Latest / WCHS Network Podcasts / 06/09/2025 Retire Right Radio with John Burdette

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06/09/2025 Retire Right Radio with John Burdette · WCHS Network Podcasts

0:00
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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 Verdett at Fourth Avenue Financial
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Speaker 2: that aims to answer your questions about financial planning, investing,
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Speaker 2: and how to retire right. Fourth Avenue Financial is located
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Speaker 2: in downtown Charleston at one seventy Court Street. More information
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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 Aveny Financial.
1:03
Speaker 3: And every plus a Good morning too. You're listening to
1:04
Speaker 3: retire Right Radio on this Monday morning. Congratulations you made
1:07
Speaker 3: it through the weekend. Yeah, things kind of burned off
1:10
Speaker 3: as far as the weather goes, and had a really
1:12
Speaker 3: nice weekend Saturday. A little more rainy yesterday than what
1:16
Speaker 3: Saturday was, but still overall pretty nice weekend. Gorgeous morning
1:19
Speaker 3: to kick off the week, at least so far. A
1:21
Speaker 3: lot of sun, abundant warmth. As you're getting out there
1:24
Speaker 3: to the car, it feels like it feels like spring
1:26
Speaker 3: and summers finally starting to kick into gear a little
1:28
Speaker 3: bit after May was a herky jerky for a long time.
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Speaker 3: Here to talk about the weather forecast of a different type.
1:34
Speaker 3: That's our market economy, how you can retire right. John
1:37
Speaker 3: Bredett is here from Fourth Avenue Financials. He has every
1:39
Speaker 3: Monday morning. John, How you doing this morning. I'm doing wonderful,
1:42
Speaker 3: looking forward to our discussion this morning as always. But
1:45
Speaker 3: how was your weekend? Everything going all right? Yeah, it
1:47
Speaker 3: was pretty good.
1:48
Speaker 4: We had V one hundred out to my wife's shop
1:51
Speaker 4: both as Bridget Vines and we did a remote there
1:54
Speaker 4: with the Department of Records and Vintage and Bonds and
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Speaker 4: that was that was a pretty pretty good time.
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Speaker 3: There's all kinds of fun things. It's really nice over
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Speaker 3: to South Charleston. Of course, you have your shop over
2:04
Speaker 3: there with vintage and vines. The new farmers market opened
2:06
Speaker 3: up over there. My wife and I had a chance
2:08
Speaker 3: to go over there this weekend. Nice, really nice area.
2:10
Speaker 3: A lot of nice stuff over there, by the way.
2:12
Speaker 3: The strawberries they sell over there, holy cow, like some
2:16
Speaker 3: of the best I've ever had in my life. I've
2:18
Speaker 3: all three of us in my family have been eating
2:21
Speaker 3: packs and packs of strawberries this weekend. They've been very good. Anyway,
2:24
Speaker 3: it was a nice weekend. It was a nice weekend
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Speaker 3: to get out about a lot of stuff going on
2:26
Speaker 3: around Charleston. It's just nice for the weather to finally
2:29
Speaker 3: break and for I think folks to get out and
2:31
Speaker 3: to start moving around just a little bit. We're taking
2:34
Speaker 3: your phone calls this morning or your text. You can
2:35
Speaker 3: give us a call three zero four three four five
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Speaker 3: fifty eight fifty eight three four five fifty eight fifty eight.
2:39
Speaker 3: You can text three zerre four nonine three five five
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Speaker 3: zero zero eight three zero a four none three five
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Speaker 3: five zero zero eight. We'll be talking this morning about
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Speaker 3: a lot of different things, but we're mostly going to
2:47
Speaker 3: be talking about some smart strategies and rules of thumbs.
2:51
Speaker 3: You hear all types of you know, kind of slogans
2:53
Speaker 3: and sayings and things like that when it comes to investing.
2:55
Speaker 3: A lot of them are great advice, some of them
2:57
Speaker 3: are situation contingent. Some of them are just saying, we're
3:00
Speaker 3: going to find out what those things are this morning
3:02
Speaker 3: and how they might apply to you, And the easiest
3:05
Speaker 3: way to figure that out is to give us a
3:06
Speaker 3: call three zero four three four five fifty eight fifty eight.
3:09
Speaker 3: We always take look back at how the market performed
3:11
Speaker 3: the week before, though, so more of the same. I
3:15
Speaker 3: guess as far as the market.
3:16
Speaker 4: For about two months now off of the bottom of
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Speaker 4: the market from the swing we had, we're still down
3:23
Speaker 4: about three percent or so from all time highs. But
3:26
Speaker 4: we're knocking on the door of all time highs again.
3:29
Speaker 3: Yeah, So I mean things have just like we talked about,
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Speaker 3: even the sort of the scattershot of trade war and
3:38
Speaker 3: no trade war, and eventually that stuff gets just gets
3:41
Speaker 3: kind of baked in, you know.
3:42
Speaker 4: And I think, you know, as far as that goes,
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Speaker 4: I believe it's July ninth is when they you know,
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Speaker 4: the pause is off, so we'll see what happens.
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Speaker 3: We need I think we need about eighty eight deals
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Speaker 3: for things to train together.
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Speaker 4: But I think even the expectation there is that it's
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Speaker 4: likely to be paused again. So we'll see what happens.
4:04
Speaker 3: But it's more like a mouse and mouse game than
4:06
Speaker 3: a cat and mouse game. It seems like, well, like
4:09
Speaker 3: you know, there could be some volatility around that.
4:12
Speaker 4: Who really knows, but that is that is kind of
4:17
Speaker 4: the thing that's out there that I think is keeping
4:19
Speaker 4: the lid on the market. Earnings are good, Earnings are
4:23
Speaker 4: up about twelve and a half percent over the quarter.
4:27
Speaker 4: The expectation of earnings this year are are pretty solid,
4:30
Speaker 4: so you know, that gives you a good background for
4:33
Speaker 4: the market to make progress. We just have that that
4:38
Speaker 4: issue looming out there that nobody really knows how it's
4:41
Speaker 4: going to break yet.
