Our 2 Cents

On this episode of Our 2 Cents, Steve and Gabriel discuss various end-of-year tax planning topics to consider before 2023 comes to a close. But first, they're sharing educational and festive Thanksgiving fun facts!

1. Thanksgiving Fun Facts:
   • Talking Turkey: The states that have towns named 'Turkey,' how many turkeys are prepared each Thanksgiving, a Butterball Turkey Talk line, and more turkey facts.
   • History facts about this long-standing tradition that you might not know.
2. End-of-Year Tax Planning Tips:
   • The potential benefit of itemizing deductions, such as mortgage interest and charitable contributions, and "bunching" deductions to maximize tax savings.
   • The benefits of tax-loss harvesting, contributing to 529 plans, and taking Required Minimum Distributions (RMDs).
   • The advantages of Roth conversions, maximizing IRA contributions, and conducting a withholding analysis to avoid under-withholding penalties.

Retirement planning and climbing a mountain may seem like vastly different endeavors, but there are several intriguing similarities between the two. On today's podcast, Steve and Gabriel share how in both cases, setting clear goals, careful planning, perseverance, and adaptability are the keys to success. 

1. Conquering the Retirement Mountain:
   • Preparing for the climb.
   • The ascent to the top of the mountain.
   • Establishing base camps.
   • Reaching the summit.
   • Descending safely.
   • Adapting to the unpredictable changes.
2. Getting to Know Steve and Gabriel:
   • Have you ever disliked something and then changed your mind about it later?

Steve and Gabriel are embracing all things Spooky Season on today's show! They'll share with you the 10 best haunted houses around the country, plus the scariest one of them all. Then they discuss some parallels between this haunted holiday and retirement.

1. The 10 Best Haunted Houses in the US:
   • As voted by USA Today readers, these haunted houses were chosen for the quality of their actors, set designs, and special effects, as well as value for money.
   • From a petrifying penitentiary to multiple fields of screams. Any Halloween enthusiast will want to hear about these haunted experiences.
2. The Scariest Haunted House in America:
   • This one requires a 40-page waiver, a doctor's note clearing you physically and mentally, a safe word, and more.
   • A whopping grand prize if you complete the experience, but has anyone ever successfully finished?
3. Retirement is Like Halloween:
   • Both Halloween and retirement can be scary.
   • You shouldn't navigate retirement or a haunted house alone.
   • Both Halloween and retirement involve assuming a new identity.
   • There are some tricks and also some treats in retirement, just like All Hallows' Eve.
   • Having a plan can mean you get to treat yourself (with no stomachaches)!

Those who have accumulated significant wealth face unique challenges and opportunities when planning for retirement. Do you know at what value of assets someone would be considered a high-net-worth individual? The amount may surprise you! Listen in today as Gabriel and Steve dive into the distinct strategies and factors that come into play when the wealthy plan for retirement.

1. Getting to Know Steve and Gabriel:
   • If you were a world famous gardener but could only plant one plant, what would it be?
   • Do you hit the snooze button or wake up immediately?
2. Retirement Planning Challenges for the Wealthy:
   • What is a high-net-worth (HNW) individual?
   • What makes a HNW plan a little more complex?
   • How is the tax impact different for HNW individuals?
   • Are there any differences or similarities in how higher net worth clients tend to invest their money?
   • How do HNW individuals handle their estate planning items?
   • What are some myths out there about retirement planning for HNW individuals?

Do you ever wish you could foresee financial missteps before they happen? On today's episode of Our 2 Cents, Steve and Gabriel are exploring some real-life stories of regrets to help you learn from the mistakes of others. Then they're answering a couple client questions they received this week.

1. Money Mistakes to Learn From:
   • Maybe I should have investigated opportunities for Roth IRAs
   • I spent way too much money in my peak earning years
   • I refinanced my mortgage too many times
   • I retired too early and now it's costing me
   • I should have been safer with my investments
   • I kept my kids on the payroll for too long
2. Questions from Clients:
   • "I have the option to renew my CD for one year for 5.25%. Should I do that? - James
   • "How does all the economic and political stuff going on in the world affect me?" - Mary

On this new episode of the Our 2 Cents podcast, Steve kicks things off by recapping his recent live interview about financial preparedness on WGN news. Then, he and Gabriel take a comprehensive look into Continuing Care Retirement Communities and how they are emerging as a noteworthy option for many retirees.

