’ll shed some more light on these issues to hopefully help you navigate your finances and help with your ultimate best interest (no pun intended)!

Tune in and take control!

Episode 346 - Getting Ever Closer to 2024! Dec 04, 2023

As we near the end of 2023, which is only about seven weeks out (can you believe it!?), it’s time to focus on end-of-the-year financial planning strategies as well as what’s in store for 2024.On this week’s show, we’ll discuss Ed Slott’s most recent newsletter, and questions to Ed from financial advisors at his most recent Successful IRA workshop. This will help us be aware of planning options with IRAs as well as learn some useful, not-so-common strategies. Natalie Choate will weigh in on charitable thoughts for IRAs that will help expand our potential. Next, Heidi will discuss new contribution amounts available for 2024 in IRAs and other retirement accounts, which are almost all increasing, giving you ever more flexibility with your retirement investments. Last, Deann will share new stats that will shed more light on these subjects. Your questions are always welcome! So tune in and take control!

Episode 345 - Economic Realities of Our World Dec 04, 2023

Look out! Here comes the economy! So much to talk about and so little time should be the theme for this week’s show as we dive into what the major money management and economic firms are saying. You may ask, “What does this mean for me?” We’ll talk about how the markets are doing; how you can play offense in a very defense-oriented environment; and how you might further your own situation to actually take advantage of today’s higher interest rates. We’ll help you think through your options and potentially make better choices for your future. History can be very useful in helping us all gain more perspective about our current world. As always, questions are welcome! Call or text during the show and we’ll do our best to provide answers. Tune in and take control!

Episode 344 - All About Social Security Dec 04, 2023

Social Security! Just when you thought you could do without it, here comes the check in the mail! (Just kidding, of course.) Last year at this time, we had Bob Simpson, Manager of our local Social Security office, on the show to speak about Social Security and the COLA (cost-of-living adjustment) that was announced. On today's show, Bob will talk about another recent COLA made for those taking benefits starting January of 2024. While this is helpful information, there are several other changes being made to Social Security that we need to discuss, as well as benefit questions we continue to receive from our clients that you should be made aware of. As always, your questions are always welcome as we continue to navigate the complexities of retirement together. Bob is an extremely knowledgeable Social Security representative who should be helpful in answering your questions. Tune in and take control!

Episode 343 - Time Is Running Out Nov 06, 2023

November is just a few weeks away, which means the December 31, 2023, deadline for retirement planning is quickly approaching. Now is the time to wrap up the year with RMD, QCD and Roth conversion planning and focus on retirement planning for 2024.

On today’s show, Heidi will discuss the key features to the SECURE 2.0 Act provisions that will become effective January 1, 2024. It’s important for the advisors, as well as clients, to stay up to date and plan ahead for the important changes ahead. Nathan will discuss the five tax moves retirees should consider before December 31, as well as some strategies to help make your retirement income last. Deann will bring the stats with updates on our economy and the topics discussed.

So tune in and take control!

Episode 342 - Healthcare Is Essential in Your Retirement Planning Nov 06, 2023

According to the Center for Medicare Advocacy, as of March 2023, nearly 65 million people are enrolled in Medicare, an increase of almost 100,000 since September 2022. Deciding on healthcare is a significant part in planning for your retirement. There are many factors to consider when educating oneself in the complex field of Medicare. Fortunately, there are professionals who specialize in this and can help navigate eligible enrollees through the process … and we know two of them!

Laverna Witkop and Dawn McConnell from Ford Insurance Agency will join us LIVE on the show today. They will cover all the basics of Medicare as well as talk about the open enrollment period, known as the Medicare Advantage and Prescription Drug Plan annual election period, or AEP, which is 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 January 15, 2024. Now’s the time to ask the experts, so have your questions ready.

Tune in and take control!

Episode 341 - Hindsight Is Always 20/20 Nov 06, 2023

Today’s show will feature a special guest, Jennifer Ewing, who has lived in Traverse City for more than 25 years and has worked in the Human Resources field for more than 32 years.Unfortunately, Jennifer lost both of her parents, but she has gained much firsthand knowledge as the executor of her parents’ estate. Deann and Nathan will discuss Jennifer’s experience, covering all the helpful tips – what she wishes she had known, what she’s glad she knew prior to her parents’ deaths, and all the nuggets of knowledge in between.

Though this is a sobering topic, we hope to share some vital information for both parents and their children in planning for and ultimately facing the inevitable. Know there are financial professionals who can and will help navigate you through the details. Know to be tenacious and keep asking questions. Know that you’re not alone. Jennifer’s experience and contagious energy are sure to bring a lively show.

So tune in and take control!

