Info

Retirement Starts Today Radio

Benjamin Brandt wants to teach you how to retire! Listen in as Benjamin Brandt CFP©, RICP© answers the questions on the minds of the modern retiree, often joined by the top experts in the retirement planning industry. Ask Benjamin a question here: https://retirementstartstodayradio.com/ask-a-question/
RSS Feed Subscribe in Apple Podcasts
Retirement Starts Today Radio
2021
October
September
August
July
June
May
April
March
February
January


2020
December
November
October
September
August
July
June
May
April
March
February
January


2019
December
November
October
September
August
July
June
May
April
March
February
January


2018
December
November
October
September
August
July
June
May
April


2015
October


Categories

All Episodes
Archives
Categories
Now displaying: March, 2020
Mar 30, 2020

With the Coronavirus situation bringing so much change into our lives, I decided to bring an abrupt conclusion to the Living Off Your Savings series. Instead, today, we’ll talk about some of the changes that the Coronavirus legislation will bring. Now that President Trump signed the Coronavirus stimulus package into law I wanted to give you an idea of what you can expect from this landmark legislation. Join me on this episode of Retirement Starts Today to discover how the Coronavirus stimulus package affects you. 

Outline of This Episode

  • [3:58] Who is eligible for a stimulus check
  • [8:02] Take advantage of tax-loss harvesting
  • [12:10] RMD’s are waived in 2020
  • [13:43] Waiver of early IRA distribution penalties
  • [15:44] 401K loans have changed
  • [16:40] Charitable deductions have a change
  • [18:10] The COVID19 test and vaccine will be covered by health insurance

Join me for the Living Off Your Savings webinar!

I wanted to make sure to fulfill my promise of having a webinar to cap off the Living Off Your Savings series especially since the series was shorter than expected. You’ll have 2 options to join the webinar. Option A takes place on April 2 at 10:30 AM CDT. Option B is April 2 at 2 PM CDT. This webinar will cover how to turn your accumulated savings into monthly retirement income. We’ll cover case studies, portfolio breakdowns, and how to have an amazing retirement even in the midst of a market meltdown! Sign up soon since we are already at ⅔ capacity. 

What you should know about the Coronavirus stimulus package

Have you filed your taxes yet? If you haven’t, pay attention. If your income was over $150,000 in 2018, but under in 2019 then file immediately. If your income was under $150,000 in 2018 but over in 2019 and you haven’t filed then wait to file. The stimulus checks that are coming are based on your AGI in 2018 or 2019 if you have already filed. 

Those stimulus checks will be $1200 per adult and $500 for each dependent child. If you filed jointly the income threshold is $150,000. The stimulus checks will be directly deposited into the bank account in which you received your 2018 return. Let’s hope that it’s still open!

How a retiree can put their stimulus check to good use

If you are losing sleep at night about the stock market then take this money and put it where it is needed most -- put it in a savings account, checking account, or stash the cash under the mattress. Do whatever will help you sleep at night. If you aren’t having trouble sleeping and you know where your income is coming from, think about making a Roth IRA contribution. If you have the stomach for it and don’t need it for a while, consider using that check for long-term investments. Listen in to hear a great way to teach the grandkids about the power of compound interest. 

How else could the Coronavirus stimulus package affect your retirement

  • You have until July 15th not only to file taxes, but you can also make your 2019 IRA and HSA contributions. 
  • RMDs are waived for 2020
  • The IRA distribution penalty has been waived for 2020 in some cases
  • 401K loans have expanded provisions
  • You can now take charitable deductions of up to $300
  • Tests for the virus and the eventual vaccine will be covered by health insurance

Listen in to hear all the details on how this landmark stimulus package could affect you and your retirement. 

Resources & People Mentioned

Connect with Benjamin Brandt

Subscribe to Retirement Starts Today on

Apple Podcasts,Stitcher,TuneIn,Podbean,Player FM,iHeart, or Spotify

 

Mar 23, 2020
Before you retire you’ll need to think about how to turn your assets into retirement income. Today I’ll share with you my 2 favorite ways to turn your assets into retirement income. You’ll hear about the pros and cons of the 4% rule. I’ll also teach you about the guardrail strategy. After listening, you’ll be […]
Mar 16, 2020
I promise I did not crash the market just to give you guys an example of a bear market for this episode! But I guess this episode is releasing at the right time. As of this recording, we are not in a bear market yet, but it looks like we’re heading there. It doesn’t really […]
Mar 9, 2020
Now you know what your spending in retirement will be, but how do you know where and when to withdraw money? Welcome back to the second episode in the Living Off Your Savings series. Last week we established how much you needed to retire and you learned how to create a retirement budget. Today we’ll […]
Mar 2, 2020
Have you created a retirement budget? That’s what we’re going to cover this week on Retirement Starts Today. The month of March brings a change in format for us. We are going to try a monthly series format. The theme of this month’s series is Living Off of Your savings. For the entire 5 week […]
1