New Retirement Radio with Dennis Prout Podcast

Retirement planning is not only about saving for your future, but also about leaving a legacy, like an inheritance for your loved ones. But what if there were another way, a tax-saving strategy, other than leaving an inheritance after one’s passing? Dennis is back and ready to discuss Ed Slott’s gifting strategies to help identify those who might want to take advantage of these benefits. Whether gifting to children or charities, you could save taxes in the long-term and help capitalize on tax-free gifting opportunities.

When it comes time to roll over a company plan, there are two questions one should ask: First, CAN the distribution from my company plan be rolled over? Second, SHOULD my distribution from my company plan be rolled over? Today, Heidi will discuss all the factors to consider when thinking about a company plan rollover as well as reasons to roll over a company plan to an IRA. And there may be reasons to leave your assets in the company plan. All this and more will be discussed as we dive into Ed Slott’s advice on such matters. Deann will join in the conversation and share timely stats regarding the topics at hand. 

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On today’s show, get ready for a listening adventure as we discuss ... the economy! Specifically, we’ll talk about navigating the current economy in a world of uncertainty, as well as charitable giving through the lens of the IRA Qualified Charitable Distribution. So, strap on your helmets as we attempt to determine what’s happening and whether we are heading into a recession. (There, I said it.) Technically, however, a recession occurs when there are two successive quarters of declining gross domestic product. For an economy to tip into recession is not a stretch, but it always seems to be a worrisome thought for those who are concerned about the economy. Also, Dennis and Nathan will make this show an all-guys trio along with the host Ron Jolly. We’ll have lots of stats and information to assist you with the reality of a slowing economy and position yourself to take advantage. 

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When discussing the state of the current American economy, we find ourselves at a place in time when negativity and uncertainty seem to take center stage. However, what if there were a glimmer of economic hope within these dark and uncertain times? On today’s show, we hope to illuminate a positive perspective as the United States takes center stage in global performance. According to a recent article by Capital Group, Economic Outlook: U.S. Powers Global Growth, the United States, along with Japan and India, find themselves in the top quadrant of resilient growth. As a result, the U.S. and India could generate strong tailwinds for the global economy due to a strong consumer-driven economy. Heidi will lead us through this discussion, on the global economy, as we look at the how, why and what could come from the impending election. And Nathan will highlight an Ed Slott article, “The Beneficiary Form Reigns Supreme – Even After 28 years.” July is as good a month as any to send a friendly reminder your way … CHECK BENEFICIARIES on your accounts. Beneficiary designation is one of the most vital parts of an IRA, and an inaccurate beneficiary designation could have devastating results for all involved. Check, double check and update if necessary. Finally, Deann will share stats to highlight the conversation at hand. We look forward to your texts and calls. Tune in and take control!

What? It’s mid-year already? Just yesterday, as my wife Jill and I walked around Boardman Lake, a gentleman reminded us that the days are getting shorter. (His wife, however, was not happy with that!)

Being that we’re halfway through the year, we think it’s a great time to cover your frequently asked questions about Social Security, especially concerning future benefit cuts occurring after 2034. We’ll also discuss an article from The Wall Street Journal about surging penalties from the IRS that’s costing Americans billions, and what this might mean for you. Fortunately, history can help us here. Last, using historic data from Capital Group, we’ll examine the potential opportunities available to us during the current economy as it continues its resilience and performance on the world stage. 

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Do you know your RMD age? Now that taxes are simplified, there are four RMD ages and no longer just one. On today’s show, we’ll discuss numerous topics regarding RMDs, including: The various ages and what that means; the three steps to fixing a missed RMD; death and its impact on the RMD; work plan exceptions; and something called “RMD aggregation.” In the end, what may seem simple from afar can be much more complex up close. We’re excited for today’s discussion, and hope you will find it quite helpful. One further note, Dennis begins his sabbatical this week to write the book he’s wanted to do for a long time. He’ll show up periodically until his return in August. As always, your questions are welcome! 