Episode 340 - Where's the Beef? Nov 06, 2023

We all remember the famous Wendy’s ad a couple of decades ago in which an older woman asked where the beef was in her burger. On today’s show, we’ll try to answer that question in terms of investment and/or allocation opportunities for you. Sometimes opportunity doesn’t knock … you must open the door! Capital Group, which oversees American Funds Group, recently published an update whose title is both intriguing and apropos: “As rate hikes near end, historic investor opportunity may begin.” The advisors at Capital Group believe we’re on the cusp of a major transition, where long-term investors can find attractive income opportunities as central banks pivot from restrictive monetary policies to something much more accommodative. Both Heidi and I (Dennis) will discuss these issues related to your longer-term investments and what your options might be to control risk and take advantage of the potential opportunity. Nathan will bring the stats, and there are a fair number this week, with updates on inflation and many others as we delve into the world of your money.

Tune in and take control!

Episode 339 - State of Michigan, Rolling Back Taxes! Oct 30, 2023

When taxes decline, many questions typically arise. In the case of the State of Michigan rolling back the retirement tax, copious amounts of questions and confusion seemed to reign. Today on New Retirement Radio, we will discuss the graduated change in the tax. For all Michigan taxpayers, the income tax rate dropped to 4.05% in 2023, down from 4.25% in 2022. Pension income for public servants like police officers and firefighters, state troopers and others will be fully exempt from paying state income tax in 2023. Others who receive a pension may face a graduated change in their tax through 2026. This is a big change and will have a significant impact on all Michigan residents! So be nice to your tax preparer, as they may ultimately play a more important role for you going forward! Next, Nathan will discuss less well-known benefits of life insurance policies, including utilizing cash values at or near retirement. Last, Deann brings the stats on taxes as well as stories of fishing for salmon.

Tune in and take control!

Episode 338 - Reality-Based Investing Oct 30, 2023

The new economy continues to show itself to us. While (of course) we cannot guess the future, the present certainly cannot be discounted as to what it provides in terms of usable information. What indicators can tell us how the economy is doing? Are those who are most pessimistic wrong? Do we maintain or change our holdings given the reality of rising short-term interest rates and what seems like increasing risk in our markets? On today’s show, we’ll investigate what these indicators are and give our best in terms of real strategy to assist you in allocating your portfolio for an uncertain future. We’ll also learn some of the new rules for retirement accounts. Heidi will shed light on how to use today’s relatively lower taxes to your advantage. And Deann will weigh in on the economic front.

Tune in and take control!

Episode 337 - Preventing Retirement Account Scams and Elder Abuse Oct 30, 2023

The September 2023 edition of Ed Slott’s newsletter comes with stories and insights about elder abuse, where scammers within families steal retirement account funds, resulting in significant losses as well as tax penalties. This is another example of why accountability needs to prevail within families, especially when larger retirement account balances are involved. Of course, on top of the losses are the significant issues related to family and the difficulty in many cases of ever getting these funds returned. On today’s show, we’ll discuss what to do to arm yourself and your loved ones against this threat. Also, Heidi will discuss how to avoid scams and scammers, and how cyber security plays a key role in protecting yourself. Deann joins us as well to bring the stats related to our subject and shed more light and learning on this.

Tune in and take control!

Episode 336 - What a Difference a Year Makes! Oct 01, 2023

Too much cash! Who would have ever thought this would be a problem? Given how rates for conservative fixed income investments – including CDs, Treasury Bills and all the rest – have risen so dramatically, the pressure to get out of low-yielding money market and savings accounts has risen significantly. Investors who rushed for the exits last year and plowed trillions into money market funds, now around $5 trillion, may be wondering if it’s time to retrace a bit. With so much to talk about and so little time, on today’s show, we’ll discuss what you might want to consider and how to cash in on today’s higher rates. We’ll also discuss how to get attractive income options, and what exactly those are. Heidi will discuss the article “The Five Biggest Mistakes People Make When Picking a Medicare Plan.” How complex can it be? You may be surprised! Last, Deann has the stats to bring as well as to where and how interest rates and the economy are showing up. We look forward to the show and your questions. Tune in and take control!

Episode 335 - Economic News to Relate to! Oct 01, 2023

On our August 10 New Retirement Radio show, a caller asked about a recent article by Ray Dalio in The Wall Street Journal. Dalio has written and spoken extensively about the economy, including his November 2021 book, Principles for Dealing with the Changing World Order, which I think is a research masterpiece and have discussed on previous radio shows. The caller’s question piqued my interest in revisiting Dalio, so today we will discuss his take on the current economic situation as discussed by Spencer Jakab in the August 12 issue of The Wall Street Journal. Given Dalio’s experience in running the world’s largest hedge fund, we think you’ll find his comments pertinent and interesting. Then Heidi will weigh in on saving and planning for retirement by Generation Xers (people born between 1965 and 1980). Given their unique challenges, the advice may be helpful to us all in planning through our own set of circumstances. And Deann will share all stats wise and wonderful to add to the conversation! Tune in and take control!

