Shows
New Retirement Radio with Dennis Prout PodcastEpisode 429 - Competing Notions of the EconomyAs prospects for a government shutdown increase, people, especially investors, want to know what a shutdown might mean for the stock market. In addition, you might be asking, “How far into my life does the Federal government need to intrude?” This is what we’ll ask and ponder on today’s show. If not for the fact that it’s loud, noisy and newsy at that. The center stage seems to be taken up with, among other things, whether the government will shut down. The axiom, “Don’t watch while the sausage is being made, just enjoy the product of the mix,” c...
2025-10-1439 minNew Retirement Radio with Dennis Prout PodcastEpisode 428 - One Big Beautiful Bill – Big Impact or Big Bust?For months now, everyone’s been talking about the Trump administration’s One Big Beautiful Bill Act (OBBBA) signed into law on July 4th of this year. At nearly 900 pages long, the OBBBA brings quite a few changes to U.S. tax laws. Though some of these changes are big, others, eh, not so big. But one thing’s for sure, this law adds a new layer of complexity that could cause headaches for many taxpayers in the years ahead. On today’s show, we’re joined by local CPA Jon Sluis to break down this big, beautiful piece of legisla...
2025-09-3040 minNew Retirement Radio with Dennis Prout PodcastEpisode 427 - Forever RememberedOn today’s show, we pause to remember a day that forever changed our nation – September 11, 2001. We dedicate this show to the nearly 3,000 innocent lives lost, the unwavering bravery of our first responders, the strength of our armed forces, and the countless acts of courage and compassion that rose from the ashes of tragedy that day. Today, we are honored to welcome Ms. Heather Cartwright, retired Director of the Federal Crimes Victims Division at the U.S. Department of Justice. On that fateful morning, she was on the front lines in Washington, D.C., coordinating critical support for victims and...
2025-09-3043 minNew Retirement Radio with Dennis Prout PodcastEpisode 426 - Financial Variety Show!Dennis will start today’s show with an article from Capital Group discussing why the U.S. economy could stay resilient. The argument is that the economic tailwind expected from tech companies pouring billions into AI will eventually be seen in additional bottom-line revenue increases adding to real earnings. Next, Nathan will discuss the article, “Are Tariffs the Solution to America’s Debt Problem?” by Lawrence Gillum of LPL Financial. This article will delve into the known financial realities regarding the tariff situation as well as the impacts they will tend to have. Last, Hiedi will review the new investme...
2025-09-3045 minNew Retirement Radio with Dennis Prout PodcastEpisode 424 - From Headlines to Bottom Lines: Navigating Your Investments The information explosion continues, not only on the world political front, but also in the areas of tax and investment. On today’s show, we are joining in the rush to disseminate usable information, specific to, you guessed it, taxes and investments! This will include new statistical information about Social Security, which Heidi Cartwright will share, and how the Big Beautiful Bill will impact retirement accounts, which Nathan Prout will discuss. Dennis will share the six signs that indicate you might be ready to retire. This may include information and opinion from Dennis himself in his own experience consulting wit...
2025-09-2241 minNew Retirement Radio with Dennis Prout PodcastEpisode 425 - How High Is Too High?With the stock market hitting all-time highs (as measured by the Dow Jones Industrial Average), the question of “How high is too high?” must be begged. Since everyone is eager to know (including us), we’ve pulled out the heavy research engines to see what they might tell us. Given we are the all-knowing, all-seeing types, we’re waiting with bated breath to share all of our newfound secrets. What is next, pray tell? And what do you think? We’ll talk about dangers and opportunities as we delve into the trove of information that can help us, and you get a...
2025-09-2243 minNew Retirement Radio with Dennis Prout PodcastEpisode 423 - Have Trust in Your TrustIt’s summertime (thank you very much!) and a little smoke, too, for those who don’t have time to sit around a campfire. What a dynamic market we’re in … and a dynamic world as well. While you probably hear plenty on the political front, our consultants are churning out more information for us to learn from and disseminate to you, our listeners. As we reviewed the material for the upcoming radio show, we were amazed with the amount of information we had at our fingertips from long-held sources, including Ed Slott and Capital Group. The highlight was the mate...
2025-09-0544 minNew Retirement Radio with Dennis Prout PodcastEpisode 422 - A True Gem of Grand Traverse CountyOn today’s show, we are thrilled to be joined by special guest, Lacey Edgecomb, Director of the Grand Traverse County Senior Center Network. Lacey is here to share a bit about the rich history of the Senior Center, as well as the many incredible ways the Center continues to serve and connect with our community. What began in the 1960s as a small Adult Activity Club has grown into the thriving, welcoming hub we all recognize today along Grandview Parkway, a place full of energy, connection and purpose. In partnership with the Grand Traverse County Board of Commissioners, th...
2025-08-1342 minNew Retirement Radio with Dennis Prout PodcastEpisode 421 - From Social Security to Micro-RetirementFor those of you who missed last week’s show, we gave a 5,000-foot overview of the newly signed One Big Beautiful Bill Act (OBBBA), a sweeping piece of legislation aligned with many of the priorities of the current Trump administration. Today, we’re zooming our focus in a bit on its impact on Social Security taxation. There have been some big misunderstandings and mischaracterizations around Social Security and the OBBBA, and today, we would like to clear some of that up for you. We’ll also discuss the new trend of Micro-Retirement, where young professionals are “hitting the pause bu...
2025-08-1339 minNew Retirement Radio with Dennis Prout PodcastEpisode 420 - The One Big Beautiful Bill, Well … a Portion of ItOver the July 4th holiday weekend, while you were grilling burgers and watching fireworks, President Trump signed his landmark, One Big Beautiful Bill Act into law after some back and forth between the House and Senate. While this budget package includes many changes, on today’s show we’ll be touching on a few aspects of this new legislation and some sweeping impacts on tax and spending that will no doubt leave its mark on the U.S. economy. But in what capacity? We’ll discuss how we may expect to see these provisions show up, show off and throw...
2025-08-0443 minNew Retirement Radio with Dennis Prout PodcastEpisode 419 - The Empowering Side of End-of-Life PlanningWe’ve all heard the famous words of American statesman Benjamin Franklin: “In this world, nothing is certain except death and taxes.” While we often tackle the topic of taxes on this show, today we’re turning our attention to the other certainty – death – and why it’s not as grim as it sounds when approached with intention. We’re joined by Nicole Westrick from Reynolds-Jonkhoff Funeral Home for an honest and thoughtful conversation about pre-planning. While the idea of planning for the end of life might feel a little uncomfortable at first, it can actually be one of the most empoweri...
