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Managing Your Financial Future with Johnny Dean and "Professor" Rick Plum, CFP® Brought to you by the advisors and investment professionals at Lucia Capital Group, a registered investment advisor. Integrating financial planning and investing decisions, designed to help you reach your own financial goals. Want the best tips on which hot stocks you should buy this week? Go somewhere else - we don't do that. It's all about planning, strategy, managing your future and taking control of your fina ...
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There’s a popular “rule of thumb” that’s been around for about 30 years known as the “4-percent Rule.” The main idea is that your portfolio has a better chance of surviving for 30 years if you withdraw no more than 4 percent of the total each year. Some have said it should be even lower than that, depending on your investments. But is this so-calle…
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If you've ever gotten a letter from the IRS, even if you're sure you've done nothing wrong, you know how stressful that can be. An even greater stress would be to see the word "audit" somewhere in the letter. Your best bet is to be thorough enough on your tax return so as to avoid any and all correspondence with the IRS when it comes to your taxes.…
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Do you care what happens to your money and your assets after you die? Most people would probably answer that with an emphatic “yes,” even if they don’t have multiple millions saved up. Whether you know exactly where you want your money to go, or you only know where you DON’T want your money to go, it’s crucial to have the legal documents in place t…
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“Everyone’s situation is different.” If you’re a regular listener to this podcast, you’ve heard that many times. Because of that, the Bucket Strategy can take many different forms, each one dependent on a person’s individual goals, risk tolerances, and temperaments. Have you ever wondered how an advisor might put together someone’s strategy, given …
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If you look at the tax tables, you’ll see that there are seven different tax brackets listed: 10%, 12%, 22%, and on up to the highest bracket at 37%. But did you know that there’s also a certain amount of money you can earn that’s not taxed at all? While there’s not an official “0% tax bracket,” the truth is that the first $14,600 you earn as a sin…
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Today’s topic is a follow-up to a similar discussion we had on this podcast in late 2022. Back then, interest rates had risen as bond values (and stock values) took a nosedive. The question at the time was: where should you go for your “non-volatile” asset class, if bonds don’t seem as attractive? Now that interest rates have somewhat stabilized, b…
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A few episodes ago we talked about how to keep your tax bill down when planning for Required Minimum Distributions (RMDs). After that show aired, we received a good question from a listener in Arizona who wanted to know what a good withdrawal plan would be for someone who is actually taking their RMDs. For example, would it be prudent for someone t…
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For most people, taxes are just a fact of life. Even your Social Security benefits – for which you had to pay taxes to be eligible to receive – are subject to taxation under certain circumstances. And this tax bite can hit you unexpectedly and put a sizable dent in your benefit income. Is there anything you can do about this? First, you need to rec…
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What creates fear and anxiety when it comes to stock market investing? Usually, it's when the markets are behaving erratically. Put another way, it's when the markets are volatile. Or to put it yet another way, it's during virtually every short-term measurable time period. Stocks are always volatile in the short run. But stock market investing shou…
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One of the most valuable things you can have, both before and after you retire, is a steady stream of income. What makes it more valuable to you is if that income is protected (meaning "guaranteed") by some entity, like the federal government, the PBGC, or the claims-paying ability of an insurance company. Two forms of protected income that people …
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Converting your traditional IRA to a Roth IRA is not a decision that should be taken lightly. While tax-free growth is always nice, sometimes the price you have to pay – mostly income taxes on the conversion – makes it not worth doing. But for many people, right now may be the perfect time to convert their pre-tax funds into a Roth. How do you know…
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Many people have a retirement savings goal in mind, a level of money that they believe is enough. Once they reach that goal, they feel they’re ready to retire. And that’s a good plan. But what happens if your nest egg takes a big hit from the stock market just after you hang it all up for good? Do you really have to either go back to work, or maybe…
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People tend to focus a lot of their attention on building their nest egg: which investment strategies to use in order to achieve a good rate of return. But surprisingly little notice is given to how you should extract that money at retirement. And this may be the more important aspect. No matter how much money you accumulate over your lifetime, if …
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Just a few years ago, the rules regarding Required Minimum Distributions (RMDs) were fairly simple: you turned age 70 ½, you had an RMD. But since the passage of the SECURE Acts, you may – or may not – be required to take an RMD this year. How do you know? That answer isn’t necessarily an easy one, for both IRA owners and for those who are the bene…
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After years of building your savings, there are a number of scenarios that threaten to deplete it. One of them is called Sequence of Returns Risk. Simply put, this means that if you retire just when the stock market takes a downturn, and you're selling stocks to provide yourself with an income, you're courting disaster. What can you do about this? …
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Most people are aware that there are two phases of your financial life: building your life savings, and then distributing that money to you at retirement. But there's a third phase that happens after you're gone, which many people pay less attention to than they should: distributing your life's assets to your heirs. Making sure your money and your …
