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From Fed Cuts To RMDs: What Smart Investors Need Now · HPK Provident Advisors: The Weekly Bull

• 0:00
  SPEAKER_01: Welcome to HBK Prominent Advisors Friday Live.
• 0:06
  SPEAKER_01: This is Halloween, Friday, October 31st, 2025.
• 0:13
  SPEAKER_01: And we've got everybody here today.
• 0:17
  SPEAKER_01: So as you know, for the folks that have tuned in with us before, every Friday on Facebook, 12:30 p.m.
• 0:24
  SPEAKER_01: Eastern Standard Time, one, two, or all three, like today, the partners of HBK Provenent Advisors jump on to Facebook, talk a little bit about the markets, talk a little bit about financial planning, uh, cover any questions that we get during the week, uh, any cases that we're working on.
• 0:42
  SPEAKER_01: Uh and for those of you that follow us, what we do is during the week, uh we put out social media posts.
• 0:49
  SPEAKER_01: Mike puts out a market, uh, the week ahead in the markets, and kind of a summary of the prior week.
• 0:55
  SPEAKER_01: And then each of the other days on Facebook, on LinkedIn, on uh what else do we have?
• 1:02
  SPEAKER_01: Instagram.
• 1:03
  SPEAKER_01: Uh just ideas, things for you to think about, and uh some of our observations on how we're helping folks implement these different ideas.
• 1:13
  SPEAKER_01: Uh, but as I mentioned, I've got Michael Kutch here.
• 1:15
  SPEAKER_01: Mike is our portfolio manager and HBK Provident Advisors, and David Harper, one of the other financial planners.
• 1:21
  SPEAKER_01: David and Mike are in Florida.
• 1:22
  SPEAKER_01: I'm in western Pennsylvania.
• 1:25
  SPEAKER_01: And um well, we've had a lot going on.
• 1:28
  SPEAKER_01: I'm gonna I'm gonna uh kick it off by uh I mentioned it last week, and hopefully we'll get some updates from the man himself.
• 1:35
  SPEAKER_01: But Mike is now married, got married last week.
• 1:38
  SPEAKER_01: Uh last Wednesday, it is.
• 1:41
  SPEAKER_01: Uh how's it feel, Mike?
• 1:42
  SPEAKER_01: Anything different?
• 1:43
  SPEAKER_01: Do you feel different?
• 1:44
  SPEAKER_01: You don't look different, I gotta tell you.
• 1:46
  SPEAKER_01: You you do have a glow about you.
• 1:48
  SPEAKER_03: No, I feel about the same, um, but very excited for our future.
• 1:52
  SPEAKER_03: And it was a great, we did a cruise wedding, it was a great week, um, a lot of cool events, a lot of family and friends came.
• 1:59
  SPEAKER_03: Um, ceremony was beautiful, and of course, my bride was beautiful, and it was a really cool experience.
• 2:06
  SPEAKER_03: We got married by the captain, and then afterwards he brought us up to the the ship bridge, and we got to sit in the captain's chair and steer the boat and hunk the horns.
• 2:19
  SPEAKER_03: So it was really Corinne.
• 2:20
  SPEAKER_02: Let me let me reframe Corinne was the one in the captain's chair, is that right?
• 2:24
  SPEAKER_01: Uh well, yeah, but obviously, that's just the way it goes.
• 2:31
  SPEAKER_03: Yeah, and then we uh we got a bunch of cabanas at uh the Royal Caribbean private island Coco Kay.
• 2:37
  SPEAKER_03: Um, so that was really cool.
• 2:38
  SPEAKER_03: There was all these like there's water slides coming off of each of the cabanas.
• 2:43
  SPEAKER_03: Um so just a cool clearance.
• 2:49
  SPEAKER_02: He was obviously well fed, he didn't need me.
• 2:54
  SPEAKER_01: I didn't hear anything about the shark.
• 2:57
  SPEAKER_01: Interesting.
• 2:58
  SPEAKER_02: Yeah, and I you know it's a little bit, it's a little assombering, Mike.
• 3:02
  SPEAKER_02: We spent we had like three, four days at uh on the boat with all that scrumptious food.
• 3:08
  SPEAKER_02: Um, either a good thing or a bad thing, but I didn't need the flotation devices when I was in the water.
• 3:15
  SPEAKER_02: I was floating au natural.
• 3:18
  SPEAKER_02: I didn't need the flotation devices.
• 3:21
  SPEAKER_02: Uh maybe that's not such a good thing.
• 3:25
  SPEAKER_01: Well, Mike, congratulations again to you and Corinne.
• 3:28
  SPEAKER_01: That's uh that is certainly exciting stuff.
• 3:31
  SPEAKER_01: Um, and thanks for sharing the picture.
• 3:33
  SPEAKER_01: I did share one picture last Friday uh of you guys right after the ceremony, and it looked uh fantastic.
• 3:39
  SPEAKER_01: So congrats again to you.
