New Retirement Radio With Dennis Prout Podcast

According to the Centers for Medicare and Medicaid services, as of April 2024, approximately 67 million people are enrolled in Medicare, an increase of  2 million people since 2023. Deciding on healthcare is a significant part in planning for your retirement. There are many factors to consider when educating oneself in the complex field of Medicare. Fortunately, there are professionals who specialize in this and can help navigate eligible enrollees through the process … and we know two of them! Laverna Witkop and Dawn McConnell from Ford Insurance Agency will join us LIVE on the show today. They will cover all the basics of Medicare as well as talk about the open enrollment period, known as the Medicare Advantage and Prescription Drug Plan annual election period, or AEP, which is October 15 through December 7. It’s time to review and pay attention to changes. This also might be a good time to jump in! Open enrollment for individual health insurance plans is November 1 to January 15, 2025. Now’s the time to as

Today, help us welcome Ed Slott as we discuss his unique perspective on the retirement landscape only a CPA with his depth of experience and education can bring. The Wall Street Journal refers to Ed as “The best source of IRA advice.” That’s one of many reasons we’re having Ed join us as we do periodically. As members of Ed Slott’s Elite IRA Advisor Group, which includes about 500 advisors around the nation, we ask Ed to update you, our listening audience, and share from his perspective. Dennis Prout, Heidi Cartwright and Nathan Prout are all members of this group through Ed Slott and Company. We’ll discuss the most recent updates of the SECURE 2.0 Act, if Roth conversions still make sense and, among other things, discuss the current tax laws and how they might benefit you from an income tax and estate tax planning standpoint.  Tune in and take control!

There’s a lot going on for today’s show! First, we’ll look at the potential changes to our estate and individual tax rates and discuss how that could impact us all with the sunset of the current tax law at the end of 2025. So many of us have already adjusted our estate plans and are planning for increased taxes on a variety of fronts. What else can we do and how should we approach it? Second, we’ll discuss what to do if you’re middle aged and behind in your savings. And finally, we'll wrap up the show with some relevant stats for today's economy.  Tune in and take control!

Did the Fed cut interest rates too much? What kind of impact might we anticipate? Sometimes to look forward it behooves us to look back. Today, we will discuss an article, from the Wall Street Journal, that takes us back to the 1980s. What can history teach us? Viewing previous market reactions and economic reactions to a decline in interest rates, might give us a glimpse into the future and how this might impact you and your finances. Although it has been a while since we’ve seen interest rates decline, it should be noted that history doesn’t repeat itself, however, it does tend to rhyme. Today, given the multiple bumps in the road and world changes, is a great time to look closer at what the impact might be and how you could respond.  Tune in and take control!

Trying to think more deeply about your financial future with so many economic uncertainties feels more like a non sequitur rather than a financial plan. “Where’s the stock market headed?” “What will tax rates be?” “Is our currency stable enough?” These are probably the most common themes that you are trying not to overthink. However, the one thing that we can be certain of is change. Stocks will fluctuate, interest rates will change, and tax rates will increase and decrease. On today’s show, we will discuss two articles: “Investing in Companies at Times of Crisis,” by Capital Group, and “Are You Using the Right Tax Breaks to Boost Investment Returns,” published in The Wall Street Journal. Our hope in discussing these articles is to bring you a bit more logic, clarity and confidence in your investing. This is edge of your seat information you won’t want to miss! Okay … maybe not “edge of your seat,” but certainly good food for thought.  Tune in and take control!

Roth! Roth! Roth! Can you hear the steady chant from the financial advisors and tax experts around the world? Ed Slott, a Roth enthusiast, believes we have entered a rothification era. On today’s show, we’re about to blow your mind by playing the devil’s advocate. Dare we question the Roth? Is there ever a time when a Roth or Roth conversion may not be the best financial move? Yes. Jon Sluis, CPA and tax expert, from Intrust will join our show and guide us through a lively discussion about the tax implications of Roth conversions. Being wise with money and saving for your financial future is not easy and the answer is not always black and white; there’s a lot of emotion attached to the green stuff. If you dare, join us as we discuss the “other side” of the Roth. Tune in and take control!

“I’m retired, now what?” How does one find that balance between excessive and overly conservative withdrawals? Every retiree’s situation is different. On today’s show, Dennis will uncover some key strategies to help guide you into discovering a withdrawal balance that’s right for you. He’ll also take a closer look at the article, “3 key considerations for sustainable retirement income” by Capital Group. Next, according to the IRS Code Section 2518, the term “qualified disclaimer” means an irrevocable and unqualified refusal by a person to accept an interest in property, but only if one follows the rules. Who knows those rules better than Ed Slott? Heidi will lead us in a discussion based on Ed Slott’s current manual of those rules, as well discuss the possible advantages of planning with disclaimers. You might be surprised by the flexibility that disclaimer planning can offer. Deann will join in the conversation and share timely stats regarding the topics at hand.  Tune in and take control!

