How to Choose Your Pension Options and Retirement Withdrawal Strategy - 307
Play • 49 min

In this first YMYW episode of 2021, Joe and Big Al go over estate planning strategies for CFP® candidate/Redditor Nate in SC, they do a spitball analysis for John in TN who wants to retire early, a retirement withdrawal and 529 plan strategy for Ace in TX, and a breakdown of pension options for James in AZ - after Big Al figures out how to work his HP12C financial calculator. Access the transcript and financial resources, ask your money questions: https://bit.ly/YMYW-307

Retirement Answer Man
Retirement Answer Man
Roger Whitney, CFP®, CIMA®, RMA, CPWA®, AIF®
Let’s Get Physical - Creating Your Health Action Plan
Over the past 3 episodes, we have been talking about different ways that you can improve your health in retirement. Today you’ll take action. Choose the habits you want to build and learn how to actually build these habits and set yourself up for success. Learning about health and nutrition is one thing, but taking action is something else entirely. Press play so you don’t miss out on these tips to learn how to create and stick with healthy habits. Do you need to redefine your fitness identity? When we are young it can be easy to take on a fitness identity. I’m a mountain biker. He’s a basketball player. She’s a swimmer. But as we age we can face a fitness identity crisis. Our fitness becomes more about mobility and nutrition. To help yourself create your new fitness identity think about what you want to accomplish. What do you want to improve about yourself? What new version of yourself would you like to see? Think about your motivation. Why do you want to have a healthy body? This is how you can define yourself. Listen in to hear my new motivation for good health. Choose the habits you want to build The power of good (or poor) health comes from habits. Positive and negative habits compound over time so to begin a healthy lifestyle you have to start by building healthy habits. You could start by building a huge meal plan or exercise routine, but that could also set you up for failure. Rather than creating a strict workout routine try tinkering with your movements to explore healthy activities that you really enjoy. How to build a habit and make it stick You may already understand the importance of building healthy habits but some of us don’t know how to make them stick. Many of us try to create a routine but then struggle to maintain the habits we have created. Luckily, starting and keeping up healthy habits doesn’t have to be as complicated as you think. Try using these tips to help you create and maintain your healthy habits. To create healthy habits: * Set yourself up for success. Make the habit simple to do. * Create friction. Take a bad habit and make it hard to do. * Start with a small habit. Plan on starting with 5 or 10 minutes a day. To maintain and build up your new habits: * Over time increase your routine in small ways. * As you build up your routine, split it up into separate times each day. * When you falter restart quickly and don’t beat yourself up about it. You have the opportunity to change your health Retirement gives you the freedom to change your lifestyle. You have the opportunity to structure your day in a more purposeful manner. Think about who you want to be in retirement and get started building the habits you need to become that person. Listen in to the Coaches Corner segment with BW to hear how movement and mindset can shape your retirement. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT * [3:30] Most of us have to redefine our fitness identity as we age * [7:25] How to build a habit * [15:32] Two stories to demonstrate different life views COACHES CORNER WITH BW * [19:45] Movement and mindset can help keep you young * [26:52] Use technology to improve your health TODAY’S SMART SPRINT SEGMENT * [34:36] Start to make a change to improve your health Resources Mentioned In This Episode Streaks app Noom app Peloton app Oura Ring James Clear Habit Guide BOOK - Atomic Habits by James Clear Stride app Leave me a comment! Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Work with Roger Roger’s Retirement Learning Center
37 min
The Power Of Zero Show
The Power Of Zero Show
David McKnight
"From Forever Taxed to Never Taxed": My Interview with Ed Slott (Part 1)
