Latest / WCHS Network Podcasts / 07/21/2025 Retire Right Radio with John Burdette

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07/21/2025 Retire Right Radio with John Burdette · WCHS Network Podcasts

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Speaker 1: Unlock your dream property with Meeks Realty Group, where Rich
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Speaker 2: The views and opinions expressed on this program do not
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Speaker 2: necessarily reflect the views and opinions of five eight, WCCHS,
0:22
Speaker 2: its employees, or WVRC Media. This is retire Right Radio,
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Speaker 2: a weekly show from John Verdet at Fourth Avenue Financial
0:31
Speaker 2: that aims to answer your questions about financial planning, investing,
0:34
Speaker 2: and how to retire right. Fourth Avenue Financial is located
0:38
Speaker 2: in downtown Charleston at one seventy Court Street. More information
0:42
Speaker 2: online at Fourth Avenue Financial dot com. Join the conversation
0:46
Speaker 2: by calling three oh four three four five fifty eight
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Speaker 2: fifty eight or text three oh four nine three five
0:52
Speaker 2: fifty oh eight. On Retire Right Radio, Let's go live
0:57
Speaker 2: to the studio with host Dale Cooper and John Verdett
0:59
Speaker 2: from with Avenue Financial.
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Speaker 3: US Henrity, Pleasant Monday morning to you. You're listening to
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Speaker 3: retire Right Radio five eight. See hs the voice of
1:07
Speaker 3: Charleston and I'm del Cooper. Congratulations you made it through
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Speaker 3: the weekend. Pretty nice weekend for the most part. Some
1:13
Speaker 3: h well, I mean I get there was moments of
1:15
Speaker 3: rain and uh just intense humidity in the valley. Maybe
1:19
Speaker 3: not that great of a weekend, but we made it through.
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Speaker 3: So I guess any weekend that we get through the
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Speaker 3: other side of is it too bad. John Burdett for
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Speaker 3: Fourth Avenue Financial is in studio with us this morning.
1:27
Speaker 3: More informational on non fourth Avenue Financial dot com Fourth
1:30
Speaker 3: Avenue Financial dot com, where you spell off the whole thing. John,
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Speaker 3: Good morning. How you doing this morning? I'm doing great, outstanding.
1:35
Speaker 3: It's uh, we're coming to the end of July this year.
1:37
Speaker 3: It seems like it's going by so fast. Yeah, we're
1:40
Speaker 3: already coming out to on August. Man, that's unbelievable. But well,
1:42
Speaker 3: where well past halfway? Well, yes, we're five months till Christmas?
1:46
Speaker 3: Oh wow, how's that sound five months until Christmas?
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Speaker 4: Good news for our purposes. The consumer is healthy? Oh yes, yes, yes,
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Speaker 4: apparently tumor sales are still still hanging in there, so
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Speaker 4: Christmas might be a good one.
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Speaker 2: Who knows.
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Speaker 3: Maybe my my advice to folks, is get coffee for
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Speaker 3: your loved ones.
2:07
Speaker 2: Coffee.
2:07
Speaker 3: The price is the price of coffee. That's my one
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Speaker 3: indicator because it's my one vice. So it's the it's
2:12
Speaker 3: the thing that I that I lean into the most.
2:14
Speaker 3: And a few months ago I did a bunch of research,
2:17
Speaker 3: like pretty heavy research where at my at my volume,
2:20
Speaker 3: where I could buy a coffee at a cheap price,
2:22
Speaker 3: because I mean, if you bought like like hundreds of pounds,
2:24
Speaker 3: you can get it pretty cheap. But I was looking
2:25
Speaker 3: at my volume and I found a pretty good, a
2:28
Speaker 3: pretty good deal through through Amazon for whole beans where
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Speaker 3: per cup, and when you break all this stuff down
2:33
Speaker 3: based on beans, it was about twenty three cents a
2:36
Speaker 3: cup as compared to like thirty two or forty that
2:38
Speaker 3: you get with a lot of these things at the store. Anyway,
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Speaker 3: they cancel my subscription now they can't fulfill my price anymore.
2:44
Speaker 3: The price of beans are going up so far that
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Speaker 3: they can't honor their previously negotiated prices. And because I
2:51
Speaker 3: had a I had, I had to get a big
2:54
Speaker 3: hopper for the beans because you can get those little
2:56
Speaker 3: tiny things, you know, and then you have to you
2:58
Speaker 3: have to grind, like six different rounds of beans, just.
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Speaker 2: Get enough for a pot of coffee.
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Speaker 3: So I got it like a real big one, right,
3:04
Speaker 3: like a relatively expensive ones. And I was shopping around
3:06
Speaker 3: with them for a couple of months and or a
3:08
Speaker 3: couple of weeks anyway, and overnight the price when all
3:11
Speaker 3: of them went up like thirty five bucks. Like overnight,
3:14
Speaker 3: I went out and bought mine. But I just have
3:15
Speaker 3: a feeling that everybody's kind of got my idea because
3:17
Speaker 3: the price of coffee, like just at the department store,
3:20
Speaker 3: at the grocery store, has gone up so much. It's like, hey,
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Speaker 3: I get beans, I get a grinder, I can save
3:23
Speaker 3: money now the price on that's going up to But
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Speaker 3: that's just coffee, that's not everything.
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Speaker 4: Maybe that's a sign that you drink too much cofee.
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Speaker 3: It could be that's just my economic pain that's not
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Speaker 3: necessarily everybody's. But I thought that that was my one
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Speaker 3: market indicator that I that I can personally live on,
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Speaker 3: is that freaking coffee price.
