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KJCE 1370AM>Audio on Demand>>Retire, Set, Go! with Shane Sullivan - 1/18/14

Retire, Set, Go! with Shane Sullivan - 1/18/14

Jan 18, 2014|

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Automatically Generated Transcript (may not be 100% accurate)

This commentary contains opinions and analysis that are provided wishing solvent for informational purposes only and should not be used at the primary basis for investment decisions please consider individual investment objectives and -- just before making investment decisions and not all strategies discussed may be suitable for all investors. Securities and advisory services officer Theodore financial services -- -- registered investment advisor and member FINRASIPC. Shades open and tell him well Pelosi is not owned or controlled by -- our financial services it. -- our financial services think is not affiliated -- talk thirteen 78. -- -- It's -- -- retired -- go with your host certified financial planners chains sold them. Life doesn't stop at retirement chain will guide you in making. Own decisions about retirement investments maximizing Social Security in protecting your family and harder to this day. -- -- You're welcome this is retired that go iron your loyal and faithful hosts change Sullivan the from the so dedicated to helping investors. Should. Careful what it's not the end of the race but rather the beginning and I argue. Maybe the beginning of the most exciting stage in your life we finally have the time and the money to go pursue those things that matter most to you. Again I'm seeing Celadon -- certified financial planner professional. -- and often taxes. And for eighteen wonderful years I've been teaching and helping individual investors. Make better retirement decisions and overcome the unique challenges that you're just gonna find come with a stays alive. You're retired or prepare for retirement then you've come to the right place please join us every week there on talk thirteen seventy. We're really covered different retirement focused ideas over to teach how to maximize retirement. We're gonna talk about the typical investments a retiree might use the ones I like the ones that don't like. We're gonna talk about how to get the most that a Social Security folks Social Security may be the only pension check. You received for the rest your life did you know that there's over 81 different strategies for -- Social Security. Most people -- me. I know about two. It take it early take the 66 well ramadi 79 different options -- and one of those might be the right one for you. Of course now that we're making money -- -- and make sure protect what we have. Real learn how to protect our principal avoid those big investment mistakes that my forces take a pay cut in retirement works even push you back into the workforce. Of course who went up a tackle those planning challenges what happens -- my spouse possibly prematurely to find that my retirement plan accounts for those kind of situations where if we get sick what has Medicare cover what is it not I wanna make sure recovering all the things that matter most -- you. And of course each week we have time I would like to cover my fair share which is the state planning top topics. So many people misunderstand the state planning. Think of at a level well. But estate planning have a lot more to do with the little ideas and documents he had put in place what we're alive to make sure you stay independent. And control. And protect not just your money but the people who matter most to you. -- this week's no different very excited. About. The few topics where this week alone each each -- you up sure of any of you are retired or are dear retirement. If you work for our great state here that we're here in Austin, Texas the capital. There's a lot of state employees if you're near retirement inevitably you'll hear about someone teaching you don't roll your money to an IRA. Well folks come atomic DV three reasons you should not roll your retirement account into an irony. If you're divorcing collecting Social Security did you know you may be eligible for a higher check if your divorce in this is all because of your ex spouse and a second segment so please stick around so that's we're gonna discuss. We're talk about your spousal benefit and expels a benefit and make sure you're getting the highest -- through Turkey to possibly get. The folks is -- really too much to cover in just this one and and it's time we have together each week I'm really can encourage you please go to our website retire sect go. We have that lots of resources to decide to help you. Learn get more information. That's my number one the number one goal this shows to give you'll get information so you saw educated. And empowered to make good decisions. That does a good opportunity get on you know what you get on listen to our podcast you can find -- -- coming seminars. You can also request a second opinion on your portfolio. No there's no question limits in the first goal of our shows to give you a lot of good information but information -- not advice. No Iraqi give you advice is if you do request a second