Podcasts about stretch ira

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

Retirees have leveraged the traditional IRA for decades to invest and save, but is it still the best tool for today's retirement landscape? IRA expert Ed Slott recently called the traditional IRA “the worst possible asset to own,” which is a bold statement. If this is true, when did it all change, and what are some better options? In this episode, we'll explore the validity of this statement and have a real conversation about investing and taxes.  Here's what we cover in this episode:

URL:  https://www.lpfadvisors.com/   Episode Summary: The information I am providing is my opinion and not necessarily that of my firm or this platform.  I am only providing general educational information and not any customized investment recommendations. You should consult with your Financial Advisor, Tax Advisor or Attorney on your specific situation. Nothing shall be construed as Financial, Tax or legal advice or recommendations. The Secure Act has brought significant changes to the landscape of inherited IRAs, most notably with the implementation of a 10-year rule for non-spouse beneficiaries. This rule requires that the entire balance of an inherited IRA be withdrawn within a decade, necessitating strategic tax planning to avoid unnecessary tax burdens. Kris Flammang and Collin Habig, both experts in financial planning, stress the importance of understanding this new regulation and the necessity of spreading distributions over the 10-year period. Their perspectives are shaped by their extensive experience in advising beneficiaries to manage taxable income efficiently, ensuring compliance with the updated rules. Both Flammang and Habig advocate for consulting with tax professionals or financial advisors, highlighting the complexity of the Secure Act and the need for proactive planning to maximize financial benefits.   Here's what to expect this episode: Tax planning is crucial to navigate the new rules introduced by the Secure Act for non-spouse beneficiaries of inherited IRAs. Beneficiaries must determine their beneficiary type and consult professionals to create a distribution strategy that complies with the regulations and minimizes tax implications.   Connect with Collin Habig https://www.linkedin.com/in/collinhabig/   Connect with Kris Flammang https://www.linkedin.com/in/kristopher-flammang-lpfadv/   Learn more about your ad choices. Visit megaphone.fm/adchoices

Jim and Chris sit down to discuss a few things Jim brought back from his recent Ed Slott conference including a discussion of ALAR (10-year RMD rule) and stretch IRAs. The post Stretch IRA Rules and More: EDU #2445 appeared first on The Retirement and IRA Show.

The single biggest retirement planning mistake to avoid, the problem with tax professionals, and answers to some of the most frequently asked retirement questions we get on YMYW: should you name a trust as beneficiary on your retirement accounts? What's the break-even point on a Roth conversion? What if you don't have the money to pay the tax when you convert to Roth? Plus, find out the eye-opening amount of money good tax planning can save you! Someone has to be very knowledgeable, entertaining, and special to make it as a guest on YMYW these days, and today on Your Money, Your Wealth® podcast 489, “the IRA guru” Ed Slott, CPA from IRAHelp.com joins Joe Anderson, CFP® and Big Al Clopine, CPA to discuss all of these topics, along with changes to stretch IRAs and required minimum distributions from the SECURE Act and SECURE 2.0 Act. Free financial resources and transcript: https://bit.ly/ymyw-489 50 people will receive a free copy of Ed Slott's new book, The Retirement Savings Time Bomb Ticks Louder, just for having a free financial assessment with Pure Financial Advisors. (10 of those 50 will be randomly selected to receive a copy of the book, signed by Ed Slott!) Schedule your assessment ASAP! WATCH the video of this interview! https://youtu.be/bgY2ky8XtS0 YMYW Podcast Survey: Visit the show notes to access the survey and secret password REQUEST: Retirement Spitball Analysis SUBSCRIBE: YMYW on YouTube DOWNLOAD: free guides READ: financial blogs WATCH: educational videos SUBSCRIBE: YMYW Newsletter Final Regulations for Required Minimum Distributions Timestamps:  00:00 - Introducing Ed Slott, CPA from IRAHelp.com 01:28 - SECURE Act: Clarity on RMD Rules? 04:31 - How Golf and Football Are Like Retirement 06:25 - The Biggest Retirement Planning Mistake 09:37 - The Value of Ed Slott's Books 14:14 - The Problem With Tax Professionals: Short-Term Tax Planning 17:36 - "I Love Roths Because I Love Tax-Free" 20:50 - What's the Break-Even Point on a Roth Conversion? 21:45 - Can We Trust That Roth IRAs Will Always Be Tax-Free? 24:11 - Your Chance at a $100 Amazon e-Gift Card: Complete the YMYW Podcast Survey 25:04 - SECURE 2.0 Act: Stretch IRA Changes 27:03 - Naming a Trust as Beneficiary of Your Retirement Account: Good Idea? 32:13 - Unnecessary and Excessive Taxes: Why Ed Slott Became the IRA Expert 38:22 - How Much Money Can You Save in Taxes With Good Tax Planning? 43:16 - What About People Who Don't Have the Money to Pay the Tax on a Roth Conversion? 43:50 - Ed Slott's PBS Specials on Retirement 46:28 - How to Get a Free Copy of the Latest Ed Slott Book, The Retirement Savings Time-Bomb Ticks Louder

In this episode of the Kuderna Podcast, host Bryan Kuderna discusses the concept of IRA maximization. He explains the three legs of the retirement system, which include social security, defined benefit pensions, and private savings. He emphasizes the importance of private savings, particularly through qualified retirement plans like IRAs. Kuderna delves into the tax concerns and future liabilities associated with IRAs, highlighting the need for careful planning. He explains the concept of required minimum distributions (RMDs) and the impact of the Secure Act on the stretch IRA strategy. Finally, Kuderna introduces the IRA maximization strategy, which involves leveraging life insurance to generate tax-free benefits. He discusses the benefits and considerations of this strategy for high net worth individuals.   Takeaways IRA maximization is a strategy that involves leveraging life insurance to generate tax-free benefits for high net worth individuals. The three legs of the retirement system in the US are social security, defined benefit pensions, and private savings. Tax concerns and future liabilities associated with IRAs should be carefully considered and planned for. The Secure Act has impacted the stretch IRA strategy, often requiring non-spouse beneficiaries to take all RMDs within 10 years of the owner's death. Chapters 00:00 Introduction to the Kuderna Podcast 00:30 Overview of IRA Maximization 01:27 The Three Legs of the Retirement System 03:21 Private Savings and the Role of IRAs 05:31 Understanding IRAs and Retirement Planning 10:23 Tax Concerns and Future Liabilities 18:04 Required Minimum Distributions (RMDs) 20:20 The Stretch IRA and the Secure Act 22:42 Introduction to the IRA Maximization Strategy 23:55 Using Life Insurance for Tax-Free Benefits 27:45 Benefits and Considerations of the IRA Maximization Strategy   *US Retirement Assets (CRS): https://crsreports.congress.gov  *Exceptions to tax on early distributions (IRS): https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-exceptions-to-tax-on-early-distributions   This episode is brought to you by Weekly Wealthy Wisdoms, Bryan's free weekly E-newsletter packed with his best insights of the week.  Sign up for free at www.bryankuderna.com.

