Radio Shows

Money may talk, but taxes scream for attention. Case in point: If the owner of a retirement plan account neglects to name a beneficiary, the plan will use its default rules, which typically make the owner’s estate the beneficiary. This requires both appropriate federal AND state taxes be withheld before issuing the lump sum to the estate. Not only can this be a costly mistake, it could have been completely avoided.
But there’s hope! Last May, the IRS released a private letter ruling (PLR) that allows a surviving spouse to execute a 60-day rollover of assets inherited from a company retirement plan, even though they were first paid to the decedent’s estate. (ED Slott’s July Newsletter)
While we hope this affects only a small percentage of you, the spousal rollover rulings are extremely important to be aware of. Tune in today to find out what your options are.

Knowing when to claim your Social Security is one of the most strategic decisions a person will make as they near retirement. And it’s also one of the hottest topics in retirement planning because it affects nearly everyone. Currently, there are about 10,000 Baby Boomers turning 65 every day.
What about you? Should you take Social Security at full retirement age, or delay receiving benefits? Were you married and considering taking your ex-spouse’s benefits? Are you considering getting remarried? What about your children? Can they receive your benefits?
Tune in today for the exciting conversation covering the “who, what, when and how” of deciding when to receive that check!

You’ve finally reached the destination … your retirement! And now it’s GO TIME! After years and years of making contributions to your company plan, it’s time to roll it over. But how? And where? And when? You’ve been working a long time, and now it’s time to make your money work for you. At Prout FinancialDesign, we think this is one of the most exciting times in planning. Why? Because you have options!
One of our favorite ways to help you put it all together is by completing a FinancialPlan using our financial planning software. We can combine your personal goals with the details required for long-term planning, which include Social Security, Investments, Health Care Costs, Lifestyle, Property, Giving and even more!
Join us today for a topic that affects a large percentage of our clients and listeners.

Can you believe that we are halfway through June? I feel like we just finished taxes and winter! And now it’s time to start your IRA planning for the rest of the year. There are nine things you can do to pivot your planning and move in a good direction just in time to open Christmas presents. HA! Too soon?

We’ve all heard the horror stories from our neighbors and friends about their inheritance … or lack thereof. Oh sure, it was “understood” that so-and-so would receive “X” amount, but when it came time, it went to someone else. There is a tremendous amount of grief upon grief when this happens, because it feels like betrayal when we don’t get what was promised. Most of the time, it isn’t on purpose; it was a mistake on the part of the benefactor. And, most of the time, we believe that this will never happen to us.
Join us today to make certain that you have dotted the I’s and crossed the T’s on your beneficiary forms. If you’re the one on the receiving end, you’ll want to approach this topic gently, and we will teach you how.

Some of the most expensive money you can spend is the money from your company 401(k) before it matures.
A 2015 research study conducted by Boston Research Technologies in collaboration with Retirement Clearinghouse found that 34 percent of Millennials, 34 percent of Gen Xers and 24 percent of Baby Boomers have cashed out at least one retirement account during their careers, and that “a majority of retirement plan cash-outs are unnecessary – a product of convenience rather than need.” (CNBC)
We understand that circumstances in life make it tempting to dip into your company plan, but there are many reasons why this is a bad idea. One must consider the tax penalties and loss of compound interest, among other things.
Tune in today! Dennis is back from his Ed Slott conference and is ready to share some interesting, and valuable, information.

It’s impossible to name just one thing that makes the Mitten State magical. It starts with the Great Lakes, followed by great communities, places to adventure, and family, to name a few. And whether you’re from the area or not, your loyalty to Michigan can run as deep as Lake Superior. It seems like everyone finds their way up north.
What about you? Do you plan on retiring here? If so, it’s important to know that the tax rules aren’t the same in every state. In recent years, Michigan has become less tax friendly to people in retirement, and according to the U.S. Census Bureau, in 2016, 23% of Michigan residents were age 60 or older. So join us as we look at the tax laws, Social Security benefits, IRAs, and 401(k) rules.
We are smitten with the mitten, and this Thursday you’ll find out why it’s still worth retiring here.

“I’m embarrassed to say this,” one client said, “but I haven’t saved much at all. My friends are retiring and I am just getting started saving. I’ve always been a hard worker, but life was harder.”
Is it too late to save? Never!
Heidi Thompson, financial advisor at Prout Financial Design says, “The hardest part is starting, because you believe that you’re too far behind to catch up. So instead of making a plan, you avoid looking at options. That’s the biggest mistake you can make.”
Join us today if you’re late to saving. Bottom line … it can be done, but you’ve got to get your head in the game. We’ll show you how.

We’ve been in the biz for so long that oftentimes we forget to take you back to the BASICS. It’s always good to get a refresher, especially if you’re nearing retirement. Suddenly, all of the words that you’ve taken for granted become very important. The wide-angle lens you’ve had on the future will start to hyper focus. We’re here for you whether you’re in the middle of your accumulation phase or if you’re starting to strategize your new spending plan in retirement.
This week Shea is back in the studio with Dennis to ask the questions you’ve always wanted to know the answers to.

Maybe you’ve already heard? You have two extra days to file your taxes this year. On another high note, you don’t have to understand the new tax law for this year’s return. What will one do with all of this extra time? Have no fear, Kiplinger is HERE, and they have written a great article, “Last-Minute Tax Tips for Procrastinators.” Sound like you? If so, tune in!
There’s a lot of T’s to cross and I’s to dot. It just so happens that this is our specialty, and we’re here to help during tax season. Tune in and tune up your tax knowledge.