1. Recap of Steve on the News:
   • We hear about having money for a rainy day — how much is a good amount to have saved up?
   • Should you prioritize saving or paying off debts?
   • What documents should you keep protected?
   • Why is life insurance important to have?
2. Exploring Care Opportunities in Retirement:
   • Why would someone want to consider a Continuing Care Retirement Community (CCRC)?
   • What are the financial benefits and considerations with these types of facilities?
   • What kinds of amenities are offered at CCRCs?
   • How should the quality of care be evaluated?

We're playing a fun little game show on today's episode of Our 2 Cents. Steve and Gabriel will take sides on pressing retirement issues. Whether you're a perpetual optimist or a wary pessimist, this episode will equip you with perspectives to plan your retirement years with confidence as we ask the longstanding question, "is the glass half full or half empty?"

1. Will a Government Shutdown Hurt Retirees?:
   • A looming potential government shutdown has some retirees wondering if they need to be worried about the impact it could have on their daily lives.
   • Will Social Security, Medicare, or other essential services be shut down?
   • What delays in services could be expected?
2. Retirement Outlook - Is the Glass Half Full or Half Empty?:
   • The stability of Social Security
   • Healthcare affordability in the future
   • Tax rates in the next decade
   • Long-term care options for the future
   • The next five to ten years in the stock market

We've all heard various retirement "myths" so let's talk some retirement truths instead. On this new episode of Our 2 Cents, Steve and Gabriel will discuss some universal truths that can guide every retiree. But first, they're sharing an idea to vacation in a new way to see some beautiful sights.

1. Exciting Train Trips:
   • Amtrack Auto Train: Sit back, relax, and pack your car along with you!
   • Rocky Mountaineer Train: Explore the canyons and mountains at three great national parks!
   • Alaska Railroad's Coastal Classic: Head off into the backcountry wilderness!
   • Grand Canyon Railway: Re-create the historic voyage to the Grand Canyon!
2. Uncovering Universal Retirement Truths:
   • Everybody is going to age.
   • Everybody has some form of a plan.
   • Everybody has an advisor.
   • Emotions can be an investors worst enemy.
   • Nobody can consistently time the stock market successfully.
   • Diversification is essential for reducing risk.
   • Nobody knows how long they're going to live.
   • Tax implications matter.

On today's episode of the Our 2 Cents podcast, Steve and Gabriel are talking about the world of Required Minimum Distributions (RMDs). They're here to help you understand the reasons behind the mandatory withdrawals from your retirement savings, strategies to avoid major tax issues, and why it is so important to plan in advance for them.

1. Gabriel's Quotes of the Month:
   • "You're never too old to set another goal or to dream a new dream" - Les Brown
   • "Don't simply retire from something, have something to retire to" - Harry Emerson Fosdick
   • "The person who doesn't know where his next dollar is coming from usually doesn't know where his last dollar went" - Unknown
2. Demystifying RMD's - The Basics:
   • What is an RMD?
   • Is there anything I can do to avoid having to take them?
   • What type of accounts do I have to take them from?
   • At what age do I have to begin taking them?
   • Can I take RMDs from multiple accounts?
   • If I don't need the RMD, what can I do with the money?
   • How can I avoid big tax issues with proper planning?

We're kicking off today's show a little differently with Getting to Know Steve and Gabriel questions first! Then they're discussing some challenges and frustrations they've heard from potential clients regarding their plans or their investments.

1. Getting to Know Steve and Gabriel:
   • What was your favorite TV show as a kid?
   • If you could pick any Olympic sport to participate in, what would you choose?
2. Revealing Retirement Plan Frustrations:
   • My portfolio is still not yet back to breakeven from the prior all-time high of the S&P 500.
   • I won't have enough time to make up for my market losses.
   • The fees I'm paying are too high.
   • I feel like I'm not getting anything for the fees I'm paying.
   • My portfolio has losing funds in it, it should only have winners.