We used to talk about stretch IRAs all the time, but now we hardly mention it. Why is that? Even though we rarely discuss it on the podcast, David regularly hears questions about stretch IRAs in his office from clients. In this episode, we'll reflect on the stretch IRA's former glory, and share how to leave an IRA to a beneficiary strategically now that the stretch IRA as we knew it, ceases to exist.   Here's what you'll learn on today's show: What a stretch IRA was and why it was important. The new rules from the SECURE Act totally changed the Stretch IRA strategy for leaving your IRA to a minor. Should you leave some of your IRA to your grandchildren? Is leaving your IRA to a minor still a good idea?   For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.

Are you confident that your financial plan is complete? Many people believe they have a solid plan in place, only to realize later that they've missed important areas. From not accounting for long-term care expenses to overlooking the impact of taxes on retirement income, there are many ways a financial plan can be incomplete. On this episode, we'll be pointing out the most common areas people overlook when planning and provide actionable tips to ensure that your plan is as comprehensive as possible. Important Links Website: http://www.yourplanningpros.com Call: 844-707-7381 ----more---- Transcript Of Today's Show: Speaker 1: Welcome into another edition of Plan With The Tax, with Man Tony Mauro and myself here to talk about the incomplete financial plan. Are you confident that your financial plan is complete? Most people believe that they have a solid plan in place only to realize a little later on that maybe they've missed a few important areas. So that's what we're going to do in this episode. Point out some of the most common areas people overlook when planning and hopefully provide a few actionable tips to ensure that your plan is as comprehensive as possible. What's going on, Tony? How are you buddy?   Tony Mauro: Not too bad. Coming out of the busiest time of tax season. Still got some ways to go, but-   Speaker 1: It's early March, time we're dropping this. So you still got a few weeks, right?   Tony Mauro: We still got a few weeks left and we trickle into the summer months with some extensions and whatnot.   Speaker 1: You're right, and the heavy throes of it right this minute. So as always folks, do your CPA, and your financial professionals, and tax preparers a favor, try to get that stuff to them as early as possible. Don't be like me and wait till April the 12th or something. They don't like that so much. But if you need some help reach out to Tony and his team at yourplanningpros.com. They are obviously Tax Doctor Inc. Is the name of the company. They are a Des Moines professional alternative, and you can find them online yourplanningpros.com. So let's jump into a list here. I've got a few different things to run through, like I said. Maybe you have some of this going on and it might make your financial plan incomplete. So the downturn we've experienced in '22, that was a rough year obviously for the market. And when it's the early stages of retirement, Tony, it's more detrimental and people [inaudible 00:01:38] are aware of that and why that is something called sequence of return. So let's talk a little bit about why it is a bigger problem if you are retiring in a down year, like in the early days of your retirement versus later.   Tony Mauro: And in simple terms really, say you decided to retire at the end of '22. And we did have a down year, although years before, this is different because we've had such a run-up, but if you retire and in the early part of a long prolonged downturn, presumably you've generally got some years left to live and it's going to be very difficult, because you're going to need this money to supplement your living to make that up without taking a lot of risks. And so generally, you don't want to be overly aggressive, I would say. And obviously if you're 90 years old and you have a downturn, it's pretty easy to see. It's a lot different if you're than you're 65 or 70, because you're a little closer to the end. But really you want to make sure that, again, in these early years that you, as you're getting into retirement, even before that, you're switching things up. So number one, hopefully that doesn't happen or if it does not really going to affect you too negatively. But we do see that a lot.   Speaker 1: Oh, for sure. And so basically, because, correct me if I'm wrong on this, Tony, but it's like you're basically, if you're going through a major drop, if you're going through what, I don't know what we were doing, let's say 22% or 20% last year or whatever. In the early days of your retirement, it's really going to scramble up your picture, because you're tapping your portfolio as it's losing or after its lost value. And then you're having to sell more investments to possibly raise money to fund part of your lifestyle, whatever portion of your financial plan that needs to do. So it's this double whammy. So you're draining your savings more quickly, but you're also leaving fewer assets in those set accounts that can also regenerate more growth. So it's almost maybe even a triple whammy.   Tony Mauro: It is a little bit of that because, yes, with that, if you're already down say, I don't know, 15, 20%, then you're taking out 5 or 6% or whatever that might be, really starts to drain the portfolio quickly. And if that's your main source of retirement income, you have to make sure, well obviously the big one is you're not going to run out of money but it's, again, being different. If you're 90 and all of a sudden you have a little downturn that's not as detrimental.   Speaker 1: And downturns do happen. We can ride these out, but just something to be aware of, which again is where the planning comes into place. Because people sometimes will say, "Well, when you're setting up your income strategy, which horse are you going to ride first? The social security horse or your own horse." So some people will say, "Well, I want to wait social security to maximize it at 70," but maybe the strategy looks better depending again on the environment as you're getting close to retirement to maybe take social security a little earlier and right ease off of going into your own accounts until later. Again, it's all timing and it's all strategy.   Tony Mauro: It's all strategy especially with the incomes that you can't outlive, which are few and far between today. Social security and then some of us have pensions that we can't outlive, but most don't now. It's social security and whatever you've accumulated in your 401ks or savings. And so it takes a little more savviness to come up with a good plan.   Speaker 1: So sequence of return risk can certainly be a problem if you don't have that taken care of and you have it in complete financial plan. And then of course we can add to that conversation we just had by saying the lovely inflation effects over time, even normal inflation, Tony, let alone what we're dealing with right now.   Tony Mauro: So I think this is another bad whammy, if you will, especially as we're recording this, we all know what inflation has done for the last year and a half or so.   Speaker 1: I think it actually, if time we're taping this or we're just happened a little bit, I think the January, oh, that's right. It was January's numbers. We don't have March's yet. Oh, excuse me, February's yet. It was back up a half percent so.   Tony Mauro: It was just about, yeah. And it's trickling back down, but again, take the scenario of a retiree, they could be down 15, 20%, they're trying to take money out and by the way, now stuff costs a lot more.   Speaker 1: Yeah. So you're down 15, you're pulling out 4, let's say you're using the 4% rule or whatever, and then you're paying 7% more at the grocery store. It's just not-   Tony Mauro: It hurts you.   Speaker 1: And you wonder why people are stressed, right?   Tony Mauro: Yeah. This is why people are stressed and this is why, although I try to make a case for people that you got to try to outpace inflation a little bit, even when it's low and it's hard to do now and be conservative because it's kind of high.   Speaker 1: Trying to find some vehicles that'll help you do that for sure. So yeah, you've got to have it. So again, if you're putting a plan together, you've got to be working with an advisor who's taken into account normal inflation, just at least nothing else they're planning for. Because if we can go into that simple conversation of, hey, if it costs you $5,000 a month to get by now, and even in normal inflationary times, well in what? 12 years? That's going to double, right? 10, 12 years, that's going to double. So then if you have a 30-year retirement, that's going to triple. So you got to make sure that you've got something in there helping those accounts grow to deal with inflation. And then medical cost is going to be number three on there and that typically outpaces regular inflation. So you certainly got to have that accounted for.   Tony Mauro: Yeah, you do. And it seems like as I'm looking through the list here, nothing's good, but we'll talk about anyway, because I think it's important to people understand some of these potential things that could become quite catastrophic and medical I would think would be one of them. Obviously as you retire generally your medical costs are going to go up. People are living a long time today where they're keeping us alive. And even my own father, his medical costs are up, he takes a lot of pills and things and I still think he's fairly healthy at 81. And so his costs are up. And so that eats again into his disposable income or his monthly income coming in. And again, just pile that on with everything else we just talked about, which we've got more here. It's something that you got to start thinking about because, and that's not even including some of the people that are in poor health and whether it's hereditary or something else, it adds up quickly.   Speaker 1: Well, and then of course number four is the possibility of tax increases. So just like inflation or whatever, we want to be able to try to retire in any environment, because we just never know what's, again, if you live 20 years or 30 years in retirement, you're going to see multiple administrations, which means you may see multiple tax code changes and we all know we're broke, the country's broke and we're spending money like it's water. So the likelihood of tax, even if they do nothing, Tony, the taxes are going up '26. So if you're not addressing future tax increases with your financial strategy, you are leaving an incomplete plan on the table.   Tony Mauro: And I do think it'll be interesting, we're still a few years away from '26, but unlike you, if somebody's just going to ask me, I think that they'll let a lot of these things expire and taxes will be going up in some form or another. And like you say it and as the time we're taping this, they just have been fighting over and delayed till June or, I don't know if they delayed it, I can't remember on the debt ceiling, but I think it comes due again in June or something. And some people want to keep borrowing, some want to cut. Obviously we spend more as a country than we're taking in. And I think we've talked about it a little bit before, the politicians never want to talk about, hey, it's like any other business. We don't take in enough to pay our bills. We either need to stop spending, or we need to increase our cost, or tax us more. So I can't imagine them going down anymore, but I'm usually wrong whenever I say that, I got to think they're going up in the future. And like you say as retirees, or in the rest of us, it's going to hurt you, because again, there's another little piece coming off before you get to spend anything.   