November 28, 2020
Play • 46 min

The Ric Edelman Show.

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Simply Tax
Simply Tax
Damien R. Martin, CPA
New Year, New PPP Changes #116
The latest COVID-19-related relief package included key changes to the Paycheck Protection Program (PPP). Get the practical insights you need from returning guests Tad Goodenbour and James Anderson as they discuss what these changes mean for borrowers and the interim final rules released January 6, 2021, by the U.S. Small Business Administration (SBA). BIO FOR OUR GUESTS Tad Goodenbour is a partner in BKD’s Colorado Springs practice. Tad has more than 35 years of experience in public accounting, focusing on federal income tax, and serves primarily quick service restaurant, gaming, agriculture, and real estate companies. He also has significant experience in partnership and limited liability company planning, structuring, and operation and is one of BKD’s technical area specialists in partnership taxation. James Anderson is a partner and tax director out of BKD’s Nebraska practice. He is a member of BKD National Construction & Real Estate Group and BKD National Commercial Services Group and is the north region tax director for the firm’s tax committee. James is experienced in providing corporate and individual taxation assistance to construction companies, financial institutions, manufacturers, and retailers across the Midwest. He also consults with clients regarding accounting method changes, multistate taxation, choice-of-entity analyses, tax controversy support, and business combinations. Get additional resources (including the citations for the other cases mentioned in the discussion) 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
49 min
Retirement Answer Man
Retirement Answer Man
Roger Whitney, CFP®, CIMA®, RMA, CPWA®, AIF®
Retirement Plan Live 2020: Unexpected Retirement - Trish and Lynn’s Retirement Goals
Welcome to week 2 of Retirement Plan Live 2021! Last week, in episode 359, you got to meet Trish who was unexpectedly laid off last year. She had been hoping to retire within 5 years, but with this layoff, she is exploring the idea that maybe she can retire now. Over the next few episodes, we will walk her through the steps I take with clients to create and test a retirement plan. “You are never too old to set another goal or dream another dream,” -- C.S. Lewis. What is a goal? Before we begin, let’s examine what a goal is. Simply put, a goal is something you want to achieve in the future. We often have larger goals and smaller, more immediate goals. They should be a stair step to your bigger vision. All of my goals stem from my values and vision. Before coming up with your goals, it is important to have a clear understanding of your values -- articulate them and define them. The idea is that your goals help you to live out your values. Have you defined your values, vision, and goals? Needs and wants Let’s talk about needs, wants, and wishes. I like to create 3 categories of spending when creating a retirement plan. This way we can determine a person’s level of fundedness. The first category is the needs category. This is what a person needs to live their baseline life. However, it doesn’t mean simply eating rice and beans every day. Trish estimates that she needs $10,000 per month to live comfortably. The next area is the wants category. One of Trish’s wants is a convertible when they move south. What kind of wants would you put under this heading? Can Trish dream big? The last section we examine is wishes. This is where you dream big without holding back. Some people struggle with this, but others take on this challenge whole-heartedly. Are you able to dream big? What are your most extravagant wishes? Listen in to hear what Trish includes in her wishes, and maybe you’ll find some inspiration for your own planning. Create your own retirement plan If you would like to follow along and do these same exercises on your own, be sure that you are signed up for the 6-Shot Saturday email newsletter to receive worksheets each week to examine your own retirement readiness as we work through this Retirement Plan Live with Trish. Are you curious to discover whether Trish has what it takes to retire? Sign up for the live webinar with Trish on January 28 at LiveWithRoger.com. This is when we put Trish’s retirement plan to the test to see if she can retire now or if she needs to continue working for the next few years. Don’t miss out! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT DOES THAT MEAN? * [2:30] What is a goal? PRACTICAL PLANNING SEGMENT * [9:10] Trish lays out her needs and wants * [20:47] I help Trish dream big Q&A WITH NICHOLE * [29:14] An asset allocation question * [31:40] Robert asks if he should cash out his mother-in-law’s annuities * [35:18] A pie cake question TODAY’S SMART SPRINT SEGMENT * [38:25] Think through your spending for the year Resources Mentioned In This Episode Episode 310 - The Pie Cake Sign up for the live webinar with Trish on January 28 at LiveWithRoger.com Rock Retirement Club Roger’s YouTube Channel - Roger That BOOK - Rock Retirement by Roger Whitney Work with Roger Roger’s Retirement Learning Center
41 min
The Power Of Zero Show
The Power Of Zero Show
David McKnight
How to Maximize Your Net Worth When Doing Roth Conversions & More
