It’s easy to complain about the economy. It’s not within our control and yet it controls us. It’s our common ground. Since the founding of our country, there have been as many as 48 recessions. What’s harder to remember are the good times. In fact, we have been experiencing multiple years of a nice return on the Dow as it’s gone from 6,500 in 2009 up to 36,585.06on January 3, 2022, a record high. Tax rates have been low and interest rates have been historically low.

So why mention it?

Because clients and economists are wondering, “How long will the good times last?” Last Friday’s payroll report showed lackluster numbers. These poor numbers add to the concern that wage inflation will set in motion a wage-price spiral such as the one experienced in the 1970s. What does that mean for your retirement?

The last couple of years have motivated us to look closely at our personal health, finances and estate planning. What happens if we need more help should the worst happen? Who would act on your behalf if your partner can’t? Should it be one of your children? There are several different types of POAs (Powers of Attorney) to discuss – conventional, durable, springing and medical.

Lucky for you (and us) we have Cortney Danbrook LIVE with us today. She started her career in wealth management and crossed over into the legal world. Her combined experiences give a unique perspective that offers families a chance to approach estate and wealth succession planning, family cottage preservation and legacy asset planning holistically.

Don’t leave your family guessing … leave them with a plan.

It turns out that retirement isn’t as easy as “you retire one day and have a check in the mail the next.” Those days (if they ever existed) are long gone. Today, retiring requires thoughtful planning and consideration … things like when to claim Social Security, draw from the 401(k), take out a pension and, lest we forget, tapping in to the good ol’ IRA! And that’s just the beginning, which is why we love to talk about retirement income strategies on our show. To get the most out of your money, you must consider the best time to take money from different accounts for longevity and tax purposes.

This is a FUN show where we will present lots of options. Tune in and take control. Retirement could be right around the corner … if you plan it right!

Typically, it’s not the big things in life that we fail to plan for, but it’s the little things that get looked over. We have a natural and understandable apprehension to dying, which makes us hesitant to properly plan for our own death. We get it. However, there can be a major consequences if you fail to plan. Mr. Rogers said it best, “Anything that’s human is mentionable, and anything that is mentionable can be more manageable.”

Today, Dennis is going to talk about how assets transfer at death, the importance of naming a beneficiary and how to do tax planning for your portfolio.

’Tis the season for taking your Required Minimum Distributions (RMDs) for the year! That’s right, if you’re over 72 years old, you’ll need to take money out of your tax-deferred retirement accounts. If you don’t, there is a hefty penalty – you will be charged 50% of the amount you were supposed to withdraw. You might ask, “What if I don’t need the money?” In which case we would say, “Have you ever considered making a Qualified Charitable Distribution (QCD) to a non-profit of your choice?” This can be given directly from your IRA, satisfying your RMD, and is excluded from taxable income.

We don’t get to talk about GOOD NEWS very often, but this is definitely a silver lining in retirement planning. Tune in today with guest CPA, Jon Sluis as he talks about this and many other ways to give this season!