Episode 333 - Planning and Taxes- What More Could You Ask For? Oct 01, 2023

Jon Sluis, CPA, joins us today to help us catch up on 2023 tax law changes as well as look out for future adjustments we need to be aware of. As you know, proper tax planning requires being aware of not only what’s new, but what has changed from the previous year. And you guessed it … there are lots of changes and updates for 2023 you need to know about. New retirement provisions that recently took effect will make a difference for your long-term planning. We will also discuss the impact of staying up-to-date on beneficiary designations to allow for maximum flexibility in the settlement of your retirement accounts. As we’ve seen with our own clients’ accounts, custodians of IRAs and other retirement accounts who are not aware of the current provisions within the law may negatively affect you and your loved ones.

Your bottom line can be impacted by these tactics, so tune in and take control!

Episode 332 - When Do We Get the “All Clear” Signal? Aug 28, 2023

The morning haze has made for some beautiful sunrises here in Northern Michigan recently. However, a similar type of “haze” continues to envelop our current economic situation. Are we in for a soft landing? What about interest rates, recession and the business cycle? Housing prices are another big unknown, with many professionals weighing in on the current housing market. On today’s show, we’ll continue the conversation about the current economy, even looking at whether global temperatures affect economic growth. Heidi will discuss the younger person’s use of summer earnings to start a Roth IRA, and how that might benefit your child or grandchild, and help them learn about the long-term benefits of starting a saving mindset. Last, Deann discusses a recent article in The Wall Street Journal about Northern Michigan and the stats surrounding the economy as well. Tune in and take control!

Episode 331 - Protecting Your Nest Egg in the Retirement Hazard Zone Aug 28, 2023

In a May 2023 Kiplinger article, Chris Abeyta, in discussing the transition from asset growth to income and protection, warns us of the “Retirement Hazard Zone” – the four to five years right after the pivotal age of 59½ that can greatly impact the rest of your retirement. In essence, Abeyta cautions readers to take action to protect their nest egg from significant losses while still growing it. Part of this equation deals with the reality that, for some, they need to take income from their portfolio. For others, it’s about the need for greater preservation as their mindsets have changed. And for a few, it’s about strategic allocation and utilizing diversification to its maximum potential while limiting downside risk in a volatile market environment.

Regardless of your situation, on today’s show we will discuss the “why” and “how” of the three phases of your retirement journey. Next, Heidi will discuss the IRS RMD (required minimum distribution) waiver for non-spouse beneficiary IRA accounts, as well as a 60-day rollover relief option for traditional IRA RMDs taken inadvertently because of the newly incepted age change to 73. You were probably thinking that no changes were in store after all the adjustments that were made recently, but these are to cover for individuals needing to catch up with the new rules. Last, Nathan, who is filling in for Deann, will give us the best of stats to help us along on the journey and pinpoint more economic and retirement reality.

Tune in and take control!

Episode 330 - Just When You Thought It Was Safe to Go Outside! Aug 13, 2023

The beautiful summer weather seems to have everyone in a trance of warmth, ice cream, sandy beaches and the great outdoors (including the bugs)! Today, we’ll talk about the power of being a contrarian in a world that seems more confusing by the day. Included in this will be historical examples of those with very big voices who have been very wrong about the future. One example is the current residential housing market, which has stumped so many to continue strong despite ever-rising interest rates. Another is the continuing Fed attempts to rein in the economy with ever-widening interest rates, only hurting itself and our very own dollar in the process, and the future statistics on what that could look like. Next, Heidi will discuss mid-year frequently asked questions about Social Security planning for retirement. This includes what we might possibly see on adjustments to Social Security to control the cost. All of this, including great stats from Deann to bolster and add to the conversation.

Tune in and take control!

Episode 329 - Your Retirement Journey Aug 13, 2023

In a recent article in Kiplinger, Chris Abeyta explains how your retirement journey breaks down into three phases. Phase 2: “The Retirement Hazard Zone,” are the four to five years right after turning the pivotal age of 59-1⁄2. According to Abeyta, this is the time to take action to protect your nest egg from significant losses while still growing it. Part of the equation deals with the reality that for some, they need to take income from their portfolio. For others, it’s about the need for greater preservation as their mindsets have changed. For a few, it’s about strategic allocation and utilizing diversification to its maximum potential while limiting downside risk in a volatile market environment. Regardless of where you fall, we will discuss the why and how of the three phases of your retirement journey. Next, Heidi will cover a very timely article from Andy Ives of the Ed Slott team about what and how to deal with a retirement account when an owner dies. As a beneficiary, we’ll discuss the steps you will need to remember to take as you deal with what can be a very difficult time. I believe this will be an article of lasting importance and we will be posting this on our website for permanent reference. Last, Deann will cover the best of stats to help us along on the journey.

