The days of simple retirement planning are gone and those who can manage their own portfolio are choosing not to. Prout Financial Design began over 25 years ago as an education based financial planning practice. Dennis Prout, Certified Financial Planner, believes that each client should not only understand their finances, they should be actively involved in the decisions made. Join the conversation! Dennis' radio show can be heard LIVE every Thursday at 10 am on News Talk 580 am or you can listen here instead. Thanks for tuning in! Advisory Services offered through Capital Asset Advisory Services, a Limited Liability Company, and a Registered Investment Advisor. Prout Financial Design does not provide tax, accounting, or legal services. Please consult the appropriate professional regarding your individual circumstance. Not associated with or endorsed by the Social Security Administration or any other government agency.
Episode 227: A Lesson in Social Security
If we’ve said it once, we’ve said it 100 times … your retirement is your responsibility. Long gone are the days of simple planning where one could count on their pension, Social Security and savings to fund their “golden years.” Most folks who are counting on Social Security to save them will be sorely disappointed, as it is meant to supplement your retirement, not fund it.
By 2035, the number of Americans 65 and older will increase from approximately 56 million today to more than 78 million. There are currently 2.8 workers for each Social Security beneficiary. By 2035, that number will decrease to 2.3 covered workers.
There is no time to “hope” it all works out. Now is the time to plan. Thankfully, the Social Security Administration is taking extra measures to teach you how to take advantage of your benefits.
Episode 226: Rich Habits
So, you want to be a millionaire? According to Kiplinger, in order to be considered one, you’ll need investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans and business partnerships. Michigan ranks 26th in the U.S. for concentration of millionaires at 5.97%. Turns out, we are actually well-stocked with billionaires!
So, what does it take to climb the money ladder? It’s more about habits than income. Today, Heidi and Dennis will share the 19 Things Rich People Rarely Do. They will also unpack some money mindsets that keep people stuck.
Episode 226: Charitable Giving in 2021
Did you know that 26% of taxpayers itemize charitable deductions on their tax returns? And yet, most advisors don’t ask their clients if they want to include it in their financial planning. How unfortunate! There are many financial benefits for giving, but mostly … it’s good for the heart. MacKenzie Scott (ex-wife of Jeff Bezos) donated nearly $6 billion to about 500 nonprofits last year! Most of us aren’t at that level of giving, but we can have the same intention and plan just as carefully.
Today, Dennis and Heidi will discuss the 8 Types of Charitable Giving and share personal stories of how giving has affected them personally.
Episode 224: The Other Certainty
Since “Tax Day” has been delayed (for most of us), what other certainty of life should we talk about? Death, of course! For obvious reasons, it’s a reality none of us wants to face. However, it’s also very important to discuss this topic as part of your financial planning process. You don’t want to leave your family guessing … you want to leave them with a plan!
Today, Dennis and Heidi will discuss how assets transfer at death, the importance of naming beneficiaries and tax strategies for your portfolio.
Episode 223: The Five Big Changes
Most of the time when I (Shea) tell folks that I work in retirement planning, they nod and say something to the effect of, “Sounds kinda boring!” Honestly, at first, I too thought it would be boring … but I was wrong. There’s not a day that goes by where a client can’t be helped in some way. Not only are people’s lives complex, but their accounts are too. The rules and regulations have changed quite a bit over the last five years, and there are five big changes to be aware of if you’re thinking of retirement soon.
Episode 222: COVID-19 Changed Retirement
The past year has made it difficult to find the silver linings on the darkest of days. The headlines have been so ominous that, according to most of our clients, they just can’t watch the news anymore. We get it. So here’s some good news: According to Fidelity, retirement savings accounts reached record high levels in 2020. Money market funds in the United States, including retail and institutional funds, both taxable and tax-free, have increased $615 billion (to $4.39 trillion) over the last 12 months through March 12, 2021, an average increase of $12 billion per week (Source: Investment Company Institute).
If this pandemic has done anything, it’s woken us up to pay attention and get serious about where our money is going. According to InvestmentNews, 82% of Americans say COVID-19 affected their retirement plans. We are going to dig into that stat and offer prudent advice as you plan. For better or for worse, here we are and there’s no time like the present to make a plan.