Smart Money Questions

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.
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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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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/

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/

Scenarios for Using Annuities and Life Insurance

We love to talk on our show about different scenarios and questions we hear from clients in our office, and the topic of annuities and life insurance has come up quite a bit in recent weeks. You won’t find a lack of opinion on either of these two products and they both can get a little complicated.
 
On today’s show, here’s some of what you’ll learn:
What should you do with an older annuity? (4:36)
How should you handle an enhanced death benefit option? (8:56)
How should you handle life insurance when your spouse is much older or younger? (12:13)
       
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
 
Want to work with us? Find out how we can help: https://smartmoneyquestions.com/work-with-matt/

Clarification About Inherited IRAs

There has finally been some clarification from the IRS about the SECURE Act rule regarding inherited IRAs from 2020 and beyond. We’ve had some questions from clients about this, so it’s great to finally have some answers.
It’s important for you as an owner of an IRA, 401k, etc. to know how this works and understand it. It’s also important for your heirs to understand this important topic and know what tax bracket they might be in.
 
On today’s show, here’s some of what you’ll learn:
What happened with the SECURE Act’s stretch IRA? (4:16)
How did the government create confusion? (7:03)
What happened to the minimum distribution age? (11:27)
https://www.wsj.com/articles/irs-delays-new-guidelines-for-inherited-iras-11665182415
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/

What Tax Changes Are Coming in 2023?

If you’re wondering what taxes will look like in 2023, as far as standard deductions and increase in tax brackets, today’s show is for you. The IRS just released this information recently and we want to take you through the key changes.
Whether you’re filing single or married filing jointly, we’ll explain what will will be different for you next year. Check out today’s full show to learn more about how the IRS changes could affect you as you make an tax planning moves before the year closes out.  
On today’s show, here’s some of what you’ll learn:
What adjustments should you make to prepare for tax changes in 2023? (2:06)
Why you should be an aggressive investor. (4:20)
Should you take a Roth option at work? (8:08)
 
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/

All About Medicare with Tom Anderson

We get questions all the time about Medicare. It can be confusing when there are Medicare parts A, B, C and D and supplements. Today we are welcoming a guest who has been in the Medicare industry for more than 30 years.
 
On today’s show, here’s some of what you’ll learn:
What Medicare is and how it works. (2:58)
How you can access Medicare. (3:42)
The different aspects of Medicare and how they work. (4:13)
 
Want to work with us? Find out how we can help: https://smartmoneyquestions.com/work-with-matt/

Social Security COLA and Timing

Choosing when to claim Social Security can have a huge impact on your retirement plan. A lot of people are unsure about whether they should delay Social Security or take advantage of another significant COLA increase. Today we are going to look at some of the different options you may have and narrow down the reasons they may or may not be for you.
 
What we discuss in this episode: 
Do you time the market or do you time Social Security? (2:21)
Do you qualify for spousal benefits? (5:28)
Social Security has a guaranteed interest rate for delaying. (7:31)
If you are going to delay Social Security and not work, what other assets are you going to depend on? (10:29)
 
For more, visit us online: https://smartmoneyquestions.com/ 

Money Marketing Headlines

We’re bombarded with headlines about money all the time. With technology and social media at our fingertips, it’s more important than ever to control how you react to that. We’ll explain why it’s critical to your long-term financial success.
 
What we discuss on this episode: 
2:10 – Financial headlines are everywhere
5:10 – Invest like the 1%
6:08 – Become a master of the market
8:37 – Protect nest egg
9:31 – Playing on fear
 
For more, visit us online: https://smartmoneyquestions.com/ 

Funding Retirement Accounts with Commissions & Where Else To Invest

Recently, we’ve been getting some unique questions about investing in company-sponsored plans, like a 401k, for example. The client wanted to know where else to invest once they max out the 401k. We’ll dive into this question and more on today’s show.
 
What we discuss in this episode: 
2:23 – Max out 401k
4:53 – Be consistent
5:44 - Match
8:04 – Vested
9:49 – Saving more
11:38 – Health insurance
14:34 – Traditional brokerage
 
Visit us online: http://smartmoneyquestions.com