Ready, Set, Retire!

The so-called “4% Rule” for annual retirement withdrawals has been around since the mid-1990s.  But Morningstar’s Christine Benz believes that number has been misunderstood.  With inflation rearing its ugly head, Benz now feels the safe withdrawal rate should be 3.3%.  Should retirees who are taking out more panic?  How do you help them come up with the ideal number?

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David Lee Roth front man of Van Halen is hanging it up.  David Lee Roth made the announcement recently in a phone call to the Las Vegas Review-Journal.  It comes just short of one year after bandmate Eddie Van Halen died of cancer. Roth says he’ll play his final five shows in Vegas beginning New Year’s Eve.  Obviously, an event like this can trigger thoughts of retirement.  Steve talks about clients who have had similar situations and how he has helped  handle the quick entry into retirement.  Kiplinger’s surveyed hundreds of retirees and near-retirees to ask them about their biggest financial fears.  What's yours? Hear how Steve can help you overcome these fears with comprehensive financial planning.  

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I read a story in Market Watch about a guy who worked at a bank for 38 years.  He helped people with their investments.  His wife is even a financial advisor.  Yet the name of the article is “I failed at retirement:  how to avoid my mistakes.”  Steve talks about what he says to people who say they can't afford working with Financial Advisor. 

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House Democrats have unveiled their wish list for higher taxes.  Among other things, they want to raise the top income tax rate to 39.6% and the top corporate tax rate to 26.5%.  But investment manager David Rubenstein tells CNBC these numbers are not set in stone, ho, how do we play this?  Is it even possible to prepare for higher taxes when we still don’t know yet what form those higher taxes will take? 

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Do you have more than 600 dollars in your checking account?  If that’s a yes, the IRS wants permission to monitor it.  The IRS says by knowing how much is going in and out of your account each year, they can spot whether an individual is hiding income they may not be reporting.  This still must be approved by Congress, but it’s another extreme example of how far Government will go to get more tax money.  Steve explains how his tax strategies can help keep Uncle Sam's hand out of your wallet! 

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We’re all human, meaning we all forget things.  We forget someone’s name … we forget our email password … we forget old 401(k) accounts.  Wait … what?  Do people really forget about something as big as a retirement account?  You bet they do.  In fact, Market Watch says there are currently 24 million “forgotten” 401(k) accounts!  And collectively, those accounts hold 1-point-3 trillion dollars in assets!  I’m guessing that’s not good? Hear Steve explain the best way to carry previous accounts with you and how to protect and grow these accounts!  

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We hear a lot about the advantages of doing a Roth conversion.  But personal finance author Liz Weston warns that “later in life” conversions can sometimes cause problems.  How do we know when a Roth does – or doesn’t – make sense for us? Then, most of us are hoping that we’ll be able to maintain the same standard of living in retirement that we enjoy now.  But Jack Otter, an associate publisher for Barron’s, tells Fox Business that a lot of people aren’t doing what they need to do to make that happen. Hear Steve explain the important of generating income as opposed to just periodically withdrawing money from their retirement account. 

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There are lots of potential tax changes on the horizon … with President Biden saying he want to raise taxes on “the wealthy.”  But as IRA expert Ed Slott tells Morningstar, these types of changes could end up affecting all of us. Hear Steve explain how to get in front of these possible changes and surviving inflation in retirement! 

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A new survey says one in six Americans already have.  Another 14 percent started last month [October] and 28 percent say they’ll begin this month [November].  But how many have started their end-of-year financial checklist?  Hear how Steve can help you tie up this year with a bow and prepare for a better 2022 with your finances and taxes! 

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Steve recently sat down to chat with Grace about upcoming HUGE tax changes.  

The current tax brackets that are in place now will more than likely stay in place until 2025  - good news right? Well, not so much.  Listen and find out why and more importantly, how Steve can help you build a better tax efficient plan where the IRS doesn't outsmart you! 

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