4:42
Speaker 3: It seems like some of the pressure has been purposely
4:44
Speaker 3: taken off from the administration to get the market back
4:47
Speaker 3: up to speed a little bit. And if you learn
4:50
Speaker 3: any lessons from that, maybe you eventually just say, okay,
4:52
Speaker 3: well let's just get back to where we were right
4:55
Speaker 3: because it was pretty good, honestly. So I guess we'll see,
4:58
Speaker 3: we'll see how those things shake out. But it's just
5:00
Speaker 3: like you predicted, Like a lot of folks talked about, Yeah,
5:03
Speaker 3: there were some turmoil things that are going on, and
5:05
Speaker 3: who knows how this stuff is going to settle down.
5:07
Speaker 3: But the thing is that's different than planning for your retirement.
5:10
Speaker 3: All of that other stuff that's in the headlines and
5:12
Speaker 3: all that other stuff that's turmoil. There's a backdrop to it,
5:15
Speaker 3: and there's strategies you might need to deploy, and there's
5:17
Speaker 3: things you need to pay attention to. But in the
5:19
Speaker 3: bottom line is if there's ability for you to make
5:23
Speaker 3: amends during that to help during your retirement. If people
5:25
Speaker 3: made the right moves during the calamity of the month's previous,
5:29
Speaker 3: they ended up being in pretty decent shape right now,
5:32
Speaker 3: you know. I mean, there's you just have to be
5:34
Speaker 3: smart about these things and not be knee jerk.
5:37
Speaker 4: Well I don't know about you, but I don't remember
5:39
Speaker 4: a time where there wasn't news. Right, There's always something
5:44
Speaker 4: to talk about, there's always something to worry about, and
5:47
Speaker 4: the market deals with that. And if you look at
5:51
Speaker 4: a chart, finds higher highs pretty regularly, so you know
5:56
Speaker 4: you will have downturns every now and then. But if
5:59
Speaker 4: you focus on what you can control. Hey, i'm living
6:02
Speaker 4: below my means, I'm creating saving some investment constantly. You're
6:06
Speaker 4: going to move towards your goals. Over time, you're gonna
6:08
Speaker 4: be better off than those who don't make those decisions.
6:11
Speaker 3: Even my wife, who is a natural pessimist and has
6:13
Speaker 3: like some financial interests of her own from before we
6:16
Speaker 3: were married, has been a very doom and gloom, and
6:19
Speaker 3: so I think on my advice. I told her, I said,
6:21
Speaker 3: just stop looking, don't pay attention, just go away for
6:24
Speaker 3: a while, and then one of these days you'll be like, oh,
6:25
Speaker 3: I better check that again and see, and you're gonna
6:27
Speaker 3: be surprised. That happened recently because she checked again for
6:30
Speaker 3: the first time and lost. She's like, hey, things aren't
6:31
Speaker 3: as bad as that what they were. They actually look
6:33
Speaker 3: pretty decent. I'm like, yeah, I mean, just wait for
6:35
Speaker 3: a little while.
6:36
Speaker 5: Man.
6:37
Speaker 4: A lot of times too, you see a stock and
6:38
Speaker 4: it's down and it looks stagnant, But oftentimes they pay dividends.
6:43
Speaker 5: Right.
6:43
Speaker 3: That's the other thing too, Right.
6:45
Speaker 4: Before long, those dividends start to start to really add up.
6:49
Speaker 4: So you know, there's lots of different ways. It's not
6:52
Speaker 4: just the capital appreciation but it's also the income that
6:55
Speaker 4: those investments can potentially produce as well.
6:58
Speaker 3: So the bottom line is, as you listen to this show,
7:00
Speaker 3: so you know, we talk about a lot of different things.
7:01
Speaker 3: John tries to focus mostly on strategies that's going to
7:04
Speaker 3: help you to retire right and the tried and trude
7:06
Speaker 3: methods that go in behind that. And I think that
7:09
Speaker 3: the proof is in the putting those things work out.
7:10
Speaker 3: We touch on the headlines things because that's what everybody does,
7:13
Speaker 3: but mostly it's to try to we touch on him
7:15
Speaker 3: to tell you don't worry about it, you know. I mean,
7:17
Speaker 3: it could affect other parts of your life. We're not
7:19
Speaker 3: saying don't worry about it in general. You never know.
7:21
Speaker 3: I mean, that's not for us to say. But as
7:23
Speaker 3: far as planning for your retirement, there's opportunity. There's ways
7:27
Speaker 3: to take advantage of these things, or at least to
7:29
Speaker 3: be safe and to come out of things. Okay. You
7:31
Speaker 3: just have to pay attention to that and not worry
7:33
Speaker 3: so much about exactly what the headline says. You know
7:35
Speaker 3: what it reminds me of. I was thinking about this
7:37
Speaker 3: driving in this morning because I have this conversation with
7:39
Speaker 3: my wife every time there's a storm in the forecast,
7:42
Speaker 3: storm's going to come through, it's going to be lightning,
7:46
Speaker 3: there's a thunderstorm warning, all these things. All of these
7:48
Speaker 3: things existed when I was a kid, you know. I mean,
7:51
Speaker 3: maybe we have better forecasting now, you know, But as
7:53
Speaker 3: far as it's going to storm, there's a thunderstorm warning
7:56
Speaker 3: coming through. We're getting reports that where the storm came
7:59
Speaker 3: through before, there was a hob winds. All of this
8:01
Speaker 3: stuff existed when I was a kid. Every single one
8:03
Speaker 3: of these things existed when I was a kid. For
8:05
Speaker 3: some reason, now though, it is like emergency preparedness one
8:08
Speaker 3: oh one every single time a storm gets ready to
8:10
Speaker 3: come through town. And not that there's necessarily anything wrong
8:13
Speaker 3: with that. I mean, it's good to be prepared or
8:15
Speaker 3: whatever it might be. But man, sometimes a storm's just
8:17
Speaker 3: a storm. Sometimes it's just like I went through hundreds
8:20
Speaker 3: of these growing up. We've gone through thousands of them
8:22
Speaker 3: as grown people. Sometimes you need to be prepared, but
8:25
Speaker 3: sometimes the storm's just a storm. Sometimes with the economy,
8:28
Speaker 3: a story's just a story. It's just it's not It
8:30
Speaker 3: doesn't necessarily mean the end of the world on these things,
8:33
Speaker 3: especially when you're not talking specifically about we're talking about retirement.