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Speaker 4: I've in my life never have really drank coffee really never,
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Speaker 4: Oh man, I've had a cup or two.
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Speaker 3: I've known people like you before.
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Speaker 4: It's like an acquired thing. I guess, but I'm a
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Speaker 4: tea drinker, so you know, I get my caffeine, don't
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Speaker 4: get me wrong, but it's just never been through coffee.
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Speaker 3: It's like black teas, like different prices of black teas,
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Speaker 3: and so yeah, I mean I like tea too. I've
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Speaker 3: drank coffee since I was like a young teenager, and
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Speaker 3: so it's just something i'd drink until last night. I
4:06
Speaker 3: got home from my mother in law's house at like
4:08
Speaker 3: nine o'clock and I'm brewed a pot of coffee. That's
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Speaker 3: just who I am. So you're right, I probably do
4:12
Speaker 3: drink too much. Neither here nor there. You're here this
4:15
Speaker 3: morning to listen to Fourth Avenue Financial and we're talking
4:18
Speaker 3: about how you can retire right if you have any
4:20
Speaker 3: questions for John Burdett and goes to call this morning
4:21
Speaker 3: three zero four three four two eight one three one.
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Speaker 3: We're gonna take a look back at how the market's
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Speaker 3: performed in recent times here in just a moment. And
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Speaker 3: also we have some some topics we're going to go
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Speaker 3: over this morning about how to maximize your retirement where
4:34
Speaker 3: you can what your disbursements or distributions are like, and
4:39
Speaker 3: we're going to talk all kinds of questions around that,
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Speaker 3: and John has some advice for you if you have
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Speaker 3: any questions along those lines or anything else, if you
4:45
Speaker 3: need some advice on how you can retire right you
4:47
Speaker 3: have maybe a little bit of unique situation that came
4:49
Speaker 3: up of your life, you're just getting started and you
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Speaker 3: wonder where to go from now, or some other things
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Speaker 3: that we might kind of circle around this morning. You're
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Speaker 3: self employed, maybe a gig work or something along those
4:59
Speaker 3: lines you're looking for or a path forward. John can
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Speaker 3: help you out with all those things. You can give
5:03
Speaker 3: us a call this morning. Three zero four three four
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Speaker 3: two eight one three one three zero four, three four
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Speaker 3: two eight one three one is a number that you
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Speaker 3: can call. Taking a look as far as the market goes,
5:11
Speaker 3: as we've talked about the last few weeks, so we
5:13
Speaker 3: have some churning. I read some stuff on Bloomberg where
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Speaker 3: maybe there's some indicators that we might start seeing a
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Speaker 3: like a like a pause, like a like a little
5:21
Speaker 3: bit of an adjustment coming. There might be some some
5:24
Speaker 3: fundamentals that are indicating that. But generally speaking, things are okay.
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Speaker 4: Yeah, have a market at another relatively solid week last week.
5:32
Speaker 4: Most of the indexes were up a little bit. We
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Speaker 4: are I believe, twenty six or twenty eight percent off
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Speaker 4: of the lows that we have, so, you know, for
5:44
Speaker 4: those that may have panicked when we were in the
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Speaker 4: in the downturn earlier in the year, there's been a
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Speaker 4: you know, twenty six twenty eight percent rise since that bottom.
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Speaker 4: So I don't know what type of less and that
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Speaker 4: you might need to understand that long term is the
6:03
Speaker 4: way to look at this thing, because we're just in
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Speaker 4: a matter of months have moved over a quarter higher.
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Speaker 4: You know, that's not the doom and gloom that we
6:14
Speaker 4: were talking about three four or five months ago. So
6:17
Speaker 4: that's the way the market operates. You're going to get
6:20
Speaker 4: disappointed sometimes short term, but long term it tends to
6:25
Speaker 4: always pay off.
6:27
Speaker 3: We've we've had this program now under the the announcement
6:31
Speaker 3: and the deployment of three different presidential administrations. The first Trump,
6:35
Speaker 3: the Biden, and the second Trump been the same. It's
6:39
Speaker 3: the same for each one. I mean, you can look
6:41
Speaker 3: at who the winners and losers are or whatever, but
6:44
Speaker 3: the market in general the same up, you know.
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Speaker 4: Yep, yeah, And why is the market up because earnings
6:49
Speaker 4: are up, you know, earnings even even right now this year,
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Speaker 4: earnings are tracking up about twelve percent higher than expectations
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Speaker 4: so far. I mean it's early early in the earning season,
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Speaker 4: but generally we're going to get high single digit earnings
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Speaker 4: growth this year. It's expected next year to even accelerate.
7:10
Speaker 4: So you know, as long as the earnings are coming
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Speaker 4: in and growing, eventually the market follows that. And with
7:18
Speaker 4: the innovation that's out there, with the efficiencies that businesses
7:22
Speaker 4: try to squeeze out of their operations, that generally keeps
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Speaker 4: earnings growing.
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Speaker 2: That's we talk about that.
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Speaker 3: I mean, it's a point on this program we talk
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Speaker 3: about all the time, regardless of who's doing what with
7:34
Speaker 3: what as far as governments go, and that goes worldwide too,
7:36
Speaker 3: because commerce is generally at worldwide stage, not just the US.
7:41
Speaker 3: Companies find ways to make business because that's what they're
7:43
Speaker 3: paid to do. And if the guy who's in charge
7:45
Speaker 3: of making money for the company isn't doing his job,
7:47
Speaker 3: they get fired and a replaced by somebody who will.
