Podcasts about secure act

In this episode, we break down the significant changes Secure Act 2.0 brought to single premium immediate annuities (SPIAs). You'll learn how the new rules allow SPIA income to count toward satisfying your required minimum distributions. This change makes SPIAs substantially more attractive from a tax perspective. We walk through recent research that revisits the famous 4% withdrawal rule from the 1990s. The study compares the traditional approach to a strategy that splits your retirement funds between a SPIA and a stock-heavy portfolio. You'll see why this combination produces more income with zero risk of running out of money by age 100. The numbers tell an interesting story. The SPIA approach generated about $80,000 per year compared to $68,600 with the 4% rule. While legacy values were lower, the failure rate dropped to zero versus a 20% chance of being broke by age 95 under the traditional method. We also discuss why so many people resist buying SPIAs despite the clear benefits. You'll hear our perspective on retirement planning dogma and why guaranteed income deserves serious consideration in your plan. The conversation covers practical concerns about giving up access to cash and what peace of mind actually looks like in retirement. _________________________- Ready to explore how guaranteed income might fit into your retirement plan? Contact us to discuss whether a SPIA strategy makes sense for your specific situation.

‘Tis the season for “best of,” “most,” and of course, “naughty and nice” list making.  In this episode Nevin (Adams) and Fred (Reish) share theirs with regard to retirement plans.In that holiday classic “Santa Claus is Coming to Town,”Santa is said to be “making a list and checking it twice…” all with the purpose of finding out “who's naughty and nice.” Well, in this special holiday-inspired episode, Nevin and Fred share their lists.  So, who/what is going to wind up with a lump of coal in their stocking?Here are our lists:Naughty 1. Surveys that promote bogus data to generate business for themselves.  Scare techniques generally, including by those who use surveys and studies to do that.2. Frivolous lawsuits - given multiple chances to make their claim(s) - the forfeiture suits primarily (note:  some of that comes from apparent conflicts in the laws and regulations…for example, the IRS says that using forfeitures to offset contributions is possible, but the DOL says that, if left to discretion, it is a fiduciary duty that must be in the best interest of participants.3. Social Security looming shortfalls left unaddressed - and everyone says it won't be a problem.  4. The lack of any integrated fiduciary/institutional answer to retirement income. Although the steps taken, e.g., the SECURE Act, are “nice.”5. The complexity of the laws governing qualified plans, especially when it comes to small employers.Nice1. Signs that people are saving more and better. Evidence in PSCA, Vanguard and Fidelity surveys.  The very low costs of saving through 401(k) plans as compared to retail (andpartially the plaintiffs' attorneys who have contributed to that).2. DOL backing plan fiduciaries on the forfeiture reallocation suit.   3. More personalized target-date funds/managed accounts.4. Pooled Employer plans (though keep an eye on themarketing and administration of these programs down the road).5. Mandatory automatic enrollment for new 401(k) and 403(b) plans.6. Retirement issues continue to be a bipartisan issue mostly). Episode Resources:Misleading headlines/surveysTalking Points: Third Time No Charm in ‘Forgotten Account' FantasyTalking Points: IRA ‘Junk' BunkNo 'Magic' in These 401(k) Retirement NumbersTalking Points: A Red Flag for a ‘Red Flag' Report).Social Security'Nothing' Doing About Social Security?Forfeiture StuffDOL Backs HP in Forfeiture Reallocation Suit AppealSECURE 2.0 and Retirement IncomeSECURE Act and Guaranteed Income (Part 3) - Fred Reish6 Obstacles to Retirement Income AdoptionPEPsNevin & Fred: Could a Predominant PEPs Prediction Prove Positive?Automatic EnrollmentThe SECURE Act 2.0: The Most Impactful Provisions (#1–Automatic Plans) - Fred ReishThe SECURE Act 2.0: The Most Impactful Provisions #13 — Starter 401(k) Plans and Safe Harbor 403(b) Plans - Fred ReishThings I Worry About (6): Automatic Enrollment (5) and PEPs - Fred Reish 

In this episode, Roger Whitney walks listeners through the complexities of inherited IRAs, highlighting the impact of the SECURE Act of 2019 and clarifying the distinctions between eligible and non-eligible designated beneficiaries. He explains how these classifications affect withdrawals and tax planning, making the rules easy to understand. Roger also answers listener questions on topics like retirement team selection and funding health insurance with HSA accounts. Beyond the numbers, he shares practical strategies for creating more meaningful holiday conversations, drawing on real-life examples to show how curiosity and intentionality can help you connect more deeply with the people you care about.OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN(00:00) This show is dedicated to helping you rock retirement.(00:30) In today's episode, Roger Whitney covers the rules around inherited IRAs, explores ways to foster deeper and more meaningful conversations during the holidays and beyond, and answers listener questions.RETIREMENT TOOLKIT(01:00) Today ​in ​the ​Retirement ​Toolkit ​we're ​going ​to ​talk ​about ​the ​rules ​around ​inherited ​IRAs.(02:40) Differences between eligible and non-eligible designated beneficiaries for inherited IRAs are explained.(14:32) Roger talks about ROTH IRAs and how they work.RETIREMENT LIFE LAB(16:04) Roger explains how approaching conversations with curiosity and intentionality, especially with older family members or those with different interests, can create more meaningful and enriching interactions.LISTENER QUESTIONS(25:37) Ira asks what to ask a financial advisor's team to understand their retirement planning services and team longevity.(37:02) Mary Jane asks if she can use Health Savings Account funds tax-free to pay for private health insurance premiums before Medicare eligibility.SMART SPRINT(38:42) In the next week, approach holiday or New Year's gatherings with curiosity by asking questions and engaging with people you don't see often to create more meaningful interactions.REFERENCESSubmit a Question for RogerSign up for The NoodleThe Retirement Answer Man

This week, Angela discusses charitable giving and how individuals can maximize their donations to causes they care about while also benefiting themselves from a tax perspective. She emphasizes the importance of asking questions and seeking holistic financial planning to understand how to give more effectively. Key Takeaways

Episode Summary The SECURE Act changed the game for inherited IRAs, especially for non-spouse beneficiaries. What used to be a “stretch IRA” strategy (spreading withdrawals over a lifetime) is now, for most people, a 10-year clock: the inherited IRA generally needs to be fully distributed by the end of the 10th year. David and Nick break down what changed, why IRS guidance took so long to clarify, and how families can plan around the tax ripple effects—particularly when kids inherit IRAs in their peak earning years. Watch the full episode on YouTube HERE. Key Takeaways The “stretch IRA” mostly applies now only to eligible designated beneficiaries (with spouses treated differently). For many heirs (like adult children), the inherited IRA often must be emptied by the end of year 10—which can create a major tax planning puzzle. Big inherited balances + high-earning heirs can equal bigger tax brackets and less flexibility. Don't let the tax tail wag the dog: planning should support your bigger goals, not just minimize taxes at all costs. Strategies Discussed Increase the number of beneficiaries (even considering grandkids in the right situations) to spread income and tax impact Think holistically: who should inherit IRAs vs. Roth vs. brokerage assets Charities can be ideal IRA beneficiaries since they typically don't pay income tax Consider whether it ever makes sense to bypass the spouse at first death (only in very specific situations) Roth conversions as a way to pay tax at a potentially lower rate now and leave heirs tax-free withdrawals later Strategic beneficiary designations: review them regularly and understand the tradeoffs Quote Worth Remembering “If somebody wants to leave me any amount of money, I'll gladly pay taxes on it.” Next Steps Have questions about inherited IRAs, Roth conversions, or beneficiary strategy?Contact SRB today at 517-321-4832 or email us at info@srbadvisors.com. Don’t forget to subscribe to our YouTube Channel at https://www.youtube.com/@shotwellrutterbaer Episode Chapters Welcome to Kitchen Table FinanceBite-sized financial advice to simplify your money and your life. The SECURE Act & the “Death of the Stretch IRA”Why inherited IRA rules quietly changed and why people are only noticing now. Why These Changes Flew Under the RadarCOVID, delayed IRS guidance, and confusion around implementation. Who Can Still Stretch an IRA (And Who Can't)Non-spouse beneficiaries vs. surviving spouses explained. The 10-Year Rule for Inherited IRAsWhat most children now face when inheriting an IRA. The Real Tax Problem: Peak Earning YearsWhy adult children inheriting large IRAs often face higher tax bills. Perspective Check: Is the Tax Bill Really the Problem?Avoid letting tax fears drive irrational decisions. Strategy #1: Increasing the Number of BeneficiariesWhen spreading beneficiaries (including grandkids) can help—and when it doesn't. Matching Assets to BeneficiariesWho should inherit IRAs vs. Roth accounts vs. taxable assets. Charities as IRA BeneficiariesWhy charities are often the most tax-efficient option. Bypassing a Spouse: When It Might Make SenseSplitting beneficiary designations and using multiple 10-year windows. Strategy #2: Roth ConversionsPaying taxes now to potentially save your kids money later. Should Kids Help Pay for Roth Conversions?Intergenerational planning opportunities—and risks. Talking About Money Across GenerationsWhy family conversations can prevent planning mistakes. Strategy #3: Strategic Beneficiary DesignationsUnderstanding the “third beneficiary” — the IRS. Don't Let Taxes Override Your Life GoalsBalancing tax planning with enjoyment, spending, and impact. Final Thoughts on Inherited IRA PlanningWhy there's no one-size-fits-all answer. How SRB Can HelpPlanning inherited IRAs, retirement, and legacy strategies. Closing & SubscribeStay connected for more Kitchen Table Finance conversations.