2025-07-2139 minNew Retirement Radio with Dennis Prout PodcastEpisode 417 - The Road to 65 – Are You Hitting Your Retirement Targets?Think retirement planning starts at 65? Think again! The most successful retirees start well before that magic number. On today’s show, we’ll dive into the nine key milestones that you’ll want to keep on your radar and on your calendar. From boosting your savings with catch-up contributions to avoiding costly Medicare penalties, timing is everything. We’ll also talk about CSR (Claim-Suspend-Restart), the powerful Social Security strategy that can help boost your guaranteed lifetime income. Who knew that claiming Social Security isn’t just a oneand-done decision? So, whether you're just starting to think about retirement or you're alr...
2025-07-2144 minNew Retirement Radio with Dennis Prout PodcastEpisode 416 - Ready for Your Second Honeymoon?No, not marriage – we’re talking about retirement. On today’s show, we’re diving into the so-called “honeymoon phase” of retirement, that first year that can set the tone for those golden years you’ve been working and saving for. Planning, purpose and a few smart routines can make all the difference. We’ll also discuss your most valuable asset (some might say) … your home. More specifically, someone else’s home they may have left to you. From tax tables and capital gains to cost basis and tricky decisions, we’ve got a lot to discuss! But we’re here to break it down...
2025-06-3042 minNew Retirement Radio with Dennis Prout PodcastEpisode 415 - When You Thought You Had All the Answers, Here Comes More Questions!On this week’s show, Heidi will review the most frequently asked questions about Social Security from Heather Schreiber’s Social Security Advisor newsletter through Ed Slott. These questions are not simple, but they are oh so very important! We remain the sleuths of all things financial, constantly ferreting out the answers to the questions you’ve always wanted to know but may have been too afraid to ask. Next, Dennis will discuss the most recent “hot topic” regarding the economy – higher uncertainty, lower growth. Many advisors and economists are wondering when both certainty and growth will begin to rise. Because...
2025-06-3025 minNew Retirement Radio with Dennis Prout PodcastEpisode 414 - Keeping Tabs on the Economy and Market ValuationsMany of your kind comments regarding last week’s show were very well received. Thank you! We always appreciate your input, and your questions regarding the SECURE Act and its impact on distributions for beneficiary IRAs were fantastic. On this week’s show, stats on the economy and what experts are saying about market valuations will be front and center. Also, Heidi will discuss an incapacity/emergency checklist that was presented at a recent Slott conference we attended a couple weeks ago in Atlanta, Georgia. This checklist is very practical and an exceptional reference source for you and your loved...
2025-06-3044 minNew Retirement Radio with Dennis Prout PodcastEpisode 413 - The SECURE Act’s Impact on IRAs and RMDs: What You Need to KnowOn today’s show, we’re diving into two hot-button issues that can impact your retirement security. First up: inherited IRAs. We’ll unravel the complex and evolving rules around Required Minimum Distributions (RMDs) for inherited IRAs under the SECURE Act – essential knowledge as key IRS regulations are set to expire while others are set to begin. We’ll also break down what the SECURE Act means to you and how to avoid costly mistakes. Trust us, it’s more confusing than ever, but we’re going to help you make sense of it all! Next, we’ll take a look at one of...
2025-06-3042 minNew Retirement Radio with Dennis Prout PodcastEpisode 412 - The Only Constant in Life Is ChangeJust when you thought your retirement planning was safe and secure … we attended an Ed Slott tax conference and hear about the latest tax planning issues and opportunities related to retirement accounts. All of this is a great reminder of the growing complexity, and the growing assets within these plans, that can make mistakes or opportunities that much more valuable for us (and you) to be aware of. One such example with many twists and turns took the Slott organization one full year to resolve, but they wound up saving an individual hundreds of thousands of dollars in unnecessary tax...
2025-06-3045 minNew Retirement Radio with Dennis Prout PodcastEpisode 409 - Whiplash, Retirement Account Opportunities and Mistakes During Market Volatility Significant fluctuations in the stock market, along with increasing discussions about a potential recession, can certainly unnerve most investors. Some, however, view this as an opportunity, while others resort to panicked decisions that create even more unnecessary pain. Clearly, it is important for all of us retirement account savers to identify potential opportunities and avoid mistakes. On today’s show, we’ll review Ed Slott’s May newsletter, which touches upon this very issue, and talk about handling fluctuations as well as opportunities you might want to take advantage of given today’s realities. There’s lots to talk about this...
2025-06-0937 minNew Retirement Radio with Dennis Prout PodcastEpisode 408 - Whither Social Security? Today’s show will feature special guest Bob Simpson, the star of the local Social Security scene who kept his shirt on and was still famous. The fact that we were able to lure him out of his recent retirement to come on and speak to us about Social Security is a gift in and of itself, which we think you’ll love! We’ll review all the goings on with Social Security. Then, we’ll catch you up on the realities of Social Security, how to navigate the questions of collecting, and how to get your benefits when the time...
2025-06-0945 minNew Retirement Radio with Dennis Prout PodcastEpisode 404 - It’s the Economy (Not So) Stupid!Trying to ascertain the direction of the current economy and the stock market is not an easily ascertainable thing. And, yes, I’ve purposely used “ascertain” twice in the previous sentence to help make the point that even the experts are puzzled by the conflagration of stats that are coming out. Sometimes, history can help us. Other times, numbers are pointing to the fact that the S&P 500 is now down 10% this year and is a relatively significant amount historically. While its average decline is 13.8%, the number of times the market has declined 10% or more since 1928 has only occurred 33 times...
2025-06-0443 minNew Retirement Radio with Dennis Prout PodcastEpisode 403.5 - Estate Planning for Our Aging-ness!There are so many confusing areas related to estate planning … like the importance of creating a power of attorney before a will. Plus, there’s the fact that NO ONE WANTS TO TALK ABOUT IT! On today’s show, we have Cortney Danbrook, a local estate planning attorney, to talk about the real issues related to aging, including the critical, ground-related issues of planning your estate and its interrelation to your health, children, spouse or significant other, and charities. It’s an ambitious list, but we’ll do our best to fit it all in. Our goal is to inform and...
