Smart Money Questions

Everyone wants to know. What is going to happen in 2024? Join us as we explore a range of topics, from the outlook of the economy, a potential tax surprise for a lot of people, and some new provisions that will take effect this year. We’ll give you a high-level look at what we’re paying attention to and what we’re discussing with our clients as the year begins. There’s plenty to address within your financial plan and this episode will cover a number of those things.   Here’s some of what we discuss in this episode: Will the economy be up or down this year? Is lazy money still a problem when we have high interest rates? The 1099 interest might catch a lot of people off guard at tax time this year. Certain provisions will take effect from the SECURE Act 2.0 this year. Take time to look into your legal documents and make sure everything is in order.   Want to contact us? Website - https://smartmoneyquestions.com/ Email - info@smartmoneyquestions.com Set up a time to talk – http://SpeakWithMatt.com     Want to

We’re coming down to the final few days of 2023 and we hope you have all enjoyed a good holiday season. As we close out the year, we wanted to go over a couple of client conversations we had recently dealing with small businesses and the power of money.   Here’s some of what we discuss in this episode: How should business owners balance saving for retirement and putting money back into the business? What are some consistent financial habits you can create as a business owner? Reviewing opportunities for Roth conversions. Managing an inheritance and how to pass it along to your children.     Want to contact us? Website - https://smartmoneyquestions.com/ Email - info@smartmoneyquestions.com Set up a time to talk – http://SpeakWithMatt.com     Want to work with us? Find out how we can help: https://smartmoneyquestions.com/work-with-matt/

It’s hard to beat this time of the year with the holidays and everything that comes along with it, and we hope that you enjoyed a wonderful Thanksgiving. We have a lot to be thankful for and hope you do as well when you look back on this year and what’s to come in 2024. Today we want to go over a couple of meetings we’ve had recently with clients who had needed to address some specific scenarios. In each of these scenarios, we’ll share the process we went through and the different options we considered before helping them determine the best path forward.   Here’s some of what we discuss in this episode: What should you do with the extra money each month once your mortgage is paid off? Why it might make more sense to pay off your mortgage now if you have the extra cash. Changing from a joint tax filing to a single filer and is it worth staying in a marriage for.   Want to contact us? Website - https://smartmoneyquestions.com/ Email - info@smartmoneyquestions.com Set up a time to talk – http://SpeakWithMatt.c

As we close in on the final two months of the year, there’s a lot happening now and plenty to look ahead to for 2024. That’s what we want to spend some time on today by sharing some of the discussions we’re having in our office and some of the questions we’re answering from clients in this final quarter of the year. This includes open enrollment, world conflicts, and financing a new home.   Here’s some of what we discuss in this episode: The different open enrollments and what you need to know. Understanding the different parts of Medicare. Does the market overreact to world conflicts? Working through a situation with clients about moving into a new property.   Want to contact us? Website - https://smartmoneyquestions.com/ Email - info@smartmoneyquestions.com Set up a time to talk – http://SpeakWithMatt.com      Want to work with us? Find out how we can help: https://smartmoneyquestions.com/work-with-matt/

Last month, we held an educational event and covered a lot of important information. We even featured estate attorney Jennifer Walker, who talked about the estate planning do’s and don’ts. It was a great event and we appreciate everyone that came out. Because we went over a list of key planning items for the year, we wanted to provide all of that information and education for you on the podcast. So this show will be go over all of that today, which should be very helpful for anyone thinking about what they need to do before the year ends.   On today’s show, here’s some of what you’ll learn: We’ll go over the recently signed SECURE Act 2.0 and the impact it has on inherited IRAs, catch-up provisions, RMDs, and retirement account opportunities. The estate do’s and don’ts that Jennifer Walker shared with us. The current tax code will sunset in the end of 2025. We’ll tell you why there’s a good chance your taxes will go up. The current investment climate this year and what it might look like moving forward.   Wa

As we move beyond the mid-point of the year, we always take this time to have a check-up with clients to run through a number of items that might need attention before the end of the year. Today we’ll share a few of those things, including budgeting, Roth contributions, and SECURE Act 2.0 changes. Then we’ll spend some time running through a few different scenarios we’ve helped clients out in recent weeks.    On today’s show, here’s some of what you’ll learn: Is a Roth IRA or Roth 401k actually a bad investment option? Let’s breakdown a recent article we found. A list of items to be paying attention to before the end of the year. Is it a good idea to help out your child and their boyfriend/girlfriend with a house down payment? Here’s what you should address. Should you keep your mortgage in retirement for the tax deduction? The financial topics that create tension for couples.   Want to contact us? Website - https://smartmoneyquestions.com/ Email - info@smartmoneyquestions.com Want to work with us? Find out