• 3:40
  SPEAKER_01: Thank you.
• 3:42
  SPEAKER_01: Well, let's talk about uh should we cover the markets a little bit?
• 3:45
  SPEAKER_03: All right, let's jump right into that.
• 3:47
  SPEAKER_01: We didn't get a live, we didn't get a mic update last week.
• 3:50
  SPEAKER_01: So uh catch us up on what's happening.
• 3:53
  SPEAKER_03: Yeah, so despite um the market's not really getting any real economic data right now, um, there's a lot going on this week.
• 4:02
  SPEAKER_03: We had um government shutdown is approaching the previous high, which was 35 days.
• 4:08
  SPEAKER_03: We are currently at 31 days.
• 4:11
  SPEAKER_03: I don't know, um not much progress, but I know the Republicans are um threatening the food stamps being paused starting November.
• 4:23
  SPEAKER_03: So that could bring Democrats to the table a little quicker.
• 4:26
  SPEAKER_03: So hopefully that gets moving.
• 4:27
  SPEAKER_03: Um, all the federal employees haven't been getting paid for the most part.
• 4:32
  SPEAKER_03: Uh I know we posted something today about delays at with the airports with TSA and all that.
• 4:39
  SPEAKER_03: So we're starting to see some effects, and every week this goes on, it's gonna cause more and more economic pain.
• 4:44
  SPEAKER_03: They estimate it's gonna take about a tenth off of GDP each week it goes on.
• 4:49
  SPEAKER_03: Um, and then those workers will get paid eventually, but I'm sure they're not spending right now.
• 4:55
  SPEAKER_03: So you're gonna start to see effects of that.
• 4:58
  SPEAKER_03: But market doesn't really seem to care too much.
• 5:00
  SPEAKER_03: We are we had a down day yesterday, but we're pretty close to all-time highs.
• 5:04
  SPEAKER_03: Now the equal weight um has seen a little more damage under the surface.
• 5:08
  SPEAKER_03: Breath hasn't been that great, regardless.
• 5:12
  SPEAKER_03: Uh, earnings have been really good.
• 5:14
  SPEAKER_03: I think for quarter three, it's tracking about 10.5%.
• 5:18
  SPEAKER_03: Um, we had a bunch of the Mag 7 names report this week, and overall, pretty good results, um, mixed reactions.
• 5:26
  SPEAKER_03: Google had a very good surprise to the upside.
• 5:30
  SPEAKER_03: Um Microsoft, not so much.
• 5:33
  SPEAKER_03: Meta, very bad.
• 5:35
  SPEAKER_03: Um, Meta was mainly due to uh one-time uh special tax they had to pay, and and just estimates or expectations are so high on those names, it's it's tough for them.
• 5:47
  SPEAKER_03: Um, but today we're bouncing back a little bit.
• 5:50
  SPEAKER_03: Uh we had a Fed meeting earlier in the week.
• 5:52
  SPEAKER_03: As expected, we got a 25 basis point cut.
• 5:55
  SPEAKER_03: Uh, there was one member that descended for and was in favor of no cuts, and then the new guy wanted another 50 basis point cut again.
• 6:05
  SPEAKER_03: Um, reading the commentary after the meeting, there was one other member that did vote for the cut, but said he would have preferred not to do it.
• 6:13
  SPEAKER_03: So Powell talked about December being more of an open meeting.
• 6:18
  SPEAKER_03: Um markets pricing him another 25 basis point cut, but it seemed like that's not a sure thing at this point.
• 6:27
  SPEAKER_03: What really changed in the in the prediction markets is uh the so they were thinking four cuts were gonna happen um next year.
• 6:36
  SPEAKER_03: That was like a 60% chance.
• 6:38
  SPEAKER_03: That dropped significantly.
• 6:39
  SPEAKER_03: So the market's not really too confident we're gonna get all those cuts.
• 6:43
  SPEAKER_03: Um so the other note in the Fed meeting was um one downside risk to the labor market, which we've been seeing.
• 6:53
  SPEAKER_03: Um, but as with the government shutdown, we're not getting a lot of labor market data right now.
• 6:57
  SPEAKER_03: So we're kind of flying blind.
• 6:59
  SPEAKER_03: And then the other thing is they're gonna stop quantitative tightening in, I think, starting December 1st.
• 7:04
  SPEAKER_03: So that's a good thing.
• 7:06
  SPEAKER_03: Maybe ease the fixed income market a little bit.
• 7:09
  SPEAKER_03: Um, but we're still kind of in the camp that a pullback would be healthy and probably need it.
• 7:15
  SPEAKER_03: We're trading at 22.8 times 2026 earnings, so very pricey and markets getting a little euphoric, a lot of risks out there that they don't really seem to care about.
• 7:27
  SPEAKER_01: You know, Mike, I talked to uh several folks this week, um and uh some of the people that we work with uh have been taking a wait and see approach, which has worked out pretty well because you get decent interest rates, decent yields on money markets and CDs and things along those lines.
