Financial Wise, 2/10

Financial Wise Radio
Saturday, February 10th

Financial Wise, for February 10.


Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Broadcasting from the top thirteen seventy studios' joint listening tell financial wise with your host Suzanne Blackburn hear how the tax reform. Will it impact you. But it's only available for a limited time. As a fiduciary Blackburn is required to work in your best interest. Helping you to own retirement in today's economy so stay tuned as financial lies brings you an informative approach to your retirement each and every week. And now your host Suzanne Blackburn. Welcome to financial wise I'm seized up Blackburn I'm a fiduciary financial planner I own cats are financial and this financial wise radio show has been on for about five years I can't even believe that. But there has been sweeping. Tax changes with this tax legislation and I wanna discuss with you. What are the impacts of this legislation. Specifically for you. Because it has a time limit folks. And if you want to call my office at 512. 2159. We have what's called tax tip Tuesday's that we are gonna be doing every single Tuesday and cancer financial my offices on river place boulevard. And I would love for you to come in and sit down with me and glass of iced tea assailants and we will go over how this tax. Implication. This overview of your individual taxes can really help you. If you're within ten years of retiring I can not stress how important it is to take advantage in this. There's sunset. On everything that was passed in 2017. Are right. I'm looking at a report by a price Waterhouse Cooper that really goes into the pre reform and the post reform. And I want a really a minute take this report in a minute highlight kitty the cliff notes. So that you know what to take it manager of now I'm gonna give via some really bad news OK number one. Many if you are confident in dollars like crazy and your 40 okay. And that's the right thing to do in the past I mean the right thing because. You know if you listen to the news what are they saying about you. They're saying there's a crisis if you go to Fox News or herbs any of these national. Near times USA today there is a savings crisis in America most workers are not saving enough for retirement. So if you're listening today most of the people that listen to the shell. Are trying to be Smart they really wanna save and you should be but the media is messing it clothes they're missing is not your fault. Is just the only way that you've known how to save his NN IRA. And that is an old antiquated your grandfather's ways saving that's a great piece of the puzzle. It's a part of the the structure retirement that please it is not the whole thing. You really need to be saving in different structures. That structure. Is putting you at risk tax risk later in life. I'm telling you this is what I do. I handle as its fervor 400 families and I can tell you at the end the game on that is ugly. I sit gala people in the sixties and seventies and there are biggest complaint. Is oh my gosh I have got a tax bill that I can do nothing about. Because when you go into of borrowing K. And your typical investor and at the end of the game when you hit 65 and you're gonna retire. With the annual wife and amassed a fortune I'm so glad for you to have. Let's say half a million dollars in borrowing Kenny I love that. That's a great idea but here's the bad news. Every single dollar is taxable. So you don't have half a million dollars. If you retire and legal cases that I really wanna pay off my house I think Allen and retire with no mortgage where we take the money. Well my dear. If we take. 50000. Out of your four owing K to pay off that mortgage we get it takes seventy out to cover the taxes are 65000. Because. Every single dollars taxable. OK so if you got to half that and you get a half a million dollars and higher you go when you go market well. But I have data here OK listen to this I have a guy is 75 years old. And he saved in deferred and deferred and deferred any ended up paying 75000. In taxes over thirty years. This tax raid when he was doing it ended up being in about 15% 20%. And he's put money away deferring deferring on some. You know when he retired he had 350000. An older his lifetime I want you to hear me. Over his lifetime and that 75000. Of taxes that he paid over thirty years an end of working. With me. In you know being. 250000. Dollars in taxes over his lifetime. So he put it. Seven to 5000 in the Uncle Sam kiddy for thirty years to grow that asset class. Then turned around and it 250000. In their pocket because he took the money out when is deductions credits and exclusions were at the lowest. And that partnership with Uncle Sam benefited Uncle Sam much more than it benefited him. And when the markets go down. You know what else happens with that you don't have any protection. From tax advantages. If the markets crash are you listening to me folks. If the market goes up up up and you take a dollar at your disk you'd distribute in and have a distribution from the IRA. You pay ordinary income taxes. If the markets crashing blues have that asset and you take a distribution from that same bucket look at Texas do you pay folks. Ordinary income taxes be listening to me. So call my office at 5122159030. You have a structural flaw. In your retirement plan if you're pumping money into 401K and you're not taking advantage of some tax goes a 77. 