Speaker 1: Yep, absolutely. More than likely it's going to be the case probably for quite a while. So we may not see rates this low again for a very long time. So you want to take advantage of it, which leads into number five, because you may want to take advantage of the tax rates now because there are challenges that present themselves with RMDs. Obviously we've talked a little bit about the SECURE Act. We're going to do a bigger, more in depth one later on, but they've pushed the age back again, so now it's 73 for those of born before '59, those born after '59, it's going to be 75. But a lot of people are in good shape and they don't want to take these Tony, they're like, "Well, I don't want to have to take money out." But they require it to require minimum distribution, so maybe taking advantage of the tax rates and doing Roth conversions, which is why that's been a very popular conversation piece for the last two years.   Tony Mauro: It really has. And we're talking about that more and more with people that do have sizable amounts is going a little bit against the grain and saying, well, even though you don't have to do it until 73 or 5 now, maybe we want to, at least filling up the tax bracket you're in, so that you can pay it at a lower rate, because that way it's now already been taxed and we can figure out something else to do with it. But if taxes go up and then all of a sudden you got to start taking money out, well again, that that's less in your pocket. And I think that's a mistake if you just blindly say, well, I'm going to wait because I don't want to do it right now and pay taxes. Sometimes it's actually better to pay a little than more later.   Speaker 1: And the likelihood, number six, that we're going to have a long-term care event just continues to grow. Two out of every three people, seven out of every 10 are going to have some event. It doesn't mean a nursing home, Tony, but it certainly means some sort of an event. It could be a short-lived event, it could be a longer event. It could be someone just coming out to your house for a few weeks. But either way, you may have to look at some sort of coverage on that. And it is expensive. People start looking at different alternative life insurance policies or different kinds of ways to possibly fund this.   Tony Mauro: And this could be a whole topic in and of itself as many of these could. But I would say just off the cuff, the best way to do it is try to protect, depending on where you're at of the income spectrum, with some sort of insurance while you're young enough where it's still relatively affordable. If you're waiting until 70, 75, if you can even get longer term care types of insurance, it's going to be extremely expensive. But a lot of people buy it when they're young and a lot of people now are using it to stay out of the home, the nursing home that is, is assisted living, people coming into your house and at least providing some benefits there where they can at least age in place and hopefully stay there. But yeah, if you don't have this accounted for and you have to go in, even if you're coming out and we're not talking nursing home here, but just for some care, it's like the medical costs, extremely expensive to do. And a lot of times Medicare doesn't cover a lot of this, so they're going to be looking for other insurance policies or your pocket.   Speaker 1: Absolutely. So you got to have all these pieces in there to get that financial plan in a complete status versus having some of these little pockets or holes that can certainly derail things. And Tony, we were talking a little bit about inflation and we were talking about economic times that we're in right now, this is March's episode of '23. There's still a lot of conversation about tons of tech companies, Walmart, a lot of places have laid off, Amazon, I guess that's retail and or tech. They've let a lot of people go already in the first quarter of this year. So the possibility of a job loss and what it could do to your retirement plans, especially if you're a couple of years away, let's say you've got five years or left and you think, "Okay, hey, as long as I can hang on to this job for the next five years, we're [inaudible 00:13:41]. But you never know, something could happen.   Tony Mauro: Yeah, it could. I'm in agreement. The people listening to this from around here will know what I'm talking about. But we have a huge Wells Fargo presence here in Des Moines and I don't know, 18, 20,000 people here total. And they've always been downtown. Well, they just came out and said, "We're moving everybody out to the western suburb campus and we're getting rid of these buildings," but they are laying off a lot of people. And of course, it's like 4 or 500, which doesn't sound like that many if you're talking about these giant companies. But here in Des Moines it's anywhere, it's a lot of people that, like you say, if some of these people were five, eight years from retirement, then thinking they were going to have this, well, it's like, "Okay, now what do I do?" Yeah, 55 60, nobody wants to hire me and I don't have an income. Maybe my skillset newer employers want. And that poses a real, at least, concern. Best way to combat it is obviously keep your skillset up, assuming you still want to work and stay nimble enough where you know can get out and get something else, but I don't think it's easy. The other way to do it too is have the emergency fund. We talk a lot about in planning of three to six months, or maybe even a little more to help you decide, get you through paying the bills until you can at least find something. But...   Speaker 1: Definitely got to have that, you got to have that emergency fund in place. Hopefully, if nothing else, COVID maybe taught, hopefully, many folks that it was going to be important to have some emergency funds sitting there if they unexpectedly lost a job for 2, 3, 4 months. So definitely-   Tony Mauro: I got-   Speaker 1: Go ahead.   Tony Mauro: Sorry for the interruption, but I was going to say the other thing too, how many of us out there, probably a lot of people can resonate. I been on my own for so long, I've forgotten what it was like, but gone are the days that people go to work and can feel like, "Well, if I work hard here, I'm going to be here for 50 years and I'm going to ride off into the sunset," because a lot of times it's companies, they just say, "Well, you know what, we're all about the bottom dollar and well, we're going to cut that department, or we're going to consolidate and do this." It doesn't seem like people have that safety anymore that they used to, and-   Speaker 1: It's definitely more rare. Pensions have been dying since the early '00s, late '90s, early '00s. And I think longevity in corporations, 30 and 40 year jobs have been taking that kind of hit for the last 20 plus years as well. And it's a big jobs market or it has been. Emerging markets and industry and all different kinds of things, but we also like usual, we oversaturate in some areas, other areas get to suffer and then they start to balance out. But it's certainly something to think about. And I think one thing I tell people all the time is, if you're really worried about something and you have any mechanical inclination skills, we sorely are going to be in source or shape for electricians, and carpenters, and plumbers, and things. It may not be the sexiest sounding thing, but I tell young people all the time, "Hey, if you don't think college is right for you, pay attention to in that industry sector, because a good contractor's worth their weight in gold."   Tony Mauro: We have a lot of commercials airing right now. I know we're getting off the subject, but if you can come and work hard, I think it was for heating and air conditioning. You become a journeyman, you can make a good living, a real good living, and you're always going to be in demand. But I think that, yeah, you're right, here, these industries are suffering. They can't find people that want to go do it. Everybody gets-   Speaker 1: They don't want to get their hands dirty. There's a young gentleman here in my area, he's been doing concrete for about seven years and he's only like 27 years old and he is just killing it. He's just making money hand over fist, because he does a great job, he and his, team and they show up and they get the work done and he's like, "Yeah, I don't have student loan debt and I don't have all that stuff." As a matter of fact, he's living in a half a million-dollar house and he's 27 years old while his best friend has got $300,000 in school debt.   Tony Mauro: Yeah, I've always said there's a ton of different ways to make money, make a living. And if you're good at business, if you're good at that kind of stuff, and you can run a good business, you can make as much as, or probably more and have a different type and a great lifestyle than somebody works for corporate.   Speaker 1: But entrepreneurship is not for everybody.   Tony Mauro: Not for everybody.   Speaker 1: You got to know who you are. You got to certainly know who you. And that goes a long way towards a good complete financial plan, whether it's a financial strategy while you're still working or in retirement, knowing who you are and being honest about some of those things can certainly help you and your advisor plan accordingly. We got a little sidetracked, but I think it still brings back in the nature of the beast of just money and how we take care of ourselves and how we strategize for the future, so. Last one, we'll just do it real quick and just that's passing assets as smoothly as possible to future generations. That's really just being tax smart, tax efficient with whatever you've got. So if you're wanting to leave that 401(k) behind to your kids, well the Stretch IRA removal from the first SECURE Act may say that you need to change that strategy a little bit. Things like that.   Tony Mauro: And that area alone should be enough where you should be talking to your advisor, especially if you know want things to happen a certain way. And on top of that, you got taxation and some other things. So to go about that blindly, I think you're really, to make it short, going to be in for real surprise depending on how you do it. So please go out and get some advice on, well on all these, but that one for sure.   Speaker 1: Yeah, tax efficiency in retirement. Some people say, "Well, I'm going to leave my," joke and say, "I'm going to leave my kids a tax bill," or "I'm going to leave them a credit card statement," or something like that. But I think at the end of the day, we all truly just want to, if we're going to leave a legacy, we want to leave it as efficient as we can, because God willing, we lived a long life and by the time we're leaving something to our children, they might be grown adults in their prime earning years. They might be in their 40s or even 50s in their earning years. And so you don't want to hit them with putting them in a higher tax bracket if you can avoid it. So again, efficiency is the name of the game, strategy is the name of the game. So if you want that complete financial plan, make sure that you're checking off some of these items on today's list. And if you need help, as always, stop by Tony's website, get in touch with he and the team at Tax Dr. Inc. You can find them online at yourplanningpros.com. That is yourplanningpros.com. Don't forget to subscribe to the show on Apple, or Google, or Spotify, whatever podcasting platform app you like to use, you can find our show there, Plan with the Tax Man, and that just lets you catch future episodes as well as check out some past ones. Tony's been helping folks for 27 plus years, great resource. He's a CPA, CFP and an EA, so certainly got a lot of good skillset there to help you out. Tony, thanks my friend. As always, I appreciate you. I hope you have a lovely start to March and good luck with those taxes, bud.   Tony Mauro: All right, we'll talk to you next time.   Speaker 1: Yep. We'll see you in late March here on Plan with the Tax Man with Tony Mauro.   Disclaimer: Securities offered through Avantax Investment ServicesSM. Member FINRA, S.I.P.C. Investment advisory services offered through Avantax Advisory Services. Insurance services offered through an Avantax affiliated insurance agency.

