retirement planning

Will the Pandemic Rob Your Retirement? 4 Things to Check Now

The Bird’s Eye View:

The fear for many right now is that once the pandemic finally passes, the financial impact will knock them off track for the future. If you’re worried that the coronavirus could rob you of your retirement, there are four areas of your finances that you can check right now. Find out what they are and why they’re good indicators of where you’re headed.

 

Your Guide:

With the coronavirus still creating many economic and financial issues across the country, pre-retirees along with retirees are concerned about their future. How long can they withstand the volatility before it robs them of their retirement?

Our hope is that you already had a solid plan in place when the year started and haven’t spent much time worrying about the state of your finances, but many people did not. And then there are others that just aren’t too sure about where they stand.

On this episode of Your Retirement Elevated Podcast, Scott Dougan will provide you with a list of four items that you can check on right now that will help you determine whether you’re still on track or whether you need to make adjustments.

No. 1 – Check in on your expenses.

How well are you managing you money during the pandemic? You should have a budget in place already but you should check to see if you’re sticking to it. You might even find during this time that you can cut certain expenses out of your life. Plus, look ahead to see if there are any expenses coming so you can allocate that money now.

No. 2 – Check your assets.

These assets give you the ability to generate income and that’s essential to live the way you choose. Take inventory of what you have.

No. 3 – Check your risk tolerance.

Is your portfolio built to withstand the ups and the downs? You might have thought your risk tolerance was higher than you realized you’re comfortable with, but check to see if you have more risk than you actually believe.

No. 4 – Check the income gap.

Finally, take a look at what your expenses are compared to your guaranteed income sources. If there’s a gap, you need to make changes.

We’ll run through all of these in more detail on the show but use this as an opportunity to look through your finances and find out exactly where you stand.

If you’d like to check out the PDF we’ve created, click here. 

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

[0:53] – Will a recession rob your retirement?

[2:07] – Most of the folks we work with still have the same plan now that they did before the pandemic.

[3:29] – No. 1 – Check in on your expenses.

[6:26] – No. 2 – Check your assets.

[9:26] – No. 3 – Check your risk tolerance. Here’s what that means.

[14:18] – No. 4 – Check the income gap.

[18:12] – How does Scott use this checklist with clients?

 

Your Guide:

Home Insight About Scott

Scott Dougan, RFC, Investment Advisor – Contact

New Rollover Rules for 2020 RMDs

The Bird’s Eye View:

With so much news to process these last few months, financial updates might not be at the top of your list. But part of the recent relief efforts included new rollover rolls that impact people that need to take RMDs. Find out what it all means and whether this impacts you.

 

Your Guide:

When the government rolled out the CARES Act in March, the legislation aimed at providing economic relief and aid for Americans and it did so in many different forms.

The stimulus received most of the headlines along with the PPP loans that were provided to small businesses. But investors need to pay attention to the new required minimum distribution rules that were included in this because it might impact your financial plans for 2020. At the time, it waived RMDs for the remainder of the year.

What about people that made their withdrawals before that time?

In June, the IRS passed new rollover rules that gave people the opportunity to put that money back into their retirement account if they choose to. It’s a nice option to present to people, but should you take advantage of these new rules?

On this episode of Your Retirement Elevated, Scott will explain the new rules that were put into place last month and what they mean to you. We want to make sure you know what the IRS wanted to accomplish but also whether it impacts your planning process directly.

If you haven’t sat down with your trusted advisor yet to discuss the changes in 2020, make sure you prioritize that to give yourself enough time to make any necessary adjustments. Feel free to contact us if you want to learn more and have us look over your portfolio.

Let’s get the show started. Feel free to use the timestamps below by clicking on them to skip around to specific topics. 

[0:52] – How’s everyone doing around the office?

[2:01] – With change comes opportunity.

[5:18] – New rollover rolls were introduced recently.

[6:18] – Who does this apply to?

[6:43] – Provisions from the CARES Act

[9:31] – Just because you can put money back, should you?

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 Life Events That Spark Major Financial Changes

The Bird’s Eye View:

Building a financial plan is as much about protecting your portfolio as it is building it, and that’s why it’s important to prepare for the unexpected. These five life events would likely fall into that category so what should you financially if any of these things impact you? We’ll talk about each one and discuss what adjustments might be made.