8:36
Speaker 3: We're not talking about the news headlines. We're not talking
8:38
Speaker 3: about politics, we're not talking about things like that. We're
8:40
Speaker 3: talking about how you can retire right well.
8:41
Speaker 4: And sometimes, you know, you hear about a storm and
8:45
Speaker 4: they tell you to fill your bathtubs up. There's a
8:47
Speaker 4: big blizzard coming and it doesn't happen as it had.
8:49
Speaker 3: Or everybody buys a toilet paper and then suddenly you're
8:51
Speaker 3: just out of toilet paper, but the weather's fine. You know,
8:53
Speaker 3: you got to be careful about those things.
8:55
Speaker 4: Yeah, yeah, you know, pretty much focus on what you
8:58
Speaker 4: can control. That's the best advice that I think exists
9:01
Speaker 4: out there. You do the best you can for yourself
9:04
Speaker 4: and your family and those around you, and you'll move forward.
9:08
Speaker 3: Yeah, very true. I think that there's a sage advice
9:11
Speaker 3: that's in there, and John's willing to share some of
9:13
Speaker 3: that with you and give us a call this morning.
9:14
Speaker 3: Threes are a four three four five fifty eight fifty eight.
9:16
Speaker 3: Threes are A four three four five fifty eight fifty eight.
9:18
Speaker 3: There's a lot of things we wanted to talk about
9:20
Speaker 3: this morning, and I like when we do this, when
9:21
Speaker 3: we kind of dive into the in the non financial world,
9:25
Speaker 3: it would be like the old wives tales or the
9:27
Speaker 3: folks sayings or whatever. It might be like an apple
9:31
Speaker 3: a day keeps a doctor away. You know what does
9:33
Speaker 3: that really mean? You know, does it really mean if
9:35
Speaker 3: you eat an apple a day that keeps a doctor away?
9:36
Speaker 3: Or do you go deeper into it? Well, if you
9:38
Speaker 3: eat an apple a day, it means that you consume
9:39
Speaker 3: a lot of fruit. If you consume a lot of fruit,
9:41
Speaker 3: maybe it means you're balanced, if you're dots more balanced.
9:43
Speaker 3: You know what does it mean? How deep does it go?
9:45
Speaker 3: And there's a lot of those things around the financial
9:47
Speaker 3: market as well. So there's just kind of these sayings
9:49
Speaker 3: that and these rules of thumb that we go by,
9:53
Speaker 3: and there's a lot of those that karkall that start off.
9:56
Speaker 3: But some things we wanted to talk about this morning is,
9:59
Speaker 3: for example, fired minimum distributions and things along those lines
10:03
Speaker 3: that could be a little bit confusing because the age
10:04
Speaker 3: that starts at it is a little older. I mean,
10:06
Speaker 3: those are that in the seventies, right.
10:08
Speaker 4: Yes, And our MD frequently will hear that that's required
10:12
Speaker 4: minimum distribution. That's where the government basically makes you take
10:18
Speaker 4: distributions from your tax deferred money. I think you're four
10:21
Speaker 4: h one k your traditional iras when you reach age
10:25
Speaker 4: seventy three. And that's where the confusion is here lately,
10:28
Speaker 4: because that has changed multiple times. It was seventy and
10:32
Speaker 4: a half, and then it went to seventy two. Now
10:34
Speaker 4: it's at seventy three. It's seventy three. You have to
10:38
Speaker 4: start taking distributions from those tax deferred vehicles and the
10:43
Speaker 4: tax deferred investments. So there's a calculation that's based on
10:47
Speaker 4: life expectancy, and every year it has to be recalculated
10:52
Speaker 4: and that money pulled out, and if you don't handle
10:55
Speaker 4: that correctly, it's a pretty healthy tax penalty if if
11:00
Speaker 4: you neglect taking that money out of that account. And
11:04
Speaker 4: so it's very important to stay on top of that.
11:07
Speaker 4: That's one of those things that you don't think about
11:10
Speaker 4: those things as you're contributing and saving for retirement. But
11:15
Speaker 4: that's something that's frequently missed really by those doing it
11:19
Speaker 4: on their own, you know, they forget to take it. Well,
11:23
Speaker 4: all of a sudden, there's a big tax penalty.
11:25
Speaker 3: What is the date trigger there? Is that the day
11:27
Speaker 3: you turn was, as you said, seventy three is that
11:31
Speaker 3: or is about the end of that calendar year, by
11:33
Speaker 3: the end of the year, okay, Yeah, so you just
11:36
Speaker 3: have to be aware of that, okay.
11:38
Speaker 4: And you know, sometimes people are already meeting those requirements
11:41
Speaker 4: if they're taking income out for retirement. But you know,
11:45
Speaker 4: let's say you have retirement income elsewhere and you have
11:49
Speaker 4: this tax deferred money and you're not taking anything out
11:52
Speaker 4: of it. The government forces you to take it out,
11:54
Speaker 4: and that's one of those things that you know, a
11:57
Speaker 4: lot of people don't like that, but you know, the
12:00
Speaker 4: ver's got to fund the fund whatever they fund, so
12:04
Speaker 4: they're asking you for the they're asking you for the money.
12:07
Speaker 3: Tommy wise, does this get any tricker for winter babies,
12:10
Speaker 3: like when the end of the year is so close
12:12
Speaker 3: to wing your birthday is or does it not necessarily
12:14
Speaker 3: matter because it's just a paperwork.
