Smart Money Questions

What You Missed at Our Educational Event

Last month, we held an educational event and covered a lot of important information. We even featured estate attorney Jennifer Walker, who talked about the estate planning do’s and don’ts. It was a great event and we appreciate everyone that came out.
Because we went over a list of key planning items for the year, we wanted to provide all of that information and education for you on the podcast. So this show will be go over all of that today, which should be very helpful for anyone thinking about what they need to do before the year ends.
 
On today’s show, here’s some of what you’ll learn:
We’ll go over the recently signed SECURE Act 2.0 and the impact it has on inherited IRAs, catch-up provisions, RMDs, and retirement account opportunities.
The estate do’s and don’ts that Jennifer Walker shared with us.
The current tax code will sunset in the end of 2025. We’ll tell you why there’s a good chance your taxes will go up.
The current investment climate this year and what it might look like moving forward.
 
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Mid-Year Financial Check-Up – Items to Assess

As we move beyond the mid-point of the year, we always take this time to have a check-up with clients to run through a number of items that might need attention before the end of the year. Today we’ll share a few of those things, including budgeting, Roth contributions, and SECURE Act 2.0 changes.
Then we’ll spend some time running through a few different scenarios we’ve helped clients out in recent weeks. 
 
On today’s show, here’s some of what you’ll learn:
Is a Roth IRA or Roth 401k actually a bad investment option? Let’s breakdown a recent article we found.
A list of items to be paying attention to before the end of the year.
Is it a good idea to help out your child and their boyfriend/girlfriend with a house down payment? Here’s what you should address.
Should you keep your mortgage in retirement for the tax deduction?
The financial topics that create tension for couples.
 
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What We’re Paying Attention to This Summer

Hard to believe we’re already into July but we’ve had a great summer so far. Hopefully you’ve been making the most of the warm weather and longer days. Today’s episode isn’t a long one but we wanted to take a little time to update on what’s going on at Old Security Group and talk about some of financial topics we’ve been paying attention to.   
 
On today’s show, here’s some of what you’ll learn:
Details on our upcoming client educational event (1:04)
We’ve been hearing from people about investment scares  (5:46)
Why an HSA is considered a hidden gem in investing.  (8:17)
2 ways we advise clients to use an HSA  (10:51)
How to invest when worried about a recession (14:19)
 
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Talking Finances With My 21-Year-Old Daughter

Today we have a special guest. My 21-year-old daughter Ashley and I have been talking about doing this interview for several months. We want to share the importance of personal finance and personal finance education. My wife and I constantly talk to our kids about this topic, including behavioral finance, so we are excited to share this episode with you! 
 
On today’s show, here’s some of what you’ll learn:
What has Ashley been doing the past few years? (2:23)
How Ashley budgeted her money. (6:03)
How Ashley started investing. (10:56)
 
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Bank Failures, Debt Ceiling And The Market

We’re covering several important topics today derived from client questions and concerns. Given the relevance of today’s questions, Matt thought you’d like to hear these answers as well. Join us as we touch on the recent events taking place in the financial sector and explore actionable steps that we can take to help set up our heirs for success.
 
On today’s show, here’s some of what you’ll learn:
What’s been in the headlines about bank failures? (4:26)
What’s happening with the debt ceiling and market? (7:25)
Is your estate plan in order? (9:08)
 
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Paying Off Debt and Relocating

We met with a new client recently and looked at a snapshot of their financial situation. One of the things we noticed was their outstanding debt, including credit cards and car loans. The client wanted to take about $40,000 to $50,000 out of their 401k and take a financial hit in order to pay down that debt.
Is that a good idea? We’ll share what advice we gave them and how you can handle a similar situation. Join us for an insightful conversation about relocating, extinguishing your debt, and more.
 
On today’s show, here’s some of what you’ll learn:
Should I take a hit on my 401k to pay off debt? (4:24)
Look for opportunities with your home equity line of credit. (7:24)
How to extinguish your debt. (10:57) 
If you are interested in any of the topics we discussed, please reach out and we would be happy to help you navigate your financial situation.
 
