Episode 405 - Twofer Thursday!

On today’s show, we’ll cover two very important – yet very different – topics. First, there are five retirement account moves you can still make for 2024. Yes, it’s amazing what you might still decide to do given the law and your own financial situation, especially if you’d like to save on taxes as well as some extra dollars. You might be a bit surprised, so be sure to listen in to see if there’s something here for you! Second, we’ll review an article from Capital Group called “Will economic uncertainty knock the Fed off course?” Some might say that the Fed already seems to be playing second fiddle with policy, and today we’ll hear why that might be the case. It would appear the Fed is taking a “wait-and-see” approach to allow the smoke of uncertainty to clear and thus allow them to make a solid decision. We’ll discuss this with lots of background information and stats to help bolster your situation. Tune in and take control!

Well, we’ve known for almost four months Trump was going to be the next U.S. president. What we couldn’t have guessed, however, was the effect on spending his new administration was going to have. From higher tariff potential to massive cost-cutting, the changes have been so fast and furious that politicians, especially Democrats, are said to not be sure how or where to respond. On today’s show, we’ll look at possible scenarios stemming from these changes and discuss their short- and long-term effects. The ultimate winners? Likely, companies that can successfully navigate policy and technology shifts. For yourself, while these uncertainties can be unnerving, getting through these changes within this economy can present its own opportunity. That’s what we’ll highlight for you this week!  Tune in and take control!

Castagni, Simbulami, Arancini. These foreign words are here to prove a point … for most people, they may not make any sense. And sometimes what we discuss on our show may not make sense to some listeners. But just because it doesn’t make sense, we should try not to discount what it might mean. On today’s show, we’ll discuss five common rollover mistakes that can be very costly, and the importance of seeking good counsel when making big decisions. You wouldn’t believe what 401(k) providers have told us over the years regarding participants making incorrect, costly decisions when rolling over their retirement account to an IRA. Then, Heidi will discuss Ed Slott’s interview on Morningstar titled, “How You Can Turn Tax-Time Pain Into a Win,” where he explains and gives examples of how pre-planning for taxes can make a significant difference during the tax season. It should be very helpful information as we approach April 15. Tune in and take control!

On today’s show, we will be joined by Connie Hintsala, Founder and President of Alliance for Senior Housing, LLC. Connie has provided families in the greater Grand Traverse area with senior housing solutions for more than 20 years, and the love and passion for her work has only grown. Her intricate knowledge of State of Michigan standards/requirements, as well as her own experience as a direct caregiver to her own parents, have enabled her and her team to provide guidance and assurance for families to make informed eldercare decisions. Services provided by Alliance for Senior Housing include confidential consultation with a senior housing expert to discuss specific desires and needs as well as manage fears and funding options. Get your questions ready, as we will discuss issues like guilt, financing and the importance of having a plan in place. We’d love to hear from you. Tune in and take control!

The New Year begins, and already there’s so much to consider on the financial front! On this week’s show we’ll discuss whether or not you could be “too rich” for a Roth IRA. Congress has set income limits on Roth contributions, and for those married filing jointly, no contributions are allowed for those with taxable incomes over $246,000 (for single filers, the amount is $165,000). While the income limits can be a source of frustration, there are many ways to circumvent these restrictions for those looking to invest in these accounts … and the ways to do so keep growing! Next, Heidi will discuss catch-up contributions for retirement accounts. While Congress has complicated these, the opportunities have been expanded to save for your retirement more aggressively. While we don’t often promote being aggressive, it could make sense in this case! We’ll have several examples for you of where this could make sense and how you might take advantage. And last, Beth Shier joins us with this week’s stats as well as some surprising information to help you keep your perspective.  Tune in and take control!

We are so looking forward to joining you via the airwaves in 2025! 2024 has been a year of challenges, surprises, market volatility, political unrest … and yet WE MADE IT. As we set foot into the future and ponder what this year could hold for the economy, Dennis and Nathan will discuss Capital Group’s “2025 Outlook: Long-Term Perspective on Markets and Economies,” which describes the current U.S. economy as the “Benjamin Button Economy.” What on earth does that mean? Capital Group economists are comparing the 2008 film The Curious Case of Benjamin Button, in which the main character’s age reverses, to the total returns of U.S. stocks by stage of business cycle. Is it possible that the U.S. business cycle appears to be aging in reverse? If so, what does that mean for us? On January 5, President Biden signed the Social Security Fairness Act into law. This is thought to be one of the biggest changes to Social Security in decades. Dennis will break down the Social Security Fairness Act and discuss the changes it will bring and who might benefit. As you can see, there’s lots to discuss, and we look forward to your calls and texts. Tune in and take control!

On today’s show, we’ll discuss Ed Slott’s thoughts on significant IRA rulings for 2024, as well as the “Five Keys to Investing in 2025,” by Capital Group.  As you can guess, there are many discussions among market analysts regarding the opportunities and the risks we can expect in 2025. We (Dennis Prout, Heidi Cartwright and Beth Shier) intend to do some of the same, but with a twist. The difference, we think, is that when making investment decisions, you need to think like an “owner,” i.e., you need to think longer term. The excuses we might try to make only tend to cause things to turn worse. We think we can discuss these mistakes and help you attempt to make better decisions in the future. There’s a lot to discuss in less than an hour, and we look forward to having you join the conversation.  Tune in and take control!

Although it was good to be surrounded by family and friends on Thanksgiving, we missed you, our listeners.  To make up for our absence, we would like to dedicate a portion of today’s radio show to answer your calls/texts regarding year-end concerns, including IRA contributions, Roth conversions and RMDs. Now is your time … so get those questions ready! Dennis will discuss an article by economist Robert Powers, which takes a closer look at the timing of the stock market and whether the increased warnings from well-known analysts of a stock market overvaluation holds water for those of us invested. Next, Heidi will highlight an article by Heather Schreiber, “Income Strategies for Young Widows: Addressing Their Unique Financial Challenges,” which examines the challenges widowed and single women face when it comes to retirement planning. We’ll take a closer look at financial strategies that can help address those challenges so that single/widowed women can move beyond merely surviving and thrive in their retirement years and beyond. Finally, Deann will share relevant stats to the topics at hand. We look forward to spending time with you via the airwaves.  Tune in and take control!

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 2025. 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!  

The financial world is complex, and it is not uncommon to feel “in over your head” when trying to tread through the vast, turbulent waters of IRS regulations, tax planning and financial portfolios.  So much to learn. So much to know. So many questions. Join us on today’s show as Dennis highlights some of the top financial questions from financial professionals from around the country. We’ll test your financial knowledge as we embark on crucial questions with not-so-obvious answers. Next, Heidi will unpack and explain Section 327 of the SECURE 2.0 Act, which changed the rules for spouse beneficiaries. Although there has been confusion about this section, the IRS has successfully clarified Section 327 with new proposed regulations. Finally, Deann will share stats in regard to the hot topic of AI and the realities of such a lofty endeavor.  Tune in and take control!