7:50
Speaker 3: So that's the way those things work, you know, I mean,
7:52
Speaker 3: they find ways through to make this happen. And the
7:56
Speaker 3: point of the matter is is the strategies that you
7:59
Speaker 3: talk about although the tools in the toolbox might change
8:02
Speaker 3: from year to year, month to month, even sometimes depending
8:05
Speaker 3: on what's happening, those tools are established tools that interact
8:08
Speaker 3: with the market in certain ways. And if you know,
8:10
Speaker 3: and if you have that knowledge, which you do is
8:13
Speaker 3: John PreTect On, how to deploy those in the right situations,
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Speaker 3: you can make the market work for you. And that's
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Speaker 3: what it's all about. You need to make that money
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Speaker 3: work for you so you can retire right.
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Speaker 4: Yes, and we are fortunate to be living in a
8:25
Speaker 4: time where we can participate. You know, go back one
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Speaker 4: hundred years ago and common everyday person could not participate
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Speaker 4: in ownership of companies.
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Speaker 2: Like they can't.
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Speaker 3: Now.
8:37
Speaker 4: It's as easy as participating in your four oh one
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Speaker 4: K and you can accumulate shares and the greatest companies
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Speaker 4: in the world. You couldn't do that not that long ago.
8:46
Speaker 4: And you know, if you look at the I saw it.
8:50
Speaker 4: I saw it, which was astounding to me. An article
8:53
Speaker 4: that the average net worth of an American household now
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Speaker 4: is a million dollars. Wow, that's the average number. Now
9:03
Speaker 4: the median is one hundred thousands, so of the you know,
9:06
Speaker 4: the wealthy skew that. But but you know that that
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Speaker 4: kind of gives you an idea of how much wealth
9:11
Speaker 4: is really out there and accessible to just you know,
9:17
Speaker 4: folks like you and I.
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Speaker 3: Something that I heard talked about and it was in passing,
9:21
Speaker 3: so I didn't do a whole lot of research on this,
9:23
Speaker 3: but it generally felt pretty pretty close to right, and
9:26
Speaker 3: that folks that talked about, you know, maybe what my
9:30
Speaker 3: parents grew up in and even their parents they talk
9:32
Speaker 3: about like the pension era where there wasn't you know,
9:35
Speaker 3: you got a pinch on not four O one K.
9:36
Speaker 3: We're coming to the point where the four one K
9:38
Speaker 3: era is longer than the pension era, you know, like
9:43
Speaker 3: you know, it's like the way things have always been, well,
9:45
Speaker 3: the way things have always been now is wourld one k.
9:49
Speaker 3: You know what I mean when you talk about like
9:51
Speaker 3: the longevity of of of a way about doing things.
9:54
Speaker 3: So the four one K era of doing things is
9:56
Speaker 3: not new anymore. It's not novel or unique or anything
9:59
Speaker 3: like that. We're probably not ever going to go back
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Speaker 3: to a purely pensioneer. I mean there's companies, of course,
10:04
Speaker 3: but we're probably never going to go back to that
10:05
Speaker 3: type of era. This is what we have now. And
10:07
Speaker 3: it's good as long as you know how to participate
10:10
Speaker 3: in it.
10:11
Speaker 4: And you know, the difference is, I think it gives
10:13
Speaker 4: you more opportunity than the than the pension era I did.
10:19
Speaker 4: But of course if you don't grabble onto that opportunity.
10:21
Speaker 2: That's just it, right.
10:22
Speaker 3: The pensionaria did it for you, so you know, people
10:24
Speaker 3: thought it was better because it was done for you. You
10:26
Speaker 3: didn't have a choice. Well you can do that now.
10:28
Speaker 3: You just co sign your money straight out of your
10:30
Speaker 3: paycheck into your four one K if it's not something
10:32
Speaker 3: that you already do automatically, it's the same type of
10:34
Speaker 3: thing basically in a lot of ways. There's ways that
10:37
Speaker 3: those things need to pay off and that you pay
10:39
Speaker 3: attention to it. It's just it's interesting to me that
10:42
Speaker 3: so many of these things, like I used to like
10:46
Speaker 3: shocking all people about, like credit scores and stuff like
10:48
Speaker 3: back when I was doing mortgages, you know, twenty years ago,
10:50
Speaker 3: Like you know, credit scores have only been around for
10:52
Speaker 3: about fiften years. Well now we're talking like forty five years.
10:55
Speaker 3: You know, they've been around for a while now. You know,
10:57
Speaker 3: it's not the necessarily the most technology, but it's what
11:01
Speaker 3: we have and what we rely on. Now you give
11:03
Speaker 3: us a call this morning three zer a four three
11:05
Speaker 3: four five fifty eight fifty eight three four five fifty
11:07
Speaker 3: eight fifty eight. We're going to talk about some of
11:08
Speaker 3: the some of the retirement saving options for individuals and
11:12
Speaker 3: small businesses and talking about contribution limits. So if you're
11:16
Speaker 3: looking to maximize what you can contribute to your various
11:20
Speaker 3: retirement portfolios, whether you're self employed or traditionally employed, we're
11:23
Speaker 3: going to go over some of those with you this morning.