In this special seasonal episode, you and Tom resurrect Ha or Duh, tearing through Investopedia readers' “rules to live by” and dismantling the silliest ones with mock gravitas. Between the dad-joke arms race, a spirited defense of compounding, strong opinions on due diligence, and a surprising detour into crypto-mad zip codes, the show blends real financial guidance with holiday-season chaos. The episode also hits deeper listener questions on rebalancing, Roth vs. pre-tax strategy in high brackets, and the danger of thinking blue chips alone equal diversification. 0:04 Seasonal return of Ha or Duh and setup of Investopedia's “investing rules” 1:32 Rule 1: Never sell because of emotions — duh 2:44 Rule 2: “Only invest in what you know” — emphatic huh 3:35 Rule 3: Good investment in a bad market — phrasing unclear, lean duh 4:26 Rule 4: Never underestimate compounding — mega-duh 5:35 Rule 5: Cash and patience as “positions” — hard huh 6:25 Segment break into calls 7:49 Back to Ha or Duh lightning round 8:33 Buy low, sell high — duh (with caveats) 9:58 “Losses are tuition you won't get at uni” — pass 10:21 Hold for the long term — duh 11:09 Marathon, not sprint — duh 11:39 Is education the best investment? Nuanced disagreement 12:45 “Always do your own due diligence” — modified duh (about advisors, not stocks) 15:22 FOMO avoidance — duh 16:27 Final rule: Start now — biggest duh of all 17:41 Wrap-up and transition back to regular Q&A 18:06 Listener question: Finding the “sociopath son” episode 19:28 Setup for Friday's Q&A episode 20:18 Don's town turns into “free Disney World” during holidays 21:51 Disney hotel pricing shock and personal stories 23:42 Don's new original Christmas story: Santaverse 24:01 Story podcasts spike; Short Storyverses mention 25:28 Listener from Bothell: 90% blue chips, 10% cash — how to rebalance? 26:39 Why blue chips aren't diversified and the S&P concentration problem 28:52 Listener in high bracket asks when Roth beats pre-tax 30:26 SECURE Act 2.0 catch-up rules; Roth vs. pre-tax philosophy 32:10 Monte Carlo vs. unknowable future tax rates 33:26 Why all-Roth 401(k)s would simplify life 34:28 Advice: Likely stay pre-tax in 24% bracket 35:50 Shocking stats: Seattle among highest crypto-owning zip codes 37:24 Air Force bases dominate crypto ownership — why it's dangerous Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of the CD Financial Podcast, Chuck D and Marcus C delve into the implications of the new Secure Act 2.0, particularly focusing on catch-up contributions to retirement accounts. They discuss the differences between Roth and traditional contributions, the tax implications of forced Roth contributions, and the concerns that high earners may have regarding their tax bills. The conversation also touches on the challenges of payroll setup for federal employees and the perceived unfairness of the new rules. Additionally, they provide insights into how these changes may affect cash flow and retirement planning, concluding with a health tip emphasizing the importance of resistance training for longevity.TakeawaysCatch-up contributions can be made to Roth or traditional accounts depending on income levels.The Secure Act 2.0 mandates Roth contributions for high earners.Tax implications of Roth contributions can affect take-home pay.Forced Roth contributions may disrupt financial planning for some individuals.Payroll systems may struggle with the implementation of new rules.Many employees feel penalized by the new tax rules.Federal employees need to consider how these changes affect Medicare premiums.Regional variations exist in contribution rules for federal employees.It's crucial to review retirement plans regularly to avoid mistakes.Resistance training is essential for maintaining health as we age.

This week, Angela joins the Slice Podcast to talk about the latest tax legislation and how it impacts families, business owners, and retirees. She discusses the extension of current tax rates, the SECURE Act 2.0, 529 plans, charitable giving, Roth conversions, estate tax exemptions, and Trump accounts. She also emphasizes the importance of planning and optimizing financial strategies to take advantage of available opportunities and achieve long-term financial confidence.   Key Takeaways

Chris's SummaryJim and I review the QLAC 1098-Q and walk through how this form reports premiums, fair market value, and contract status. We compare it to Form 5498, outline how the fair market value and excess annuity payments can be used under Secure Act 2 Section 205 with other IRAs, explore the age-85 and surviving-spouse reporting rules, and touch on listener PSAs about using QLACs as part of a broader self-funded long-term care approach. Jim's “Pithy” SummaryChris and I use the QLAC 1098-Q as a way to show how the IRS keeps tabs on your QLAC and why that little form matters more than people think. I talk about it as the “kissing cousin” of Form 5498, walk through how box 3 tracks cumulative premiums against the current $210,000 lifetime limit, and explain how the fair market value and projected income give the IRS what it needs while also giving you the data to run the Section 205 strategy after Secure Act 2. Then I get into the strange rule that says the company only has to send 1098-Qs until age 85 or death for the original owner, contrast that with the different rule for a surviving spouse, and spell out why it could be a real problem if the insurer stops providing a usable fair market value once income has been turned on. We kick around how that interacts with the prohibition on DIY fair market value calculations, the inability to get a QLAC quote after age 85, and why advisors and clients are going to care which companies keep sending this information even when they technically don't have to. On top of that, I read listener emails about using QLACs alongside self-funding long-term care and push back on the idea that you only insure things you are “sure” you'll need. The post The QLAC 1098-Q: EDU #2549 appeared first on The Retirement and IRA Show.

A few weeks ago our 14-year-old daughter ordered a $30 item online with her own hard-earned cash. She was proud of herself—until a notice popped up: the product was coming from overseas and a tariff of roughly $30 would be due at delivery. She looked at me, stunned. “Wait… I have to pay double to get it?” She paused, thought, and said, “I still want it.” https://www.youtube.com/live/gV_EvvpiXww That tiny moment shows a big reality: taxes aren't just something you deal with in April. They show up everywhere, often without warning, and every one of them is a leak in your wealth bucket. It's also a simple picture of why taxes and wealth creation are tied together in ways most families never see. The Real Link Between Taxes and Wealth CreationTaxes and wealth creation: Why taxes are the biggest wealth leakThe compounding cost of taxesTaxes and wealth creation: 95% of the tax code is about how not to pay taxes“Is this deductible?” vs “How do I make this deductible?”Taxes and wealth creation: Tax planning is not tax preparationTaxes and wealth creation: The SECURE Act and a silent inheritance taxThe 10-year inherited IRA ruleTaxes and wealth creation: Roth conversions as a legacy moveTaxes and wealth creation: Positioning money where compounding can keep workingReal estate incentivesCharitable givingWhole life insurance for tax-efficient legacyTaxes and wealth creation: Thinking past your lifetimeHere's the point: taxes and wealth creation rise and fall together.Book A Strategy CallFAQWhat is the connection between taxes and wealth creation?Why do taxes feel invisible to most families?What did the SECURE Act change for inherited retirement accounts?Are Roth conversions a good strategy for generational wealth?How does real estate help with tax-efficient wealth building?Why is tax planning different from tax preparation?How does whole life insurance fit into tax-efficient legacy planning? The Real Link Between Taxes and Wealth Creation This topic matters because taxes quietly take more from most families than any other expense. Not your mortgage. Not your lifestyle. Taxes. In this article we're going to pull taxes out of the “yearly chore” box and put them where they belong—in the center of your wealth plan. You'll see why taxes are such a drag on compounding, how the tax code rewards certain behaviors, what the SECURE Act changed for retirement accounts and heirs, and why Roth conversions and other strategies can protect wealth for your lifetime and beyond. The goal is simple: help you keep more dollars in your control so they can grow and bless your family for generations. Taxes and wealth creation: Why taxes are the biggest wealth leak Most people think about taxes as a single event: file your return, see if you owe or get a refund, and move on. But Bruce made a point that changes everything: we pay taxes on almost every transaction. Federal and state income taxes are just the obvious ones. Add sales tax, gasoline taxes, property taxes, and the taxes baked into your phone and internet bill—and the true cost is enormous. Even when you don't see it, you pay it. And the dollars you lose to taxes don't just disappear today. You lose what those dollars could have become after decades of compounding. Once money leaves your control, the future of that money is gone forever. The compounding cost of taxes I love pictures, so here's one we used. Imagine your money as water in a five-gallon bucket. If there are leaks in the bottom, you don't arrive anywhere with a full bucket. Taxes are one of the biggest leaks. You can earn more and work harder, but if you don't seal the leaks, your progress is always slower than it should be. Think about the penny-doubling example. A penny doubled daily for 30 days becomes millions, but for the first week it still feels tiny. That's why people underestimate compounding. Taxes interrupt that curve. They pull dollars out before they ever reach the steep part of growth. Wealth isn't only about what you earn. It's about what you keep and control long enough for compounding to do its job. That's why taxes and wealth creation are inseparable. Taxes and wealth creation: 95% of the tax code is about how not to pay taxes Bruce shared something that shaped his whole view. A former IRS auditor once told him: only about 5% of the tax code explains how you pay taxes. The other 95% explains how you don't have to pay taxes. That surprised me at first, but it's true. Congress uses the tax code to steer behavior. If they want more housing, they reward people who provide housing. If they want investment in certain industries, they create incentives there. The incentives exist on purpose. If lawmakers didn't want people to use them, they wouldn't be written into law. “Is this deductible?” vs “How do I make this deductible?” Tax strategist Tom Wheelwright says the wrong question is, “Is this deductible?” The right question is, “How do I make this deductible?” Example: if you travel to evaluate real estate deals and your primary purpose is legitimate business, documented properly, the tax code may allow deductions. The key isn't being clever. The key is following the rules clearly. We never recommend gray areas. Good tax strategies are black-and-white and well documented. Taxes and wealth creation: Tax planning is not tax preparation The tax code is thousands of pages long and changes constantly. Many CPAs are overloaded with compliance work—paperwork, deadlines, filing logistics. So a lot of families get tax preparation, not tax planning. Preparation reports what happened and tells you what you owe. Planning helps you shape what you owe before the year ends. If you want to build wealth, you can't treat planning like an afterthought. You may need a professional whose mindset is: “My job is to help your family pay the least amount of tax legally possible.” Not because taxes are bad, but because every dollar saved is a dollar that can compound, be invested, or be given with purpose. Taxes and wealth creation: The SECURE Act and a silent inheritance tax If you have tax-deferred retirement accounts—401(k)s, IRAs, 403(b)s, SEP IRAs, deferred annuities—you need to understand what changed. Older rules required minimum distributions (RMDs) at age 70½. The SECURE Act pushed that age to 75. That sounds like a gift, but it has a catch: more years of growth means a larger account, which often leads to larger taxable withdrawals later. But the bigger change hits your heirs. The 10-year inherited IRA rule If a tax-deferred account passes to a spouse, they can keep deferring. If it passes to your kids or grandkids, most beneficiaries must empty the account within 10 years. Picture a 45-year-old inheriting a $1 million IRA. Under old stretch rules, they could take small withdrawals over a lifetime. Now many will take around 10% per year—about $100,000 annually—stacked on top of their working income, often in their highest-earning years. That pushes those inherited dollars into their top tax bracket. So the SECURE Act didn't remove taxes. It concentrated them. If you do nothing, your children may pay far more tax on your retirement savings than you ever expected. Taxes and wealth creation: Roth conversions as a legacy move This is where Roth conversions come in. We're not giving advice here—your personal facts matter—but the principle is powerful. A Roth conversion means paying tax on some tax-deferred dollars now so they move into a Roth account. Later withdrawals are tax-free. When the Roth passes to heirs, they still follow the 10-year rule, but distributions are generally income-tax-free. When we run numbers with families, we often find that paying some tax earlier can reduce the total tax bite over two lifetimes—yours and your kids'. For families who care about legacy, that's a big deal. Taxes and wealth creation: Positioning money where compounding can keep working Bruce listed several straightforward ways families can keep more dollars compounding without needing complex structures. Real estate incentives Real estate is a clear example of Congress rewarding behavior. The U.S. needs more housing, so the tax code offers depreciation and, in some cases, bonus depreciation for certain investments. Those deductions can offset taxable income and free up cash flow for more investment. The rules are specific, so strategy and documentation matter. Charitable giving If generosity is already part of your family culture, don't ignore how charitable strategies can lower taxes while letting you support what matters most. Whole life insurance for tax-efficient legacy This is a place where our work often connects the dots. Properly designed whole life insurance has a unique tax profile: cash value grows tax-deferred, you can access it through policy loans without triggering income tax, and the death benefit passes to heirs income-tax-free. We like to say that every tax dollar you save is another dollar you can reposition into assets that serve generations. Whole life often becomes a family gold reserve—liquid in your lifetime, leveraged at death, and protected from future tax surprises. Taxes and wealth creation: Thinking past your lifetime During the episode I shared a golf analogy. Your wealth plan is like a golf swing. Most people only focus on the backswing—everything that happens until you hit the ball. In life, that's “my lifetime.” But legacy is the follow-through. Where does the ball go after contact? What trajectory does your wealth take after you're gone? When you plan only for your life, you miss the biggest multiplier in tax planning: time across generations. When you plan with follow-through, you make different choices today—like paying some taxes sooner—because you see how that can protect your children from a heavier burden later.

