Radio Shows

I (Shea) will never forget the thrill of opening my first bank account with my dad. He also created a chores and budget spreadsheet. I was ready to become an adult at the ripe old age of eight! The taste of independence was thrilling until I reached my early 20s and money went to things like … toilet paper. What a letdown!

Teaching kids about money can be exciting, especially when they are able to learn about investing. Today, we are going to teach you how to talk to kids (and grandkids) about money, and let you know about a few exciting options like the custodian Roth IRA account!

Are you considering an IRA rollover? Whether you’ve recently left your employer or simply prefer the options an IRA has to offer, a rollover may be the right move for you. Keep in mind, however, that there are also several common pitfalls you can encounter by improperly executing a rollover.

Whether you’re a spouse who has inherited an IRA or you’re the retirement account owner, there are a number of rules you must know in order to avoid costly penalties rolling over your investments.

Today, Dennis and Heidi will share the most common rollover mistakes and other possibilities, as well as discuss what to do with your tax refund this year. Have you considered depositing it into your IRA?

Dennis Prout and Heidi Thompson discuss the importance of naming successor beneficiaries.  In this episode they also help us understand the Roth IRA Rules.

Perhaps one of the greatest reasons to hire a CPA to file your taxes and help monitor your business is to protect yourself against what you don’t know. Your job is to be excellent in your line of work, and theirs is to watch out for you. When we came across an article in Kiplinger called “22 IRS Audit Red Flags,” we immediately realized that local CPA, Jon Sluis, should join the conversation. After all, isn’t the real question, “Can I get audited?”

Join Dennis and Jon today as they dig deep into the world of taxes and retirement planning. The two are inseparable.

Folks often ask us, “When is the best time to get serious about retirement?” The answer is usually, “Now.” Realistically, most people start getting serious about retirement about 10 years out. They start to look at their 401(k) at work, their savings, debts and, if they haven’t already, they open an IRA or consider converting to a Roth IRA. We found a few fun articles, “11 Moves to Make Before Retirement” and “10 Things You Spend Less On in Retirement.”

The show today will be the before and after retirement! Dennis and Heidi will tag team the topics and give you something to think about. After all, now is always a good time!

So you want to rollover your unwanted RMD (required minimum distribution) into an IRA? Not so fast! It’s not 2020 anymore (thank God!) when no one had to take an RMD, and that ONE-TIME exception allowed by the CARES Act no longer applies. The rules for 2021 say that you cannot, we repeat, CANNOT roll over your RMD into an IRA or any other retirement account. As Ed Slott would say, “How money moves matters!”

This year, you must take your RMD and follow the rules or the consequences will be expensive. Join Dennis and Heidi this week as they refresh your RMD memory. Also, this is a good week to have our own Shelley Osborne live to give you a few tips on understanding tax forms and filing taxes this year. Her advice … “Pay attention to the form changes!”

We think it’s fair to say that the main goal in retirement is to do it once. No one dreams of going back to work once you have punched the proverbial time clock for the last time. According to InvestmentNews and a study done by Clever Real Estate, the pandemic has doubled retiree debt partly because of the need for credit. Many retirees are struggling to live the pre-retirement lifestyle and are going into debt to cover basic expenses. This begs the question, “How much should one save for retirement?”
We’re so glad you asked! Today, Dennis and Heidi are going to share what the average retirement savings per age should be vs. what the national average is. This will help you benchmark your situation and adjust as you approach the retirement time clock!

The last time Ed Slott, “America’s IRA Expert,” joined us on the air, we were waiting on pins and needles to see who the next U.S. President would be. Well now that we know, we also know a few more things about the coming year … like that you must take your RMD (required minimum distribution) and that tax rates might be changing. Ed has a few surprises to share as well.

The anxiety folks are feeling hasn’t disappeared, but it has shifted to, “What now?” We’re hoping to give you some measure of control from Ed’s perspective.

The American College New York Life Center for Retirement Income released a QUIZ. last year to test your retirement knowledge. It might be worth your time to take it and then tune in to our show. Why? Because retirement is now 100% your responsibility. Gone are the days of simple retirement planning, which included a pension, Social Security and savings. Today, we are left to our own resources and knowledge to create a plan. Plus, there are a lot of factors to consider outside of different savings vehicles. For example, when surveyed, young Baby Boomers changed jobs 11.7 times in their career. Add to this longevity and the responsibility of caring for elderly parents and adult children, and there’s a lot more to consider when planning where the money needs to go.

We don’t want to … but we must look back on 2020. Why? Because it was a BIG year for IRA rulings and Social Security. As much as we’d like to think that you’ve been listening, we want to repeat ourselves once again. Moving forward into the New Year will require you to check your lists twice. Dennis will cover the IRA rulings and Heidi will review the Social Security list.

Tune in today and grab your pen and a pad of paper. There will be a lot to remember.