David has written a number of books on the Power of Zero paradigm for retirement and still does about 90 speaking engagements each year. He also runs a program with around 250 advisors that help him espouse the Power of Zero worldview. The basic premise of the Power of Zero is that due to the fiscal irresponsibility of the US, tax rates will have to rise dramatically over the next few years just to keep the country solvent. Combine that situation with a skyrocketing national debt and unfunded liabilities and there are massive implications for a generation that has the majority of their retirement money in the tax-deferred bucket. If you can situate your retirement assets such that in retirement you are in the zero percent tax bracket then you have effectively insulated yourself from the impact of higher taxes. If you’re in the zero percent tax bracket and tax rates double, two times zero is still zero. Conventional wisdom says that you will be in a lower tax bracket in retirement than during your working years, and that made sense in the 70’s but it doesn’t hold true for the current situation. What he found was that a lot of the deductions you enjoy when you’re working disappear once you retire and many people end up in a higher tax bracket instead. We know that the current tax rates expire on Jan 1, 2026 and they will return to what they were in 2017, but the real danger is what will happen to tax rates in 2028, 2030, and beyond. We are moving into a future where the debt we are taking on will be unsustainable and we will either default on the debt or raise taxes. It will be challenging but there are ways for people to insulate themselves from these dire repercussions. Most people believe that tax rates will be higher in the future, but they still have the majority of their retirement portfolio in the tax-deferred bucket. This means there is a disconnect between what people believe and how they act because of the inertia of traditional wisdom. Like the average person, the federal government has trouble delaying gratification. We do a lot of things as a country that help us scratch our itch in the short term but that has a lot of adverse repercussions over time. This is a problem that pervades every single part of government and society, but there are things we can do to forestall these eventualities. There isn’t an official zero percent tax bracket, but it is possible to not pay tax in retirement by positioning your money in the right amounts in the right accounts. David’s second favorite tax bracket is the 24% tax bracket because it doesn’t “cost” as much. If you’re in the 22% tax bracket, increasing your taxes by 2% will give you an additional $150,000 in shifting capacity to get more of your money into the tax-free bucket before tax rates go up for good. There is a right amount of money to shift each year that doesn’t push you up into a higher tax bracket but allows you to complete all the shifting before 2026. The Roth conversion is the workhorse that allows you to shift your money to the tax-free bucket. The Power of Zero strategy is not hard to implement. Roth conversions are relatively easy to do, in terms of not having to liquidate assets. You just have to be willing and able to pay the taxes from some other source. When you figure out your taxable income, you figure out what your highest marginal tax bracket is. David breaks down the basic process of a Roth conversion and why you should pay your tax at the time of the transfer. Your taxable bucket is your least efficient bucket. You know you have a taxable investment if you receive a 1099 form from your financial institution. This isn’t good because when you amortize those efficiencies over a lifetime, it can cost you hundreds of thousands of dollars. Shift money from your tax-deferred bucket to your tax-free bucket by using money from your least efficient bucket. In the act of paying taxes on our Roth conversion out of our taxable bucket, we are reducing our least efficient bucket and maximizing our most efficient bucket. Study the tax brackets and the fiscal condition of the country. Let’s not invest our money in a reflexive sort of way, let’s be more cognizant of the fiscal condition of the country and make investment decisions accordingly.
22 min
Keep Your Daydream
Keep Your Daydream
Marc & Tricia Leach
Living 24/7 with your spouse or family, peacefully
Before we hit the road fulltime, one of our biggest concerns was how we were all going to get along in a small space. After all, it wasn't exactly easy in a large home when the kids were in school and we had plenty of time apart. In this podcast, we both come to the table with three ideas that may help you when traveling or getting through quarantine! To participate in the conversation, go to https://www.keepyourdaydream.com/111/ Topics discussed: * The Golden Rule does not apply to relationships * What are you bringing to the table? * Have important conversations about what you need, when you don't need it! * Creating personal space even when space is limited * Have a premeditated plan for how you will respond to avoid reacting * Focus on the bright spots Books Mentioned in this Podcast: As Trish mentioned in this podcast, what are you bringing to the table? Meaning, what are we learning and focusing on to move the conversation forward? Often when we're not focused on growth and instructional information it's easy to succumb to talking about people, gossip and conversations that are not aligned with your dreams and goals. Below is a list of the books mentioned in this podcast: * The Five Love Languages - Book or Audible * The Four Tendencies - Book or Audible * Personality Plus - Book or Audible * Can't Hurt Me by David Goggins - Book or Audible Feedback? Did you like this podcast? What did you learn? What suggestions do you have to help get along with your spouse, partner or family? Leave your comments below!
47 min
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