Fresh Perspective Planning
By Michael Mezheritskiy
Fresh Perspective PlanningJul 22, 2021
I have After Tax Money In My 401K - Now What?
In today's episode, Michael and Rich discuss a very unique topic of After Tax contributions in your 401k plan. They go over how to identify if you have after-tax money in your 401k plan as well as what your options are when you retire. They also go over some very specific tax planning strategies that can be implemented only if you have after-tax money in your 401k plan. So if you have 401k plan with after-tax money in it, be sure to listen to this episode by Michael and Rich
I Just Want Planning Help!! How To Work With Flat-Fee Only Planning Firms!
In today's episode, Michael and Rich cover the fascinating topic of flat fee planning. What does it mean?
Well, many clients, when they engage with a fiduciary planning firm like Milestone Asset Management Group, are looking for comprehensive planning by integrating Tax Planning, Investment Management, Tax Optimized Distribution Strategy, Estate Planning, and developing a comprehensive, actionable plan.
Well, many Fee-only firms do that, but then they ask you to move your money to them, and they will charge you a fee called Asset Under Management (AUM) to work with them. This is a great model and works really well unless you are someone who wants to manage your money yourself. Well, now your list of options is significantly lower because most firms need to charge you an AUM fee. Well, we have seen an influx of new clients that are looking on ongoing planning engagement only. IF this is you - this episode is for you. In this episode, Mike and Rich go over your options and how you can find and work with a Flat Fee advisor like Milestone Asset Management Group.
Pension Maximization Options
So you are lucky enough to have a pension, great now what? What is the best way for you to collect? Do you collect a monthly pension or take a lump sum? What is the best option for you? When you are faced with a decision on what do you with your pension, you only get to make that decision once. It is irreversible. In this episode, Mike and Rich discuss different ways some one can go about collecting their options, the pros and cons of one option over the other, and how to determine best which option is in your and your family's best interest. This episode follows their recent article on pension maximization strategies which you can read by clicking HERE.
Top Questions To Ask When Interviewing a Financial Planner
Choosing the right financial planner is one of the most important decisions you can make for your family’s financial future, but how do you know if the planner you are talking to is required to act in your best interest? How do you know if their expertise align with your needs? Is he/she a Fiduciary or will they try to sell you a product that might benefit them over you? Does the planner you are interviewing have regulatory disclosures, had complaints filed against him/her, has been in front of the arbitration committee, had been fined by SEC or FINRA? How do you check? In this episode, Mike and Rich go over the most important questions to ask when interviewing a financial planner, as well as what to look for to make sure you are working with the right individual for you.
Resources:
- Look up an advisors record in minutes CLICK HERE
- NAPFA
- Fee-Only Network
How Biden’s New “American Families Plan” Tax Proposal Can Impact Your Retirement
After months of anticipation, the Democrats’ tax plan has arrived. The proposed legislation, the “American Families Plan,” is very different than what was expected. Among other measures, the new law would increase the top ordinary income tax bracket from 37% to 39.6% and impose an additional 3% ‘surtax’ on income above $5M. In addition, long-term capital gains rates would rise to 25% and step-up in basis will remain. In addition to that, the legislation proposes several new crackdowns, including new restrictions on “backdoor” and "Mega backdoor Roth IRAs and Roth Conversions. During this episode listen to Mike and Rich go over and discuss the proposed changes and what it could mean to you if you are close to retirement or retiring.
Roth Conversion Q&A Part 1
In this episode, Mike & Rich are answering questions about Roth Conversion from listeners and clients. This is Part 1, with Part 2 coming soon. We have many more questions to get to, and we will be releasing our Part 2 Roth Conversion Q&A soon
Below is a list of questions that Mike & Rich are tackling in this episode:
What to consider during Roth Conversion in retirement?
What Is Roth Conversion Aggregation Rule?
What is Roth Conversion Fiver Year Rule?
What is Roth Conversion Backdoor?
Can you convert your RMD (Required Minimum distribution) to a Roth?
How to pay taxes on Roth Conversion
What is an in-kind Roth Conversion?
What to consider before starting Roth Conversions?
If you have a question you'd like us to answer, please email it to us at Info@milestoneamg.com or from our website milestoneamg.com
Ready to Start Social Security, but should you?
So you are of an age when you can start claiming social security, but should you? What is the best strategy for you? Does it make sense to delay and do some tax planning so that less of your social security is taxable to you in the future? In this podcast, Michael & Rich go over a few claiming and tax planning strategies that could be helpful when deciding on optimal social security claiming strategy.
So you heard about Roth Conversions, now what?
Who doesn't want to eliminate TAXES or at the very least minimize them? You are considering Roth conversions, but you have questions. What does it mean? Why would I do that? Will this put me in the higher tax bracket? How much in taxes will I have to pay for it? What is the best way to pay taxes on Roth Conversion? How does that impact my social security claiming strategy? What about RMDs, Backdoor Conversions?
Most importantly, how does it help me, how does it fit into my retirement plan and my family’s future?
Hear Mike and Rich (CFP®, CWS®) on their latest Fresh Perspective Podcast discuss the many merits of converting your Traditional IRA, 401(k), and 403(b) into a ROTH and the impacts it can have on your retirement strategy. Have questions we didn't address? Check out our Roth Conversion listeners Q&A episode.
Keep hearing about Bitcoin, Blockchain and Cryptocurrency on the news and don’t understand what it is?
Listen to Mike and Rich giving you a fresh perspective on the topic of cryptocurrency. What it is, where did it come from, what it does, what are the risks, is it for real, should I invest, how can I invest? Please reach out to us to learn more about the topic and how it pertains to your unique financial situation.