Tune in and take control!

Episode 328 - Talk is Cheap Aug 13, 2023

How many times have you heard the phrase, “Talk is cheap”? We even alluded to this on last week’s show regarding the market’s response to Fed Chair Jeremy Powell’s proclamation that rates would begin to rise at the Fed’s July meeting on the 25th and 26th. On this week’s show, we’ll continue to discuss the rate environment and its impact on the economy. Why? Because the implications are very important and dynamically changing. What camp are we in? Currently, we agree with Simon White of Bloomberg who recently had this to say: “Rising global rate expectations are likely to be disappointed as slowing inflation significantly tightens real rates through the rest of the year, allowing central banks to deliver fewer rate hikes than predicted.” Currently, the stock and bond markets appear to be signaling this very outcome, and we think this continues to be a great subject to stay on top of with you, our listening audience! Heidi will also discuss the difference between Treasury Bills and Bonds and the two critical differences between them. And Deann will bring those stats to bolster the conversation along with your questions!

Tune in and take control.

Episode 327 - Finding the Retirement Strategy That Works for You Jul 03, 2023

So, you’d like to retire? Before taking the plunge, there’s a lot you need to think about. What are the common and not so common issues and financial hurdles for pre-retirees and retirees alike? What are the steps to consider or adjustments you have to make to move the needle in your direction in the face of a volatile economic environment? We’ll discuss these issues and more as we review several articles giving insight from the financial standpoint as well as practical input from our many years spent with clients and pondering these very same issues.

Next, Heidi will review and discuss this month’s Social Security Advisor article titled, “Harsh Reality: Americans Do Not Understand Social Security.” Many stats and results will follow pointing up the importance of understanding the impacts, inflation and the financial benefits of learning more about you and your loved ones’ options for taking Social Security benefits. Last, Deann will take us into the stats side to continue the conversation and shed more light on our knowledge base. Tune in and take control!

Episode 324 - The Need to Know Jul 03, 2023

Have you ever felt the need to know more? Like you’re missing out on crucial news and information … especially for your financial well-being? While this can sound like a tall order, today’s show will be all about giving you the current, prevailing economic conditions. While we can only guess where the resultant markets might lead, we can glean more information to help in our decision making. We’ll discuss some of the current stats and information that you probably haven’t heard or perhaps even been able to process.

Heidi will also review recent article in which workers are claiming they’ll need more than $1 million to retire comfortably. Workers are scrambling to make that figure a reality, and we will discuss how you might achieve that goal. And Deann will have plenty of stats to bolster this and add to the storyline. Tune in and take control!

Episode 320 - Avoiding Scams – No One Is Immune Jul 03, 2023

Whether it’s by phone, email or text message, it seems like the number of scam artists out there trying to get your money or personal information is at epidemic proportions. And thinking that “this only happens to the older set” could not be further from the truth … no one is immune. Another issue we’ve heard from our connections in the banking sector is that those taken in by these scams are utterly embarrassed and, as such, are unwilling to discuss this issue and allow the education one gets from others with similar life experiences.

Today, we’ll discuss the scam explosion that’s occurring and how to protect yourself. We’re on a mission to inform and expose this terrible crime foisted on so many. And the confusion and complexity of today’s financial world doesn’t help matters either. We’ll discuss not only the fact set surrounding how today’s very sophisticated scams occur, but also the psychological attitudes that surround the experience of those while they are in these situations to shed as much light as possible to help you and your family avoid this and understand when it may be occurring. The numbers are staggering as to the dollars involved. So let’s go there, and please call in with your stories! Tune in and take control!

Episode 326 - Riding Out the Technological Revolution Jun 26, 2023

There has been a lot of press lately about the future of AI, or Artificial Intelligence. Understandably, most are concerned about its impact on our lives – historically, socially and economically. Regarding investments, how do we navigate the companies involved in this advancing technology? What are some of the possible dangers that will be part of our new world. Some have likened this new technological revolution to the impact the railroads had on our nation about 150 years ago. The question always becomes, “Should I be worried?” and “What are the opportunities?” While we can never know all the dangers associated, on today’s show we’ll discuss what AI is, how it works and what it might mean to us. We’ll also discuss the companies involved that we are aware of and the opportunity they have in this new environment. Next (and you heard it here first!) Nathan will explain why the Roth IRA may not always be a good idea. Given that we are always talking up Roth accounts, you might be surprised at this! Lastly, Deann provide lots of stats on AI that will help us navigate the details! As always, tune in and take control!

