New Retirement Radio with Dennis Prout Podcast Dennis Prout and Shea Petaja

A couple weeks ago, I (Dennis) dedicated a significant amount of time to finishing my continuing education requirements in order to earn the Certified Private Wealth Advisor designation. In the middle of a very intense 24-hour session, a PhD accountant from the Booth School of Business in Chicago gave a surprising, edge-of-your-seat piece about tax-advantaged business sales and the reported tax benefits as shown by the required public disclosure, including how individual business owners can do the very same for themselves and those that follow.
The information from this class (about 75 pages in all) has already been sent on to today’s guest, Jon Sluis, CPA. And when Jon is in the house, you know there’ll be a lot of great information … as well as a few surprises! We’ll discuss all the exciting, gory details, and you may well be pleasantly surprised at the sheer size of the tax savings should you decide to employ these savvy options. We can’t wait to dive into this topic, and we hope you can join us! Tune in and take control!

“Forecasts create the mirage that the future is knowable.” Given our bent to discuss the markets and economy, there is no better reality check than the astute words of American Economist Peter Bernstein. In the end (of course) we all must continue to take as much responsibility as we’re able, and to act in the way most prudent for ourselves and our future.
On today’s show, we will discuss the current economy but also time-tested ideas and information to help us deal with the reality on the ground. While the things we can’t control seem to grow daily, we’ll dive into the areas we can control. You get it, this approach can mean a greater chance of success in the long term as well as understanding what the veterans of such times are saying. Lots of questions and so many uncertainties can present opportunities for those who are patient.
See you today, where you can tune in take control!

When should I collect Social Security? How do I find out how much my benefits will be? What about disability benefits? Child survivor benefits?
On today’s radio show, we’ll tackle many of the common questions and themes we hear from our clients regarding Social Security. And joining us in our studio will be our own local expert, Bob Simpson, Northern Michigan District Manager for the Social Security Administration. We’ll discuss these and many other issues surrounding Social Security, like taxes, benefit reductions due to outside work, breakeven points for having waited to start benefits, and collecting during economic uncertainty.
Feel free to call in and discuss your situation with Bob. He is an excellent and trustworthy source for your inquiries! We hope you join us as you tune in and take control!

A recent headline from a well-known financial publisher read: What to Do When Recession Threatens Your Retirement. Many of our clients at Prout Financial Design are expressing similar sentiments, and are wondering if they should wait to retire or simply adjust their plans based on the current down market. Given that the U.S. stock market just suffered its worst first half since 1970, these questions are common themes we’ll see for some time.
So for today’s show, it makes sense for us to discuss what’s on most peoples’ minds as the markets decline into possible recession. We’ll delve into this with articles, background and even formulas for adjusting spending that Vanguard utilizes with non-profit organizations. Next, Heidi will discuss the Social Security cost of living increase and how to take advantage of I bonds. Last, Deann will borrow the best of the stats to share with you. So tune in and take control!

When “life” happens (as it certainly has this past year) to those with retirement accounts, questions often arise regarding how or when to take Required Minimum Distributions (RMDs) in the midst of a declining stock market, as well as determining what type of accounts are best to tap in the event of a hurricane or other natural disaster. If you’ve been waiting to take these RMDs out of necessity or timing considerations, you won’t want to miss today’s show! We’ll be discussing the numerous options you have in making these withdrawals, and perhaps even present a few you may not have considered. There are surprisingly many ways to change up your distribution to lessen the pain of a lower stock market and even avoid possible penalties. Ed Slott, CPA, has weighed in on this topic, and we’ll add his thoughts to the chorus. Heidi will be discussing how to avoid the most recent scam regarding student loan payoffs, and Deann will chime in with stats you’ll love to consider!
See you this Thursday at 10 a.m. or Saturday at 9 a.m. Tune in and take control!

Today on New Retirement Radio, we’ll be discussing an article from Financial Planning magazine titled “Wealthy investors do a lousy job of telling heirs what they’ll get.” Apparently, the rich are like everybody else in America in that they typically don’t like to talk about money. But for investors with significant assets to pass on to their heirs, that can be a very costly problem. Deann will provide stats that underscore many points in this article. With the sheer size and complexity of assets passing to the next generation, we’ll discuss the importance of enlightening the next generation. Next, Heidi will cover the benefit of working two jobs and how that may give you access to more than one retirement plan, which may benefit you greatly. Whether or not you have access to such a strategy, this discussion should help you understand the world of retirement plans and how to better take advantage of these wonderful wealth-building tools. Tune in and take control!