Radio Shows

If you’re planning on a pension, you might want to plan again. As of this year, The American Legislative Exchange Council released this information: State pensions across the country are funded at an average of 35% of what they should be. This translates into an average of $18,300 in unfunded pension liabilities for every man, woman and child across the United States. The new report measures nearly 300 state-administered pension plans and, in total, they have unfunded liabilities of nearly $6 trillion.

In other words, it’s time to take an assessment of your current financial situation in case your pension disappears, or you’re given a buyout option. We have created a five-point checklist to help you navigate this unfortunate and all too familiar scenario. Tune in to find out more!

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

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.

“It’s my retirement money, and I should be able to do with it as I please!” is the argument of a novice. Age comes with both wisdom and the knowledge that we will have to acquiesce to the government regulations on how retirement accounts are dispersed. For example, at age 70½, you’ll be required to start taking money from most accounts, and there will be more rules than exceptions. Dennis and Heidi attended the Ed Slott conference last week and will be sharing the four common RMD (required minimum distribution) mistakes.

1.Rolling over the entire plan balance to an IRA with the intent to “take the RMD later” from the IRA

2.Rolling over only part of the plan now to an IRA with the intent to “take the RMD later” from the plan

3.Aggregation mistakes

4. QCD (qualified charitable distribution) mistakes

If you’re nearing this magical age, this is a show you won’t want to miss!

Blood may be thicker than water, but it clots. Which is why hiring an estate planning attorney for your family is the second kindest thing you can do. What’s the first? The years of hard work and dedication you’ve already invested. The goal of estate planning is to preserve the decades of investments along with the relationships you’ll leave behind. Not only will your spouse need someone to turn to, your children’s relationships will more than likely require a mediator.

Join me (Shea) today as I interview estate planning attorney Cortney Danbrook about the intricacies of planning, whether you’re planning alone, for your family of origin or blended family.

If there were a 12-step program suitable for every human being, it would be for recovering control freaks. Yes, I’m talking about you – and me – and the guy across the street. The human condition is such that we feel like we have control even when we don’t. In fact, Psychology Today tells us that we will happily deceive ourselves just to achieve that feeling. How does that pair with retirement, a time in life when work routines, family time and income all change? What do we control? J.P. Morgan created the 2019 Guide to Retirement and it’s very insightful. They break the retirement equation into three parts: Total Control, Some Control and Out of Your Control.

For those of us who are self-proclaimed “planners,” we might need a little reality check as we face the future. Or as Dwight D. Eisenhower said, “Plans are nothing; planning is everything.”

When I think of going back to school, the only image that comes to mind is the scene from the movie Ferris Bueller’s Day Off, when Ben Stein plays the economics teacher. During his monotone lesson, he tries to elicit a response from his class by pausing every few sentences asking if “Anyone? Anyone? Anyone?” has the answer. It pains me to make this correlation to retirement planning, but alas, I must. Why? Because today we are talking about 401(k)s again. Anyone? Anyone? Anyone? Know why?

Because they are the most common retirement savings vehicle and one that we often put into cruise control during our working years. Tune in today and figure out how to speed up your savings!