17 Burst results for "59 A Half"

"59 half" Discussed on 710 WOR

710 WOR

04:11 min | 20 hrs ago

"59 half" Discussed on 710 WOR

"Need money before 59 half there's a 10% penalty. Plus income tax. Correct, So maybe they're saying to tax That capital gains taxation is better than income taxation. I don't know what they're getting at. No, I think from what I took to give people what their point was. Say I don't have the capital in my hand to purchased an Amazon and buy 50,000 shares of not 50,000 to say 10,000 shares. I can't afford that at my own personal, uh, Income. But if I take it out of my 41 K now it can grow that money it with a Fidelity link account. That's a brokerage account that's linked with it. You may be able to do that I would call sit 88 90 Josh before you make a mistake because it was worrisome one you said that you might have to pay the tax on it to go into a taxable account. Okay, But you may just be referring to the brokerage land concept where you don't pay any tax. You can buy whatever you want within the universe. That's that's what they told me that I don't have to pay taxes on it. If I take my money and put it into, uh You know whatever. I wanted to use the money for as far as stocks, officer It sounds like brokerage link. I would call us We could call your 41 K company with you see if it's available and make sure there's no tax consequences. Okay, The thing you'd also want to lock it look out for is when buying individual stocks. Um You want to make sure you're properly diversified of one stock goes under you Don't get you know You don't lose a ton of money. Okay, Well, I'm well diversified in my 41 K just I want you to have the opportunity to purchase like we just talked about what Your problem is. There's something sure by an Amazon or something like that where you know they're going to be around forever. Yeah, well, that's what they said about Sears. He always want to be careful when buying individual stocks. Remember, I did just show one time that Think about 100 years ago. The Sears catalog was like amazon dot com. Right if you went back in time, 100 years and he showed people Amazon they'd go. I don't need that. I got the Sears catalog. Member. I mean, I remember in the eighties. Seventies, you would circle what you wanted. Yep. From like the best catalog or the J. C. Penney and then you show your parents. This is what I want for Christmas. And in some ways What if we go back to the future? What if that's the new like like a digital? Catalog. Because in the era of just over inundation with sales online, maybe people will crave that. So No doubt the Sears catalog must have been inspiration for Jeff Bezoza with Amazon because if you think about Sears used to be able to buy like Craftsman tools, get your tires done. My blue jeans, buy a shirt. Colleague gambling by virtually anything But that was thought to be like the paragon. And then Sears went belly up. And now Amazon's rock and roll so Always be careful when buying individual stocks. So great question, Mike, and then we're going to go to Dan and Jerry. Jerry has questions on diodes, taxes and dividends on death. Also, Dan wants to know about buying preferred stock and gifting his kids from his portfolio. And we'll talk about more when we return. But first call me 88 9 at a Josh right now, for the 45 minute Ultimate financial game plan will show you different tax saving strategies as a protection strategies. And growth strategies in these uncertain times, So call us 889 at a Josh. 88 98 5674 will be back after these messages..

Jeff Bezoza Dan Mike Sears Amazon 45 minute 50,000 shares 10,000 shares 10% 889 88 98 5674 Christmas Jerry 41 K Fidelity eighties 88 9 Seventies 88 90 Josh 59 half
"59 half" Discussed on 710 WOR

710 WOR

01:54 min | 3 weeks ago

"59 half" Discussed on 710 WOR

"So you could put up to 135 grand into Q. Like And you don't have to take an army and until you're 85 That's 13 more years. Of tax deferred growth and It protects you from outliving your nest egg. You can't outlive the income off of a Q lack. It is. That's the very title of it. It's a qualified longevity annuity contract. Who want to shop around for those. The 25% limit is applied to each employer plan separately but in aggregate to IRAs. Order. Some cautions two and I two Accu lack. Wanna make sure you do research on the Claims paying ability of the underlying insurance company. And the tie up provisions. Sometimes you do Q lack and you can't get out of it. So that's a risk. So make sure it's right for you before you go do it, But it can be a very powerful Plan. To maximize the amount that's going tax diversion deferred and to minimize the amount you have to pay in taxes. So, folks when we returned from the break, we'll be talking about Roth IRA conversions. And what we call the sweet spot. What is the sweet spot? When it comes to minimizing the amount that you're going to have to take out them. One tip we're talking about what if you're over 72 this This will help you if you're between the ages of 59 half and 72 when we return. This is Josh Dolinsky, the financial quarterback. And folks give us a call at 88 9 today, Josh For our very own customizable game board. You know what if you die? Where is your spouse going to get the money? Were they going to know? Are your accounts organized? You have a nice network statement showing where everything is and who to call. We'll give you that right now..

