In early July of this year, the new Budget Reconciliation Law was enacted by Congress. It made several changes to existing tax law, introduced some new legislation, and made other formerly temporary laws "permanent".

Whether you like it or hate it, there are many things within the bill that will affect a large number of people, thus presenting some new tax planning opportunities. What is new? What is different? What was made permanent? And how will these new laws affect YOU?

Find out what you MUST know about the new tax bill with host Johnny Dean and Rick "The Professor" Plum, CFP® on today's episode of Managing Your Financial Future.

When the federal tax code was enacted more than 100 years ago, it consisted of approximately 11,000 words.  Today, it contains north of 16 million words.  It's no wonder, then, that trying to understand all the rules, exceptions, and instructions is nearly impossible.

We're going to attempt to make things just a bit easier for you today.  While we won't get into EVERY detail, there are several things that nearly everyone who files a tax return needs to know in order to make better decisions regarding their own personal tax situation.

What are 5 things you (probably) didn't know about your taxes?  Find out from Johnny Dean and "Professor" Rick Plum, CFP® on this latest episode of Managing Your Financial Future!

A few months back, we explained how the 401(k) plan has become a default retirement savings plan for most people, and is thus a very important saving vehicle. We also talked about how the rules, options, and investments of a 401(k) can be extremely confusing.  

It's time to clear up that confusion - or at least address it.  With all the options, rules, tax consequences, and withdrawal methods, knowing what can happen when you make a decision about your 401k is a huge plus.

What are the 5 things you (probably) didn't know about your 401k plan? Find out from podcast host Johnny Dean and "Professor" Rick Plum, CFP® on today's episode of Managing Your Financial Future!

One thing that most people would agree on is that paying no taxes is a lot better than actually paying them.  This makes the tax-free nature of Roth IRA withdrawals very attractive, as long as all of the specific rules are met.

Although the Roth was established more than 25 years ago, for many it still remains something of a mystery.  You may have heard it's a good thing, but what should you know about the Roth IRA that you perhaps didn't know?

Knowledge, of course, is power. Find out 5 things you (probably) did not know about your Roth IRA from podcast host Johnny Dean and Rick "The Professor" Plum, CFP® on today's episode of Managing Your Financial Future!

For many retirees, Social Security is a cornerstone of their income strategy. That makes sense - it helps establish how much support a retirement portfolio will need to provide, and when.

But understanding how to get the most out of your benefits is more than just choosing an age to start collecting. There are spousal and survivor benefits to factor in, family benefits, disability considerations, and even the possibility of taxes on what you receive.

Want to learn 5 surprising facts about Social Security that could affect your plan? Podcast host Johnny Dean and Rick “The Professor” Plum, CFP® tell you what you need to know on this week's episode of Managing Your Financial Future!

Many people spend years preparing financially for retirement, but almost no one prepares for the emotional side of it. When the paychecks stop, the questions often start: Am I spending too much? What if I outlive my money? What am I supposed to do with all this time?

It takes a certain blend of art and skill to manage your income and taxes while also overcoming a fear of spending. What's the psychology behind financial independence, and how might The Bucket Strategy® help you even if your lifestyle, spending, or sense of purpose shifts along the way?

Learn more about how to actually be retired with podcast host Johnny Dean and “Professor” Rick Plum, CFP®, on today's episode of Managing Your Financial Future!

The Bucket Strategy® is both simple and complex: while the structure on the outside is easy, the inner workings can vary wildly from person to person, depending on several factors.  No wonder, then, that many people (journalists included) have some incorrect ideas about what the strategy is. 

A few assumptions are that it’s only about cash and stocks, it’s static, and it only provides a steady income. But if you have a properly designed strategy, you’ll find that these ideas are completely wrong. 

In this week's episode of Managing Your Financial Future, podcast host Johnny Dean and Rick "The Professor" Plum, CFP® talk about what people get wrong about the Bucket Strategy® and why it’s so important to know not just how it works, but why it’s set up the way it is. 

It's true that in general, the basic Bucket Strategy® consists of a 3-, 4-, or 5-Bucket plan, with each bucket separated into short-term, mid-term, and long-term assets.  But did you know that a good Bucket Strategy will often “blend” buckets to potentially give a retiree a much better overall outcome?

"Blending" the buckets means to combine the cash flow to try to get a desired outcome.  But where do you take that cash flow from? Your IRA? Your 401k? Your personal money? Roths? This is where blending buckets can potentially be very helpful.

Learn more about why this strategy may yield better results for you as podcast host Johnny Dean and Rick “The Professor” Plum, CFP® give you the inside scoop on today’s episode of Managing Your Financial Future!

What's the most important quality an investor could have? Some people would say it's the ability to achieve the highest rates of return possible over the longest period of time possible. But those people are wrong.

It's the survival instinct - especially over the short term. Too many investors are so busy jumping in and out of stocks as trends and markets fluctuate that they end up with virtually no money left.  What they should focus on instead is keeping their cash flow needs in steady and secure in retirement, thus buying enough time for long-term compounding to work its magic.

So how do you survive the short term volatility?  Have a strategy.  Podcast host Johnny Dean and Rick "The Professor" Plum, CFP® tell you all about how to do it on this week's episode of Managing Your Financial Future.

A steady cash flow stream is one of the most valuable things you can have, both before and after you retire. Pensions guaranteed by the PBGC and Social Security are two forms of this "protected income," and are designed to pay you as long as you live, regardless of current stock market conditions.  

But if you don't have a pension, or your Social Security isn't enough to cover your short-term needs, then you may want to consider purchasing another form of protected income, one that you also cannot outlive.  But those guarantees come at a cost, and you need to make sure that cost is worth it for you.

How do you determine that?  Find out who should (and who should not) consider a form of protected income with podcast host Johnny Dean and his guest, "Professor" Rick Plum, CFP® on this week's episode of Managing Your Financial Future!