02 tax code to create tax free retirement I can help you we will do a tax free retirement planned for you. No charge sit down with me would just look at through I'll give you that report absolutely. Complimentary no charge call me by one to. 2159030. There's so many facets. Of income planning and if when he dies early when he gets sick early I'm just talking about taxes. But all those issues he'd be dealt with I'm telling you that's why I've been doing in the show for five years and how we'll continue. To do this educational planning so call my office at 512. 2159. Free retirement planning. Little booklet that you'll have in the first five colors we'll get the new rules of retirement savings. The risk no one is telling you about folks and how to fix it. Call me 5122159030. And remember. Some. You are financial lives. And the rest or just otherwise. I'm Suzanne Blackburn. Join cast their financial protection to Tuesdays in February every Tuesday in February from twelve to one didn't discuss tax strategies to retirement and how the new tax bill passed by congress might impact retirees insert a complimentary lunch for attendees can answer your questions I'm changes in 2018. How on the new tax bill finding answers to these questions and more plus your personal income tax affected and what if you buy new home and what about the state taxes and didn't. Corporations can be tax cuts would still be penalized if you don't have health insurance stuff do you write. Join capstar financial protect it Tuesdays every Tuesday in February from valuable information you can use to protect yourself into hard earned earnings that's taxed at Tuesday's every Tuesday in February to registered as they cast their financial dot com and click. It Tuesdays on the home page that's. Capstar financial dot com. Oracle five point 22151930. To register it's 512215. In 1930. Welcome back to financial lies with euros Suzanne Blackburn. Welcome to financial was and we are talking all things taxable. I wanna give you the impact of this tax reform on you as an individual and what exactly is changing. The benefit you now. Tax free. Is all he's the best way to go our right. But many of you all if you're in your fifties are pumping money into your four Rowland K but money. Just went on sale for a very short period of time to 20/20 six. The money that you have is in a different tax bracket so pull us he's been pre reform. If you named it anywhere from a 150 to 252. And 37000. You're in a 28%. Tax bracket as a married filing jointly now. If you post 2018. The tax rules it's at 24%. So what is 4% CU. OK so what exactly does that look like well I don't know that you that I can think of a heck of a lot I can do with. Eight or nine or 101000 dollars every single you here. Well. The other thing that happened. Is that your individual standard deductions and personal exemptions. Changed. So is standard deduction is a married filing. Is thirteen thousand in the pre reform thirteen thousand it now in doubled. To 24000. Dollars. So as you concede that just opened up the door for some magic. In your tax bill if you're in that. Working person and it's gonna Bennett benefit most of us that are especially at a listen to this radio show. Do not listen to the garbage. They said this is bad for working people assist Obama. This is amazing for working people okay and I'm telling you if you're in ten years within ten years or retiring. All your money just went on sale so a lot of and credible options. Became available. For you. Because if you have a lower taxable income. Your capital gains and qualified dividend rates just went on sale as well. So if you're lucky enough to work this summer like knee an independent. Advisor and it's going to recommend that you have different asset classes. Different tax rates for your savings buckets. I just give you an example okay. Again a fellow I'm working with right now who saved a tremendous amount. A stock portfolio but not in a four own case and brokerage account so what does that mean that means that all the gains are taxable. If he sells. Not an ordinary income taxes like it would be in an higher read a but Ed capital gains rates so make them fabulous problem to have. If you're sitting there on land or property or rental properties and you're like oh my god is that how I get out of this. Had really sell this and diversify. Well you can't very well do that if we've got. Pre reform tax rules and you can now if we have is some wiggle room and you can lower your taxes. Then maybe we only pay 15%. I'm capital gains or appear in the lucky few that can pay zero. In taxes how we do that. Okay let me play here is a tax tips could OK now I'm not a CPA. But the taxation on investments an interesting come. If you make between zero. And 77200. Dollars Euro long term capital gains rate. Is zero did you hear me. If you have ordinary income tax between zero. And 77200. Dollars. Your long term capital gains rate zero. Now if you wanna know more details about that because that's what we do. It caps are financial we get with qualified CPAs. And we make sure that you have eight. Exacting planned on income peel. It is so important to win in retirement income planning. Because if you're planning to just do the traditional convention all take a little bit out of this account with