Back to Basics: What You Need to Know About IDR Plans
38 min

Justin Harvey, CFP®, and Rob Bertman, CFA, CFP®, explore income-driven repayment (IDR) plans, how each can affect your financial future, and strategies to help you maximize your student loan repayment and keep more money in your pocket.

In today’s episode, you'll find out:

  • What the IDR payment cap is and what plans have one
  • Which IDR plans are best for physicians and other high-earning professionals
  • How the Standard Repayment Plan can factor into your IDR plan
  • Which plan is best if you expect a big jump in income
  • The two main strategies you need to pay off student loans
  • When it makes sense to refinance
  • When it’s okay for your student loan balance to grow over time
  • When you should - and shouldn’t - pay extra on your loans
  • What percentage of income each IDR plan uses for their monthly payment
  • How long taxable forgiveness takes
  • The impact of spousal income on student loan payments

Full show notes at: http://studentloanplanner.com/99

 

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The Power Of Zero Show
The Power Of Zero Show
David McKnight
My Thoughts on the Securing a Strong Retirement Act of 2020
The Securing a Strong Retirement Act is a bipartisan bill currently working its way through the house and has major implications for everyone in the country. We are finally getting some relief from RMD’s. With life expectancy increasing they are looking at pushing out Required Minimum Distributions until the age of 75. This primarily benefits people of substantial means since the average person with money in their retirement accounts are withdrawing it above and beyond the minimum and well before age 75. Another interesting provision has to do with student loan debt. The new bill stipulates that people putting money towards paying down their student debt could have an equal amount of money put into their 401(k). It also says that if you have balances in your 401(k) or IRA you would be completely exempted from taking a Required Minimum Distribution. Seniors will also be able to count certain donations towards their RMD. Under the current law, there is a catch-up provision on the books. They are proposing that if you’re over the age of 60 you will be able to catch up even more. If you believe tax rates are going to be dramatically higher in the future than they are today this is an opportunity to put additional funds into a Roth IRA. There are massive expansions of the buckets into which we can contribute after-tax dollars and allow them to grow tax-free. The average person changes industries seven times over the course of their lifetime and another provision would help people get reconnected with 401(k) accounts that were forgotten or left behind. The biggest takeaway from this new bill is that you will be able to make more contributions to Roth 401(k)s and Roth IRA’s. The goal is not to get a deduction at historically low taxes, we want to pay the taxes at historically low levels so that when taxes are dramatically higher down the road we can take that money out tax-free. If you’re just out of college, this bill will be an opportunity for you to get a jump start on your retirement savings while you’re paying down your student loan debt at the same time.
11 min
Money! with Stacy Johnson
Money! with Stacy Johnson
MoneyTalksNews.com
How to Get Thousands More in Social Security
For more than half of Americans, Social Security will be providing more than half of their retirement income. Since Social Security is a government program available to virtually all Americans, you'd think there would be no secrets to "game" the system: no tips or tricks that could result in bigger monthly checks. But there are things you can do to squeeze more out of the Social Security program, especially if you have a spouse who's also eligible. Claiming at the right time, for example, can lead to thousands more in monthly payments over your lifetime. In this week's "Money" podcast ( https://www.moneytalksnews.com/podcasts/ ) , we're going to explore techniques to maximize your Social Security. We're also going to talk about whether our younger listeners should expect to receive the benefits when their time arrives. As usual, I share the broadcast booth with longtime financial journalist and fellow podcaster Miranda Marquit ( https://www.moneytalksnews.com/author/mirandamarquit/ ). Joining us this week is Jeff Miller, a former professor of economics at Gallaudet University, and founder of Social Security Choices ( https://www.moneytalksnews.com/solutions/social-security/ ) , a company providing personalized reports to help consumers decide when to claim Social Security in order to maximize lifetime income. Links: * 13 Ways to Get More Social Security ( https://www.moneytalksnews.com/13-ways-to-get-more-social-security/ ) * A Simple Way to Maximize Your