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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