Josh Dolinsky Josh 85 13 more years 88 9 One tip 135 grand two today 25% limit each employer 59 half 72
"59 half" Discussed on WHAS 840 AM

WHAS 840 AM

06:02 min | 3 months ago

"59 half" Discussed on WHAS 840 AM

"Serious conversation about Social Security and Medicare about investments and protecting your money. All of these different things. Sign up for this event. You can go online to Louisville's retirement coach dot com hit events and there's a place right there for you. All right, so When we talk about getting help with our retirement and how we're going to, you know, get our money. Do we pull a little bit off the top? Where do we take a distribution from here or there? This is interesting. The center for retirement Research has this idea that your four Oh, one K plan administrator. That's fidelity. That's John Hancock. That's Vanguard that when you get into your sixties and you retire They will automatically send you money from your four Oh, one k so that you don't file for Social security too early. You should push that off until you're 70. So we're gonna help you with that by sending you a little money. Allen. It seems like they want to be your financial advisor without using my God, can we Can we let him take care of anything else and next week and have them deliver our groceries or second? So, you know, we talked about it and earlier segment about you know, so security being a concern that it could run out of money prior to our retirement, or, you know, after we get retired after we're start retirement or whatever. But maybe that's where this is coming from is the way to maybe rescue so security a little bit, but one of the things I've said this on the show before my kids were little and was raising them always talked about staying in control, being in control of what you can control, you know, So if you're as they turned 16 and start driving a car, I would rather them drive. Then their friends drive because I wanted them being in that control. And I think it's the same thing. We have to remain in control of what we conduce. Is it something that could work? I mean, maybe it is. But I think once you give up that control, then you're probably asking for things that she didn't think of. I mean, if you let them start sending you money right out of the gate out of your plan. What are you missing? Are you missing an opportunity to do something else? Because now you've got this income stream coming in that you don't really need at that point, So I think you have to really think about this, folks. If this is something you're four Oh, one K that's not approved yet. It's not something that's actually happening. But if this is something that starts to manifest itself, then you want to make sure that you're Really putting thought to this as to whether you want to opt in this or not, Troy When you talk about social security, I mean, it's it's a known fact that the longer you wait to file The higher your check, So that's okay. So what if you want to delay? What do you do? You take some of your four Oh, one k money, so that makes sense but taking taxable money early. Is probably going to put you in a place of paying more taxes somewhere. I think there's a politician behind this. Yeah, thank the main note I wrote down on this was control and Having somebody else. Tell me exactly how much I have to take out out of my form. One K is a ridiculous thought to me. I don't like the idea What I do like the direst actually allows is at age 59 half they actually allow you to take control of your 41. K. Take that power away from the plan administrator and start to take control of your retirement, Maura and start to build your own income plan. And start to decide what you need in retirement, not what the government wants for you or what the plan administrator wants for you. It's what you need for yourself and your family. Good thing I guess Troy about this is that if you do wait on your social security, it does grow at a pretty reasonable rate, a pretty good rate, actually, ah, hard rate to duplicate. If you had money in the market. It definitely does. That's around 70% After your full retirement year, all the way up to age 70. And that can be good for certain individuals, But it doesn't always make sense to wait until age 72 take your income. It depends on your exact situation. Alan and I were talking before you jumped on here, Randy about Social security and kind that some of the troubles that they've had with Social Security was originated. It wasn't designed to last as long as it is now. People were living Maybe 3 to 5 years on Social Security. Now they're living almost 20 years on Social security, So they are putting a lot more strain on the plan, so we need to take more. Of a planing approach and know how we're going to utilize and maximize that asset as much as possible, And that does take some research. I mean, it's going to take Not only working with the so security administration, but as we said before, you need to find somebody that's been down this path before has looked at all the options out there. And now I'm saying the word Total experts in it. But the thing is, is that we've seen many different strategies. We've helped clients use different strategies, and there are ways that you can utilize your so security. To optimize your plan. And you got to remember folks, most of you if you've been working for 25 30 years, and you've been making a decent wage over those years, you're so security benefit if you had it in a big pile all together, it's probably 56 $800,000 of value. So it is a benefit or it is an asset that you want to take care of. And you want to make sure that you're Paying it as much attention as you are here for a while, Okay? Or other investments, Alan, you use the term every now and then turn on income if somebody wanted to wait, and they said, Yeah, I do want to wait as long as I possibly can. Before I turn on my social security. What do I live on? In the meantime, Maybe that is the four Oh, one K, but it doesn't necessarily mean you're just taking distributions. You can create income out of a four. Oh, one k or from other places as well. And that might be your source of income in that bridge. Yeah, I could very well be your income, and it could be another strategy. I talked about a little while ago. You know, we want to make sure that Uncle Sam doesn't end up with a whole lot of our Powell. So how do we start to Mitigate that over time. I mean, right now, we.

John Hancock Alan 3 Allen Randy 16 Maura next week 70 Louisville 41 sixties 5 years almost 20 years Medicare 56 $800,000 one k 25 30 years 59 half second
"59 half" Discussed on KLBJ 590AM