Episode 325 - Leaving Your IRA to Charity Jun 26, 2023

You may have heard the song “If” by the ’70s group Bread. The beginning lyrics are: “If a picture paints a thousand words, then why can’t I paint you? The words will never show the you I’ve come to know.” Unfortunately, we can’t even come close to turning a traditional IRA into a ballad, but we can perhaps help you to soar a bit higher than you thought possible by using the most highly taxed account you own for a higher purpose: charitable giving. In essence, how could you leverage a highly taxable asset to do the good you can help others accomplish more readily than you can on your own? On today’s show, we’ll discuss an article Dennis wrote for Ed Slott’s newsletter called “Why Leaving an IRA to Charity Makes Sense.” We’ll review all the benefits and options for gifting some or all your IRA to charity. Then Heidi will follow with Vanguard’s outlook for financial markets and their perspective on everything from inflation to markets here and around the world. Deann, of course, will include stats to keep the conversation engaging. Please remember … your questions are welcome! Tune in and take control!

Episode 323 - Let's Talk About Roth IRAs! Jun 26, 2023

On today’s show, we’re diving into all things Roth IRA. Heidi will discuss the benefits of a Roth conversion, including a benefit most of us haven’t considered, a conversion as a gift to your beneficiaries. We will compare the possible outcome for traditional IRA beneficiary versus the possible outcome for Roth IRA beneficiary, so you can determine what’s best for you and your loved ones. Heidi will also cover some intriguing questions and helpful answers regarding inherited Roth IRA RMDs. This is timely and helpful information for those who might inherit a Roth IRA someday.

We welcome Nathan Prout to the show! He will be sharing the basics about annuities and how they can fit into an IRA. You’ll find the information helpful in determining whether an annuity is right for you. And Deann will offer us many pertinent stats related to the current economy and you! So, tune in and take control!

Episode 323 - The Emotional Benchmarks of Retirement...Are You Ready? May 30, 2023

While we often discuss the financial realities of retirement and generating income or growth in an efficient manner while being aware of tax and other risks, we very rarely discuss the emotional aspects of retiring which, of course, can be huge. Are you ready to leave your career for something new and unchartered? Have you allowed yourself the time and preparation to prepare for the non-financial aspects of retirement? We have lots of great questions and areas to shed light on your situation, whether you are thinking of retiring or already retired.

Also, Heidi will cover the details of HSA plans for pre- and post-retirees who have access to this significant tax-advantaged account. And Deann will offer us many pertinent stats related to the current economy and you! Tune in and take control!

Episode 321 - Settling an Estate in Michigan – A Financial Planner’s Perspective May 30, 2023

You’ve heard of settling an estate from the attorney’s perspective. Today, we’ll discuss settling an estate from a financial advisor’s perspective. Settling an estate involves much more than merely settling assets. Generally, it also includes filing the last will and testament, paying bills and taxes, filing the deceased’s final tax returns, distributing property and filing the final account. We will discuss what typically is the biggest dollar item in the estate and the mechanics involved in handling it. Our goal is to help you save time, money (potentially thousands of dollars in taxes) and, of course, stress. Given the complexity of today’s accounts, their tax benefits as well as other cost of disbursal, this is information you will want to know! Also, Heidi will share updates on Social Security, and Deann will provide the stats related to estates to help us along!

Tune in and take control!

Episode 288 - Volatility: The Name of the Game May 30, 2023

Market gyrations are always unnerving, and today’s markets are no exception. Today, we’re going to discuss Fed Chairman Jay Powell’s recent quotes from his Jackson Hole, Wyoming speech and why we think the stock market responded as it did. Though the reality of the world in which we live is ever-changing, we can, at the same time, discuss what you can do about it, as well as consider why these are especially important times to make changes. We’re all trying to save money for a future goal or set of goals. Helping you (and us) remember or think more clearly about what that goal is will be an important part of our program this week.

As we enter school season, Heidi will be comparing 529 plans vs. Roth IRAs as a tool for funding our children’s education costs, and how these tools can work for both you and for them. Deann will have the stats of the week, too, to add to the mix!

Tune in and take control!

Episode 289 - Retiring in a Recessionary Economy May 30, 2023

While we won’t speculate on whether the U.S. economy is actually in a recession, we think it’s important to discuss the practicality of retirement (or staying retired) given a relatively tough investing environment, rising interest rates, a falling stock market, and worldwide angst about Russia, China and other countries. We’ll review some great articles as well as analyze our own day-to-day experiences.