• 7:46
  SPEAKER_01: And those yields are coming down.
• 7:47
  SPEAKER_03: They are.
• 7:48
  SPEAKER_01: And so the wait and see folks are saying, hey, geez, you know, I I'm not getting paid as much to wait, but yet I still think there might be a better opportunity, you know, a pullback in the market where we might have a chance to buy things that we really like at prices less than what they are.
• 8:06
  SPEAKER_01: Um, so we're you know, we're in kind of an interesting uh phase here looking for different places for yields um for parking spots, and and and they're coming down.
• 8:16
  SPEAKER_01: Um but to your point, there there could be.
• 8:20
  SPEAKER_01: We don't know, we can't predict the future, but they're there there's the possibility in the not too distant future that there's a a better chance to get some of those.
• 8:30
  SPEAKER_01: And these this is long-term money, most of these folks are talking about to say, hey, you know, I'm gonna park this for a while, but I just don't think this is the best time to jump right in.
• 8:38
  SPEAKER_01: So I'm gonna sit and wait and get some interest, and and you know, that interest is coming down.
• 8:43
  SPEAKER_01: Um you know, still some decent rates out there, but um uh yeah, it'd be nice.
• 8:50
  SPEAKER_01: It could be nice, could potentially nice to get a a little breather, a little pullback in the market, get us that entry point for long-term money.
• 8:58
  SPEAKER_01: Of course, short short-term money, you need money in a year, one or two years, then it is what it is.
• 9:02
  SPEAKER_01: You park it someplace relatively safe, pick up the yield which is coming down, and that's okay because from a planning perspective, you need that one or two years, then you know, then you're gonna need it to be available.
• 9:14
  SPEAKER_03: Yeah, we will get a correction at some point, but right now, dip buyers are in full force.
• 9:19
  SPEAKER_03: We get a two percent drawdown and we march right back up.
• 9:23
  SPEAKER_01: Yeah, yeah.
• 9:24
  SPEAKER_02: I have a couple of points.
• 9:25
  SPEAKER_02: Uh, one uh with Mike was saying a lot of these companies are coming up with better than expected profits.
• 9:35
  SPEAKER_02: Uh, and one of the things that that sort of caught my eye is that they're expecting higher tariffs, and now with some of these deals, the tariffs are not as much.
• 9:46
  SPEAKER_02: And so the companies that had figured in a higher tariff, now that the tariffs had been negotiated lower, that's a boom.
• 9:55
  SPEAKER_02: And so they're exceeding some of their their uh profit uh as a result.
• 10:02
  SPEAKER_03: I didn't even I didn't even mention the the trade deals going on.
• 10:07
  SPEAKER_03: Um China and the US agreed to a one-year pause.
• 10:12
  SPEAKER_03: Um the components of that were the US is gonna reduce the fentanyl tariffs related tariffs by 10%.
• 10:20
  SPEAKER_03: So that brings the overall import rate um from China to about 45%.
• 10:26
  SPEAKER_03: And then in exchange, um, they're gonna ease the the rare earth limitation, right?
• 10:33
  SPEAKER_02: Yeah, and huge soybeans purchase soybeans for the US farmers, which they have been holding off on.
• 10:42
  SPEAKER_02: Uh the other thing I wanted to say, uh, to your point, Brian, about the yields.
• 10:48
  SPEAKER_02: We are at near all-time market highs.
• 10:51
  SPEAKER_02: There's not really that many uh the the rates for money markets are gonna go down, uh, especially with the the Fed cutting rates and so forth.
• 11:01
  SPEAKER_02: But we have seen, I think probably it hasn't been since the early 2000s that I've seen some yields on some annuities.
• 11:11
  SPEAKER_02: There's some annuities that are paying out nine percent.
• 11:16
  SPEAKER_02: Okay, that is that's kind of thank you, Mike.
• 11:20
  SPEAKER_02: Uh and and not everyone should be in annuities.
• 11:23
  SPEAKER_02: We we get that, we know that we will never be accused of overselling annuities.
• 11:28
  SPEAKER_02: We like we will never be accused of that.
• 11:31
  SPEAKER_02: Okay, and that's gonna be a podcast that we will do later.
• 11:35
  SPEAKER_02: Okay, we'll go into uh deeper dive on that, but just understand that there are some options for yield that that's not just in money markets.
• 11:46
  SPEAKER_02: Um, and give us a call and and we'll we can discuss those, whether those would be appropriate for you or not.
• 11:52
  SPEAKER_01: Yeah, and that fits into one of the posts I put out on uh now Tuesday we put out the uh the 2026 tax brackets that came out of OB3, the one big beautiful bill signed in July of this year.
• 12:05
  SPEAKER_01: Uh so we put that out as kind of an update.
• 12:07
  SPEAKER_01: And then on Thursday, we did talk a little bit about the uh the new standard deductions.
