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Ep 72: Fraud Prevention with Kathy Stokes of AARP

Retire With Peace

Release Date: 12/05/2023

Ep 145: Large Funds Play a Different Game show art Ep 145: Large Funds Play a Different Game

Retire With Peace

In this episode, Dave Zaegel discusses the differences between investment strategies of large funds and individual investors, particularly in the context of retirement planning. He emphasizes the importance of understanding one's own financial goals and risk profile rather than blindly following the actions of big investors. The conversation highlights the need for long-term planning and the significance of setting up a proper investment structure to ensure financial security in retirement.  

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Ep 144: Why do a Roth IRA Conversion Now? show art Ep 144: Why do a Roth IRA Conversion Now?

Retire With Peace

In this episode of the Retire with Peace podcast, host Dave Zaegel discusses the intricacies of Roth IRA conversions, emphasizing the importance of timing and strategic planning. He explains why most conversions are typically done towards the end of the year, but also highlights scenarios where early conversions may be beneficial, particularly during market downturns. The conversation covers the necessity of taking required minimum distributions (RMDs) before conversions and the potential advantages of partial conversions to maximize tax efficiency and investment growth.

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Ep 143: Gold Rush show art Ep 143: Gold Rush

Retire With Peace

In this episode of the Retire with Peace podcast, host Dave Zaegel discusses the current trends in gold and Bitcoin investments, emphasizing the importance of risk management and balanced investment strategies. He shares his personal struggles with investing in non-producing assets like gold and digital currencies, advocating for a cautious approach to investing in these alternatives. The conversation highlights the need for diversification and the potential for growth while maintaining a focus on risk management in retirement planning.   Takeaways: Investing in gold and Bitcoin is...

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Ep 142: Tug of War show art Ep 142: Tug of War

Retire With Peace

In this episode of the Retire with Peace podcast, host Dave Zaegel discusses the current market uncertainties and the mental tug of war faced by investors, particularly those nearing or in retirement. He emphasizes the importance of balancing the need for safety with the necessity for long-term growth in investment strategies. Zaegel provides insights on how to manage these concerns by setting up a safety net of income for at least five years, allowing investors to weather market fluctuations while still focusing on growth opportunities.   Takeaways: Investors are experiencing...

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Ep 141: IRA Beneficiary Selection show art Ep 141: IRA Beneficiary Selection

Retire With Peace

In this episode, Dave Zaegel discusses the critical aspects of beneficiary selection for inherited IRAs, emphasizing the importance of keeping beneficiary designations updated, the implications of naming trusts versus individuals, and the benefits of charitable contributions from IRAs. He provides practical advice on estate planning to ensure that assets are distributed according to the individual's wishes, avoiding complications and unnecessary tax burdens.

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Ep 140: Inherited Roth IRA Benefits show art Ep 140: Inherited Roth IRA Benefits

Retire With Peace

In this episode of the Retire with Peace podcast, host Dave Zaegel discusses the complexities of inherited IRAs, focusing on the importance of careful planning, especially regarding Roth IRAs. He emphasizes the need for beneficiaries to take their time and understand the rules surrounding distributions to minimize tax burdens. The episode highlights the advantages of inheriting Roth IRAs, including tax-free withdrawals and no required distributions, making them a beneficial option for both the original account holder and their heirs.    

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Ep 139: Inherited IRAs - Required Distributions or Not? show art Ep 139: Inherited IRAs - Required Distributions or Not?

Retire With Peace

In this episode, Dave Zaegel discusses the complexities of inherited IRAs, particularly focusing on the changes brought by the Secure Act. He explains the implications of required distributions, how to calculate them, and the importance of understanding the required beginning date. The conversation also touches on the nuances of successor beneficiaries and the 10-year payout rule, emphasizing the need for strategic tax planning when dealing with inherited IRAs.   Takeaways The Secure Act 1.0 eliminated the stretch IRA, capping distributions at 10 years.IRS rules require annual required...

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Ep 138: Inherited IRAs - 3 Types of Beneficiaries show art Ep 138: Inherited IRAs - 3 Types of Beneficiaries

Retire With Peace

In this episode, Dave Zaegel discusses the complexities of inherited IRAs, focusing on the new rules established by the Secure Act and the importance of understanding different types of beneficiaries. He emphasizes the need to name beneficiaries to avoid unfavorable tax situations and outlines the distinctions between non-designated, non-eligible designated, and eligible designated beneficiaries. The conversation also touches on planning strategies for maximizing tax efficiency when inheriting IRAs.   Takeaways Inherited IRAs have new rules effective in 2025. Naming a beneficiary is...

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Ep 137: US News Article Review - Still Plan for 95? show art Ep 137: US News Article Review - Still Plan for 95?

Retire With Peace

In this episode of the Retire with Peace podcast, host Dave Zaegel discusses the importance of planning for retirement, particularly the debate around whether retirees should plan to live until age 95. He emphasizes the need for a conservative approach to retirement planning, considering potential medical advances and the risk of outliving one's savings. Additionally, he encourages retirees to spend more in their early years to enjoy life while they are still active, balancing the need for financial security with the desire for enjoyment in retirement.   Takeaways Most financial advisors...

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Ep 136: Nerdwallet Article Review - 5 Steps to Retirement Planning show art Ep 136: Nerdwallet Article Review - 5 Steps to Retirement Planning

Retire With Peace

Summary In this episode of the Retire with Peace podcast, host Dave Zaegel discusses an article from NerdWallet titled 'Five Steps to Retirement Planning in 2025.' He emphasizes the importance of starting retirement planning early, understanding income needs, prioritizing financial goals, choosing the right retirement plan, and selecting appropriate investments. Zaegel provides insights and personal thoughts on each step, encouraging listeners to take a proactive approach to their retirement planning.   Takeaways Start retirement planning as early as possible, ideally five years before...

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More Episodes
In this episode, Dave Zaegel interviews Kathy Stokes, the Director of Fraud Prevention Programs at AARP. They discuss the need for public policy change to address fraud as a crime and the importance of treating it as a public health crisis. They also highlight the role of education in preventing fraud and the need for increased awareness and training in law enforcement. Kathy shares insights into the demographics of fraud victims and the tactics used by scammers. She emphasizes the importance of disengaging from scammers and provides resources available through the AARP Fraud Watch Network.
 
Helpline: 877-908-3360
 
 
Takeaways
  • Fraud should be treated as a crime and a public health crisis, requiring a whole-of-society response.
  • Education and awareness are crucial in preventing fraud, and knowing about specific scams can significantly reduce the likelihood of falling victim.
  • Law enforcement needs better training and resources to effectively investigate and prosecute fraud cases.
  • Victims of fraud should not be blamed, and support systems should be in place to help them recover and prevent further victimization.
  • Public policy changes are necessary to address the evolving tactics of fraudsters and protect vulnerable individuals.
Chapters
00:00 Introduction and Background
03:01 The Need for Public Policy Change
05:15 Treating Fraud as a Crime
07:26 The National Elder Fraud Coordination Center
09:25 Lack of Awareness and Training in Law Enforcement
11:00 Victims of Fraud
15:21 Underreporting of Elder Fraud
18:05 Educating the Public on Scams
20:15 Disengaging from Scammers
23:03 Stop, Drop, and Roll for Fraud
25:07 Gangs Involvement in Financial Crimes
26:43 Mail Theft and Check Fraud
28:01 The Role of Education and Technology
29:18 AARP Fraud Watch Network Resources