Your Financial EKG™ | Retirement Planning | Investment and Wealth Management | Financial Planning

Are Roth IRA Distributions Taxed? How To Avoid Penalties and Taxes on Roth IRA Distributions Can your Roth IRA become taxable? Are distributions from your Roth IRA taxed? If you don't follow two very specific rules, you could incur taxes and penalties on your Roth IRA distribution. That is what we are going to discuss in this weeks, Your Financial EKG™ blog.    Roth IRA's are supposed to...

Should I Convert My IRA to A Roth IRA (Part 3) Benefits of a Roth IRA Conversion Over the last few weeks we have looked at who should convert their IRA to a Roth IRA and we have discussed how to convert your IRA to a Roth IRA. Today, we are going to dive into at the benefits of converting your IRA to a Roth IRA. Most investors and individuals planning for retirement understand that Roth IRA's are...

How Do I Convert My IRA to a Roth IRA How Do I Convert My IRA to a Roth IRA? That is the question of this week's video blog. In Part 1 (https://youtu.be/Zw1PuU3a4xU) we discussed, Who Should Convert their IRA to a Roth IRA. Click the link above if you missed that video. This week we are going to dive into the subject of HOW do I actually convert my IRA to a Roth IRA. Ready? Let's go! **Free Retire...

Should I Convert My IRA to A Roth IRA (Part 1) Who Should Convert IRA to Roth IRA   In this 3 part video blog I want to begin by discussing: Who should convert their IRA to a Roth IRA. I am asked quite often, "Should I Convert my IRA to a Roth IRA," and to be honest the answer is, "It depends." Everyone's retirement and financial picture is different. Whether you should convert your IRA...

What is the MAXIMUM Social Security Check You Could Receive? What is the maximum Social Security check that you could receive when you retire? Or what is the biggest check you could receive from social security at 62, 67, or 70? How can you qualify for the maximum amount of Social Security Benefits and how can you INCREASE your Social Security check? That is what we are going to talk about in the...

How is Social Security Taxed || How Much of Your Social Security Income is Taxable How is Social Security Taxed? What part of my social security income is taxable? These are just a few of the questions I have received lately about the taxability of social security. When you think about your social security benefit, oftentimes you don't think, "How Much of my social security income is taxable?" No,...

IRA Contribution Limits 2022 & ROTH IRA Contribution Limits 2022 || IRA & Roth IRA Contribution 2022 IRA and Roth IRA contribution limits have been released by the IRS and they look very similar to the IRA & Roth IRA Contribution limits for 2021. Unfortunately, because of how the IRS calculates the contribution increases for IRA's and Roth IRA's, in 2022 there will be NO increase from...

How To Eliminate or Reduce Taxes on Social Security In this podcast I want to discuss 4 simple strategies that can help you eliminate or reduce the taxes on your social security benefits. I also want to discuss how the IRS determines how much of your social security is taxed using a formula called provisional income.  We are also going to define what is social security taxable income, traditi...

401k Contribution Limits for 2022 || 5.1% Increase in 401k Contribution Limit In this podcast I want to discuss the new 2022 401k contribution limits. Because of inflation, 401k contributions and other qualified retirement accounts are seeing a 5.1% increase in contribution limits.  Below are the tables for 401k contribution limits for 2022 and other qualified retirement plans (These are annu...

Average Retirement Income by Age & Ways to Increase Your Retirement Income Do you know what the average retirement income is by age? Do you wonder how you can increase your retirement income? How can you increase your retirement income and how do you know where you stand with the average retirement income by age and generation? That is exactly what I want to talk about in this podcast. Watch V...

Numbers YOU Need To Know BEFORE Retirement || Retirement Income Planning   We all want to retire. We can see the retirement destination ahead of us on the calendar. We can taste the sweet drink of retirement as we lay in a beach chair instead of punching the time clock. But what about preparing for that eventual retirement. What are some numbers, especially retirement income numbers, that you...

Your Financial EKG Podcast: Do This BEFORE you retire | 5 Important Considerations before You Retire   Click Here For More Retirement Planning Videos: https://bit.ly/3wH3mgb  In this podcast I want to discuss 5 factors you need to consider BEFORE retirement. Are you considering retirement or retiring in the next few years? Maybe you are doing retirement planning at 45, retirement plannin...