There are important changes coming to 401 (k), 403 (b), and 457 retirement plans in 2026, so I'm focusing on how these updates may impact catch-up contributions for individuals over age 50. With the Secure Act 2.0 on the horizon, higher earners will soon have to make their catch-up contributions as Roth (post-tax) rather than pre-tax contributions, potentially affecting their take-home pay and tax strategies. Tune in as I walk you through what you need to know, how to prepare for these new rules, and actionable steps to make the most of your retirement savings.  You will want to hear this episode if you are interested in... [00:00] 2025 retirement contribution limits. [05:26] Roth 401(k) catch-up contribution. [08:05] 2026 salary tax example analysis. [11:37] Tax impact on pre/post contributions. [14:20] Tax-free Roth options. Navigating the 2026 Catch-Up Contribution Changes Employer-sponsored retirement plans, such as 401(k), 403(b), and 457, have long offered "catch-up contributions" for participants aged 50 and above. These extra contributions serve as a valuable tool for bolstering retirement savings during peak earning years. The catch-up contribution limits for 2025 will allow participants to contribute an additional $7,500 on top of the standard $23,500 annual maximum, totaling $31,000. There's also a "super catch-up" for those aged 60-63, which jumps to $11,250. But starting in 2026, the Secure Act 2.0 introduces a pivotal change: If you earned over $145,000 in 2025: You'll be required to make catch-up (and super catch-up) contributions after tax to Roth accounts, not as pre-tax traditional contributions. For those earning under $145,000, it's business as usual; you can still make catch-up contributions pre-tax if you choose. How These Changes Impact Retirement Savers The biggest impact? High-income earners will see an immediate difference in their take-home pay. Traditional pre-tax contributions typically reduce taxable income in the year made, lowering both federal and state taxes. Roth contributions, however, do not offer this upfront tax savings; instead, they provide tax-free withdrawals in retirement. This means that someone earning $170,000 could see their annual tax bill rise by nearly $2,300 when $8,000 of their retirement saving shifts from pre-tax to post-tax Roth dollars. If you earn even more, say, $300,000, the annual difference climbs above $3,500, all while saving the same amount. The tax diversification benefit of Roth accounts remains, but the immediate budget hit is real. Preparing for the 2026 Transition These are my top tips for getting ready for 2026: 1. Check Your Plan's Roth Options: Verify with your HR or retirement plan administrator whether your employer plan supports Roth 401(k) (or equivalent) contributions. If it doesn't, advocate for plan amendments, employers have until 2026 to comply. 2. Assess Payroll Impact: Use online paycheck calculators to estimate your net pay under the new rules.. 3. Consider Alternatives if Roth Isn't Available: If your employer doesn't offer Roth options, you can still open a Roth IRA, though income limits may apply. Those exceeding these limits can explore the "backdoor" Roth IRA strategy or even simply invest in a taxable brokerage account with tax-efficient ETFs. The Long-Term Upside of Roth Savings While losing the immediate tax break feels like a setback, forced Roth contributions offer unique advantages: Tax-Free Growth: Money in Roth accounts grows tax-free, and withdrawals are also tax-free. Estate Planning Boost: Funds left in Roth accounts can pass to heirs with minimal tax consequences. Retirement Flexibility: Roth assets aren't subject to required minimum distributions (RMDs) during the account owner's lifetime. A consistent series of $8,000 annual Roth catch-up contributions, invested over a decade at 6-8% returns, could grow to $105,000 - $115,000 tax-free, with possible doubling over the next two decades if left untouched. Change is coming to catch-up contributions for high earners, beginning in 2026. By understanding these new rules and taking proactive steps now, you can minimize disruption and position yourself for long-term retirement success. The road to retirement is always evolving, make sure your strategy evolves with it. Resources Mentioned Retirement Readiness Review Subscribe to the Retire with Ryan YouTube Channel Download my entire book for FREE  Salary Paycheck Calculator – Calculate Net Income  Connect With Morrissey Wealth Management  www.MorrisseyWealthManagement.com/contact   Subscribe to Retire With Ryan

The information we provide is our opinion and not necessarily that of our firm or this platform. We provide general information on the podcast, not any customized investment advice. Nothing should be construed as financial, tax, or legal advice. You should consult with your own professionals about your personal situationIn this episode, Kris Flammang is joined by guest host Colin Habig to break down the new 401(k) catch-up contribution rules under SECURE Act 2.0—and how they specifically impact high earners and plan sponsors.Starting in 2026, individuals making over $145,000 annually will see big changes in how they can contribute catch-up dollars—and Roth contributions may be the only option. Whether you're a high-income employee or a business owner running a retirement plan, this is your heads-up episode.➤ What You'll Learn→ The key 401(k) changes coming for earners above $145K→ How Roth-only catch-up rules will affect retirement strategies→ What small business owners and plan sponsors need to do NOW→ Compliance and automation strategies to avoid mistakes→ The timeline for plan amendments and why 2026 matters

Aaron Kowal discusses the SECURE Act 2.0 and what high earners need to know. Then touches on ways you can catch up on retirement savings. Later Jeff Kowal joins to share how ‘401k leakage' can drain your retirement savings dry. And Aaron wraps up the show with why wealth preservation matters.