12:17
Speaker 4: No, there is a date, and I don't know that
12:21
Speaker 4: right off the top of my head. Mayra in my office,
12:24
Speaker 4: she's the one that takes care of all the r
12:27
Speaker 4: m ds, And like you say, it's a whole process
12:29
Speaker 4: that we have in our office where we have spreadsheet
12:33
Speaker 4: of everybody's birthdates and we get notified that, hey, these
12:36
Speaker 4: folks are required to take the distribution this year, and
12:40
Speaker 4: we assist our clients in making sure that the money
12:44
Speaker 4: comes out when it needs to come out. Doesn't mean
12:47
Speaker 4: you have to spend the money, you know, it just
12:49
Speaker 4: means you have to take it out of the tax
12:51
Speaker 4: deferred account and pay taxes on it. Frequently, if folks
12:55
Speaker 4: haven't been taking the money out for retirement income, they'll
12:58
Speaker 4: want to reinvest that. So let's say ten thousand dollars
13:03
Speaker 4: has to come out of the account and there's eight
13:07
Speaker 4: thousand dollars left after taxes. We then to take that
13:11
Speaker 4: eight thousand and you can put that in a brokerage
13:13
Speaker 4: account and reinvest it, and then that that pool of
13:17
Speaker 4: money is not tax deferred anymore, so there is no
13:20
Speaker 4: requiredment of distribution on that.
13:22
Speaker 3: Pool of money.
13:24
Speaker 4: So you know, everybody's situation is different, but that's one
13:26
Speaker 4: of the things that you know if you're working with
13:30
Speaker 4: an advisor, if you're working with us at our office,
13:32
Speaker 4: we really do stay on top of that for you
13:34
Speaker 4: so that you don't miss those those distributions and pay
13:38
Speaker 4: those tax penalty.
13:40
Speaker 3: Because a lot of the work is getting too retirement,
13:42
Speaker 3: but there is work to be put in, like once
13:43
Speaker 3: you're retirement, to make sure that you're dotting on your
13:46
Speaker 3: eyes and crossing your tea's basically, I mean, you want
13:48
Speaker 3: to make sure that you're doing all this stuff right
13:49
Speaker 3: because you don't want to pay excess penalties or forget
13:51
Speaker 3: about something. I mean, there's ways to go about doing
13:53
Speaker 3: even your retirement right. Once you get there, that's great
13:56
Speaker 3: and congratulations, but there's still things that you need to
13:58
Speaker 3: manage and make sure that you're doing right even in
14:00
Speaker 3: your retirement.
14:00
Speaker 4: And that distribution requirement changes every single year because it's
14:05
Speaker 4: a factor of your age and life expectancy. But it's
14:08
Speaker 4: also calculated on the December thirty first value of the
14:12
Speaker 4: previous year. Well that changes as well, so you have
14:16
Speaker 4: different amounts that have to be taken. So it's not
14:19
Speaker 4: as simple as saying, well, I'm going to do the
14:22
Speaker 4: math the first year and get it set. You have
14:26
Speaker 4: to recalculate it every single year.
14:28
Speaker 3: Man See, I would be somebody that would have to
14:30
Speaker 3: be reminded at I like setting and forgetting things, so
14:33
Speaker 3: I would be some way that needed to be reminded
14:35
Speaker 3: of that quite a bit of time. It kind of
14:37
Speaker 3: related to that. The second item on kind of the
14:40
Speaker 3: notes that you sent me was the four percent rule
14:42
Speaker 3: or the I guess we should call it the rule
14:44
Speaker 3: of thumb guidance. That's not necessarily necessarily rule, because it
14:48
Speaker 3: could change for all people, for different people. But with
14:50
Speaker 3: drawing four percent of your portfolio in year one of
14:53
Speaker 3: your retirement and adjusting for inflation after that, is that
14:56
Speaker 3: still a relatively good starting point? And what does that
14:58
Speaker 3: help folks do?
14:59
Speaker 5: Yeah?
14:59
Speaker 4: It is is there. It was brought into question A
15:04
Speaker 4: little bit or caution was was put around that when
15:08
Speaker 4: interest rates were so low. When interest rates were so low,
15:14
Speaker 4: you know, you weren't receiving any income off your bond portfolio.
15:18
Speaker 4: So with that happens, it's harder to earn enough money
15:23
Speaker 4: to draw that four percent off. Now that interest rates
15:26
Speaker 4: are more normalized, the four percent rule is is is.
15:30
Speaker 3: Back in favor a little bit, still in pretty good
15:33
Speaker 3: shape right now. I have a caller that called in
15:34
Speaker 3: this morning with a question for John. Caller, good afternoon
15:37
Speaker 3: or a good morning. What's your first name?
15:41
Speaker 2: Are you?
15:41
Speaker 3: Yeah? What's your first name? You're on air with John Burdett. Mike, Hey, Mike,
15:46
Speaker 3: what's your question?
15:48
Speaker 6: I'm recently retired and I was wondering if they're I
15:53
Speaker 6: can can I still contribute to my wroth ira? And
15:58
Speaker 6: is there a limit of how much I can contribute
16:01
Speaker 6: each year?
16:02
Speaker 4: Well, to contribute to any ira, traditional or wrath, you
16:05
Speaker 4: have to have earned income. So if you have earned
16:10
Speaker 4: income in this tax year, you could contribute up to
16:15
Speaker 4: eight thousand dollars. If you don't have earned income, you
16:20
Speaker 4: can't do an ira contribution. Now, if you have traditional
16:26
Speaker 4: money traditional four oh one k traditional ira, you could
16:31
Speaker 4: possibly convert some of that to a wroth and pay
16:34
Speaker 4: tax on it, but you're not necessarily you wouldn't be
16:37
Speaker 4: putting additional money in if you don't have that earned income.
16:41
Speaker 5: Okay, And.
16:46
Speaker 7: If I were to make a large purchase like buy
16:51
Speaker 7: a car, go on a vacation or whatever, well it
16:57
Speaker 7: would probably be best to take my money out of
16:59
Speaker 7: my brow all right, to spend on the car.
17:04
Speaker 5: What would that be true?