Ed Slott has a new book coming out called The New Retirement Savings Time Bomb. It’s the updated version of the original book written 20 years ago where the time bomb was the tax building up in your IRA account. If you didn’t know how to plan, you could be hit twice and lose up to 80% and 90%. Some of the Estate taxes have gone away since then, but there are other new threats to your retirement savings than ever before. Congress always needs money, and they will always go for the lowest hanging fruit, which is your retirement savings. It’s like a deal with the devil, getting those deductions on the front end with the hope that you will be in a lower tax bracket. This assumption is where the danger lies. The Secure Act has ironically made your retirement savings less secure. The biggest threat is the elimination of the stretch IRA and the estate implications. Every plan needs to be reviewed and revised, maybe scrapped altogether for different thinking entirely. Congress needs money, which means tax rates are going to go up and that people will have less money in retirement. What is driving the need for these huge infusions of cash? Deficits and debts are the issue. The government has been recklessly spending for decades, and now it’s only increased with the effects of Covid-19. When most people think of compound interest, they think of how Albert Einstein is the 8th wonder of the world. It’s great when it’s working for you, but awful when compounding is working against you. Compounding debt is the real issue. The math doesn’t discriminate. The math bears it out that we will never see tax rates as low as they are today. We need a more stable and secure plan for the future. The history of tax rates shows that we could return to where rates were as high as 90% for the top tax brackets. You may only have one more year to take advantage of these historically low tax rates. People have to realize that they are in control of their tax rates. Taking advantage of the current low tax rates is the best tax planning you can do. Always pay taxes when the rates are the lowest. That may mean paying some taxes now, but you have to remember that taxes are a bill that won’t go away. The concern about losing out on compounding interest when converting to a Roth IRA is a myth. If you are truly comparing apples to apples, there is no loss when using the same rates of return and taxes, but if rates go up, then everything changes. When rates go up, everything tax-free becomes more valuable. When you have money in your IRA, it is accruing to the benefit of the IRS. When you convert now, you are claiming your portion of the money, as well as the future interest. Taxes have to be paid for. It’s not if, it’s when. Why not pay them while they are on sale? Even in the worst case scenario, by converting now you lock in a zero percent tax rate for the rest of your life, which is not a bad consolation prize. After the Secure Act, using a trust to protect your money after death is no longer viable. Regardless of what happens with tax rates, this is going to become a huge burden for a number of people, and this makes a permanent life insurance policy even more attractive. People don’t care about the vehicle. They want the results. They want low taxes, larger inheritance, and post death control, and a permanent life insurance plan that fits the bill. Mentioned in this Episode: The New Retirement Savings Time Bomb by Ed Slott can be pre-ordered on Amazon here: https://www.amazon.com/gp/product/B07TSZSSY5/ref=dbs_a_def_rwt_bibl_vppi_i0
28 min
Anderson Business Advisors Podcast
Anderson Business Advisors Podcast
AndersonAdvisors.com
Tax Tuesday with Toby Mathis 02-16-2021
It’s never a good idea to gift things to somebody. Instead, make them work for it. Take care of yourself, your family, and your taxes. Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Submit your tax question to taxtuesday@andersonadvisors. Highlights/Topics: * How do I gift my son a fully depreciated rental property without causing a tax consequence? Typically, gifts do not cause tax consequences; however, it is not always wise to do so * We are considering purchasing a vehicle, which will be used about probably 75% of the time for our real estate business. Should we purchase it in the LLC (an S Corp) or personally? What are the advantages and disadvantages of both? Consider liability, tax consequences, cost factor, and value of vehicle; unless it’s a maintenance or utility vehicle, put it in your personal name and get reimbursed for the mileage because commercial insurance is much more expensive * Excluding the 1031 Exchange, is there any way to legally avoid paying depreciation recapture tax when you sell a rental property? Don’t have a gain on your sale * I have several vendors refusing to give me their W-9, and I have to threaten to withhold payments. When should I collect and not collect W-9? Vendors need to complete the W-9, but you are not required to issue them 1099s—although you should anyway * Can we sell our home on an installment sale to an Intentionally Defective Grantor Trust (IDGT) and then lease it back? And at the same time, have the depreciation and other costs flow to our return because of IDGT taxation rules? IDGT is an irrevocable trust that is not actually irrevocable because of adding ‘Grantor’ wording to make it intentionally defective for tax purposes For all questions/answers discussed, sign up to be a Platinum member to view the replay! Go to iTunes to leave a review of the Tax Tuesday podcast. Resources: Tax and Asset Protection Workshop (Free 1-Day Virtual Event on Feb. 27) http://aba.link/TAP227 Wills and Trusts https://andersonadvisors.com/living_trusts/ MileIQ https://www.mileiq.com/ Real Estate Professional Requirements https://www.irs.gov/pub/irs-utl/33-Real Estate Professionals.pdf Doing Business As (DBA) https://www.entrepreneur.com/encyclopedia/doing-business-as-dba Entity Formation https://andersonadvisors.com/entity_formation/ 1031 Exchange https://www.irs.gov/pub/irs-news/fs-08-18.pdf Bonus Depreciation https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act Depreciation Recapture https://www.investopedia.com/terms/d/depreciationrecapture.asp Form W-9 https://www.irs.gov/forms-pubs/about-form-w-9 Intentionally Defective Grantor Trust (IDGT) https://www.investopedia.com/terms/i/igdt.asp Section 121 Exclusion https://www.irs.gov/taxtopics/tc701 FHA Loan Requirements https://www.fha.com/fha_loan_requirements Capital Gains and Losses https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0 Form 1099 https://www.irs.gov/forms-pubs/about-form-1099-misc Retirement Plans https://andersonadvisors.com/retirement_plan/ Self-Directed IRA (SDIRA) https://www.investopedia.com/terms/s/self-directed-ira.asp Unrelated Business Income Tax (UBIT) https://www.irs.gov/charities-non-profits/unrelated-business-income-tax Conservation Easements https://www.conservationeasement.us/what-is-a-conservation-easement/ Solar Investment Tax Credit (ITC) https://www.seia.org/initiatives/solar-investment-tax-credit-itc#:~:text=Quick%20facts,large%2Dscale%20utility%20solar%20farms. Taxpayer Certainty and Disaster Tax Relief Act of 2020 https://www.finance.senate.gov/download/section-by-section_-taxpayer-certainty-and-disaster-tax-relief-act-of-2020 Step-Up in Basis https://www.investopedia.com/terms/s/stepupinbasis.asp#:~:text=A%20step%2Dup%20in%20basis%20is%20the%20readjustment%20of%20the,for%20tax%20purposes%20upon%20inheritance.&text=The%20asset%20receives%20a%20step,of%20property%20transferred%20at%20death. CARES Act https://www.congress.gov/116/bills/hr748/BILLS-116hr748enr.pdf Charitable Organizations https://www.irs.gov/charities-non-profits/charitable-organizations Opportunity Zones https://www.irs.gov/credits-deductions/opportunity-zones-frequently-asked-questions Rollovers as Business Start-Ups (ROBS) https://www.irs.gov/retirement-plans/rollovers-as-business-start-ups-compliance-project Toby Mathis http://tobymathis.com/about-toby-mathis/ Anderson Advisors https://andersonadvisors.com/ Anderson Advisors Events https://andersonadvisors.com/all-events/ Events@andersonadvisors.com Anderson Advisors Tax and Asset Protection Workshop https://andersonadvisors.com/asset-protection/ Anderson Advisors Tax-Wise Workshop https://andersonadvisors.com/tax-wise-workshop-for-businesses-investors/ Anderson Advisors Infinity Investing Workshop https://andersonadvisors.com/investing-workshop-passive-income-generating-machine/ Anderson Advisors on YouTube https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ Anderson Advisors on Facebook https://www.facebook.com/AndersonBusinessAdvisors/ Anderson Advisors Podcast https://andersonadvisors.com/podcast/
1 hr 9 min
Simply Tax
Simply Tax
Damien R. Martin, CPA
2021 Tax Filing Season Begins! #118
The American Institute of CPAs (AICPA) Tax Policy & Advocacy Team and volunteer members continually monitor and advocate on legislative, regulatory, and administrative tax matters. The team has been off to an active 2021, following a remarkably busy 2020. Guests Amy Wang and Alex Scott of the AICPA Tax Policy & Advocacy Team join host Damien Martin to share updates and provide insight into the current areas the team is closely watching and working in. Here’s what’s covered: * [03:20] Update on virtual currency-related tax issues and the AICPA comment letter on IRS virtual currency guidance (February 28, 2020) * [07:45] Insights on partnership tax basis capital reporting and the AICPA comment letter on Notice 2020-43 regarding tax capital reporting (September 15, 2020) * [16:07] Form 1065 instruction updates and the AICPA comment letter on the draft Form 1065 instructions (December 7, 2020) * [17:47] The latest on the Organisation for Economic Co-operation and Development (OECD) digital tax developments and AICPA advocacy efforts * AICPA policy paper: Taxation of the digitized economy(Revised May 2019) * AICPA comment letter on key elements essential to modification of the international tax system (May 2019) * AICPA comment letter on Pillar One and income allocations between jurisdictions (October 2019) * [22:33] Forms 5471 and 5472 penalty issues * [26:14] Section 163(j) guidance and AICPA advocacy efforts * AICPA comment letter on final and proposed regulations – pass-through issues (December 21, 2020) * AICPA comment letter on Section 163(j) international and exempt organization issues (December 21, 2020) * [36:20] Advice on the 2021 tax filing season Learn more about our guests and get additional resources here. GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel. A complete archive of our episodes is available on our website and YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube
43 min
Crazy Money with Paul Ollinger