After being discussed in Congress for nearly a year and a half, the SECURE Act 2.0 passed in January. Listen to today's episode to see what you need to know and learn four ways the new changes might impact you. Helpful Information: PFG Website: https://www.pfgprivatewealth.com/ Contact: 813-286-7776 Email: info@pfgprivatewealth.com Disclaimer: PFG Private Wealth Management, LLC is a registered investment adviser. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investment involve risk and, unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance. Transcript of Today's Show: For a full transcript of today's show, visit the blog related to this episode at https://www.pfgprivatewealth.com/podcast/ ----more---- Marc: Welcome into another edition of Retirement Planning Redefined with John and Nick from PFG Private Wealth. We're going to tap into the SECURE Act 2.0, a couple of items you might want to be aware of if you're not and four ways that it could impact you. They went ahead and got this passed at the very, very end of 2022, right before the Christmas break, and some more changes coming down the pike. A lot of changes really in the SECURE Act, but we're going to touch on some of the bigger ones today. There's a lot of little nuance, so if you definitely have questions around it, absolutely make sure you're talking with your financial professional or reach out to John and Nick and have those chats with them at pfgprivatewealth.com. Nick, what's going on buddy? How are you?   Nick: Doing pretty good. I can't believe it's already almost February.   Marc: Yeah, at the time we're taping this, it's like a day away. So we'll be dropping this first week or so of Jan... or February, excuse me. Yeah, time is moving quickly, so, for sure. John, what's going on with you, my friend?   John: Not too much. Doing all right. Looking forward to... Nick's probably not looking forward to this, but the upcoming Super Bowl. Two good teams.   Marc: Yeah.   John: So looking forward to checking out those quarterbacks go at each other.   Marc: Yeah. Yeah, it was an interesting playoff season, for sure. So not the result I was looking for either, Nick, but all good. So...   Nick: Yeah.   Marc: It is what it is. But let's talk about some of these changes, guys, because they did a ton of them, but I want to touch on some of the bigger ones and any other ones you feel are important you want to touch on as well. But like I said, right there before Christmas, literally like the Friday before Christmas, they went ahead and passed this as part of that omnibus bill, all sorts of stuff in there. And they went tinkering around with some more things. And the first one on the list that might affect most people is the RMDs, the age. They changed it again. So you can give us a little backstory if you'd like from how you want to go, with whatever angle you want to go in, but explain to us what they did.   Nick: Sure. So for many years, the RMD, or required minimum distribution age for pre-tax retirement accounts was 70 and a half. And at least... I was just personally excited when they got rid of the half year, because why in the world did they have it in the first place?   Marc: Right.   Nick: But so in early 2020, they pushed it back to age 72, so people picked up about a year and a half. And now, for anyone born between 1951 and 1958, the starting age is 73, so they bumped it back one more year, and for those born in 1959 or later, the age is 75. So from a standpoint of impact for people, there are... I would say, a big chunk of people out there are taking withdrawals from their retirement accounts, and the amount that they're taking is pretty close to their RMD amount that would be required anyways. But for those that aren't, it gives them more time to defer funds, let them continue to compound. And from our side of things, it kind of just lets us be a little bit more strategic on creating a liquidation order and helping clients figure out which accounts we should start taking withdrawals from when. And this just builds in more flexibility, which is nice.   Marc: Yeah. So overall, do you kind of like this concept of them pushing this back a little further? I mean, either way, to me, it feels like it works for them to get more tax revenue, right? Because either the accounts get bigger and they get more RMDs you have to pay taxes on, the government will get their share, or people are doing Roth conversions, they have more time to plan for something like that, for example, and they're getting tax revenue that way. So either way, to me, it seems like it's a win-win for them.   Nick: Yeah. And realistically, yeah, I think just in general, people don't like to be told what to do. So anytime, from looking at it from a client standpoint, just to know that there's flexibility, because I can say that I've had more than one and probably more than 10 clients be unhappy when they realize that requirement distributions are a thing to only realize that they were taking the money out anyway. So it's just literally the psychological impact of choosing to do it versus being forced to do it.   Marc: Okay. All right. So that was one big change that they did. John, let's talk a little bit about the special catch-up contribution. Give us a quick breakdown on normal catch-up contributions, something that happens all the time. They change the numbers from year to year, what it is, but then also this new little wrinkle they added, and let's get your thoughts on that.   John: So normal retirement contributions are what the normal limits are for 401k. Whether you're going to make a contribution or not to it, you do max out. And what is the current [inaudible 00:04:43]   Marc: 22,500, I think.   John: ... up as well.   Nick: Yeah.   Marc: Yeah. Yeah, I think it's 22,500 for the current-   John: Yeah, so 22,500 is kind of normal. Catch-up provision is once you're over the age of 50, you're able to actually do an additional amount, which they consider, hey, catching up for basically your retirement. So for 2023 it's going to be 7,500, which is a nice jump from last year. What makes it even better is anyone between the ages 60 and 63, starting in 2025 can be up to about $10,000. So that is really significant. And why that is, we found a lot of people, when they get into their fifties, they're kind of in their highest income earning years. So it really comes up quite a bit where it's like, hey, I want to save more money, but I'm really limited in what I could do. So this is really going to help people defer more for retirement, which ultimately in the long run helps them overall have a larger nest egg and more retirement income.   Marc: Yeah. And so it's interesting what they did that. So yeah, they moved it on, they added this extra four year thing. So again, what's your thoughts on that? It doesn't kick in until 2025, but do you think that's a useful tool to add even more room for people to sock away?   John: Yeah. I think anything that encourages people to save is definitely a positive for retirement.   Marc: Yeah. So what's your thoughts on that, Nick?   Nick: Yeah. I mean, again, it's one of those things where when you add in flexibility and the ability for people to kind of adapt, especially knowing how many 401k plans allow for Roth contributions now. So even if it's from the perspective of, hey, maybe they don't want to add more pre-tax money, but they want to take advantage and use some of that buffer for Roth funds, it's just nice to have the flexibility and ability to be able to put in more funds.   Marc: Yeah. Okay. An interesting one that caught a lot of people off guard, guys, especially a lot of advisors, was the 529 to Roth transfer option. So let's talk a little bit about that. That's been a kind of nice little wrinkle. People have been pretty surprised by this.   Nick: Yeah, this is interesting from a perspective... So for those that aren't super familiar with 529 plans, they are essentially education accounts, and there are funding restrictions. And one of the, in theory, downsides on 529 plans previously were the way and the timing of when you had to use the funds. And so essentially, using funds in the years that costs are incurred, there were some ability to be able to transfer funds from one person to another. But now, essentially what they're doing is they're kind of reducing the quote, unquote risk of overfunding a 529 plan, and they're letting people essentially use 529 funds to make Roth contributions when they start working. So as a reminder for people, to be able to contribute to a Roth IRA, there has to be earned income. So when there's earned income, you can contribute up to a hundred percent up to of the earned income, up to the maximum amount. And then there are income limitations and restrictions on how much you make versus how much you can put in. To be honest, realistically, this is probably going to be something that is much more tiered towards higher income earners. Definitely the kind of, maybe there's grandparents that have a significant amount of money and they can overfund a 529 plan for a grandkid, and it can be a way to essentially start to kind of build in some future wealth transfer, which is cool, to be able to have a creative way to be able to do that. Most likely, that's how I see it playing out overall. So it's just nice to have that flexibility. And I was pretty surprised as well that it was something that they came up with to integrate into the plan.   Marc: Yeah. So if you wind up not using it, maybe you got the one kid that doesn't use it or you're going to give it to the other kid or you don't have a second kid, it just gives you options. I mean, other people still looking at different ways to fund for college, but it's nice to have that extra wrinkle in there. So a lot of people have been fairly pleased and surprised by that one. John, any thoughts on that from yourself since you've got a couple of little ones?   John: Yeah. Yeah, I think I like this. Because one of the things that I've always thought about is let's kind of take off the table overfunding, but what if they don't use it at all? What if they decide to go a different route from traditional college or what if they get a ton of these grants and things like that? So I think it's a nice feature. Kind of puts a little peace of mind where it's like, hey, if they don't end up using it and you try to just pull it out, you get hit with these taxes and penalties on the growth. So I think it puts my mind at ease a little bit more knowing, hey, if I contribute to this, that it'll still be going to them and they'll still be able to benefit even if they don't use it for school.   Marc: Yeah, definitely. All right. So let's talk a little bit about the other changes kind of addressing, I guess, maybe students if you will. And there's a lot of changes that they did, guys, to just, I think in general, company-sponsored plans, a lot of little nuances. Again, you may want to talk with your financial professional to see. They did some little things like moving, I think, Roth options right now, so matching contributions can go to a Roth, and lots of little stuff. So you may want to have those conversations. But let's talk about the changes to the company 401k match, especially for younger folks. I think this was maybe to address the whole student loan debacle and all the conversation that's going on about to forgive, not to forgive, whatever the case is. So explain a little bit what they've done with this. Whoever wants to take this one.   John: Yeah, I'll start with it. So yeah, I definitely agree with you there, Mark, on kind of throwing this in there to help with what we have going on with the student loan issue there. But this is pretty cool in my opinion. I got a younger sister-in-law, and she's got... law student, hefty amount of student loans. So we were talking about some different things and we talked about helped her out with picking some stuff in her employer plan. And it came up to this, and this exact conversation came where she said, hey, I'm paying such a big amount on my student loans. I don't have any extra really to save for retirement. So this is a great way, in my opinion, to try to... That way they can get something going to the retirement account because, as you know, Nick and I do planning for people, there is sometimes a shortfall and the earlier you can start the better. So I think this is definitely a great way to get people to at least get the money into the retirement accounts, and ultimately, when they have the cash flow, they start to see what their match is doing and growing, I could see them starting to contribute themselves a little bit more as well.   Marc: Yeah. What's your take on it, Nick?   Nick: The student loan burden is so significant for so many people, and that's separate... The whole validity of it and does it make sense and all that kind of stuff, I think, is a separate conversation. And so the reality is that there are a ton of people living with that, and so anything that can be done to provide some sort of options and flexibility and encourage employers to assist with that, I think, is a big deal. Because ultimately so many employers, they are looking to have these sorts of certain certifications, certain underlying education requirements, all that kind of stuff.   Marc: Right.   Nick: So they're a participant in kind of the machine, so to speak. So to me, it makes sense to integrate some kind of creative thinking into it.   Marc: Okay. Well, so that's some of the major changes. Anything else I missed, guys, you want to bring up? I know like with the RMDs, little things like they reduced the penalty, which was a pretty hefty penalty even though a lot of times I don't think they enforced it. Any other little items that you want to share?   John: No, I think these are the main ones that are good. And like you say, always if people have any questions, definitely reach out to us. And as we're meeting with clients, if something pertains to them, we always bring up kind of what makes sense for them.   Marc: Yeah, okay. All right. Well, there you go. So some major items there that they updated when it came to the SECURE Act 2.0. There's no really big gotchas, it doesn't seem, like there was with the first one with the removal of the Stretch IRA, for example. That one seemed to be annoying for a lot of advisors and stuff like that. Any big gotchas here that you feel like that's make it a real concern? Or for the most part overall some decent changes?   Nick: Not that I've seen so far.   Marc: Yeah. Okay. Yeah, you never know, right? I mean, they still got, I mean, what is this, 10 years on some of this stuff? Some of the stuff starts in '23, some of it '24, some of it '25, some of it 2033. So they got a while to roll some of this stuff out, so we'll see how it all plays out. But if you've got questions, again, make sure you reach out to the guys, have a conversation. Don't forget to subscribe to us on Apple, Google, Spotify, all that good jazz. And you can find all of that information at pfgprivatewealth.com. That's pfgprivatewealth.com. Guys, thanks for hanging out with me. As always, appreciate your time for John and Nick. I'm Mark. We'll see you next time here on Retirement Planning Redefined.