17:06
Speaker 4: Well, potentially, but there are a lot of a lot
17:10
Speaker 4: of issues there that could come into play. You know,
17:15
Speaker 4: a roth ira it doesn't have a require minimum distribution
17:18
Speaker 4: in the future that that may be a reason to
17:22
Speaker 4: preserve that a roth ira passes to the next generation
17:26
Speaker 4: a little more tax efficiently. That could be a reason
17:29
Speaker 4: to preserve that, so I think I think it's probably true,
17:35
Speaker 4: but not in all cases. So you just have to
17:38
Speaker 4: have to really think about what you want to accomplish
17:41
Speaker 4: and when do you want to pay those taxes, because
17:43
Speaker 4: ultimately taxes will be paid on on that tax TOFIR money,
17:47
Speaker 4: whether it's you or your beneficiaries.
17:51
Speaker 7: Okay, okay, all right, thanks for calling Mike.
17:56
Speaker 3: Appreciate that phone call. If you have a follow up
17:58
Speaker 3: question or if you want to uh to find out
17:59
Speaker 3: an more information, you can give John a call phone number,
18:02
Speaker 3: four fourth Avenue Financials three zero four seven four six
18:04
Speaker 3: seven nine seven seven three zero four seven four six
18:06
Speaker 3: seven nine seven seven lokate. It was s'eveny Court Street
18:08
Speaker 3: right here in downtown Charles and across from the Town
18:10
Speaker 3: Center mall. You can find them over there very easily.
18:13
Speaker 3: Before we go to the break, we do have one
18:14
Speaker 3: question that is sort of along the same lines of
18:17
Speaker 3: what Mike was coming in on from the three zero
18:18
Speaker 3: four six two eight. If I delay Social Security until
18:21
Speaker 3: seventy how do I cover income in the meantime without
18:23
Speaker 3: draining my retirement too fast?
18:27
Speaker 4: Yes, well, that's an issue. That's why a lot of
18:30
Speaker 4: folks don't wait until seventy. You know, when you wait,
18:35
Speaker 4: it's about eight percent a year you get extra in
18:37
Speaker 4: your Social Security check. But you also have to keep
18:41
Speaker 4: in mind they're not giving you eight percent more money.
18:44
Speaker 4: They are a cash flow every month, but it's over
18:47
Speaker 4: a year less of life, and so when you look
18:51
Speaker 4: at that calculation, the actual money coming to you, you
18:54
Speaker 4: have to live beyond a certain age before you break even.
18:58
Speaker 4: So oftentimes it mathematically might not make sense necessarily to wait.
19:04
Speaker 4: In some situations, you really have to evaluate your individual situation,
19:09
Speaker 4: and oftentimes that includes your health, you know, you and
19:14
Speaker 4: your life expectancy. You know, if you are are extremely
19:19
Speaker 4: healthy and your parents live to be one hundred, then yes,
19:22
Speaker 4: maybe it waits makes sense to wait, But if not,
19:27
Speaker 4: that break even point might not be might be out
19:31
Speaker 4: there too far to warrant doing that. So it's an
19:34
Speaker 4: individual situation. There again, you know so many of these
19:38
Speaker 4: things you read about articles and all these rules of thumb,
19:45
Speaker 4: all this guidance, but really it comes down to the
19:48
Speaker 4: individual situation.
19:49
Speaker 3: It's an insightful question, and you may need to get
19:51
Speaker 3: a little bit more into the details that have that
19:54
Speaker 3: answered a little bit better for you. And again you
19:56
Speaker 3: can give John a caut Fourth Avenue Financial three zer
19:58
Speaker 3: of four seven four six seven nine seven seven three
20:00
Speaker 3: zero four seven four six seven nine seven seven. Let
20:03
Speaker 3: me remind callers if you're calling in this morning, there
20:05
Speaker 3: it's an auto Q feature in our new studios. You're
20:07
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20:09
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20:11
Speaker 3: call screener right away, So just stay on the phone.
20:13
Speaker 3: Just stay on the phone and we'll get to you
20:15
Speaker 3: in just a moment. If you call in, you could
20:17
Speaker 3: expect that might have a call coming in right now,
20:18
Speaker 3: So we'll take that and we'll come back with that
20:20
Speaker 3: when we come back. You're listening to retire Right Radio
20:23
Speaker 3: with John Bredet on five ADWCHS, the Voice of Charleston.
20:25
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20:43
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20:47
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20:50
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20:53
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20:55
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20:58
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21:00
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21:12
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21:17
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Speaker 2: This is Retire Right Radio with John Burdett from Fourth
22:23
Speaker 2: Avenue Financial, taking your calls at three oh four three
22:26
Speaker 2: four five fifty eight fifty eight or texts on three
22:30
Speaker 2: oh four nine three five fifty oh eight.
22:39
Speaker 5: I like to spend some time ins and the Sunnest guys.
22:46
Speaker 3: Here listening soon five awchs the Voice of Charleston. I'mdel Cooper.
22:49
Speaker 3: John Burdett is a studio with us this morning from
22:51
Speaker 3: fourth Avenue Financial, uh doling out retirement advice for you.
22:55
Speaker 3: Don has called in this morning. He has a question
22:57
Speaker 3: for John from Fourth Avenue Financial. Don, Good morning, how
22:59
Speaker 3: you doing this morning?
23:01
Speaker 10: I'm doing great. How are you doing today?
23:02
Speaker 3: Doing very well? Thanks for listening and calling in. What's
23:04
Speaker 3: your question for John?
23:06
Speaker 10: Okay, it's just kind of a two parter. But first
23:08
Speaker 10: I was curious. I'm getting ready to roll over I
23:10
Speaker 10: became disabled, so I'm getting ready to roll over my
23:13
Speaker 10: four one k into my SWAB account. Is there any
23:18
Speaker 10: way I can roll over a portion of it to
23:21
Speaker 10: traditional and a portion of it to a roth.
23:26
Speaker 4: Well not probably not in the same transaction. I mean,
23:30
Speaker 4: once you do that, you're you're basically converting to a wroth.
