Winning at Life with Gregory Ricks

Smoothie King announces they are moving their corporate headquarters from the New Orleans area to Dallas. An annual survey shows people are waiting longer to turn on Social Security. The number one age is still 62 (ASAP), but the second most often start date is 65.

Jeff in Mobile asks Gregory about the costs of waiting to turn on Social Security. If you had the ability to invest the money you would receive from turning on Social Security before your Full Retirement Age, there is also an opportunity cost to waiting, as well as the missed checks. Gregory agrees, and shares a recent scenario he saw where the math leans toward turning on Social Security early.

Fred from Mandeville wants to know why his IRA has Required Minimum Distributions at age 70.5. Gregory explains to Fred that it probably has a lot to do with the government being able to recoup deferred taxes, and offers some options on dealing with taxes from your RMDs.

Gregory Ricks shares his thoughts on peace talks in the Korean peninsula, and how economic forces are shaping aspects of this attempt at ending a 65 year old stalemate.

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.

If you have any assets, and any heirs, a will can save a headache for your loved ones. Wes Blanchard, Estate Planning Attorney of the Total Wealth Authority, explains how a will opts you out of the default rules from your state. Among other legal quirks, Louisiana doesn't have transfer-on-death accounts at the local bank like neighboring states.

Joe in Metairie was turned down for a life insurance policy for a medical report he believes was inaccurate. Gregory shows him how he can address getting the record corrected, and stresses the importance of getting everything documented.

Art from St Rose asks Gregory if he can convert his IRA into a Roth IRA over the years in pieces to manage his tax exposure. Gregory Ricks explains how strategic Roth conversions can still be done, and also some changes to the law that may affect your decision.

John in the FB Live comments asks Gregory about his financial situation: John is 52 with nothing saved for retirement. Is saving $20 a week not worth the trouble, or a decent place to start?

Matthew in Metairie asks Wes Blanchard if his joint accounts at the bank will be immediately accessible by his spouse if he passes.

Michael in Raceland asks Wes Blanchard and Gregory Ricks about how he can pass along his assets without having to go through the succession process. Wes and Gregory talk through some options and generally agree that a will with a living trust is what Michael is asking for. Michael then asks Gregory his thoughts on Bitcoin.

When the First Quarter GDP growth comes in at 2.3%, the bearish voice seems to be louder than the bulls right now. Gregory and James review some bearish audio from Dennis Gartman on Fox Business explaining why he's getting out of the pool.

Gregory Ricks gives his summary on the latest news from crypto currencies, and there seems to be a whirlwind of problems from all angles on these currencies. Gregory thinks you may have better luck mining for actual gold than for bitcoin. The reality of taxes is about to hit some folks pretty hard. Between the volatility, heists, frauds, and delays, it doesn't look good.

Teresa in Covington and her husband are 10 years apart. How does this affect when they should turn on their Social Security benefit? Gregory walks Teresa through a few scenarios and options for married couples looking to maximize their benefits.

Cici in Gretna asks Gregory about her late husband's living trust. How does she go about transferring the property through the trust, and does she have to make a new trust going forward?

If an employer offers a 12% match on your 401k, is there any down sides to that? Gregory answers this question from Ronda in the Facebook Live comments. She contributes the match, PLUS a little more. Gregory's concern is that if you have all of your retirement savings in a pre-tax status, you're setting yourself up for some tax consequences you may not like when you take income from those assets. In a 12% match on the 401k, once you get to the full matched amount, it becomes even more important to look for ways to reduce your taxable income in retirement.

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There's an international wine shortage! Gregory explains how this happened, and the business side of the wine industry.

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.

Scott in Mobile texts in from the Winning at Life app to recommend HiYa: an app to weed out scammers.

Doug on the Northshore calls in and shares how he likes to deal with phone scammers.

Really? Wells Fargo is in trouble again? The Feds are looking into 401k rollovers, and if they were recommended with fees in mind.

Dennis Gartman was on Fox Business, and we review his audio making a pretty solid case on why he's bearish.

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If an employer offers a 12% match on your 401k, is there any down sides to that? Gregory answers this question from Ronda in the Facebook Live comments. She contributes the match, PLUS a little more. Gregory's concern is that if you have all of your retirement savings in a pre-tax status, you're setting yourself up for some tax consequences you may not like when you take income from those assets. In a 12% match on the 401k, once you get to the full matched amount, it becomes even more important to look for ways to reduce your taxable income in retirement.

Gregory had an interesting case he was working on in his office where a pension, 401k, and Social Security, and a tax-free income source will combine to get a solid income stream with minimal taxes.

Jay in New Orleans says she doesn't really need her Social Security now, so does it make sense to turn it on at age 62 and invest it all? She is also concerned that Social Security could be greatly reduced sometime in the near future. Gregory asks some questions about her financial situation, and shows her how the math on waiting until 70 could be a better way to maximize your benefit.

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.

The Number highlighted 10 year treasuries hanging in above 3%.

Ford says they are cutting some brands and focusing on SUVs, crossovers, Mustangs, and trucks.

