Smart Money Questions

Should I Take Half of My Ex’s 401k or the Pension?

Today we’re talking about 401ks versus pensions. Would you rather get a lump sum now or monthly payments over many years? Deb in New Jersey needs our help answering that very question.
 
Read more and get additional financial resources here: https://wp.me/p9B077-NU 
 
What we discuss on this episode:
2:08 – Beneficiaries
8:07 – SECURE Act
12:10 – 401ks and pensions
15:30 – Premature death and pensions

State of Washington’s New Payroll Tax is One to Watch

On today’s episode we’re talking about a couple conversations we’ve had with clients in Seattle, Wash. and some recent changes that have been put in place. In 2019, the state approved a new payroll tax that is 100% paid by the employee, the first of its kind in the entire country.
 
Read more and get additional financial resources here: https://wp.me/p9B077-NN 
 
What we discuss on this episode: 
2:28 – New Washington tax
5:24 – What’s the benefit?
7:16 – Opt out
8:36 – What are they telling you?
11:48 – The feds
15:40 – Mailbag: Worried about kids

What to Know About President Biden’s Tax Proposal

Today’s episode is a little different. We’ve started doing recorded webinar workshops on certain topics, and we’re doing a replay on this podcast. Today’s episode is about President Joe Biden’s proposed tax increases.
 
Read more and get additional financial resources here: https://wp.me/p9B077-NH 
 
Watch our webinar replay on Biden's proposed tax increases: https://oldsecuritygroup.wistia.com/medias/wjbs6uts7k
 
What we discuss on this episode: 
5:59 – How to prepare
7:40 – Current tax code
11:30 – Taxing your assets
16:02 – What can we do?
19:05 – Roth conversions
22:01 – Real estate
23:56 – Tax increases

How to Handle an Unplanned Retirement

We’ve had a couple clients recently who decided to retire earlier than planned. We’ll explain how we helped them, even with very little time to prepare, and how you could handle a similar situation. 
 
Read more and get additional financial resources here: http://smartmoneyquestions.com/podcastposts/episode-148-how-to-handle-an-unplanned-retirement/ 
 
What we discuss on this episode: 
6:12 – Health care
10:18 – Last paycheck
13:18 – Proactive tax planning
18:57 – Investing
20:25 – How you will be paid

Tough Questions About Family Finances

We’re tackling some tough questions about family finances today. Should you kick your sister out of your deceased mother’s home? What retirement challenges could you face as the parent of a young child? Should you buy your dream home?
 
Read more and get additional financial resources here: https://wp.me/p9B077-Nt 
 
What we discuss on this episode: 
2:35 – Kick sister out?
4:37 – Get a mortgage?
5:48 – Income plan
8:12 – Retirement with young child?
9:22 – Survivorship income planning
12:08 – Life insurance
13:13 – Take out a mortgage?
16:08 – Overall investments and strategy

The Average Client & What Legal Docs You Must Have

People often ask us, “What’s your average client like?” We’ll share what traits they have and why they are successful. Also, find out what documents you must have and why you should keep them up to date.
 
Read more and get additional resources here: https://wp.me/p9B077-Nn 
 
What we discuss on this episode: 
0:30 – 20-year wedding anniversary
3:30 – Mortality and documents
7:11 – Wills
9:36 – How do I measure up?
13:02 – Gratitude
15:02 – Define your success
15:55 – The Giant Killer

How Much Money Do I Need to Retire?

Is $1 million enough to retire? That depends on a lot of factors. We’ll explain what they are on this episode.
 
Read more and get additional financial resources here: https://wp.me/p9B077-Ni 
 
What we discuss on this episode: 
4:22 – Yahoo Finance Article
6:13 – Put money to work
8:58 – Your situation
12:58 – Social Security
14:13 – Expenses
15:40 – Moving to lower tax states
17:23 – Risk
21:32 - Variables

Leaving 401k to My Child

Should I leave my 401k to my child? We get this question a lot so let’s dive into the pros and cons of leaving your children money and what strategies you can use to make sure it benefits everyone.
 
Read more and get additional financial resources here: https://wp.me/p9B077-N8 
 
What we discuss on this episode:
4:13 – Leave 401k to son?
11:53 – Should I rent or sell my aunt’s house?

Should You Take Advice From Financial Gurus?

Should you follow the advice of well-known financial gurus, such as Dave Ramsey and Suze Orman? A lot of people have asked me that question over the years. Find out what I tell them.
 
Read more and get additional financial resources here: https://wp.me/p9B077-N0 
 
What we discuss on this episode: 
4:11 – No credit cards
7:19 – Car financing
12:47 – Good debt
15:43 – Guru talk and preaching
18:53 – Will the advice work for you?

Why Business Owners Need an Exit Strategy

Today we’re talking about business owners and retirement plans. Even if you’re not a business owner, there’s something you can learn from this.
 
Read more and get additional financial resources here: https://wp.me/p9B077-MU 
 
What we discuss on this episode: 
2:25 – Discussions with business owners
5:28 – Selling your business
8:04 – Your family situation
13:00 – The tax man cometh
14:05 – Question about Roth 401k
18:19 – Question about HSA