Every once in a while, Congress makes changes to your retirement. In this episode of the One for the Money podcast, I talk about recent, significant changes. Your financial plan must take advantage of these changes because there are always winners and losers when Congress makes changes. In the tips, tricks, and strategies portion, I share tips on reducing your taxes in retirement.In this episode...The SECURE Act [01:05]Required Minimum Distributions(RMD) [03:31]Transferring funds from a 529 to a Roth IRA [06:24]Lowering your RDMs [10:01]The SECURE Act of 2019In December 2019, Congress passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act. And in December 2022, they passed the SECURE Act 2.0. Before looking into the follow-up version, it's essential to understand the original. The 2019 law brought massive changes to retirement planning. The most notable was the death of the Stretch IRA. The stretch IRA was an estate planning strategy where your child would inherit your not-yet-taxed retirement account and distribute it over their entire lifetime, giving them significant tax savings. So a daughter who inherited a million-dollar IRA could spread out the distributions over a few decades, significantly reducing the taxes she would need to pay. As of 2019, a non-spouse must take those distributions in just ten years. This results in their paying significantly more in taxes because they would have to distribute much larger amounts over a shorter period. Beneficiaries will be paying way more taxes than before the 2019 SECURE Act.What is a Required Minimum Distribution?When you contribute money to a pre-tax retirement account, you have elected to pay taxes when you take the money out in your retirement, hoping your income and tax rate will be lower. Since you haven't paid taxes on this money, Congress forces you to take money out each year starting at a certain age. In 2019, Congress raised the age from 70.5 to 72. One of the reasons is that people are working longer because they didn't save up enough for retirement. In the new SECURE 2.0 Act, Congress pushed out the RMD required dates even further. Those born between 1951 and 1959 are required to start taking money out at age 73. People born in 1960 or later can wait until age 75. That's a great thing because it allows their money to grow longer without being taxed. Some people might consider not taking their RMDs, but the IRS would penalize them for that. The penalty for a missed RMD used to be 50%. So if the requirement were $10,000, the IRS would charge $5,000. Now that amount is 25%, and if corrected promptly, the penalty is reduced to just 10%. SECURE Act 2.0One of the best changes made by SECURE 2.0 is that it made it possible to transfer funds from a college savings account, also known as a 529, to a Roth IRA for the beneficiary. This process can start in 2024, but several conditions must be satisfied before a transfer can be valid. The Roth IRA receiving the funds must be in the name of the beneficiary of the 529 plan. The 529 plan must have been maintained for 15 years or longer, and any earnings and contributions to the 529 plan within the last five years are ineligible to be moved to a Roth IRA. The annual limit for these transfers is whatever the individual's limit is for a Roth IRA that year. The maximum amount that can be moved from a 529 plan to a Roth IRA in an individual's lifetime is $35,000. This new strategy could be used for higher net-worth families to prime the retirement pump for children, grandchildren, and other loved ones. A meaningful contribution could be made to a 529 plan when the child is born. Then, after the account has existed for over 15 years, the account's funds could be moved to a Roth IRA for the child's benefit. The transfer rules require that the child have...