2025-06-0440 minNew Retirement Radio with Dennis Prout PodcastEpisode 411 - Protecting Your Portfolio During a CorrectionJust when you thought it was safe to go outside (it is spring after all), the neighbor’s dog barks extra loudly and startles you … right? Similarly, most of the time, the stock market seems to make us climb a wall of worry. Even though the market appears to have mostly recovered from its recent correction, indeed many analysts proclaim we may still have to pay for fiddling with Chinese tariffs. Today, just because you would like a port in the storm, a strong voice of reason, or an intelligent argument as to why the proverbial dog barking is not...
2025-06-0439 minNew Retirement Radio with Dennis Prout PodcastEpisode 406 - Unlocking the Full Potential of Proactive Tax Management; or, Not All Money Is Taxed the Same! As the “celebration” of April 15th nears, the importance of tax planning remains critical. What celebration, you ask? The celebration that they’re done, of course. On today’s show, we’ll discuss the seven components of winning at taxes, especially after you’ve retired. The bottom line is that the savings you can take advantage of can be significant and leave you with a lot more after-tax dollars to use more efficiently in retirement. Next, Heidi will review an article from Kiplinger called “16 Retirement Mistakes You Will Regret Forever.” We agree with many of these mistakes, but not all of them...
2025-05-1242 minNew Retirement Radio with Dennis Prout PodcastEpisode 407 - Tariffs – Chaos or ControlWow, what a week it’s been! The Dow Jones and S&P 500 are down about 10 percent, which is causing significant fear among investors. Some are even questioning the current administration’s policy on tariffs and their effect on the stock market. On today’s show, we’ll discuss what tariffs do, their purpose, and their advantages as well as drawbacks. We’ll also discuss how previous stock markets have responded historically in order to find the valuation gauges that might be helpful, and even profitable. While the fear index has certainly been jumping, we’ll learn what we can and gain...
2025-05-0533 minNew Retirement Radio with Dennis Prout PodcastEpisode 405 - Twofer Thursday!On today’s show, we’ll cover two very important – yet very different – topics. First, there are five retirement account moves you can still make for 2024. Yes, it’s amazing what you might still decide to do given the law and your own financial situation, especially if you’d like to save on taxes as well as some extra dollars. You might be a bit surprised, so be sure to listen in to see if there’s something here for you! Second, we’ll review an article from Capital Group called “Will economic uncertainty knock the Fed off course?” Some might say that...
2025-04-1544 minNew Retirement Radio with Dennis Prout PodcastEpisode 403 - Investing Under Trump 2.0: The Effects of Tariffs, Declining U.S. Government Spending and EmploymentWell, we’ve known for almost four months Trump was going to be the next U.S. president. What we couldn’t have guessed, however, was the effect on spending his new administration was going to have. From higher tariff potential to massive cost-cutting, the changes have been so fast and furious that politicians, especially Democrats, are said to not be sure how or where to respond. On today’s show, we’ll look at possible scenarios stemming from these changes and discuss their short- and long-term effects. The ultimate winners? Likely, companies that can successfully navigate policy and technolo...
2025-04-0740 minNew Retirement Radio with Dennis Prout PodcastEpisode 402 - Look Before You Leap!Castagni, Simbulami, Arancini. These foreign words are here to prove a point … for most people, they may not make any sense. And sometimes what we discuss on our show may not make sense to some listeners. But just because it doesn’t make sense, we should try not to discount what it might mean. On today’s show, we’ll discuss five common rollover mistakes that can be very costly, and the importance of seeking good counsel when making big decisions. You wouldn’t believe what 401(k) providers have told us over the years regarding participants making incorrect, costly decisions...
2025-03-1741 minNew Retirement Radio with Dennis Prout PodcastEpisode 400 - Alliance for Senior HousingOn today’s show, we will be joined by Connie Hintsala, Founder and President of Alliance for Senior Housing, LLC. Connie has provided families in the greater Grand Traverse area with senior housing solutions for more than 20 years, and the love and passion for her work has only grown. Her intricate knowledge of State of Michigan standards/requirements, as well as her own experience as a direct caregiver to her own parents, have enabled her and her team to provide guidance and assurance for families to make informed eldercare decisions. Services provided by Alliance for Senior Housing include confidential co...
2025-03-1743 minNew Retirement Radio with Dennis Prout PodcastEpisode 398 - Am I Too Rich for a Roth IRA?The New Year begins, and already there’s so much to consider on the financial front! On this week’s show we’ll discuss whether or not you could be “too rich” for a Roth IRA. Congress has set income limits on Roth contributions, and for those married filing jointly, no contributions are allowed for those with taxable incomes over $246,000 (for single filers, the amount is $165,000). While the income limits can be a source of frustration, there are many ways to circumvent these restrictions for those looking to invest in these accounts … and the ways to do so keep grow...
2025-02-1741 minNew Retirement Radio with Dennis Prout PodcastEpisode 395 - We're Back LIVE in 2025We are so looking forward to joining you via the airwaves in 2025! 2024 has been a year of challenges, surprises, market volatility, political unrest … and yet WE MADE IT. As we set foot into the future and ponder what this year could hold for the economy, Dennis and Nathan will discuss Capital Group’s “2025 Outlook: Long-Term Perspective on Markets and Economies,” which describes the current U.S. economy as the “Benjamin Button Economy.” What on earth does that mean? Capital Group economists are comparing the 2008 film The Curious Case of Benjamin Button, in which the main character’s age reverses, t...
2025-02-1742 minNew Retirement Radio with Dennis Prout PodcastEpisode 397 - Navigating Risks and Capitalizing on Opportunities in 2025On today’s show, we’ll discuss Ed Slott’s thoughts on significant IRA rulings for 2024, as well as the “Five Keys to Investing in 2025,” by Capital Group. As you can guess, there are many discussions among market analysts regarding the opportunities and the risks we can expect in 2025. We (Dennis Prout, Heidi Cartwright and Beth Shier) intend to do some of the same, but with a twist. The difference, we think, is that when making investment decisions, you need to think like an “owner,” i.e., you need to think longer term. The excuses we might try to make onl...