Hard to believe we’re already into July but we’ve had a great summer so far. Hopefully you’ve been making the most of the warm weather and longer days. Today’s episode isn’t a long one but we wanted to take a little time to update on what’s going on at Old Security Group and talk about some of financial topics we’ve been paying attention to.      On today’s show, here’s some of what you’ll learn: Details on our upcoming client educational event (1:04) We’ve been hearing from people about investment scares  (5:46) Why an HSA is considered a hidden gem in investing.  (8:17) 2 ways we advise clients to use an HSA  (10:51) How to invest when worried about a recession (14:19)   Want to contact us? Website - https://smartmoneyquestions.com/ Email - info@smartmoneyquestions.com Want to work with us? Find out how we can help: https://smartmoneyquestions.com/work-with-matt/

Today we have a special guest. My 21-year-old daughter Ashley and I have been talking about doing this interview for several months. We want to share the importance of personal finance and personal finance education. My wife and I constantly talk to our kids about this topic, including behavioral finance, so we are excited to share this episode with you!    On today’s show, here’s some of what you’ll learn: What has Ashley been doing the past few years? (2:23) How Ashley budgeted her money. (6:03) How Ashley started investing. (10:56)   Want to contact us? Website - https://smartmoneyquestions.com/ Email - info@smartmoneyquestions.com Want to work with us? Find out how we can help: https://smartmoneyquestions.com/work-with-matt/

We’re covering several important topics today derived from client questions and concerns. Given the relevance of today’s questions, Matt thought you’d like to hear these answers as well. Join us as we touch on the recent events taking place in the financial sector and explore actionable steps that we can take to help set up our heirs for success.   On today’s show, here’s some of what you’ll learn: What’s been in the headlines about bank failures? (4:26) What’s happening with the debt ceiling and market? (7:25) Is your estate plan in order? (9:08)   Want to contact us? Website - https://smartmoneyquestions.com/ Email - info@smartmoneyquestions.com Want to work with us? Find out how we can help: https://smartmoneyquestions.com/work-with-matt/             

We met with a new client recently and looked at a snapshot of their financial situation. One of the things we noticed was their outstanding debt, including credit cards and car loans. The client wanted to take about $40,000 to $50,000 out of their 401k and take a financial hit in order to pay down that debt. Is that a good idea? We’ll share what advice we gave them and how you can handle a similar situation. Join us for an insightful conversation about relocating, extinguishing your debt, and more.   On today’s show, here’s some of what you’ll learn: Should I take a hit on my 401k to pay off debt? (4:24) Look for opportunities with your home equity line of credit. (7:24) How to extinguish your debt. (10:57)  If you are interested in any of the topics we discussed, please reach out and we would be happy to help you navigate your financial situation.   Want to contact us? Website - https://smartmoneyquestions.com/ Email - info@smartmoneyquestions.com Want to work with us? Find out how we can help: https://sma

We have a lot to talk about today, so let’s jump into it. We read some articles recently about the travel industry and how people are getting back out there and traveling. Many of our clients have been doing some big trips. If you want to travel and get deals, we’ll share some insight on that topic. You’ll need to think about advanced planning and figure out how you’ll pay for the trip. We’ll also discuss banks and what to do with your cash. On today’s show, here’s some of what you’ll learn: How to plan travel and get deals. (7:00) Why you should be checking your bank on the heels of the Silicon Valley Bank failure. (12:06) The reality of home values. (19:10) Should you push back your retirement date if you haven't figure out much of your planning questions? (25:14) A horror story about why you need to do tax planning before doing a Roth conversion (28:48) Want to contact us? Website - https://smartmoneyquestions.com/ Email - info@smartmoneyquestions.com Want to work with us? Find out how we can help: https

On this episode of Smart Money Questions, we'll be discussing one of the most pressing concerns for retirees: taxes. As you prepare for retirement, it's important to consider how your income sources will affect your tax obligations, and to plan accordingly. Whether you're transitioning into retirement or already retired, taxes can have a significant impact on your financial well-being. Matt has spent years helping clients navigate the complex world of retirement planning, and he's here to answer some of the most common questions he receives about taxes. You'll learn about the best ways to handle your tax payments, and what to do if you retired halfway through the year on W2 income. One of the biggest concerns for retirees is the prospect of giving up a high-paying job for a significantly lower retirement income distribution. However, Matt will explain how the tax advantages on retirement income can make this a positive decision for most clients. We'll also delve into the concept of "golden handcuffs" and how

As we begin a new year, let’s talk about the SECURE Act 2.0, which was signed into law in December. We’ll share some of the highlights, including new requirements for companies with new 401(k) and 403(b) plans. Did you know that companies can automatically enroll their employees into these plans? We’ll explain this along with some other key changes to RMDs, retirement accounys, and other planning items.     On today’s show, here’s some of what you’ll learn: How the minimum distribution age changed. (5:58) What happens if you miss your minimum distribution? (7:35) Why there’s a drastic increase to catch-up contributions. (9:53)   Want to contact us? Website - https://smartmoneyquestions.com/ Email - info@smartmoneyquestions.com Want to work with us? Find out how we can help: https://smartmoneyquestions.com/work-with-matt/