opinion. Let's face it folks -- -- very different. So if you have money so you have a little left some of your spenders summer sailors. Some are spenders marry to savers. So get a pension. And so if -- single married divorced or widowed with the fact is every single one of you is different -- different in the person sitting right next to you. It should not be put into these cookie cutter solutions. And the only way we can take solace advice and really help you get the most out of it is if we visit with you personally so. Well I'd like to do now it's about the number one thing I'd encourage you to go to our website get connected to retire set ago. Now I'd like to go to a commercial and when we come back wanted to make sure that we -- three good reasons why. He should not going to retirement accounts over to an IRA and retired -- though I'm Seinfeld. -- Retiring soon -- you have a number of critical decisions to make that will affect the rest of your life. -- choices health insurance Social Security income strategies to get your answers and plan started to. Decent pitching and Sullivan at Belle haven -- dot com. And tune in every Saturday at 1 PM for retires that go here on talk thirteen seventy. Securities advisory services officer -- financial services if they're registered investment advisor and never have quite an RA FIDC she's open about him -- Pelosi is not owned or controlled -- guess our financial services and -- our financial services think if not we have with the producer -- -- Lots of money. Welcome back to retire should go weeks Jane Sullivan. -- -- Welcome back Q 03 to retire -- I am seeing Sullivan the from the so dedicated to helping investors. Prepare what is not the end of the race at the beginning and I arguably a new beginning to one of the most exciting stages of your life. When you finally have the time and the money to go pursue those things that matter most to you I am seeing Celadon I'm a certified financial planner. Professional here in Austin, Texas. For eighteen wonderful years I've been teaching and helping individual investors. Make better retirement decisions and overcome -- unique challenges with the stays and life. So when -- go ahead wish everyone a happy new -- I know we're getting alien to mid January. But I want to make sure that hopefully you're sticking with the Newark New Year's resolutions especially the financial resolutions you modest set up for yourself. I do hope that you had time to travel see family and all of -- enough to be able to travel and he -- morning. Every time -- went through an airport I do pick up the magazine. By the only place actually still see newsstands. I typically do pick up financially. Oriented magazines. -- -- I wanna make look for tips to make the show better for you but I'm also curious to know what's your reading and see what kind of trends are out there. An animal -- and I found was actually in all the advertisements all the advertisements were encouraging everyone to roll over their retirement accounts and IRA. Well might be good ideas -- good idea for a lot of people. I can think of at least three ideas as they've certified financial planner that I find in my own practice. People should not roll over their retirement accounts and -- So much just think about early after an appreciation. I like what my wife once you once we appreciate her early often after all the time. So first I want to think about his early if you're retiring early. You can take your money directly from a retirement plan to roll over into an IRA. There's one rule you have to know about an IRA and IRA is just an -- -- for individual. Retirement account remember your moving money from the company retirement account to your individual retirement account you can do that. Here's the trick. You cannot take money out of an IRA until your 59 and a half. You can take money out of your 401K when your 55. To think about that there's a lot of people between the ages of 55 they try to retire before 59. Ike and then they roll all the money to in our day. Other money stuck. They can't take it out without trial void some really nasty penalties. So easily I can see where even if you don't need the money immediately. I've always encourage people are retiring early a good idea leave a little bit money behind just if nothing else and a penalty free account. You might need to access for. -- emergencies. Can tell you another idea is after tax contributions. The seconds after tax. Every year each of us put money in our -- and can and hopefully you're doing on -- -- auto pilot frankly but inevitably you'll receive a bonus he might receive raises and if you're trying to Max out your 401K. Don't ever want to all you made over contribute. Well what happens to those monies that are over the contribution limit they are taxed. So you do not get a deduction for those amounts of money but they don't give it back to you. So where's the money go. They actually put that money into an after tax contribution account. That is attached to your 40 NK TO before tax you have an after tax account. Now tell you when it comes time to retire they'll let you roll -- whole thing. Into your IRA. There are members here's another