• 12:13
  SPEAKER_01: Uh we we had covered previously the the added standard deduction for those over the age of 65 or 60,000, but this week was just the standard deduction.
• 12:24
  SPEAKER_01: So Tuesday was tax brackets Thursday was uh uh the standard deduction update for 2026.
• 12:31
  SPEAKER_01: Um but you know, all of this kind of fits into what I put out on Tuesday.
• 12:36
  SPEAKER_01: It's an ongoing series, uh, in my opinion, our opinion, about how financial planning is more about time than it is about money.
• 12:43
  SPEAKER_01: Of course, it involves both of those concepts.
• 12:45
  SPEAKER_01: Your two most limited resources, time and money.
• 12:47
  SPEAKER_01: Most limited, most important being time.
• 12:50
  SPEAKER_01: Um and this week's post was about the investing side, the investing aspect of financial planning and um how really the investing is the longer time you give yourself uh for a goal, the more opportunity that money has to either get more yield, uh a higher interest rate, potentially, uh potentially more return.
• 13:17
  SPEAKER_01: And so the investing side of financial planning really is about your time frames.
• 13:22
  SPEAKER_01: And time frames, uh, like I had talked about a little bit earlier, you know, if you have a time frame for a portion of your money that is one year or two years, then you really can't have a high expectation that there's going to be a huge return on that uh because you're gonna look for safety and less return.
• 13:41
  SPEAKER_01: However, for portions of your money that have more time, you know, yesterday's trade deal in 20 years won't be as important.
• 13:49
  SPEAKER_01: Will it have ripple effects over 20 years?
• 13:52
  SPEAKER_01: Somebody can make that argument.
• 13:53
  SPEAKER_01: But for the average individual, when they've got a 20-year time frame, they're not gonna look at it and say, well, 20 years ago, I'm glad I got that money together because uh uh Trump and Xi Jinping put together a nice deal on Toy Beach.
• 14:04
  SPEAKER_01: You're just not.
• 14:06
  SPEAKER_01: Um, and so when we look at the financial planning, we're looking at those, you know, those time frames for different portions of your financial goals and for different um uh portions of uh uh of your allocation of your resources available, the money that's available.
• 14:22
  SPEAKER_01: So again, re-emphasizing that it's really more about the time than the money.
• 14:26
  SPEAKER_01: And uh unfortunately, right now, kind of going back into the yield discussion and rates coming down with the Federal Reserve, uh, we just have to be comfortable that shorter term money, you know, two year and less, let's call that short-term money.
• 14:39
  SPEAKER_01: Uh, you're just not gonna get as much as you did several years ago.
• 14:43
  SPEAKER_01: And and that's okay.
• 14:45
  SPEAKER_01: That portion of your financial plan still is serving its purpose.
• 14:49
  SPEAKER_01: It's not exciting.
• 14:50
  SPEAKER_01: It's not as much interest as you would have gotten a couple of years ago in CDs and that kind of, but it's still serving its purpose.
• 14:57
  SPEAKER_01: Um, and and that's why we say I like to say that you know, the financial planning is really uh more about time.
• 15:04
  SPEAKER_01: And if you get these things right and you're comfortable and saying, hey, the interest rate on my one-year money is coming down, that's okay.
• 15:09
  SPEAKER_01: It is what it is, then you'll spend less time worrying about it and searching for some uh unicorn of investment that's gonna pay a huge yield for one year.
• 15:20
  SPEAKER_01: Um so anyway, that was that was the Thursday post I didn't mean to commandeer our Friday live, but uh I figured I would summarize some of the uh it's good information.
• 15:30
  SPEAKER_02: It's great information.
• 15:32
  SPEAKER_01: Uh so we've got Halloween today, uh, which is one of my favorite days of the year.
• 15:37
  SPEAKER_01: What I've discovered about myself is I don't like to dress up.
• 15:40
  SPEAKER_01: So uh for me, uh Halloween is really represent uh a representative of my favorite time of the year, which is fall.
• 15:47
  SPEAKER_01: So although I do love Halloween, uh as I've gotten older, I I've realized that really Halloween is just a representation for what I love, which is the fall.
• 15:56
  SPEAKER_01: Now, you guys down in Florida don't get it as much, but uh uh we've got the uh the we are past peak here in western Pennsylvania.
• 16:06
  SPEAKER_01: Um it has been uh uh a decent fall, but uh now it's getting kind of brownish and whatnot.
• 16:13
  SPEAKER_01: And I don't think Florida guys are gonna miss that much.
• 16:19
  SPEAKER_01: It is.
• 16:20
  SPEAKER_01: It's it I do love seeing the little trick-or-treaters, though.
• 16:23
  SPEAKER_01: The smiles on their faces and they get all gussied up, and they've been you know trying to decide what they're gonna be uh for Halloween for a couple weeks now, and boy, do I I just uh love to see that joy.
