In today’s episode I want to give you an update on Required Minimum Distributions (RMD) and Coronavirus Related Distributions (CRD) in 2020 as the IRS continues to provide guidance on these topics. As many of you are probably aware, especially if you have listened to some of our previous episodes, the IRS has been scrambling throughout 2020 to determine which RMD’s they are going to allow to be “put back” into IRA accounts in 2020.

I also want to give you an update on Coronavirus Related Distributions (CRD) in 2020. 

Resources: 

Ray Dalio's Economic Video -

https://www.youtube.com/watch?v=PHe0bXAIuk0

Basic Economics - Thomas Sowell - 

https://www.youtube.com/watch?v=bOMksnSaAJ4

Articles mentioned during the show - 

https://www.cnbc.com/2020/07/20/nearly-17000-southwest-employees-sign-up-for-buyouts-voluntary-leave-as-furlough-threat-looms.html

https://www.npr.org/2020/07/20/892272333/tesla-stock-is-soaring-its-controversial-and-soon-it-could-be-in-your-portfolio

https://ritholtz.com/2020/07/how-big-tech-makes-their-billions/

https://www.morganlewis.com/pubs/covid-19-a-roadmap-to-relief-for-ira-owners-and-providers-cv19-lf

https://iclg.com/briefing/12266-irs-issues-faqs-on-the-cares-act-coronavirus-related-distribution-and-loan-provisions-for-401-k-and-403-b-plans

https://www.irahelp.com/slottreport?page=5

Today we are discussing 3 investing mistakes I see all too often with my clients along with tips as to how to avoid them.  Remember this podcast is all about equipping you with the knowledge, strategies, and confidence you need, to create the retirement you’ve always dreamed of and any one of these 3 mistakes could be the "Big Mistake" that derails your retirement permanently which is why this topic is so important. 

We will spend some time discussing what investment success looks like and I will also give you some examples of how these mistakes have affected investors over time. 

Resources:

https://www.alphawealthfunds.com/2019/08/the-average-investor-lost-money-in-the-best-performing-mutual-fund-in-history/

Nick Murray’s book Simple Wealth, Inevitable Wealth

Today we are going to discuss when it may be best to start taking social security and how social security fits into your retirement income plan. I am also going to discuss the new face mask mandate here is Arizona as well as outlining 3 areas you will want to look at when determining the best time for you to start taking your social security benefit. Today we will discuss minimizing longevity risk. How to think about the investment implications of delaying social security or starting it early. Lastly, we will discuss a few tax planning strategies to help you pay the IRS less over time. 

1) Longevity Risk

2) Investment Implications

3) Tax Planning Strategies. 

Social Security Calculators discussed on this episode:

1) AARP - https://www.aarp.org/retirement/social-security/benefits-calculator/?migration=rdrct

2) BankRate - https://www.bankrate.com/retirement/calculators/social-security-benefits-calculator/

KTAR article on face mask requirement - https://ktar.com/story/3298944/heres-where-arizona-cities-stand-on-requiring-face-masks/

Other Social Security Resources - 

https://www.ssa.gov/cola/

https://www.kitces.com/blog/valuing-social-security-benefits-as-an-asset-on-the-household-balance-sheet/#:~:text=When%20the%20value%20of%20Social,from%20the%20benefits%20at%20full

https://www.kitces.com/blog/how-delaying-social-security-can-be-the-best-long-term-investment-or-annuity-money-can-buy/

https://retirementresearcher.com/introducing-the-social-security-claiming-decision/

https://retirementresearcher.com/claiming-social-security-at-62-or-70/

https://www.kitces.com/blog/the-asymmetric-value-of-delaying-social-security-benefits-as-the-ultimate-hedge/

Today's episode is all about avoiding estate planning mistakes so that you can ensure your loved ones benefit as you intend and in a tax efficient manner. The title of today’s episode is “The 5 Estate Planning Mistakes You Are Probably Making, and How to Fix Them.” We have the privilege today to hear from Emily Taylor, an estate planning attorney here in the valley who also happens to be the “Taylor” in Taylor & Lihn, PLLC, a law firm here in Phoenix.

Emily has built her practice focusing on long term care planning, special needs trusts, guardianships, conservatorships, trust administration, probate, estate planning and much more. She earned her bachelor’s degree from Arizona State University and earned her law degree from the James E Rogers College of Law at the University of Arizona. Emily sits on the Board of directors for The Opportunity Tree, which is a nonprofit organization that provides individualized support for adults and children with intellectual or developmental disabilities, and she volunteers with the Maricopa County Bar Association’s Probate Lawyers Assistance Project. I can tell you that Emily is a pleasure to works with, she has a wealth of knowledge and experience and she has been gracious enough to take some time out of her busy schedule to speak with us.