KLBJ 590AM

05:07 min | 4 months ago

"59 half" Discussed on KLBJ 590AM

"Weekend. Join me now at 51283605 90 we're talking today. About Roth. I raise but taking a little bit deeper dive into the Roth IRA a landscape and some of the gotcha is when it comes to trying to get these dollars out tax free. We love the Roth, right? Most of you listening, It's your smallest account. You didn't get tax deductions along the way, but people are waking up and our offices fielding a lot more questions. And the reason is, is that well? Ross were introduced Back in 1998 and a couple of decades of since past and these Rossa grown people going Hey, I think I might wanna start utilizing some of this for my retirement. But We want you to be clear about a couple rules that are often overlooked. Just before the break. We were talking about the five year clock on Roth. I raise and there's a five year clock. That starts for anyone When you put money in Roth IRA. Hey, that starts the clock. And this is why we encourage younger investors. Your kids to start a rock. I raise soon as possible. Start that five year clock and allow decades of tax free growth. So another little loophole that got synched up pretty quick. You know, in 1998 when the Roth was first You know, introduced to the scene. The rule allowed for immediate distributions so people could take money and therefore one k think about your money in your 41 cane your eye Ray if you converted it Gotta pay the tax, of course. Once it was converted. You could take the money out. Immediately. Would avoid the 10% penalty. Got access to your cash. So you pay the price of admission, and then boom, you could just touch it. Well, they close that loophole. Pretty quickly. And so they added a five year holding period. And it's got to be met if you want to take the converted funds. For those you under age 59 a half. So the five year holding period I'm speaking of your unconverted funds. This starts on January one. Of the year in which you do the conversion, so conversions have to be done. By the end of the year. There's no look back. There's no do over. There's no real characterization anymore like there used to be. Now, if you're over 59 a half No waiting period is necessary. But for those of you that are younger. If you fail to meet the five year rule. It will result in a penalty. Absolutely will. So several you You may have several I raise or several Roth I raise that's in focus today. I understand that All of your Roth I race. The Iris was looking at him. They aggregate him together. To determine the tax consequences. On any distributions. So Our first segment. I was speaking around the fact that a lot of our families they have multiple Roth. I raise And it's because if you're converting year over year over year Well. The five year clock starts on each conversion. So If you're just converting over and over until one Well, the record keeping congenital little bit more complex. Keep in mind that the Iris is looking at all of the Roth dollars. All Rob dollars must satisfy this five year period. And I wanna be clearer once you're over 59 a half This is where we're meeting a lot of you. Is you? You're coming into our office. Go. Listen, Maybe I don't have much of a money problems. I do Ah major tax issue. And We're looking for ways to mitigate that long term taxes. You will once you get the dollars converted. And you can access them because you're over 59 a half Now. The five year rule that I'm talking about a converted funds that is really applying to those you that are not 59 half you younger investors. I'm okay with that rule, because honestly, we don't want to see you touching your retirement accounts too soon. As I mentioned in our first segment.

1998 10% 51283605 90 Ross January one five year today 41 first 59 half first segment over 59 a half 59 a half decades five year clock one Rob Rossa each conversion Iris
"59 half" Discussed on MyTalk 107.1