• 16:35
  SPEAKER_01: Um, and and so that that's really my favorite part.
• 16:38
  SPEAKER_01: When I say I love Halloween, people you know picture me dressing up, and I don't that's not my thing.
• 16:43
  SPEAKER_01: Uh but I do love Halloween because I love to see the kids and I love the fall.
• 16:48
  SPEAKER_01: I don't know how that helps anybody in their financial planning, but it's a little insight.
• 16:52
  SPEAKER_00: It's all very scary.
• 16:54
  SPEAKER_00: That's how it goes.
• 16:56
  SPEAKER_00: Well, you know, there are some things that they're a little bit scary.
• 17:01
  SPEAKER_03: Are the grandchildren all dressing up, David?
• 17:03
  SPEAKER_02: Oh, yes, they are.
• 17:04
  SPEAKER_02: Uh, and they dress up for school as well for the daycare.
• 17:10
  SPEAKER_02: Uh, yesterday our our youngest grandson, Jay, uh, was went to uh preschool uh and he was supposed to dress up.
• 17:17
  SPEAKER_02: He's dressing up as Spider-Man.
• 17:19
  SPEAKER_02: He would not put the Spider-Man costume on.
• 17:22
  SPEAKER_02: Nope.
• 17:23
  SPEAKER_02: Classic.
• 17:23
  SPEAKER_02: Can't go wrong.
• 17:24
  SPEAKER_02: No, but he had a wolf hat, and it was a wolf hat, even more than Daniel Boone ever had, or Davy Crockett, and it was wrapped around, and so he wore that wolf hat all day long.
• 17:37
  SPEAKER_02: But don't tell him it's a wolf because he's convinced it's a bear.
• 17:42
  SPEAKER_02: You know uh we have these two, he has these two black wolf stuffed animals, but they're not wolves, they're they're bears.
• 17:53
  SPEAKER_02: He loves bears.
• 17:56
  SPEAKER_01: Beauty of childhood, unlimited imagination.
• 17:59
  SPEAKER_03: Amen.
• 18:01
  SPEAKER_03: Ryan, thanks for thanks for holding down the fort last week.
• 18:04
  SPEAKER_03: If you could be absolutely the most interesting case you came across, if there is anything that stuck out, what would it be?
• 18:12
  SPEAKER_01: Oh yeah.
• 18:13
  SPEAKER_01: Uh most interesting came.
• 18:16
  SPEAKER_01: I came across two of these uh last week, folks that had over-contributed to their retirement plans and need to uh reverse some of that.
• 18:24
  SPEAKER_01: Uh one was a corporate plan, the other one was a um just an individual retirement account.
• 18:30
  SPEAKER_01: Uh so it's important to get those things done before the tax deadlines.
• 18:34
  SPEAKER_01: Um, you know, if you find that you've accidentally overcontributed, you can reverse those.
• 18:39
  SPEAKER_01: Of course, we don't give tax or legal advice.
• 18:41
  SPEAKER_01: These are my observations.
• 18:42
  SPEAKER_01: These are things that I worked through last week.
• 18:44
  SPEAKER_01: Um so it is possible.
• 18:47
  SPEAKER_01: You you you you want to try to be as mindful as you can and not over uh going beyond those limits.
• 18:54
  SPEAKER_01: Of course, there are IRA limits.
• 18:56
  SPEAKER_01: Uh this year the IRA is uh$7,000 under the age of 50.
• 19:02
  SPEAKER_01: Over the age of 50, you get an extra$1,000.
• 19:05
  SPEAKER_01: Uh and then there are income limitations on whether you're doing Roth IRA or the deductibility of a traditional IRA.
• 19:12
  SPEAKER_01: I won't go into those details, but you really would kind of want to be conscious of uh not going over those.
• 19:17
  SPEAKER_01: But if you do, uh it doesn't have to be a major deal.
• 19:21
  SPEAKER_01: It gets a little more complicated in the uh in the corporate plans because you have your own comp okay, this would be a 401k, 403B, 457, that type of thing.
• 19:31
  SPEAKER_01: Um there is a limit on how much you can put in as an individual.
• 19:38
  SPEAKER_01: Um, and then if your company is matching, and then if you have another retirement plan at that job, there is a limit when you add all of those things together.
• 19:48
  SPEAKER_01: You can't go over that limit.
• 19:50
  SPEAKER_01: And if you do, um, it's pretty high.
• 19:52
  SPEAKER_01: Uh last year was 69,000, I believe it's 70,000 this year.
• 19:56
  SPEAKER_01: That's between your contributions, your company match.
• 19:59
  SPEAKER_01: Uh, and then if there is another type of uh retirement plan, for example, employee stock ownership uh plan or something like that.
• 20:07
  SPEAKER_01: When you add all those things together, you don't want to go over that limit.
• 20:10
  SPEAKER_01: And if you do, you got to start reversing things.