11:26
Speaker 3: Those things change on a relatively regular basis, and so
11:29
Speaker 3: this will be a little bit of an update. You
11:30
Speaker 3: might want to make a mental note to follow up
11:32
Speaker 3: on this later, or you can just give John a
11:35
Speaker 3: call and maybe you need some help with how you
11:36
Speaker 3: can retire right anyway, and he can certainly help you
11:39
Speaker 3: with that. Retired right right now. You can find every
11:41
Speaker 3: week right here on five ADWCHS at eight twenty and
11:44
Speaker 3: on line it's fourth Avenue Financial dot Com with John
11:46
Speaker 3: Burdett from Fourth Avenue Financial. Also on Facebook, you could
11:49
Speaker 3: do a search for Fourth Avenue Financial located right here
11:52
Speaker 3: on one seventy Court Street. I'll give you their phone
11:54
Speaker 3: number here in a minute. I don't want to give
11:55
Speaker 3: you too many numbers. You can call us this morning
11:56
Speaker 3: at threes are a four three four five fifty eight
11:58
Speaker 3: fifty eight. Threes are a four three four five fifty
12:00
Speaker 3: fifty eight. So that's one of the things that you
12:03
Speaker 3: would love to be in the situation where you're not
12:06
Speaker 3: scraping by to put the minimum amount of money that
12:08
Speaker 3: you possibly can in your four one ks and your
12:10
Speaker 3: in your various implements of savings. What you'd like to
12:15
Speaker 3: get to the point is where you can fill all
12:16
Speaker 3: of your your fill all of your cups up to
12:20
Speaker 3: the top if you can. I mean that was that's
12:22
Speaker 3: how you're going to maximize the amount that money can
12:24
Speaker 3: do to work for you. You maximize the tax saving
12:28
Speaker 3: benefits of a four to one K, you maximize how
12:30
Speaker 3: much money you can put into your IRA post acts,
12:32
Speaker 3: all these different things that you're putting in there. But
12:35
Speaker 3: we need to talk about what the contribution limits are,
12:37
Speaker 3: what some of the guidelines around those and stuff like that.
12:40
Speaker 3: Is what is generally when we talk about contributions into
12:45
Speaker 3: your retirement like here, for example, I mean, we get
12:48
Speaker 3: money take a straight out of our paycheck or whatever else.
12:50
Speaker 3: But that's not all that you can do, like if
12:52
Speaker 3: you wanted to make if you get paid a bonus
12:53
Speaker 3: and you wanted to put extra money in, or if
12:55
Speaker 3: you got money from an inheritance or something or whatever
12:58
Speaker 3: won the lottery. I mean, you can put money in
13:00
Speaker 3: despite what just kind or other than what just comes
13:03
Speaker 3: straight out of your paycheck.
13:04
Speaker 4: Yes, And and if you're self employed, a gig worker
13:07
Speaker 4: or something like that, and you don't have a corporate plan,
13:10
Speaker 4: you know, how are you going to save for retirement?
13:13
Speaker 4: There are many ways, and just an IRA, an individual
13:18
Speaker 4: retirement account is really the number one way that folks
13:24
Speaker 4: can save for their own retirement outside of a company.
13:28
Speaker 4: You know, you can put seven thousand dollars a year
13:31
Speaker 4: in an IRA, and a traditional IRA is tax deductible,
13:36
Speaker 4: so you can write it off. It comes right off
13:38
Speaker 4: your income, it grows tax deferred, and then when you
13:43
Speaker 4: pull it out after your retirement age, which the retirement
13:46
Speaker 4: age officially is fifty nine and a half, then you
13:49
Speaker 4: pay tax on it as it comes out as income.
13:52
Speaker 4: So you know, that can be a great way to save. Now,
13:56
Speaker 4: there are income limits on the deductibility, so that phases
14:00
Speaker 4: out over time. It starts I think about one hundred
14:03
Speaker 4: and twenty six thousand and phases out somewhere around one
14:05
Speaker 4: hundred and fifty thousand that you can't do it the deduction,
14:10
Speaker 4: but you can always fund it. Even if it's a
14:13
Speaker 4: non deductible funding, it still grows tax deferred. So you know,
14:17
Speaker 4: that is an option for an individual. And there's a
14:20
Speaker 4: lot of misconception when you hear the term IRA because
14:24
Speaker 4: banks a lot of times will advertise it like it's
14:29
Speaker 4: a product. So you know, you hear sometimes people say
14:33
Speaker 4: I bought an IRA at the bank. Well that that's
14:37
Speaker 4: really not what you bought. An IRA is just how
14:40
Speaker 4: the account is titled for tax purposes. When you go
14:43
Speaker 4: to the bank, generally you're going to be buying a
14:46
Speaker 4: CD or some type of deposit instrument inside that IRA
14:51
Speaker 4: account that's established with an IRA. You know, for instance,
14:55
Speaker 4: if you would come and open it at the Fourth
14:58
Speaker 4: Avenue Financial or any any brokerage account, then you have
15:02
Speaker 4: access to mutual funds or any other investments just about
15:07
Speaker 4: that you can imagine can fit inside that IRA account.
15:11
Speaker 4: So that is a big misconception sometimes folks have that,
15:16
Speaker 4: you know, see those advertisements and think, well, IRA is
15:18
Speaker 4: that only pays you know, three percent interest or something
15:22
Speaker 4: like that. Well, it's because of the of the financial
15:25
Speaker 4: instrument inside that eye.
15:27
Speaker 3: So it's just a container for what activity takes place
15:29
Speaker 3: inside of that.
15:30
Speaker 2: And that's correct.
15:31
Speaker 4: So that IRA just designates with that account title how
15:36
Speaker 4: it is taxed, not what it invests in.
15:39
Speaker 3: That makes sense. That makes sense. Part Man. That really
15:42
Speaker 3: clears up a lot when thinking about it that way,
15:45
Speaker 3: because I think that I had a misconception there as well.
15:48
Speaker 3: One general question I had with all of the things
15:49
Speaker 3: that when we talk about this one of the different products,
15:51
Speaker 3: there's always something called a catch up time. Is that
15:53
Speaker 3: when you haven't used the maximum for the whatever point
15:57
Speaker 3: in your life, and when you get past fifty on
15:59
Speaker 3: a lot of these you can you can take your
16:00
Speaker 3: maximum like seven thousand, and in an additional in a
16:03
Speaker 3: lot of cases it's one thousand dollars, I guess because
16:05
Speaker 3: you didn't max out in previous years.