In this episode of the SYM Financial Podcast, we dive into how retirement planning has evolved, especially with the rise of automation like automatic enrollment. We see how it's made saving easier and boosted participation—people are saving more without even having to think too hard about it. But we also talk about how nothing replaces a real conversation—about your goals, risks, and what's best for your personal situation. We touch on recent changes from the Secure Act 2.0, which might impact how you contribute, especially if you're over 50 or planning to use Roth options. It's a reminder to stay informed and work with a financial advisor to understand your choices. Plus, we explore different investment options, like target date funds and risk-based portfolios, stressing that everyone's different. There's no one-size-fits-all, and honest conversations help you make smarter decisions, so you feel confident about your future. It's all about making your retirement goals achievable and feeling good about the path you're on. About our hosts, Tom Ackmnn and Nick Gray: Tom Ackmann and Nick Gray bring a combined six decades of retirement plan experience to their advisory roles. As Principal and Senior Retirement Plan Advisor, Tom leverages over 30 years of experience in recordkeeping, compliance, plan design, and participant education to deliver comprehensive solutions that balance the needs of sponsors and participants alike. Nick, a Retirement Plan Advisor with nearly 30 years in the industry, is known for his relationship-driven approach, offering thoughtful service to plan sponsors and empowering employees with retirement planning education. Together, they provide guidance to help businesses, and their teams build secure financial futures. Connect with Tom Ackmann Connect with Nick Gray   Disclosure: Certain links above are to third-party sites and are not affiliated with SYM Financial Corporation ("SYM"). SYM is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about SYM, including our investment strategies, fees and objectives, can be found in our ADV Part 2 or Form CRS, which is available upon request.

The SECURE Act clock is ticking! Join Carlos Zarate, ChFC, from the Advanced Planning Team at AuguStar as he breaks down the critical deadlines for inherited IRAs. The 10-year rule is top of mind for many IRA beneficiaries, especially now that waived penalties for missed RMDs are a thing of the past. Carlos shares a 3-step strategy for financial professionals to proactively model distributions, build client trust, and help clients avoid the year-10 tax spike.

In this episode of 401(k) Roundtable, Rick Unser is joined by Andrew Biggs, Senior Fellow at the American Enterprise Institute, and Mina Biggs, Chief People Officer at Hanson Professional Services. Together, they unpack the so-called "retirement crisis," exploring generational attitudes toward saving, the evolving structure of retirement plans, and how government policies like the SECURE Act 2.0 aim to move the needle. From the role of Social Security to the importance of workplace financial education, this episode offers practical insight for plan sponsors, HR leaders, and anyone navigating today's retirement landscape. The Real Retirement Crisis: Why (Almost) Everything You Know About the US Retirement System Is Wrong

Are you missing out on thousands in retirement savings because of new 401(k) rules? Ryan Herbert and Katherine Groce break down the latest Secure Act changes, explain why high earners must rethink their catch-up contributions, and how tax diversification—using Roth accounts and cash value life insurance—can protect your future. Discover actionable strategies to maximize tax-free income, avoid costly mistakes, and build a resilient retirement plan. Want to begin building your retirement and tax plan? Schedule a 15-minute call with us here:

This episode is essential listening for anyone who's inherited an IRA, especially in light of the game-changing SECURE Act. If you've inherited a retirement account from a non-spouse since 2020, this episode is packed with details you need to know to avoid unexpected tax bills and penalties. I explain the new rules for inherited IRAs, explaining the requirements and options for non-designated, non-eligible, and eligible designated beneficiaries. Whether you're figuring out minimum distributions or seeking smart tax-planning strategies, you'll get clear guidance on how these updates affect you, plus tips to steer clear of common mistakes in 2025 and beyond. You will want to hear this episode if you are interested in... [00:00] Inherited IRAs: key details explained. [02:36] SECURE Act and rule changes. [04:18] Retirement account beneficiary guidance. [07:13] IRA inheritance withdrawal rules. [10:31] IRA distribution rules explained. [13:36] Get in touch for more inherited IRA guidance & support. Inherited IRAs After the SECURE Act: What You Need to Know Before 2020, inherited IRAs were relatively simple: most non-spouse beneficiaries could "stretch" required minimum distributions (RMDs) over their lifetime, potentially lowering annual tax bills. The SECURE Act changed that. If you inherited an IRA from someone who passed away on or after January 1, 2020, new distribution rules likely apply to you, and ignorance could cost you in penalties. The law categorizes beneficiaries into three groups, and the rules differ based on which kind you are. 1. Non-Designated Beneficiaries Non-designated beneficiaries are not people; think estates, certain trusts (non-qualifying), or charities. Naming your estate as the beneficiary might not be the best move if you want your family to get the most options. Here's why: If the original owner died before their required beginning date (generally April 1 of the year they turned 73), the account must be fully distributed within five years. If they died after that date, the estate can take distributions using the deceased owner's single life expectancy, but this is still less flexible than for individual beneficiaries. 2. Non-Eligible Designated Beneficiaries This is the category most adult children, grandchildren, and some trusts fall into. For these individuals, the rules are as follows: If the owner died before their required beginning date (age 73), you must drain the IRA within ten years, but there's no mandate on interim distributions until year 10. Be careful, though, a massive, one-year withdrawal could push you into a higher tax bracket. If the owner died after their required beginning date, Annual RMDs start the year after death using the single life expectancy table, and the account must be completely emptied by the end of the tenth year. 3. Eligible Designated Beneficiaries This privileged group gets more flexibility, including: Surviving spouses (who can treat the IRA as their own or as inherited). Minor children (of the deceased owner, but only until age 21). Disabled and chronically ill individuals. Individuals no more than ten years younger than the deceased. They're allowed to take stretch distributions based on their own life expectancy, often leading to much smaller annual withdrawals and lower taxes. Planning Opportunities and Tax Pitfalls The IRS wants its share, and waiting until year 10 to take out all the funds could mean a significant tax hit. Instead, you might consider spreading withdrawals over several years, especially if you know you'll retire before year 10, lowering your tax rate in some of those years. Beneficiaries must also remember critical deadlines. Because the IRS allowed a moratorium on required distributions from 2021 to 2024 due to pandemic-related confusion, many will need to start withdrawing in 2025. Missing a required distribution can cost you 25% of the amount you should have taken, ouch! Practical Steps for Beneficiaries Review the decedent's date of death: This will determine which rules apply. Identify what type of beneficiary you are. Plan withdrawals smartly: Don't let inertia trigger a tax bomb in your tenth year. Consult a financial advisor: The rules are complex, and the stakes are high; personalized advice can help prevent costly mistakes. Don't name your estate or a non-qualifying trust as your beneficiary if you want your heirs to have better options. Inherited IRAs under the SECURE Act require more attention than ever before. Get proactive: determine your beneficiary type, mark your calendar for required distributions, and develop a tax strategy that fits your situation. Resources Mentioned Retirement Readiness Review Subscribe to the Retire with Ryan YouTube Channel Download my entire book for FREE  Connect With Morrissey Wealth Management  www.MorrisseyWealthManagement.com/contact   Subscribe to Retire With Ryan

In this extended Friday Q&A episode, Don answers six listener-submitted questions covering a wide range of personal finance and investing topics. He kicks off with a fiery takedown of cryptocurrency as a viable asset class, arguing it's based on hype and the greater fool theory. Other questions explore whether pensions should count as fixed income in asset allocation, the performance of Dimensional and Avantis funds versus traditional index funds, the pros and cons of Collective Investment Trusts in 401(k)s, and the strategic timing of Social Security. He ends by clarifying a common misconception about RMDs and Secure Act 2.0. Expect smart insights, a little snark, and the kind of blunt honesty that's rare in financial media. 0:04 Listener Q&A returns with an extra dose—six questions this time 1:07 Confusing podcast scheduling clarified (sort of) 2:11 Crypto as an asset class? Don calls it “entirely invented” and dismantles the use case hype 4:32 If civilization collapses, your Bitcoin won't save you 6:06 Crypto = greater fool theory; Don braces for hate mail 7:30 Dimensional/Avantis vs. index funds—do the extra fees pay off? 9:13 A 15-year comparison: Dimensional Global Equity vs. VT 11:43 Should a pension count as fixed income? Don says no—it's a volatility game, not income 15:48 CITs (Collective Investment Trusts) in 401(k)s—cheaper, but less transparent 18:58 Index funds should be your benchmark; Don suspects this one's active 20:02 Claiming Social Security early to preserve Roth? Don says the math rarely supports it 23:59 Secure 2.0 and RMD confusion—born in 1959? You still take RMDs at 73, not 75 26:15 Tech keeps improving—Don urges retirees to stay sharp, stay curious Learn more about your ad choices. Visit megaphone.fm/adchoices

What do the new Secure Act 2.0 rules mean for Roth contributions and retirement planning in 2025? In this episode, we explore what pilots and high-income earners need to know about Roth catch-up contributions, required Roth designations, and the risks of in-plan Roth conversions. You'll also learn how these changes may impact your taxes, your long-term retirement savings, and the best ways to prepare now.  Take The Pilot Wealth Index to find out if you are on track for retirement! You can find show notes, resources and more at: https://tinyurl.com/2f6srj8e 

Big changes are coming to retirement planning—and they may hit you sooner than you think. In this week's episode of The Capitalist Investor, Tony and Derek break down new rules that eliminate a key 401(k) tax break for employees over age 50 making more than $150,000Congress is now forcing these catch-up contributions into Roth accounts, removing the upfront tax deduction many workers rely on. While this may sound like bad news, Tony and Derek explain why having a Roth “bucket” might actually strengthen your long-term tax strategy.You'll learn:Why losing this deduction isn't as catastrophic as it soundsHow building three “buckets” (cash, tax-deferred, and tax-free) gives you flexibility in retirementWhat the new rules mean for Medicare surcharges and health care costsWhy the government is really making this change—and how it could affect your futureThey also share frustrations with the complexity of the Secure Act 2.0, including catch-up age rules, savers' matches, and automatic enrollment requirements. Is it smart policy—or just another mess for workers and employers?