Social Security ( https://www.moneytalksnews.com/solutions/social-security/ ) * 5 Simple Steps to an Awesome Retirement ( https://www.moneytalksnews.com/5-simple-steps-to-an-awesome-retirement/ ) * The Only Retirement Guide You'll Ever Need ( https://www.moneytalksnews.com/courses/the-only-retirement-guide-youll-ever-need/ ) Hosts: * MoneyTalksNews ( https://www.moneytalksnews.com/ ) * MirandaMarquit.com ( https://mirandamarquit.com/ ) Ask us a question ( https://www.moneytalksnews.com/contact/ ) Hey Money! listeners if you have a question, topic or life lesson you want to share with everyone, leave us a voice message by calling 1-833-669-8557 then press 0 to leave a message. We'd love to hear from you. Support this podcast at — https://redcircle.com/money/donations Advertising Inquiries: https://redcircle.com/brands
38 min
Retirement Starts Today Radio
Retirement Starts Today Radio
Benjamin Brandt CFP®, RICP®
Retirement Rewind: The Hidden Challenges of Retirement with Fritz Gilbert, Ep # 168
Welcome to Retirement Rewind! Each year I take the holiday season off from podcasting to spend more time with my family. The good news is that I prepare my favorite episodes from the past for you to enjoy. This episode is an interview with Fritz Gilbert over at the Retirement Manifesto blog. In this interview, Fritz and I discuss his new book, Keys to a Successful Retirement as well as his firsthand experience now that he has recently retired. If you’ve already listened to this episode before you might be surprised to hear the tidbits that you forgot about and if you missed it the first time around, you won’t want to miss the interview this time. Outline of This Episode * [2:37] Why your first cup of coffee in retirement is the best cup of your life * [5:22] Retirement advice for a 38-year-old * [9:53] If you only had $500 to spend on retirement education what would you do? * [13:28] Are we in the golden era of Roth Conversions? * [16:27] A question about chapter 4 of Fritz’s book * [20:21] How to create the ideal retirement You have to experience retirement to really understand it Fritz spent years leading up to retirement trying to understand what retirement would be like. However, after finally retiring, he realized that it isn’t something that you can explain to others. You have to actually experience it yourself to understand. I like his analogy of having a locked door in front of you your whole life and on the day of your retirement, you are finally given the key. What do you think? Do you think the feeling of retirement can be conveyed to others? More than half of all people retire before they think they will Save, save, save! Even if you are one of those people that think they will continue working forever, it is still important to save for retirement. 60% of all people are forced into retirement before they have planned. What if you were forced into retirement tomorrow? Would you be ready? What are you doing now to help yourself prepare for the inevitable time when you won’t be able to work anymore? What is the biggest bang for your buck for learning about retirement? I asked Fritz how he would spend his money if he only had $500 to spend on learning about retirement. It’s not a lot of money to spend on such an important topic, but fortunately, there is so much free content available; you can learn just about anything without too much money. YouTube, podcasts, and blogs provide a lot of information for free. Fritz would spend his $500 in one of two ways. He loves books and feels like they provide a wealth of information. He also values the money he spent on hiring a CFP for a once over on his accounts. As a DIY investor, the peace of mind of having a professional give him the green light was invaluable. If you only had $500 to spend learning about retirement how would you spend it? Create your ideal retirement by embracing your passion Retirement is a fantastic time to devote yourself to the passions that you’ve had to put on the backburner during your working years. Do you have a passion? How will you pursue it in retirement? If you don’t have a passion yet a curious mind can take you a long way to discovering one. Fritz found a passion that he never knew he had. Find out what it is by listening to this interview. Resources & People Mentioned * Garrett Planning Network * XY Planning Network Connect with Fritz Gilbert * Retirement Manifesto * Keys to a Successful Retirement * Fritz on Twitter @RetireManifesto Connect with Benjamin Brandt * Get the Retire-Ready Toolkit:http://retirementstartstodayradio.com/ * Follow Ben on Twitter:https://twitter.com/retiremeasap Subscribe to Retirement Starts Today on Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify
28 min
Retirement Answer Man
Retirement Answer Man
Roger Whitney, CFP®, CIMA®, RMA, CPWA®, AIF®
The Parent Project: 6 Ways Aging Parents Can Impact Your Retirement