MyTalk 107.1

06:56 min | 4 months ago

"59 half" Discussed on MyTalk 107.1

"There's a lot of bells and was there's a lot of things that are moving parts, so I think that we have to consider when we do that full plan, But We're here because we want to educate and teach people about money and finance. And that's our goal and reminding us like I remember all the time going. It's not always just one thing. So it's not okay. Just put it in this bucket. I have to kind of juggle three buckets and you need to be maybe filling three buckets at the same time, possibly a different rates. But filling those and I and I truly enjoy kicking out with you guys about Read this article. I read this article on Bitcoin. Carl. I want to talk about it quick, So I get really excited about things like I know. Well, it's like money, but a video game. You don't have a thing. And they were talking about NF tease like new languages like we have enough like we're gonna talk about Roth IRAs later today, So that's enough alphabet soup. But then I had a new alphabet soup. I'm like, What is this new suspect? When you know there's a lot of interest in it on, I think for various reasons, I think part of it, and it's all different ages too. And of, you know, I listened to a lot of different people out there, right. Different people I follow and and so But so you've got some people that are very traditionalists. Dad don't know what to think about Bitcoin right? Because it's this new crypto currency. What is it based on its way to, you know? Is it just all gambling or what is it exactly? So there's a lot of uncertainty and I think as time goes on, we're trying to figure it out. But I just Holden article and constant, You know, always reviewing articles. But it's interesting because now Bitcoin is up to at 61,000. I believe per share, but about 80% of all existing Bitcoin Investors plan to add more to their positions. Interesting in March. We're in the middle of March now. And in the crypto area. Also of that there's signs that the big coat Bitcoin Bitcoin Oh, my goodness, his raging out of control. But just 21% of the survey respondents say that they believe that coin is currently In bubble territory. Certainly not many people that are investing it believe that it's in bubble territory have interesting because it dropped for, like a minute because I bought some. I told you I already warned you guys that I did. This s O. I bought some. Not a lot. It's not like I had a lot of money. I basically like saved up on my wine budget for a month and then bought this instead. I'm like, okay, And then it dropped a little bit. And I remember all the advice that you guys like. Wait until it goes on sale, so dropped a little bit. So I put a little extra money in it and now went back up. It's like, OK, good job. You know what's interesting? I was listening, Tonto. Gentlemen, that does a lot of investment advice. And he said, When you I that stock sit like an alligator and just wait. You know how alligators are still in their way they wait. They wait. They wait. They wait. And then they take their moment and they bite at that moment, right? So I was a good alligator coming. It's like you don't need to be amphibians. I like the analogy. Yes, I felt like very apex. At the moment. Very apex Predator. Um so, but, I mean, it is a matter of being able to have some quality consultation. Like talking to someone like the two of you. That won't say, Hey, you're doing something that's wack a doo, but we'll go. But shouldn't you focus on this other thing first, Like, why are you buying lottery tickets? When you really should be putting money in your savings account, or don't put it in your mattress, do these other things, So it is good to have somebody that can talk you through that? And if for no other reason, it just puts you on like superstar celebrity status. Those stuff you know, you're like, I'm sure you know, we just this whole week We've been talking about Oprah and Megan and Harry. Do you think they don't have a financial advisor? I can tell them. Here's what you should do now, Maybe it's on a different scale. But that's the same point that it's good to have a resource. Any instructor that can help you go. Here's some good decisions. People are looking writing for advice and coaching, right. And you guys do a fantastic job of coaching. So we'll remind everybody to get a hold of you throughout the show, but they confer. Sure go to clear step financial dot com and said all that information now back to what we're going to cover today, now, why are we gonna go back deep dive into Roth IRAs today? So we had this We had this Planned. And then when we were talking with Sonny a couple weeks ago, Sonny Good times. Johnny was yes. For y'all to get to the meat of the dancing around the subject. We're getting there, sir. No, no, They just They told me we were going to deep dive into it. I've been waiting. So I got a pen and paper She's prepared. I'm telling you, I take all the stuff on my fiance. And you were here. That's great, you know, and winding down. You could just go if you look if you try to relay it to him, and he's not into it, then just replay the podcast and giving his hand. Put it on your father's sleep. Good idea. Subliminally played the blood guest room. Non speaker, right. Cassandra and Carla instructing you on what you should do with your investments. That is fantastic. Yeah, but what we will be getting we're getting to that, sonny here as soon as we come back, but we did We touched on it last time. So if you were here if you were list With us this last time with Sonny. We did We? We went into the rough fire a room for, you know, in and out of it for quite a bit of the show. But this is specifically all a deep dive for us because they are there such a great piece for people to have, And we're gonna talk about the reasons why why we love them. Why most people It's probably something you could do or look at doing. On the first step with Roth. I raises to first know your financial goals. You you've got to know. Ah, proximately the date the age that you want this pot of money that you want to be their financial free or you want to work only part time at this point. You know, those are all important. You got to know what you're the amount of money you need for financial independence. And then that could be even under 59 in half. It doesn't mean you have to be 59 half for 65. When you get reach, retired, ever reach of benefits to be able to draw on Social security. So no, your goals no, your financial goals and then it's a matter of knowing how much you need to put away then monthly. And then committing to that, because so often people people don't commit, but sometimes they don't commit because they don't know their goals, right? And once they know what to reach out to. Ah, lot of times when people say Okay, Now I understand why I shouldn't go out to eat every night and now I'm going to take this pot of money, and I'm going to put it towards saving or investing. Right. Well, I'm excited to go into this deep dive with Cassandra and Carla from clear stuff Financial regarding Roth IRAs. You can also be part of the conversation. And you can call us a 651641171 will be right back on the health and well show where Colleen and Bradley and we're pop culture detectives with a podcast called Go deep in the shallow After almost.

Colleen Carla Cassandra Megan Oprah Bradley Harry Sonny 21% Johnny March 65 651641171 Carl two Go deep in the shallow After a today 59 half sonny three buckets
"59 half" Discussed on KLBJ 590AM

KLBJ 590AM

03:30 min | 5 months ago

"59 half" Discussed on KLBJ 590AM

"Got access to your cash. So you pay the price of admission, and then boom, you could just touch it. Well, they closed that loophole. Pretty quickly and so they added a five year holding period. And it's got to be met if you want to take the converted funds. For those you under age 59 a half. So the five year holding period I'm speaking of your unconverted funds. This starts on January one. Of the year in which you do the conversion, so conversions have to be done. By the end of the year. There's no look back. There's no do over. There's no real characterization anymore like there used to be. Now, if you're over 59 a half No waiting period is necessary. But for those of you that are younger. If you fail to meet the five year rule. It will result in a penalty. Absolutely will. So several you You may have several I raise or several Roth I race that's in focus today. I understand that All of your wrath I race The Iris was looking at him. They aggregate him together. To determine the tax consequences. On any distributions. So Our first segment. I was speaking around the fact that a lot of our families they have multiple Roth. I raise And it's because if you're converting year over year over year Well. The five year clock starts on each conversion. So If you're just converting over and over into one Well, the record keeping congenital little bit more complex. Keep in mind that the Iris is looking at all of the Roth dollars. All Rob dollars must satisfy this five year period. And I wanna be clearer once you're over 59 a half This is where we're meeting a lot of you. Is you? You're coming into our office. Go. Listen, Maybe I don't have much of a money problems. I do Ah major tax issue. And We're looking for ways to mitigate that long term tax issue. Well, once you get the dollars converted And you can access them because you're over 59 a half Now. The five year rule that I'm talking about a converted funds that is really applying to those you that we're not 59 half you younger investors. I'm okay with that rule, because honestly, we don't want to see you touching your retirement accounts too soon. As I mentioned in our first segment today. So what do you That put all your wealth your money your savings into Traditional I raise and 41 K's. It's landlocked. You can't touch those dollars without big penalty until you're 59 a half your contributions on your Roth IRA, eh? Those could be accessed. Any time along the way. Any.

