Winning at Life with Gregory Ricks

01:11 - The annual Social Security projection have been updated, and funds are now expected to run out in 2035. Gregory expects there to be changes to the program before benefits get cut, probably increasing the taxes, and maybe even raising the retirement age. James hopes for privatization.

19:27 - Are you doing better financially than the average American? Compare yourself to the average American on 10 different financial statistics.

37:38 - The Numbers are fantastic. The S&P 500 and NASDAQ hit an all-time record close, and earnings season is generally positive

44:37 - The second richest guy in Japan may have just lost $130 million messing around with Bitcoin.

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01:27 - Real Estate sales have slowed for the first quarter, but Gregory reminds you how often a sluggish home market isn't a sign of a slowing economy. The real effect on you as you are approaching retirement is the ability to strike a good deal on your retirement home.

16:00 - The Numbers are mixed, with Trump's repeal of Iran sanction waivers rocking the oil market and getting the biggest headlines.

25:27 - Gregory shares a study concluding there's 3 main things that make you happy in retirement. Having money is number one, not necessarily because money makes you happy, but a lack of money can make you miserable. A happy marriage and social life are also big contributers.

37:23 - When people complain Amazon made tons of money, but didn't pay any federal corporate taxes, remember there's lots of companies who pay zero in taxes. Usually, there's a very reasonable explanation, and you should embracing different tax strategies to see if minimizing taxes works for you.

43:22 - John in Metairie asks Gregory: What do I do with these old paper savings bonds?

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00:58 - Gregory and James do a brief summary of the major topics to be covered on today's show. Real Estate, reducing your tax bills, reverse mortgages, Social Security planning.

02:33 - A recent survey shows 42% of college graduates say their degree wasn't worth the cost.

12:42 - More Americans these days are enjoying an encore career in retirement. Sometimes it's for the money, sometimes it's for enjoyment, but it can cause a few negatives. An encore retirement can bump up your tax bracket, cause your medicare premiums to increase, be subjected to an earnings clawback from early Social Security, and other issues.

27:03 - Gregory's skeptical of a survey that claims a majority of American support Medicare for all. But when you ask them if they would support Medicare for all if it caused an increase in taxes or slower service, support collapses.

43:47 - Dwayne Stein of Mortgage Gumbo says the falling interest rates have given home purchases a bit of a boost, but overall this is turning into a buyer's market.

53:25 - If you want to learn more about Reverse Mortgages, Gregory Ricks and Dwayne Stein are presenting a Lunch and Learn teaching you about reverse mortgages and answering your questions.

1:14:15 - Calvin in New Orleans asks Gregory how to max out his Social Security benefits for the disabled.

1:16:18 - Dwayne Stein sees student loan debt causing big problems for some people trying to get into a mortgage.

1:30:31 - James saw a robot at a Walmart in Kenner taking inventory, and just like that: the robot era is upon us.

1:34:29 - Sharon in Picayune asks Gregory about starting Roth contributions.

1:36:59 - Carrie on the Northshore is thinking about stopping her 401k contributions, and diverting that money to paying off her mortgage before she retires. Gregory asks some follow up questions, and thinks getting rid of that monthly mortgage payment makes a huge difference on whether or not she can comfortably retire.

1:43:28 - Gregory shares some concerning stats on home repos, and shares some concerns about the sneaky comeback of subprime mortgages. What could possibly go wrong?

1:45:10 - Do stocks beat bonds? Gregory looks at some decisive data.

1:52:13 - Martha in Long Beach inherited part of an aunt's trust. How are you taxed on money from an inherited trust? Gregory explains some of the more common ways you can receive assets from a trust, and how they may be exposed to the tax man.

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01:39 - Gregory has some core rules for maximizing your Social Security benefit. Several factors go into your check amount, and Gregory breaks down how work credits and your starting age figure into your benefit.

04:52 - Initial jobless claims just set ANOTHER 50 year record low for the second week in a row. We haven't had this few people signing up for unemployment since before we landing on the moon.

13:11 - Political bickering over the Mueller report doesn't seem to have much of an effect on the markets, and clears the way for growth.

19:13 - How much money should you have saved by the time you're 40? 50? 60? One rule of thumb claims you should have 10 times your income by retirement age. Gregory thinks that may be a little low.

21:55 - Gregory answers questions from the comment cards at a previous Gregory Ricks Live, including how widows benefits work.

32:15 - Emily in New Orleans asks if she can continue to receive Social Security benefits from an ex's record if she gets remarried.

38:16 - David in Laffite asks if his mom could maybe get a larger benefit from Social Security by switching to her deceased spouse's record.

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01:08 - Gregory Ricks Live was last night at Keith Young's in Madisonville, and the place was packed, with a great response.

12:19 - More people are forced to retire earlier than expected, than forced to work longer than expected. How can you be prepared to retire before your preferred retirement timeline? The evolving job market also makes it easier for displaced workers to find a quick gig.

21:21 - New Mexico has the highest percentage of new residents from out of state who stated they are moving because of retirement.

28:14 - Gregory answers questions from the comment cards at a previous Gregory Ricks Live.

39:10 - Art in New Orleans asks Gregory's thoughts on some bond market strategies.

