Retirement Plan Spitball Analyses for Side Hustles, Clergy & Grandkids - 309
Play • 50 min

Answering questions from across the personal finance spectrum: inherited IRAs and late RMDs, contributing to non-qualified deferred compensation plans, making Roth contributions for grandkids, how a Roth impacts student loans, taxation on ESPPs and RSUs, paying off the mortgage, and retirement plan spitball analysis for a clergyman and his wife, and for a couple with a profitable side hustle. Access the transcript and financial resources, ask your money questions:

Retirement Answer Man
Retirement Answer Man
Roger Whitney, CFP®, CIMA®, RMA, CPWA®, AIF®
On Your Mark, Get Set, Go! What to Do in the 5 Years Before Retirement - Start Your Engines
Do you want to have the confidence to truly rock retirement? Are you within 5 years of retirement? If so, this is the series for you. Over the next 5 episodes, we’ll explore what you should be focused on in the years leading up to retirement. Today we’ll explore the opportunities and risks that come within this time frame. Next week, we’ll start setting the stage to prepare you for retirement. After that, we’ll explore the financial and non-financial aspects of preparing for retirement. In the 4th episode of this series, you’ll learn how to put it all into a plan. And lastly, you’ll hear an episode full of wisdom from people who are a bit ahead of you in this retirement journey. Are you ready to get started? Press play now! Preparing for retirement is much like prepping for an adventure In the 5 years leading up to retirement, you need to get ready. It’s as though you are preparing for an adventure. I liken it to a backpacking trip I took a few years back. First, my partner and I had to decide where we wanted to go. Then we had to arrange the logistics. Next, we had to assess whether we had the right equipment for our journey. Then we had to consider both our physical and mental readiness. After that, we had to acquire the things we needed. Once we finally got to our destination we had to assess the trail ahead. We even had to add extra supplies based on those trail conditions. We had to remain agile throughout the course of our journey. The opportunities and barriers to preparing for retirement At this point in your career, you are probably making more money than you ever have before. You have a reputation and a vast professional network. You may even be at the tail end of the various financial engagements that come with raising a family. Now is a good time to evaluate your life. There are some barriers that you may need to overcome as you prepare for retirement. I often refer to the 50s as your not-so-thrifty 50s. It’s easy to save more and spend less now that you are earning more. It’s also easy to create a financial cage for yourself. Be careful of financial obligations like 2nd mortgages, RV or boat payments, or even that adult child that you continue to subsidize. These obligations could force you to work longer than you would like. Listen in to hear about more barriers you might face as you prepare for life in retirement. What can you do now to set yourself up for retirement? There are several steps you can take to begin to set yourself up for retirement. * Start to assess your risks and opportunities by dialing in your income, expenses, and savings. Think about your expenses. What does it really cost to live your life? Separate your discretionary and non-discretionary spending to realize what it takes to live a good baseline life. * Create your net worth statement listing your assets and liabilities. * Assess your boundaries at work. You have worked hard to build your career, but have you built up boundaries between work and home life? * Assess your social life. Who would you call to have coffee with tomorrow? Do you need to broaden your social network? * Assess your purpose. If you had 2 weeks to not think or talk about work what would you do each day? It’s a great time to join the Rock Retirement Club! Are you signed up for the 6-Shot Saturday newsletter? You’ll want to make sure that you are so that you can get our free net worth and expense worksheets. Have you been on the fence about joining the Rock Retirement Club? Now is a great time to join because on March 16 we are starting a 3-week sprint to assess your needs, wants, and wishes. You can try it out for 30 days with a money-back guarantee. Go ahead and join now to see whether it is right for you. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT * [3:30] A Rock Retirement Club update * [4:04] The five years leading up to retirement is much like prepping for an adventure * [7:27] You have opportunities that you don’t want to miss in the 5 years * [11:37] What can you do now to set yourself up for retirement? Q&A SEGMENT * [21:51] Using a Roth IRA to fund long term care * [27:11] Roth IRAs and the 5-year rule * [30:04] Roth IRAs and Game Stop TODAY’S SMART SPRINT SEGMENT * [31:57] Start to dial in your expenses and update your net worth statement Resources Mentioned In This Episode Share your wisdom with future retirees! Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Work with Roger Roger’s Retirement Learning Center
34 min
Money! with Stacy Johnson
Money! with Stacy Johnson
Talking Money with Your Honey: How to Do It Painlessly
When my wife and I joined households 11 years ago, we combined our kitchen stuff, our furniture, our linens and just about everything else. The one thing we didn't combine? Our money. When it comes to money, she does her thing and I do mine. About the only time our money meets is on our joint tax return. This is the system that works for us, although it likely wouldn't work for everyone. That's the thing with money and relationships; there's no right answer. Anyone who tells you there's only one correct way to mix money and marriage, and there are plenty of "experts" who do, is just plain wrong. The one thing that's universally true is that money secrets are bad. My wife and I don't combine our money, but we do discuss it. Often. Whether you've been together for 30 months or 30 years, avoiding talking money puts your relationship at risk. This is especially true if you combine your finances and have different money "personalities" (spender or borrower vs saver or investor) and even more critical if finances are tight. To nobody's surprise, money routinely surveys as a major source of stress. So when, and exactly how, can we discuss money with our significant others without causing friction? How do we get on the same page and stay there? Or are differences about money just something couples have to learn to live with? In this week's "Money" podcast, we're going to find answers to these questions, as well as many more. Our guest is best-selling author and award-winning speaker Tarra Jackson, also known as Madame Money. Want more information? Check out these resources: 10 Things You Should Know about Joining Finances in Marriage 8 Key Steps to Planning for Retirement as a Couple 6 Ways to Get Your Spouse to Save More Money Living Together but Not Married? 5 Important Things to Know Business Insider: 8 ways to talk to your partner about money, according to experts Money Under 30: How To Have 'The Talk': 6 Tips For Couples Discussing Finances Mint Life: How to Talk Money in a Relationship: Dos and Don'ts NBC News: The 3 money conversations you and your partner need to have Subscribe to the Money Talks News newsletter Take our The Only Retirement Guide You'll Ever Need course Take our Money Made Simple course Hosts: MoneyTalksNews Ask us a question Become a member: See for privacy information.
42 min
Anderson Business Advisors Podcast
Anderson Business Advisors Podcast
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) Wills and Trusts MileIQ Real Estate Professional Requirements Estate Professionals.pdf Doing Business As (DBA) Entity Formation 1031 Exchange Bonus Depreciation Depreciation Recapture Form W-9 Intentionally Defective Grantor Trust (IDGT) Section 121 Exclusion FHA Loan Requirements Capital Gains and Losses Form 1099 Retirement Plans Self-Directed IRA (SDIRA) Unrelated Business Income Tax (UBIT) Conservation Easements Solar Investment Tax Credit (ITC),large%2Dscale%20utility%20solar%20farms. Taxpayer Certainty and Disaster Tax Relief Act of 2020 Step-Up in Basis,for%20tax%20purposes%20upon%20inheritance.&text=The%20asset%20receives%20a%20step,of%20property%20transferred%20at%20death. CARES Act Charitable Organizations Opportunity Zones Rollovers as Business Start-Ups (ROBS) Toby Mathis Anderson Advisors Anderson Advisors Events Anderson Advisors Tax and Asset Protection Workshop Anderson Advisors Tax-Wise Workshop Anderson Advisors Infinity Investing Workshop Anderson Advisors on YouTube Anderson Advisors on Facebook Anderson Advisors Podcast
1 hr 9 min
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