The IRS has issued some clarity and relief within notice 2022-53 which could waive penalties on RMDs that may have been missed within 2021 and 2022 for inherited IRAs. On this week’s episode, your financial coach and host, Jeff Montgomery, CTS™, dives into the interpretation of this notice and who it applies to.

Disclaimer: Please do not take advice from me on this show. As a licensed Fiduciary I am only allowed to give advice to clients. So, unless you’re a client I can’t give you advice because I don’t know you. So, think of these as helpful hints and education only. And please before implementing any information or ideas you hear on this show always consult your legal adviser, your tax adviser, and your financial adviser…………. right? that’s just common sense.

Final Disclaimer:

“We appreciate you joining us today for this episode of The Fiscal Blueprint.

Be sure to visit fiscalblueprint.com to access the most recent content available including all past shows.

Remember it’s not about the money but about your life!

Having a mindset and living a life of abundance rather than scarcity will change the direction of your life forever!! Enjoy the Journey!!!

“Opinions voiced in this recording are for general information only and not intended to offer specific advice or recommendations to any individual. All performance references are historical and no guarantee of future results. All indices are unmanaged and not available for direct investment.”

Berlin, Maryland ~ Lewes, Delaware ~ Eldersburg, Maryland

Fiduciary, Independent, Registered, Investment Advisor Representatives

Your financial coach and host, Jeff Montgomery, CTS™, continues the discussion on taxes on retirement income. In parts 1 & 2 we talked about Roth conversions, Roth IRAs, and Traditional IRAs. In this week’s episode, Jeff tackles the subject of annuities and how distributions are taxed from both qualified and non-qualified annuities. Be sure to check out episodes 69 & 70 if you missed them, and then please enjoy the final part of this mini-series on Taxation of Retirement Accounts!

Disclaimer: Please do not take advice from me on this show. As a licensed Fiduciary I am only allowed to give advice to clients. So, unless you’re a client I can’t give you advice because I don’t know you. So, think of these as helpful hints and education only. And please before implementing any information or ideas you hear on this show always consult your legal adviser, your tax adviser, and your financial adviser…………. right? that’s just common sense.

Final Disclaimer:

“We appreciate you joining us today for this episode of The Fiscal Blueprint.

Be sure to visit fiscalblueprint.com to access the most recent content available including all past shows.

Remember it’s not about the money but about your life!

Having a mindset and living a life of abundance rather than scarcity will change the direction of your life forever!! Enjoy the Journey!!!

“Opinions voiced in this recording are for general information only and not intended to offer specific advice or recommendations to any individual. All performance references are historical and no guarantee of future results. All indices are unmanaged and not available for direct investment.”

Berlin, Maryland ~ Lewes, Delaware ~ Eldersburg, Maryland

Fiduciary, Independent, Registered, Investment Advisor Representatives

 On this week’s episode of the Fiscal Blueprint podcast, we are continuing our discussion on taxable distributions from retirement accounts and how they can affect retirement income planning. We go into more detail by giving some examples of how distributions work with non-deductible IRA contributions and Roth IRA contributions. All of this and more on this week’s episode with Jeff Montgomery and Nick Craven, CFP®!

Disclaimer: Please do not take advice from me on this show. As a licensed Fiduciary I am only allowed to give advice to clients. So, unless you’re a client I can’t give you advice because I don’t know you. So, think of these as helpful hints and education only. And please before implementing any information or ideas you hear on this show always consult your legal adviser, your tax adviser, and your financial adviser…………. right? that’s just common sense.

Final Disclaimer:

“We appreciate you joining us today for this episode of The Fiscal Blueprint.

Be sure to visit fiscalblueprint.com to access the most recent content available including all past shows.

Remember it’s not about the money but about your life!

Having a mindset and living a life of abundance rather than scarcity will change the direction of your life forever!! Enjoy the Journey!!!

“Opinions voiced in this recording are for general information only and not intended to offer specific advice or recommendations to any individual. All performance references are historical and no guarantee of future results. All indices are unmanaged and not available for direct investment.”

Berlin, Maryland ~ Lewes, Delaware ~ Eldersburg, Maryland

Fiduciary, Independent, Registered, Investment Advisor Representatives

There is no doubt that income taxation plays an important role for retirees and their retirement income plans. So, what is considered retirement income? Typically, Social Security, a traditional pension, disbursements from retirement accounts (401k’s, 403B’s, IRA’s, etc.), and also, annuities. Taxation on distributions from annuities can get especially confusing for some folks. So, in today’s episode, your financial coaches Jeff Montgomery and Nick Craven go over ‘Taxation 101’ on all different retirement accounts to help better understand taxation on annuities.