In this episode, I tackled some of the most common and pressing questions I've received from listeners, prospective clients, and current clients at Retire Strong Financial Advisors. These questions are all centered around one big theme: preparing for retirement with clarity and confidence. Whether you're wondering about old 401(k)s, required minimum distributions (RMDs), or how to structure your retirement income, we covered a lot of ground. One of the first things I addressed was the new government resource for tracking down forgotten retirement accounts: LostAndFound.dol.gov. If you think you might have an old 401(k) or pension from a previous employer, this secure database can help you locate it. If you're nearing retirement, it's crucial to understand how RMDs work, what your contribution limits are, and whether your plan provider supports the latest updates, such as the changes from the SECURE Act 2.0. Always check with your financial advisor or plan administrator to make sure you're making the most of your options. Social Security questions came up a lot, too. I discuss survivor benefits for ex-spouses, how to correct errors in your earnings record, and what happens if you're working while collecting benefits. If you're past full retirement age and no longer need the income, you can even suspend your benefits to earn delayed retirement credits. And if you inherit an IRA or Roth IRA, you're not stuck with your parents' financial institution, as you can transfer those assets to a custodian of your choice. Finally, I revisited the bucket strategy. This is a framework we use at our firm to help clients organize their retirement savings. Bucket One is your emergency fund, Bucket Two is your income bucket for regular withdrawals, and Bucket Three is your growth bucket for long-term investing.  Matching your account types (Roth, after-tax, and pre-tax) to the right buckets is key. Understanding how much you have in each type of account is the first step. Everyone's situation is different, but the strategy gives you a roadmap to make smarter decisions and build a retirement plan that fits your life. You will want to hear this episode if you are interested in... (00:00) Intro. (03:40) How to find old retirement accounts. (11:40) Common Question on Social Security. (19:30) How to get your money out of life insurance policies. (22:50) How the Bucket system works for you. Helping Those Close to Retirement Navigate their Accounts One major topic I covered was how to track down forgotten retirement accounts like old 401(k)s or pensions, especially if you're unsure whether the funds are still active. I introduced a helpful new tool, LostAndFound.dol.gov, a secure government database created under the SECURE Act 2.0, which allows you to search for lost employer-sponsored retirement plans. I also covered the rules around required minimum distributions (RMDs), which kick in at age 73. If you're still working and contributing to your current employer's 401(k), you may be able to delay those RMDs, but IRAs don't offer that flexibility, and distributions must begin regardless of employment status. On the contribution side, I explained that in 2025, the standard 401(k) limit is $23,500, with an additional $7,500 catch-up for those 50 and older, totaling $31,000. For those aged 60 to 63, a new “super catch-up” provision allows an extra $11,250, though many plan providers haven't yet updated their systems to support it.  Smart Strategies for Navigating Social Security In this episode, we also cover questions that focus on survivor benefits, earnings corrections, working while collecting, and voluntary suspension, all aimed at helping retirees make informed, strategic decisions. Another common issue is incorrect earnings records; since Social Security benefits are based on your top 35 earning years, it's crucial to fix any errors within three years, three months, and 15 days of the year the wages were paid. I also clarified that working while collecting Social Security can actually increase your benefit if those earnings replace lower years in your record. However, if you're under full retirement age and earn more than $23,400, your benefit could be temporarily reduced. Lastly, I explained that if you inherit an IRA and no longer need Social Security income, you can file a voluntary suspension to earn delayed retirement credits and potentially reduce your tax burden.  What is the 3 Bucket Strategy? The 3 Bucket System is a retirement strategy that divides your savings into three categories: emergency fund, income, and growth. Bucket One holds liquid, after-tax money for unexpected expenses like medical bills or home repairs. Bucket Two provides a steady income through withdrawals from retirement accounts, often funded with pre-tax assets like IRAs and 401(k)s. Bucket Three focuses on long-term growth to combat inflation, typically using Roth accounts and investments with higher risk tolerance.  Matching your account types to the right buckets helps create a balanced, tax-efficient retirement plan tailored to your needs. Resources & People Mentioned Retirement Replay: The Bucket Strategy, Ep #72 - RetireStrong Financial Advisors 3 Steps to Retirement Planning Retirement Savings Lost and Found Database | Employee Benefits Security Administration Connect With Gregg Gonzalez Email at: Gregg.gonzalez@lpl.com Podcast: https://RetireStrongFA.com/Podcast Website: https://RetireStrongFA.com/ Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube   Subscribe to Retirement Made Easy On Apple Podcasts, Spotify, Google Podcasts

On this episode of Simply Money presented by Allworth Financial, Bob and Brian share the biggest regrets wealthy retirees face — and how to avoid them. They also cover how to turn severance into strategy, ways to protect your privacy from Google, listener questions on direct indexing and estate planning, and Brian's bottom line on the Secure Act 2.0.

A YMYW listener from Missouri and his wife are retired at 69 and 67, with less than $2 million dollars. Should they continue converting retirement savings to Roth for the tax-free growth? What should they do about long term care insurance? More importantly, is our listener's name (Cousy) pronounced "Cuzzy" or "Koozy"? Speaking of Roth conversions, must “Peggy Hill” wait five years to withdraw her conversion money, or only its earnings? That's today on Your Money, Your Wealth® podcast number 547 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, is Skipper's retirement payout plan the killer deal he thinks it is? How can Jeff in Dallas pay less capital gains tax on his 3 million dollar single stock, million dollar 401(k), and potential eBay income? Is selling on eBay still a thing? Does Dolly in Tennessee need to empty her inherited IRA within the next 10 years due to the SECURE Act? And finally, HSA vs. HRA: how should Larry in Rhode Island navigate switching from his current employer's health savings account to his future employer's health reimbursement arrangement? Free Financial Resources in This Episode:  https://bit.ly/ymyw-547 (full show notes & episode transcript) 5 Year Rules for Roth IRA Withdrawals 2025 Key Financial Data Guide (newly updated with One Big Beautiful Bill changes) 10 Steps to Improve Investing Success What to Do When the Stock Market Gets Crazy - YMYW TV Financial Blueprint (self-guided) Financial Assessment (Meet with an experienced professional) REQUEST your Retirement Spitball Analysis DOWNLOAD more free guides READ financial blogs WATCH educational videos SUBSCRIBE to the YMYW Newsletter   Connect With Us: YouTube: Subscribe and join the conversation in the comments Podcast apps: subscribe or follow YMYW in your favorite Apple Podcasts: leave your honest reviews and ratings   Chapters: 00:00 - Intro: This Week on the YMYW Podcast 01:11 - Should We Continue Roth Conversions in Retirement? What About Long-Term Care? (Cousy, MO) 13:03 - Must I Wait 5 Years to Withdraw My Roth Conversion, Or Only Its Earnings? ("Peggy Hill", MN) 21:50 - Is My Retirement Plan Payout the Killer Deal I Think It Is? (Skipper) 28:07 - How to Minimize My Capital Gains Tax? (Jeff, Dallas, TX) 33:37 - Must I Empty My Inherited IRA Within 10 Years With The SECURE Act? (Dolly, Bristol, TN) 37:50 - HSA and HRA: Health Savings Account vs. Health Reimbursement Arrangement (Larry, RI) 40:48 - Outro: Next Week on the YMYW Podcast

Major tax law changes are here in 2025. Are you ready to take advantage of them before year-end? In this episode of Wise Money, we break down the most important updates from the Secure Act 2.0 and One Big Beautiful Bill Act (OBBBA) and show you how to proactively plan so you pay the least amount of tax over your lifetime. We cover the increase of the SALT cap from $10,000 to $40,000, how the new senior deduction works, the truth about the so-called "no tax on tips" and "no tax on overtime" rules, and why charitable giving in 2025 offers a rare and unique planning opportunity. Season 11, Episode 4 Download our FREE 5-Factor Retirement guide: https://wisemoneyguides.com/    Schedule a meeting with one of our CERTIFIED FINANCIAL PLANNERS™: https://www.korhorn.com/contact-korhorn-financial-advisors/ or call 574-247-5898.   Subscribe on YouTube: http://www.youtube.com/c/WiseMoneyShow Listen on podcast: https://link.chtbl.com/WiseMoney  Watch this episode on YouTube: https://youtu.be/9dO6QoF1CaQ  Submit a question for the show: https://www.korhorn.com/ask-a-question/   Read the Wise Money Blog: https://www.korhorn.com/wise-money-blog/    Connect with us: Facebook - https://www.facebook.com/WiseMoneyShow  Instagram - https://www.instagram.com/wisemoneyshow/    Kevin Korhorn, CFP® offers securities through Silver Oak Securities, Inc., Member FINRA/SIPC. Kevin offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. KFG Wealth Management, LLC dba Korhorn Financial Group and Silver Oak Securities, Inc. are not affiliated. Mike Bernard, CFP® and Joshua Gregory, CFP® offer advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk, including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results. Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.