little tricky you know about an IRA all to -- -- -- from an IRA are tax. -- you can easily sell -- where somebody might accidentally have after -- and it's not going to be a lot of money by the way it and every situation ever see -- maybe no more than. 23 or -- percent of the whole higher borrowing that. But I can't tell you how many times I've seen what folks accidentally. Roll the entire thing over. And then when they put on the IRA pay tax on it again. That's an easy -- folks that happens every single if Europe if you work for a large corporation. And you've won most people who try to match up to four OK every year it is very very likely you have after tax. Contributions such -- that a thing about. The third one this one gets a little bit more complicated. And I I caught the net unrealized appreciation. If you do work for a publicly traded company. This very likely that you have a company stock account. And your 40 -- sometimes it's an investment choice it can be a place for you to bring your own money I know a lot of corporate employers who make all of their matching. Contributions. In company stock. So if you have a company stock fund in your 401K. It may be a better idea to not rolled. Into the IRA but instead at the moment of retirement assuming your 59 and a half for older. Take that money take that stock position and pull it out right then and putting your brokerage account. -- and how's that work. So let's just imagine that over the number of years. You've been saving money in your company stock account just for their just to make things simple -- a match and that's the entire forward to all it is is one big company -- That you put and 101000 dollars in the company stock fund over a number of years. Let's imagine that 101000 also caught 101000 dollars your cost basis that's your contributions. Now imagine that 101000 dollars has grown to 50000 dollars. So you have 40000 dollar gain. Now I don't know why we can't -- game. We're talking about blowing case we have to make things a little bit more confusing to recall that the net unrealized. Appreciation. So net unrealized appreciation 40000. Cost basis 101000. The other 50000 dollar positions stock. And it comes time to retire have a choice you can roll the whole thing over to NRA. -- Merrill we discussed if you put money in the IRA. All -- -- -- nations from there on out our tax according to your marginal tax rate. That means you pay income tax on them. -- But you have a second choice this is not something many people are talking about instead you can pull that stock position now putting in your brokerage account. Think chain with the consequence. You will have to pay income tax that year on the 101000 dollars but then that's it down it's just like any other stock position you've ever -- And in and the idea is this long you can hold it for a year. And he qualifies for a long term capital gains. -- you'll you'll -- capital of the capital gains tax on the profit or the 40000. Just give an example if you're in the ten to 15% tax bracket. Capital -- long term capital gains rate is zero. That means you can actually avoid tax altogether on the it to 40000. And if you like it in most people on the 15% tax bracket. As what you know long term capital gains rates are always less than income tax. So it's a great way to save money in some situations you may be a low voice that think that the tax and I gain altogether. And I -- a lot of folks who do work for a you know of publicly traded company they love their company still there blunt terms have been a 2030 years this may be 50000 dollars you never plan on selling. And may plan on giving -- your children. So that's just another good example. Of things that you need be considering if you're near or out. Retirement. Cannot tell -- -- know look I'm a big disclosure I'm not your CPA and that an accountant. I am your friend. And -- these are just ideas and at least tomorrow don't run out quit your job and take all your stock at your 401K my hope is that you see that these are just ideas here to share. But I do think that you're not hearing -- often as you should edit the answer is not a simple roll everything over. And so I do encourage you go to our website. You know one of the big things I do see -- web sites are important corporations. I think in an effort to help their employees see a lot more self service. Kind of options when it comes through HR it's time to roll over your money or make -- over retire. A lot of employees have a lot more self service tools. Books promise you want my clients my clients of -- retired once and life and out you've ever done something perfectly the first time you did it. But it's unlikely. It's unlikely how to make sure that your getting advice from us in the best place to get information advice like this. Go to our website retire -- go we have countless resources if you are thinking about retiring the next three to five years. You up slowly you sign up for our website our email alerts our newsletter you can listen to podcasts like this. They get more information and ultimately I really believe the best return and information into advice. It's to request will be caught SOS a second opinion on -- securities. I wanna make sure that your investments are lined up according to your goals for folks we're gonna get a break. My -- -- -- come back when we come back from a -- -- fewer reports. We're gonna teach your -- may be eligible to get a higher Social Security check because that's your X-Files. We -- this for tires that go I'm Jane Sullivan will be right. Retiring soon -- think you have a number of critical decisions to make that will affect the rest of your life. Tensions choices health insurance Social Security income strategies to get your answers and -- started to. Decent pitching and Sullivan at Belle haven well dot com. And tune in every Saturday at 1 PM for retires that go here on talk thirteen seventy. Security for the -- resources officer -- financial service to think it registered investment advisor and never have quite an RA SIPC she's open about him while Pelosi is not owned or controlled -- guess our financial services and -- -- -- it was a -- if -- we have we offer you some -- you. Welcome back to retire said. Go with -- Sullivan's. Once again here's Shane. Welcome back mrs. retires. I am saying Sullivan this -- the search dedicated to helping. Investors and retirees realize he's not into the race this is beginning. Give -- one of the best ages and realize it's I am certified financial planner here in Austin, Texas. And for eighteen wonderful years I have been teaching and helping individual investors. -- better retirement decisions. And overcome if not avoid some of these unique challenges with the states a life. You know before the break I mentioned there we are gonna cover social security. And divorce. If you're divorced did you know that you may be eligible. For a higher check and from who else you're expels. Always something that came out of this. So what's I want to discuss that if you're divorced did come that's right just because you're not married anymore doesn't mean you still shouldn't -- -- -- secure Social Security benefit. So a lot of people at a -- listening in your divorce and I'll say this is more more common. Late like divorces. You might feel how does that work the first thing you need to understand this and they called a spousal benefit. -- to spousal spousal. Benefit that means every single married person America whether you worked. And he put money into Social Security system all your career are you were stay at home. A homemaker apparent. It's very important that you know that you have actually a choice of two different checks. When it comes time for retirement. As they married. Person this is spousal benefit when it's time for you to file for Social Security let's say you're 65 years old and out 66. You can choose you can say I want to take all of my own Social Security based on my own political Social Security credits and contributions. Or I can take up to half. Of my an amount equal to up to half of mine working spouse's benefit. Let's go over that's -- say here's an example let's say. And I will tell you that I see a lot of situations where. You have. Dad a husband who's working and we have a lot of women and and clients who decided to stay home. And raise the children are being home maker -- so let's imagine that it's off to work and now he's 65 he's retired he's collecting 2000 dollars a month. Mom when it's your turn to collect your Social Security you have a choice a choice. You can take all of your Social Security it's -- there is that you do have you get as you do have an amount of the security duty you based on your own contributions and credits. Or in or you can take up to half of your spouse's. So in this case if your husband is getting 2000 dollars the least the night you can get to another thousand dollars for you. What's important that's 3000 total what's important is that it's not a deduction. For our leaders are working spouse. Says that Shaq just for you what I think it's wonderful. Com a lot of people say well no wonder our Social Security systems in trouble colleagues -- I actually think it's wonderful because we live in a country that says we wanna promote gambling we think is just as important. Or women or one spouse to stay home. And make the home make your house a home and raise your family so our country rewards that. By giving you a check off so -- what you know that's your money unfortunately you have to go get it. They're not gonna call you they're not gonna give it to you that the onus is on you to go get it and at least twice a year I meet married couples who comment. And I asked the wife where's your Social Security checks and she says. Well you know I never worked just hit a home when I raise the family guess what you still get a check. I can't tell you -- I've even had a client to go talk to Social Security Administration come back to me and tell me I was wrong. We all went down there and -- she got a check. But folks this is your money and unfortunately there's a lot of rules but told -- over 81 different strategies when it comes to Social Security. At least get the number one strategy which is it your own money. So that's so if it's true what your married guess what it's still true even if you get a divorce. As long as you were married