Disclaimer: Please do not take advice from me on this show. As a licensed Fiduciary I am only allowed to give advice to clients. So, unless you’re a client I can’t give you advice because I don’t know you. So, think of these as helpful hints and education only. And please before implementing any information or ideas you hear on this show always consult your legal adviser, your tax adviser, and your financial adviser…………. right? that’s just common sense.

Final Disclaimer:

“We appreciate you joining us today for this episode of The Fiscal Blueprint.

Be sure to visit fiscalblueprint.com to access the most recent content available including all past shows.

Remember it’s not about the money but about your life!

Having a mindset and living a life of abundance rather than scarcity will change the direction of your life forever!! Enjoy the Journey!!!

“Opinions voiced in this recording are for general information only and not intended to offer specific advice or recommendations to any individual. All performance references are historical and no guarantee of future results. All indices are unmanaged and not available for direct investment.”

Berlin, Maryland ~ Lewes, Delaware ~ Eldersburg, Maryland

Fiduciary, Independent, Registered, Investment Advisor Representatives

Today’s episode covers a little bit of everything because there is quite a bit going on in the world of finance! Your financial coach, Jeff Montgomery tackles a few topics including Social Security and the possibility of an upcoming cost of living adjustment. Jeff also discusses the latest inflation numbers and some very interesting data about market performance before and after recessions. Finally, he discusses some proposed RMD regulations for post-SECURE Act required minimum distributions for inherited IRAs. All of this and more on this week’s episode! You won’t want to miss this episode to catch up on these key current topics.

Recessions: Before & After Chart

Social Security's cost-of-living bump could reach almost 11%: Report

Disclaimer: Please do not take advice from me on this show. As a licensed Fiduciary I am only allowed to give advice to clients. So, unless you’re a client I can’t give you advice because I don’t know you. So, think of these as helpful hints and education only. And please before implementing any information or ideas you hear on this show always consult your legal adviser, your tax adviser, and your financial adviser…………. right? that’s just common sense.

Final Disclaimer:

“We appreciate you joining us today for this episode of The Fiscal Blueprint.

Be sure to visit fiscalblueprint.com to access the most recent content available including all past shows.

Remember it’s not about the money but about your life!

Having a mindset and living a life of abundance rather than scarcity will change the direction of your life forever!! Enjoy the Journey!!!

“Opinions voiced in this recording are for general information only and not intended to offer specific advice or recommendations to any individual. All performance references are historical and no guarantee of future results. All indices are unmanaged and not available for direct investment.”

Berlin, Maryland ~ Lewes, Delaware ~ Eldersburg, Maryland

Fiduciary, Independent, Registered, Investment Advisor Representatives

Is there an economic hurricane on the horizon? Well, JP Morgan CEO Jamie Dimon seems to think so and he caused quite a stir when he alluded to this impending ‘storm.’ On this week’s episode, your host and financial coach, Jeff Montgomery, breaks down a recent article by First Trust that covers this speculation swirling around the economy and the possibility for an economic ‘hurricane.’ The article covers several economic indicators that Jeff unpacks throughout the episode.

To view the full article from First Trust, click here.

Disclaimer: Please do not take advice from me on this show. As a licensed Fiduciary I am only allowed to give advice to clients. So, unless you’re a client I can’t give you advice because I don’t know you. So, think of these as helpful hints and education only. And please before implementing any information or ideas you hear on this show always consult your legal adviser, your tax adviser, and your financial adviser…………. right? that’s just common sense.

Final Disclaimer:

“We appreciate you joining us today for this episode of The Fiscal Blueprint.

Be sure to visit fiscalblueprint.com to access the most recent content available including all past shows.

Remember it’s not about the money but about your life!

Having a mindset and living a life of abundance rather than scarcity will change the direction of your life forever!! Enjoy the Journey!!!

“Opinions voiced in this recording are for general information only and not intended to offer specific advice or recommendations to any individual. All performance references are historical and no guarantee of future results. All indices are unmanaged and not available for direct investment.”

Berlin, Maryland ~ Lewes, Delaware ~ Eldersburg, Maryland

Fiduciary, Independent, Registered, Investment Advisor Representatives

In this week’s episode, Jeff discusses a hodgepodge of topics based on some recent news & happenings within the last couple of weeks. First, he lends a bit of perspective on the Russian- Ukrainian conflict and how it’s been affecting the markets lately. He touches on the possibility of the Fed raising interest rates once again and how that could also further impact financial markets. Then, he switched gears to discuss what we are calling a potential Social Security ‘Tax Torpedo.’ What is it and how can you possibly avoid it?

To view Jeff’s original video where he discusses the Geopolitical crisis in Ukraine, click here.