How To Take Early 401k Withdrawal Without Penalty  In this podcast, I want to talk about the Rule of 55 for 401k's and why if you are thinking about retiring early you should NOT rollover your 401k.    The Rule of 55 is an IRS guideline that allow individuals in retirement to pull out retirement income from their old 401k without paying the 10% penalty for early withdrawals. This ru...

Average Income in Retirement in 2021 || Retirement Income Strategies & Retirement Income Planning In this podcast I want to talk about the average retirement income in 2021 and retirement income strategies to help you increase your retirement income and give you confidence in your retirement income planning. In 2021 the average retirement income for a retired individual was $1,500 in social se...

In this podcast I want to discuss the impact of the social security cola increase for 2022 and how you can calculate the increase in your social security benefits check. Social Security is now expected to increase 5.9% in 2022 making this social security cola increase the biggest in 40 years. BUT, what about your retirement income? Does this impact when to take social security retirement benefits?...

Should I File For Social Security at 62? In this podcast I want to talk about filing for social security at 62 and does that make sense for your retirement income planning. I also want to go through 5 reasons why individuals would file for social security at 62. If you are considering retirement and are working on your retirement planning or retirement income strategies, understanding social secur...

Is Social Security Running out of Money? || Social Security Benefits Explained || Retirement Income In this podcast I want to discuss the new forecast showing Social Security running out of money in 2033. This is an update to last years Social Security forecast that showed Social Security running out in 2034. Here are some quick highlights from the podcast: -Primary Social Security fund for Retire...

Average Income in Retirement in 2021 || Retirement Income Strategies & Retirement Income Planning In this podcast I want to talk about the average retirement income in 2021 and retirement income strategies to help you increase your retirement income and give you confidence in your retirement income planning.    In 2021 the average retirement income for a retired individual was $1,500...

First Habits Win with special guest Mike Miller Have you ever wondered how to teach your children about money? Do you struggle with good money habits yourself? Well, this podcast is specifically for you! Join Drew Blackston with special guest Mike Miller this week on a podcast dedicated to helping you put in place good money habits.  About Mike Miller: Mike Miller is an executive leader in th...

In this podcast I want to discuss the new forecast showing Social Security running out of money in 2033. This is an update to last years Social Security forecast that showed Social Security running out in 2034.  Here are some quick highlights from the podcast:   -Primary Social Security fund for Retired Individuals will run out in 2033.  -Social Security is expected to pay out more...

4 Social Security Myths You Shouldn't Believe In Retirement || Social Security Explained In this podcast I want to dispel 4 myths that you might be believing about social security in retirement. We are continuing to talk about social security because I believe social security is a huge part of your retirement planning and retirement income. Without a good understanding of your social security bene...

How To Fix Social Security || Social Security Explained || Retirement Income Strategies    In this podcast I want to continue talking about Social Security and especially how to fix social security (This is not a political agenda video. Strictly retirement planning). We are talking about social security because it is a major aspect of your retirement income strategies and your retirement...

Self Employed? You Should Be Using The Solo 401(k). The Solo 401(k) offers self employed individuals the ability to save more for retirement than any other retirement vehicle. It is easy to manage and very very inexpensive to set up. If you are self employed and contributing to some kind of retirement account, you should consider the Solo 401(k).  Need help setting up your Solo 401(k) or reti...

Join me today on the Your Financial EKG Podcast as I welcome Maurice Waring to the podcast. Maurice is a mortgage loan officer with Pen Fed specializing all things mortgages, refinances, and real estate. If you or somebody you know is looking to buy, sell, or refinance their home, this podcast is a must listen! Maurice Waring:  penfed.org/mortgage-center/agents/Maurice_Waring   maur...

Train Your Money In this podcast, I want to discuss how you can begin to train your money toward financial freedom. Everyone knows how to train their body with exercise and right eating, but did you know that you can train your money as well? Listen now as we dive into how to train your money and how doing so puts financial freedom in your future! **Free Retirement Download: The Roadmap to Retirem...