absolutely no guidance. There's a really good chance you gonna run out of money early I have a report right here that shows. This case study with Jim Jones 66 is 65. They save half a million before rolling K. Regular old traditional IRAs. Taxable. Accounts of 125 and they have a Roth thank goodness. But you know what was normal in come in a traditional. Conventional wisdom of healing in come. They're gonna run out of money folks at 87. In 88 that scenario red lines a red lines and they took out 1100000. In about a four and a half percent rate of return. So think about that how would you like to be in your late eighties. And you run out of money right I mean you don't have to work we ended up. You gotta make some met massive changes in your life. But if you do just a little bit tax planning. And we start to fill up buckets in her fifties. With letters is not all completely far Owen K. Then I've got to be scenario and a cease scenario. The decent area is just popular lady some tax free income that gives them instead of one point one total withdraw. It's one point six so half a million dollars later. They don't have to worry then there redlining just 9493. If they really do some planning like I want them to do they ran out of money until they're a hundred. And that's with all the bumps and bruises of the market conditions of ups and downs that's covering long term care and it's making sure somebody dies early. That you've got your money's covered them so that when half as a security goes away we've covered that. Mean there's nothing that can happen it would be bad. C have to call my office at 512. 2159030. That's what we do it caps or financial is full fledged retirement income planning covering all the scenarios. We shake we shake it really hard. Because one in every two of us is gonna have some form on the long term care by the time we hit age eighty. Somebody could possibly pass away between you and your spouse. Which means have to so security goes away yet you heard me about half of that so what are we can do. We got to pick the stuff guys got a comedy 5122159030. Get your free retirement income plan. I'm gonna teach you strategies to win and the first five colors that give me a call you get the new rules of retirement savings. The risk no one is telling you about and how to fix them. So what I'm going to be talking about. I'm going to be talking talking T about structural risks. The tools in the accounts that you are not using. This is the risk that measures all the mechanics of savings how are you seeing and what of the vehicles you're saving who's helping you safe is it in her employer. Are they helping you take your mutual funds are they telling you how to contribute. If so how would not government resource is one of those that are available TO. If so how are they being utilized which pension options should you choose. And again our resource is available and do you know which ones to figure managed just how your savings programs that are outside of that. Do you have none qualified assets do you have a tax free. Retirement planning said it's it's under section 7202 words has no government rules and regulations on withdraws. How to leave picked assets and a tax free bucket they don't have some kind of a partnership plan and Uncle Sam. These are the questions that make the difference between whether you are successful. You are not successful. In retirement especially if your goal is to provide a comfortable retirement for yourself. You have to call my office at 5122159030. The next thing that I'll talk to you about is market risk. Anybody that's followed the market the last two decades now there is some looming crisis that can happen. The stock market I lovingly called a den of thieves. Is run by computer models folks. How I mean where they weren't leaning on algorithms that are run by computers. So when there's a crash in the he's not you know it's not T three or somebody's writing on paper it's literally somebody pushes a button. And sells millions of shares and a second. And if you're not ahead of that if you're sitting in mutual funds they're not Avian train till the end of the day. Have you thought about that. So are you protected. From market risk are at least are you aware. Of how your incoming is going to be. Protected are not protected when you saving money for your future how is it growing. Is it in stocks is in and really stay it is in in what types of risk give diversification. What are the loss of potential that you have. The market give us and who market take it away so we've got to establish. That this sooner that you planned to retire the lower the risk should be. Calling office at 512. 