Brian Bowen, Td Ameritrade, Thistle Security Administration discussed on Retire with Integrity with Brian Bowen

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You don't have to take required minimum distributions this year in 2020 Stuck coward. This is retire with integrity with Brian Bowen. That is if you don't want to. But three quarters of Americans don't even know that 77%, according to a recent TD Ameritrade survey said they don't even know that Brian the dangers of not knowing or understanding the various rules that relate to retirement planning. What are they? A lot of danger is not knowing the rules and retirement obviously. And knowing, you know, we had a client that didn't take their our requirement of distribution because they didn't need the income, right? They got the letters in the mail brought him all in saying, I think I should have opened this mail. This is a problem and well, what happens in our house? A lot is we're trying to figure out if it's real or not. Usually, these marketing are super clever and then making right nervous a little bit. But then you got to figure out which ones are actually really Some of them are even associating that they're putting logo's on for major financial institutions, not on the top left hand corner to implement that it looked like him, but just to be associated with right at the bottom, right hand corner, you know, have a little disclosure at the bottom that nobody reads. You know, it says it's not affiliated Thistle Security Administration. You know, I read that I'm not kidding. I read that just the other day and it was due because I was in the Navy. It was. It was a letter to my wife talking about your husband's retirement. Military retirement benefits first wouldn't retire from the military. I was just in the middle. There isn't for you. You didn't go enough time. Yeah, I don't know 20. And so that was the first red flag and then I kept going down the bottom and I look because dude, it looks so legit, legit and then the very, very bottom back of the page. Not affiliated in any way with the federal government of the U. S. U s government or something like that, But But so we shredded it up. But Laura was like, Wait a minute. What is this? Do any dope? I need to know what this is. So the rules of this the cares act altered Several Sze surrounding retirement accounts loans withdrawals for those who have either been medically or financially affected by covered 19. I wish they would change that and say who's been emotionally affected. Everyone muskets were still emotionally affected, but thes rules. Of course, The changes have been effect for months now, but they're still just a ton of confusion. I probably get a question at least once a week. I kind of think about taking his money should I should be able to do this. And so that's the issue. It's like you're free to take the money from attack if you want, But if you don't need it than to make sense to skip your arm. Do you know these again? Our people that air 72 are older? That need to take the required minimum distribution. So it's basically giving some time but did look if you were already plants were doing for a lot of folks. Look, you're really taking 30,000 year out. You're taking 40 already out. You re used to paying the tax. Let's just converted this year. You're still gonna pay the same taxes. You're used to that you're standing with holdings in anyways, let's just converted. And now that money is tax free to you in a Roth so like I mean, It's kind of like the pain you're used to. You know, if you work out consistently, there's not a whole lot of pain like I do a small little workout and I've talked about it with you Try to get you on even, you know, talked you into buying the system. It's 10 minutes. I don't really have any pain because it's so short and so quick. It's six times a week. If I did it only once a week could have pain because you'd be sore, But I'd do it so consistently. It's like the pain is Oh, I gotta pay all those taxes. If you're if you're already doing it, convert a little bit..

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