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Wise Money Show
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Registrace 15. 09. 2017
Listen. Learn. Prosper.
Wise Money Show is where individuals looking to build wise financial habits turn for advice.
Our channel is all about teaching you how to make the right financial decisions in your life that align with your financial plan. If you are looking to be better prepared for retirement, pay fewer taxes, fully fund your retirement accounts, and more, then make sure you subscribe to this channel now!
Kevin Korhorn, CFP® offers securities through Silver Oak Securities, Inc., Member FINRA/SIPC. Kevin offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. KFG Wealth Management, LLC dba Korhorn Financial Group and Silver Oak Securities, Inc. are not affiliated. Mike Bernard, CFP® and Joshua Gregory, CFP® offer advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations.
Wise Money Show is where individuals looking to build wise financial habits turn for advice.
Our channel is all about teaching you how to make the right financial decisions in your life that align with your financial plan. If you are looking to be better prepared for retirement, pay fewer taxes, fully fund your retirement accounts, and more, then make sure you subscribe to this channel now!
Kevin Korhorn, CFP® offers securities through Silver Oak Securities, Inc., Member FINRA/SIPC. Kevin offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. KFG Wealth Management, LLC dba Korhorn Financial Group and Silver Oak Securities, Inc. are not affiliated. Mike Bernard, CFP® and Joshua Gregory, CFP® offer advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations.
3 Problems With Too Much Investment Risk in Retirement
Have a question you want to be answered on the show? Call or text 574-222-2000 or leave a comment!
Want to speak with a Certified Financial Planner™? Visit www.korhorn.com/ or call 574-247-5898.
Find more information about the Wise Money Show™ at www.korhorn.com/wise-money-show.
LINKS: retireone.com/sequence-of-returns-risk/
Be sure to stay up to date by following us!
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Want more Wise Money™?
Read our blog! www.korhorn.com/wise-money-blog
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Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk, including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.
Want to speak with a Certified Financial Planner™? Visit www.korhorn.com/ or call 574-247-5898.
Find more information about the Wise Money Show™ at www.korhorn.com/wise-money-show.
LINKS: retireone.com/sequence-of-returns-risk/
Be sure to stay up to date by following us!
Facebook - WiseMoneyShow
Instagram - thewisemoneyshow
Want more Wise Money™?
Read our blog! www.korhorn.com/wise-money-blog
Listen on Podcast: link.chtbl.com/WiseMoney
Subscribe on CZcams: czcams.com/users/WiseMoneyShow
Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk, including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.
zhlédnutí: 189
Video
Avoid These Common Tax Issues in Retirement
zhlédnutí 1,3KPřed 12 hodinami
Tax planning in retirement is crucial. Through tax planning, here are 3 common tax issues you can avoid while in retirement. Have a question you want to be answered on the show? Call or text 574-222-2000 or leave a comment! Want to speak with a Certified Financial Planner™? Visit www.korhorn.com/ or call 574-247-5898. Find more information about the Wise Money Show™ at www.korhorn.com/wise-mone...
Season 9 Blooper Reel
zhlédnutí 170Před 12 hodinami
Season 9 of the Wise Money Show has wrapped, but the laughs are here to stay! Enjoy the funniest moments and bloopers from season 9. Have a question you want to be answered on the show? Call or text 574-222-2000 or leave a comment! Want to speak with a Certified Financial Planner™? Visit www.korhorn.com/ or call 574-247-5898. Find more information about the Wise Money Show™ at www.korhorn.com/w...
5 Frustrating Facts About IRMAA
zhlédnutí 2KPřed 14 hodinami
Income Related Monthly Adjustment Amount, better known as IRMAA, can be incredibly frustrating to some. Here are the 5 most frustrating facts you should be aware of with IRMAA. Have a question you want to be answered on the show? Call or text 574-222-2000 or leave a comment! Want to speak with a Certified Financial Planner™? Visit www.korhorn.com/ or call 574-247-5898. Find more information abo...
Downsizing in Retirement? 3 Things You Must Know
zhlédnutí 1,6KPřed 16 hodinami
When planning to downsize your house in retirement, there are three major things you must know. Have a question you want to be answered on the show? Call or text 574-222-2000 or leave a comment! Want to speak with a Certified Financial Planner™? Visit www.korhorn.com/ or call 574-247-5898. Find more information about the Wise Money Show™ at www.korhorn.com/wise-money-show. LINKS: am.jpmorgan.co...