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Email - info@smartmoneyquestions.com
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Traveling Tips and Picking a Bank

We have a lot to talk about today, so let’s jump into it. We read some articles recently about the travel industry and how people are getting back out there and traveling. Many of our clients have been doing some big trips.
If you want to travel and get deals, we’ll share some insight on that topic. You’ll need to think about advanced planning and figure out how you’ll pay for the trip. We’ll also discuss banks and what to do with your cash.
On today’s show, here’s some of what you’ll learn:
How to plan travel and get deals. (7:00)
Why you should be checking your bank on the heels of the Silicon Valley Bank failure. (12:06)
The reality of home values. (19:10)
Should you push back your retirement date if you haven't figure out much of your planning questions? (25:14)
A horror story about why you need to do tax planning before doing a Roth conversion (28:48)
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Addressing The Most Pressing Client Retirement Tax Questions From The Past Few Months

On this episode of Smart Money Questions, we'll be discussing one of the most pressing concerns for retirees: taxes. As you prepare for retirement, it's important to consider how your income sources will affect your tax obligations, and to plan accordingly. Whether you're transitioning into retirement or already retired, taxes can have a significant impact on your financial well-being.
Matt has spent years helping clients navigate the complex world of retirement planning, and he's here to answer some of the most common questions he receives about taxes. You'll learn about the best ways to handle your tax payments, and what to do if you retired halfway through the year on W2 income. One of the biggest concerns for retirees is the prospect of giving up a high-paying job for a significantly lower retirement income distribution. However, Matt will explain how the tax advantages on retirement income can make this a positive decision for most clients.
We'll also delve into the concept of "golden handcuffs" and how it can create a vicious cycle for those who stay at their job too long to get an end-of-year bonus. Finally, we'll explore the most popular topic of the past two months that clients want to address: Roth conversion opportunities. Matt will break down the various options available and explain how they can benefit retirees.
Whether you're a seasoned retiree or just starting to plan for retirement, this episode is packed with valuable insights to help you make informed decisions about your taxes and your finances.
On today’s show, here’s some of what you’ll learn:
Whenever a client is transitioning into retirement, they’re always wondering what they should do with taxes. They’re curious about how to handle monthly payments vs. bi-weekly salary checks. They also are often confused about what to do tax-wise if they retired halfway through the year on W2 income and lived on retirement income the rest of the year. (6:40)
Some retirees are surprised by the need to pay taxes quarterly. Matt describes how he walks clients through the best ways to make these kinds of payments. (9:57)
It can be difficult for many retirees to envision giving up a high-paying job for a significantly less retirement income distribution. However, Matt says that most of the time it’s a good prognosis for clients because of the tax advantages on the retirement income dollars. (11:50)
“Golden handcuffs.” Matt details another issue clients face where they might stay at their job too long to get an end-of-year bonus. It can create a vicious cycle. (15:00)
The past 60 days, questions from clients have been coming in about Roth conversion opportunities. Matt breaks down the options. (17:52)
If you are interested in any of the topics we discussed, please reach out and we would be happy to help you navigate your financial situation.
Want to contact us?
Website - https://smartmoneyquestions.com/
Email - info@smartmoneyquestions.com
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What to Know About SECURE Act 2.0

As we begin a new year, let’s talk about the SECURE Act 2.0, which was signed into law in December. We’ll share some of the highlights, including new requirements for companies with new 401(k) and 403(b) plans.
Did you know that companies can automatically enroll their employees into these plans? We’ll explain this along with some other key changes to RMDs, retirement accounys, and other planning items.  
 
On today’s show, here’s some of what you’ll learn:
How the minimum distribution age changed. (5:58)
What happens if you miss your minimum distribution? (7:35)
Why there’s a drastic increase to catch-up contributions. (9:53)
 
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Get to Know Robert Khoury, CEO of Agile Rainmakers

Today we’re joined by Robert Khoury, the founder and CEO of Agile Rainmakers, a high-impact business development consulting and advisory firm based in Chicago’s Gold Coast. 
 
Robert’s 20+ year career in the financial industry has seen him in many roles: an equity derivatives trader, portfolio manager, corporate strategist, chief operating officer, recruiter, hedge fund executive, and private equity investor. Today he’s sharing his expertise about internships and how they can help people discover the right career.
 
On today’s show, here’s some of what you’ll learn:
How you can use internships to further your progress. (4:19)
What kinds of internships do people typically choose? (8:46)
When should you look for internships? (16:02)
       
If you are interested in any of the topics we discussed, please reach out and we would be happy to help you navigate your financial situation.
https://www.agilerainmakers.com/
Want to contact us?
Website - https://smartmoneyquestions.com/
Email - info@smartmoneyquestions.com
 
Want to work with us? Find out how we can help: https://smartmoneyquestions.com/work-with-matt/