Retirement planning is not only about saving for your future, but also about leaving a legacy, like an inheritance for your loved ones. But what if there were another way, a tax-saving strategy, other than leaving an inheritance after one’s passing? Dennis is back and ready to discuss Ed Slott’s gifting strategies to help identify those who might want to take advantage of these benefits. Whether gifting to children or charities, you could save taxes in the long-term and help capitalize on tax-free gifting opportunities. When it comes time to roll over a company plan, there are two questions one should ask: First, CAN the distribution from my company plan be rolled over? Second, SHOULD my distribution from my company plan be rolled over? Today, Heidi will discuss all the factors to consider when thinking about a company plan rollover as well as reasons to roll over a company plan to an IRA. And there may be reasons to leave your assets in the company plan. All this and more will be discussed as we dive into Ed

On today’s show, get ready for a listening adventure as we discuss ... the economy! Specifically, we’ll talk about navigating the current economy in a world of uncertainty, as well as charitable giving through the lens of the IRA Qualified Charitable Distribution. So, strap on your helmets as we attempt to determine what’s happening and whether we are heading into a recession. (There, I said it.) Technically, however, a recession occurs when there are two successive quarters of declining gross domestic product. For an economy to tip into recession is not a stretch, but it always seems to be a worrisome thought for those who are concerned about the economy. Also, Dennis and Nathan will make this show an all-guys trio along with the host Ron Jolly. We’ll have lots of stats and information to assist you with the reality of a slowing economy and position yourself to take advantage.  Tune in and take control!

When discussing the state of the current American economy, we find ourselves at a place in time when negativity and uncertainty seem to take center stage. However, what if there were a glimmer of economic hope within these dark and uncertain times? On today’s show, we hope to illuminate a positive perspective as the United States takes center stage in global performance. According to a recent article by Capital Group, Economic Outlook: U.S. Powers Global Growth, the United States, along with Japan and India, find themselves in the top quadrant of resilient growth. As a result, the U.S. and India could generate strong tailwinds for the global economy due to a strong consumer-driven economy. Heidi will lead us through this discussion, on the global economy, as we look at the how, why and what could come from the impending election. And Nathan will highlight an Ed Slott article, “The Beneficiary Form Reigns Supreme – Even After 28 years.” July is as good a month as any to send a friendly reminder your way … CH

What? It’s mid-year already? Just yesterday, as my wife Jill and I walked around Boardman Lake, a gentleman reminded us that the days are getting shorter. (His wife, however, was not happy with that!) Being that we’re halfway through the year, we think it’s a great time to cover your frequently asked questions about Social Security, especially concerning future benefit cuts occurring after 2034. We’ll also discuss an article from The Wall Street Journal about surging penalties from the IRS that’s costing Americans billions, and what this might mean for you. Fortunately, history can help us here. Last, using historic data from Capital Group, we’ll examine the potential opportunities available to us during the current economy as it continues its resilience and performance on the world stage.  Tune in and take control! 

Do you know your RMD age? Now that taxes are simplified, there are four RMD ages and no longer just one. On today’s show, we’ll discuss numerous topics regarding RMDs, including: The various ages and what that means; the three steps to fixing a missed RMD; death and its impact on the RMD; work plan exceptions; and something called “RMD aggregation.” In the end, what may seem simple from afar can be much more complex up close. We’re excited for today’s discussion, and hope you will find it quite helpful. One further note, Dennis begins his sabbatical this week to write the book he’s wanted to do for a long time. He’ll show up periodically until his return in August. As always, your questions are welcome!  Tune in and take control!

Can anything in the tax law sunset? Yes it can! The Tax Cuts and Jobs Act of 2017, which included several major changes and provisions in the tax code, will see a majority of those changes sunset after 2025. For some, this will mean a tax increase. For others (depending on what, if anything, Congress might do), this may not mean much of anything. Unless the package from 2017 is extended, several changes will occur. First, the standard deduction will get cut in half. Next, individual tax rates will increase when the current rates sunset on December 31, 2025. How do we respond, when in essence, we’re looking in a mirror darkly? That is the question today’s show will deal with. If we anticipate that rates will increase, what (if anything) should we do now? What planning activities could we undertake rather safely and still profit and perhaps understand more of our options? We hope to answer these and any other questions with the help of Traverse City CPA, Jon Sluis. We look forward to a lively discussion and

Having just returned from our jaunt to Indianapolis to imbibe our insatiable need for new tax information, we are loaded for bear (if you will) with the most recent tax information related to IRAs, beneficiaries and the travails the mix of the two can cause.  We will share this information to help you to navigate and deal with the ever-changing world of your retirement accounts as well as discuss the issues you should be most concerned about. Heidi will discuss one of the simplest rules to remember – the “Once per Year Rollover Rule” – and explain its shortfalls in order to avoid paying unnecessary taxes and penalties. Dennis will provide information on possible investment opportunities and help you separate AI hype from investment opportunity with an article from Capital Group. Last, we will discuss the ramifications if the Fed does not cut interest rates this year. As always, Deann will share the stats related to these topics, along with your questions via text or phone. Tune in and take control!

