It is December, and with all the holiday decorations out at the stores and Christmas music on the radio, we are now in the holiday gift giving season.  Over the next several weeks many gifts will be given and received. The problem with this, however, is that each year many gifts are given, received and forgotten about soon after with no real meaning or lifetime value for both the giver and the recipient.  This is truly a shame.

“Hello Brian.  My husband and I have saved a good amount of money for retirement.  Most of it is in our pre-taxed IRAs and 401(k) retirement plans.  We are concerned about tax increases in the future, so we are considering doing a Roth conversion this year.  However, we are not sure we should do this.  Can you provide some factors we should consider to help us in making our decision before the end-of-the-year deadline comes to make this move?  Thanks so much.”  Karen

You know, finding knowledgeable, dependable, honest, and competent people to rely on during your lifetime is invaluable, such as a doctor, an attorney, a great tax accountant, and even a mechanic.  These people can save you a great amount of time, money, and stress; the same can be said for a quality financial advisor.  But how do you find one?

“Hi Brian.  I have been listening to your show for a while and have learned a lot.  I realize now that I need to do some things to get my retirement plan much more tax efficient.  You have mentioned several ways to do this, including tax loss harvesting. Can you please explain more about this?  Thank you.”  Ronald

Can you believe we are in mid November already! This of course means there are only a few weeks left in the year.  Obviously it is one of the busiest times of the year and people everywhere will be scrambling trying to get things done.  You probably do not need anything else added to your plate right now, but unfortunately the clock is also ticking on a few retirement planning moves that you have to and/or may need to make before time expires at the end of the year.

There is no denying that retirement planning is sophisticated, complicated, and an on-going process.  You simply must keep up to date and educated on the ever-changing tax laws, rule changes, plan provisions, and constant market fluctuations in order to make adjustments and changes to your plan on a regular basis.

It’s Halloween week, and the main theme of the season is “Trick or Treat”!  It is also a main theme right now in the financial-planning world because there are many financial tools, moves, options, and strategies available that could either be a ‘trick’ or a ‘treat’ to your retirement plan.  So how do you know which one it is?

Next week kicks off Halloween week which is the time of year for scary stories, costumes, haunts, etc.  Of course, all of these things are just make-believe for just a short period of time each year.  Unfortunately though, there are many scary issues going on in the financial, economic, tax and political world right now and they are not make-believe.  Many people are fearing the worst, and they are downright worried.  Are you scared?

“Hi Brian.  There has been a lot of talk and press about the benefits of saving in a Roth IRA.  However, for my case, I am just not seeing it.  My husband and I make a good living and are in a higher tax bracket than we will be in at retirement.  So for us, isn’t is best for us to save in a traditional IRA and 401k and take the tax deduction now and pay taxes later when our taxes are lower in retirement?  Thank you.”  Melissa

Recently we did our ‘Back to School for Your Retirement Show’.  Students across the country have been getting back to school over the last several weeks.  However, “back to school” is not just for students anymore.  You have to make sure to continue your retirement education each and every year due to all the many changes that take place in the financial arena.

It is always a hard time when a spouse passes away.  Obviously, there are a lot of emotions to deal with, as well as concerns and figuring out how to live without your spouse.  But what happens to your retirement plan?

The rules for inheriting assets and money have changed and may be changing more. Recently,  the original inherited stretch ira was eliminated, causing most people inheriting retirement account money to pay much more in taxes. Now there is talk of eliminating the stepped up basis in value. This would cause more taxation. So, what can you do?

Most people pay a lot of money into the Social Security system during their working years.  But do you know how much you will get out of the system?  A recent survey says that most people do not know what exactly affects their Social Security Benefits.

Retirement today is so much different from what it used to be.  People who were working back in the 50s, 60s, and 70s probably had the old–fashioned style traditional retirement where they retired with a solid pension plan. This coupled with Social Security took care of many people’s retirement lifestyle, and they did not have to worry about saving much more on their own.  Unfortunately, this is not the case anymore.  

Diversification is one of the cornerstones of investing, often touted as the best way to reduce risk. The idea is simple: by spreading your investments across various assets, sectors, and geographies, you can mitigate the impact of any single investment’s poor performance. However, while diversification is essential, there is a point where it can become counterproductive—what some call “over-diversification.”