five year January one 59 half 41 K first segment 59 a half today over 59 a half five year rule each conversion one Rob
"59 half" Discussed on KLBJ 590AM

KLBJ 590AM

07:39 min | 5 months ago

"59 half" Discussed on KLBJ 590AM

"Questions. You can join me at 512. 83605 90. When you look at the Roth IRA distribution rules, they're very, very favorable for taxpayers. Um all Of an individual's Roth irate When you bring As long as certain criteria has been met, of course. When you put funds in Something happened. There's a little clock behind the scenes that happens. This is what we call the five year Window for Roth. Now there's a couple five year clocks. That you need to be. Of aware of And when you put money into these things The dollars you put in first Are considered to leave the account in a specific order. When it comes to distributions of the earnings on your off the grog the growth on your own. Every single one of you that has a Roth IRA A. You really want to understand? That there's a five year rule. Around qualified distributions. And by following this rule. You the saver. Can cash in on tax free. Roth IRA Aries. And because this is the goal. Of Roth IRA. It's incredibly important. You understand the nuances of the five year rule I'm gonna discuss today. I cannot emphasize this enough. This is very often over What So if you want to have tax free distributions of Roth IRA earnings, two conditions You got to be met. Number one. Is when you're over 59 a half Or you're disabled. Or maybe your first time home buyer. You can access these dollars. Many cases tax free as long As this, Roth has satisfied a five year holding period. Now, here's where things get kind of tricky. The five year holding period. May actually Be less than five years. You could actually Have the money in less than five years. Still hit the bell on this five year rule. Let me tell you why. It's because it starts on January 1st. Of the year for which that Roth Ira Hey, Made the contribution or the conversion. That's the first Contribution. Conversion. Okay, so the five year holding period this is the best news it never restarts. It really is a five year window. That you never have to think about again. Think about it like for it's a five year forever clock. When you put in a new contributions, or you have new conversions. It has no effect. On this five year clock. This is even true. If if these contributions are conversions are made Two other Roth I race. We have a lot of successful clients that Have multiple Roth I raise. There's a couple reasons people do that. We won't really get into that today, but I think it's really helpful for me to maybe just paint the picture. Give you a couple case Examples. So what's second individual? That on March 17th Of 2017. This individual age 65. Let's say they contributed $1000 to the Roth and they contributed as a prior your contribution to 2016. So many of you know, you could put money in your ire A or your Roth irate. For the past year is long as you do it. By April 15th. In most cases, the tax filing date. I know it's been extended here because of code. But not even because go Excuse me, The winner vortex. These. These are kind of coming hand in hand together. So let's say the individual contributed in 2017. What march? Remember? But it was counted as a Contribution for 2016. Let's assume this individual. This was their first contribution to Roth Ira, eh? Let's say now year goes by and the individual converted their traditional IRA. To another Roth IRA could even be with a different custodian, different brokerage. Let's say that converted 500 grand So then we fast forward. Now. Here we are. February 2021. March, 2021. When That individual converted the Roth IRA, eh? It was worth a half million bucks. Remember? Now this person takes a total distribution. From the account. Is that distribution qualified. They put the first money in on March, 17th. 2017 And now they're taking it out in February March of 2021. You're going Well, that's that's not five years. Not so quick. That initial contribution Was 2016 contribution. So even though they put it in in 2017 before they filed taxes, it counted towards the 2016. This person is Already over age 59 59 half Remember, I said there's 65 years old. And the five year holding period. Has been met because, remember, as I started out today. The first day of the year for which this investor made that first IRA contribution. Starts the clock. So that is the first Of the five year Now, one thing that people Get confused with as well. I thought I could take money out of my Roth Ira. Hey. Any time I wanted to even before 59 half, check this out. That is true. However. Only if it's your original contribution. So if you put $1000 in your Roth Next year. It grew to $2000. And you wanted to access money that Roth, you can take Your initial $1000 that you just can't touch the earnings. Until you're 59 half You can't touch the earnings until these five year clocks Have been.

2017 $1000 2016 February March of 2021 March, 2021 February 2021 January 1st 512. 83605 90 $2000 March, 17th. 2017 April 15th five years Next year 500 grand less than five years today March 17th Of 2017 five year second first money
"59 half" Discussed on Newsradio 600 KOGO

