Smart Money Questions

We have a lot to talk about today, so let’s jump into it. We read some articles recently about the travel industry and how people are getting back out there and traveling. Many of our clients have been doing some big trips. If you want to travel and get deals, we’ll share some insight on that topic. You’ll need to think about advanced planning and figure out how you’ll pay for the trip. We’ll also discuss banks and what to do with your cash. On today’s show, here’s some of what you’ll...

On this episode of Smart Money Questions, we'll be discussing one of the most pressing concerns for retirees: taxes. As you prepare for retirement, it's important to consider how your income sources will affect your tax obligations, and to plan accordingly. Whether you're transitioning into retirement or already retired, taxes can have a significant impact on your financial well-being. Matt has spent years helping clients navigate the complex world of retirement planning, and he's here to...

As we begin a new year, let’s talk about the SECURE Act 2.0, which was signed into law in December. We’ll share some of the highlights, including new requirements for companies with new 401(k) and 403(b) plans. Did you know that companies can automatically enroll their employees into these plans? We’ll explain this along with some other key changes to RMDs, retirement accounys, and other planning items. On today’s show, here’s some of what you’ll learn: Want to contact us? Website -...

Today we’re joined by Robert Khoury, the founder and CEO of Agile Rainmakers, a high-impact business development consulting and advisory firm based in Chicago’s Gold Coast. Robert’s 20+ year career in the financial industry has seen him in many roles: an equity derivatives trader, portfolio manager, corporate strategist, chief operating officer, recruiter, hedge fund executive, and private equity investor. Today he’s sharing his expertise about internships and how they can help people...

We love to talk on our show about different scenarios and questions we hear from clients in our office, and the topic of annuities and life insurance has come up quite a bit in recent weeks. You won’t find a lack of opinion on either of these two products and they both can get a little complicated. On today’s show, here’s some of what you’ll learn: If you are interested in any of the topics we discussed, please reach out and we would be happy to help you navigate your financial...

There has finally been some clarification from the IRS about the SECURE Act rule regarding inherited IRAs from 2020 and beyond. We’ve had some questions from clients about this, so it’s great to finally have some answers. It’s important for you as an owner of an IRA, 401k, etc. to know how this works and understand it. It’s also important for your heirs to understand this important topic and know what tax bracket they might be in. On today’s show, here’s some of what you’ll...

If you’re wondering what taxes will look like in 2023, as far as standard deductions and increase in tax brackets, today’s show is for you. The IRS just released this information recently and we want to take you through the key changes. Whether you’re filing single or married filing jointly, we’ll explain what will will be different for you next year. Check out today’s full show to learn more about how the IRS changes could affect you as you make an tax planning moves before the year closes...

We get questions all the time about Medicare. It can be confusing when there are Medicare parts A, B, C and D and supplements. Today we are welcoming a guest who has been in the Medicare industry for more than 30 years. On today’s show, here’s some of what you’ll learn: Want to work with us? Find out how we can help: https://smartmoneyquestions.com/work-with-matt/

Choosing when to claim Social Security can have a huge impact on your retirement plan. A lot of people are unsure about whether they should delay Social Security or take advantage of another significant COLA increase. Today we are going to look at some of the different options you may have and narrow down the reasons they may or may not be for you. What we discuss in this episode: For more, visit us online: https://smartmoneyquestions.com/

We’re bombarded with headlines about money all the time. With technology and social media at our fingertips, it’s more important than ever to control how you react to that. We’ll explain why it’s critical to your long-term financial success. What we discuss on this episode: 2:10 – Financial headlines are everywhere 5:10 – Invest like the 1% 6:08 – Become a master of the market 8:37 – Protect nest egg 9:31 – Playing on fear For more, visit us online:...