23:36
Speaker 4: So you know it has to it has to move
23:40
Speaker 4: like the like. So the tax treatment. You can't elect
23:45
Speaker 4: the tax treatment after the fact because you know you've
23:50
Speaker 4: never paid tax on that money, so that process of
23:52
Speaker 4: moving it to a wroth will become a taxable event.
23:59
Speaker 4: But but you you would have to do a conversion.
24:01
Speaker 4: And you can do a conversion at any.
24:03
Speaker 10: Time to me and my account and then send it
24:09
Speaker 10: to the SCHWAB. I couldn't do that either.
24:11
Speaker 4: Could I No, I mean you you need to roll it.
24:18
Speaker 4: If you're going to roll it over into your traditional ira,
24:20
Speaker 4: you would roll it to your traditional ira, and then
24:23
Speaker 4: you can elect to convert to a roth whatever portion
24:27
Speaker 4: of it you want each year. Oh okay, But but
24:31
Speaker 4: that that transaction would be taxable, so so you know
24:35
Speaker 4: a lot of times folks will want to stage those
24:39
Speaker 4: conversions over time so you're not you know, bumping yourself
24:44
Speaker 4: into higher tax brackets that sort of thing.
24:47
Speaker 10: Right, Okay. Now, the other part of question is because
24:49
Speaker 10: I understand the way I understand it is if I
24:53
Speaker 10: convert to a roth ira, I have a five year
24:57
Speaker 10: waiting period before I can withdraw any any tax free. Yes, well,
25:04
Speaker 10: that that's that's that's the dilemma right there, because I mean,
25:06
Speaker 10: because I'm one passive income.
25:08
Speaker 4: Right right, Well, that's that's where you may not want
25:12
Speaker 4: to convert the whole thing, and you might have to
25:15
Speaker 4: have to sit down and do a little do a
25:17
Speaker 4: little math, or you could do if you give us
25:19
Speaker 4: a call and come into the office and sit down
25:21
Speaker 4: and I could help you with your with your transaction.
25:24
Speaker 4: Of course I don't use schwab.
25:28
Speaker 10: Of course. Yeah, okay, But the portion I wanted to
25:31
Speaker 10: roll over for a roth. Is is not really something
25:34
Speaker 10: I'm going to want to take money out of. I'm
25:36
Speaker 10: really doing that for my grandkids, say twenty years from now.
25:40
Speaker 4: Yes, because because there again that that WROTH, it will
25:44
Speaker 4: grow tax deferred and then it's tax free at the
25:47
Speaker 4: end and there's no required venomum distribution that sort of thing.
25:50
Speaker 4: So it's uh, okay, you know, there are advantages to
25:54
Speaker 4: it potentially if it if it meets the you know,
25:57
Speaker 4: goals that you have, it matches up correctly.
26:01
Speaker 10: Okay, So there's no way to get around a five
26:03
Speaker 10: year rule then that, I mean not even before I've disabled. Now,
26:07
Speaker 10: there's still no way to get around that five year
26:10
Speaker 10: I don't.
26:11
Speaker 4: I don't believe. So if you want to call the office,
26:15
Speaker 4: uh I can. I can check and see if there
26:16
Speaker 4: are any loopholes on that, but I don't believe.
26:19
Speaker 5: So okay, all right, Well, well thank you for your healthfare.
26:22
Speaker 4: John, all right, I appreciate it, Take care, Don appreciate
26:25
Speaker 4: the call.
26:25
Speaker 3: Don thank you very much. That phone line for fourth
26:27
Speaker 3: Avenue Financial three es are A four seven four six
26:29
Speaker 3: seven nine seven seven. Threes are four seven four six
26:31
Speaker 3: seven nine seven seven got another caller on the air,
26:33
Speaker 3: this one. Good morning. Now, what's your first name?
26:36
Speaker 6: Bob?
26:36
Speaker 3: Hey, Bob, good morning. What's your question for John?
26:40
Speaker 11: I'm curious what the current status of capital gains taxes are.
26:44
Speaker 11: I have very little, uh, earned or taxable income, and
26:52
Speaker 11: it's actually dropping. I mean that was, say twenty twenty
26:56
Speaker 11: four was under one hundred thousand dollars of taxable income.
26:59
Speaker 11: This year it's going to be about half that. And
27:02
Speaker 11: I've got a lot of potential capital gains and was
27:07
Speaker 11: wondering what the current status of capital gains taxes are.
27:13
Speaker 4: Well, uh, of course that gets in the tax advice.
27:16
Speaker 4: So I need to be careful when I tread here,
27:20
Speaker 4: because you know, that is a that is a different,
27:24
Speaker 4: different thing.
27:24
Speaker 11: About capital gain situation as it exists today and what
27:29
Speaker 11: may or what's in the works for capital gains.
27:32
Speaker 4: Yeah, well, you know right now there are basically three
27:36
Speaker 4: capital gains brackets zero percent, fifteen percent, and twenty percent.
27:42
Speaker 4: You know, if if you're married, basically sixty four thousand,
27:48
Speaker 4: seven point fifty one is is where the fifteen bracket starts,
27:53
Speaker 4: and that goes all the way up to five hundred
27:55
Speaker 4: and sixty six, seven hundred dollars. So you know, the
27:59
Speaker 4: vast majority of people are are paying capital gains at
28:03
Speaker 4: that fifteen percent tax rate. Now, as far as what
28:10
Speaker 4: happens in the future with tax rates, you're your guess.
28:12
Speaker 3: This is good as mind.
28:13
Speaker 4: I mean, I think the likelihood is that that in
28:21
Speaker 4: the current political environment, they're probably not going to go up.
28:26
Speaker 4: But that's just a guess.
28:28
Speaker 3: You know, how.
28:30
Speaker 4: How the sausage gets made in Washington. Sometimes things happen
28:33
Speaker 4: you don't expect.
28:36
Speaker 11: Well, I didn't. I didn't know if this administration had
28:39
Speaker 11: floated anything about maybe eliminating capital gains.
