Of the 618,000 millionaire Millennials in the U.S., the highest concentration of them are living here in the 49686 ZIP code, according to a recent report by Coldwell Banker Global Luxury and WealthEngine. If that’s hard to believe, try to understand this recent calculation by Professor Olivia S. Mitchell: Millennials will need to save almost HALF of their paycheck to retire at 65 (read here). In contrast, their parents (or grandparents) are considered the wealthiest generation in American history. They will be transferring close to $68 trillion in assets when they pass. How can they help the younger generation of non-millionaires retire? Do they need to?

Tune in to find out exactly how much Dennis disagrees with this 50% rule and why. We think you’ll be encouraged to hear an advisor’s perspective.

https://proutfinancialdesign.com/wp-content/uploads/2019/11/Its-Simple-ish.mp3Podcast: DownloadIn the gray area between IRAs and qualified plans (employer-sponsored retirement plans that qualify for special tax treatment) are SIMPLE plans (retirement plans that are commonly offered by companies with no more than 100 employees). Sometimes SIMPLE plans follow the IRA rules and sometimes they follow the qualified plan rules. This confusion about which […]

We always know when it’s time to talk about qualified charitable distributions (QCDs). It’s usually when two things happen: The snowbirds start to head south, and the snow hits the ground here. Both have happened ahead of schedule … and so can your QCD! We are going to answer six of the most asked questions regarding QCDs, along with how to meet the QCD requirements (there are 12).

If you’re making a giving list and checking it twice, now might be a good time to tune in. We’ll be ready for your questions!

There may come a time when you need to access your retirement accounts earlier than you intended. Be forewarned, it’s expensive – meaning, you’ll pay a 10% early withdrawal penalty plus income tax, which can erode half of the distribution. So, while the income tax cannot be avoided on early distributions, the 10% early withdrawal penalty can sometimes be avoided. Meaning, there are exceptions to the rules!

1. Exceptions that apply to distributions from both company plans and IRAs

2. Exceptions that apply only to distributions from IRAs

3. Exceptions that apply only to distributions from company plans

It’s important to know which exceptions apply to which plan, otherwise you could be in trouble!

Tune in to find out more.

Tune in on your radio today at 10 AM to WTCM NewsTalk AM 580 to hear the live show.

Maybe it’s your child, your grandchild or even your sibling who needs extra help. Have you considered an ABLE Account? ABLE Accounts are meant to be used in addition to government benefits and are specifically designed not to jeopardize those benefits.

The ABLE (Achieving a Better Life Experience) Act of 2014 was enacted with the purpose of encouraging and assisting individuals and families in saving private funds for supporting individuals. These accounts are wonderful, but also wonderfully complicated. You must be careful when planning.