Then, Heidi will continue our dialogue on the details of the spousal Social Security benefit. And finally, Deann will have some interesting, eye-popping stats on the EV boom as an investment!

We are passionate about discussing matters that impact you, so tune in and take control!

Episode 286 - Ch-Ch-Ch-Changes May 30, 2023

Today is about changes! Wow, what a difference a week makes … or has it only been a day?

Today, we’ll talk about many topics, including individuals putting their spending on personal credit cards to dent inflation; the upcoming near historic Social Security benefit increase; as well as the beloved Accuracy-Related Penalties possibly imposed on IRA withdrawals.

We’ll also discuss a subject most near and dear to us – Roth conversions for all ages. We all know the amount of ink that’s been spilled about whether a Roth conversion is advantageous. One of the biggest issues (of course) is our age. Perhaps one might argue, if I’m 70 or older, could this still make sense? We’ll discuss this in depth as Ed Slott has dived into this pool, and we’re going to jump in too! After all, the water’s still warm, right? We’ll have some strong arguments as to why, especially today, you might want to consider this strategy. AND we’ll also talk about misconceptions that still rage around Roth conversions.

Tune in, and we’ll try to turn up the temperature in your financial world of information!

Episode 287 - Megatrends and Their Impact May 30, 2023

Welcome to our ever-changing, ever-evolving financial universe.

A famous radio host used to describe things as being, “… on the leading edge of societal evolution.” Today, we’ll discuss “quantum computing,” a recent megatrend that, according to Haim Israel, Global Strategist and Managing Director of Research at Bank of America, “Could be bigger than the discovery of fire.” We’ll explain how the impact of high tech and data management on our world in the next decade could be truly amazing.

Next, Heidi will discuss “catch-up contributions” for those who wish to max out their tax qualified plans for the year. The amounts you’re able to put aside may surprise you. And for those over 50 years old, this might prove to be very helpful.

And finally, Deann will discuss the stats of the day, many of which should help to enlighten us all on current trends!

Tune in and take control!

Episode 290 - Bear Markets, and Recessions and Stats … Oh My! May 30, 2023

While the markets have been quite volatile recently, for today’s show, we thought it might be helpful to see what these numbers can mean for you in the future.Of course, we can’t predict the future, but we know that past performance is a good indicator of future behavior. In fact, we can delve all the way back to 1835 to see how markets from previous generations have responded to show the depth and breadth of what we might experience in today’s economic climate. Even if today’s stock market and asset market respond differently than before, the symmetry of history may still be helpful for the perspective we need.

Also, Heidi will uncover the secrets related to the benefits of paying back COVID-19-related withdrawals from IRAs and retirement accounts.

Sometimes, learning can be most instructional when we’re ready, as in peering into the glass when uncertainty reigns. We’ll do our best to unmask this mystery just for you! Tune in and take control!

Episode 291 - Life Insurance – It’s Not Your Grandmother’s Policy Anymore! May 30, 2023

While life insurance is certainly not a sexy or thrilling, edge-of-your-seat subject, it can serve as a very practical tool in today’s economic climate. In fact, some advisors consider it a bit “edgy.” Primarily, life insurance is a way to protect your loved ones and help leverage their financial woes in the event of your untimely death. However, the impact life insurance can have while you’re alive can be surprising, too, given its tax advantages. This can include business-related transactions to transfer business values or cover key persons within the business.

Tax advantages can amount to significant dollars during your lifetime, like tax-free withdrawals for income and other emergencies, not to mention a fully tax-free death benefit. The number of times clients have been dumbfounded at the thought that Dad’s life insurance was/is tax-free is almost uncountable. Many times, surprise in a most positive way has been an enjoyable conversation to have.

This week, Deann will discuss lots of stats related to this, and Nathan and Heidi will be joining in on the conversation too! Tune in and take control!

Episode 292 - Tax-Advantaged Business Sale Tools with Special Guest Jon Sluis, CPA Apr 24, 2023

A couple weeks ago, I (Dennis) dedicated a significant amount of time to finishing my continuing education requirements in order to earn the Certified Private Wealth Advisor designation. In the middle of a very intense 24-hour session, a PhD accountant from the Booth School of Business in Chicago gave a surprising, edge-of-your-seat piece about tax-advantaged business sales and the reported tax benefits as shown by the required public disclosure, including how individual business owners can do the very same for themselves and those that follow.

The information from this class (about 75 pages in all) has already been sent on to today’s guest, Jon Sluis, CPA. And when Jon is in the house, you know there’ll be a lot of great information … as well as a few surprises! We’ll discuss all the exciting, gory details, and you may well be pleasantly surprised at the sheer size of the tax savings should you decide to employ these savvy options. We can’t wait to dive into this topic, and we hope you can join us! Tune in and take control!