How Your Views Influence Your Financial Success
zhlédnutí 1,1KPřed 21 hodinou
What if we told you that the strategy and planning were only half of what helps you have financial success? In this episode, we go beyond the financial planning and take a look at how our beliefs and views can fuel our financial decisions. Financial Behavior Specialist Ashley Quamme takes us deeper than the numbers in this episode of Wise Money. Want to speak with a Certified Financial Planner™...
The Risk of Waiting to Draw Social Security
zhlédnutí 5KPřed dnem
Thinking of delaying when you'll begin your Social Security benefits? Here is one factor many people overlook. Have a question you want to be answered on the show? Call or text 574-222-2000 or leave a comment! Want to speak with a Certified Financial Planner™? Visit www.korhorn.com/ or call 574-247-5898. Find more information about the Wise Money Show™ at www.korhorn.com/wise-money-show. Be sur...
Do You Need A Trust?
zhlédnutí 977Před dnem
Should a living trust be part of your estate plan? Here is what you need to consider before you decide. Have a question you want to be answered on the show? Call or text 574-222-2000 or leave a comment! Want to speak with a Certified Financial Planner™? Visit www.korhorn.com/ or call 574-247-5898. Find more information about the Wise Money Show™ at www.korhorn.com/wise-money-show. Be sure to st...
RMD and Roth Conversion Strategy in Retirement
zhlédnutí 1,3KPřed dnem
It's a strategy you think might not mix, but this RMD and Roth Conversion strategy in retirement is one that can be extremely beneficial to your retirement success. Have a question you want to be answered on the show? Call or text 574-222-2000 or leave a comment! Want to speak with a Certified Financial Planner™? Visit www.korhorn.com/ or call 574-247-5898. Find more information about the Wise ...
Which Political Party Is Better for Stocks?
zhlédnutí 716Před dnem
Is one political party better for the stock market? Here is what history tells us. Have a question you want to be answered on the show? Call or text 574-222-2000 or leave a comment! Want to speak with a Certified Financial Planner™? Visit www.korhorn.com/ or call 574-247-5898. Find more information about the Wise Money Show™ at www.korhorn.com/wise-money-show. LINKS: finance.yahoo.com/news/is-a...
Is Auto-Enrollment Good for Your 401k?
zhlédnutí 337Před dnem
A recent survey shows that Americans, especially those who use auto-enrollment, are confused about their 401(k). Have a question you want to be answered on the show? Call or text 574-222-2000 or leave a comment! Want to speak with a Certified Financial Planner™? Visit www.korhorn.com/ or call 574-247-5898. Find more information about the Wise Money Show™ at www.korhorn.com/wise-money-show. LINK...
3 Financial Scams to Lookout For
zhlédnutí 1,2KPřed dnem
The latest in financial scams that hackers are using to try and defraud you out of your hard-earned money. It is always prudent to be on guard for sophisticated scams and attacks. We're sharing the 3 most common financial scams you need to be on the lookout for in today's episode of Wise Money. Have a question you want to be answered on the show? Call or text 574-222-2000 or leave a comment! Wa...
Financial Planning Changes After the Death of a Spouse
zhlédnutí 516Před dnem
There are 3 major financial planning changes that will happen in your life after the death of a spouse. Here is what you need to be aware of. Have a question you want to be answered on the show? Call or text 574-222-2000 or leave a comment! Want to speak with a Certified Financial Planner™? Visit www.korhorn.com/ or call 574-247-5898. Find more information about the Wise Money Show™ at www.korh...
Fund HSA From Your IRA? Once in a Lifetime!
zhlédnutí 1,1KPřed 14 dny
You can fund your HSA from your IRA, but only once in your lifetime. Here is what you need to know about it. Have a question you want to be answered on the show? Call or text 574-222-2000 or leave a comment! Want to speak with a Certified Financial Planner™? Visit www.korhorn.com/ or call 574-247-5898. Find more information about the Wise Money Show™ at www.korhorn.com/wise-money-show. Be sure ...
3 Reasons to Max Fund Your HSA
zhlédnutí 1,9KPřed 14 dny
Here are 3 reasons why you should be max funding your HSA each year! Have a question you want to be answered on the show? Call or text 574-222-2000 or leave a comment! Want to speak with a Certified Financial Planner™? Visit www.korhorn.com/ or call 574-247-5898. Find more information about the Wise Money Show™ at www.korhorn.com/wise-money-show. Be sure to stay up to date by following us! Face...