28:42
Speaker 4: Well, there are lots of things floated, but getting it
28:45
Speaker 4: done is It's not something I would I would bank on,
28:50
Speaker 4: to be honest with you. But that's that's, you know,
28:53
Speaker 4: certainly not a you would need a crystal ball to
28:56
Speaker 4: know that. I don't think that. I don't see that changing,
29:02
Speaker 4: you know, anytime soon.
29:04
Speaker 11: So so the current cutoff to go from the fifteen
29:08
Speaker 11: to what'd you say, thirty twenty?
29:12
Speaker 4: Oh okay, yeah, twenty. So that's why a lot of folks,
29:16
Speaker 4: you know, particularly.
29:18
Speaker 11: People that have or thirty five did it?
29:21
Speaker 4: Yes, it's yeah, but it's been these these have been
29:24
Speaker 4: the rates for quite a while.
29:26
Speaker 3: But that's why when you.
29:29
Speaker 4: Hear just kind of an aside, when you hear you know,
29:33
Speaker 4: Warren Buffett or all these people you know, talking about
29:36
Speaker 4: how they pay less tax than the than their you know,
29:40
Speaker 4: secretary for instance, it's it's not because they pay less
29:43
Speaker 4: dollars out, but most of their income is taken via
29:47
Speaker 4: capital gain versus versus taxable income. So they're paying twenty
29:52
Speaker 4: percent rather than you know, twenty five or twenty two
29:55
Speaker 4: or twenty eight percent that a person drawing his salary
29:59
Speaker 4: min right.
30:03
Speaker 11: And didn't There used to be a time frame for
30:05
Speaker 11: capital gains.
30:07
Speaker 4: Mmm, what do you mean.
30:09
Speaker 11: Holding your assets so long? And then it wasn't.
30:12
Speaker 4: So yeah, there's a short yeah, short term and long term.
30:15
Speaker 4: If you've held it over a year, it's a long
30:17
Speaker 4: term capital gain. And that is that is the rate
30:20
Speaker 4: that I'm that I mentioned to you. Short term it's
30:25
Speaker 4: tax pretty much taxes income.
30:28
Speaker 11: So so let's say I did a half a million
30:31
Speaker 11: dollars cash in on a capital gain, that would be
30:34
Speaker 11: a half million income that would then if I did more,
30:37
Speaker 11: would take me to the next bracket, right.
30:39
Speaker 4: Yeah, yeah, And like I say, you know, you're getting
30:43
Speaker 4: into an area that I certainly have not licensed to
30:48
Speaker 4: render advice, and you know that becomes tax advice at
30:51
Speaker 4: that point. But generally, you know, I certainly can cover
30:57
Speaker 4: some of that as we're dealing with our investment portfolios,
31:01
Speaker 4: all right.
31:02
Speaker 11: And so if it's just out of curiosity, if it's
31:04
Speaker 11: under twelve months, do you know what the brackets are
31:07
Speaker 11: the rates?
31:08
Speaker 4: It's tax is income at that point, it's whatever your
31:11
Speaker 4: income rate is.
31:11
Speaker 11: Yeah, Oh okay, all right, well, thanks, thank you very much.
31:15
Speaker 3: I appreciate the call. Thank you very much for calling in.
31:17
Speaker 3: That leaves a phone line open for you. Three zero
31:19
Speaker 3: four three four five fifty eight fifty eight also got
31:20
Speaker 3: a text question and as well to the three zero
31:22
Speaker 3: four none three five five zeros or eight threes or
31:25
Speaker 3: four non three five five zeros or eight This is
31:27
Speaker 3: from the six eight one three two three. I've got
31:29
Speaker 3: money in both traditional IRA and ROTH. How do I
31:33
Speaker 3: know which one to draw from first?
31:36
Speaker 4: Well, there are lots of different ways you can look
31:39
Speaker 4: at that, and some of it depends on what do
31:43
Speaker 4: you want to do with the money. Ultimately, what is
31:47
Speaker 4: your current tax bracket? You know, if you are earning
31:51
Speaker 4: a whole lot of money, uh, currently in yours for
31:56
Speaker 4: some reason early in your retirement, maybe you have some
32:00
Speaker 4: who knows oil and gas payments or something coming to
32:03
Speaker 4: you for the next five years or ten years, and
32:05
Speaker 4: it puts you in a higher tax bracket. Well, you
32:07
Speaker 4: might not want to touch the taxable money, the traditional money,
32:11
Speaker 4: because it will add to your taxable income where the
32:15
Speaker 4: wroth will not. If you have a low income taxable income, well,
32:21
Speaker 4: then it might make sense to touch the traditional because
32:24
Speaker 4: you're paying a lower rate. So a lot of those decisions,
32:29
Speaker 4: it's not quite black and white. It depends on the
32:31
Speaker 4: situation that you're in. Like you say, rm ds are
32:35
Speaker 4: going to be required one day in the traditional money,
32:40
Speaker 4: Well that's fine. I mean, you might be taking income
32:44
Speaker 4: from that anyway, so that's not an issue to you.
32:47
Speaker 4: But if that's not your case, then you know, you
32:52
Speaker 4: might want to preserve the wrath longer because it's not
32:55
Speaker 4: doesn't have to have that requirement, and you can pass
32:57
Speaker 4: it on to your children, for instance, a little more
32:59
Speaker 4: tax sufficiently. So there's there's really not a right or
33:03
Speaker 4: wrong answer to that. You know, Usually people try to
33:09
Speaker 4: hang on to the wroth money the longest because it's
33:13
Speaker 4: not required to be spent or distributed, right, But that's
33:18
Speaker 4: not always the case depending on your situation.
33:21
Speaker 3: Yeah, that's a stage advice And like with most of
33:24
Speaker 3: the stuff here that you get from John, and this
33:27
Speaker 3: is why you need an expert to do this. Every
33:28
Speaker 3: situation is different. Every person's like a fingerprint. You know,
33:31
Speaker 3: it's going to be a little unique. And that's why
33:34
Speaker 3: we were talking a little bit about these rules today.