16:06
Speaker 4: Yes, for like for the IRA, it's one thousand dollars
16:10
Speaker 4: catch up. So if you're over over fifty years old,
16:14
Speaker 4: you can do eight thousands based a seven thousand in
16:17
Speaker 4: the IRA, and and those numbers get bigger with various
16:23
Speaker 4: other types of plans too, that you can you can
16:25
Speaker 4: save for your retirement And we'll get into those a
16:28
Speaker 4: in a second as well, But yes, the catchup was
16:31
Speaker 4: basically designed to help folks that may be a little
16:34
Speaker 4: bit behind to save a little extra for that retirement
16:38
Speaker 4: as they're coming down down the home stretch, so to speak.
16:42
Speaker 4: Another way an individual can can save in a real
16:45
Speaker 4: powerful way if you're younger, for sure, is the wrath.
16:49
Speaker 3: I this is like the Superman thing. This is like
16:51
Speaker 3: the like you see all the tricks online about this,
16:54
Speaker 3: and this is the one thing that maybe don't listen
16:56
Speaker 3: to all the tricks online, but there is something here
16:58
Speaker 3: like if you if you know what you're doing here,
17:00
Speaker 3: you can this can help you out quite a bit.
17:02
Speaker 4: Yeah, I mean the powerful thing about that is you
17:05
Speaker 4: don't get a tax savings today, but it grows tax
17:10
Speaker 4: deferred and then it's all tax free by at retirement
17:14
Speaker 4: age fifty nine and a half. So you know, imagine
17:19
Speaker 4: if you're twenty five years old and starting out when
17:23
Speaker 4: you're saving in that wrath, you're not getting a tax break. Well,
17:26
Speaker 4: you're probably at the lowest income range you're going to
17:30
Speaker 4: be in your career when you're just starting out, so
17:33
Speaker 4: that tax break isn't quite as important because you're not
17:36
Speaker 4: in a high tax bracket. Usually when you start out,
17:39
Speaker 4: all of that money now is invested in growing. We've
17:42
Speaker 4: talked before about how many compounds. You know, if you're
17:45
Speaker 4: twenty five years old, every thousand dollars you say today
17:48
Speaker 4: save today at retirement might be worth thirty forty fifty
17:51
Speaker 4: dollars if it's if it grows like the market grows
17:55
Speaker 4: over time, and now that's all tax free. That's hugely
17:59
Speaker 4: powerful to take advantage of compound interest without having to
18:06
Speaker 4: pay that tax bill on that money. Ever, when do
18:11
Speaker 4: you ever hear that from the government?
18:12
Speaker 5: Yeah?
18:12
Speaker 2: Right?
18:13
Speaker 3: What happens in a situation like if you have an IRA?
18:16
Speaker 3: Can you can you give it? For example, if you
18:20
Speaker 3: have a lump sum sitting around and you want to
18:21
Speaker 3: start an IRA, or you tax on it then before
18:23
Speaker 3: it goes in. If that was like I'm thinking of
18:26
Speaker 3: somebody like an inheritance or they got money that wasn't
18:28
Speaker 3: taxed to begin with. Do you have to tax it
18:29
Speaker 3: when you start the IRA?
18:30
Speaker 2: Then no.
18:32
Speaker 4: If you have money setting in a savings account, it's
18:34
Speaker 4: already been taxed, I mean when you received it originally,
18:37
Speaker 4: so it doesn't cost money to put in the into
18:40
Speaker 4: the roth IRA. It's just you don't get to write
18:42
Speaker 4: it off your taxes like you would a For instance,
18:47
Speaker 4: let's say you have a fifty thousand dollars earned income
18:51
Speaker 4: and you fund a traditional IRA and you put seven
18:54
Speaker 4: thousand dollars in your tax like you made forty three thousand.
18:58
Speaker 4: With the ROTH, you're still tax like you make fifty thousand,
19:02
Speaker 4: so you don't get that tax break. But if the
19:05
Speaker 4: money's already setting there in a checking account, for instance,
19:07
Speaker 4: and you're just writing a check out, you know you've
19:10
Speaker 4: had to have already paid tax on that when you
19:12
Speaker 4: earned it originally, so you're not getting the tax break
19:16
Speaker 4: on it. If you do the WROTH up front.
19:18
Speaker 3: That makes sense. And and that's another one of those
19:20
Speaker 3: things there are there are contribution limits at seven thousand
19:24
Speaker 3: as well with a thousand dollars catch up. But what
19:26
Speaker 3: are the uh when we the phase outs when it
19:28
Speaker 3: talked when you're talking about oras, what are those.
19:30
Speaker 4: Well with a with a wroth in particular, because it
19:33
Speaker 4: is such a powerful tool, I think the government has
19:36
Speaker 4: put a little bit of a lid on who can participate.
19:39
Speaker 4: So if you if you make large amounts of money.
19:42
Speaker 4: The government restricts you from from making contributions in a
19:48
Speaker 4: in a wroth ira. There are ways around that we
19:52
Speaker 4: will get too later, but but generally speaking, if you're
19:56
Speaker 4: married filing jointly, the phase out starts at two hundred
20:00
Speaker 4: thirty thousand dollars a year of household income, so it
20:03
Speaker 4: begins to restrict your ability to contribute. If your single,
20:07
Speaker 4: it's down at one hundred and forty six thousand, so
20:10
Speaker 4: you know, it's still pretty good income before you before
20:13
Speaker 4: you're phased out. But you know, nowadays, more and more
20:16
Speaker 4: people are starting to hit these levels as you know,
20:20
Speaker 4: as as inflation has impacted how much Yeah, folks, folks earn.