Today we’re joined by Robert Khoury, the founder and CEO of Agile Rainmakers, a high-impact business development consulting and advisory firm based in Chicago’s Gold Coast.    Robert’s 20+ year career in the financial industry has seen him in many roles: an equity derivatives trader, portfolio manager, corporate strategist, chief operating officer, recruiter, hedge fund executive, and private equity investor. Today he’s sharing his expertise about internships and how they can help people discover the right career.   On today’s show, here’s some of what you’ll learn: How you can use internships to further your progress. (4:19) What kinds of internships do people typically choose? (8:46) When should you look for internships? (16:02)         If you are interested in any of the topics we discussed, please reach out and we would be happy to help you navigate your financial situation. https://www.agilerainmakers.com/ Want to contact us? Website - https://smartmoneyquestions.com/ Email - info@smartmoneyquestions.

We love to talk on our show about different scenarios and questions we hear from clients in our office, and the topic of annuities and life insurance has come up quite a bit in recent weeks. You won’t find a lack of opinion on either of these two products and they both can get a little complicated.   On today’s show, here’s some of what you’ll learn: What should you do with an older annuity? (4:36) How should you handle an enhanced death benefit option? (8:56) How should you handle life insurance when your spouse is much older or younger? (12:13)         If you are interested in any of the topics we discussed, please reach out and we would be happy to help you navigate your financial situation.   Want to contact us? Website - https://smartmoneyquestions.com/ Email - info@smartmoneyquestions.com   Want to work with us? Find out how we can help: https://smartmoneyquestions.com/work-with-matt/

There has finally been some clarification from the IRS about the SECURE Act rule regarding inherited IRAs from 2020 and beyond. We’ve had some questions from clients about this, so it’s great to finally have some answers. It’s important for you as an owner of an IRA, 401k, etc. to know how this works and understand it. It’s also important for your heirs to understand this important topic and know what tax bracket they might be in.   On today’s show, here’s some of what you’ll learn: What happened with the SECURE Act’s stretch IRA? (4:16) How did the government create confusion? (7:03) What happened to the minimum distribution age? (11:27) https://www.wsj.com/articles/irs-delays-new-guidelines-for-inherited-iras-11665182415 Want to contact us? Website - https://smartmoneyquestions.com/ Email - info@smartmoneyquestions.com   Want to work with us? Find out how we can help: https://smartmoneyquestions.com/work-with-matt/

If you’re wondering what taxes will look like in 2023, as far as standard deductions and increase in tax brackets, today’s show is for you. The IRS just released this information recently and we want to take you through the key changes. Whether you’re filing single or married filing jointly, we’ll explain what will will be different for you next year. Check out today’s full show to learn more about how the IRS changes could affect you as you make an tax planning moves before the year closes out.   On today’s show, here’s some of what you’ll learn: What adjustments should you make to prepare for tax changes in 2023? (2:06) Why you should be an aggressive investor. (4:20) Should you take a Roth option at work? (8:08)   Want to contact us? Website - https://smartmoneyquestions.com/ Email - info@smartmoneyquestions.com   Want to work with us? Find out how we can help: https://smartmoneyquestions.com/work-with-matt/

We get questions all the time about Medicare. It can be confusing when there are Medicare parts A, B, C and D and supplements. Today we are welcoming a guest who has been in the Medicare industry for more than 30 years.   On today’s show, here’s some of what you’ll learn: What Medicare is and how it works. (2:58) How you can access Medicare. (3:42) The different aspects of Medicare and how they work. (4:13)   Want to work with us? Find out how we can help: https://smartmoneyquestions.com/work-with-matt/

Choosing when to claim Social Security can have a huge impact on your retirement plan. A lot of people are unsure about whether they should delay Social Security or take advantage of another significant COLA increase. Today we are going to look at some of the different options you may have and narrow down the reasons they may or may not be for you.   What we discuss in this episode:  Do you time the market or do you time Social Security? (2:21) Do you qualify for spousal benefits? (5:28) Social Security has a guaranteed interest rate for delaying. (7:31) If you are going to delay Social Security and not work, what other assets are you going to depend on? (10:29)   For more, visit us online: https://smartmoneyquestions.com/ 

We’re bombarded with headlines about money all the time. With technology and social media at our fingertips, it’s more important than ever to control how you react to that. We’ll explain why it’s critical to your long-term financial success.   What we discuss on this episode:  2:10 – Financial headlines are everywhere 5:10 – Invest like the 1% 6:08 – Become a master of the market 8:37 – Protect nest egg 9:31 – Playing on fear   For more, visit us online: https://smartmoneyquestions.com/