Episode 210 - We take a look back at how the SECURE Act eliminated the use of the “stretch” IRA, but there may be a way to replace that lost wealth and accomplish a similar goal by using the combination of a life insurance trust and a Single Premium Immediate Annuity.

This week on “Money Talks,” Chief Investment Officer Troy Harmon, CFA, CVA, is joined by Associate Peter Lynch and Senior Financial Planner Giuliana Barbagelata to provide some alternative options to a “Stretch IRA.”  Read the Article: https://www.henssler.com/leaving-your-ira-to-a-non-spouse-beneficiary

Henssler Money Talks – December 3, 2022Season 36, Episode 49This week on “Money Talks,” Chief Investment Officer Troy Harmon, CFA, CVA, is joined by Associate Peter Lynch and Senior Financial Planner Giuliana Barbagelata to cover the week's market performance as well as the Conference Board's reading of Consumer Sentiment and the second estimate of third quarter GDP. Peter and Giuliana team up to provide some alternative options to a “Stretch IRA.”  The hosts round out the show answering listeners' questions on the probability of a recession and purchasing life insurance on an ex-spouse.Timestamps and Chapters00:00     Market Roundup: Covering Nov. 28 – Dec. 2, 202221:56     Case Study: Alternatives to a “Stretch IRA”32:12     Q&A Time: Recession Possibilities and Life Insurance on an Ex Follow Henssler:  Facebook: http://bit.ly/HensslerFacebook  Twitter: http://bit.ly/HensslerTwitter  LinkedIn: http://bit.ly/HensslerLinkedIn  Instagram: https://www.instagram.com/hensslerfinancial/YouTube: http://bit.ly/HensslerYouTube   “Money Talks” is brought to you by Henssler Financial. Sign up for the Money Talks Newsletter: https://www.henssler.com/newsletters/ 

What are good questions to ask your financial professional in times of economic turmoil?  Marty covers some of these including long-term planning, diversification, and whether or not to change course.  He also warns of retirement mistakes to avoid and offers reminders of the changes to legacy planning which came with the original Secure Act. You can reach Marty Nevel by calling 888-519-9096.See omnystudio.com/listener for privacy information.

What are good questions to ask your financial professional in times of economic turmoil?  Kelley Slaught covers some of these including long-term planning, diversification, and whether or not to change course.  She also warns of retirement mistakes to avoid and offers reminders of the changes to legacy planning which came with the original Secure Act. You can reach Kelley Slaught by calling 800-838-8060. California Wealth AdvisorsSee omnystudio.com/listener for privacy information.

