Scott's Podcast Videos

Savers need to put themselves into the best position to control taxes and pass on assets after death. But not only after death. The truth is that throughout our investing timeline, life situations force investment strategy changes in both our taxable and retirement accounts. This is video 1 of a 5 video podcast series discussing important topics created as consequences of the 2019 SECURE act.

Video 1 - (1) Changes Demanding changes! Secure Act of 2019; Broken Promises. 1) What is the SECURE Act of 2019? A. Elimination of Stretch IRA. B) Every type of retirement plan was effected. C) What's changed? D) Raised Required Minimum Distribution (RMD). 2) Old thinking and new thinking. A. Big deferral tax retirement accounts. B) Taking distributions with higher taxes. C) What do we do now? D) 3) Young & Old investing. A) Older savers using Old strategies. B) Younger investors saving imperative.

Video 2 - (2) Where to save? Tax deferred growth; Retirement Plans, IRAs, taxable brokerage accounts, real estate etc. 1) Due to many changes by recent law, where should you save your money? a. Where to save? 2) Types of differed investing. 2. Good habits. 3) Increasing motivation. 4) Saving strategies. b. Should I roll, stay put, withdrawal, or convert? 3) Strategies on changing investment types for different situations. c. Setting up your beneficiaries. 4) 3 different types which really matter.

Video 3 (3) What does it mean to "Roth It"? Should you Convert to a Roth? The Roth IRA allows us to build retirement accounts that over the long haul, will grow to an incredible size – and remain free of income tax forever. There is only one Catch: you have to pay income tax up front. But the big changes in the recent tax laws have made even paying the tax palatable for most. The costliest tax blunders occur because people refuse to spend now to gain later. 1) Will you be in a lower tax bracket in retirement?? 2) High IRA = High RMDs. 3) Long run benefits and passing to beneficiaries. 4) Some reasons not to convert.

A Roth IRA distribution is qualified if you’ve had the account for at least five years and/or the distribution is made after you’ve reached age 59½, because of your total and permanent disability, in the event of your death or for first-time homebuyer expenses.  Distributions made prior to age 59 ½ may be subject to a federal income tax penalty.  If converting a traditional IRA to a Roth IRA, you will owe ordinary income taxes on any previously deducted traditional IRA contributions and on all earnings.  I suggest that you discuss tax issues with a qualified tax advisor.  

Converting an employer plan account or Traditional IRA to a Roth IRA is a taxable event. Increased taxable income from the Roth IRA conversion may have several consequences including but not limited to, a need for additional tax withholding or estimated tax payments, the loss of certain tax deductions and credits, and higher taxes on Social Security benefits and higher Medicare premiums. Be sure to consult with a qualified tax advisor before making any decisions regarding your IRA.

Video 4 (4) How can Life Insurance solve problems in retirement & passing on your estate? The SECURE Act, which ended the stretch IRA to more quickly extract tax money from your heirs. Given today’s historically low tax rate, you need to focus on what the future tax rates will be and how much of your IRA they will consume. Real wealth is built by leveraging what you have to prevent an ultimate loss. Options exist that can still get you to the result you want: larger inheritances, more control, and less tax. Life Insurance is your best defense. 1) Objectives for using Life Insurance. 2) Replace your IRA - Why? 3) How much insurance should I have? 4) Self employed rollback strategy.

Video 5 (5) Escaping the estate (death) tax; what strategies can you use to escape harsh penalties for passing your IRAs to your loved ones? Escaping the Estate (death) tax – Estate Planning is not just about tax saving. It’s more about taking the right steps during your lifetime to make sure that your wishes regarding the disposition of your assets are carried out after you’re gone. 1) Death tax exemptions. 2) Reasons you need to plan a more complex plan. 3) Passing your assets tax efficiently.