Winning at Life with Gregory Ricks

00:40 - Is Wells Fargo in trouble again? The issues began a few years back, but it’s reported the bank’s advisor division pushed products that seemed to serve the bank’s interest more than the client.

06:37 - Gregory and James review a segment with Dwayne Stein from Saturday’s show where the homeowner did a reverse mortgage into a line of credit, and takes advantage of the 4.7%ish return on the unused portion of the credit line. Gregory breaks down how this could be an exceptional use of a reverse mortgage, but only if you’re in the right situation.

24:02 - The next Gregory Ricks Live is coming up Tuesday, July 10th, 6:30pm. Come find out more about Gregory Ricks and what he can do for you.

39:57 - Steve in Houma asks Gregory if he puts his IRA into an annuity, will he be able to cover upcoming Required Minimum Distributions without hitting the surrender fees? Gregory Ricks shows Steve how an annuity that let's your take out up to 10% without a penalty should be enough to cover his RMDs well into his 90s.

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02:15 - Gregory Ricks address the changing demographics in America, and how an aging population will change how we deal with retirement and investing. With fewer taxpayers per beneficiary, Social Security and Medicare are fiercely unsustainable. Raising taxes is a likely part of the solution, but reigning in benefits is going to happen.at some point, too. This will happen on a long enough timeline, and maybe it won’t happen soon enough to affect you. If it does, you will need to have money put away and income streams you can rely on… the more the better.

28:04 - Ralph in Lacombe heard that you can have your property taxes frozen in retirement, and if Gregory Ricks knows anything about that. States can have significantly differing laws regarding property taxes, but there are plenty of them who give special considerations to seniors and retirees. Refer to your tax professional to see how that affects your specific property, you may be pleasantly surprised.

29:39 - James in Poplarville asks Gregory Ricks how much income can he get off of a million dollars in assets without a spenddown? Gregory says it can safely range from 3%-4%, but if you’re looking for absolutely no risk, it’s probably more like 3%.

32:26 - Ray in Picayune asks Gregory Ricks his thoughts on a county pension system that opts out of Social Security in exchange for its own pension system. It seems like a good idea, but how will the affect their Social Security retirement benefits?

37:17 - Matthew in Metairie suggests that robots will be able to fill in some of the labor shortage to help deal with aging demographics.

41:35 - Lewis in Chalmette wonders why we don’t eliminate the earnings cap on Social Security? Gregory explains how the tax cap is met by the cap on benefits, but that is probably going to be moved drastically higher or even eliminated.

48:52 - Dwayne Stein, host of Mortgage Gumbo, joins the show and explains why mortgage interest rates have taken a couple of dips over the last few months, even as the Fed continued to lift the funds rate. Dwayne explains that the relationship between the Fed and your mortgage rates is not direct, but acts more like the price of oil vs the price of gas.


54:43 - Dwayne shares why the world of HELOCs is making him doubt the housing boom can keep going much longer without a significant stumble. It’s not the same concern as the last housing bubble which was busted up by failed subprime loans. This time around, the HELOC wave being hit with rising interest rates could be the ugly infection the housing markets do no need.

1:00:06 - Gregory Ricks and Dwayne Stein have worked on reverse mortgage situations together, and share how a recent homeowner got a lump sum from a reverse mortgage, used a little, and left the bulk of it in a line of credit that’s just sitting there gaining interest. Gregory explains that forward thinking means you get to take advantage of getting rid of the mortgage, paying off some bills, and growing the balance as it sits waiting for you as an emergency fund.

1:09:55 - Glenn in Algiers asks Gregory Ricks if he will still get the increase in benefits for delaying until age 70 if he stops working at 68? Gregory says the annual 8% increase is still in effect, even if you do not work.

1:12:58 - Gregory answers a question from a listener about selling tradelines with Dwayne Stein. Is selling access for someone to piggyback on your good credit history a good idea? Dwayne explains how tradelines could work as described, but there’s enough red flags signaling that you should steer clear. There are things you can do with the money used on the fees that could be better for your credit than tradelines.

1:22:59 - Dwayne Stein of MortgageGumbo.com answers: How bad can your credit score be and still get a mortgage? Although it’s much easier to get a loan with great credit, even the worst scores still have some options. Sure, the terms may be a little less accommodating, but Dwayne can get just about anybody into a mortgage of some type.

1:26:33 - Robert in Metairie asks Gregory and Dwayne to explain how the bank gives 5% return on an unused line of credit from a reverse mortgage. Gregory Ricks adds that if you’re planning on doing a reverse mortgage in the future, perhaps you should go ahead and do the reverse mortgage now, but leave the line of credit to grow. The math may be better that way.