for at least ten years. And you haven't remarried. So if you have got a divorce and you think -- your -- someone new you might well think about it to rent a second time for love. Com because you are eligible to that saying spousal benefit. -- ex husband about so let's go through this example again. Remember the husband -- -- in 2000 dollars or I should just say -- -- That's when the working stuff is getting 2000 dollars a month. -- -- He has one ex wife who's married to for ten years a second ex wife who's married to for ten years and a current life. All 65 or older. -- ex wife number one has never remarried she is eligible for up to a thousand dollars. Ex wife number two. As she is that -- there -- for ten years and she has remarried she also eligible for a check up to another thousand dollars. That in addition. And then the current wife is eligible for Social Security check out to a thousand dollars that's a 5000 dollars total. Going out to all three well 3000 to each woman and in this case and 2002 the working spouse. What's if you really wanna hear something even crazier. Guess what happens if he dies. All three women get 2000 dollars to this is a great example -- Antonio unfortunately this is a reality of life I have met. Solidly I have met a number of wherein. Who are now retired who late in life divorce. Retirement is a funny time people start to you know have some kind of crisis and I've seen -- -- a lot of marriages go different ways. And I have watched women trying to scrape together a plan on how where am I gonna get all income after divorce. And I can tell you many many times in my career. But I've optimal where's your Social Security checks to -- I didn't work I raise a family and then I got a divorce. Guess what still have a check coming. An idea to check coming out of it and this year and the year 2013. Part of last year I actually found the spouse who had an ex husband who passed away. It -- she was entitled the entire 2000 dollars. -- Social Security is a very big monster and it's up to you to know all of your options there's 81 different strategies. And most people don't know about -- one or two and that's another good reason well I believe. You really need to go to our website provide a lot of tools they're gets signed up -- retire sect go you can listen to this podcast. If you're like me -- with -- -- two or three time before it really sinks and there's also resources -- of security as well as maximizing your retirement income if you wanna find out if we have a seminar coming here in your area. It's a great place to sign up oh keeping gays -- he's a shallow wanna get -- -- at Saint -- I'm kind of so I didn't know you a player really easy way to do it you might just go and check out our. We we're we're on space but our FaceBook site and like that though keeping -- Each week we send out at least one or two good ideas. That our focus exclusively on retirees and helping people tackled this poem called retirement. -- solicited to retire that go I'm seeing Sullivan a Q and encourage you to tune in next week we're gonna cover what I believed to be the most. And Horton estate planning document you'll need while you're alive. If you're worried about how you'll be treated while you're still alive is something should happen to you this is the number one document every single person should -- And Natalie how the hell out of a place where everybody knows where it is I can tell you how many times I've out. I've had situations where there is an emergency. One person -- all if they are planning but nobody knows where to put all the documents ceramics -- recover that. And of course we're gonna cover something and I see more more -- how do you put together retirement planning and budgeting when you have two people that are in a late. Life second marriage. -- had to have his hers and they both have bears. So of course the retirement plan is different and we -- and I can help you walk through some really good questions to ask each other. And not look like draft to get each -- money but make sure that we're all working together instead collaborating protect each other can carry the ones you love as well. Perhaps the children you have from the first marriage these -- -- really big important topics that. Happened every single person going to retirement. And these accounting for -- next week so make sure you tune in next week we'll be here every Saturday afternoon. This is for tires that go I'm hosting Sullivan. This commentary contains opinions and analysis that are provided wishing solvent for informational purposes only and should not be used at the primary basis for investment decisions please consider individual investment objectives in Bristol or just before making investment decisions and not all strategies discussed may be suitable for all investors. Securities and advisory services officer Theodore financial services if they registered investment advisor and member SY NRA SIPC shades open and tell him well Pelosi is not owned or controlled like here's our financial services it feels our financial services think is not affiliated with -- thirteen seventy -- --

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