The pandemic forced three million of America’s Baby Boomers into unexpected retirement, according to economics journalist Nate DiCamillo. This may not be a permanent choice, but it’s a concern for those who are suddenly forced to draw from their retirement accounts indefinitely. In a Gallup survey taken in 2018, most Americans expect to retire at age 66; today, however, most will retire around age 60. That’s about 26% of retirees who must leave the workforce earlier than expected.
Today, we are going to talk about how to draw from accounts considering the early withdrawal penalty. We will discuss in detail the “Rule of 55.”
“Now is no time to think of what you do not have. Think of what you can do with what there is.”
-Ernest Hemingway

When talks of inflation began at the beginning of the year, the word “transitory” was used frequently. Meaning, was inflation here to stay or would it pass? We now know the answer. So, what does that mean for your pocketbook in the short term and your retirement in the long term? The plane ticket to visit the grandkids one year ago is now double, if not triple, the cost. Decisions must be made differently … AGAIN! The realities of inflation will continually affect our lives and investments, but does it also could mean there’s a recession on the horizon?
Today, we are going to look at the graphs, numbers and historical data to shed light on these questions while also giving you tips on how to evaluate your finances.
There’s never a dull moment in today’s economy … or on the show! Tune in and take control.

Forgive us. We needed a holiday pun and couldn’t find one any one better than “Eggs in a Basket” when it comes to retirement planning.

Today, we are going to focus specifically on your 401(k) and learning how to draw from that account in retirement. When you look at your retirement nest egg, there are probably several sources of income from which you can draw. The questions then become, “Which egg? From which basket? When? How much? What if it’s a Cadbury?” Well, unlike your 401(k)s, the Cadbury should be consumed all at once!

Join Shea and Heidi this week for a lively conversation about income strategies in retirement, also known as “Cracking the nest egg.”

We think it’s fair to say that retirement is something we all look forward to. It will be great to say, “It’s Saturday every day!” The pandemic, however, rearranged plans for a lot of folks – some were forced to retire early, and others decided to quit while they were ahead. Meanwhile, the rest of us are redesigning what our retirement might look like. Should we stay on a few years longer considering inflation? Should we retire now and start a side hustle? What will the transition look like?

Join Dennis and Shea today as they cover challenges you might not expect and questions to ask yourself as you make the change.

“Every which way you turn, there is something different because of the tax law changes that have happened since 2020. It’s essentially an ‘If this, then that … game’ and everyone is involved,” said Jon Sluis, CPA and owner of Intrust CPA in Traverse City, Michigan.

He joins us on the air today to explain exactly what he means by this statement. He will also discuss the most common IRS “red flags,” which include: virtual currency, child tax credit among divorced couples, and understanding ratios for business expenses. Those who get the most attention are either making more than $1 million or less than $40,000 a year.

Lastly, Sluis will discuss how getting audited by the IRS isn’t necessarily a “bad” thing.