Winning at Life with Gregory Ricks

The Weekly Wrap: 09.14.19


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00:16 - Drone attacks on two important Saudi oilfield facilities shut down half of the Kingdom's oil production. Expect prices to go up. Gregory shares some other insights into the oil industry, and some historic context.

09:15 - A married couple decides to cash out their 401ks to open their dream restaurant. Unfortunately, the restaurant failed. Now, they have gone back to work elsewhere. How do they make up for wiping out their 401ks?

17:21 - Things you should consider before buying/starting a new business. Gregory shares a recent discussion he had with an unemployed man wanting to buy a business in his industry with his retirement savings.

24:06 - Virginia in Hammond and her husband are getting a late start saving for retirement, and she's on Social Security's disability income. Gregory gives them some guidance on how to get more saved, and how to max out their Social Security spousal options.

28:41 - Gregory shares a hard truth: You have to stop living paycheck to paycheck.

Jude Heath CPA joins us for tax updates.

31:41 - Yvette in New Orleans wonders if she and her husband are doing the right thing with their 401ks. Should they be in a more aggressive investment? Should they be contributing more monthly? How will all of this affect their tax liability now and in retirement?

42:45 - What do you have to pay Required Minimum Distributions, and how much do you have to pay? Ann in Houma is getting close to RMD time, and gets help understanding the basics.

46:10 - What happens when you inherit your spouse's IRA? John in New Orleans gets some clarification on the rules governing a spouse's inherited IRA.

56:36 - California passes a law aimed at forcing Uber and Lyft drivers to be classified as employees instead of contractors.

1:11:22 - Don't let credit card debt drag you down!

1:14:21 - How your property sale can be taxed: Ricky in Biloxi asks Gregory how much he can expect to owe in taxes on this sale of his primary house when he moves into his vacation house?

1:19:04 - Paul in New Orleans asks some follow up questions about the call from Virginia Hammond. Gregory clarifies the different scenarios on how a spouse can draw a benefit from your record.

1:23:59 - Anita is Slidell inherited a rental home from her mother a few years back. How much would she be taxed if she decides to sell it?

1:26:51 - How is your Social Security benefit calculated? Andy in Lucedale retired early. Will the non-earning years hurt the size of his Social Security retirement benefit?

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Winning at Life with Gregory RicksBy Winning at Life with Gregory Ricks