Coach Pete D'Arruda and Parker Holland break down a case study with amazing results. Richard Pellitier brings us up to date on the Secure Act and the stretch IRA. Ed Storer is talking about inflation. Eric Kearney has some observations about the election, inflation and what you can do to help your retirement. Gary Nolan took the Wayback machine all the way to 1949. Visit Financial Pizza for more. Check out Broadcasting Experts to learn how you can create your own podcast. Call 800-662-6808. Text Pizza to 600700.See omnystudio.com/listener for privacy information.

What are good questions to ask your financial professional in times of economic turmoil?  Paul Roberts covers some of these including long-term planning, diversification, and whether or not to change course.  He also warns of retirement mistakes to avoid and offers reminders of the changes to legacy planning which came with the original Secure Act. You can reach Paul Roberts and the team by calling 800-891-8680. Roberts Wealth ManagementSee omnystudio.com/listener for privacy information.

Mo covers challenges you could face down the road in your life if all of your investment savings are in tax deferred accounts.  He looks at implementing a tax bucketing strategy to include taxable, pre-tax, and tax-free.  We're all feeling inflation now but in the second segment Mo offers strategic tips to combat would could be pain felt later due to rising interest rates. CloudVestorsSee omnystudio.com/listener for privacy information.

As a Paralegal and a Certified Financial Planner®, Kraig is uniquely able to assist clients with the careful preparation of asset protection and estate plans.  Kraig's team uses a financial-planning approach to ensure that each client obtains the best possible outcomes. With 120 years of combined legal and financial services experience between our team members, we can help you think defensively about protecting your wealth, investments, business intellectual property, and other assets and counsel you through choices you make to prepare for the future. Thanks to the death of private pensions, the devaluation of Social Security benefits and other undeniable retirement factors such as inflation and increased taxes, America is now in a retirement income crisis. Kraig Strom, the host of Personal Pension Radio, is focused on helping you pack your bags for both halves of the retirement journey.  Kraig's mission is help you build & protect your wealth and lifestyle today and generationally. Along the way, Kraig is ready to assist with all matters related to your financial wellbeing as well as your business and family legal needs.  Optimizing Retirement income and protecting your legacy does not happen with a product. You must have an integrated approach. DISCLAIMER: Kraig Strom is not an attorney or a certified public accountant. Kraig is a Certified Financial Planner Professional®, a Chartered Financial Consultant®, and an Investment advisor representative.  As cool as all that may sound, this video is only helpful hints, tips and education. This video is not specific tax, legal or investment advice. Before you decide to take action on anything you see in this video, please consult with your tax, legal or investment advisor first.

The Secure Act did away with the “Stretch IRA.” Now the IRS is developing a new way to collect taxes on your inherited IRA money sooner. How can you keep up with constantly changing rules and avoid paying unnecessary taxes? Visit RetirementKeyRadio.com.

How has the SECURE Act changed critical aspects of estate planning? How can you use these changes to your client's advantage, helping them protect their assets AND their legacy at the same time? What are the key components of pre-planning and what are the dangers of not doing all of them? And why do dogs make such good running companions? Join me for another episode of "Looking Forward. Giving Back." as Attorney Chandra Lewnau, Partner at Wall Group Law in Edmonds, and I discuss all of this and more. --- Send in a voice message: https://anchor.fm/lookingforwardgivingback/message

In this week's podcast, Russ Kinnel shines a light on three struggling Gold-rated funds, Ed Slott tells us the new rules about inherited Roth IRAs, Christine Benz assigns us an important to-do for September, and Ben Johnson explains what's been going on with ARK Innovation ETF.

Today on the Finance Flash Go! podcast, we are chatting about the Stretch IRA and if it really even exists anymore. Please enjoy the Finance Flash Go podcast! We plan to release a new episode every weekday answering important finance questions. If you ever want to submit a question to our podcast, send an e-mail to financeflashgo@gmail.com, and please be sure to check out Jordan Frey's blog prudentplasticsurgeon.com where he gives great financial advice. A brief disclaimer, while we are providing knowledge and awareness around financial topics in this show, we are not held responsible for any financial decisions you choose to make in response to the podcast. We hope to provide accurate information in regards to money and different methods of wealth creation, but it is always the learner's responsibility to due their due diligence before making important financial decisions. We hope you enjoy the show and thanks for tuning in, and if you like the podcast please subscribe, share, and leave us a review on the podcasting platform of your choice!

In the second of our two part series with CPA Aaron Blau, we look at potential legislation under the Biden administration and what that could mean for you, your money, and your taxes.We start with a look back at the SECURE Act - how it raised the age for required minimum distributions and eliminated the so-called "Stretch IRA."Shanna asks Aaron what a potential "SECURE Act 2.0" could mean for RMDs and stretch IRAs going forward.   We also look at potential changes to 529 Education Savings Plans, the so-called "step up in basis," and capital gains tax rates.For more information:Find Aaron Blau at The Blau Company: https://blauco.com/Find Shanna Tingom at Heritage Financial Strategies: https://www.heritagefinancialaz.com/ 

In Episode 4, I review a few articles about clarifications to the SECURE Acts new 10-year Rule for Non-Designated Beneficiaries and a new bill talking about the SECURE Act 2.0. After that, we'll address how to use the Spillover Election to help you do a MEGA Backdoor Roth Contribution, while still getting a tax-deferral on your Elective Deferral. The new 10-year rule ended the ability for many people to do a Stretch IRA, meaning instead of being able to deferral the taxes, on inherited retirement assets, over your lifetime you now only have 10-years. It isn't a big deal if you planned to spend all the money, but for savers who would take minimum distributions over their lifetime. The change is forcing them to pay taxes sooner rather than later. The SECURE Act 2.0 has been proposed and passed through the House Weighs and Means Committee unanimously. It is a far way from being a law, but the provision raising the age to start Required Minimum Distributions from Retirement Accounts to 75, is likely to be popular. Finally, Backdoor Roth IRA Contributions are great if you can do them. There is a catch you need to make sure you understand so you don't get a surprise at tax time. If you are subject to that catch or just want to save more and not have to jump through a lot of hoops, the MEGA Backdoor Roth contributions through your 401(k), can make your life easier. As a PG&E Retirement Specialist, I help people maximize their contributions to their 401(k) both before tax and after-tax. Whether you are just starting out at PG&E or you are ready to retire understanding the in's and out's of the PG&E 401(k) can give you a leg up on saving for retirement. For more information, visit the show notes at https://poweringyourretirement.com/2021/05/21/death-of-the-stretch-ira-the-mega-backdoor-roth-3

Josh Jalinski, The Financial Quarterback is joined by “America's #1 retirement expert” Bob Carlson, author of Where's My Money?: Secrets to Getting the Most out of Your Social Security, and editor of the monthly newsletter, Retirement Watch. Together Josh and Bob discuss the many benefits of the STRETCH IRA that are no longer available since congress did away with it, and other dangerous legislation on the horizon. Listen to the Financial Quarterback live every Sat/Sun 9am EST on WOR AM710. Follow Josh on Facebook, Twitter and YouTube. Visit Jalinski.org for more information, and pick up his latest book, Retirement Reality Check now.