• 20:12
  SPEAKER_03: Um I found I found it interesting that you mentioned yesterday that there's a a deadline in any given year of was it October 15th?
• 20:21
  SPEAKER_01: Well, you know, it's really around again, we don't get tax or legal advice.
• 20:24
  SPEAKER_01: You certainly want to uh work with a uh qualified tax preparer um on these things.
• 20:31
  SPEAKER_01: But um, yeah, it's it's really around the tax deadline.
• 20:34
  SPEAKER_01: It's April 15th, you want to do that.
• 20:36
  SPEAKER_01: You file an extension, you got till October 15th, but you really want to get those things done before then.
• 20:42
  SPEAKER_01: Um otherwise you can't kind of run into uh penalties.
• 20:46
  SPEAKER_01: It becomes harder to calculate if you've over-contributed uh how much that over-contribution has earned, if it has earned anything.
• 20:56
  SPEAKER_01: You can imagine if you over-contribute to a plan and you have that invested and it's done well, and a lot of things have done well this year.
• 21:03
  SPEAKER_01: You've you've got to kind of figure that out.
• 21:05
  SPEAKER_01: Uh that's called NIA net income attributable.
• 21:09
  SPEAKER_01: You're gonna calculate that and pull that out as well.
• 21:11
  SPEAKER_01: Because it's not only is it the country uh uh the contribution, the overcontribution, but uh it could potentially be the growth on that if there was growth on that overcontribution.
• 21:22
  SPEAKER_01: So it does get a little bit complicated.
• 21:25
  SPEAKER_01: Uh but that that was the reference to the deadlines.
• 21:27
  SPEAKER_01: You really want to get these things uh figured out and done before the tax deadline April 15th, or on an extension uh October 15th.
• 21:36
  SPEAKER_01: So that was uh those are interesting.
• 21:39
  SPEAKER_01: It's it's not as fun.
• 21:40
  SPEAKER_01: Uh, but you know, those things happen.
• 21:43
  SPEAKER_01: And um, you know, we're certainly uh willing to work with folks and try to figure out if that was the uh the case.
• 21:50
  SPEAKER_01: We don't see it quite we don't see it often, but Mike to your question, it was interesting, and it was it was kind of a a very interesting week and both came up uh in the same week.
• 21:58
  SPEAKER_01: We don't see it often at all.
• 22:00
  SPEAKER_01: Uh and then twice in one week, like, well, hey, I like that.
• 22:04
  SPEAKER_01: Uh that was the the I wouldn't say that's the most fun, but it was the most interesting.
• 22:12
  SPEAKER_01: So kind of worked through that.
• 22:14
  SPEAKER_01: And um yeah, yeah, that would be it's it's one of those things that come across your desk and you're like, huh, didn't have that on the calendar for today.
• 22:24
  SPEAKER_01: Well, let's tackle this one.
• 22:25
  SPEAKER_01: So but that's all right, you know, that's what that's what makes uh uh you know, for me, certainly that's what makes our profession interesting.
• 22:35
  SPEAKER_01: It's always different.
• 22:36
  SPEAKER_01: Markets are always different.
• 22:37
  SPEAKER_01: Uh uh individuals have different uh wants, needs, goals, wishes, and um uh tax laws change.
• 22:46
  SPEAKER_01: And it's it's a very, very dynamic, and uh that's what I enjoy the most.
• 22:50
  SPEAKER_01: Is you know, you come across those things.
• 22:52
  SPEAKER_01: I don't see it often, but let's jump right into this.
• 22:55
  SPEAKER_03: So and we're wrapping up October now, so give everyone uh an RMD reminder if your age is it they change it all the time these days, 73?
• 23:06
  SPEAKER_01: 73.
• 23:07
  SPEAKER_01: Yeah.
• 23:08
  SPEAKER_01: So if you reach the age of 73 this year, it's it it's uh it's time.
• 23:13
  SPEAKER_01: Required minimum distribution is the age when the IRS says you have to take some portion of money out of qualified plans.
• 23:20
  SPEAKER_01: Uh IRAs, uh 401ks, if you're still working, there's provisions, so it gets even more complicated.
• 23:26
  SPEAKER_01: But if you turn 73 this year, uh you really got to look and say, hey, you know, how much do I need to take out?
• 23:32
  SPEAKER_01: Uh now these are individually owned IRAs, beneficiary IRAs have different rules.
• 23:37
  SPEAKER_01: Uh, but if you got your own IRA, your own 401k, 403B, 47 like that, and you've turned 73, you got to look into it.
• 23:44
  SPEAKER_01: Um so yeah.
• 23:46
  SPEAKER_01: And uh for the first year, if you turn 73 this year, you actually have until April 15th.
• 23:53
  SPEAKER_01: Uh that's the only in the first year of your required minimum distribution.
• 23:57
  SPEAKER_01: You could take it out by April 15th.
• 23:59
  SPEAKER_01: Everybody else has to take it out if they're ongoing required minimum distributions, has to take it out by the end of the year.