Crazy Money with Paul Ollinger
Paul Ollinger
The Glass Closet: Why Coming Out is Good Business (w/Lord John Browne)
“Never tell anyone a secret because they will surely use it against you.” That’s what Lord John Browne’s mother, an Auschwitz survivor, always told her son. The former CEO of BP followed her advice until he was 59 years old when his secret—the fact that he was a closeted gay man—was exposed by an ex-boyfriend in the British tabloids. The revelation resulted in a media storm and Lord Browne’s immediate resignation. Just like that, after almost 40 years of service to his employer, he was out of a job and out of the closet. Keep in mind that in the few years before he was outed, Lord Browne had been knighted by Queen Elizabeth II, named to the house of Lords, won the UK’s “Most Admired Leader” Award 4 times in a row. John Browne, Baron Browne of Maddingley served as BP's CEO from 1995 until 2007. When he took the helm, the company was called British Petroleum. The re-branding to BP was only one of several major accomplishments during his tenure. He also engineered mergers with Amoco, Arco, and oversaw major exploration projects around the globe. Lord Browne is the former President of the Royal Academy of Engineering and has served on the boards of Intel, Daimler-Benz and Goldman Sachs. He is the author of five books, including The Glass Closet: Why Coming Out is Good for Business, which is what we disussed in most detail today. He holds a BA in Physics from St. John’s College, Cambridge and earned a Masters at Stanford. See a list of countries that still have the death penalty for homosexuality here. Learn more about Lord Browne on his Twitter feed and his foundation’s website. **Please rate and review Crazy Money.** Follow Crazy Money on Instagram here and join the Crazy MoneyListeners Group here. Read Paul’s latest thoughts on life on Medium. Topics covered in this episode include: business, leadership, executives, oil, fossil fuels, LGBT, homosexuality, inclusivity, diversity, inclusion, homophobia, gay employees About Crazy Money: Unlike traditional personal finance shows, Crazy Money is not about how to make a million bucks, how to beat the stock market, or how to save money by switching credit cards. It is about deciding what role we want money to play in our lives and how we can use it to be our best selves. Topics covered include: philosophy, happiness, contentment, meaning, dreams, purpose, success, Rat Race, society, mental health, Buddhism, Stoicism, the hedonic treadmill, morality, mid-life crisis, business, work, careers, authors, books, consumerism, values, capitalism, economics, investing, saving, spending, personal finance, charity, philanthropy, altruism, affluence, wealth, wealth management, culture, society, status. Are you really still reading? Go listen to another episode, silly.
45 min
The Stacking Benjamins Show
The Stacking Benjamins Show
StackingBenjamins.com / Westwood One Podcast Network
10 Habits to Become a Better Investor (plus the Evil HR Lady)
Whether you've been investing for a week, for years, or anything in between, it's always a good idea to keep the fundamentals in mind. BUT....on the other hand, we love to have fun, and it's Friday after all! That's why today we're treating you to a Stacking Benjamins game-show version of "Guess the 10 Habits to Become a Better Investor!" We pulled a piece from M1 Finance listing their top 10 habits, and on this episode, we'll quiz our contributors on which strategies made the list. Not only do you get great investing tips from each of our three contributors, you'll find yourself laughing so much you won't realize you've learned a thing... until it's too late. Playing the game-show with us, we welcome Don McDonald from TalkingRealMoney.com, Paula Pant from Afford Anything, and Len Penzo from the LenPenzo.com blog. Think it's too late to make a career change? After we crown our game-show champion, we'll talk big career moves with the Evil HR Lady, Suzanne Lucas. Are you anxious about making an industry change? Think you've sunk too much time to make a move for your happiness? We'll talk sunk costs (both monetary and emotional), following your happiness, and the realities of leaving behind a career you've spent a considerable amount of time in - and the truth is probably brighter than you think. What should you do with you investments when you have large upcoming purchases? We'll finish our show today with a MagnifyMoney question from caller Debi, who tells us that she's looking to buy a home or condo in the next few years. She would like to acquire a few more properties after that and start to rent them out for passive income. Plus, she has a $10,000 savings bond that will mature in August 2021, along with another $10k each in savings and Robinhood. Our contributors give Debi some much-earned congratulations and advice on how to best position her money in the mean time. As always, we'll save some time for Doug's trivia. Enjoy!
1 hr 23 min
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