Josh Jalinski, The Financial Quarterback is joined by Ed Slott, CPA and America's IRA Expert. He is a nationally recognized IRA-distribution expert, a professional speaker, and the creator of several public television specials. Together Josh and Ed discuss the death of the Stretch IRA. Pick up Ed's new book, The New Retirement Savings Time Bomb. Listen live every Sat/Sun 9am EST on WOR AM710. Follow Josh on Facebook, Twitter and YouTube. Visit Jalinski.org for more information, and pick up his latest book, Retirement Reality Check now.

In this episode, Trishul and Aaron try to introduce all the nuance and complexity behind estate planning. They explain how the step-up in basis on taxable accounts can be better for heirs than inheriting a Traditional IRA. They then discuss wills and trusts, both revocable and irrevocable. Then there are community property states vs. separate property states. Don't forget the estate tax exemption, the annual gift tax exemption, and the lifetime gift tax exemption. Yikes! There are so many little caveats that there is no universal estate planning recommendation, other than that you need to plan ahead because it'll be too late after you pass away.Episode ReferencesInvesting Forever - Wills and Trusts: How Are They Different?Investing Forever - Making Sense of Estate Planning TerminologyInvesting Forever - What's so Great About a Revocable Living TrustInvesting Forever - I Have a Trust, Now What?Investing Forever - Estate Planning: Get Started TodayIRA Announces Higher Estate and Gift Tax Limits for 2020Internal Revenue Code, 1014. Basis Of Property Acquired From A DecedentUnderstanding Stepped-Up BasisDeathbed Tax: Take these Steps Now to Save LaterThree Year RuleIRA Announces 2015 Estate and Gift Tax LimitsIRA Rules on Gifts (FAQ)Guide to Beating the New Death Tax - The End of the Stretch IRAPodcast Description Welcome to The Mind Money Spectrum Podcast where your hosts Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Financial Planner from the Bay Area, and Trishul is a Wealth Manager on the East Coast. For more information about Aaron, check out GraystoneAdvisor.com. And for more information on Trishul check out InvestingForever.com. We thank you all for listening, and stay tuned for our latest episode on our website, MindMoneySpectrum.com.

Congress is proposing some big changes to Independent Retirement Accounts. What are some of these changes? How might they impact you? What is a Stretch IRA and how does it function? This episodes looks at all of these questions and more.

Congress is proposing some big changes to Independent Retirement Accounts. What are some of these changes? How might they impact you? What is a Stretch IRA and how does it function? This episodes looks at all of these questions and more.

Congress is proposing some big changes to Independent Retirement Accounts. What are some of these changes? How might they impact you? What is a Stretch IRA and how does it function? This episodes looks at all of these questions and more.

Congress is proposing some big changes to Independent Retirement Accounts. What are some of these changes? How might they impact you? What is a Stretch IRA and how does it function? This episodes looks at all of these questions and more.

Joining Mark this week is Ashby Daniels. Ashby is a financial advisor in the Pittsburgh area with Shorebridge Wealth Management. He also has his own blog: The Retirement Field Guide. Mark and Ashby discuss the following on this episode: - Ashby's background - The SECURE Act: Elimination of the Stretch IRA provision in favor of the 10 year distribution rule RMD Age moved back from 70.5 to 72 Contributing to a Traditional IRA beyond 70.5 if still working - Ashby's favorite financial planning tips   Where to find Ashby: Blog: The Retirement Field Guide: https://retirementfieldguide.com/ Twitter: @DanielsAshby  

Covering the recently passed SECURE Act and its major retirement planning-related changes.Specifically, we spend time going into the changes to Required Minimum Distributions (RMDs) and the elimination of the Stretch IRA.Included are some planning considerations and action items.Here are some accompanying slides.Thanks for listening.Visit my website to learn more.Disclosures --- Send in a voice message: https://anchor.fm/womens-retirement-radio/message

Attention has turned to the new SECURE Act to begin the new year and for good reason. This marks the first significant retirement legislation in years and it'll be impacting both retirees and pre-retirees. What changes should you be planning for and what other considerations need to be made? That's what we'll be discussing on this episode.   Show notes and additional resources: https://www.baschrock-fg.com/podcast/ep-21-secure-act-brings-changes-to-retirement-accounts/    Today's rundown:  0:32 – Everyone is talking about the SECURE Act to begin 2020.   1:30 – Getting to Know Ben: What does your morning routine look like? 3:36 – How did the SECURE Act get passed? 4:47 – Ben thinks the RMD age might be the most significant change.   5:54 – Are Roth conversions going to become a big part of planning now? 6:59 – The Stretch IRA going away is another big change. 8:47 – Do you feel this is a good thing? 10:42 – How do annuities factor in to this legislation? 11:48 – Anything else we need to know about the SECURE Act? 12:49 – It's always best to read through everything yourself to get a better understanding.

Congress is proposing some big changes to Independent Retirement Accounts. What are some of these changes? How might they impact you? What is a Stretch IRA and how does it function? This episodes looks at all of these questions and more.

Congress is proposing some big changes to Independent Retirement Accounts. What are some of these changes? How might they impact you? What is a Stretch IRA and how does it function? This episodes looks at all of these questions and more.

With President Trump signing the SECURE Act into law in December, there are some changes coming to individual retirement accounts. What are some of these changes? How might they impact you? What is a Stretch IRA and how does it function? This episodes looks at all of these questions and more.

Congress is proposing some big changes to Independent Retirement Accounts. What are some of these changes? How might they impact you? What is a Stretch IRA and how does it function? This episodes looks at all of these questions and more.

With President Trump signing the SECURE Act into law in December, there are some changes coming to individual retirement accounts. What are some of these changes? How might they impact you? What is a Stretch IRA and how does it function? This episodes looks at all of these questions and more.

Congress is proposing some big changes to Independent Retirement Accounts. What are some of these changes? How might they impact you? What is a Stretch IRA and how does it function? This episodes looks at all of these questions and more.

"Rob Black & Your Money" - Radio Show December 18 - KDOW 1220 AM (7a-9a) Rob Black talks about the Stretch IRA, the Impeachment, DoorDash, mortgage rates, TV streaming services, and companies to look at in 2020.See omnystudio.com/listener for privacy information.

Congress is proposing some big changes to Independent Retirement Accounts. What are some of these changes? How might they impact you? What is a Stretch IRA and how does it function? This episodes looks at all of these questions and more.

Congress is proposing some big changes to Independent Retirement Accounts. What are some of these changes? How might they impact you? What is a Stretch IRA and how does it function? This episodes looks at all of these questions and more.

Congress is proposing some big changes to Independent Retirement Accounts. What are some of these changes? How might they impact you? What is a Stretch IRA and how does it function? This episodes looks at all of these questions and more.

Congress is proposing some big changes to Independent Retirement Accounts. What are some of these changes? How might they impact you? What is a Stretch IRA and how does it function? This episodes looks at all of these questions and more.

Congress is proposing some big changes to Independent Retirement Accounts. What are some of these changes? How might they impact you? What is a Stretch IRA and how does it function? This episodes looks at all of these questions and more.

In this episode Bill explains the ins and outs of a Stretch IRA and how it could save your loved ones in the long run. We also talk about the market and what you need to know.

On today's show Bill talks about the importance of family and legacy. Making sure your loved ones are taken care of after you are gone. He goes over the strategy behind using a Stretch IRA and how helpful it can be in accomplishing this.