Disclaimer: Please do not take advice from me on this show. As a licensed Fiduciary I am only allowed to give advice to clients. So, unless you’re a client I can’t give you advice because I don’t know you. So, think of these as helpful hints and education only. And please before implementing any information or ideas you hear on this show always consult your legal adviser, your tax adviser, and your financial adviser…………. right? that’s just common sense.

Final Disclaimer:

“We appreciate you joining us today for this episode of The Fiscal Blueprint.

Be sure to visit fiscalblueprint.com to access the most recent content available including all past shows.

Remember it’s not about the money but about your life!

Having a mindset and living a life of abundance rather than scarcity will change the direction of your life forever!! Enjoy the Journey!!!

“Opinions voiced in this recording are for general information only and not intended to offer specific advice or recommendations to any individual. All performance references are historical and have no guarantee of future results. All indices are unmanaged and not available for direct investment.”

Berlin, Maryland ~ Lewes, Delaware ~ Eldersburg, Maryland

Fiduciary, Independent, Registered, Investment Advisor Representatives

In this week’s episode, we are continuing the discussion on the unfortunate circumstances of a spouse passing away. A myriad of financial decisions need to be made during an already difficult time, and it’s important to understand the implications of many of those decisions. Last week, we talked about the step-up in basis rule as well as the widow’s penalty. This week, we are going to cover what happens when a spouse inherits an IRA and the choices that he or she may have when it comes to inheriting a deceased spouse's retirement accounts.

Disclaimer: Please do not take advice from me on this show. As a licensed Fiduciary I am only allowed to give advice to clients. So, unless you’re a client I can’t give you advice because I don’t know you. So, think of these as helpful hints and education only. And please before implementing any information or ideas you hear on this show always consult your legal adviser, your tax adviser, and your financial adviser…………. right? that’s just common sense.

Final Disclaimer:

“We appreciate you joining us today for this episode of The Fiscal Blueprint.

Be sure to visit fiscalblueprint.com to access the most recent content available including all past shows.

Remember it’s not about the money but about your life!

Having a mindset and living a life of abundance rather than scarcity will change the direction of your life forever!! Enjoy the Journey!!!

“Opinions voiced in this recording are for general information only and not intended to offer specific advice or recommendations to any individual. All performance references are historical and have no guarantee of future results. All indices are unmanaged and not available for direct investment.”

Berlin, Maryland ~ Lewes, Delaware ~ Eldersburg, Maryland

Fiduciary, Independent, Registered, Investment Advisor Representatives

The death of a spouse is never something easy to handle. Not only is one facing extreme grief and sorrow, but there are also a plethora of financial decisions to make and tax implications to consider. In this week’s episode of the Fiscal Blueprint podcast, your host & financial coach Jeff Montgomery discusses how the death of a spouse can affect your taxes and the main things to potentially look out for.

Disclaimer: Please do not take advice from me on this show. As a licensed Fiduciary I am only allowed to give advice to clients. So, unless you’re a client I can’t give you advice because I don’t know you. So, think of these as helpful hints and education only. And please before implementing any information or ideas you hear on this show always consult your legal adviser, your tax adviser, and your financial adviser…………. right? that’s just common sense.

(0:40) Practical Planning Segment

(3:15) The Widows Penalty. What happens when shifting from Married Filing Jointly to a Single Filer?

In this week’s episode of the Fiscal Blueprint podcast, we are discussing Qualified Charitable Distributions (QCD’s,) which are a way for you to move funds out of your IRA to a qualifying charity, income tax-free. In the tax planning realm, they can be very useful tools and it’s important to understand how to correctly apply them. Check out the full episode for the top 5 rules you should know about QCD’s!

Disclaimer: Please do not take advice from me on this show. As a licensed Fiduciary I am only allowed to give advice to clients. So, unless you’re a client I can’t give you advice because I don’t know you. So, think of these as helpful hints and education only. And please before implementing any information or ideas you hear on this show always consult your legal adviser, your tax adviser, and your financial adviser…………. right? that’s just common sense.

(0:45) Practical Planning Segment

(5:25) Top 5 Rules You should know

Final Disclaimer:

“We appreciate you joining us today for this episode of The Fiscal Blueprint.

Be sure to visit fiscalblueprint.com to access the most recent content available including all past shows.

Remember it’s not about the money but about your life!

Having a mindset and living a life of abundance rather than scarcity will change the direction of your life forever!! Enjoy the Journey!!!

“Opinions voiced in this recording are for general information only and not intended to offer specific advice or recommendations to any individual. All performance references are historical and have no guarantee of future results. All indices are unmanaged and not available for direct investment.”

Berlin, Maryland ~ Lewes, Delaware ~ Eldersburg, Maryland

Fiduciary, Independent, Registered, Investment Advisor Representatives