2025-02-1744 minNew Retirement Radio with Dennis Prout PodcastEpisode 391 - We're Back LIVE! Although it was good to be surrounded by family and friends on Thanksgiving, we missed you, our listeners. To make up for our absence, we would like to dedicate a portion of today’s radio show to answer your calls/texts regarding year-end concerns, including IRA contributions, Roth conversions and RMDs. Now is your time … so get those questions ready! Dennis will discuss an article by economist Robert Powers, which takes a closer look at the timing of the stock market and whether the increased warnings from well-known analysts of a stock market overvaluation holds water for those...
2025-01-2026 minNew Retirement Radio with Dennis Prout PodcastEpisode 389 - All About Social Security Social Security! Just when you thought you could do without it, here comes the check in the mail! (Just kidding, of course.) Last year at this time, we had Bob Simpson, Manager of our local Social Security office, on the show to speak about Social Security and the COLA (cost-of-living adjustment) that was announced. On today's show, Bob will talk about another recent COLA made for those taking benefits starting January of 2025. While this is helpful information, there are several other changes being made to Social Security that we need to discuss, as well as benefit questions we...
2025-01-0346 minNew Retirement Radio with Dennis Prout PodcastEpisode 386 - Navigating IRS Regulations: Simplifying Complex Rules for Smart Planning The financial world is complex, and it is not uncommon to feel “in over your head” when trying to tread through the vast, turbulent waters of IRS regulations, tax planning and financial portfolios. So much to learn. So much to know. So many questions. Join us on today’s show as Dennis highlights some of the top financial questions from financial professionals from around the country. We’ll test your financial knowledge as we embark on crucial questions with not-so-obvious answers. Next, Heidi will unpack and explain Section 327 of the SECURE 2.0 Act, which changed the rules for spouse be...
2025-01-0340 minNew Retirement Radio with Dennis Prout PodcastEpisode 379 - Where's the Beef? On today’s show, we’re excited to delve into the meat and potatoes of finance with you and tackle questions like, “What are the chances of a soft landing in this economy?” And, “What about those final RMD regulations being issued we’ve heard so much about?” (Well … maybe not so much on the RMDs.) Still, we intend to explore the recent tax law changes and provide you the stats we think could be helpful regarding the economic front. In the end, we think discussing these issues and answering your questions is well worth your time. So whatever it is...
2024-12-2438 minNew Retirement Radio with Dennis Prout PodcastEpisode 378 - Never Forget On today’s show, we commemorate the events of September 11, 2001, and honor all the heroes, armed forces, first responders, and countless others’ acts of service to defend our nation’s freedom. We are excited to invite you to hear a phenomenal live presentation by Heather Cartwright, retired Director for the Federal Crimes Victims Division, who served in the U.S. Department of Justice, Washington, D.C., on September 11, 2001. Ms. Cartwright was responsible for coordinating support for victims of the surprise attack on our country, which took the lives of 3,000 innocent victims. This extraordinary first-hand account will take us all...
2024-12-2344 minNew Retirement Radio with Dennis Prout PodcastEpisode 385 - Healthcare Planning for RetirementAccording 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 basic...
2024-11-2534 minNew Retirement Radio with Dennis Prout PodcastEpisode 381 - Live with Ed SlottToday, 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 gro...
2024-11-2544 minNew Retirement Radio with Dennis Prout PodcastEpisode 380 - Potential Tax Policy Changes and Their ImpactThere’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 wi...
2024-11-2538 minNew Retirement Radio with Dennis Prout PodcastEpisode 382 - What Economic Lessons Can History Teach Us?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 repea...
2024-11-2138 minNew Retirement Radio with Dennis Prout PodcastEpisode 377 - Think...But Don't OverthinkTrying 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...
2024-11-2139 minNew Retirement Radio with Dennis Prout PodcastEpisode 383 - When a Roth Doesn’t Make CentsRoth! 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 wi...
2024-11-0443 minNew Retirement Radio with Dennis Prout PodcastEpisode 376 - Key Strategies for Sustainable Retirement Income Planning“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 bet...
2024-11-0440 minNew Retirement Radio with Dennis Prout PodcastEpisode 375 - Gifting and Rollover StrategiesRetirement 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...
2024-09-0644 minNew Retirement Radio with Dennis Prout PodcastEpisode 373 - Taking Advantage of a Slowing EconomyOn 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...
2024-09-0645 minNew Retirement Radio with Dennis Prout PodcastEpisode 372 - Positivity and Proactivity 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...
2024-08-1243 minNew Retirement Radio with Dennis Prout PodcastEpisode 371 - Mid-Year Catch-Up to the Fast-Moving Train! 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 h...
2024-08-1239 minNew Retirement Radio with Dennis Prout PodcastEpisode 370 - The Fundamentals of Lifetime RMDs 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 sabbatica...
2024-07-0149 minNew Retirement Radio with Dennis Prout PodcastEpisode 369 - The TCJA Sunset! 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 i...
2024-07-0146 minNew Retirement Radio with Dennis Prout PodcastEpisode 366 - Taxes and Tech Giants On the New Retirement Radio Horizon 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...
2024-07-0136 minNew Retirement Radio with Dennis Prout PodcastEpisode 368 - Aging, Medical Care and Estate Planning - A Legal Perspective 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 poi...
2024-06-2444 minNew Retirement Radio with Dennis Prout PodcastEpisode 367 - Strategies Regarding Defined Benefit/Contribution Plans and Withdrawals 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 invest...
2024-06-2437 minNew Retirement Radio with Dennis Prout PodcastEpisode 363 - The Best Laid Plans of Mice and Men 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...
2024-06-2444 minNew Retirement Radio with Dennis Prout PodcastEpisode 359 - Opportunities Abound, but Not Always for the Faint of Heart 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...
2024-04-0838 minNew Retirement Radio with Dennis Prout PodcastEpisode 358 - Who Knew? 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 IRA...
2024-04-0845 minNew Retirement Radio with Dennis Prout PodcastEpisode 357 - Ch-Ch-Changes! 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 o...
2024-04-0843 minNew Retirement Radio with Dennis Prout PodcastEpisode 356 - Is This Irrational Exuberance? Around the turn of the previous century, Alan Greenspan made the following famous and prescient comment regarding the dot-com bubble: “A decline in perceived risk is often self-reinforcing in that it encourages presumptions of prolonged stability and thus a willingness to reach for risk over an ever-more extended time period. History cautions that extended periods of low concern about risk have invariably been followed by reversal, with an attendant fall in the prices of risky assets.” On today’s show, we’ll ponder and discuss several sources that we think you’ll find helpful in considerin...