Will the 'Yen Carry Trade' Spark a Market Crash?
zhlédnutí 823Před 14 dny
Will the 'Yen Carry Trade' Spark a Market Crash?
IRS Finalizes 10-Year Rule for Inherited IRAs
zhlédnutí 4,6KPřed 14 dny
IRS Finalizes 10-Year Rule for Inherited IRAs
Top Reasons to Draw Social Security Early and When Not To
zhlédnutí 2,4KPřed 14 dny
Top Reasons to Draw Social Security Early and When Not To
401K Mistake That Costs Retirement Savers Billions
zhlédnutí 1,5KPřed 14 dny
401K Mistake That Costs Retirement Savers Billions
Should You Do a Roth Conversion in Retirement?
zhlédnutí 1,6KPřed 21 dnem
Should You Do a Roth Conversion in Retirement?
5 Painful Facts About the US National Debt
zhlédnutí 695Před 21 dnem
5 Painful Facts About the US National Debt
How Past Money Experiences Impact Decisions Today
zhlédnutí 482Před 21 dnem
How Past Money Experiences Impact Decisions Today
3 Unique Retirement Planning Issues for Government Workers
zhlédnutí 1,4KPřed 21 dnem
3 Unique Retirement Planning Issues for Government Workers
3 Questions To Answer When Getting a New Car
zhlédnutí 818Před 28 dny
3 Questions To Answer When Getting a New Car
Beware of Retirement Savings Dead Zones
zhlédnutí 1,8KPřed 28 dny
Beware of Retirement Savings Dead Zones
Roth Contribution Limits: How Much You Can Really Contribute
zhlédnutí 1,2KPřed měsícem
Roth Contribution Limits: How Much You Can Really Contribute
**ALWAYS** have principal protected investments (such as MM funds) to hold the cash you need to live on for at least next 3 years!!! Returns in MM funds at the moment are easily 5% - but will/can vary depending on Fed rate moves.
Cola calculations are so outdated!
There is a lot of talk and no action. Lotta guessing people get excited about nothing.
Good video. I agree with the comment on tax planning for multiple lives, up to 10 years after you and your spouse die.
Paying the least amount of tax should not be the goal. I can show examples of paying more than double the tax when deferring and still come out ahead. Be careful of anyone that focuses on tax savings instead of after tax net worth.
They should have been doing this all along.
It’s Totally wrong for the US to do this to us 😡
I am a little worried that the extra money I make prop firm trading the Nasdaq futures will put me at risk. Also not sure if it counts as ordinary income and capital gains? A little help please.
You are a nice young man. Don't let anyone dim your sparkle.
The Social Security Department is nothing but a joke mother people receiving these benefits can’t live on this.
The interesting thing is that a single filer can have up to 85% of their SS being taxed and still not be out of the 12% bracket!
Yeah but the 85% of their social security that is taxed is only taxed at 12%
Wow. Taxes are too hard. Luckily I have all my retirement money 💰 in Roth 🎉🎉🎉🎉
No one gains nothing when ssi benfits gos up because they raise Medicare monthly payments along with every thing else so why bother when no one gains nothing from the raise.
Max it out every year, never touch it.
Who thinks we should rename it the Kevin Korhorn Blooper Reel?
Fantastic interview🔥
Hi, paying fed tax on 85% of SS income is better than fed tax on 100% of income allocated to ROTH IRA. Most people will be paying tax rate at a higher tax bracket during working years. It makes more sense to pay taxes on 85% of ss income at a lower tax bracket.
The name of this reminds me of the 2017 hurricane that hit the Caribbean and Florida.
🤘
Loved it! You guys talk so fast, I'm surprised there aren't more bloopers😂
Just pay your taxes and shut up. Bunch of whiners.
🤣
If you have had a decrease in “earned income” since the year you exceeded the threshold, you may be able to get the increase cancelled. We did this successfully twice. IRMAA thresholds are adjusted annually based on inflation, so you should be able to approximate future thresholds.
I've been trying to determine - if I spike for one year and then fall back the next, the IRMAA will increase 2 years on and will it then fall off that next year or do I have to do something to get it removed? Sounds like you've already been through this. Thx.
@@MachE_Mutt IRMAA is decided each year based on income from 2 years ago. It only applies to one year at a time. It will automatically adjust back to zero penalty for the next year if your income is under the threshold for the next year(with the next new 2 year ago income)
Are the IRMAA surcharge fees an annual event if the following year you fall below the threshold?