20:24
Speaker 4: You know, those those limits to come into play more
20:28
Speaker 4: often than.
20:28
Speaker 2: You used to.
20:29
Speaker 3: Give us call this morning if you have any questions
20:31
Speaker 3: about your retirement, how you can retire. Right this morning,
20:33
Speaker 3: we're talking a little bit about contributions and tools for retirement,
20:36
Speaker 3: how to maximize the access into those things. We want
20:40
Speaker 3: to take a break care in a second. When we
20:41
Speaker 3: come back, we're gonna talk a little bit about hs
20:42
Speaker 3: HSA's healthcare health savings accounts. We want to talk about
20:46
Speaker 3: those when we come back, and plus hopefully your questions
20:48
Speaker 3: you can give us a call three zero four three
20:49
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Speaker 3: of Charleston. Thank you so much for tuning in talking
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Speaker 3: to it with the music this morning not too bad. You
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Speaker 3: can text three zero four non three five five zero
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Speaker 3: as well. Don't have time for the phone call three
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Speaker 3: zero four non three five five zeros or eight, promise
26:09
Speaker 3: we would touch on HSA's before we move down into
26:12
Speaker 3: some small business and self employed topics, and basically with
26:16
Speaker 3: an HSA, I'll be a little bit of a fan
26:19
Speaker 3: of HSA's. When the price of traditional insurance started to
26:23
Speaker 3: kind of go up considerably and I got a family
26:26
Speaker 3: I kind of aged out of, or not aged out,
26:28
Speaker 3: but priced out of that ability. I mean, the more
26:31
Speaker 3: family you had, the heart of that those traditional insurances
26:33
Speaker 3: are to get you with your eighty twenty or whatever
26:35
Speaker 3: it might be. So I started looking into hsas, and frankly,
26:39
Speaker 3: I've had one for about five years now and or
26:41
Speaker 3: oh my goodness, seven years, I guess now. And I
26:44
Speaker 3: love it. Frankly, I had one good year or maybe
26:48
Speaker 3: two good years consecutively where I was able to run
26:51
Speaker 3: my credit and so you can carry over on it.
26:53
Speaker 3: Unlike the other health accounts, you can carry over them
26:57
Speaker 3: this from year after year. You can use it for
26:59
Speaker 3: anything from your dental appointments to your eye doctor, so
27:02
Speaker 3: you don't necessarily have to worry about which insurance for
27:04
Speaker 3: which they get the basic information that you pay for
27:06
Speaker 3: the rest. And it may not work for somebody that
27:09
Speaker 3: has a catastrophic issue or something like that. But from
27:11
Speaker 3: what we've dealt with, it's been great. It's been great,
27:13
Speaker 3: and it saved money, and it's made health care affordable for.
27:15
Speaker 4: Us and more and more now that they've been in
27:17
Speaker 4: place for a while. You know, I'll see folks that
27:20
Speaker 4: are retiring with significant balances, and and that's a big
27:24
Speaker 4: deal when you're talking about retirement and having that pool
27:27
Speaker 4: of money there, whether it's used for health care or
27:30
Speaker 4: directly or you know, a lot of folks almost use
27:35
Speaker 4: it as a souped up for retirement account.
27:37
Speaker 3: I could see how you know my because my HISA,
27:41
Speaker 3: I have active amount and then I have an investment
27:43
Speaker 3: amount and make sure I always have so much ready
27:46
Speaker 3: to be used. But my investment amount of in my
27:49
Speaker 3: AHSA has actually done better than my fore cages here,
27:52
Speaker 3: It's actually performed a lot better. It's it's done fairly
27:56
Speaker 3: well for me. And I'm at the point now where
27:57
Speaker 3: most years I'm knocking on whatever we have close to
28:00
Speaker 3: that we don't have anything catastrophic, but we're usually able
28:03
Speaker 3: to fund up until the point of we when we
28:05
Speaker 3: reach our maximum for out of pocket expenses, we can
28:08
Speaker 3: usually fund that out of our HSA. So the way
28:10
Speaker 3: that that typically works for us right now because of
28:12
Speaker 3: our balances, we don't actually pay anything out of pocket
28:15
Speaker 3: for we already have it funded. By the time we
28:17
Speaker 3: pay everything through our HSA, then we've reached our yearly
28:19
Speaker 3: maximum and we don't pay anything there. So it's that
28:22
Speaker 3: works out for us right now. Now, something bad happens
28:24
Speaker 3: and we drain that account, then we have to start
28:26
Speaker 3: all over and it won't be so great. But right
28:27
Speaker 3: now it works pretty well. So that's a good tool
28:28
Speaker 3: that people can use for retirement, something else that you're
28:31
Speaker 3: looking into to go to the next level.
28:33
Speaker 4: Absolutely, yep.
28:34
Speaker 3: And we've talked about small businesses, gig workers, self employed workers,
28:39
Speaker 3: and things like that on here a few times, and
28:41
Speaker 3: I don't think it's a subject that we can really
28:43
Speaker 3: talk about too much, because sure there's still most people
28:46
Speaker 3: are still employed in traditional jobs of some sort. But man,
28:49
Speaker 3: the gig worker or I mean hustlers. I mean, when
28:53
Speaker 3: while I was growing up with people we called it,
28:55
Speaker 3: it wasn't gig workers necessarily, but that concept has always
28:58
Speaker 3: been around. Sure, the good news is that these tools
29:01
Speaker 3: are now maybe more available to those people than ever before.