2024-04-0845 minNew Retirement Radio with Dennis Prout PodcastEpisode 355 - Election Year Investing Market volatility can easily occur in an election year, which could affect your personal investments. On today’s show, we will review the Guide to investing in an election year, published by Capitol Group, in order help us all gain a better perspective. We’ll then discuss investors’ biggest questions like, “How can we invest with confidence in an election year?” “Which political party is better for investors?” “What typically happens to the stock market during election years?” “What have been the best ways to invest in election years?” Next, Heidi will discuss the 10 tax forms retirees receive and what they mean. Lastly...
2024-04-0841 minNew Retirement Radio with Dennis Prout PodcastEpisode 354 - There's gold in them thar hills! Many of us are familiar with that famous line from Mark Twain’s 1892 novel. In our attempts to deign what's going on in this economy, there is always enough warning for any of us and … of course … plenty of opportunity. Given the current trends we’re seeing in the stock market, especially with some indexes reaching all-time highs, we’re looking forward to see what the future might hold. It is truly amazing what can be gleaned from history. Given the dynamics of this market, it can be very helpful to us to remember the past and take what we can learn...
2024-03-0442 minNew Retirement Radio with Dennis Prout PodcastEpisode 353 - Hot Off the Press! Change is Afoot! For the Sherlock Holmes aficionados in our audience, Sherlock would say, “Watson, the game is afoot!” This would often take them to new adventures of investigation. Today’s new adventure is planning for ever larger IRA balances and the impact this can have on you and your loved ones, given the stock market run we’re having, and key new IRA rulings for 2024. The IRS has already answered several questions about their official interpretation of new SECURE Act 2.0 regulations … but we intend to discuss this in more detail on today’s show! These new rules will be important to know as they...
2024-02-0843 minNew Retirement Radio with Dennis Prout PodcastEpisode 352 - Life Can Be Hard John Wayne once said, “Life is hard if you’re stupid.” For investors, this means being wary of a whole lot of the information disseminated by the popular media of today. Today, we’ll be working with solid data to keep our focus on the information we know is certain. In that light, we’ll cover the economic news of the day from our primary research sources, which include Capital Group’s 2024 edition of their long-term perspective on markets and economies, as well as various economists like Ed Yardeni. We’ll have enough stats to assist you in getting a better idea o...
2024-02-0844 minNew Retirement Radio with Dennis Prout PodcastEpisode 351 - New Year, New Changes Welcome to 2024! We are excited for the New Year! Some say that the more things change, the more they remain the same. Well, a lot of things are changing in Traverse City and elsewhere on the ownership front as the Baby Boomer generation continues their respective exit(s) and begins to head for the door. As so many businesses are changing hands, we figured this would be an opportune time to ask Jon Sluis, CPA, what he’s seeing, advising and what areas owners should think about before and after the transaction. Timing, planning and opportunities can change quickly for...
2024-02-0844 minNew Retirement Radio with Dennis Prout PodcastEpisode 350 - Taxes and Year-End Planning Today on New Retirement Radio, CPA Jon Sluis joins us as we discuss year-end tax planning, IRAs, and the case coming before the Supreme Court next June, deciding whether or not Congress can tax unrealized gains. Taxing unrealized gains may sound like something you’d see in Russia or hear about in fifth grade as a lofty aphorism. Apparently, however, the Supreme Court feels the need to weigh in on this one because, according to The Wall Street Journal, it’s the most important tax case in decades. We’ll offer our opinions on what this proposal could mean and the im...
2024-01-2942 minNew Retirement Radio with Dennis Prout PodcastEpisode 349 - The Life of Charles Munger: An Incredibly Successful Businessman On this week’s show, we will honor the legacy of Charlie Munger, Vice President of Berkshire Hathaway, who passed away on November 28. His road to success was one where he started from nothing and achieved what very few others have by sheer hard work, associating with the best people he could, sprinkled in with significant talent honed over the years with significant research and experience. His axioms can help those pursuing higher achievement and a general attitude that can motivate us all. Next, Heidi will discuss the pros and cons of taking Social Security earlier or later (as th...
2024-01-2932 minNew Retirement Radio with Dennis Prout PodcastEpisode 348 - Estate Planning to Avoid Tax Consequences A recent headline on a story of James Caan’s estate read, “Estate of James Caan Whacked in Tax Case.” As you might guess, there is a lot to learn from others’ misfortunes. In this case, some unfortunate planning and advice put James Caan and his estate on the wrong side of the IRS. In the end, his estate owed almost $1 million in taxes and penalties. On this week’s show, we’ll discuss estate planning and the best ways to avoid tax consequences. Next, Heidi will discuss the economy and opportunities you might take advantage of given the anticipated e...
2023-12-1842 minNew Retirement Radio with Dennis Prout PodcastEpisode 347 - Year-Ending Charitable Planning and Smart Giving Giving can be a good thing, so on today’s show we’ll discuss how you might do that and where might be the best place to utilize those funds. We’ll also continue by reviewing some deep and complex questions financial advisors asked Ed Slott at a recent conference in September. These questions will help with the everyday issues advisors are facing with their clients. Also, during our class last week, the Ed Slott team expressed their own frustrations with the complexity of new regulations and the questions still unanswered by the IRS. So we’ll shed some more ligh...
2023-12-1143 minNew Retirement Radio with Dennis Prout PodcastEpisode 346 - Getting Ever Closer to 2024! As we near the end of 2023, which is only about seven weeks out (can you believe it!?), it’s time to focus on end-of-the-year financial planning strategies as well as what’s in store for 2024. On this week’s show, we’ll discuss Ed Slott’s most recent newsletter, and questions to Ed from financial advisors at his most recent Successful IRA workshop. This will help us be aware of planning options with IRAs as well as learn some useful, not-so-common strategies. Natalie Choate will weigh in on charitable thoughts for IRAs that will help expand our potential. Next, Heidi will d...