33:36
Speaker 3: There are rules that give you a kind of a
33:37
Speaker 3: starting point, but then you have to like either tack
33:40
Speaker 3: one way or the other based on your actual real
33:42
Speaker 3: life situation. And then that's where John helps you with
33:45
Speaker 3: because all these rules aren't going to fit anybody in
33:47
Speaker 3: a cookie cother situation.
33:48
Speaker 4: And some of these things are are It's like the
33:51
Speaker 4: investment tools we've talked about before. It's not that they're
33:55
Speaker 4: good or bad, it's just they have different features and
33:59
Speaker 4: in depending on what you're trying to accomplish, that really
34:02
Speaker 4: tells you which direction to go. And it's the same
34:06
Speaker 4: with some of these decisions. You know, your situation really
34:09
Speaker 4: determines it more than well, this is what you should do,
34:12
Speaker 4: black and white, and that's the end of it.
34:15
Speaker 3: That's a great information with John Bredept for fourth, having
34:17
Speaker 3: a financial time for one last phone call caller, you
34:20
Speaker 3: are on the air. What's your first name?
34:22
Speaker 5: My name is Joe.
34:23
Speaker 3: Go ahead, Joe. You have about about a minute or so.
34:25
Speaker 5: Okay. My quick question was just talking to John about
34:28
Speaker 5: ross and roll rollovers. What's the advantage to if I
34:35
Speaker 5: want to roll over? If I'm getting what I have
34:38
Speaker 5: taken the minimum distributions, and I think that's close.
34:41
Speaker 4: To seventy seventy three.
34:43
Speaker 5: Seventy three so I'm sixty eight, So if I want
34:48
Speaker 5: to start doing some conversions, if I could start doing
34:53
Speaker 5: some conversions and I just pay the tax on just
34:55
Speaker 5: in my regular tax bracket converting or traditional to ross,
34:59
Speaker 5: is that correct?
35:00
Speaker 3: Yes?
35:01
Speaker 5: Okay. Then the next question is if I get to
35:04
Speaker 5: I have to take the minimum distributions, can I make
35:06
Speaker 5: that the minimum distversion minimum distribution or roll over to
35:10
Speaker 5: a roll.
35:14
Speaker 4: I don't believe so no. Now you can do as
35:18
Speaker 4: what's called a QDC where you can send that money,
35:24
Speaker 4: for instance, to a charity, a church or a charity
35:27
Speaker 4: or something like that and avoid the taxation on it.
35:32
Speaker 4: But the r m D has to be taken out
35:34
Speaker 4: of the traditional so you're not really converting the.
35:37
Speaker 5: The r m D. So once I take it out,
35:40
Speaker 5: if I wanted to reinvest and it's going to be taxable,
35:42
Speaker 5: I couldn't. I couldn't convert it to a roll at
35:44
Speaker 5: that time. It has to be basically taxable money.
35:47
Speaker 4: Right, you could still convert part of that, but you
35:51
Speaker 4: would still have an r m D calculation on the
35:53
Speaker 4: money that's in the traditional.
35:55
Speaker 5: You'd have to take that and roll it over to
35:57
Speaker 5: something else or take it to cash out of it. Yes,
36:00
Speaker 5: all right, yes, and I based what's the distributions like
36:05
Speaker 5: you when they started doing as that like ten percent?
36:08
Speaker 4: What do you mean that? No, it ith an RMD. There,
36:14
Speaker 4: there's a formula based on your age, but it starts
36:17
Speaker 4: a little short of four percent, and as you get
36:19
Speaker 4: older it keeps rising.
36:22
Speaker 5: Okay, and the first time you have to take it
36:24
Speaker 5: is at age seventy seventy three. Yeah, appreciate you, John,
36:28
Speaker 5: Thank you about it all right.
36:29
Speaker 3: Thank you, Taviere. Appreciate the phone call. Thanks very much
36:31
Speaker 3: for tuning in a lot of spirit of calls this morning.
36:32
Speaker 3: Thanks for all of your questions this morning with John
36:35
Speaker 3: bred Debt from Fourth Avenue Financial. Put John through the
36:37
Speaker 3: ringer a little this morning. I think came out just
36:39
Speaker 3: fine with that. You might need to follow up with
36:41
Speaker 3: some of these guys. They can get a little complicated,
36:42
Speaker 3: especially when you get into your personal situation. So you
36:45
Speaker 3: can give John a call. The phone number for Fourth
36:46
Speaker 3: Avenue Financials threes are A four seven four six seven
36:49
Speaker 3: nine seven seven. Threes are A four seven four six
36:51
Speaker 3: seven nine seven seven. We're back here every Monday morning
36:53
Speaker 3: at eight twenty with retire Right Radio and uh we
36:57
Speaker 3: give the good information. You give the good information to folks. John,
36:59
Speaker 3: all right, well, I try try the best I can.
37:01
Speaker 3: I think, I think you do a good job with that.
37:03
Speaker 3: That's John Burdett with Fourth Avenue Financial Online. It's Fourth
37:05
Speaker 3: Avenue Financial dot Com. You spell out the whole thing
37:08
Speaker 3: Fourth Avenue Financial dot Com. Also on Facebook, you can
37:10
Speaker 3: do a search for Fourth Avenue Financial like the page
37:12
Speaker 3: over there and be kept up to date with any
37:15
Speaker 3: upcoming events that John's putting together. We'll be back here
37:17
Speaker 3: next week at eight twenty. You can catch all the
37:19
Speaker 3: podcasts at WCHS network dot com slash retire right with
37:22
Speaker 3: that years of them one there now. If you want
37:23
Speaker 3: to go back and listen to any of the art guys.
37:25
Speaker 3: Dave Allen is up next with five eighty Love. I'll
37:27
Speaker 3: be back this afternoon at three or six with Dave
37:29
Speaker 3: Weekly on Hotline. Thanks so much for tuning in on
37:31
Speaker 3: this Monday, Enjoy it. And this is five ad w
37:34
Speaker 3: c HS, The Voice of Charleston.
37:43
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37:52
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