5 Mistakes Discussed Today:

1) Not having all of the proper estate planning pieces that you need.

2) Not updating your estate plan regularly.

3) The improper ownership of assets and not accounting for the different tax situations of your beneficiaries.

4) Not establishing or the improper establishment of guardians for minor children and those with disabilities.

5) Failing to communicate estate planning details with those who will be affected by those details.

Bonus Mistake) Not having an estate plan because you don't feel like you currently need one. 

Resources:

Taylor & Lihn, PLLC - https://www.taylorlihn.com/

Resources:

Book – I’m Dead, Now What?

https://www.amazon.com/dp/1441317996/ref=cm_sw_r_cp_api_i_qPyZEb08H5PD7

Book – Peace of Mind Planner

https://www.amazon.com/Peace-Mind-Planner-Information-Belongings/dp/1441317295/ref=nodl_

Resource – “The Conversation Project”

https://theconversationproject.org/

Game – “The Death Deck”

https://thedeathdeck.com/

Game – “Go Wish”

http://gowish.org/ 

In today’s episode we are going to discuss the 10 questions that you should be asking any financial advisor before you start working with them and this is going to be the first in several episodes that I have planned in the coming months to discuss the process of selecting a financial advisor. Choosing an advisor can be one of the most important decisions you will make in your retirement but too often there are just too many advisors pursuing you as a client and they are all seemingly promising you the same services. So how do you tell the good ones from the bad?

Well today I am going to walk you through 10 questions you should ask any advisor before you start working with them to make sure you are in capable and experienced hands that will give you the attention that you deserve. My goal is to help you form a system to help you find an advisor who will add a massive amount of value in your life and finances and will truly worthy of your trust. 

10 questions we will cover today:

1) Are your recommendations in my best interest, in other words, are you a fiduciary? (2:14)

2) What qualifications or credentials do you have? (3:51)

3) Once I am a client, what will we address in our first 4 meetings? (5:00)

4) What types of clients do you work with? (7:17)

5) How many clients do you have, and will that affect how often I’ll hear from you? (8:58)

6) What is your succession plan? (10:58)

7) What is your investment philosophy? (12:02)

8) Do you earn any commissions or fees on the investments that you recommend? (14:03)

9) How are you paid? (14:26)

10) Have you ever been subject to any disciplinary or legal actions? (15:33)

Today we are going to be discussing income annuities, and whether they should play a role as part of your retirement income plan. I’m going to discuss what an income annuity is, how an income annuity works, and the benefits and pitfalls that are associated with them. I will then do my best to outline a case for and against using them as part of your retirement income plan. Some of the concepts that will be discussed on today's episode include mortality credits, risk pooling, Longevity Risk, Lifetime Income Guarantees, Minimizing Risk, and Insurance. 

https://www.fa-mag.com/news/is-outliving-retirement-savings-a-fate-worse-than-death-19870.html

https://www.kitces.com/blog/calculating-longevity-insurance-rates-a-longevity-annuity-comparison-to-stock-and-bond-returns/

Safety-First Retirement Planning, by Wade Pfau

Today’s episode is all about what is happening in the world of mortgage rates, especially now during the Coronavirus pandemic. To make sure I am getting you the most up to date, professional information that I can, I thought it best to take some time to interview one of the top producing mortgage brokers in Arizona, Zach Wain. 

Not just any mortgage broker though, Zach is also the founder of Wain Capital here in Scottsdale and he is licensed in Arizona, California and Colorado. Since 2006 he has guided more than 1000 clients through the process of refinancing and purchasing their homes. I can attest first hand that Zach truly bring an elevated level of experience, professionalism and knowledge to his craft, and we are excited to have him join us today to discuss all things related to mortgage rates, forbearance, refinancing, changes to the mortgage industry, especially during the Coronavirus pandemic, and more. I hope you enjoy this in depth conversation and I put a link to Wain Capital’s Website in the show notes so you can reach out to Zach directly if you have additional questions or you are in the market for a new home or refinance and would like to speak to one of the best in the business.

https://waincapital.com/

Today we are going to discuss maximizing the tax benefits of your charitable donations, specifically utilizing a donor advised fund. In today’s episode I am also going to give you a brief update on the re-opening of the economy here in Arizona and I am also going to shine a light on  Arizona’s State Tax Credit Program which I have found in my practice a lot of retirees are not aware of.

https://azdor.gov/tax-credits/

This week we are talking all about Roth conversions. I will walk you through the ins and outs of a Roth IRA, I’ll give you the basic steps to do a Roth conversion, and we will dive into some of the benefits and pitfalls you will want to watch out for while using this tax planning technique. It's all about tax planning this week so join me as we discuss how including Roth conversions in your financial tool-belt, might just help you to pay the IRS less in taxes over time.