2023-12-0444 minNew Retirement Radio with Dennis Prout PodcastEpisode 345 - Economic Realities of Our World Look out! Here comes the economy! So much to talk about and so little time should be the theme for this week’s show as we dive into what the major money management and economic firms are saying. You may ask, “What does this mean for me?” We’ll talk about how the markets are doing; how you can play offense in a very defense-oriented environment; and how you might further your own situation to actually take advantage of today’s higher interest rates. We’ll help you think through your options and potentially make better choices for your future. History...
2023-12-0444 minNew Retirement Radio with Dennis Prout PodcastEpisode 344 - All About Social Security Social Security! Just when you thought you could do without it, here comes the check in the mail! (Just kidding, of course.) Last year at this time, we had Bob Simpson, Manager of our local Social Security office, on the show to speak about Social Security and the COLA (cost-of-living adjustment) that was announced. On today's show, Bob will talk about another recent COLA made for those taking benefits starting January of 2024. While this is helpful information, there are several other changes being made to Social Security that we need to discuss, as well as benefit questions we continue to...
2023-12-0446 minNew Retirement Radio with Dennis Prout PodcastEpisode 343 - Time Is Running Out November is just a few weeks away, which means the December 31, 2023, deadline for retirement planning is quickly approaching. Now is the time to wrap up the year with RMD, QCD and Roth conversion planning and focus on retirement planning for 2024. On today’s show, Heidi will discuss the key features to the SECURE 2.0 Act provisions that will become effective January 1, 2024. It’s important for the advisors, as well as clients, to stay up to date and plan ahead for the important changes ahead. Nathan will discuss the five tax moves retirees should consider before December 31, as well as som...
2023-11-0640 minNew Retirement Radio with Dennis Prout PodcastEpisode 342 - Healthcare Is Essential in Your Retirement Planning According to the Center for Medicare Advocacy, as of March 2023, nearly 65 million people are enrolled in Medicare, an increase of almost 100,000 since September 2022. 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 Medic...
2023-11-0644 minNew Retirement Radio with Dennis Prout PodcastEpisode 341 - Hindsight Is Always 20/20 Today’s show will feature a special guest, Jennifer Ewing, who has lived in Traverse City for more than 25 years and has worked in the Human Resources field for more than 32 years. Unfortunately, Jennifer lost both of her parents, but she has gained much firsthand knowledge as the executor of her parents’ estate. Deann and Nathan will discuss Jennifer’s experience, covering all the helpful tips – what she wishes she had known, what she’s glad she knew prior to her parents’ deaths, and all the nuggets of knowledge in between. Though this is a sobering topic, we hope to sha...
2023-11-0642 minNew Retirement Radio with Dennis Prout PodcastEpisode 340 - Where's the Beef? We all remember the famous Wendy’s ad a couple of decades ago in which an older woman asked where the beef was in her burger. On today’s show, we’ll try to answer that question in terms of investment and/or allocation opportunities for you. Sometimes opportunity doesn’t knock … you must open the door! Capital Group, which oversees American Funds Group, recently published an update whose title is both intriguing and apropos: “As rate hikes near end, historic investor opportunity may begin.” The advisors at Capital Group believe we’re on the cusp of a major transition, where l...
2023-11-0643 minNew Retirement Radio with Dennis Prout PodcastEpisode 339 - State of Michigan, Rolling Back Taxes! When taxes decline, many questions typically arise. In the case of the State of Michigan rolling back the retirement tax, copious amounts of questions and confusion seemed to reign. Today on New Retirement Radio, we will discuss the graduated change in the tax. For all Michigan taxpayers, the income tax rate dropped to 4.05% in 2023, down from 4.25% in 2022. Pension income for public servants like police officers and firefighters, state troopers and others will be fully exempt from paying state income tax in 2023. Others who receive a pension may face a graduated change in their tax through 2026. This is a big c...
2023-10-3042 minNew Retirement Radio with Dennis Prout PodcastEpisode 338 - Reality-Based Investing The new economy continues to show itself to us. While (of course) we cannot guess the future, the present certainly cannot be discounted as to what it provides in terms of usable information. What indicators can tell us how the economy is doing? Are those who are most pessimistic wrong? Do we maintain or change our holdings given the reality of rising short-term interest rates and what seems like increasing risk in our markets? On today’s show, we’ll investigate what these indicators are and give our best in terms of real strategy to assist you in allocating your...
2023-10-3044 minNew Retirement Radio with Dennis Prout PodcastEpisode 337 - Preventing Retirement Account Scams and Elder Abuse The September 2023 edition of Ed Slott’s newsletter comes with stories and insights about elder abuse, where scammers within families steal retirement account funds, resulting in significant losses as well as tax penalties. This is another example of why accountability needs to prevail within families, especially when larger retirement account balances are involved. Of course, on top of the losses are the significant issues related to family and the difficulty in many cases of ever getting these funds returned. On today’s show, we’ll discuss what to do to arm yourself and your loved ones against this threat. Also...
2023-10-3040 minNew Retirement Radio with Dennis Prout PodcastEpisode 336 - What a Difference a Year Makes! Too much cash! Who would have ever thought this would be a problem? Given how rates for conservative fixed income investments – including CDs, Treasury Bills and all the rest – have risen so dramatically, the pressure to get out of low-yielding money market and savings accounts has risen significantly. Investors who rushed for the exits last year and plowed trillions into money market funds, now around $5 trillion, may be wondering if it’s time to retrace a bit. With so much to talk about and so little time, on today’s show, we’ll discuss what you might want to consider an...
2023-10-0242 minNew Retirement Radio with Dennis Prout PodcastEpisode 335 - Economic News to Relate to! On our August 10 New Retirement Radio show, a caller asked about a recent article by Ray Dalio in The Wall Street Journal. Dalio has written and spoken extensively about the economy, including his November 2021 book, Principles for Dealing with the Changing World Order, which I think is a research masterpiece and have discussed on previous radio shows. The caller’s question piqued my interest in revisiting Dalio, so today we will discuss his take on the current economic situation as discussed by Spencer Jakab in the August 12 issue of The Wall Street Journal. Given Dalio’s experience in running the worl...
2023-10-0243 minNew Retirement Radio with Dennis Prout PodcastEpisode 333 - Planning and Taxes- What More Could You Ask For? Jon Sluis, CPA, joins us today to help us catch up on 2023 tax law changes as well as look out for future adjustments we need to be aware of. As you know, proper tax planning requires being aware of not only what’s new, but what has changed from the previous year. And you guessed it … there are lots of changes and updates for 2023 you need to know about. New retirement provisions that recently took effect will make a difference for your long-term planning. We will also discuss the impact of staying up-to-date on beneficiary designations to allow for maxim...