• 24:05
  SPEAKER_01: But in the first year you take RMBs, we do not suggest that.
• 24:08
  SPEAKER_01: We do not encourage that.
• 24:10
  SPEAKER_01: Um, our default plan is let's go ahead and get your required amount out if it needs to come out and get taxed um by December 31st.
• 24:20
  SPEAKER_01: So it's 73 this year for those folks born 1960 or later, it's uh the age of 75.
• 24:26
  SPEAKER_01: So it is a moving target, Mike.
• 24:29
  SPEAKER_01: Yeah, that's a great reminder.
• 24:31
  SPEAKER_01: And you know, that's something we do our best to monitor uh throughout the year.
• 24:36
  SPEAKER_01: And um uh, you know, like I said, the beneficiary IRAs are different.
• 24:40
  SPEAKER_01: You know, if somebody was passed away prior to 2020, it's on one set of rules, somebody passed away and handed you an I IRA after 2020, different set of rules.
• 24:50
  SPEAKER_01: Uh, so it gets uh complicated, but uh yes, that is an excellent reminder, Mike.
• 24:55
  SPEAKER_03: And then David, you want to talk about your your uh seminar that you're hosting this month?
• 25:02
  SPEAKER_02: I'm pretty uh I'm pretty uh pumped up about this.
• 25:05
  SPEAKER_02: You realize that women were not even allowed to have a credit card in their name only until after 1974.
• 25:14
  SPEAKER_02: Really?
• 25:15
  SPEAKER_02: I did not know that.
• 25:17
  SPEAKER_02: And and in addition to that, they could not have a bank account in their name only.
• 25:23
  SPEAKER_02: They had to have their father or their husband to be on the bank account, and that's not that long ago.
• 25:31
  SPEAKER_02: And women got the right to vote in 1920 through an act of you know uh a change to the uh an amendment to the US Constitution.
• 25:42
  SPEAKER_02: So what's it's a little strange because you don't realize that women not only hold the purse strings um to most of the family's finances, but they also do a whole lot of other things.
• 25:59
  SPEAKER_02: So this is something just for the women.
• 26:02
  SPEAKER_02: Happy hour to boost their help their financial knowledge.
• 26:07
  SPEAKER_02: The idea is that they fall into this fog syndrome, fear, obligation, and uh what's up, what's the G?
• 26:18
  SPEAKER_02: Fear, obligation, and guilt.
• 26:21
  SPEAKER_02: That too many of their finances are predicated on a on on those things, trying to be the good wife, the good daughter, you know.
• 26:32
  SPEAKER_02: And I'm really happy to have with us speaking um a Dr.
• 26:36
  SPEAKER_02: Frank Castle, a personal friend of mine.
• 26:39
  SPEAKER_02: Um and he is an expert on Bertha Palmer.
• 26:43
  SPEAKER_02: Bertha Palmer was um a very progressive woman beyond her years.
• 26:51
  SPEAKER_02: Um, she lived in Sarasota from 1910 to 1918 and actually owned about three-fourths of what is now Sarasota County.
• 27:00
  SPEAKER_02: Uh and she was a phenomenal businesswoman because when she became a widow in 1901 or 1902, her husband, Potter Palmer, uh, who had the little Palmer Hotels there in Chicago.
• 27:13
  SPEAKER_02: Um, maybe you've seen them.
• 27:15
  SPEAKER_02: Um so she he left her with four million dollars, which was quite a sum then.
• 27:21
  SPEAKER_02: When she passed away, her wealth was estimated between 16 to 20 million.
• 27:28
  SPEAKER_02: So she did something with that, and a lot of that had to do with a lot of phenomenal planning on her part.
• 27:36
  SPEAKER_02: Um, she was quite the independent woman, and we're looking forward to sharing a little bit of local history, which impacted the whole nation as well as other things.
• 27:48
  SPEAKER_02: And come November 12th in 2025 at Cooper's Hawk, and please sign up.
• 27:57
  SPEAKER_02: Space is limited, we have 30 spots, and I encourage you to sign up quickly.
• 28:05
  SPEAKER_03: And just to clarify, that's the Cooper Hawk in Sarasota out east on Fruitville.
• 28:11
  SPEAKER_02: Yes, if some of you in Western PA want to come down and hear about Bertha Palmer, get on a plane.
• 28:17
  SPEAKER_02: Uh hopefully you get that through the you get there, come on down.
• 28:21
  SPEAKER_02: I'll I'll be more than happy to host you.
• 28:25
  SPEAKER_01: And yeah, we you can actually find the registration for that uh directly on our website.
• 28:31
  SPEAKER_01: And so this is uh hpkprovenent.com.
• 28:33
  SPEAKER_01: And if you go over to resources, you'll find the blog.
• 28:36
  SPEAKER_01: Uh I talked about some of the uh posts that we had put out.