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James recorded a phone scammer pretending to be the IRS. Gregory Ricks has the story of Amazon getting its cloud service hijacked for a few hours this morning. Quite a few people were redirected to dummy sites and phished. Some lost crypto currency. Not much damage was done though, so it looks like it may be a dry run for something bigger.

Oil is climbing back to levels it hasn't seen since before the price collapsed in 2014. Ten Year Treasury bonds are finally hitting 3% again.

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.

Starting early is a huge advantage to investing for retirement. Gregory runs through the math on what small sums saved monthly can do if it has time to work. If you save $50 a month, you will be ahead of half of your fellow Americans when it comes time to retire.

Gregory Ricks shares his summary of where the cryptocurrency world is heading, and it's not pretty.

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Why do we have a women only event? 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.

Mel in Slidell asks Gregory if his girlfriend's state pension from being a teacher will affect her Social Security payments, even though she's always had a side job? Gregory gets him up to speed on the Windfall Elimination Provision for Louisiana state pensioners.

Gregory and James review a call from Saturday's show where Mary in Belle Chase 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. How does that work?

Rick in Pascagoula is working full time and has just started his Social Security retirement benefit. Is there any kind of earnings threshold where they withhold money? Do his new tax contributions get factored into his benefit?

Norman from Garyville asks Gregory Ricks how Social Security penalizes you for working if you turn it on before full retirement age.

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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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North Korea says they will suspend their nuclear program to have talks. It's a historic move politically, but also means this battle of tariff proposals between the US and China is getting results. This could mean we avoid a trade war AND open up Chinese markets for US trade.

The financial consequences of a NFL team's first round draft bust is worth about $10 million. The Saints recent draft success has been improving their money and talent.

Gregory shares a client case with a pretty flexible pension through Mississippi FERS. He can do a full or partial lump sum, and have COLA increases on his payout. Gregory walks through the math and other considerations on how they decided how to best utilize the pension options. There's also some tax issues to keep in mind.

Well Fargo has agreed to pay another fine to the CFPB, although seeing as how the CFPB gets to keep half the money, something smells shady. It looks like a business can do shady things and avoid criminal prosecution if they simply pay this agency a kickback. Does it create a conflict of interest that a supposed consumer protection agency stands to gain financially the more consumers are violated?

Larry in Picayune calls in to ask Gregory's opinion on how he should start saving money on behalf og his young children. Does he need to invest that money, or just leave it in a regular savings account or what?

Gregory talks about having some fun earlier today at Nola Motorsports Park.

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.

Larry calls in from Long Beach 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.

Nick calls from Hammond to ask Gregory's opinion on using a life insurance policy as a tax-efficient source of income in retirement.

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Just because you retire doesn't mean your taxes go away. Find out from Gregory Ricks how the IRS hits your retirement income streams like Social Security, IRA distributions, income from your 401k, and investment gains. Gregory goes into more detail on how stock dividends can be taxed, and what factors can affect that amount.

A couple in Gregory's office working out their retirement plan had the husband's pension continuing for the spouse at 75%. Gregory cautions against that income drop for the wife, because they also lose one of their Social Security checks as well. If anything, you want to find ways to give yourself a raise throughout retirement to account for inflation and ballooning healthcare costs.

We review a great call from Saturday's show. Lori in Alabama asks Gregory Ricks and Dwayne Stein their opinion on if a mortgage refinance would help solve her situation.

Gregory decodes how your Social Security benefits are taxed. Once you pass certain income limits, the tax exposure for your Social Security jumps up. There are even 13 states that can tax your Social Security benefits.

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It's Tax Day, but the IRS website that takes direct payments crashed today, so Treasury Secretary Steve Mnuchin says we have an extra day to file electronically.

Gregory Ricks shares some additional thoughts on Bob Breck's advice from Saturday's show. Bob stressed the importance of considering taxes if all of your money is in a 401k or IRA.

How is hush money taxed? If you get money from a non-disclosure agreement, do you have to report that to the IRS? Is it taxable? Can it be a tax write off as a business expense for the guy cutting the check?

Donna from Kenner has an Health Savings Account, and it seems like a great way to save some pre-tax money that could ultimately be used in retirement. She has around $20k saved in her HSA, and asks Gregory if that's too much or too little? Gregory warns against getting aggressive with investments within an HSA, and treat it like emergency money.

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.

A roofer in West Monroe repossed his work for non-payment according to a local report. Pay your debts, folks.

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Where is the market going from here? Is it time to get back in, or continue to get out? Gregory Ricks and James Parker discuss some audio clips from Stephanie Pomboy of Macro Mavens on how she's still leaning toward selling.

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.

Did you know how your retirement income is taxed changes from State to State? There's 13 states that tax Social Security benefits, and while we aren't hit with the SS tax at the state level, you would be surprised which states are. Mississippi and Louisiana have a few differences worth considering if you're retired and looking to move.

Netflix is exploding. Their subscriptions and revenue are doing so well you almost forget about the cash burn rate. Netflix is an amazing story from a business perspective, and has quickly embedded itself into the social fabric as well.

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