“Hello Brian.  My wife and I are both 65 and just retired.  We are trying to figure out an income plan and how to draw from our different sources of income and savings properly.  Some friends of ours said we need to watch out for IRMAA.  We have no idea what this.  Can you please explain?  Thank you.”  Terry.

Hello Terry.  Congratulations on your recent retirement.  Setting up the proper income plan is vital to manage and mitigate taxes and other potential fees.  And IRMAA is one of those fees that could cost you a lot of money that you probably did not plan for if you don’t design your income plan properly.

When you think of certain important dates or ages, you generally think of birthdays, anniversaries, special moments, etc.  However, as you get older and get into your pre-retirement and retirement years, some other dates and ages become very important.  In fact, these dates may even become more important than birthdays and anniversaries because missing them or not understanding what happens at these times can have a severe impact on your retirement.

Investing is a critical aspect of financial planning, and selecting the right type of investment account is essential for achieving your financial goals. In this article, we’ll explore the main types of investment accounts, their purposes, basic features, and tax implications to help you make informed decisions.

It is August, and that means it is back-to-school time.  But back-to-school time is not just for kids in school anymore.  There are so many changes in the financial and economic arena each and every year, especially this year and in the coming years.  In order to keep your retirement plan updated, accurate and maximized at all times, you simply have to make sure you go ‘back to school’ to stay educated and informed.  So it is back-to-school time for your retirement plan.

Many people are considering early retirement or being offered early retirement packages from companies and employers that are cutting back or reducing their workforce.  However, you cannot make this decision based solely on the amount of money you have accumulated and saved.  In fact, you absolutely cannot retire until you consider many often-overlooked factors. 

Investing is often perceived as a daunting task meant for the wealthy or seasoned professionals. However, this does not have to be the case, especially if you start early. Starting investing early, even with small amounts, can dramatically alter your financial trajectory. This article introduces the essentials of investing for young adults, emphasizing the benefits of early participation, understanding fundamental concepts, and setting realistic financial goals.

The year 2024 has certainly been interesting so far.  A lot has happened, and many changes have occurred over the first six months of the year.  This sets the stage for a second half of the year that will most certainly be busy, especially with many planning deadlines and requirements due by the end of the year and a Presidential Election.  So what factors will affect your retirement plan for the rest of this year?

“Hi Brian. I have heard a lot about the benefits of the tax-free Roth IRA. However, the Roth IRA was not around when I was saving for retirement, and so all of my savings are in traditional IRAs where taxes are owed by me and my beneficiaries. I am 81 now. Am I too old to convert this to a Roth IRA, and if not, should I? Thank you.” Roger

2024 is half over, and this is the time of the year that many people have a medical checkup with their doctor to make sure everything is ok and to make health improvements. This is also a good time of year to visit with your ‘retirement doctor’ to evaluate your retirement plan and make sure it is up-to-date and accurate as well.  In other words, it’s time for your retirement checkup.

“I recently completed my tax return for last year. I pay for a service to file my tax return.  However, they do not offer any advice on strategies to save tax dollars in the future or how to get my retirement plan at tax efficient as possible.  They simply just take my documents and file my return.  If my tax preparer does not do this, them where can I find that type of tax savings planning expertise?”  Thank you.  Don

You know, many people think that they have thought of everything when it comes to their retirement plan.  Unfortunately, that is not the case in most circumstances.  Join me this weekend as we bring to your attention the many factors of retirement planning that are most often overlooked in the planning process, which very well could lead to a ruined retirement plan.

“Hi, Brian. Per your advice a couple years ago, we purchased I-Bonds. That was great advice, and we continue to receive a great safe rate of return. However, we heard the renewal rate is expected to go down, and since CD and money market rates have come up, should we now sell the I-Bonds and redirect that money elsewhere? Thank you.” Tim and Rita.

The continual ‘tick’ sound is the typical sound of a bomb about to go off. Fortunately, for most of us, that sound is only heard in the movies. However, this sound may now be a very realistic reality in real life concerning your traditional IRA, 401(k), and 403(b) retirement savings plans. So, what are you going to do?

In today’s day and age, many people care more about style and looking good than winning and being successful. Unfortunately, that objective can really hurt you. This is especially true when it comes to investing because it can really make a big difference in the ultimate value of your retirement plan.