Yes, with a 2 year look back
It might be unavoidable if you are doing Roth conversions and have a pension and a 401k to NUA and 457k to convert and you want to live it up. Basically it is the cost of the conversions. That's the scary part...trying to juggle NIIT, Capital Gains, Roth Conversions, NUA while getting 2 pensions, small SS and not wanting to make a mistake. And then throw in IRMAA! Plus still working!! D'oh!! I shouldn't complain. 🙄🙄
Seems like trying to plan for an IRMMA threshold you won't know is educating guessing at best. What's the best way to estimate future IRMMA thresholds in your opinion? E.g., here we are in 2024 and the IRMMA threshold based on 2022 income is $103K for a single person. Do I inflate this amount by 3%, 5%, or some 10 year average amount?
The approach I settled on is to plan without inflating the limits. I just use the last known value, which will be conservative, most likely, if limits increase. The only harm is I miss converting some IRA dollars because of my small precaution. It saves us from a penalty that for 2025 would be $1800~ for two on Medicare, and doesn't slow my conversion by enough to matter to me.
Thanks for sharing
Very good info.
Thank you for the explanation. There is so much conflicting information on this topic. Even from my Social Security office. I lost my job in 2023 and I was charged IRMAA and was told to just pay it by SS. I’m now in the middle of an appeal.
I'm hoping to downsize just to get out from the chores and unplanned expenses. Also moving to a location with lower housing costs
Easy for someone with a desk job to counsel waiting for retirement, a little harder for folks with difficult manual labor jobs to do so.
This is easy. Nothing.
Negative Nellie! We did a downsize, 10 years ago, before we retired. Best decision ever. It led to paying off our homestead, and significantly lowering our carrying costs. On top of that, the new home is old age friendly, and was new construction. Maybe people are stupid, but we were able to figure it out on our own. The biggest challenge was cleaning out the home we lived in for 22 years.
Hey I have a 1929 Rolls Royce in mint condition, that has never been driven I will sell you for $10.00
50. Increase means about 10 or 15 dollars because then they will raise our deductibles.
This is great! Thanks
Get a box for each kid and tell them to start filling it with theirbtrophies yearbooks photos etc. Give them 6 months. Otherwise toss it¡¡ make your own box first what will fit in smaller place but is a memory And start doing this in your 60s not 70s or 80s
This is just one way of looking at it. There is a big push lately by advisors to take SS early so you don’t cash out equity investments and let them grow. My own view is do that if the market is down and you are protecting against sequence of return risk. Otherwise why would I compare what amounts to a very good risk free (SS looming bankruptcy aside) fixed income return SS provides to riskier stock investments. If the market is up higher than the expected return you built into your decumulation plan then cash out some of your equities (take risk off the table) and use that to live on and delay SS and get those higher deferred credits. Plus waiting increases a spouses survivorship benefit all the way up to the max age 70 benefit. The wise money show is awesome and I do agree if you retired at 65 with only $500k then you have to rely on riskier equities to make your decum plan work. Just Doesn’t make sense when you get into higher nest egg categories.
I did this last year. My H&R Block software indicated that I could not e-file - only paper file. Is this an H&R Block issue or an IRS issue? Turbotax?
What alineif BS
Keeps up with inflation my ass. That statement is full of BS
My average SS if I have to work 10 more years is $1358.
You need to add #4 **PLAN FOR THE SELLING COMMISSION** ... as example, wifey and I would like to move into a comparably priced home that is in a retirement community. BUT ... the 6% commission hit is a deal breaker on executing the plan. For $600k home sale, that will eat $36k into sale proceeds. UGH!
Don’t need a down payment for the new house. Pay 80 % or in full.
So helpful, thank you! Every time I formed a question in my head, you answered it.
Nothing to 3.5 million in 10 yrs doesn’t add up….
You are misstating Scott cederburgs paper at the start of your video. All stock 50/50 was compared against target date funds and other age based stock bond asset strategies. No where did the paper claim the all stock was superior to all other strategies. 👎
54 Retired on SSDI 2400 a month
Ever dollar taken in SS is one more dollar that I can leave in investments. Can't pass SS on to heirs, your investments can be.
My mother worked overtime the last five years before she died. Retired at age 67. Went to Heaven a month later she never seen one pension or social security 😢check . Not married at time just engage.
Keep working. Sitting on the porch is boring.