Episode 409 - Whiplash, Retirement Account Opportunities and Mistakes During Market Volatility

We’ve all heard the famous words of American statesman Benjamin Franklin: “In this world, nothing is certain except death and taxes.” While we often tackle the topic of taxes on this show, today we’re turning our attention to the other certainty – death – and why it’s not as grim as it sounds when approached with intention. We’re joined by Nicole Westrick from Reynolds-Jonkhoff Funeral Home for an honest and thoughtful conversation about pre-planning. While the idea of planning for the end of life might feel a little uncomfortable at first, it can actually be one of the most empowering and compassionate decisions you make – for yourself and for those you love. Nicole will share insights on how pre-planning brings peace of mind, ensures your wishes are known, and becomes a true gift to your family during a difficult time. So take a deep breath, lean in and join us for this meaningful conversation. Tune in and take control … of your story!

Think retirement planning starts at 65? Think again! The most successful retirees start well before that magic number. On today’s show, we’ll dive into the nine key milestones that you’ll want to keep on your radar and on your calendar. From boosting your savings with catch-up contributions to avoiding costly Medicare penalties, timing is everything. We’ll also talk about CSR (Claim-Suspend-Restart), the powerful Social Security strategy that can help boost your guaranteed lifetime income. Who knew that claiming Social Security isn’t just a oneand-done decision? So, whether you're just starting to think about retirement or you're already counting down the months, this is the info you need to stay one step ahead – and retire with confidence. Stick with us … your future self will thank you! Tune in and take control! 

No, not marriage – we’re talking about retirement. On today’s show, we’re diving into the so-called “honeymoon phase” of retirement, that first year that can set the tone for those golden years you’ve been working and saving for. Planning, purpose and a few smart routines can make all the difference. We’ll also discuss your most valuable asset (some might say) … your home. More specifically, someone else’s home they may have left to you. From tax tables and capital gains to cost basis and tricky decisions, we’ve got a lot to discuss! But we’re here to break it down. Got questions? We love hearing from you!  Tune in and take control!

On this week’s show, Heidi will review the most frequently asked questions about Social Security from Heather Schreiber’s Social Security Advisor newsletter through Ed Slott. These questions are not simple, but they are oh so very important! We remain the sleuths of all things financial, constantly ferreting out the answers to the questions you’ve always wanted to know but may have been too afraid to ask. Next, Dennis will discuss the most recent “hot topic” regarding the economy – higher uncertainty, lower growth. Many advisors and economists are wondering when both certainty and growth will begin to rise. Because we attempt to provide all the answers to life that you’ve always wanted to know, we’ll continue our best efforts this week as well … Ha! Tune in and take control!

Many of your kind comments regarding last week’s show were very well received. Thank you! We always appreciate your input, and your questions regarding the SECURE Act and its impact on distributions for beneficiary IRAs were fantastic. On this week’s show, stats on the economy and what experts are saying about market valuations will be front and center. Also, Heidi will discuss an incapacity/emergency checklist that was presented at a recent Slott conference we attended a couple weeks ago in Atlanta, Georgia. This checklist is very practical and an exceptional reference source for you and your loved ones as you age. We are grateful for the many partners and advisors that disseminate information for us to share with you all!  Tune in and take control this Thursday or Saturday!

On today’s show, we’re diving into two hot-button issues that can impact your retirement security. First up: inherited IRAs. We’ll unravel the complex and evolving rules around Required Minimum Distributions (RMDs) for inherited IRAs under the SECURE Act – essential knowledge as key IRS regulations are set to expire while others are set to begin. We’ll also break down what the SECURE Act means to you and how to avoid costly mistakes. Trust us, it’s more confusing than ever, but we’re going to help you make sense of it all! Next, we’ll take a look at one of the fastest-growing scams targeting seniors today and discuss practices to help protect yourself, your loved ones and secure a healthy financial future. Don’t miss out. Tune in and take control!

Just when you thought your retirement planning was safe and secure … we attended an Ed Slott tax conference and hear about the latest tax planning issues and opportunities related to retirement accounts. All of this is a great reminder of the growing complexity, and the growing assets within these plans, that can make mistakes or opportunities that much more valuable for us (and you) to be aware of. One such example with many twists and turns took the Slott organization one full year to resolve, but they wound up saving an individual hundreds of thousands of dollars in unnecessary taxes and penalties. Other points less onerous, but equally good to know, are the new reporting requirements by custodians to notify participants and the IRS of QCDs processed from IRA accounts. We’ll also discuss the potential opportunities in international equities as highlighted in detail by Capital Group. So much to talk about, and so much more to know! We think this will be a fun and informative show. Tune in and take control!

Significant fluctuations in the stock market, along with increasing discussions about a potential recession, can certainly unnerve most investors. Some, however, view this as an opportunity, while others resort to panicked decisions that create even more unnecessary pain. Clearly, it is important for all of us retirement account savers to identify potential opportunities and avoid mistakes. On today’s show, we’ll review Ed Slott’s May newsletter, which touches upon this very issue, and talk about handling fluctuations as well as opportunities you might want to take advantage of given today’s realities. There’s lots to talk about this week, so we hope you can join us! If not, the podcast is available through our website, proutfinancialdesign.com, under the heading “Radio Shows.” Tune in and take control!

Today’s show will feature special guest Bob Simpson, the star of the local Social Security scene who kept his shirt on and was still famous. The fact that we were able to lure him out of his recent retirement to come on and speak to us about Social Security is a gift in and of itself, which we think you’ll love! We’ll review all the goings on with Social Security. Then, we’ll catch you up on the realities of Social Security, how to navigate the questions of collecting, and how to get your benefits when the time comes for you to retire! What more could you ask for? And we’d love to hear from you. Bob had decades to learn his craft and is excited to share all the latest. Tune in and take control!

Trying to ascertain the direction of the current economy and the stock market is not an easily ascertainable thing. And, yes, I’ve purposely used “ascertain” twice in the previous sentence to help make the point that even the experts are puzzled by the conflagration of stats that are coming out. Sometimes, history can help us. Other times, numbers are pointing to the fact that the S&P 500 is now down 10% this year and is a relatively significant amount historically. While its average decline is 13.8%, the number of times the market has declined 10% or more since 1928 has only occurred 33 times. On today’s show, there’s lots to talk about with the stats, and Heidi will be discussing the article on Social Security by Heather Schreiber titled “5 Golden Nuggets: Warnings and Winning Moves.” Speaking of uncertainty, Social Security is in the spotlight, and we think it is a good time to discuss it in more detail. We’ll highlight information and answer your questions as they arise. Tune in and take control!