The largest wealth transfer in history is happening right now, as baby boomers pass on trillions of dollars in retirement assets. But if you inherit an IRA, the rules aren't as simple as many think, with recent legislation making them even more complex. The team explains the new landscape of inherited IRAs under the Secure Act 1.0 and 2.0. They cover the differences between spouse and non-spouse inheritance, how the 10-year withdrawal rule works, and the major tax consequences you need to prepare for. From required minimum distributions (RMDs) to special exceptions for minors, disabled individuals, and trusts, we show what beneficiaries must know to avoid costly mistakes. Plus, Jeremiah and Nic share planning strategies to reduce the tax hit, like coordinating withdrawals with your income or leveraging Roth accounts for long-term growth.   Listen, Watch, Subscribe, Ask! https://www.therealmoneypros.com Hosts: Jeremiah Bates & Nic Daniels

In this episode of Creating Richer Lives, host Karl Eggerss discusses the necessity of financial planning, especially as one approaches or enters retirement. Starting with a useful tip on the retirement savings lost and found database, Karl delves into a recent consultation where a couple pondered whether they needed a financial advisor. Through a comprehensive analysis of their financial situation, Karl illustrates the various areas where professional guidance can add value, such as investment allocation, tax strategies, and long-term financial goals. He emphasizes that financial planning is a dynamic process that requires ongoing adjustments to optimize outcomes for various life stages.    01:49 Secure Act 2.0 and Retirement Savings 03:26 Do You Need a Financial Advisor? 04:57 Optimizing Your Financial Plan 10:07 The Importance of Financial Planning 13:47 Adapting to Life Changes

With the passing of the SECURE Act 2.0, the IRS age trigger for required minimum distributions has been raised to 73, but as we all know, Uncle Sam always gets his cut, so having a strategy is critical. Donna and Nathan discuss RMD planning, and how to use the rules to your maximum benefit. Also on MoneyTalk, Stock Trivia: Two Truths and a Lie. Hosts: Donna Sowa Allard, CFP®, AIF® & Nathan Beauvais, CFP®, CIMA®, CPWA®; Air Date: 8/19/2025; Original Air Date: 10/15/2024. Have a question for the hosts? Visit sowafinancial.com/moneytalk to join the conversation!See omnystudio.com/listener for privacy information.

Secure Act 2.0 and You - Join Certified Financial Planners Greg Cooley and Bubba Labas on another episode of Advisors' RoundTable!

That tax refund you're celebrating? It might not be the win you think it is. In this episode, CPA Steven Jarvis breaks down common tax misconceptions and steps you can take to avoid overpaying the IRS. He shares tax planning strategies and tips to make smarter decisions all year long, from how withdrawals can impact your tax bill to where the true amount you're paying in taxes each year can be found. Plus, find out why free tax software might be costing you more than it saves and how recent legislation is changing the rules around inherited money. Tune in to learn how a little strategy can save you a lot of stress and money come tax time! Topics discussed: The biggest tax misconception How to plan for taxes year-round How withdrawals impact your taxes Long-term tax planning and retirement Traditional vs. Roth IRAs and their impact on taxes Working with tax and money professionals How the SECURE Act has impacted inherited IRAs The pitfalls of using free tax software The most common tax mistakes Resources: Mitlin Financial: https://www.mitlinfinancial.com/ The JOY and Productivity Journal by Lawrence Sprung: https://www.amazon.com/JOY-Productivity-Journal-brought-mindset/dp/B0CYQFYW54/ Download Your Free Copy of the Couple's JOYful Money Guide: https://mitlin.us/CouplesJOY Connect with Larry Sprung:  LinkedIn: https://www.linkedin.com/in/lawrencesprung/ Instagram: https://www.instagram.com/larry_sprung/ Facebook: https://www.facebook.com/LawrenceDSprung/ X (Twitter): https://x.com/Lawrence_Sprung Connect with Steven Jarvis: LinkedIn: https://www.linkedin.com/in/stevenajarvis Retirement Tax Services Website: https://retirementtaxservices.com About our Guest: Steven Jarvis, CPA is the CEO and Head CPA at Retirement Tax Services, a tax firm focused on working with financial advisors to change the world one tax return at a time. In this role Jarvis spends his time working with real financial advisors and taxpayers to help find opportunities to not tip the IRS. Afterall, there are no patriotic awards for overpaying taxes. With over 10 years of experience (and counting) as a CPA, Jarvis has the hands-on experience to create actionable content for his audience. He has been featured in industry publications including Advisor Perspectives and regularly produces content for financial advisors through the Retirement Tax Services website and the Retirement Tax Services Podcast. His experience covers written content, public speaking at leading industry conferences and 3 years as an adjunct professor in the graduate business school at Whitworth University. Disclosure: Guests on the Mitlin Money Mindset are not affiliated with CWM, LLC, and opinions expressed herein may not be representative of CWM, LLC. CWM, LLC is not responsible for the guest's content linked on this site.

July 2nd Market Overview and Employment Insights Brian Szytel reviews July 2nd's market performance, highlighting a slight positive shift in equities with record closes for the S&P and Nasdaq despite a flat day for the DOW. He discusses bond market movements and the release of the ADP private payroll number, marking the first negative figure in over two years. Brian delves into labor market trends, noting slight increases in weekly and continuing claims, and a balanced employment situation. He addresses Fed's patient approach to rate changes, anticipates tomorrow's non-farm payroll report, and comments on the Secure Act 2.0 implications for retirement savers. The episode concludes with a Q&A session covering term premiums and lending rates by Fed officials, and holiday well-wishes to the audience. 00:00 Market Overview: July 2nd 00:32 Economic Data Insights: ADP Private Payroll 01:18 Labor Market Analysis 02:17 Federal Reserve and Interest Rates 02:58 Secure Act 2.0: Retirement Contributions 04:12 Q&A and Market Sentiment 04:25 Closing Remarks and Holiday Wishes Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

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!

We're getting bad news from what seems like every direction these days. Governments and media are all talking about wars and destruction. But this is not new.  We've been through these kinds of events before, too many times, and we're still here and moving forward. We can't let panic, wars and market crashes control our choices.  These thnigs happen without our input. We can control our clarity, courage and conviction to stay on course. If you've been considering planning for future extended care needs, or if you've been working on your plan, don't stop now.  Too many find a reason to pause and then forget their reasons for planning in the first place.  Then, 10 or 20 years go by, and something happens to them or someone close to them, and they restart their search. At that point, plans are much more expensive or not available due to age or health concerns. Let's work together to design your plan today and protect those you love most tomorrow. Schedule

In this episode, Angela discusses the implications of the SECURE Act and its amendments on retirement accounts, particularly when trusts are named as beneficiaries. She emphasizes the importance of reviewing trusts written before July 2024 to ensure compliance with the IRS's final RMD regulations and to avoid unintended tax consequences. The episode aims to educate listeners on the complexities of tax laws and the need for professional guidance in estate planning. Key Takeaways

In this two-part episode, we're diving into strategies for building wealth as a modern parent. First, Kelly Palmer—a financial planner and founder of The Wealthy Parent—joins the show to break down how to choose a 529 plan. She shares the pros and cons of different education savings options, the impact of the new SECURE Act updates, and why she's a proud 529 mom herself. If you've been feeling overwhelmed by college savings decisions, this segment is full of clear, practical guidance. Then, in our Net Worth Win segment, Shang Saavedra from Save My Cents reveals how she and her husband built a net worth north of $2 million by age 39. From a revenge-of-the-nerd money mindset to embracing FIRE, Shang's story is packed with lessons on frugal living, dual-income saving strategies, and long-term thinking. Whether you're focused on education planning or financial independence, this episode delivers actionable tips and real-life inspiration. EPISODE RESOURCES Nectarine (Advice Only Financial Planners): ⁠https://marriagekidsandmoney.com/nectarine (affiliate) The Wealthy Parent: https://thewealthyparent.com  ⁠ Wealth is a Mindset (Book): https://amzn.to/3FQT0nh (affiliate) Save My Cents (Shang Saavedra's Website): https://savemycents.com/ CHAPTERS 00:00 – Introduction01:00 – How to Choose a 529 Plan05:20 – Tax Benefits and State-Specific Rules09:00 – SECURE Act Updates and New Roth IRA Rollovers13:45 – 529s vs UTMAs and Roth IRAs for Kids18:00 – Final Thoughts from Kelly Palmer20:30 – Net Worth Win: Shang Saavedra24:15 – The Mindset Shift Behind Wealth Building29:30 – Living on One Income and Saving the Other33:00 – Renting by Choice and Real Estate Insights36:00 – Teaching Generational Wealth Through Habits38:30 – Future Goals and Advice for Parents MKM RESOURCES: ⁠MKM Coaching⁠: Want 1-on-1 support with your family finance journey? Book a time with me today. ⁠Coast FIRE Calculator⁠: A free calculator to help you find out when you can slow down or stop investing for retirement. ⁠Mortgage Payoff Calculator⁠: A free calculator to help you see how fast you can become mortgage free. ⁠YouTube⁠: Subscribe for free to watch videos of these episodes and interviews. RECOMMENDED RESOURCES (SPONSORS AND AFFILIATES): ⁠Monarch Money⁠ - Best Budget App for Families & Couples ⁠Empower⁠ - Free Portfolio Tracker Cr⁠ew⁠ - HYSA Banking Built for Families - Get an Extra 0.5% APY with my partner link ⁠Ethos⁠ - Affordable Term Life Insurance ⁠Trust & Will⁠ - Convenient Estate Planning HOW WE MAKE MONEY + DISCLAIMER: This show may contain affiliate links or links from our advertisers where we earn a commission, direct payment or products. Opinions are the creators alone. Information shared on this podcast is for entertainment purposes only and should not be considered as professional advice. Marriage Kids and Money (www.marriagekidsandmoney.com) is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com. CREDITS: Podcast Artwork: Liz Theresa Editor: Johnny Sohl Podcast Support: Nev Maraj Learn more about your ad choices. Visit megaphone.fm/adchoices

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss the complexities of Inherited IRAs with special guest Taylor Wolverton, a Certified Financial Planner and Enrolled Agent. They break down what beneficiaries need to know about inherited retirement accounts, including crucial updates introduced under the Secure Act. Whether you're a spouse, non-spouse, or special exception beneficiary, this episode helps you understand how to navigate the rules and avoid costly mistakes when it comes to inherited IRA distributions.Listen in to learn about the different rules based on whether the account was inherited before or after 2020, how the 10-year rule inherited IRA provision works, and how it contrasts with the old Stretch IRA rules. They also explain IRA beneficiary rules for both Roth inherited IRA and traditional IRAs, helping you determine the most tax-efficient strategy for your situation. With insights on Inherited IRA RMD rules, Secure Act IRA changes, and options for non-spouse IRA beneficiaries, this is a must-listen episode for anyone dealing with an IRA inheritance.In this episode, find out:What the 10-year rule inherited IRA really means for beneficiaries.How IRA rules for beneficiaries differ for pre- and post-2020 inheritances.The difference between spousal vs non-spouse IRA beneficiary strategies.How to handle Inherited IRA RMD rules and avoid tax penalties.Why Roth inherited IRA strategies may involve waiting until year 10.Tweetable Quotes:“Just because you're not required to take a distribution every year doesn't mean it's the best strategy for your taxes.” – Murs Tariq“Understanding whether you're a spouse or non-spouse IRA beneficiary changes everything about how you manage the account.” – Taylor WolvertonResources:If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!To access the course, simply visit POMWealth.net/podcast.