29:04
Speaker 4: Well, I think finally the tax code and tax law
29:08
Speaker 4: and retirement savings rules have evolved a little bit to
29:13
Speaker 4: take in account that, hey, a lot of people do
29:15
Speaker 4: this right, and these folks need to retire as well.
29:18
Speaker 4: So there are several tools out there, and a lot
29:21
Speaker 4: of folks think that, oh gosh, these are going to
29:23
Speaker 4: be expensive to implement, and that is not always the case.
29:28
Speaker 4: There is something called a solo for OH one K.
29:31
Speaker 4: I don't see very many of these, to be honest
29:33
Speaker 4: with you, because as we'll see down farther down the list,
29:38
Speaker 4: there are some other options out there. But the solo
29:40
Speaker 4: for OH n K allows you to basically set up
29:45
Speaker 4: a four O n K for a single business, single
29:49
Speaker 4: person business, and it has pretty good deferral maxes. You
29:55
Speaker 4: can do twenty three thousand dollars. If you're over fifty,
29:58
Speaker 4: it's thirty thousand, five one hundred dollars you can contribute.
30:03
Speaker 4: You're the employer, which is yourself in a solo for
30:05
Speaker 4: own K, can contribute up to twenty five percent of compensation,
30:10
Speaker 4: so you're kind of limited by that as well. And
30:14
Speaker 4: your max contribution, you know, through this and all other
30:18
Speaker 4: types of of retirement is sixty nine thousand dollars a
30:21
Speaker 4: year or seventy six y five if you're over age fifty.
30:26
Speaker 4: So you start talking about those numbers, you know you're
30:29
Speaker 4: talking about some pretty large amounts that you could save
30:32
Speaker 4: for retirement. Of course, you have to be able to
30:35
Speaker 4: afford to put that running aside, but the point is
30:38
Speaker 4: the tool is there. If you finds yourself into that
30:41
Speaker 4: in that situation, you can really save pretty aggressively, and
30:47
Speaker 4: if you are behind in savings, catch up pretty quick
30:51
Speaker 4: when you're putting money away at that type of clip
30:53
Speaker 4: and you'll see there are several types of plans for
30:56
Speaker 4: businesses that allow those type of contributions.
31:00
Speaker 3: And it's pretty impressive when when you think about it,
31:03
Speaker 3: if you're getting if you're starting a business later in life,
31:05
Speaker 3: or I mean, it could be at any time, but
31:07
Speaker 3: that is a pretty pretty aggressive as far as it
31:10
Speaker 3: goes as what you can put into something like that.
31:14
Speaker 3: You also have mentioned on here and with somewhat similar
31:18
Speaker 3: guidelines as far as contributions and stuff go. Is an
31:21
Speaker 3: sep IRA Simplified employee pension?
31:24
Speaker 4: Yeah, the step IRA is something that quite frankly, I
31:28
Speaker 4: see a lot more of these than solo for it
31:30
Speaker 4: one case, they're just extremely easy to set up as
31:33
Speaker 4: far as administration goes. You know, if you're an individual
31:38
Speaker 4: person to ninety nine type worker instead of a W two,
31:44
Speaker 4: you can contribute up to a quarter of your compensation
31:47
Speaker 4: up to sixty nine thousand dollars in this. You know,
31:50
Speaker 4: you open it up, you can put it in any
31:52
Speaker 4: type of assary.
31:53
Speaker 3: Easy.
31:53
Speaker 4: Yeah, very very simple. It almost looks like a you know,
31:59
Speaker 4: an IRA contribution or traditional IRA. It's just the limits
32:02
Speaker 4: are bigger and it's based off of your compensation. So
32:06
Speaker 4: you know, if you if you make one hundred thousand dollars,
32:08
Speaker 4: for instance, as a as a a single employee, you
32:15
Speaker 4: can put twenty five thousand in. So it's real simple,
32:18
Speaker 4: real simple to calculate. And a lot of folks do
32:21
Speaker 4: this that are self employed, Like I say, far more
32:25
Speaker 4: of these I see than the solo for O K.
32:28
Speaker 3: Yes, And this is just I mean, it was years
32:30
Speaker 3: and years ago when I was last a ten ninety
32:32
Speaker 3: nine employee, but I was in my early twenties. I
32:35
Speaker 3: didn't know. I don't know if it did exist then
32:37
Speaker 3: thirty years ago, but certainly if it did, I didn't
32:39
Speaker 3: know about young and dumb. I didn't do anything like this,
32:41
Speaker 3: you know, when I was making pretty decent money in
32:43
Speaker 3: my early twenties.
32:44
Speaker 4: Right, and and the set you know, you can do
32:46
Speaker 4: that if you have employees, if you're a small business
32:48
Speaker 4: with employees, but it becomes very expensive because you have
32:51
Speaker 4: to match. You know, if you say I'm going to
32:53
Speaker 4: put twenty five percent on my wage in will you
32:55
Speaker 4: have to put twenty five percent of all your employees
32:57
Speaker 4: in too to keep it fair. And that leads people
33:01
Speaker 4: into the simple IRA. So in other words, if you
33:04
Speaker 4: are an employer and you don't want or can't afford
33:09
Speaker 4: to put, you know, that type of contribution across the board.
