Episode 318 - Small Thinking vs Big Thinking
Beer & Money
In this episode of Beer and Money, Ryan Burklo discusses the contrast between small thinking and big thinking in financial planning. He emphasizes the importance of focusing on larger financial goals rather than getting caught up in minor savings habits, such as cutting out small luxuries like Starbucks. By analyzing the impact of lifestyle choices on savings and the power of incremental changes, Ryan illustrates how a small adjustment in spending can lead to significant wealth accumulation over time. He encourages listeners to adopt a big picture mindset to enhance their financial well-being....
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Episode 317 - What Happens After Seven Figures
Beer & Money
In this episode of Beer and Money, Ryan Burklo discusses the financial risks that arise once individuals surpass the seven-figure mark in assets. He emphasizes that contrary to popular belief, reaching this milestone does not simplify financial management; rather, it introduces new complexities and risks. The conversation highlights three main issues: the shift in control from savings to investments, the feeling of being stuck in wealth accumulation, and the dangers of concentrated holdings in investments. Burklo stresses the importance of having a coordinated financial strategy to navigate...
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Episode 316 - Top 3 Portfolio Mistakes
Beer & Money
In this episode of Beer and Money, Ryan Burklo and Alex Collins discuss the three most common portfolio mistakes they encounter with clients. They emphasize the importance of understanding asset classes, avoiding over-concentration in US large stocks, and ensuring proper diversification to mitigate risks. The conversation highlights the significance of a balanced investment strategy and the need for clients to be aware of their portfolio's composition and associated risks. Check out our website: beerandmoney.net For a quick assessment of your current financial life go to: Takeaways...
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Episode 315 - Retirement Rich, Cash Poor
Beer & Money
In this episode of "Beer and Money," Ryan Burklo explores why many people feel financially stressed despite having significant retirement savings. He highlights the importance of taxable brokerage accounts in providing financial flexibility and reducing stress. Check out our website: beerandmoney.net For a quick assessment of your current financial life go to: TAKEAWAYS Many individuals feel financially constrained because their savings are tied up in retirement accounts. Taxable brokerage accounts offer liquidity and flexibility, allowing access to funds without penalties. Balancing...
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Episode 314 - How Are Your Assets Taxed?
Beer & Money
In this episode of Beer and Money, Ryan Burklo and Alex Collins discuss the critical topic of how assets are taxed and the implications for financial planning. They explore the importance of understanding tax brackets, the different types of taxable buckets, and strategies for tax efficiency. The conversation emphasizes the need for tax diversification and the impact of cash flow versus asset shifting on retirement income. The hosts provide insights into how listeners can better prepare for their financial future by considering taxation in their investment strategies. Check out our...
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Episode 313 - Sequence of Returns Risk
Beer & Money
In this episode of Beer and Money, Ryan Burklo discusses the critical concept of sequence of returns risk and its significant impact on retirement planning. He explains how market fluctuations during the initial years of retirement can affect the longevity of a retirement portfolio. Ryan emphasizes the importance of having a diversified investment strategy to mitigate risks associated with market downturns and ensure financial stability throughout retirement. Check out our website: beerandmoney.net For a quick assessment of your current financial life go to: Takeaways Sequence of...
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Episode 312 - Will Your Savings Last?
Beer & Money
In this episode of Beer and Money, Ryan Burklo and Alex Collins discuss the critical question of whether savings will last through retirement. They explore common mistakes made by pre-retirees and retirees, emphasizing the importance of strategic planning and understanding the risks associated with outliving savings. The hosts introduce the Monte Carlo simulation as a tool for assessing financial risks and analyze different investment strategies to enhance retirement income. They highlight the significance of diversification and the need for a balanced approach to retirement planning,...
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Episode 311 - What are the Different Types of Life Insurance with Mark SanGiacomo
Beer & Money
In this episode of Beer and Money, Ryan Burklo, Alex Collins, and Mark SanGiacomo delve into the complexities of life insurance, discussing its various types, the importance of income replacement, and how to determine the right amount of coverage. They explore the differences between term and permanent insurance, including whole life and universal life policies, emphasizing the need for personalized financial planning. The conversation highlights the significance of understanding insurance products, their benefits, and potential drawbacks, ultimately guiding listeners towards making informed...
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Episode 310 - Top 3 Questions to Ask When Interviewing Advisors
Beer & Money
In this episode of Beer and Money, Ryan Burklo and Alex Collins discuss essential questions to ask when searching for a financial advisor, particularly from the perspective of their mothers. They explore the importance of understanding the advisor's process, compensation models, and the need for coordination with other professionals. The conversation emphasizes trust, transparency, and the fiduciary responsibility of advisors, providing listeners with valuable insights for making informed decisions about their financial planning. Check out our website: beerandmoney.net For a quick...
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Episode 309 - How to Prioritize So You Can Retire Part 2
Beer & Money
In this episode, Ryan Burklo and Alex Collins discuss the essential elements of prioritizing a financial plan. They emphasize the importance of cash flow, income protection, and the balance between savings rate and rate of return. The conversation also covers debt management strategies, the significance of estate planning, and the implications of asset location on taxes. The hosts provide actionable insights for listeners to enhance their financial strategies and ensure a secure financial future. Check out our website: beerandmoney.net For a quick assessment of your current financial...
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