Managing Your Financial Future

Why Your Home May Be Your Best Tax Friend- Season 8: Episode 2
Managing Your Financial Future

Why Your Home May Be Your Best Tax Friend- Season 8: Episode 2

February 1, 2022

Home prices are up pretty much everywhere, and for those who own one, this is good news on many different fronts. If you’re considering selling and maybe downsizing, or moving to a less expensive area, you may be able to take advantage of one of the best tax breaks out there. On this week’s episode of Managing Your Financial Future, find out from podcast host Johnny Dean and his guest, “Professor” Rick Plum, CFP® why your primary residence may be your best friend when it comes to capital gains taxes!
How To Set Up Your 401k Distributions As You Approach Retirement- Season 7: Episode 12
Managing Your Financial Future

How To Set Up Your 401k Distributions As You Approach Retirement- Season 7: Episode 12

November 30, 2021

If you’ve been saving for a long time in your 401k, you may have decided as you approach retirement that you’d like to reallocate some of those investments into something less volatile than, say, an aggressive growth fund. So maybe you change your allocation to include something with relative safety.  This can be a great idea: after all, you don’t want a big market downturn to take a huge chunk out of your savings right when you need it. But as you reallocate, you may also want to consider changing how you contribute your new money. 
What If You Forget To Take Your RMD? – Season 7: Episode 11
Managing Your Financial Future

What If You Forget To Take Your RMD? – Season 7: Episode 11

November 23, 2021

Whether you need the money to live on or not, it’s a fact that once you reach age 72, you’re generally required to take a certain amount of money each year out of your tax-deferred retirement accounts. These are your Required Minimum Distributions, or RMDs. The penalty for missing an RMD is severe: 50 percent of the amount you missed! That’s not fun, and it certainly is costly. So what happens if you accidentally miss the RMD for a given year? Are you simply out of luck? Maybe not. Learn more about what remedies you may have available to you
What You Need to Know About Inheriting an IRA – Season 7: Episode 9
Managing Your Financial Future

What You Need to Know About Inheriting an IRA – Season 7: Episode 9

November 9, 2021

It’s always nice to receive a big chunk of money outside of our normal expected income. Whether it’s a bonus check from work, a lottery windfall, or an inheritance of some kind, any extra cash is generally a good thing. If you’ve inherited an IRA, though, whether it’s from a deceased spouse or someone else entirely, there are some rules you need to be aware of. Depending on when the person died and how old you are when you received the asset, among other things, if you’re not careful with how you treat it, you could be looking at a bigger tax bill than you’d expected.
Is Now A Good Time to Convert to a Roth IRA? – Season 7: Episode 8
Managing Your Financial Future

Is Now A Good Time to Convert to a Roth IRA? – Season 7: Episode 8

November 2, 2021

Congress passed a law a few years ago that temporarily lowered tax rates across the board for most individuals. With these laws set to expire after 2025, you might be wondering: is now a good time to convert my traditional IRA to a Roth IRA? It might be, but you should be aware of the consequences of adding extra income to your tax return. While tax rates might be favorable right now, if you decide you want to convert a large sum — that is, extend yourself up another bracket or two — you may be subjecting yourself to more than just extra taxation on that conversion. What should you be aware of if you decide to convert to a Roth?
Answering Your Most Common Social Security Questions – Season 7: Episode 6
Managing Your Financial Future

Answering Your Most Common Social Security Questions – Season 7: Episode 6

October 19, 2021

This episode covers some of your most common Social Security questions that we get every week: How can I avoid paying taxes on my benefits? Is there an ideal age to start taking benefits? Can I collect a benefit even if I’m still working? How do the spousal and survivor benefits work? Social Security provides a baseline for many people’s retirement plans, which is why it’s important to be as well-informed on the topic as you can be.