Winning at Life with Gregory Ricks

Winning at Life Daily Wrap: 04.21.18


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Gregory Ricks responds to reports of reforms to the fiduciary regulations. Since the Department of Labor's new fiduciary rule has been halted, some advocate a less-stringent reform. The SEC voted to tighten the rules on some stock brokers. Learn how to ask the right questions of the person who is handling your money.

Mary from Belle Chases asks Gregory Ricks if Social Security automatically reevalutes her earnings record every year. She has continued working after turning on her payments, but hasn't seen much of an increase.

Our next Gregory Ricks Live is coming up Tuesday, May 8, 6:30pm at Ruth's Chris in Metairie. It is for women only and pairs together great wine, wisdom, and food. If you think Gregory Ricks could help you with your money, RSVP at GregoryRicks.com or 504.832.9200.

Emile asks a question in the Facebook Live comments: "When Gregory said social security income is based on good 35 years. How does the history adjust to your current highest paying job or can it go on the history of the longest work history at a lower salary?"

Jude Heath, the CPA of the Total Wealth Authority, is in studio for an hour to talk taxes. This tax season got a few extra days, thanks to the weekend, a holiday, and a website crash.

We review a call from the Winning at Life Daily Wrap with Jude Heath's ideas thrown in this time. Larry called in from Long Beach, Mississippi with a good problem. Even though he's in his mid 50s, he has no retirement savings, but a new business venture is now pulling in about $15,000 a month. Now that he has the extra income, how does he play catch up? Gregory starts with making sure his business is structured properly, and getting some retirement savings built up through his company plan.

Jason from Metairie wants to cash out his old life insurance policy. How will his payout be taxed? Where should he put the money? Is buying some term coverage in the mean time a good strategy?

The Supreme Court is considering a case about online sales tax collection. In this battle between the Dakotas (somehow), the result will absolutely reverberate throughout the retail world online and offline.

Some changes in the Trump tax reform changed entertainment write offs for businesses. If we had a suite for the New Orleans Pelicans playoff game today, how could we write some of that off? Henry calls from Metairie to ask Jude Heath and Gregory Ricks some questions about business and travel tax deductions.

John in Pascagoula asks Gregory Ricks and Jude Heath about how the childrens' benefit from his deceased wife's pension is taxed.

Gregory Ricks and James Parker report the story of the Southwest flight where the engine blew up and had to make an emergency landing.

Nelson calls in from Covington, Louisiana to ask Gregory Ricks his opinion about doing a Roth conversion on his IRA to take advantage of the tax situation.

Tom in New Orleans asks Gregory Ricks about how a self-employed investor can best utilize a SEP.

Randy in Metairie has some old savings bonds he found that were bought back in the 80s. How does he figure out the value of these things, and how would he cash them in? SHOULD he cash them in?

Janelle asks Gregory how she should address her property tax assesment somehow doubling in one year.

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