On today’s show, elder law attorney Deborah Rysso, of the Rysso Law firm in Traverse City, will discuss navigating all things related to aging, care and estate planning from a legal perspective. Deb has extensive experience with the application of legal documents and how they interact with life’s realities. It’s amazing how interactive the documents of law intersect with the workings of care, family relationships and financial planning. Deb’s real-life stories of what she sees on a weekly basis, helping her clients navigate, will certainly be beneficial to many of our listeners. As we discuss these points with Deb, we are also very excited to share her knowledge of Medicaid planning, the limits of these planning options and, in many cases, where they might be best applied. We are looking forward to hosting Deb and think you will enjoy and benefit from hearing!  Tune in and take control!

On today’s show, Dennis will detail the characteristics of Defined Benefit Plans and Defined Contribution Plans – including their advantages and disadvantages. So if you have questions about your plans, or want to better understand, this show is for you! Because every investor’s needs are different, when planning for retirement, it is essential to map out a withdrawal strategy. Heidi will discuss the importance of understanding the portfolio reliance rate, which can help in planning for your future. She’ll also take a look at and further discuss how volatility affects withdrawals, how to tell if an investor relies too heavily on their investment portfolio, what determines a withdrawal rate, and the value of reducing withdrawal stress. And, as always, Deann will be sure to enlighten and educate our listeners by sharing stats in regard to our current economy. We look forward to answering all your questions via air, please text or phone.  Tune in and take control!

Today’s show title refers to the old axiom that no matter how well things are planned, unexpected problems may arise.  As we age, we may need some help with the details related to our financial lives that only very few can handle. Today’s guests are representatives from Fiduciary Services North. They will discuss the services they provide and understand when they may be needed. Things may not always go as planned. For instance, suppose you had anticipated being fully independent until your last day, but given today’s financial complexities, you need help with the basics of managing your monthly bills. Or, you have real estate that needs to be taken care of, and you’re not able to manage the property(ies) on your own. On the other hand, what if the probate court steps in and requires a guardianship be established to protect you and your estate from potential scammers? We’ll talk about estate settlement, court-appointed conservatorships and durable powers of attorney. Deann will bring stats to help with the

This recent market analysis by Capital Group got our attention: Over the last couple of years, the gap in both returns and valuations between small cap and large cap stocks has expanded against the backdrop of tighter monetary policy. To further summarize, a well-known index is trading near a 20-year low on a relative basis versus large caps. Limiting your exposure to these assets will limit your risk, but it is always interesting to see where the opportunities might lie in our allocation strategies for the future. We believe you, too, will find it interesting as we discuss why this information could be helpful to your portfolio. Next, Heidi will discuss what retirees can do right now to reduce next year’s taxes, backed by some great quotes from our IRA tax consultant, Ed Slott. Finally, Deann will share stats that better illustrate the subject at hand.  Tune in and take control!

Amidst all the blather about an election (you remember, right?), where are the opportunities? Today, we’ll discuss the realities markets have historically experienced during an election year,  how investors have responded, and the mistakes investors made. Long-time money manager, The Capital Group, will provide us stats going all the way back to 1933. We’ll also discuss recent moves in the gold market … so hold on to your hats on this one! Also, Nathan will discuss some very interesting findings from LPL Group that, we found, should be particularly helpful. And Heidi will discuss the rules of engagement for Roth IRAs and 529 plan conversions SECURE 2.0 Act. Deann will bring the stats to add to the conversation. So much to talk about! We truly appreciate you, our listeners, and we’re glad to be back live this Thursday!  Tune in and take control!

On today’s show, we’ll hear about the changes that the Marsh brothers at Bill Marsh Automotive Group are experiencing as they sell their long-held business to Serra Motors. About three years ago, in 2021, the Marsh brothers came on the New Retirement Radio Show to share their experience and knowledge gained over the years with their joint management of the business. They return today to discuss their transition out of Marsh Auto and shed light on this period – what they are learning from it from a business standpoint, and what they hope to personally accomplish in this next phase of their lives. As with all our shows, we hope to provide all our listeners a learning experience, whether you’re a business owner, thinking of retirement or are newly retired. We are very excited to hear from them, and hope you’ll tune in for a very active conversation with Bill Jr., Jamie and Mike Marsh.  Tune in and take control!