Recently, we’ve been getting some unique questions about investing in company-sponsored plans, like a 401k, for example. The client wanted to know where else to invest once they max out the 401k. We’ll dive into this question and more on today’s show. What we discuss in this episode: 2:23 – Max out 401k 4:53 – Be consistent 5:44 - Match 8:04 – Vested 9:49 – Saving more 11:38 – Health insurance 14:34 – Traditional brokerage Visit us online: http://smartmoneyquestions.com

If you decide to scale back your work or keep working during retirement, what kind of employee should you be? We’ll explain the differences between W2 and 1099 workers and how that could affect your finances. Key Topics on This Episode: 4:50 – Scaling back workload 6:24 – W2 vs. 1099 worker 9:39 – Contributions 11:38 – Payroll taxes 13:48 – Buying real estate 16:18 – Property management 17:22 – Where to buy 18:50 – Long-term investment Want to learn more about financial...

Today we’re sharing questions and scenarios we’re hearing in our office, on the phone and on zoom calls with clients. We’ll also share some planning we did for a client four or five years ago and where they are today in retirement. Key topics on this show: 4:43 – Aggressive 401ks 7:59 – Other options 11:00 – Know where your money is 13:51 – Risk 15:29 – Rate of return 16:27 – COLA Want to learn more about financial planning? Visit us online ---> http://smartmoneyquestions.com

It’s hard to believe, we’re already halfway through 2022. Before you know it, it’s going to be Thanksgiving and then the end of the year. Now is a good time to be considering your finances and planning for your taxes. Key topics on this episode: 2:42 – Roth conversions 6:13 – Personal changes 8:19 – Review investments 10:11 – Tax diversified 11:09 – Review debt 12:59 – Budget 14:02 – Emergency funds 14:32 – Legal documents Get additional resources online:...

The markets have been heading down, but this is one of the most critical times for investors to stay disciplined. Markets will go up and they will drop, and we’ll explain why you have to be prepared to stay the course and find opportunities. Read more and get additional financial resources here: http://smartmoneyquestions.com What we discuss in this episode: 3:35 - Don’t panic 4:14 – Tax-loss harvesting 5:51 – Tax buckets 8:46 – Roth 12:00 – Your investment mix

Is your 401k invested using target-date funds? If so, you could be getting hit harder during these tough economic times. We’ll explain why. We’re also talking cars in this episode and our thoughts on leasing versus buying a new or used car. Read more and get additional financial resources here: http://smartmoneyquestions.com What we discuss in this episode: 3:20 – Wall Street Journal 9:38 – Investment options 12:14 – Leasing vs. buying cars 13:32 – Coming to the end of a...

A recent study found that the average American needs to save $1.04 million for a comfortable retirement. That’s one of the many fascinating statistics shared in the study. Join us as we share more of the findings and talk about how most retirees stack up. See the statistics: https://www.annuity.org/retirement/retirement-statistics/ Read more and get additional resources here: http://smartmoneyquestions.com Listen for these key topics: 2:37 – Savings expectations 7:15 – Delaying...

Should you take out a 401k loan to pay off your debt? And does it matter what the kind of debt is? Today we’re going to tackle this common question and more to help you figure out your finances. Read more and get additional financial resources here: http://smartmoneyquestions.com Listen for these key points: 2:20 – 401k loans 5:16 – Exhaust other options 10:05 – Selling property

If you’re getting close to retirement, you may be envisioning what that next chapter will look like. A question that always comes up is how much money will you need to make? Some people feel like they should be bringing in more money during retirement, but is that smart? Let’s dive into that discussion on today's episode. What we discuss on this episode: 2:27 – Bucket list years 5:40 – Where’s the money? 6:57 – After bucket list years 8:39 – Go through the process 9:15 –...

Today we’re answering a few of your questions about financial planning. Should a dentist sell his building and his business? What should you do with life insurance money? We’ll discuss these topics on the show. Read more and get additional financial resources here: http://smartmoneyquestions.com What we discuss in this episode: 3:24 – Renting building 6:29 – Investing cash 9:43 – Life insurance 12:53 – Moving forward