1:33:45 - Be careful! A debit card skimmer was found on a gas station pump in Jackson County. If a debit card machine looks suspicious, give it a tug and see if it moves. If you’re not sure, move on.

1:39:11 - James details a chart on when your Full Retirement Age is for Social Security.

2:06:02 - Kevin in Des Moines asks Gregory Ricks to explain how the taxes will be figured on the sale of a rental property he co-owns with his brother.

2:08:17 - Robert in Jackson has a friend who is inheriting an IRA left to her from her deceased son. Gregory Ricks spells out her options, decodes the taxes.

2:12:07 - Dell in Brandon, MS inherited an IRA from her mom. She was already taking Required Minimum Distributions, but the bank stopped issuing distributions on death. Now, it appears she owes some penalties and interest, and hopes Gregory can explain her situation and how to clean it up.

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00:59 - Be careful! A debit card skimmer was found on a gas station pump in Jackson County. If a debit card machine looks suspicious, give it a tug and see if it moves. If you’re not sure, move on.

08:44 - More people over the age of 60 are renting on AirBnB for an extra income stream.

11:36 - Adam Vinatieri says he’s not retiring, meaning he will be 46 by the end of the season.

14:30 - Gregory Ricks outlines 10 things that can go wrong when you inherit an IRA. The issues begin with making sure you have the beneficiary designations spell out correctly. If you are the spouse inheriting the IRA, you have some extra options.

22:18 - Jim in Ocean Springs asks Gregory to explain the options regarding spousal Social Security benefits.

27:26 - Noah in Destrehan is about to finish college and start his career. He wants Gregory Ricks to show him where he should hit the ground running on retirement savings from day one.

29:32 - Rick in Slidell lost his wife two years ago, and wants Gregory’s opinion on when he should turn on his Social Security widower’s benefit.

32:02 - Louis in Marrero is a Bitcoin advocate bravely checking in with Gregory Ricks in the midst of recent cryptocurrency troubles.

42:52 - Gregory Ricks continues his run down of 10 costly mistakes when inheriting an IRA

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[2:20] Gregory Ricks gives you a basic guide to rollovers from your IRA. If you can, you should move IRA money straight from custodian to custodian transfer. If you take the money straight to yourself, you have 60 days to either put it back, or find another IRA for it. You can do a rollover once per year aggregate of all your accounts.

[7:38] Perry in New Orleans wants to try and get some yield on the idle money in his brokerage account. Gregory explains that it's preferable to have the liquid assets in your managed investment account just sitting there getting minimal yield. That is its job, and it's probably not a good idea to go chasing returns with it.

[14:13] A Supreme Court decision on collecting internet taxes means the free ride is over for online shopping. The law now compels retailers to collect the sales tax of their customers, and it's based on the State where the purchase is made.

[24:57] The next Gregory Ricks Live is coming up Tuesday, July 10th, 6:30pm. Come find out more about Gregory Ricks and what he can do for you.

[28:18] The Numbers are awfully red today, and reports say China's new tariff threat is a concern. China is running out of weapons in their trade war, and mentioned they were thinking about targeting the 30 companies in the Dow Jones Index. GOOD LUCK with that! Cutting off 30 of the most important companies and their products will do more harm to China than the USA.

[40:06] Netflix is continuing its meteoric rise, but Chrysler looks like it may be circling the drain. Out with the old, in with the new.

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This offer from Disney to buy most of the media assets from 21st Century Fox could change our media landscape for a generation. Gregory points out that combining Disney assets with Fox, Marvel, and Hulu may be the great media counterbalance to Netflix’s colossal growth.

It’s also interesting to note what media platforms Rupert Murdoch wants to hold onto like Fox News and Fox Business, which shows how news related broadcasts are least affected by on-demand competition. Fox Business has become a regular source, but it’s important to skip around and see what everyone is saying in real time. This is a global economy, and requires keeping up with the news.

Les in Slidell asks Gregory if his wife who never worked can draw a Social Security check off of his record at age 62.

Joe in Harvey has a nice 401k built up, and wants Gregory’s guidance on how he can convert some of that money to a Roth account. Gregory Ricks explains the process by which money can go from a 401k to a Roth IRA, and how strategic Roth conversions can help manage the tax bite.

Gregory answers a text question about the deadline you have to undo Social Security. You have one year from the date you file for Social Security, not when you get approved or when you get your first check. This guy just missed the window. He can suspend, but not undo his Social Security benefit.

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Can going solar save you money? Gregory Ricks talks to Ethan and Justin from SunPro Solar about: tax credits, financing, and how the technology is advancing daily to make solar more profitable. GoSunPro.com

A new study claims that being married is good for your heart. Married subjects were less likely to have cardio issues than subjects who were divorced, widowed, or never married. The number of Americans who smoke is down to 13.9%.