 

Your Guide:

No matter how well you prepare for retirement, life will present you with unexpected obstacles and challenges that will change your course of action dramatically.

That’s why it’s a priority for our business to help prepare clients for the unexpected so they’ll be in position to handle what life throws their way. Protecting what you’ve built is just as important as continuing to grow your portfolio.

So this episode of the Your Retirement Elevated Podcast, we want to talk about a handful of those events that call for a review of your finances to see if changes or adjustments are required. Not all of these are completely unexpected but they all can have a significant impact on your financial planning.

The first two we’ll discuss deal with changing jobs. This happens one of two ways: either planned or unplanned. Many people have been dealing with the latter with the coronavirus forcing many businesses to close, but each of these scenarios will require you to consider certain things with your finances.

The third is one that you might experience once or twice in your lifetime and that’s an inheritance. This sudden windfall can really change your future but it requires some careful planning. And even if you’re planning on receiving an inheritance, you probably don’t want to include those assets into your plan until they’re legally in your possession.

The last two are much more difficult to deal with but might be the two most impactful. Facing a serious medical condition and the death of a spouse are conversations no one wants to have but it’s important to really give your financial plan a thorough assessment.

All of these topics are on the show along with some conversation about why it’s an advisor’s job to make sure your plan is able to handle the unexpected. We don’t know when and what is coming our way, but we can be in a position to deal with it.

Let’s get the show started. Feel free to use the timestamps below by clicking on them to skip around to specific topics. 

[0:56] – What our topic is all about today.

[1:48] – A planned move to a new job.

[3:02] – An unplanned change of jobs.

[3:56] – Conversation Scott’s been having with clients about job uncertainty.

[4:50] – Receiving an inheritance.

[6:51] – Facing a serious medical issue.

[9:26] – The death of a spouse.

[12:03] – On all of these situations, we want to make sure you plan prepares you for the unexpected.

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

Best Intentions But Bad Financial Advice

The Bird’s Eye View:

Maybe even more so now than ever, we are looking for more and more financial guidance. A lot of times we turn to lots of different sources to find that information. And while these sources might have the best intentions, that doesn’t mean that the advice is always going to fit you. Let’s look at some examples and explore the reasons why we have to be very careful from whom we’re taking this important guidance.

 

Your Guide:

Whether you work with an advisor or not, you likely turn to people close to you to get their opinion on a subject or to get advice on a financial strategy.

Often times we look to these sources because we believe we trust that they’ll give us their best information. But even if these sources have the best intentions, it doesn’t always result in good advice. In fact, sometimes the guidance you receive is completely wrong for what you need.

So this episode of Your Retirement Elevated Podcast, Scott is going to take us through four common places we turn to get advice and help us understand why things might go wrong. We chose these four because they are the sources people that are both convenient and trusted.

Here’s what we’ll get into on the show:

  • Family
  • Friends
  • Your CPA
  • Financial Experts in the Media

Now that’s not to say that all of these people have bad advice, but how well do they truly know your situation and how knowledgable are they about the topics they discuss with you?

We believe there’s some great information in this episode that we hope will help you out next time you do research, but let’s leave you with a couple thoughts. First, no matter where you turn, make sure you ultimately rely on a financial advisor to help you truly determine what is going to be in your best interest. There are so many pieces to a financial plan and your advisor will know better than anyone which actions to take.

The second is make sure you’re separating information from entertainment. It’s easy to get caught up in what you hear and the confidence in which it’s delivered but is it actually providing you valuable information or just a method for ratings?

Let’s get the show started. Feel free to use the timestamps below by clicking on them to skip around to specific topics. 

[1:17] – First day back in the office as a team since the pandemic began. 

[1:52] – Here’s what we’re talking about today.

[2:45] – The first source: Family

[5:32] A great lesson Scott learned from a mentor early in his career.

[9:21] – The second source: Friends

[10:51] – The third source: CPAs

[16:16] – The fourth source: Financial experts in the media.

[19:45] – Here’s the bottomline on getting advice.

[21:30] – Separating experts from entertainers.