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The 401k is designed to be a “set it and forget it” type of retirement plan: Set your allocation based on your age and risk tolerance, then contribute money each pay period, and let compounding do its job from there. And that’s a good thing. But part of the potential success of your 401k plan has to do with how it’s structured to begin with. You ma…
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If you've been a diligent saver, chances are good that you have a variety of assets in your name: cash, CDs, bonds, stocks, funds, retirement accounts, insurance products, a home, etc. At some point, though, you'll no longer be around and those assets will wind up going to your designated heirs. And while everyone likes to receive money in any way …
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Building up a nest egg over a period of years does not have to be complicated, in spite of what many investment professionals might tell you. The real "secret" is to simply save money, and save it on a regular basis. When time is on your side, you have a certain amount of freedom to take an element of risk. Doing so, investing even during market do…
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The past 18 months or so have seen interest rates rise from near zero to levels we haven’t seen in more than a decade. This is great for savers, especially those who have become accustomed to earning little to nothing on their non-volatile assets. Of course, a key part of the Bucket Strategy® involves taking income (cash flow) from those non-volati…
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One of the biggest fears that retirees have is that they'll run short of money. A Bucket Strategy® aims to solve that problem by matching assets to liabilities, so that you're never in a situation where you need to sell a volatile asset in order to meet your spending needs. The key, though, is that the strategy must be set up properly. How much saf…
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You may have heard that if you take no more than 4 percent of your portfolio's value every year, it will (statistically) last at least 30 years. But does following this "4-percent rule" actually guarantee that you won't run out of money? It does not. Too many factors can come into play over the course of a retirement that can interrupt - or complet…
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Rather than focus on a single topic this week, we thought we’d take some time to answer the many and varied questions we’ve been getting via email from our podcast subscribers and listeners. Just a few of the topics we’re covering this week: the sale of a primary residence, inheriting a home, annuity payments, taxes, Roth IRAs, and more. Tune in an…
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Maybe you’ve been saving most of your working life in a 401k. Great! But what happens when you retire? Should you leave that money in the 401k, or transfer it to an IRA? The answer, as it turns out, is “it depends.” Today’s episode starts off with an email asking why someone may want to do one or the other – or both. Further along, we answer more o…
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The idea behind a Target Date Fund would seem logical – a kind of “set and forget it” investment that (presumably) gets safer as you age, giving you less exposure to stock market volatility the closer you get to retirement. But on closer examination, Target Date Funds are not the panacea they appear to be. Yes, there are some qualities that make th…
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"Traditional" investments consist mainly of stocks, bonds, and cash. Many people get by just fine with these, and simply alter their allocation as they age or as their goals and needs change. Others, though, may want to consider investments that fall outside of the traditional group. Why? They may be looking for further portfolio diversification, o…
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It would seem to make sense that if you're retired, you can't "afford" the volatility of the stock market - thus, as you age, common advice is that you should own fewer stocks in retirement. But is that good advice? The answer may depend on your withdrawal strategy. Do you need to access the money in your portfolio to help fund your near-term liabi…
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You've been working your whole life, and retirement for you has always been "at some date in the future." As you get older, the question becomes more real, and will eventually require an answer. This is something that financial advisors and planners deal with every day. How do you know when you're really able to hang it all up? Maybe your portfolio…
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As our parents age, it's only natural for us to want to keep an eye on them to make sure their finances stay in good order: bills paid, taxes done correctly, RMDs taken, etc. Sometimes that's much easier said than done. How do you make sure your parents are on top of their financial situation as they get older? Is there a way to protect them from s…
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Have you heard that you're going to be taxed on the Social Security benefits you receive? Or have you heard that they're never taxed at all? Many people have no idea what to expect. This is because sometimes a recipient's Social Security benefits will wind up being taxed under certain conditions, while others may never pay a dime on their benefits …
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For the past year or so, I-Bonds have come into favor among people who are looking for a higher rate of return on Treasuries. A little over a year ago, they were paying an annualized 9.6 percent rate of return. Today, they’re paying right around 4.3 percent. It would seem, then, that you’d have been better off buying them at that higher rate. But m…
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Tax time may be over for most people, but for financial advisors, tax management is a year-round task. One of those tasks involves a “postmortem” of their client’s tax situation, where they can determine what may have gone right – or gone wrong – with their most recent tax return. If you’ve ever wondered what a financial advisor looks for when mana…
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Interest rates have risen sharply over the past 16 months, which is good for lenders, but not so much for borrowers. New mortgages now come with interest rates around 6 percent, pricing some people out of the market. But for those who hold "older" mortgages with much lower interest rates, some opportunities may present themselves. If you've been wo…