Episode 293 - Navigating Through Uncertainty Apr 24, 2023

“Forecasts create the mirage that the future is knowable.” Given our bent to discuss the markets and economy, there is no better reality check than the astute words of American Economist Peter Bernstein. In the end (of course) we all must continue to take as much responsibility as we’re able, and to act in the way most prudent for ourselves and our future.

On today’s show, we will discuss the current economy but also time-tested ideas and information to help us deal with the reality on the ground. While the things we can’t control seem to grow daily, we’ll dive into the areas we can control. You get it, this approach can mean a greater chance of success in the long term as well as understanding what the veterans of such times are saying. Lots of questions and so many uncertainties can present opportunities for those who are patient.

See you today, where you can tune in take control!

Episode 296 - The Social Security You Know (and Perhaps Don’t Know) with Special Guest Bob Simpson Apr 24, 2023

When should I collect Social Security? How do I find out how much my benefits will be? What about disability benefits? Child survivor benefits?

On today’s radio show, we’ll tackle many of the common questions and themes we hear from our clients regarding Social Security. And joining us in our studio will be our own local expert, Bob Simpson, Northern Michigan District Manager for the Social Security Administration. We’ll discuss these and many other issues surrounding Social Security, like taxes, benefit reductions due to outside work, breakeven points for having waited to start benefits, and collecting during economic uncertainty.

Feel free to call in and discuss your situation with Bob. He is an excellent and trustworthy source for your inquiries! We hope you join us as you tune in and take control!

Episode 295 - As Dr. Seuss Might Say, "Would You, Could You Retire?" Apr 24, 2023

A recent headline from a well-known financial publisher read: What to Do When Recession Threatens Your Retirement. Many of our clients at Prout Financial Design are expressing similar sentiments, and are wondering if they should wait to retire or simply adjust their plans based on the current down market. Given that the U.S. stock market just suffered its worst first half since 1970, these questions are common themes we’ll see for some time.

So for today’s show, it makes sense for us to discuss what’s on most peoples’ minds as the markets decline into possible recession. We’ll delve into this with articles, background and even formulas for adjusting spending that Vanguard utilizes with non-profit organizations. Next, Heidi will discuss the Social Security cost of living increase and how to take advantage of I bonds. Last, Deann will borrow the best of the stats to share with you. So tune in and take control!

Episode 294 - Operations Management! The "How to" Show Apr 24, 2023

When “life” happens (as it certainly has this past year) to those with retirement accounts, questions often arise regarding how or when to take Required Minimum Distributions (RMDs) in the midst of a declining stock market, as well as determining what type of accounts are best to tap in the event of a hurricane or other natural disaster. If you’ve been waiting to take these RMDs out of necessity or timing considerations, you won’t want to miss today’s show! We’ll be discussing the numerous options you have in making these withdrawals, and perhaps even present a few you may not have considered. There are surprisingly many ways to change up your distribution to lessen the pain of a lower stock market and even avoid possible penalties. Ed Slott, CPA, has weighed in on this topic, and we’ll add his thoughts to the chorus. Heidi will be discussing how to avoid the most recent scam regarding student loan payoffs, and Deann will chime in with stats you’ll love to consider!

See you this Thursday at 10 a.m. or Saturday at 9 a.m. Tune in and take control!

Episode 313 - Wanted Dead or Alive! Or, Maximizing Your Estate Planning and Retirement Savings Options Apr 24, 2023

Today on New Retirement Radio, we’ll be discussing an article from Financial Planning magazine titled “Wealthy investors do a lousy job of telling heirs what they’ll get.” Apparently, the rich are like everybody else in America in that they typically don’t like to talk about money. But for investors with significant assets to pass on to their heirs, that can be a very costly problem. Deann will provide stats that underscore many points in this article. With the sheer size and complexity of assets passing to the next generation, we’ll discuss the importance of enlightening the next generation. Next, Heidi will cover the benefit of working two jobs and how that may give you access to more than one retirement plan, which may benefit you greatly. Whether or not you have access to such a strategy, this discussion should help you understand the world of retirement plans and how to better take advantage of these wonderful wealth-building tools. Tune in and take control!

Episode 317 - Tax Season is Here! Apr 24, 2023

Much like the flu season, tax season is never greeted with joy. If only there were a vaccine. As Will Rogers said, “The only difference between death and taxes is that death doesn’t get worse every time Congress meets.” This week, Jon Sluis joins us to talk about the hot issues related to the tax filing date, which is on April 18 this year, as well as common audit triggers, unrealized and realized losses, SEP IRA and Simple IRA Roth options and your tax questions! Whether or not Will Rogers weighs in, we’ll be generating all the heat and energy we can muster during this tax season to keep you informed as possible! And, as always … tune in and take control!

