coronavirus

How to Future-Proof Your Retirement

The Bird’s Eye View:

In light of COVID-19 and how it’s affecting the economy, there’s an added incentive to move money into a Roth. Scott Dougan explains the process and the benefits. 

 

Your Guide:

If you want to be in charge of how much money you’ll have in retirement, you should get as much as possible into tax-free accounts now. A lot of people are realizing that even more now while dealing with the COVID-19 pandemic. 

On this episode of Your Retirement Elevated Podcast, Scott Dougan explains how to do this. We’ll expand this recent article that Scott wrote, which was featured in Kiplinger.  You can read that for more context on this conversation.  

If you’re still earning income, you can open a Roth IRA or participate in your employer’s Roth 401(k) to start making after-tax contributions. You can do a Roth conversion regardless of income.

You’ll have to pay taxes on the withdrawals you make from your tax-deferred retirement savings you are converting, but you can spread out the conversion process over several years to manage your tax bracket.

You can also roll over all the money that’s already in your existing 401(k) or traditional IRA and pay the taxes you owe all at once.

“Right now, unless something changes, we’ve got between now and 2026 to make some big tax moves, if it’s appropriate,” said Scott.

Also on this episode, Scott explains why it’s important to get out of debt and take stock of where you are financially. As always, it’s best to talk with a professional who can analyze the pros and cons of all the options.

If you want to learn more about tax planning opportunities, we had a great conversation with David McKnight and he shared some very valuable insight. You can check that episode out here. 

[1:19] – How COVID affects retirement

[3:01] – Big takeaway for future-proofing retirement

[4:57] – No doom and gloom

[6:57] – Getting out of debt

[9:31] – Take stock of where you are

[12:43] – How this could affect other investments

[16:38] – Final thoughts

Thanks for checking out the Your Retirement Elevated Podcast. We’ll talk to you again on the next show.

 

Your Guide:

Home Insight About Scott

Scott Dougan, RFC, Investment Advisor – Contact

5 Ways The CARES Act Impacts Retirement Planning

The Bird’s Eye View:

The CARES Act is a recent bill that passed and became law in order to provide some relief during this economic slowdown. There are some provisions in this bill that retirees and pre-retirees should take a closer look at because they may change your retirement plan. Scott will list the 5 key points in this new piece of legislation and will discuss the possible impacts of each point.

Your Guide:

Home Insight About Scott

Scott Dougan, RFC, Investment Advisor – Contact

Vital Takeaways From The Coronavirus Stimulus Bill For Individuals & Small Business Owners

The Bird’s Eye View:

The $2 trillion coronavirus (COVID-19) economic stimulus bill was signed into law on March 27, 2020 aimed to provide relief and opportunities for individuals and businesses impacted negatively by the current pandemic. On this episode, we’ll cover some of the key provisions in the bill with Scott Dougan and special guest Mark O’ffill of Prairie Fire Resources LLC. Small business owners, check out this PDF for key questions and guidance on the emergency loan program that’s included in the stimulus. For other information on emergency relief options during the coronavirus pandemic, check out this PDF as well.

Your Guide:

Home Insight About Scott
Scott Dougan, RFC, Investment Advisor – Contact

Inhale… Exhale… Pumping The Brakes On The Economy

The Bird’s Eye View:

Take a deep breath. Yes, the Coronavirus is scary and we know it’s causing a lot of you to worry. But on today’s show we try to put the crisis in historical perspective, share stories about how other people like you are responding to the situation, and look ahead to the future with a sense of hope, not doom. Give a listen as Scott analyzes the purposeful pumping of the brakes on the economy and where we go from here.

Your Guide:

Home Insight About Scott

Scott Dougan, RFC, Investment Advisor – Contact

What The Chiefs’ Super Bowl Victory & The Coronavirus Pandemic Teach Us About Investing

The Bird’s Eye View:

The Chiefs are Super Bowl Champions! We celebrate that fact on this episode and also discuss one of the biggest news stories of late, the coronavirus pandemic. Although these events are extreme ends of the spectrum, we can learn some important financial lessons from both.

S&P Chart

Your Guide:

Home Insight About Scott

Scott Dougan, RFC, Investment Advisor – Contact