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Fear can either be a great motivator to get things done, or it can cause a person to retreat, cover up, and hope the issue will go away. People who are retired have many financial concerns, but their biggest fear (according to the research) is running out of money. This often causes them to either be frugal beyond all reason, or to ignore their fin…
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Roth IRAs have been in existence for 25 years, and while they're one of the more popular financial planning tools for many people, they're also quite often misunderstood. Most investors may be aware of the tax-free nature of the Roth, but beyond that, there are a lot of unanswered questions: When can I get to my money? Can I access converted money?…
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The question is pretty straightforward: Do I need to use the services of a financial advisor, or can I simply manage my investments, my retirement income, and my taxes by myself? The answer, though, is not readily apparent. A financial advisor can help a person with a little, with some, or with all of their financial needs, depending on what each i…
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You may have heard of something the investing world refers to as Asset Allocation, which has to do with deciding between asset categories like stocks, bonds, CDs, alternative investments, etc. It's an important part of building your portfolio. But there's another, equally important part that doesn't get talked about nearly enough: Asset Location. T…
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Building a nest egg is relatively easy if you're both consistent and patient. Regular contributions over time can lead to compounded growth, which may give you the amount of money you need to live on. But while building a savings can be easy, keeping it from running out is a whole other challenge. How you take withdrawals from your savings once you…
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You may have heard of a 529 Plan, which allows you to put money away for someone's college education, have it grow tax-deferred over the years, and then be taken out tax-free when the funds are used for qualified higher education expenses. The problem has always been, though, that if the money wasn't used for those higher education expenses, it wou…
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Does retirement increase or decrease the amount of taxes you have to pay? You might think that once you begin retirement, your tax bill will tend to go up at first, since people normally have much (if not most) of their retirement funds in a company retirement plan (401k, 403b, etc.) - all of which are taxable upon withdrawal at ordinary income rat…
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So you've got some money to save for retirement... Where should you put it? Would it be better for you to take a tax deduction right now by contributing to your 401k plan, or would paying the taxes now and socking it away in the Roth, with the potential to take it out tax free later on, be a wiser course of action? This is a common dilemma for many…
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You've finally made it to retirement, and, presumably, you've got a certain amount of money saved up that you'll need to tap into from time to time. But the problem is that you don't want to take too much, because you don't know how long you'll live, and thus have no idea how much is "too much" to take out. This is a common dilemma for retirees. Yo…
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A steady stream of cash flow is one of the most valuable things you can have, both before and after you retire. If that income is guaranteed by some entity -- the federal government, the PBGC, or the claims-paying ability of an insurance company -- then so much the better. Pensions and Social Security are two forms of guaranteed income that people …
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You may have heard that Social Security has something called "Spousal Benefits," where your current spouse can receive a benefit based on your work record, even if they never held a job in which they paid FICA taxes. But did you know this rule may also apply to an ex-spouse? We've had questions about this in the past, with many people wondering how…
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The US tax system is by design a complicated beast, and trying to understand it all is a futile challenge. And yet, it's extremely important that people understand how certain elements of it work. As we so often say, tax knowledge is tax power. Most taxpayers assume that the amount of tax they pay is determined by which tax bracket they're currentl…
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It's tax time! Although tax returns aren't officially due until mid-April, the first quarter of every year is when the forms arrive in the mail, as we start to compile information to begin the dreaded process of filing. With the myriad forms that so many people have to deal with, it's good to know which ones you'll most likely be seeing, and what y…
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As of 2023, the age when you must begin taking Required Minimum Distributions from your IRAs has been increased. This means you may have as many as three extra years to allow your savings to grow tax deferred. This may sound like a great idea: why pay taxes now when you can delay the inevitable for at least a little while longer? But the answer to …
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The SECURE 2.0 Act is now law. The legislation was signed by the president in late December of 2022, and it provides a whole slate of changes that are designed to help strengthen the retirement system—and Americans' financial readiness for retirement. The Act itself contains dozens of provisions, building on earlier legislation that, among other th…
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Interest rates went up quite a bit in 2022 - did you notice? It's a pretty sure bet that you did, since everything from mortgages to credit cards to the value of the stock market were affected. But are higher interest rates good or bad? Depends on whom you ask. To borrowers, it's not so hot. But to lenders and savers, these rate levels that we have…
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The new year brings with it some new opportunities, on both the planning and the saving sides. There are new contribution limits on your retirement plans, a fairly large cost of living adjustment on your Social Security benefits, a slight decrease in your Medicare premiums, and much more. Beyond that, there are also new opportunities to plan. Shoul…
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