Ep 45: Keeping Your Accounting Clean for Business Transitions - with Dennis Fry
Release Date: 05/30/2023
Retire With Confidence
In this episode, Dave Zaegel discusses the topic of playing the lottery and its implications for retirement planning. He shares an experience he had in a grocery store and highlights two key points to consider when playing the lottery. Dave cautions against viewing the lottery as a solution to retirement problems and emphasizes the importance of understanding the financial implications. He also explores the downsides of winning the lottery and how it can negatively impact one's life. Ultimately, Dave advises listeners to be mindful of the potential consequences before engaging in lottery play....
info_outline Ep 87: Importance of Proper Insurance Coverage with Tyler ArnoldRetire With Confidence
In this episode, Tyler Arnold of the Arnold Insurance Group joins Dave Zaegel to discuss the importance of protecting assets through insurance coverage. They cover topics such as auto insurance coverage, home insurance coverage, liability coverage, umbrella policies, and water damage coverage. They emphasize the need to review coverage regularly and make adjustments as necessary. Listeners are encouraged to reach out to Tyler Arnold for further assistance. Takeaways: Ensure that auto liability coverage meets or exceeds total assets at risk. Consider increasing liability coverage on home...
info_outline Ep 86: IRA Types and ConversionsRetire With Confidence
In this episode, Dave Zaegel discusses traditional IRAs, Roth IRAs, backdoor Roth IRAs, and Roth IRA conversions. He explains the tax implications of each type of account and highlights the benefits of Roth IRAs, which allow for tax-free withdrawals in retirement. Dave also explains the concept of backdoor Roth IRAs, which provide a way to contribute to a Roth IRA even if your income exceeds the limits. He emphasizes the importance of tracking and reporting these transactions on Form 8606 of your tax return. Takeaways: Traditional IRAs provide a tax deduction for contributions, but...
info_outline Ep 85: Life Insurance for Estate PlanningRetire With Confidence
In this episode, Dave Zaegel discusses the use of life insurance for estate planning. He explains how life insurance can help avoid estate taxes and the importance of planning for potential changes in tax laws. Dave also introduces the concept of an irrevocable life insurance trust (ILIT) and how it can be used to protect assets and provide tax benefits. Additionally, he touches on special needs planning and how life insurance can be beneficial in that context. Takeaways: Life insurance can be used to avoid estate taxes and protect assets for beneficiaries. An irrevocable life insurance trust...
info_outline Ep 84: Life Insurance Planning for RetirementRetire With Confidence
In this episode, Dave Zaegel discusses the use of life insurance in retirement planning, specifically in relation to pension payouts. He explains the reasons why someone might want to keep a life insurance policy in retirement, such as health issues or the desire to leave a financial legacy. Dave then explores how life insurance can be used to enhance pension payouts, providing an example to illustrate the concept. He emphasizes the importance of evaluating different payout options and considering one's health when considering life insurance in retirement planning. Takeaways Life...
info_outline Ep 83: Life Insurance Planning - Types of PlansRetire With Confidence
In this episode, Dave discusses the importance of life insurance in retirement planning. He explains that while life insurance is commonly associated with younger individuals, there are situations where it can be beneficial for retirees. He then provides an overview of different types of life insurance policies, including term insurance, whole life insurance, and universal life insurance. He emphasizes the need to keep life insurance planning simple and evaluate options based on individual needs and goals. Takeaways Life insurance can play a role in retirement planning by providing a...
info_outline Ep 82: Risk Tolerance Questionnaires are (Mostly) GarbageRetire With Confidence
In this episode, Dave Zaegel discusses the limitations and problems with risk tolerance questionnaires commonly used in retirement planning. He emphasizes the importance of individualized retirement planning and the need for a comprehensive plan that aligns with the client's goals and needs. Risk tolerance questionnaires should only be used as a supplement to the plan, providing small adjustments based on the client's comfort level. Dave cautions against relying solely on these questionnaires and highlights the role of proper investment structure in supporting the plan. Takeaways: Risk...
info_outline Ep 81: Don't Get Hurt (Too Badly)Retire With Confidence
In this episode, Dave Zaegel discusses the importance of not getting hurt in retirement, both in terms of health and finance. The primary focus is on injury prevention and maintaining physical well-being as we age. Additionally, Dave explores the need for growth and investment strategy in retirement planning, while also emphasizing the importance of avoiding major financial setbacks. He highlights the significance of creating a safety net and balancing risk with long-term growth. Takeaways: Prioritize injury prevention and maintaining physical well-being in retirement. Invest in growth...
info_outline Ep 80: The 4% Rule - Suze Orman Article ReviewRetire With Confidence
In this episode, Dave Zaegel discusses an article that criticizes the 4% Retirement Rule. The article claims that withdrawing 3% is safer and suggests working until age 70 or longer. Dave disagrees with this viewpoint and explains that withdrawal rates can be higher depending on individual circumstances. He emphasizes the importance of structuring finances properly, setting up income buckets, and reducing taxes through tax planning. Dave encourages retirees to enjoy their money while they are still able to do so comfortably. Ultimately, he advises seeking professional advice to determine an...
info_outline Ep 79: Best Way to Handle QCDsRetire With Confidence
In this episode, Dave Zaegel discusses Qualified Charitable Distributions (QCDs), explaining how they work and why it's beneficial to make them directly from a traditional IRA to the charity. He advises setting up a separate IRA account specifically for charitable distributions and explains how this can simplify the process and ensure proper reporting on tax returns. Dave concludes by reminding listeners that the podcast provides general information and should not be considered personalized advice.
info_outlineBusiness owners get to retire too! But the transition can be different and difficult when you own a business. One of the most important pieces to transitioning / selling a business is to have your accounting function and the business accounting itself clean. Messy financial statements are an immediate red-flag to anyone looking to acquire your business.
In this episode, we are joined by Dennis Fry, founder of CPAs for Hire, to learn about why it is critical to have your accounting clean when trying to sell a business, and how CPAs for Hire itself helps business owners not only keep their accounting clean, but also improve business processes and best practices.