Despite Volatility This Year, Overall, The Market Keeps Rising Transcript: Katie Nealis: We have another question asking why does the stock market keep going up? Tom Vaughan: Yeah, that’s, that’s a good question. Actually, you know, think about it. We just had a giant wave of COVID that came through, you know, last last end
So Many Investment Vehicles, So Many Choices Transcript: Katie Nealis: What is a SEP IRA? Easan Arulanantham: Basically, a SEP account is a simplified employee pension. And so essentially any business can set this up. It’s the idea was the IRS want to give smaller businesses an easy way to set up a retirement plan
Tom’s Financial Planning Process Can Help Transcript: Katie Nealis: So we have another question in saying I plan to retire in 10 years. How do I know if I’ve been saving enough? Tom Vaughan: 10 years, that’s a really good timeframe to take a look, you know, the earlier the better, but 10 years is
Tom Recommends Working Issues Out Together, with Your Advisor Transcript: Katie Nealis: So, Tom, you’ve completed 1000s of financial plans and your experience, where do most couples have issues being face to face and their financial plan? And do you think these there are topics that should be figured out before they come to you
Never Too Young to Get a Financial Plan Transcript: Katie Nealis: We got another question and asking At what point should I get a financial plan? Tom Vaughan: Yeah, that’s kind of interesting. I think the youngest person I’ve done a financial plan for is 22. And that was no problem. So really, there isn’t
Tom Shows Us How RMDs are Calculated Transcript: Katie Nealis: So as you mentioned, someone last week asked us to dive a little deeper into how required minimum distributions are calculated, and how much taxable income they may expect. Tom Vaughan: Okay, so requirement of distributions, also known as rmds, are really a critical component
You Really Can’t Invest Like the 1% Unless you Are the 1% Transcript: Katie Nealis: How can I invest like the 1%? Tom Vaughan: So what they’re talking about, I suppose, is the, you know, the, the, you know, the top 1% and net worth of Jeff Bezos, and what have you in the world?
Tom’s Thoughts on Maximizing Investments Katie Nealis: I am in my early 50s, I am maxing out my 401k should I save it into an IRA or brokerage account? I make too much money for a Roth IRA, and I wouldn’t be able to deduct my, my contribution to my IRA? Tom Vaughan: That’s a
Transcript: Katie Nealis: How is Social Security taxed? Tom Vaughan: So Social Security is taxed based on your combined income, which is your adjusted gross income plus your non taxable interest. So that’s kind of your Muni bonds, and then half of your Social Security benefits. And so if you’re below 25,000, as a single
Plan Carefully to Maximize your RMDs Transcript: Katie Nealis: I am 71, I’m going to take my required minimum distributions next year. How do they work? Tom Vaughan: So this is a very common question. Because the requirement of distributions are a little bit confusing and total. And they’re required. So you turn 72, and