Newsradio 600 KOGO

03:41 min | 7 months ago

"59 half" Discussed on Newsradio 600 KOGO

"White Retirement income solutions Right here in San Diego. He is the author of the Step by Step Guide on how to retire Right and Brad talking today a little bit about resolutions. How do we set ourselves up for success rather than failure when it comes to some of our goals. But But let's talk a little bit about looking looking forward even more. What are some of the things of some of the changes that you see coming down the pike here in 2021? What are some of the things that you have your eye on for us to learn from All right. So what's kind of a checklist here of some things that you know, may come up this year in particular. Now that the calendar you know, pages turned what Something's to have on your radar. So one thing that comes to mind is that we had no required them distributions last year in 2020 because of the carriers Act right the response to the pandemic. So if you took a pause on your requirement of distributions last year last year, they were just MDs even thought I've been thinking about that Justin just MD's last year, there's no requirement. Uh, to that man as a financial advisor need to stick to my Jade Day job, Donna, that's we'll leave the jokes to the Popsicle sticks, but the required part is back. Right? So if you Comes requirement distributions. There's a lot of kind of misinformation I see down there if you've got, you know, 500,009 rays or a million or whatever you have, and I raise if it's spread in the multiple accounts and multiple investments, you do not have to take your requirement distributions from every account. Every company. Every account will tell you. You have to take our apartment dispute because they don't know about your other accounts. The Irish doesn't care if you take all of the armies from one account to leave the other one's alone or you take a little bit out of each areas, so certain investments maybe better. Pull your arm these from the pending on what they are or what's going on in the markets around us, So I would say Don't just rush to take them early. If you didn't know this information again reach out to us will analyze your overall situation and kind of what you're looking to do or what you have and help you with your Cartman distributions As far as what where you should pull them from, And also if you need help of what they even all our will help you with that. If you give money to any churches or charity, do not take your arm these out first. Make sure you use the armies to actually send to the church for charity. So don't take your arm these out and then give cash to churches. Jerry use Your arm needs to actually gift to church, the charity, so that's one thing that comes to mind is, you know? Hey, if you were just rushing to take armed east and you didn't know that hit the pause button, you know, we can help you out and again if you turned age 72 for the first time, So if you're turning age 72 this year, this will be your first requirement distribution years. Just if you've never heard of this, And you're like, What is Brad talking about right now and you're turning 72 definitely reach out to us. This is the first and it's gonna happen every year. Well, we'll help you with that. Couple other birth dates that are important is Are you turning 59 a half this year? If you turn 59 a half there's a couple things that important one is if you're already retired. And you have IRA accounts. You are now once you turn 59 half, so not just the calendar year. You have to actually wait till you're the half part of this, depending on if that's March or August, But once you're 15.5, you could actually pull money from your IRA accounts, and it's still tax. But there's not this extra 10% penalty Now, that may be a good idea. It may not be, but certainly again something we could help you with. If you need just keep that on the radar that if you turn 59 a half that there may be some planning opportunities Maybe, more importantly, is if you are still working, and you turned 59 half is here. This is a big one. You will most likely have the ability to do something called an in service roll over..

MD Brad San Diego advisor Jerry Justin Donna
"59 half" Discussed on KLBJ 590AM

KLBJ 590AM

01:54 min | 9 months ago

"59 half" Discussed on KLBJ 590AM

"You out there? That Are needed to access money in your IRAs and 41 case made because you washed your job has had a significant pay cut. You're trying to bridge the gap. If you typically go touch money in IRAs and 41 case, you're crushed. Not only taxes, but with the 10% penalty on whatever you take. So if you took 100 grand out Okay? $10,000 in penalties. If you're under 59, half normally Guess what. This year. 2020 only There is waivers on the 10% penalty. The government saying, Hey, The stimulus check may not be cut for those of you that are needing. In common eating money to live on. So if you need access money in your 41 K or irate We're making a little bit easier to do that. My closing statement tonight. What I want to do is I want to show those you out there that have not been impacted with job loss or pay cuts. Those of you that are thinking well. I don't need access money in my four, okay? Out of secure Act Help may let me show you a strategy very unorthodox that more than likely you have not considered And why many investors out there are taking money, Other IRAs and 41. K's to better their retirement future completely completely against the grain. You're going. How does taking money out of dryer, a former K. Well, you're younger. Make any sense for the success of my future retirement. I'm gonna tell you on the other side. The break keep it right here. Duncan is here to keep you running with a much needed taste of normal toe, work home or work from home with the coffee you like.

Duncan
"59 half" Discussed on ESPN Chicago 1000 - WMVP

ESPN Chicago 1000 - WMVP

02:22 min | 10 months ago

"59 half" Discussed on ESPN Chicago 1000 - WMVP

"So lock that up Notre Dame first quarter minus 4.5 1st quarter. Again. I gave the play out on like it love it that night and I was there. These hedges. Somebody put their balls on the table. Just way from an expect Chicago's college tailgate Yesterday of minutes. Punter No puns. Money line First two possessions one in the world are we doing here? Love it Way turn now to Clemson. Ah, Clemson, Clemson against Miami. We're going to preview preview that game. In just a moment. The game is expected to feature plenty of offensive firepower. Both Clemson and Miami are averaging more than 42 points and both feature Heisman Trophy candidates Lawrence and Dear King Lawrence has passed 148 yards and seven touchdowns. I should say Trevor Laurence, I don't want people to think I'm someone else. Lauren's brother has passed 100 48 yards at that Lawrence and seven touchdowns the season. What house of W because they continue to win, you know. Nonetheless, Lawrence has passed Ranger and 48 yards, seven touchdowns this season, while also rushing for three scores. Lauren's brother hasn't been intercepted since the first quarter. Of the Tigers Win and Louisville on October 1920 19 King. A transfer from Houston is thrown from 7 36 yards and six touchdowns while rushing 157 yards, another score. Came is in Miami. Sloppy track little the issues. I like the under 59 half in this game. Clemson wins the game. If that helps you. Clemson wins the game tonight. It's It's in Clemson. Is it a party? Well, Bill a sloppy track 100% Chance of rain rain 69 degrees 59 South Carroll like the under Net game, Lock it up. I wish you would've gone over like for the spread. So I could do that. Not so fast, my friend. Oh, where you going? There, So so,.