Lou in New Orleans is getting a divorce, and wants to know if his ex wife draws a Social Security check off of his record, will his check be affected?

Andrew in Slidell wants to know if some low earning years late in life will hurt his Social Security benefit. What will his wife be able to draw off of his record? What happens to her benefits when he passes?

This guy was getting a late start on saving for retirement, but can put away a ton of cash before he retires in three years. Gregory Ricks explains why it may be better to just leave the new savings liquid rather than tie them up in a financial product chasing yield.

GE is no longer on the Dow. This is a huge historic moment in the financial world, as General Electric was the last remaining original member of the Dow Jones Index back in 1896.

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Trump announcing the creation of the Space Force has some interesting financial side effects. Gregory Ricks details where he thinks the technology will take us, and the Space Force is an expected result.

The Numbers are mixed, with Tesla as a big gainer on the day. Americans satisfied with the direction of the country hits a 12 year high.

Ann in New Orleans is being offered a million dollar buyout on her $60k pension, and Gregory asks some questions that get to the heart of which option is best for Ann.

Gregory responds to a strange email about Social Security ex-spouse benefit. The email claims Social Security is trying to reclaim $32k in wrongful payments on an ex-spouse's record.

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You started a life insurance policy years ago to take care of your family should something happen. Now, your kids are all grown, the house is paid off, and there's enough assets built up that you don't really need it for your family's financial security anymore. Maybe you can sell it or cash it out, but Gregory shares a few other ideas on how you can use that policy to get the most money out of it with incredible tax efficiency.

Learn how to take advantage of your life insurance's death benefit before you die. Gregory explains there's several ways to access the cash value built up in your life insurance policy, and he has some nifty ways you can use that to minimize or avoid taxes on your retirement income.

The next Gregory Ricks Live is coming up Tuesday, July 10th, 6:30pm. Come find out more about Gregory Ricks and what he can do for you.

Gregory Ricks' amazing Podium Theory of the Federal Funds Rate continues it's flawless streak since the Fed began liftoff in 2015. James Parker gives you an audio comparison of the new Fed Chair Jay Powell versus his predecessor Janet Yellen.

Andre in New Orleans asks Gregory how to get in on the Oppotunity Zones created by last year's tax reform package.

Perry in New Orleans wants to try and get some yield on the idle money in his brokerage account. Gregory explains that it's preferable to have the liquid assets in your managed investment account just sitting there getting minimal yield. That is its job, and it's probably not a good idea to go chasing returns with it.

Jude Heath, CPA of the Total Wealth Authority, explains the tax implications of putting your rental property in an LLC instead of keeping it in your own name.

Gregory Ricks and Jude Heath talk about the probe into the Trump investigation, and how to properly structure and execute a charitable foundation. The authorities ask two main questions: is it self dealing, and is it tax avoidance?

Dan in Biloxi asks Gregory Ricks and Jude Heath about how to structure a side business to his side business.

Ann in New Orleans is being offered a million dollar buyout on her $60k pension, and Gregory asks some questions that get to the heart of which option is best for Ann.

Gregory shares a report on Amazon expanding its Whole Foods two-hour delivery service. Gregory believes the future of the grocery industry will evolve into something more efficient, and this is merely a logistical evolution being worked out in real time.

CJ in Metairie asks if he will be taxed when selling a property to his son. Gregory breaks down how a bond for deed works, and where the taxes come in. There is going to be a tax bill due.

A new casino development is in the works for Long Beach, which would be their first casino! Island View opens their new NON-smoking casino on the Coast as well.

Gregory Ricks gives you a basic guide to rollovers from your IRA. If you can, you should move IRA money straight from custodian to custodian transfer. If you take the money straight to yourself, you have 60 days to either put it back, or find another IRA for it. You can do a rollover once per year aggregate of all your accounts.

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If you're playing catch up with your finances, maybe it's time for a side gig to generate some extra income. With the technology of today, side gigs are more flexible than ever.

When Bruce in New Orleans asked his insurance company for a homeowners policy on his rent house, they said he would have to get landlord's insurance, because the second house is owned by an LLC. Gregory Ricks shares some insight on getting the right insurance coverage for situations like owning a rental.

Mike in Slidell is thinking about paying off his townhouse rental with money from a sale from another rental. Gregory stresses it's all about the numbers. If the net amount of return from that property is high enough, go for it.

Mary in Houma asks Gregory if she can draw extra money from an annuity above what the income rider provides. Gregory says she probably can take additional distributions, but it will accelerate the time table for spending down. Mary follows up with a question about how Medicare premiums are taken from her Social Security benefit.

The next Gregory Ricks Live is coming up Tuesday, July 10th, 6:30pm. Come find out more about Gregory Ricks and what he can do for you.

http://www.WinningAtLife.com