Occasionally, we’ll get Bob Simpson from the Social Security Office to join us LIVE! It’s a real treat to hear directly from the man who has worked over 30 years doing what he loves … helping people make the most of their Social Security benefits. There is never a dull moment with Bob on the mic! We will be talking about six major Social Security changes in 2022, year-end planning and answering all our listeners’ questions.
Go beyond getting advice from friends, hear directly from the source today.
More episodes from "New Retirement Radio with Dennis Prout Podcast"
Episode 256: Do You Need a POA
39:09The last couple of years have motivated us to look closely at our personal health, finances and estate planning. What happens if we need more help should the worst happen? Who would act on your behalf if your partner can’t? Should it be one of your children? There are several different types of POAs (Powers of Attorney) to discuss – conventional, durable, springing and medical. Lucky for you (and us) we have Cortney Danbrook LIVE with us today. She started her career in wealth management and crossed over into the legal world. Her combined experiences give a unique perspective that offers families a chance to approach estate and wealth succession planning, family cottage preservation and legacy asset planning holistically. Don’t leave your family guessing … leave them with a plan.
Episode 255: How to Get Your Money
37:41It turns out that retirement isn’t as easy as “you retire one day and have a check in the mail the next.” Those days (if they ever existed) are long gone. Today, retiring requires thoughtful planning and consideration … things like when to claim Social Security, draw from the 401(k), take out a pension and, lest we forget, tapping in to the good ol’ IRA! And that’s just the beginning, which is why we love to talk about retirement income strategies on our show. To get the most out of your money, you must consider the best time to take money from different accounts for longevity and tax purposes. This is a FUN show where we will present lots of options. Tune in and take control. Retirement could be right around the corner … if you plan it right!
Episode 254: Asset Transfers
28:18Typically, it’s not the big things in life that we fail to plan for, but it’s the little things that get looked over. We have a natural and understandable apprehension to dying, which makes us hesitant to properly plan for our own death. We get it. However, there can be a major consequences if you fail to plan. Mr. Rogers said it best, “Anything that's human is mentionable, and anything that is mentionable can be more manageable.” Today, Dennis is going to talk about how assets transfer at death, the importance of naming a beneficiary and how to do tax planning for your portfolio.
Episode 253: Gifting From Your IRA
41:57’Tis the season for taking your Required Minimum Distributions (RMDs) for the year! That’s right, if you’re over 72 years old, you’ll need to take money out of your tax-deferred retirement accounts. If you don’t, there is a hefty penalty – you will be charged 50% of the amount you were supposed to withdraw. You might ask, “What if I don’t need the money?” In which case we would say, “Have you ever considered making a Qualified Charitable Distribution (QCD) to a non-profit of your choice?” This can be given directly from your IRA, satisfying your RMD, and is excluded from taxable income. We don’t get to talk about GOOD NEWS very often, but this is definitely a silver lining in retirement planning. Tune in today with guest CPA, Jon Sluis as he talks about this and many other ways to give this season!
Episode 252: 10% Penalty Rules
41:07Do you need to withdraw money from your retirement accounts prior to age 59½? If so, there will be a penalty for doing so. But keep in mind that there are exceptions to every rule. In this case, they are referred to as “10% Early Distribution Penalty Exceptions.” Ed Slott’s recent workshop dedicated 38 pages of material to cover these rules! What does that tell you? Age matters. Join us today as we share multiple examples of how important it is to understand the rules and use the exceptions wisely. Tune in and take control!
Episode 251: Should You Worry?
43:42The COVID-19 death rate has reached 5 million globally, supply chains are sluggish (at best), oil prices are soaring and inflation is at an all-time high since the early ’80s. Congress is currently targeting IRAs in their new proposals – especially Roth IRAs. Investors are beginning to ask more seriously, “Looking at the year ahead, should I worry?” Maybe. What we CAN DO is look at the facts, our personal finances and adjust accordingly. Over the last two years, nothing has been predictable. We believe that the opposite of anxiety is action.
Episode 250: The Social Security Hour
42:29Occasionally, we’ll get Bob Simpson from the Social Security Office to join us LIVE! It’s a real treat to hear directly from the man who has worked over 30 years doing what he loves … helping people make the most of their Social Security benefits. There is never a dull moment with Bob on the mic! We will be talking about six major Social Security changes in 2022, year-end planning and answering all our listeners’ questions. Go beyond getting advice from friends, hear directly from the source today.
Episode 249: From GM to Disney
46:02Meet our friend, Vaughn Housepian. He’s an unlikely retirement story. Vaugh spent the majority of his 20s bouncing from job to job hoping to land something permanent, only to find himself starting over again and again. It wasn’t until a member of his church suggested that he take a temp job at GM to help cover the bills that things started to find traction. The temp job turned into a successful 30-year career as an engineer at GM where he became known as the “numbers guy.” Upon retirement, he and his wife Sue decided to work together … at Disney! Tune in and hear the rest of their story today. You’ll be surprised and challenged to stay the course when the going gets tough!
Episode 248: Tax To-Dos
45:30Last week, it was Year-End Checklist time … this week it’s Tax To-Do’s with guest CPA, Jon Sluis, of Intrust CPA. Jon is a regular on our program who offers unique insights for our listeners. Not only will he remind us of what we should be looking at right now, he will weigh in on a few government tax proposals we may need to consider. It’s also a good time to talk about the cost of converting to a Roth IRA and determining if that is the right choice for you. As always, this will be a fast-paced, action-packed program. Be ready to take some notes and don’t forget to call in LIVE with your questions.
Episode 247: Year End Checklist Time
42:19It may seem like it’s TOO SOON to start your year-end checklist but .... we have tax deadlines, charitable contributions and conversion deadlines too! Just when you thought retirement planning was boring, the season changes. It’s also a great time to consider doing what you’ve thought about doing but haven’t. It’s time to consolidate your retirement accounts for simplicity and access. With only three months left in the year, why not get ahead of the New Year and plan now!