2159030. Because I wanna give you this book the first five callers are going to get when you come in my office. The tax free retirement report. And the first five and he called it and get the new rules and retirement savings isn't. 120 page book that you'll. Love you ravaged the words and this is can really help you to win in retirement these strategy you can't live without specially now that taxes are on sale. So the new rules of retirement savings the risk no one is telling you about and how to fix them remember. Some love you are financial lives. And the rest or otherwise I'm Suzanne Blackburn. Joint capstar financial protection to Tuesdays in February every Tuesday in February from twelve to one they won't discuss tax strategies to retirement and how the new tax bill passed by congress might impact retirees in the server complimentary lunch for attending any of your questions I'm changes in 2018 but. Yeah and what's out on the new tax bill finding answers to these questions and more because your personal income tax effected what if you buy new home about the state taxes and didn't. Corporation skin deep tax cuts would still be penalized if you don't have health insurance start to your right. Joined capstar financial protection to Tuesday's every Tuesday in February for valuable information you can use to protect yourself into hard earned earnings that taxed at Tuesday's every Tuesday in February to registered as they cast their financial dot com and click. It's Tuesday on the homepage that capstar financial dot com oracle five point 22151930. To register it's five. 12215. In 1930. Welcome back to financial lies with your host and Suzanne Blacksburg. I am so glad you join me on financial wise radio this is Suzanne Blackburn. And of fiduciary financial planner owner of cast our financial. My phone number is 512215. In the 90s30. And they show has for the last five plus years been dedicated. To educating Austin on retirement planning an income planning investments. Taxes. Everything that you need to win in the game of retirement I'm telling you. It's a checkerboard of mistakes if you don't work with someone that specializes. In retirement. I see more mistakes than I cared Italian. And you know we recently have had. Families that did not do the right thing and as they age in life the tax me and takes his whole. And so with these new sweeping rules that have just taken place with this on tax reform. I have dedicated every single Tuesday. Of February. In my office from twelve to one over lunch as taxed at Tuesday. I wanted to teach you lost and how to win in retirement we can take advantage. Of these new tax laws and. Every your money just went on sale guys I'm telling you went on sale but yeah if you miss said you just gonna miss that. A minute teaching strategies that you can win that you can move assets not just utilizing of borrowing cam love 41 K is. But there's other places you can be using to create a lasting retirement plans. This gonna go. Long endear eighty's and ninety's. And you're not gonna be just. So angry like most my seven year old wondering how did this happen and I'm getting so much money to the government. In just ask anybody over seventy and they will tell you. The sixties is all about income planning inside when it takes a security and seventies is all about complaining oh my god what about taxes and eighties. Unfortunately. Is about witch doctor and what kind of long term care facilities so we've got a plan. For all three facets and if you're in your fifties and you're within ten years or retiring. Don't miss my class come to taxed at Tuesday's. It is twelve don't want in my office 6500 river place boulevard each Tuesday in February. It's lunch on me assailants. That glass of iced tea and cookie and some of the best retirement planning information you'll ever received. I needed calling our office at 5122159030. Called annual talk TU. About you know we have limited space in my office so I need to call as soon as possible. And we would love to have you in there in any questions that you have run him down will address those there. But February's my retirement power workshops march. We have retirement power Chelsea just once march 13. And that's we have raving reviews from taxed at Tuesday's and a bring guest speakers and we're gonna have some incredible stuff to talk about. March 13. 201812. To one over lunch 6500 river place boulevard. And men in March were gonna have some have been doing for Cali panel for years. This retirement elevating course. That I've been teaching at concordia university is a deep dive six hours of retirement course. This is all free income planning life planning investments. Taxes I'm gonna go deep into the good the bad the fine print. On all things investments annuities mutual funds ETF stocks choices. Reads life insurance. You know and the next 91 haven't broken up into 23 hour segments. And one night will be on investments taxes and life planning. The next night will be health care legacy planning. Are you prepared for death are you prepared for long term care even knowing your choices argue with the best options are free you. I can tell you right now there's a lot of bad choices out there. This is a highlighting what's the good the bad the fine print as I said on. All things when she hit those years of your money generating your income not your working generating gearing come. You know put in an in nutshell you're working right now if we had a major downturn. We do well you're gonna keep on work and what you're gonna work. And you don't pray it recovers. In your and I hope everything turns out okay. But if you calling you meet with me. We are going to put a written. In come plan of each and every year have to Conley at 5122159030. Take advantage. Of these two dozen. Teen events that we have their game changer for you folks that you can't take advantage anonymous you can see us these sales pitch not them. It's just for you so calling 5122159030. And remember some view our financial wise. And the rest or otherwise I'm season play. 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