Over the next 5 episodes, we’ll be tackling an important series that I call The Parent Project. No parent wants to be a burden to their children, but as longevity increases with advances in healthcare, your parents may need you to help them out as they age. Are you helping to care for a parent or an aging family member? My goals for this series are to help you help a parent prepare for this stage of life, to help you prepare for this stage in your own life, and to share bits of wisdom along the way. You won’t want to miss this pertinent series, so press the play button now! What is aging? The word aging can be a noun or an adjective. Aging is both the process of getting older and a way to describe the signs of growing old. We all know that aging is a natural process that we go through, but that doesn’t mean that it’s fun. We are aging for a longer period of time due to health and medical advancements. We all go through 5 stages of aging -- although some may happen more quickly than others. The 5 stages of aging are independence, interdependence, dependence, crisis management, and end of life. 6 ways that aging parents can impact your life Diving into the parent project can have a big impact on your life. We want to honor our parents in this vulnerable part of their lives, but we also want to live our own life. Many of you are retired or on the cusp of retirement and caring for aging parents can greatly affect your retirement plans. These are 6 ways that aging parents could impact your life. * Retirement date - You may delay your retirement due to your parents’ condition. * Living arrangements - You may decide not to move or limit where you can live. * Time - The bureaucracy of caregiving, court documents, and everything else can eat into your time. * Psychologically - The psychological effects of caring for loved ones can lead to many feelings like guilt and disappointment. * Finances - You may need to subsidize your parents’ care. * Relationships - How are your relationships with your spouse and siblings affected? What can David’s story teach you? We have a saying over at the Rock Retirement Club, ‘walk with the wise to become wise.’ The RRC is a place to learn from each other to increase our understanding and gain knowledge of a topic. Since I’m not an expert on this topic, I have invited David to come on the show to share his story. David has recently dealt with the incapacitation and passing of his mother while also arranging for the care of his father. He learned a lot about the parent project along the way. Listen in to learn from his story so that you can start considering the different things to keep in mind as you and your parents age. As we work through the different topics over the next 5 episodes consider creating a file of resources for yourself. Sign up for 6-Shot Saturday to get FREE resources to help you prepare for your parents’ and your own aging process. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT’S THAT MEAN? * [3:07] What is aging? PRACTICAL PLANNING SEGMENT * [6:39] 6 ways that aging parents can impact your life * [13:01] What can you do to ease the transition for your parents and for yourself? AN INTERVIEW WITH DAVID * [14:37] How did David’s parent project start? * [22:08] How to broach the conversation of moving to a facility * [28:11] David knew that he needed an elder law attorney * [32:36] How has this event impacted his relationships? TODAY’S SMART SPRINT SEGMENT * [37:10] Check out caring.com Resources Mentioned In This Episode Caring.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
Simply Tax
Simply Tax
Damien R. Martin, CPA
AICPA Advocacy Updates: PPP & Beyond #113
The American Institute of CPAs (AICPA) Tax Policy & Advocacy Team and volunteer members continually monitor and advocate on legislative, regulatory, and administrative tax matters—and 2020 has been an exceptionally busy year. Guest Amy Wang, AICPA tax policy and advocacy senior manager, joins host Damien Martin to share what the team has been up to and provide an update on Paycheck Protection Program (PPP) loan forgiveness. Here’s what’s covered: * Update on PPP loan forgiveness and related activity in Washington @01:16 * The latest with AICPA tax policy and advocacy efforts @06:51 * Ways the AICPA has made a difference in the guidance implementation process @17:58 * Key areas of focus going forward @21:12 * Closing thoughts @24:44 BIO FOR GUEST Amy Wang is a member of the AICPA Tax Policy & Advocacy Team, whose mission is to serve the public interest by helping AICPA members be the most trusted professional providers of tax services, while also advocating sound tax policy and effective administration. She plays a key role in the development of AICPA testimony for tax-related congressional hearings. Learn more about our guest 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
28 min
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