After reviewing planning strategies for hybrid or linked benefit LTC plans, this week we are comparing shared and individual traditional or stand-alone LTC plans. Yes, there have been rate increases on these plans, but over the last 20 years or so, traditional LTC plans have gotten much healthier.  Listen and learn how. When funding using income or on a budget, these plans can help families afford to get through an extended care need without bankrupting their loved ones.   It's easy to see that there are several ways to design and fund your long term care plan. Schedule some time to start preparing for your tomorrow  Learn what your state Medicaid program lets you keep to qualify for state Medicaid benefits (not recommended by us) View both current and projected costs of care

Tyler Hafford and Hannah Tackett break down key updates every investor should know—from Secure Act 2.0's game-changing provisions like Roth 401(k) matches and 529-to-Roth transfers, to the fast-approaching 2025 expiration of current tax laws. With timely insights and practical examples, they show how to leverage today's rules to minimize future taxes and why proactive planning now could pay off big later. You'll learn:   Secure Act 2.0 Updates – What's changed with RMDs, Roth employer contributions, and 529 plans. 529 Plans Reimagined – Why these accounts are now more flexible and powerful than ever for family financial planning. 2025 Tax Law Expiration – What may change, what to watch for, and how to plan proactively before tax rates increase. Takeaways:   [03:05] – “The RMD age has increased again—now 73, and heading to 75 by 2033.” – A longer runway for tax planning. [06:12] – 529 to Roth IRA rollovers explained – After 15 years, unused 529 funds can support retirement savings for your child. [09:50] – “That bank account's not keeping up with inflation—especially college inflation.” – Hannah unpacks missed opportunities in common college savings approaches. [17:35] – 2025 Tax Sunset overview – Brackets may rise, deductions may shrink, and estate tax exemptions could be halved if Congress doesn't act. [20:48] – “2024 and 2025 are your years for Roth conversions and gifting strategies.” – Use the current low-tax environment to your advantage. Got questions? We can answer them with clear, actionable strategies. Contact us at PenobscotFA.com

In this episode, Dr. Preston Cherry breaks down the often confusing world of inherited IRAs. He explains how taxes, rules, and recent law changes (like the SECURE Act) can impact your inheritance. Whether you're a spouse or a non-spouse heir, knowing the rules is key to avoiding costly mistakes. With smart planning, an inherited IRA can help grow your wealth and honor your loved one's legacy.Takeaways:• Know the tax rules• Don't miss RMDs• SECURE Act changes• Spouses have options• Plan to protect wealthWant to learn more? Connect with us below!Stay informed and inspired! Join our FREE wealth & well-being newsletterDo you want confidence & clarity? Check out our award-winning wealth advice servicesGrab Your Copy of Dr. Cherry's book ‘Wealth In The Key of Life'Disclosure: episodes are educational only, not advice. Review our disclosures here: https://www.concurrentfp.com/disclosures/

Anna & Marty compare shared hybrid life/LTC plans with separate LTC plans for each of them. It's a matter of preference and goals. The LTC and death benefit are directly related, so plans with higher LTC benefits have larger death benefits.  The death benefit acts as a return of premium if care isn't needed. The key differences in shared and individual plans is who can use the LTC benefits and for how long, who can be beneficiary, and when does the death benefit pay? Listen and learn how these plans differ and what Anna and Marty decided. Schedule an initial free consultation View current and projected costs of care where you live Learn what your state's Medicaid system lets us keep and receive care  Estimate rates for 6 year plans with 3% inflation growth Many don't want a full 6 year benefit period, so please understand that smaller plans have lower rates.

The passing of the One Big Beautiful Bill by the House has garnered much attention for its tax implications, but another focus area of the bill that will impact millions of Americans is Medicare. Donna and Nathan discuss how to prepare for the changes coming down the pike for Medicare beneficiaries and providers due to the new budget bill. Also on MoneyTalk, upcoming changes to IRA catch-up contribution rules stemming from the SECURE Act 2.0, and Stock Trivia: Two Truths and a Lie. Hosts: Donna Sowa Allard, CFP®, AIF® & Nathan Beauvais, CFP®, CIMA®; Air Date: 5/27/2025. Have a question for the hosts? Visit sowafinancial.com/moneytalk to join the conversation!See omnystudio.com/listener for privacy information.

Tim Ulbrich and Tim Baker answer two questions from the YFP community on using 529 funds for student loans and the most cost-efficient ways to invest in digital assets like Bitcoin. Summary In this episode, YFP Co-Founder & CEO Tim Ulbrich, PharmD, is joined by YFP Co-Founder & COO Tim Baker, CFP®, RLP®, RICP®, to answer two insightful financial questions from the YFP community. First, they explore whether it makes sense to use 529 plan funds to pay off student loans. Tim and Tim break down the relevant provisions of the SECURE Act, highlight key limitations and tax implications, and discuss scenarios where this strategy could be beneficial—or not. Next, they tackle a question about buying Bitcoin efficiently. They compare the most cost-efficient ways to invest, including using various platforms, ETFs, and tax-advantaged accounts like IRAs. They also weigh the pros and cons of each approach, including fee structures, accessibility, and long-term considerations. Whether you're considering how to best use your 529 funds or exploring your first steps into cryptocurrency, this episode provides practical, pharmacist-specific guidance to help you make informed financial decisions. Mentioned on the Show YFP 368: How Much is Enough for Kids' College? YFP 211: The Ins and Outs of the 529 College Savings Plan YFP 404: 5 Key Questions to Ask Before Hiring a Financial Planner YFP 386: Cryptocurrency & Digital Assets: Definitions, Origins, and Risks YFP 387: Cryptocurrency & Digital Assets: Investment Considerations and Tax Implications

This week, Diane shares what she learned while attending the 2025 Genworth LTC Symposium "Sustainable Solutions:  The Future of Long Term Care Financing". We all agree on the problem and wonder how long it will take for all parties (public & private) to agree on a solution. The links below provide info on who is supporting the Well-Being Insurance for Seniors to be at Home (WISH) Act. Please reach out to your Congressmen/women and ask then to support this Act as it will help our most vulnerable population while fostering a more vibrant and affordable LTC insurance solution. Schedule with me to start planning WISH Act summary and links to full bill text National Council on Aging  American Geriatric Society American Academy of Physicians American College of Physicians National Alliance for Caregiving  

In this episode of Horizon Advisers Unleashed, host Alex Dinser welcomes back Sandy Mall, founder and senior partner of Mall Malisow & Cooney, PC, to break down the SECURE Act and its impact on retirement and estate planning. This landmark legislation has changed the rules for inherited IRAs, required minimum distributions (RMDs), and tax strategies—and understanding these changes is crucial for protecting your financial future.Join us as we unpack the SECURE Act's key provisions, discuss who is most affected, and explore strategies to maximize retirement savings while minimizing tax burdens. Whether you're planning your own retirement or managing an estate, this episode delivers must-know insights to keep you ahead of the curve.