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01:23 - The financial side of Tiger Woods' amazing comeback win at the Masters begins with a dazzling $2.07 million first prize, and the guys that miss the cut get $10,000. Gregory reveals Augusta National has been on a property-buying spree in their area and may have big plans for development.

12:32 - It's Tax Day! Today is an ideal time to remember to plan for tax diversity in your retirement plans. About 50 million people are filing for an extension on their taxes. Roth is a good start, and there's other avenues to creating tax-free income streams.

22:43 - New home construction is far from it's peak before the real estate bubble popped in 2008.

26:59 - James has a list of the most common ways people fib on resumes.

34:56 - Notre Dame burns. It's not really a financial topic, but when a 900 year old historic cathedral burns, it's worth a mention.

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01:20 - Wes Blanchard is the Estate Planning Attorney of the Total Wealth Authority. Gregory and Wes have a live event coming up in Madisonville this Tuesday at Keith Young's steakhouse.

05:34 - Wes Blanchard shares some of the pitfalls of dealing with Usufruct and Naked Ownership. He has seen people try and use Usufruct to settle property disputed upon death, only to have it put the parties in direct conflict. They could even be in conflicts with ducks.

34:31 - Eagle in West Monroe asks Wes how using usufruct can affect property values.

39:38 - A woman buys her son a house, and now that he's getting a divorce, does he have to split it with the wife?

46:14 - Tim in New Orleans picks Gregory's brain on how he should structure the business and ownership of a new piece of commercial property using a 1031 Exchange to defer taxes.

54:11 - Eloise in Covington questions if she will be hit by the Windfall Elimination Provision given her substantial work record in the private sector.

57:24 - Gregory has a book he wants to give you to change your thinking about how to save for retirement.

1:08:27 - Do you have to move your 401k when you retire? Ricky in Houma and his wife are both close to retirement and both have money in their company's 401k. Do they leave it there when they retire, or do they have to move it to an outside account?

1:12:36 - Ryan in New Orleans asks if his annual pay raise should go into his 401k.

1:14:33 - Marco in New Orleans has contributions to a pension plan from his old job that he needs to put somewhere. Gregory is leaning to toward a rollover IRA, but Marco is thinking about using that money to get into real estate.

1:19:14 - Ty in Metairie has money in a 403b from a previous employer, and asks Gregory his thoughts about rolling that money into a Roth IRA. How is that money passed along after death?

1:22:20 - Byron in Hammond had a dispute on his tax return 5 years ago, and hasn't filed a return since. Gregory urges Byron to get a CPA that specializes in dealing with unfiled returns, and remedy this situation immediately.

1:29:47 - Mike in Metairie shares some issues he stumble across during the process of signing up for Medicare.

1:37:31 - John in New Orleans hears pitches for investment tools that promise a 30% bonues credit just for signing up. Gregory says sometimes salesmen can be a little misleading by not stressing the difference between the account value and the income basis.

2:00:11 - Mike in Kenner is on the military healthcare program Tricare, and will be transitioning to Medicare soon. Gregory gives him an idea of what he can expect.

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05:15 - Jack Dorsey, CEO of Twitter, only eats one meal per day. We've noticed hyper successful people tend to have unusual daily habits.

13:53 - Gregory has a book he wants to give you to change your thinking about how to save for retirement.

17:06 - Are you saving money the right way?

21:11 - Be careful about mixing pre-tax money in your retirement savings with after-tax contributions. It's often impossible to separate those assets back out once they've been mixed.

23:19 - James and Gregory explore the crashing of US Steel, aka Steelmageddon.

26:10 - Gregory decodes some of the difficulties of having adequate healthcare coverage in retirement.

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01:15 - Uber's IPO has been dominating a big chunk of the financial headlines these days. IPOs are generally too risky to recommend for a client, but we certainly get a healthy crop of questions about high-profile IPOs.

04:47 - A somewhat familiar idea resurfaces: How about the IRS does some people's taxes for them? The idea has support on both sides of the aisle, and the it appears to fit Gregory's observation that the tax system is evolving toward a flat tax.

11:01 - Gregory is not amused by the wacky commercials for the Ron Burgundy Podcast from iHeartRadio. James is a fan of Will Ferrell, but not so much the commercials.

20:45 - Gregory has a book he wants to give you about creating tax-free income streams in retirement. James and Gregory review some of the upcoming Gregory Ricks Live events including a new Lunch & Learn focused on reverse mortgages.

29:13 - The Federal Reserve says they are still open to raising rates before the end of the year. Gregory thinks a rate hike could happen.

33:23 - A caller asks if she had enough of an earnings record to be exempt from the Windfall Elimination Provision.

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01:30 - Gregory reads the tea leaves from the new Fed nominee Stephen Moore interview on Maria Bartiromo's show.

03:05 - If you have unfiled taxes, you will not get a return if it's more than 3 years late.

14:54 - Are more people willing to ditch their house in retirement for an RV?

23:32 - Fixed annuities can be a good solution for the investor who is risk averse.

29:25 - Randoplh in Gretna asks Gregory's thoughts on Indexed Universal Life Insurance policies.

37:33 - Carol in New Orleans is 29 and new to investing, and asks Gregory's thoughts on how to get started on the right track. Gregory stresses the importance of starting with an emergency fund, and then lays out a few options for getting additional savings to work.

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