2023-10-0147 minNew Retirement Radio with Dennis Prout PodcastEpisode 332 - When Do We Get the “All Clear” Signal? The morning haze has made for some beautiful sunrises here in Northern Michigan recently. However, a similar type of “haze” continues to envelop our current economic situation. Are we in for a soft landing? What about interest rates, recession and the business cycle? Housing prices are another big unknown, with many professionals weighing in on the current housing market. On today’s show, we’ll continue the conversation about the current economy, even looking at whether global temperatures affect economic growth. Heidi will discuss the younger person’s use of summer earnings to start a Roth IRA, and how that might...
2023-08-2842 minNew Retirement Radio with Dennis Prout PodcastEpisode 331 - Protecting Your Nest Egg in the Retirement Hazard Zone In a May 2023 Kiplinger article, Chris Abeyta, in discussing the transition from asset growth to income and protection, warns us of the “Retirement Hazard Zone” – the four to five years right after the pivotal age of 59½ that can greatly impact the rest of your retirement. In essence, Abeyta cautions readers to take action to protect their nest egg from significant losses while still growing it. Part of this equation deals with the reality that, for some, they need to take income from their portfolio. For others, it’s about the need for greater preservation as their mindsets have changed. And for a few...
2023-08-2841 minNew Retirement Radio with Dennis Prout PodcastEpisode 330 - Just When You Thought It Was Safe to Go Outside! The beautiful summer weather seems to have everyone in a trance of warmth, ice cream, sandy beaches and the great outdoors (including the bugs)! Today, we’ll talk about the power of being a contrarian in a world that seems more confusing by the day. Included in this will be historical examples of those with very big voices who have been very wrong about the future. One example is the current residential housing market, which has stumped so many to continue strong despite ever-rising interest rates. Another is the continuing Fed attempts to rein in the economy with ever-widening int...
2023-08-1441 minNew Retirement Radio with Dennis Prout PodcastEpisode 329 - Your Retirement Journey In a recent article in Kiplinger, Chris Abeyta explains how your retirement journey breaks down into three phases. Phase 2: “The Retirement Hazard Zone,” are the four to five years right after turning the pivotal age of 59-1⁄2. According to Abeyta, this is the time to take action to protect your nest egg from significant losses while still growing it. Part of the equation deals with the reality that for some, they need to take income from their portfolio. For others, it’s about the need for greater preservation as their mindsets have changed. For a few, it’s about strategic a...
2023-08-1442 minNew Retirement Radio with Dennis Prout PodcastEpisode 328 - Talk is Cheap How many times have you heard the phrase, “Talk is cheap”? We even alluded to this on last week’s show regarding the market’s response to Fed Chair Jeremy Powell’s proclamation that rates would begin to rise at the Fed’s July meeting on the 25th and 26th. On this week’s show, we’ll continue to discuss the rate environment and its impact on the economy. Why? Because the implications are very important and dynamically changing. What camp are we in? Currently, we agree with Simon White of Bloomberg who recently had this to say: “Rising global rate expecta...
2023-08-1442 minNew Retirement Radio with Dennis Prout PodcastEpisode 327 - Finding the Retirement Strategy That Works for You So, you’d like to retire? Before taking the plunge, there’s a lot you need to think about. What are the common and not so common issues and financial hurdles for pre-retirees and retirees alike? What are the steps to consider or adjustments you have to make to move the needle in your direction in the face of a volatile economic environment? We’ll discuss these issues and more as we review several articles giving insight from the financial standpoint as well as practical input from our many years spent with clients and pondering these very same issues. Ne...
2023-07-0341 minNew Retirement Radio with Dennis Prout PodcastEpisode 324 - The Need to Know Have you ever felt the need to know more? Like you’re missing out on crucial news and information … especially for your financial well-being? While this can sound like a tall order, today’s show will be all about giving you the current, prevailing economic conditions. While we can only guess where the resultant markets might lead, we can glean more information to help in our decision making. We’ll discuss some of the current stats and information that you probably haven’t heard or perhaps even been able to process. Heidi will also review recent article in which wo...
2023-07-0342 minNew Retirement Radio with Dennis Prout PodcastEpisode 320 - Avoiding Scams – No One Is ImmuneWhether it’s by phone, email or text message, it seems like the number of scam artists out there trying to get your money or personal information is at epidemic proportions. And thinking that “this only happens to the older set” could not be further from the truth … no one is immune. Another issue we’ve heard from our connections in the banking sector is that those taken in by these scams are utterly embarrassed and, as such, are unwilling to discuss this issue and allow the education one gets from others with similar life experiences. Today, we’...
2023-07-0342 minNew Retirement Radio with Dennis Prout PodcastEpisode 326 - Riding Out the Technological Revolution There has been a lot of press lately about the future of AI, or Artificial Intelligence. Understandably, most are concerned about its impact on our lives – historically, socially and economically. Regarding investments, how do we navigate the companies involved in this advancing technology? What are some of the possible dangers that will be part of our new world. Some have likened this new technological revolution to the impact the railroads had on our nation about 150 years ago. The question always becomes, “Should I be worried?” and “What are the opportunities?” While we can never know all the dangers associated, on today’s show...
2023-06-2638 minNew Retirement Radio with Dennis Prout PodcastEpisode 325 - Leaving Your IRA to Charity You may have heard the song “If” by the ’70s group Bread. The beginning lyrics are: “If a picture paints a thousand words, then why can’t I paint you? The words will never show the you I’ve come to know.” Unfortunately, we can’t even come close to turning a traditional IRA into a ballad, but we can perhaps help you to soar a bit higher than you thought possible by using the most highly taxed account you own for a higher purpose: charitable giving. In essence, how could you leverage a highly taxable asset to do the good you can he...
