Dolphin Financial Radio

A trust is a legal document that is used to organize, protect, and help to distribute your assets when you pass away. Trusts are often considered a tool used by wealthy people, but they can useful in many different situations. In this show we discuss some major reasons you might need a trust and discuss the the value versus the cost of creating one.

Qualified Charitable Distributions, or QCDs, are a specific giving strategy that allows people to donate directly from an IRA. This can be used to satisfy a Required Minimum Distribution (RMD) without paying taxes on the distribution! In this show we'll discuss the IRS rules of QCDs and RMDs and discuss why some people might consider using this tax and giving strategy.

Families troubles sometimes begin when a loved one is lost and leaves assets behind. Disagreements and legal battles can arise from seemingly small amounts of money or possessions. Properly titling and owning assets can go a long way to help prevent these issues. In this show we discuss the different forms of ownership and ways to avoid potentially expensive, time-consuming, and public legal battl...

Has the cost for Thanksgiving dinner really gone up that much in 2022? In this show we discuss the real cost of the holiday meal and how much is has increased in the past year. We also share our personal family's addition to the meal and a way to save money this year.

When are you going to retire? For many, the time is now and they just don't know it. In this show we discuss the three top reasons why you should walk away from your job and start retirement today. For certain situations, there is no time like the present!

Many Americans say they have stopped or reduced retirement savings due to inflation. Some have even said they have had to dip into their retirement savings because of rising inflation. Yet, rising inflation suggests you will need more in the future, which means you need to save more now. Why is there a disconnect?

There have been record number of annuities sold in the 3rd quarter of 2022 according to LIMRA. Fixed deferred and indexed annuities are seeing major growth year over year. In this show we discuss the main reason for these annuity purchases. The recent market volatility, desire for principal protection, and rising interest rates have created the perfect annuity storm.

The SECURE Act of 2019 changed the rules for Inherited IRAs. The distributions can no longer be stretched over the beneficiary's lifetime in many cases. This became known as the new 10 year rule. However, there was significant confusion about this new rule, which left many uncertain on what to do. The IRS recently published a notice on this very topic to help clear the confusion and address t...

Cost-of-living-adjustments (COLAs) are a big part of Social Security, particularly when we are at 40 year high increases in 2022! However, what if you haven't claimed Social Security benefits yet? Do you have to be collecting benefits in order to receive the COLA? In this show we address the concern people have regarding delaying benefits and missing out on COLAs.

The Roth IRA and Roth 401k are considered by many financial advisors as one of the best tools for retirement savings. However, a recent article from a well respected financial researcher and policy maker suggests otherwise. Find out why she feels the Roth options should be eliminated and whether or not we at Dolphin Financial Group agree.

According to some research, young people should NOT save for retirement. In fact, retirement saving should only happen during your middle age years. In this show we talk about how this might actually be a terrible idea.

Is a high deductible health plan (HDHP) something you should consider for you and/or your family? In this show we talk about what a HDHP is and why it may make sense for you. The main reason to consider using a HDHP is to gain access to the powerful features of a Health Savings Account (HSA).

Do single women have a financial advantage or disadvantage during retirement compared to their married counterparts. In this show we talk about a major challenge that single women face - lower retirement confidence. Why do single women have less financial confidence in retirement than married women and what can they do to improve their situation

More and more homes are becoming multigenerational. Young adults are moving back in with their parents (known as Boomerangs) and adults are moving in with their aging parents. The main reason for this living arrangement is financial. We discuss the findings from a recent study about this and talk about our real-life experiences and strategies with multigenerational living.

Does it make financial sense to delay Social Security if you need to withdraw from your retirement to cover expenses while you wait? On paper, delaying Social Security until age 70 makes financial sense for many. However, does it really benefit you to withdraw early from your retirement funds while you delay filing from Social Security from ages 62 to 70? Listen in as we tackle this complex proble...

Social Security is a very misunderstood financial tool. People are not sure how Social Security works, how benefits are determined, how to claim off a spouse, or simply when to claim. In this show we reference a recent study about how little Americans know about this massive program. We also share the top three concepts about Social Security that everyone should know and understand.

There are many financial risks people face in retirement. Some risks are more likely to come into play than others. In this show, we talk about five major risks retirees face. We also review some recent research that compares what people subjectively think about the risk to the objective reality of the same risk. In other words, do people overestimate or underestimate the risks they face in retire...

Many people consider moving outside of the US to retire in order to reduce their cost of living. What about staying in the US territory of Puerto Rico? In this show we discuss the tax advantages to living in Puerto Rico. We discuss how income is taxed, including Social Security. Does it make financial sense to call Puerto Rico home during your retirement years?

The year 2022 has been quite volatile in the financial markets. Has this changed our attitude about retirement? In this show we explore a recent survey about what savers and employers are feeling when it comes to retirement. You might be surprised what people want as part of their retirement plans.

How can you retire when the financial markets are in turmoil? Should you retire during such a volatile time? In this show we discuss three key considerations or tips for people looking to retire when the financial markets are more volatile than usual.

In the year 2033 there may be a 24% shortfall in Social Security payments. How can we fix this potential situation? Either we increase taxes, reduce benefits, or combination of both. In this show we get into very specific proposals for how to get Social Security back on track.

If you had money to invest right now, where should you consider putting it? With current turmoil and uncertainty, it seems like a difficult question to answer. In this show we discuss the many options on where to invest your money. The top suggestion in the end may really surprise you...

When you retire, which account should you pull from and when? Conventional wisdom suggest first withdrawing from taxable accounts, followed by IRAs, and then lastly from Roth accounts. Is this conventional wisdom correct? Is there a strategic way to withdraw your retirement income in order to maximize income and minimize taxes? Are there other considerations?

When your IRA stock portfolio is down in value, does it make sense to covert a portion to a Roth? Since the value is lower, you can convert a higher portion to a Roth for the same tax liability. However, this may not be the best approach to deciding on a Roth conversion. In this show we discuss converting to a Roth in a Bear market.

The Federal Reserve is raising rates at a fast pace to fight inflation. This has created a lot of volatility in the stock/bond markets. These Fed rate changes ultimately lead to interest rate increases for mortgages and other debts. Yet, these increases might actually be a good thing, particularly for retirees.