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

Tax Planning Opportunities with Special Guest David McKnight

The Bird’s Eye View:

Since we aren’t able to bring David McKnight to Kansas City for an in-person appearance, we decided to do the next best thing and bring him on the podcast. Join us as the author and tax planning expert gives us his perspective of what we’re experiencing with a turbulent economy and what opportunities investors have to move closer to a zero percent tax bracket.

 

Your Guide:

We’ve been excited for a while to bring David McKnight back to Kansas City to spend some time with people who want tax-planning guidance. Unfortunately, that plan had to be delayed due to the coronavirus health crisis.

But this is such an important time financially. With taxes at historically-low levels and debt rising rapidly, we thought it would be very valuable to hear from McKnight, even in a scaled-down capacity. He was gracious enough to accept an invitation onto the podcast so we could discuss a number of different tax-planning topics.

If you haven’t had the opportunity to hear from McKnight or read any of his books, go visit his website here. We reference one of his books, The Power of Zero, all the time with clients and even have copies available if you’re interested. All you have to do is reach out to our office.

And that goal of moving into the zero percent tax bracket has never been more accessible. The current tax plan runs to 2026 but the question is what happens after that? Many people assume and expect rates to rise, especially on the heels of multiple stimulus packages being rolled out to help Americans with this financial crisis. Just take a look at the US Debt Clock. That debt total is about to cross $25 trillion when this podcast was released and continues to climb higher and higher.

McKnight believes this is a tremendous opportunity for investors to move money into tax-free accounts and move closer to that goal of zero. Keep in mind that you might no be able to get all of your money into that tax bracket, but it’s important to try because there’s a jump to the next bracket. And that might be even higher by the time your taxes are due.

So he’ll share his perspective on what we’re witnessing right now and what that means for you. What tax-planning options are available right now and why is this such a crucial time? He’ll take us through that and then share some final words of wisdom.

Make sure to keep an eye on McKnight’s website because his new book will be published in November of this year. Don’t forget to ask us about it either because we’ll likely have more copies on hand. And stay tuned for details on when we can expect the author to visit again.

Let’s get the show started. Feel free to use the timestamps below by clicking on them to skip around to specific topics. 

[1:02] – Special guest David McKnight joins us on the show today.

[1:21] – Some background on David.

[2:22] – What has the coronavirus done to the economy and how will it effect tax rates in the future?

[3:36] – As the national deficit increases, politicians have two options.

[5:15] – The state of the economy now that the health crisis has hit.

[6:55] – Our job as advisors is to navigate the current circumstances. What options or opportunities are available now?

[11:16] – How we’re working with clients right now.

[12:12] – If you can’t get to the zero tax bracket, what’s the next best thing?

[13:50] – Last words of wisdom from David.

[16:07] – If you want to get a copy of the book, here’s what we’re doing for listeners.

[17:18] – David’s new book is coming out earlier. 

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

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

The Power Of Zero – Lessons From Our Event With David McKnight

The Bird’s Eye View:

Respected financial author David McKnight joined Scott Dougan and the Elevated Retirement Group team for a recent event to learn about tax strategies that can lead you to the zero percent tax bracket in retirement. Scott recaps the event and details some of the strategies David talks about in his book, The Power of Zero.

Your Guide:

Home Insight About Scott

Scott Dougan, RFC, Investment Advisor – Contact

The Senate’s RESA Is Even Worse News For The Stretch IRA

The Bird’s Eye View:

On today’s show, we’ll follow-up on an earlier conversation about the SECURE Act’s impact on the Stretch IRA and talk about how the Senate’s plan (RESA) spells even greater doom for IRA owners with large balances. If you have a lot saved in an IRA and might pass it to a non-spouse beneficiary one day, this conversation better be on your radar.

Episode 21: https://yourretirementelevated.podbean.com/e/how-the-secure-act-might-impact-your-financial-plan/

Article: https://401kspecialistmag.com/will-secure-act-be-the-end-of-stretch-iras/

Your Guide:

Home Insight About Scott

Scott Dougan, RFC, Investment Advisor – Contact

5 Tax Saving Strategies

The Bird’s Eye View:

How do the ultra-wealthy get away with paying fewer taxes than everyone else? Many people believe it’s because they use complicated, or questionable tax practices. But that’s not necessarily the case. In fact, many of the strategies the ultra-wealthy use to save a small fortune in taxes are also available to you. You just don’t know they exist, or you’re simply not taking advantage of them. On today’s show, we’ll cover 5 strategies that could potentially help you save a small fortune in taxes.

