Episode 307 - Should You Overpay Your Mortgage? Part 2
Beer & Money
In this episode, Ryan Burklo and Alex Collins discuss the implications of overpaying a mortgage and explore alternative strategies for managing cash flow and financial planning in retirement. They emphasize the importance of flexibility in financial decisions, particularly regarding mortgage payments, and the role of life insurance in providing additional security and cash flow. The conversation highlights the need for strategic planning to address potential financial challenges in retirement, such as market volatility and unexpected expenses. Check out our website: beerandmoney.net For...
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Episode 306 - Should You Overpay Your Mortgage? Part 1
Beer & Money
In this episode of Beer and Money, Ryan Burklo and Alex Collins discuss the common financial question of whether individuals should overpay on their mortgages. They explore the implications of mortgage overpayment on cash flow, financial stress, and overall financial planning. The conversation emphasizes the importance of liquidity and how having access to cash can alleviate financial worries, especially as individuals approach retirement. Through various strategies, they illustrate how managing cash flow effectively can lead to better financial outcomes and peace of mind. Check out our...
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Episode 305 - State of Washington Estate Tax: What You Need To Know Now
Beer & Money
In this episode, Ryan Burklo and Alex Collins discuss the impending changes to the Washington State estate tax, including updates to the exemption limits and tax rates. They emphasize the importance of proper estate planning to navigate these changes effectively and ensure that individuals and families can protect their assets and minimize tax liabilities. The conversation highlights the need for coordination among financial advisors, estate planning attorneys, and CPAs to create a comprehensive estate plan that addresses both state and federal tax implications. Check out our website: ...
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Episode 304 - What is Index Investing?
Beer & Money
In this episode of Beer and Money, Ryan Burklo and Alex Collins delve into the intricacies of index investing, particularly focusing on the S&P 500. They discuss common misconceptions about index investing, the importance of diversification, and the risks associated with over-concentration in large-cap stocks. The conversation also touches on the differences between active and passive investing strategies, emphasizing the need for a well-rounded approach to portfolio management. The hosts aim to educate listeners on making informed investment decisions and understanding the market dynamics...
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Episode 303 - What is Mortgage Recasting?
Beer & Money
In this week's episode of Beer and Money, Ryan Burklo explains the concept of mortgage recasting — a lesser-known alternative to refinancing. He walks listeners through a scenario in how this process works. While not available through all lenders (especially federal loans), mortgage recasting can be a valuable strategy for those looking to improve cash flow or prepare for retirement without refinancing at a higher interest rate. Check out our website: beerandmoney.net For a quick assessment of your current financial life go to: Takeaways Definition of mortgage recasting Recasting...
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Episode 302 - Lessons From Our Clients
Beer & Money
In this episode of Beer and Money, Ryan Burklo and Alex Collins discuss the valuable lessons learned from their experiences with clients over the years. They explore the importance of maintaining emotional balance, planning for both success and worst-case scenarios, and the significance of taking time for family and personal health. The conversation emphasizes the need for flexibility in financial planning and the evolving nature of personal goals. Check out our website: beerandmoney.net For a quick assessment of your current financial life go to: Takeaways Never get too high or too low...
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Episode 301 - How Buffered ETFs Can Fit Into Your Financial Plan
Beer & Money
In this episode of Beer and Money, Ryan Burklo and Alex Collins discuss the role of buffered ETFs in financial planning. They explore the mechanics of buffered products, including their potential for equity exposure and downside protection. The conversation delves into how these products can be integrated into financial strategies, particularly for individuals nearing retirement or already retired. The hosts emphasize the importance of understanding the risks and returns associated with buffered ETFs and how they can provide flexibility in investment decisions. Check out our website: ...
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Episode 300 - Retirement Strategies Beyond Market Dependency
Beer & Money
In this episode, Ryan Burklo and Alex Collins discuss effective retirement planning strategies that ensure individuals are not solely dependent on market performance for their retirement income. They emphasize the importance of liquidity, market risks, and the need for a diversified approach to asset allocation. The conversation highlights various withdrawal strategies and the impact of market volatility on retirement savings, ultimately advocating for a balanced approach that mitigates risks while maximizing financial security. Check out our website: beerandmoney.net For a quick...
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Episode 299 - To Roth or Not To Roth Part 3
Beer & Money
In this episode of Beer and Money, Alex Collins discusses the intricacies of converting traditional IRAs to Roth IRAs, including the types of conversions, strategies for implementation, and the tax implications involved. He emphasizes the importance of consulting with tax advisors and financial planners to navigate these decisions effectively. The conversation also covers the timing of conversions, potential costs, and unintended consequences as individuals approach retirement. Check out our website: beerandmoney.net For a quick assessment of your current financial life go to: Check out...
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Episode 298 - To Roth or Not To Roth Part 2
Beer & Money
In this episode of Beer and Money, Alex Collins discusses various strategies for contributing to Roth accounts, including Roth IRAs, Roth 401ks, backdoor Roths, municipal bonds, and permanent life insurance. He emphasizes the importance of consulting with tax professionals and understanding individual circumstances when choosing the best strategy for tax-free growth and withdrawals. Check out our website: beerandmoney.net For a quick assessment of your current financial life go to: Takeaways Roth accounts use after-tax dollars for contributions. Roth IRA contribution limits are $7,000...
info_outlineIn this episode of Beer and Money, Ryan Burklo discusses the recent changes to the rules governing inherited IRAs, particularly focusing on the new 10-year rule that requires non-spouse beneficiaries to deplete inherited accounts within a decade. He explains the implications of this rule, exceptions for certain beneficiaries, and the importance of tax strategies when managing inherited funds. The episode emphasizes the need for financial planning and awareness of IRS regulations to avoid penalties and optimize tax efficiency.
Check out our website: beerandmoney.net
For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo
Takeaways
The 10-year rule requires non-spouse beneficiaries to deplete inherited IRAs within 10 years.
Prior to 2020, beneficiaries could stretch withdrawals over their lifetime.
Exceptions to the 10-year rule exist for minor children and disabled individuals.
Tax planning is crucial when withdrawing from inherited IRAs.
Delaying withdrawals until year 10 can lead to significant tax implications.
Inherited traditional IRAs are subject to ordinary income tax rates upon distribution.
Understanding these rules is imperative to avoid penalties.
The IRS is now enforcing these rules more strictly than before.
Financial planning should consider retirement timing and income changes.
Resources are available for individuals to assess their financial situation.
Chapters
00:00 Introduction to Inherited IRA Rules
00:30 Understanding the 10-Year Rule
02:27 Exceptions to the 10-Year Rule
03:28 Tax Strategies for Inherited IRAs
05:21 Conclusion and Resources