Just about every week here on YMYW, Joe and Big Al talk about converting your retirement savings to Roth accounts. But why? What's the big deal? Today the “IRA guru” Ed Slott, CPA returns to Your Money, Your Wealth® in podcast number 526 with Joe Anderson, CFP® and Big Al Clopine, CPA to tell us why he calls the Roth IRA “the greatest account ever created.” (Here's a hint: it's all about having tax-free income in retirement - and beyond.) Plus, where to prioritize saving for retirement? Jerry Tom in St. Louis wants to know. Are Christian and Tiffany in Montana on track for retirement, and should they rebalance their ETFs? Should Frank in Lake Wobegon's wife take her teachers' salary over 9 months or 12 months? And finally, Jon thinks the target retirement withdrawal rates Joe and Big Al use to spitball are too low - we'll see what they think. Free financial resources & episode transcript: https://bit.ly/ymyw-526 DOWNLOAD The Complete Roth Papers Package CALCULATE your Financial Blueprint WATCH Don't Let These 10 Risks Break Your Retirement on YMYW TV ASK Joe & Big Al for your Retirement Spitball Analysis SCHEDULE your Free Financial Assessment SUBSCRIBE to YMYW on YouTube DOWNLOAD more free guides READ financial blogs WATCH educational videos SUBSCRIBE to the YMYW Newsletter Timestamps: 00:00 - Intro 00:59 - Ed Slott, CPA on the Roth IRA, the Future of Taxes, the Death of the Stretch IRA, and Naming a Trust as Your Retirement Account Beneficiary 19:44 - Download The Complete Roth Papers Package for free 20:37 - Where to Prioritize Saving for Retirement? (Jerry Tom, St. Louis) 28:57 - Are We on Track for Retirement? Should We Rebalance Our ETFs? (Christian & Tiffany, Montana) 40:43 - Watch Don't Let These 10 Risks Break Your Retirement on YMYW TV, Calculate Your Free Financial Blueprint 41:44 - Is It Better to Take Teachers' Salary Over 9 Months or 12? (Frank, Lake Wobegon - voice) 45:32 - Withdrawal Rates Are Very Low on YMYW (Jon, Twitter & Apple Podcasts) 49:46 - YMYW Podcast Outro

In this episode of ChooseFI, hosts Brad and Sean Mulaney dive deep into tax strategies crucial for financial independence, focusing on tax basketing, asset location, and effective use of retirement accounts. The conversation includes recent changes regarding 529 plans funding Roth IRAs and reassurances for those starting their financial journey at any age. FI Tax Guy | What to know about the ins and outs of the new SECURE 2.0 529-to-Roth IRA rollover provision Read Article  Fidelity's 529 Withdrawal Guide The Shockingly Simple Math Behind Early Retirement Schwab Guide on How to Sell Specific Lots Note from Sean Sean also wanted to clarify that in order to qualify to use the IRS Joint Life and Last Survivor Expectancy table to compute required minimum distributions for the older spouse, the older spouse must be more than 10 years older than the younger spouse and the younger spouse must be the 100 percent primary beneficiary. Key Topics Discussed: Question from Jay regarding tax strategies 00:00:53 Exploration of tax drag vs. tax strategies for high savings rates Discussion on Tax Basketing 00:01:38 Explanation of asset location and tax implications for early retirees Query about 529 Plans and Roth IRA Conversions 00:10:59 Recent changes in Secure Act 2.0 regarding 529 accounts Advice for Starting Financial Independence at Age 35 00:17:42 Encouragement that it's never too late to start financial independence Explaining Capital Gains and Taxation 00:25:23 Understanding tax on gains from asset sales and strategies for minimizing it Options for Late Savers 00:30:27 Discussion on optimal retirement account strategies at different life stages Final Thoughts and Resources 00:51:12 Recap and resources for listeners to further explore these topics Actionable Takeaways: Consider tax basketing to optimize your investment strategy in retirement accounts. 00:10:04 Explore Roth conversions annually to potentially minimize RMDs and tax burdens. 00:36:46 Start your financial independence journey today, regardless of your current age or financial situation. 00:22:10 Key Quotes: "Tax drag isn't really much of a thing at all." 00:03:07 "It literally takes $0 to start." 00:18:22 "This is an opportunity, not a problem." 00:10:04 "You do not need a backdoor Roth IRA." 00:24:11 "It's never too late to start on the path to FI." 00:22:41 Timestamps: 00:00:53 Tax Strategies 00:01:38 Tax Basketing Discussion 00:10:59 Roth IRA from 529 Plans 00:17:42 Starting at Age 35 00:25:23 Capital Gains Taxation 00:30:27 Strategies for Late Savers 00:51:12 Final Thoughts Discussion Questions: How can tax basketing improve your investment strategy? 00:10:01 What steps can you take to maximize the benefits of a backdoor Roth IRA? 00:24:11 What financial actions can individuals take today to start their path to financial independence? 00:22:10 FAQs: What is tax basketing? Tax basketing refers to the strategic allocation of various asset types (Roth, traditional, taxable) to minimize tax liabilities. 00:10:01 How does the Secure Act 2.0 affect 529 plans? The Secure Act 2.0 allows for up to $35,000 from 529 plans to be transferred to a beneficiary's Roth IRA. 00:11:21 Is it too late to start financial independence at age 35? Absolutely not; starting at 35 can still lead to successful financial independence with the right strategies. 00:22:10

Ever experienced the gut-wrenching moment of losing a job—or worried about what you'd do if it happened? Today, we tackle how to prepare, what to do immediately, and the smartest moves to protect your finances if your job ever disappears. From building an emergency fund to making the most of employer benefits, we'll walk you through the steps to keep your financial house in order when life throws a curveball. But that's not all. Estate planning gets a shake-up thanks to the new Secure Act 2.0, and we're diving into what it means for inherited Roth IRAs (hint: the government has new rules, and you'll want to know them). And because we can't resist a good detour, we also explore the real cost of horse ownership (spoiler: it's more than just hay money) and why tide pooling is more financially educational than you'd think. All that, plus trivia, TikTok wisdom (or nonsense), and plenty of lively discussion from the basement crew. What's Inside Today's Episode: Job Loss Survival Guide: How to prepare before, during, and after a layoff. Emergency Fund Essentials: Why you need one (and how much is enough). Navigating Employer Benefits: Making the most of what's available before you leave. Secure Act 2.0 & Estate Planning: The new rules around inherited Roth IRAs. Trivia & The TikTok Minute: Because questionable financial advice is always worth dissecting. Horse Stackers & Expensive Hobbies: Ever wonder what it really costs to own a horse? We break it down. Tide Pooling Adventures: A financial lesson wrapped in sea creatures and crashing waves. Key Takeaways from the Episode: ✔️ Job security is a myth—be ready. Build that emergency fund, update your resume, and keep networking. ✔️ Your employer's benefits might be your hidden lifeline. Know what's available before you walk out the door. ✔️ Secure Act 2.0 changes estate planning. If you're inheriting a Roth IRA, don't assume the old rules apply. ✔️ Horses aren't just expensive—they're financial black holes. But that won't stop people from trying. ✔️ Tide pooling might be the best investment lesson in disguise. Patience, observation, and avoiding getting pinched—it's practically a stock market metaphor. Tune in now to make sure you're financially prepared—whether it's for job loss, estate planning changes, or just the unexpected expenses of a very expensive hobby. FULL SHOW NOTES: https://stackingbenjamins.com/spring-cleaning-your-estate-plan-1646 Deeper dives with curated links, topics, and discussions are in our newsletter, The 201, available at https://www.stackingbenjamins.com/201 Enjoy! Learn more about your ad choices. Visit podcastchoices.com/adchoices

This episode discusses financial independence strategies, including Barista FI and Coast FI, along with insights into inherited accounts post-Secure Act (2020). Listeners will learn about health insurance considerations in early retirement, the dynamics of inherited IRAs, and how to manage finances during entrepreneurial transitions. The discussion highlights the importance of treating business expenses as valid investments and navigating inheritance with strategic planning. Timestamps & Key Takeaways: 00:01:28 Introduction to Barista FI and Coast FI Key Insight: Barista FI allows early withdrawals from retirement savings while supplementing income through part-time work. Takeaway: Understand the mechanics of Barista FI to reduce stress from job pressure when planning retirement. 00:04:13 Health Insurance Challenges in Early Retirement Key Insight: Health insurance costs can significantly impact your early retirement plans. Actionable Takeaway: Assess your health insurance situation and potential subsidies if considering early retirement. 00:19:08 Understanding Inherited Accounts Post-Secure Act Key Insight: The Secure Act requires non-spouse beneficiaries to deplete inherited retirement accounts within 10 years. Actionable Takeaway: Ensure all retirement accounts have updated beneficiary designations to avoid complications. 00:23:39 Simplifying Inherited IRA Management Key Insight: Spouses can assume the inherited IRA as their own, providing greater flexibility and simpler management. Takeaway: Review spouse beneficiary options when dealing with inherited accounts for optimal tax outcomes. 00:26:11 Using a Brokerage Account for Inheritance Advantages Key Insight: Brokerage accounts benefit from a step-up in basis, allowing heirs to sell securities with no capital gains tax immediately. Actionable Takeaway: Explore how to effectively utilize brokerage accounts for tax efficiency in inheritance. 00:45:58 Freedom from Inherited Advisors Key Insight: Remember, you are not obligated to keep the inherited advisor when managing inherited accounts. Takeaway: Take time to assess whether to maintain or change financial advisory relationships after inheriting accounts. 00:50:09 Investment Approaches in Early Stages of Entrepreneurship Key Insight: Treat your startup costs as investments in yourself and factor in the inherent risks. Action Item: Give yourself permission to direct resources into your business, rather than traditional savings during early entrepreneurship. Actionable Takeaways: Health Insurance Planning: Run the numbers for potential health insurance options based on your anticipated income when planning for early retirement. Beneficiary Check: Verify that all retirement accounts have up-to-date beneficiary designations to prevent issues for heirs. Business as an Investment: Reflect on viewing your business endeavors as valid investments, allowing you to adapt your financial strategy accordingly during entrepreneurial journeys. Quotes to Note: "Health insurance costs can significantly impact your early retirement plans." - Rachael Camp 00:04:13 "Spouses should ideally assume the inherited IRA as their own for simplicity." - Rachael Camp 00:23:39 "You don't have to inherit an advisor when you inherit accounts." - Rachael Camp 00:45:58 Related Resources: The Secure Act Detailed Explanation Health Insurance Subsidy Calculator Discussion Questions: How can understanding Barista FI change your approach to work and retirement? What strategies can help when dealing with inherited accounts? How does the Secure Act impact your financial planning for generational wealth?