Your Guide:

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

Are You Prepared For Rising Taxes?

The Bird’s Eye View:

Taxes are very likely to increase in the future and failing to plan accordingly may have painful financial consequences. That said, not everybody should alter their plans, but some should. Like most financial matters, this is a very nuanced subject. There are very few absolutes or hard-and-fast rules here. Listen to today’s show to find out if you should make some changes in your plan to take advantage of likely higher taxes in the future.  

Your Guide:

Home Insight About Scott

Scott Dougan, RFC, Investment Advisor – Contact

9 Important Ages

The Bird’s Eye View:

As you near retirement, there are several different ages to keep in mind, each of which represents an important landmark in retirement planning. Let’s discuss what those landmarks are, and why each of them is vital to consider and discuss with your financial advisor when planning for your retirement future.

Your Guide:

Home Insight About Scott

Scott Dougan, RFC, Investment Advisor – Contact

The 5-Step Complete Planning Process

The Bird’s Eye View:

Over the course of two decades, Scott has developed a comprehensive 5-step plan for retirement. Listen to today’s show to see if you have included these steps and why they are needed in a thorough retirement plan.

5-Step Planning Process Reference PDF

Your Guide:

Home Insight About Scott

Scott Dougan, RFC, Investment Advisor – Contact

Common Investor Biases

The Bird’s Eye View:

When it comes to investing and planning for retirement, everyone is affected by a handful of different biases that influence how they make decisions. And oftentimes, these biases can get us into quite a bit of trouble if we’re not careful. So let’s learn how to spot these biases and gain an overall healthier financial mindset.   Click here to view an infographic on investor biases as you listen to the episode. 

Your Guide:

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

How The SECURE Act Might Impact Your Financial Plan

The Bird’s Eye View:

Congress is in the middle of passing the SECURE Act (passed in the House, waiting on the Senate). The bill brings a lot of positive changes for those of us planning for retirement, but it also threatens the elimination of an important and well-used planning strategy, the Stretch IRA. Scott will break down this bill for us and talk about how it might impact our financial plans going forward.

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Click here to read a related blog post on the SECURE Act.

Your Guide:

Home Insight About Scott

Scott Dougan, RFC, Investment Advisor – Contact

Advisors: What They CAN and CANNOT Do For You

The Bird’s Eye View:

Part of discovering a financial advisor’s true value and role in your life is coming to grips with the things they can and cannot actually do for you. Advisors aren’t superheroes, so there will be some things you can’t reasonably expect them to be able to do. Let’s chat about some of these expectations and see how it all might impact your own financial situation.

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Your Guide:

Home Insight About Scott

Scott Dougan, RFC, Investment Advisor – Contact

5 Reasons Someone Should Never Hire A Financial Advisor

The Bird’s Eye View:

This might seem like a surprising headline on this show, but it’s true. For some, working with a financial advisor makes a lot of sense. But for many, it does not. Let’s cover the reasons and see where you might fit.

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Your Guide:

Home Insight About Scott

Scott Dougan, RFC, Investment Advisor – Contact

What’s Your Return On Retirement?

The Bird’s Eye View:

You only get one chance at retirement, so how can you make sure you’re set up for the best possible future, and also getting the most out of this new era in your life? Scott sets the financial talk aside today and takes a candid look into what the real return on your retirement should be.

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Your Guide:

Home Insight About Scott

Scott Dougan, RFC, Investment Advisor – Contact

Episode #14: Redefining Retirement

The Bird’s Eye View:

Retirement isn’t what it used to be, and it means something different to every person. For previous generations, it was all about taking things slow. But for more and more people today it’s about discovering new opportunities, passions, and purpose. So let’s take a look at how this generation’s retirees are redefining this brand new chapter in their lives.

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Your Guide:

Home Insight About Scott

Scott Dougan, RFC, Investment Advisor – Contact