33:14
Speaker 4: This is a way to have a retirement plan for
33:17
Speaker 4: your small business. That is that looks somewhat similar to
33:22
Speaker 4: a four to one K, but the regulations and the
33:26
Speaker 4: and the rules and the filings and in the reporting
33:30
Speaker 4: that's necessary on a full blown four a one K
33:32
Speaker 4: are not there on this simple IRA, so it's it's
33:34
Speaker 4: designed for small businesses. You can put the sixteen thousand
33:39
Speaker 4: dollars a year in the catch up as an additional
33:41
Speaker 4: thirty five hundred, and the employer must match three percent
33:46
Speaker 4: of compensation for the employees that are contributing or the
33:52
Speaker 4: employer can decide just to do a two percent across
33:55
Speaker 4: the board, even if the employee is not contributing, so
33:59
Speaker 4: it's less cat mostly from the employer standpoint, for instance,
34:02
Speaker 4: that it would be to do a SEPI ray because
34:07
Speaker 4: you're limited on what you have to put in for
34:10
Speaker 4: those employees. So you know, a lot of a lot
34:13
Speaker 4: of determining the type of plan that you want to
34:16
Speaker 4: have for yourself and your business really depends on one,
34:21
Speaker 4: what you're trying to accomplish as the owner, and then
34:24
Speaker 4: what the structure of your business is, and and what
34:28
Speaker 4: your budget is to save for those those retirement accounts.
34:32
Speaker 3: For example, just a couple minutes left with John Bredentt
34:34
Speaker 3: for porth Having in financial I find this really interesting
34:36
Speaker 3: with a simple ra for businesses with under one hundred people,
34:41
Speaker 3: it doesn't seem like the cost to start such a
34:43
Speaker 3: thing is really all that much of an area, right,
34:46
Speaker 3: So I'm just thinking out here, if you are running
34:48
Speaker 3: and now I've ran, I've ran for brick and mortar
34:50
Speaker 3: businesses before, I've done tons of hiring in this in
34:52
Speaker 3: this space, and it's not all the time that you're
34:56
Speaker 3: going up against competing with, but at least when I
34:58
Speaker 3: was doing this, which was years ago, I wasn't always
34:59
Speaker 3: going to against people that we're offering four one K
35:02
Speaker 3: or a time or something like that. However, if as
35:05
Speaker 3: a small business owner you're able to offer that sort
35:07
Speaker 3: of compensation as a benefit, it puts you a lot
35:10
Speaker 3: more in the space of competing for talented employees. If
35:14
Speaker 3: you say, hey, I have a four to one K
35:16
Speaker 3: that you can get into and that's your starting point,
35:20
Speaker 3: that really helps a lot with a small business owner
35:22
Speaker 3: because you're not no longer upon Because this functions, like
35:24
Speaker 3: you said, basically just like a four to one K,
35:26
Speaker 3: I mean the three percent com contribution matching rate, so
35:29
Speaker 3: on and so forth. It works very similar to that.
35:31
Speaker 3: If you're trying to be competitive in that space, that
35:33
Speaker 3: will work out for you.
35:34
Speaker 4: Yes, I think so, and a lot of small business
35:37
Speaker 4: owners that have staff choose this type of place to start. Now,
35:42
Speaker 4: eventually you might graduate into a four to one K
35:45
Speaker 4: because the limits are higher, your contribution limits are higher,
35:48
Speaker 4: and there's a little more flexibility and an ability to
35:53
Speaker 4: add additional benefits on before a basically a small business startup,
36:00
Speaker 4: somebody trying to keep their their costs low while still
36:03
Speaker 4: offering attractive benefits that this is a great way to go.
36:07
Speaker 3: It's great information and and really uh smart ways to
36:10
Speaker 3: go about doing things. And you can find out that
36:12
Speaker 3: information on your on your own you can uh, you
36:14
Speaker 3: can call Fourth Avenue Financial. You can also find them
36:16
Speaker 3: on line. Uh any uh any announcements or anything you
36:19
Speaker 3: need to come up with John.
36:20
Speaker 4: To get out to the folks, not chat we uh
36:22
Speaker 4: we are from a personal level where we're moving this week,
36:26
Speaker 4: so what we will be all engrossed in in in
36:29
Speaker 4: that So after we settle down, we'll we'll have some
36:32
Speaker 4: events on the horizon.
36:34
Speaker 3: So Fourth Avenue Financial online, it's worth Avenue Financial dot com.
36:36
Speaker 3: That's fourth Avenue Financial dot com. You spell out the
36:38
Speaker 3: whole thing Fourth Avenue Financial dot com. Also on Facebook,
36:41
Speaker 3: you can uh you can find the uh the page
36:44
Speaker 3: by searching for that same string. Fourth Avenue Financial located
36:47
Speaker 3: in real life, in in real space. It's at one
36:49
Speaker 3: seventy Court Street, downtown Charleston. Their phone numbth three zero
36:52
Speaker 3: four seven fourth sixth seven nine seven seven three zero
36:54
Speaker 3: four seven four six seven nine seven seven once again
36:57
Speaker 3: three zero four seven four six seven nine seven sevenh.
37:00
Speaker 3: I thank you so much for your time I appreciate it,
37:01
Speaker 3: all right, take care. We get to listen to the
37:03
Speaker 3: new outro music as we come out today, so you're
37:05
Speaker 3: listening to ask the expert. This has been retired right
37:08
Speaker 3: radio on WCHS The Voice of Charleston. Dave Allen's up
37:10
Speaker 3: next with five eighty Live, Dave Wilson and TJ. After
37:13
Speaker 3: that on talk Line, Dave Allen and Amanda will be
37:16
Speaker 3: back for midday this afternoon, and then I'll be here
37:18
Speaker 3: this afternoon at three o'clock with Dave Weekly. Have a
37:20
Speaker 3: great day everyone. On five eighty w c HS, The
37:22
Speaker 3: Voice of Charleston.
37:30
Speaker 2: Five AWHSA finety six point five. That's on Charleston one
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Speaker 2: proud to live here too,