Clemson King Lawrence Miami Lauren Trevor Laurence Tigers Chicago Louisville Bill Houston
"59 half" Discussed on KBNP AM 1410

KBNP AM 1410

01:38 min | 3 years ago

"59 half" Discussed on KBNP AM 1410

"Get to fifty nine a half rolling it into their own name now becomes advantageous because we could do roth conversions from an owners ira to than orders rob ira yeah you see the options it open up so there are lots of things to do but it all comes back to how are you going to treated how you first off how's the surviving spouse going to live where somebody gonna come from and what are we have to do to make things work out unfortunately no some things didn't work out very well the south died but what how do we do things in the best most efficient manner going forward at that point where's the money going to come from the live do we have to there are we screwed ourselves up by not being able to touch that money until fifty nine and a half or not an open up other opportunities that's the that's the situation right there that i think doesn't get as much thought as it should you have a situation you have a husband and wife uh fred in wilma okay so uh fred dis and wilma let's say is under age fifty nine and a half but wilma had been counting on the money that they've been taken out of this ira to uh to live on she not knowing what's going on uh roles of joys urged iran it and now roman fred's ira now belongs to her it's a real desire it it out owner wilma's ira and roma's fifty seven and so she goes to take money out of this ira to live off of the way they've been doing and triggers slapped with a 10 percent penalty she's got a penalty because she's not 59 half fred was sixty two yeah he was taken money up he didn't need to worry about the penalty he was over the.

fred dis wilma roma rob ira iran roman fred 10 percent
"59 half" Discussed on KDWN 720AM

KDWN 720AM

01:30 min | 3 years ago

"59 half" Discussed on KDWN 720AM

"Penalty of tell 59 half the whole idea that deck gets us away from the penalty goes away because the older now this the surviving spouse is the owner of the other is still alive it's not a beneficiary it's the owner so you have to be careful with one of the other side of it as though it may be very beneficial to roll it into the spouses name because maybe the owner the original order was getting up there in years and had an are md and the spouses under required or younger whichever case they could rolled into their name and now the required minimum distribution is a lower number or nonexistent number because maybe they surviving spouse is under seventy and a half they don't have in our md for a while so there are things that we can do that are different between us spousal beneficiary at a non spousal benificiary that we need to pay attention to it now depending upon what's happening you know a lot of times we didn't necessarily like rolling over the deceased ira to their spouse when they were under fifty nine the half in and we still don't if there's no other money to support the were surviving spouse because we have to be able to get through without a penalty but if that person is the proper planning before they pass that there's life insurance and other assets for that spouse to live off of while the intel they get to fifty nine half rolling it into their own name now becomes advantageous because we could do roth conversions from and others ira to than owners rob ira yeah you see the options that open up so there are lots of things to.

ira life insurance intel rob ira
"59 half" Discussed on AM 970 The Answer

AM 970 The Answer

01:46 min | 3 years ago

"59 half" Discussed on AM 970 The Answer

"Investments designed for retirement the value of the investment option will fluctuate an when redeem may be worth more or less than the original calls withdrawals and other distributions are taxable amounts including deaf benefits payments which will be subject to ordinary income tax if withdrawals or other distributions are taken prior to each 59 half a ten percent federal tax penalty may apply a withdrawal charge may also on variable annuities have contract imitations fees and charges which include but are not limited to mortality and expense risk charges sales and surrender charges administrative fees and charges for optional theft benefits such as lifetime income writers all guarantees are subject to the claims paying ability of the issuing company and do not apply to the underlying investment options variable annuities are not fdic insured and may lose value before investing and sought investment adviser before investing in a mutual fund variable nudie or any other investment product for which a prospectus is available investors should carefully consider the amount they plan to invest investment objectives and the information presented in the perspective concerning the objectives risks charges and expensive of the investment product for many investments investors can a painful assistance in obtaining a prospectus by contacting gary goldberg financial services at eight hundred four three three o three to three for more information about financial terminology investment products risks and a general investment information please visit our website at www you touch egf as stop but receding prerecorded programme paper by loan beacon media else greta is a drill instructor.

gary goldberg theft financial services fdic income tax lifetime
"59 half" Discussed on KDWN 720AM