2023-06-2641 minNew Retirement Radio with Dennis Prout PodcastEpisode 323 - Let's Talk About Roth IRAs! On today’s show, we’re diving into all things Roth IRA. Heidi will discuss the benefits of a Roth conversion, including a benefit most of us haven’t considered, a conversion as a gift to your beneficiaries. We will compare the possible outcome for traditional IRA beneficiary versus the possible outcome for Roth IRA beneficiary, so you can determine what’s best for you and your loved ones. Heidi will also cover some intriguing questions and helpful answers regarding inherited Roth IRA RMDs. This is timely and helpful information for those who might inherit a Roth IRA someday. ...
2023-06-2641 minNew Retirement Radio with Dennis Prout PodcastEpisode 323 - The Emotional Benchmarks of Retirement...Are You Ready? While we often discuss the financial realities of retirement and generating income or growth in an efficient manner while being aware of tax and other risks, we very rarely discuss the emotional aspects of retiring which, of course, can be huge. Are you ready to leave your career for something new and unchartered? Have you allowed yourself the time and preparation to prepare for the non-financial aspects of retirement? We have lots of great questions and areas to shed light on your situation, whether you are thinking of retiring or already retired. Also, Heidi will cover the...
2023-05-3037 minNew Retirement Radio with Dennis Prout PodcastEpisode 321 - Settling an Estate in Michigan – A Financial Planner’s Perspective You’ve heard of settling an estate from the attorney’s perspective. Today, we’ll discuss settling an estate from a financial advisor’s perspective. Settling an estate involves much more than merely settling assets. Generally, it also includes filing the last will and testament, paying bills and taxes, filing the deceased’s final tax returns, distributing property and filing the final account. We will discuss what typically is the biggest dollar item in the estate and the mechanics involved in handling it. Our goal is to help you save time, money (potentially thousands of dollars in taxes) and, of course, s...
2023-05-3041 minNew Retirement Radio with Dennis Prout PodcastEpisode 288 - Volatility: The Name of the Game Market gyrations are always unnerving, and today’s markets are no exception. Today, we’re going to discuss Fed Chairman Jay Powell’s recent quotes from his Jackson Hole, Wyoming speech and why we think the stock market responded as it did. Though the reality of the world in which we live is ever-changing, we can, at the same time, discuss what you can do about it, as well as consider why these are especially important times to make changes. We’re all trying to save money for a future goal or set of goals. Helping you (and us) remember...
2023-05-3033 minNew Retirement Radio with Dennis Prout PodcastEpisode 289 - Retiring in a Recessionary Economy While we won’t speculate on whether the U.S. economy is actually in a recession, we think it’s important to discuss the practicality of retirement (or staying retired) given a relatively tough investing environment, rising interest rates, a falling stock market, and worldwide angst about Russia, China and other countries. We’ll review some great articles as well as analyze our own day-to-day experiences. Then, Heidi will continue our dialogue on the details of the spousal Social Security benefit. And finally, Deann will have some interesting, eye-popping stats on the EV boom as an investment!
2023-05-3037 minNew Retirement Radio with Dennis Prout PodcastEpisode 286 - Ch-Ch-Ch-Changes Today is about changes! Wow, what a difference a week makes … or has it only been a day? Today, we’ll talk about many topics, including individuals putting their spending on personal credit cards to dent inflation; the upcoming near historic Social Security benefit increase; as well as the beloved Accuracy-Related Penalties possibly imposed on IRA withdrawals. We’ll also discuss a subject most near and dear to us – Roth conversions for all ages. We all know the amount of ink that’s been spilled about whether a Roth conversion is advantageous. One of the biggest is...
2023-05-3043 minNew Retirement Radio with Dennis Prout PodcastEpisode 287 - Megatrends and Their Impact Welcome to our ever-changing, ever-evolving financial universe. A famous radio host used to describe things as being, “… on the leading edge of societal evolution.” Today, we’ll discuss “quantum computing,” a recent megatrend that, according to Haim Israel, Global Strategist and Managing Director of Research at Bank of America, “Could be bigger than the discovery of fire.” We’ll explain how the impact of high tech and data management on our world in the next decade could be truly amazing. Next, Heidi will discuss “catch-up contributions” for those who wish to max out their tax qualified plans for the...
2023-05-3036 minNew Retirement Radio with Dennis Prout PodcastEpisode 290 - Bear Markets, and Recessions and Stats … Oh My! While the markets have been quite volatile recently, for today’s show, we thought it might be helpful to see what these numbers can mean for you in the future. Of course, we can’t predict the future, but we know that past performance is a good indicator of future behavior. In fact, we can delve all the way back to 1835 to see how markets from previous generations have responded to show the depth and breadth of what we might experience in today’s economic climate. Even if today’s stock market and asset market respond differently than before, the symmet...
2023-05-3036 minNew Retirement Radio with Dennis Prout PodcastEpisode 291 - Life Insurance – It’s Not Your Grandmother’s Policy Anymore! While life insurance is certainly not a sexy or thrilling, edge-of-your-seat subject, it can serve as a very practical tool in today’s economic climate. In fact, some advisors consider it a bit “edgy.” Primarily, life insurance is a way to protect your loved ones and help leverage their financial woes in the event of your untimely death. However, the impact life insurance can have while you’re alive can be surprising, too, given its tax advantages. This can include business-related transactions to transfer business values or cover key persons within the business. Tax advantages can amount to signif...
2023-05-3035 minNew Retirement Radio with Dennis Prout PodcastEpisode 292 - Tax-Advantaged Business Sale Tools with Special Guest Jon Sluis, CPA A couple weeks ago, I (Dennis) dedicated a significant amount of time to finishing my continuing education requirements in order to earn the Certified Private Wealth Advisor designation. In the middle of a very intense 24-hour session, a PhD accountant from the Booth School of Business in Chicago gave a surprising, edge-of-your-seat piece about tax-advantaged business sales and the reported tax benefits as shown by the required public disclosure, including how individual business owners can do the very same for themselves and those that follow. The information from this class (about 75 pages in all) has already been s...
2023-04-2440 minNew Retirement Radio with Dennis Prout PodcastEpisode 293 - Navigating Through Uncertainty “Forecasts create the mirage that the future is knowable.” Given our bent to discuss the markets and economy, there is no better reality check than the astute words of American Economist Peter Bernstein. In the end (of course) we all must continue to take as much responsibility as we’re able, and to act in the way most prudent for ourselves and our future. On today’s show, we will discuss the current economy but also time-tested ideas and information to help us deal with the reality on the ground. While the things we can’t control seem to gro...
2023-04-2442 min