• 28:39
  SPEAKER_01: If you go to events, so HBK, this is our main page, resources and events.
• 28:45
  SPEAKER_01: Uh and so right there uh you can find the registration link.
• 28:49
  SPEAKER_01: Uh, you can register for yourself, uh, and you can also register for others.
• 28:56
  SPEAKER_01: If you're bringing more than four people, yourself and plus three others, uh, go ahead and do an additional registration.
• 29:04
  SPEAKER_01: Um, this page will allow you to register up at four folks, but if you're bringing more than that, go ahead and do two registrations and we'll interpret that and see that properly on our side.
• 29:13
  SPEAKER_01: Uh, but that's hpkprovenant.com.
• 29:16
  SPEAKER_01: It's under resources and then events.
• 29:21
  SPEAKER_02: Love to see you there.
• 29:24
  SPEAKER_03: All right.
• 29:24
  SPEAKER_03: Well, you guys have anything else you want to add before we flip.
• 29:27
  SPEAKER_03: Well, we've covered a lot.
• 29:28
  SPEAKER_01: We yeah, we've gone a little bit longer uh than we normally do, which I think is fine because we covered some things.
• 29:34
  SPEAKER_01: And um would just like to emphasize, you know, feel free to give us a call.
• 29:39
  SPEAKER_01: And uh let me move this out here.
• 29:43
  SPEAKER_01: Uh you can find our information right here, hpkprovenant.com.
• 29:48
  SPEAKER_01: There is a contact us uh link there.
• 29:51
  SPEAKER_01: So you can send us uh an email, you can send us uh a question, an observation, uh, or you can call the office directly.
• 29:59
  SPEAKER_01: That The way rings to the Western PA office and into Florida simultaneously at number 724-463-1331.
• 30:08
  SPEAKER_01: Um, so covered a lot.
• 30:10
  SPEAKER_01: No, that's all I got.
• 30:13
  SPEAKER_01: I gotta go get the candy bowl ready.
• 30:15
  SPEAKER_02: And also remind people that we've been receiving uh emails about people that have contacted us, um, and we'll reach back to you through emails.
• 30:24
  SPEAKER_02: But if you leave a phone number, you can hear from us a lot quicker.
• 30:28
  SPEAKER_02: Uh so if you when you get the contact, you say, Hey, you have a question about something we've talked about or another question that we can help you with, uh, you put a phone number there, and chances are you'll get a call the next day, as opposed to an email that's going back and forth, you know, which is fine.
• 30:45
  SPEAKER_02: Either way, we do not sell our contacts, we do not share our contacts.
• 30:52
  SPEAKER_02: Uh, it stays here with HPK Provident Advisors.
• 30:58
  SPEAKER_01: All righty, we'll be glad to help.
• 31:00
  SPEAKER_01: All right, gentlemen, this has been good stuff.
• 31:01
  SPEAKER_01: Uh, have a great weekend, happy Halloween.
• 31:04
  SPEAKER_01: Be safe, everyone.
• 31:05
  SPEAKER_01: Make sure there's a lot of lighting.
• 31:07
  SPEAKER_01: Uh, wear your trick-or-treating.
• 31:09
  SPEAKER_01: Uh, it's good to have glow sticks uh on the kids' costumes and that kind of thing, or on your costume.
• 31:14
  SPEAKER_01: And uh, we will be back uh next Friday, uh, which is what does that bring us to November 6th, I guess.
• 31:21
  SPEAKER_01: Uh 12 30 p.m.
• 31:22
  SPEAKER_01: Eastern Standard Time on Facebook.
• 31:25
  SPEAKER_01: Feel free to send us any questions, thoughts, feelings, observations, questions, uh, whatever it might be, and we'll be glad to address those.
• 31:32
  SPEAKER_01: All right, gents.
• 31:33
  SPEAKER_01: Have a wonderful weekend.
• 31:34
  SPEAKER_01: Everybody's member FINRA and SIPC.org.
• 31:38
  SPEAKER_01: Advisory services offered through LPL Financial LLC, a registered investment advisor.
• 31:43
  SPEAKER_01: Brian Peluso, Michael Kutch, and David Harper are registered representatives of LPL Financial LLC.
• 31:50
  SPEAKER_01: Content discussed is for informational purposes only and not intended as an offer or solicitation to buy or sell any security or investment strategy.
• 31:58
  SPEAKER_01: Any opinions expressed are those of the authors and do not necessarily reflect the views of LPL Financial or its affiliates, all investments involve risk, including the possible loss of principal.
• 32:09
  SPEAKER_01: This communication may include links or references to third-party websites.
• 32:13
  SPEAKER_01: These links are provided as a convenience only.
• 32:15
  SPEAKER_01: LPL Financial and its representatives are not responsible for the accuracy or content of such sites.
• 32:21
  SPEAKER_01: Brian, Mike, and David and HBK Profit Advisors may only transact business in states where they are properly registered or exempt from registration.