KDWN 720AM

01:56 min | 3 years ago

"59 half" Discussed on KDWN 720AM

"Income you gotta keep all your cells here while i should say you get to keep it all you get paid your entire social security benefit i won't take any of our way not for that reason until you do you tax return now will it be taxable that other income could subject your social security whatever benefit of this to a taxable that it won't make you ineligible it won't reduce your benefit but it could make it taxable then they look at all income and there's no age brackets for that there's no one benefit that doesn't get it not or tax bill all social security benefits are taxed under the same assistant whether it's a disability survivor independent retirement spousal retirement whatever disability benefit you're receiving it will be taxable in the same way they're all across the board and it's not the social security technically that makes your benefit taxable it's the other income now that does include wages dividends interest capital rental in tax free municipal bond interest could subject your social security at least to some degree to more tax ability the only thing that doesn't rough distribution qualified roff distribution yet yep which if your social security you're collecting your for you probably assuming you've had it for five years in your over fifty nine and a half slogans disability may not be 59 half but disabilities drew yeah but but but a eighty right yes yes roth ira as a any income you take them a roth ira doesn't the fact that uh in that he's on taxable income social security alone if all you have is social security as your income you won't be taxed on super high earners could have as much neil husband and wife super higher could have as much at eight seventy of eighty thousand dollars associated at that level still pay the taxes no if that's all the income you have the at other it gives yeah you're going to exactly exactly earned trivia and what's happening tomorrow all.

social security eighty thousand dollars five years
"59 half" Discussed on KCMO Talk Radio

KCMO Talk Radio

01:33 min | 3 years ago

"59 half" Discussed on KCMO Talk Radio

"Deferred well inside the account withdrawals are generally added to your ordinary income and withdrawals prior to fifty nine and a half get a penalty now liberatti roth ira as savings grow tax deferred wow in the account be contributions are not taxed the deductible and distributions may be pulled out taxfree now one of things with a roth ira is it's different than a traditional when you put money in a roth ira you can actually pulled the cost basis the amount of money that you put in back out without paying tax a lot of folks all know that and that's even prior to and a half the gains on the account half the stay in there for at least five years and pass these 59 half rich grew taxfree and then of course you've got these seppo ira it's typically for small business owners uh some five employee pension plan got some interesting facts about it you can definitely deduct the amount you put intuitive irs tax deferred you could typically put in more than what you can put into a traditional ira let's talk a little bit about some of the income limits for iryh contributions maximum contribution is fifty five hundred dollars or if you're over aged fifty sixty five hundred dollars you must have compensation in other words earning come in order to put this in.

irs fifty sixty five hundred dolla fifty five hundred dollars five years
"59 half" Discussed on AM 870 The Answer

AM 870 The Answer

01:55 min | 3 years ago

"59 half" Discussed on AM 870 The Answer

"Company that you have an active 401 kate um that you're an active participant in their 401 k do not rule that money into an ira because then he would have to wait until 59 half if your 55 you of access to those dollars you still have to pay taxes on it but you are exempt from the ten percent tax penalty but if you have um in old 401 k plan in then you retire at fifty five and you would want access to that plan not yet the separate from service from your active plant at fifty five to have access to those dollars so just um so i'm working for x y z company i separate from service at 55 that company have access to that 401 k planned penalty free so i had three other farley caves that i decided to keep intact for the company but i left obviously before fifty five right i can't take money out of those without penalty just justice the one that was an active plan when i retired as long as those lease 55 clint i retire yes that is the camps using real so i suppose you could like let's say you are 55 and you're planning on retiring couldn't she roll your own 401 k is in into that active plan and so then when he did retire you could pull money out penalty free i would assume that would be the case yeah i would think so to an end not all plans allow you to do that but if you plan does he might want to consider on the other hand at can the same logic if you're seventy and a half and you don't want in you're working in you don't want to take your required minim distribution you might role year 401 a old 401 k in your iras until the current 401 k 'cause you don't have to take required distribution out of that plan as long as your uh less than a five percent owner so this doesn't work if you just decided to set up your own consulting company owned in one hundred percent runs the after we actually working for a company and owning less than five percent of the right the out that.

401 k five percent one hundred percent ten percent
"59 half" Discussed on KBNP AM 1410

KBNP AM 1410

01:47 min | 4 years ago

"59 half" Discussed on KBNP AM 1410

"Half and he was thinking if he rolls it to an ira does he's still get the penalty free distribution the answer is no it's not afforded to the ira take money out of the ira at fifty eight fifty nine before the day you turned fifty nine that it has a 10 percent penalty with it even if it came from a four fifty seven plant so when you're retiring early and you have that 450 seven plant in many cases from a strategic standpoint it's better to leave the money at the four seven especially in the safe accounts many of them have pretty good safe accounts and use that as your quote unquote bug number one for at least the left time to get to fifty nine half 60 i'd pat it so in case any of electric thought some room but we see people all the time that have four hundred thousand five hundred thousand and therefore 57th and they're retiring at fifty seven fifty six and then he thirty thousand a year so so they need thirty thousand fifty seven fifty eight fifty nine front leave a hundred thousand or so in the fourth 57 if you if you don't like the investment options totally don't role at all to an ira leave enough money in the fourthly seventy get your income and tell you 59 half while the rest of the to an ira so that you can get to it after you turned fifty nine and a half that you get the investment choices that you want it's just a matter of strategic planning to avoid penalties and make it easier on you now if you have an ira you could do a systematic structured payment for frankly that's a mojo that's more problematic than just taking whatever you want from your four 57 yeah it's called a 72 t election which we've talked about before although we don't for some reason discussed them as much as we use it don't discussing because interest rates are horrible yeah it's it just doesn't doesn't make as much sense says a as it did uh it's hard to get honey enough money to make it worthwhile out of the so central equal payment plan 72 yeah i insisted did it isn't necessarily worth it now if.

ira interest rates 10 percent