Episode 299 - Year-End 2022 Fast Approaches! Apr 24, 2023

If you’ve listened to our program long enough, you know that when going through your year-end tax planning, we’ve always encouraged those doing a Roth IRA conversion to pay the tax owed with funds outside of the Roth to achieve the most benefit. But is that still advisable?

On today’s show, we’ll discuss an article from the November issue of Ed Slott’s newsletter that may cause you to think otherwise. You may decide to be more aggressive than usual by paying taxes owed (if needed) from the IRA itself. The tax benefits over time that you’ll still receive (albeit to a lesser degree) from a Roth conversion can still make a positive long-term difference! Gazing into the future in this case may be especially valuable for you and your family.

Also, Heidi will discuss year-end tax planning tips and other planning ideas. Deann will join us, too, with stats relevant to today’s topics. We promise real information to help you think more deeply about your financial situation to help improve your own game! See you today 10 a.m. or on Saturday for the rebroadcast at 9 a.m.

Tune in and take control!

Episode 301 - Year-End Planning Tips and Tactics Apr 24, 2023

Wow, what a difference a month makes, right? It seems while we’re still celebrating Thanksgiving, the next question becomes, “When can we pick up the Christmas Tree?” In concert with that today, Dennis will discuss last-minute year-end tax planning strategies, and Heidi will review Baby Boomer spending habits and the impact on their retirements. Deann will make a bit of a change to the stats this week to discuss common questions and answers that Ed Slott’s team receives regarding retirement assets and accounts. And if we have time, we’ll also discuss the current economy and projected interest rate changes we may see soon. All this as well as your questions and comments to everything financial. See you Thursday (or Saturday) and always remember … tune in and take control!

Episode 298 - The Five Step Guide to Plan-to-IRA Rollovers Apr 24, 2023

The ink has not yet dried on all the changes brought about by the Secure Act of 2020 and its ultimate impact on us, our children, and their families. The rules keep changing and so do the opportunities to take advantage as well as make some costly mistakes. We will be discussing the 5-step guide to plan-to-IRA rollovers from Ed Slott’s most recent November IRA newsletter. In the show, we will address sample situations from clients and similar decisions they are facing with pension plans and the effects of a rapidly increasing interest rate. The complexities are surprising. Having a strategic decision-making matrix in place to guide you can be invaluable, whether you’re 45 or 75. Heidi will be discussing the new IRS rules regarding allowable contribution amounts as well as the new 2023 tax rates. Deann will bring the news on the stats front to round it out and we’ll have several exciting announcements too!

Tune in and take control!

Episode 297 - Planning Healthcare is Essential for your Retirement Planning 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!

Episode 319 - The New IRA Penalty Exceptions and Spousal Penalty Avoidance 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!

Episode 303 - Must-Ask Questions When Searching for a Financial Advisor 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!

Episode 318 - How Did We Get to This Economy? 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!

Episode 302 - Do You Know What I Know? Apr 03, 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!

Episode 316 - Fast and Furious Apr 03, 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!

Episode 315 - "If Only I'd Known!" - The Components of a Great Estate Plan Apr 03, 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!

Episode 314 - Timely Knowledge About Penalties, Beneficiaries and Taxes Apr 03, 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!

Episode 309: Bracing for 2023 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.

Episode 307: A Brand-New Year and Still so Much to Talk About! 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!

Episode 306: A New Year … and So Much to Talk About! 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.

Episode 312 - Sorting Out the Secure 2.0 Act with Slott Mar 03, 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!

Episode 311 - Saving and Accumulating in a Recessionary Economy Mar 03, 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!

Episode 310 - Investing in 2023 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!

Episode 285: The Inflation Tax Act Sep 01, 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.

Episode 284: Lots of Changes Aug 09, 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.

Episode 283: Six Distribution Options 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.

Episode 282: Taxes and Transitions 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.

Episode 281: The Variety Show 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!

Episode 280: How to Rise Above a Decline 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!

Episode 279: Real Estate & Taxes 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!

Episode 277: Everyday Q & A 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.

Episode 278: A Perfect Retirement 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!

Episode 276: IRA Updates 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!

Episode #275: Social Security for Singles Jun 07, 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.

Episode 274: Practice Semi-Retirement 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!

Episode 273: Forced Out Early? 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

Episode 272: Does Inflation = Recession 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.

Episode 271: Eggs in the 401(k) Basket May 04, 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.”

Episode 270: Redesign Your Retirement 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.

Episode 269: The Tax Game 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.

Episode 268: How to Select an Advisor 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!

Episode 267: The Power of Choice Apr 05, 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.

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