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Can anything in the tax law sunset? Yes it can! The Tax Cuts and Jobs Act of 2017, which included several major changes and provisions in the tax code, will see a majority of those changes sunset after 2025. For some, this will mean a tax increase. For others (depending on what, if anything, Congress might do), this may not mean much of anything. Unless the package from 2017 is extended, several changes will occur. First, the standard deduction will get cut in half. Next, individual tax rates will increase when the current rates sunset on December 31, 2025. How do we respond, when in essence, we’re looking in a mirror darkly?

That is the question today’s show will deal with. If we anticipate that rates will increase, what (if anything) should we do now? What planning activities could we undertake rather safely and still profit and perhaps understand more of our options? We hope to answer these and any other questions with the help of Traverse City CPA, Jon Sluis. We look forward to a lively discussion and hope you can join us! 

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Having just returned from our jaunt to Indianapolis to imbibe our insatiable need for new tax information, we are loaded for bear (if you will) with the most recent tax information related to IRAs, beneficiaries and the travails the mix of the two can cause.  We will share this information to help you to navigate and deal with the ever-changing world of your retirement accounts as well as discuss the issues you should be most concerned about. Heidi will discuss one of the simplest rules to remember – the “Once per Year Rollover Rule” – and explain its shortfalls in order to avoid paying unnecessary taxes and penalties. Dennis will provide information on possible investment opportunities and help you separate AI hype from investment opportunity with an article from Capital Group. Last, we will discuss the ramifications if the Fed does not cut interest rates this year. As always, Deann will share the stats related to these topics, along with your questions via text or phone. Tune in and take control!

On today’s show, elder law attorney Deborah Rysso, of the Rysso Law firm in Traverse City, will discuss navigating all things related to aging, care and estate planning from a legal perspective. Deb has extensive experience with the application of legal documents and how they interact with life’s realities. It’s amazing how interactive the documents of law intersect with the workings of care, family relationships and financial planning. Deb’s real-life stories of what she sees on a weekly basis, helping her clients navigate, will certainly be beneficial to many of our listeners. As we discuss these points with Deb, we are also very excited to share her knowledge of Medicaid planning, the limits of these planning options and, in many cases, where they might be best applied. We are looking forward to hosting Deb and think you will enjoy and benefit from hearing! 

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On today’s show, Dennis will detail the characteristics of Defined Benefit Plans and Defined Contribution Plans – including their advantages and disadvantages. So if you have questions about your plans, or want to better understand, this show is for you!

Because every investor’s needs are different, when planning for retirement, it is essential to map out a withdrawal strategy. Heidi will discuss the importance of understanding the portfolio reliance rate, which can help in planning for your future. She’ll also take a look at and further discuss how volatility affects withdrawals, how to tell if an investor relies too heavily on their investment portfolio, what determines a withdrawal rate, and the value of reducing withdrawal stress. And, as always, Deann will be sure to enlighten and educate our listeners by sharing stats in regard to our current economy. We look forward to answering all your questions via air, please text or phone. 

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Today’s show title refers to the old axiom that no matter how well things are planned, unexpected problems may arise. 

As we age, we may need some help with the details related to our financial lives that only very few can handle. Today’s guests are representatives from Fiduciary Services North. They will discuss the services they provide and understand when they may be needed. Things may not always go as planned. For instance, suppose you had anticipated being fully independent until your last day, but given today’s financial complexities, you need help with the basics of managing your monthly bills. Or, you have real estate that needs to be taken care of, and you’re not able to manage the property(ies) on your own. On the other hand, what if the probate court steps in and requires a guardianship be established to protect you and your estate from potential scammers? We’ll talk about estate settlement, court-appointed conservatorships and durable powers of attorney. Deann will bring stats to help with the details.

We’re thinking you’ll have lots of questions, so … tune in and take control!