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 346 - Getting Ever Closer to 2024!
As we near the end of 2023, which is only about seven weeks out (can you believe it!?), it’s time to focus on end-of-the-year financial planning strategies as well as what’s in store for 2024. On this week’s show, we’ll discuss Ed Slott’s most recent newsletter, and questions to Ed from financial advisors at his most recent Successful IRA workshop. This will help us be aware of planning options with IRAs as well as learn some useful, not-so-common strategies. Natalie Choate will weigh in on charitable thoughts for IRAs that will help expand our potential. Next, Heidi will discuss new contribution amounts available for 2024 in IRAs and other retirement accounts, which are almost all increasing, giving you ever more flexibility with your retirement investments. Last, Deann will share new stats that will shed more light on these subjects. Your questions are always welcome! So tune in and take control!
Episode 345 - Economic Realities of Our World
Look out! Here comes the economy! So much to talk about and so little time should be the theme for this week’s show as we dive into what the major money management and economic firms are saying. You may ask, “What does this mean for me?” We’ll talk about how the markets are doing; how you can play offense in a very defense-oriented environment; and how you might further your own situation to actually take advantage of today’s higher interest rates. We’ll help you think through your options and potentially make better choices for your future. History can be very useful in helping us all gain more perspective about our current world. As always, questions are welcome! Call or text during the show and we’ll do our best to provide answers. Tune in and take control!
Episode 344 - All About Social Security
Social Security! Just when you thought you could do without it, here comes the check in the mail! (Just kidding, of course.) Last year at this time, we had Bob Simpson, Manager of our local Social Security office, on the show to speak about Social Security and the COLA (cost-of-living adjustment) that was announced. On today's show, Bob will talk about another recent COLA made for those taking benefits starting January of 2024. While this is helpful information, there are several other changes being made to Social Security that we need to discuss, as well as benefit questions we continue to receive from our clients that you should be made aware of. As always, your questions are always welcome as we continue to navigate the complexities of retirement together. Bob is an extremely knowledgeable Social Security representative who should be helpful in answering your questions.
Tune in and take control!
Episode 343 - Time Is Running Out
November is just a few weeks away, which means the December 31, 2023, deadline for retirement planning is quickly approaching. Now is the time to wrap up the year with RMD, QCD and Roth conversion planning and focus on retirement planning for 2024.
On today’s show, Heidi will discuss the key features to the SECURE 2.0 Act provisions that will become effective January 1, 2024. It’s important for the advisors, as well as clients, to stay up to date and plan ahead for the important changes ahead. Nathan will discuss the five tax moves retirees should consider before December 31, as well as some strategies to help make your retirement income last. Deann will bring the stats with updates on our economy and the topics discussed.
So tune in and take control!
Episode 342 - Healthcare Is Essential in Your Retirement Planning
According to the Center for Medicare Advocacy, as of March 2023, nearly 65 million people are enrolled in Medicare, an increase of almost 100,000 since September 2022. Deciding on healthcare is a significant part in planning for your retirement. There are many factors to consider when educating oneself in the complex field of Medicare. Fortunately, there are professionals who specialize in this and can help navigate eligible enrollees through the process … and we know two of them!
Laverna Witkop and Dawn McConnell from Ford Insurance Agency will join us LIVE on the show today. They will cover all the basics of Medicare as well as talk about the open enrollment period, known as the Medicare Advantage and Prescription Drug Plan annual election period, or AEP, which is October 15 through December 7. It’s time to review and pay attention to changes. This also might be a good time to jump in! Open enrollment for individual health insurance plans is from November 1 to January 15, 2024. Now’s the time to ask the experts, so have your questions ready.
Tune in and take control!
Episode 341 - Hindsight Is Always 20/20
Today’s show will feature a special guest, Jennifer Ewing, who has lived in Traverse City for more than 25 years and has worked in the Human Resources field for more than 32 years. Unfortunately, Jennifer lost both of her parents, but she has gained much firsthand knowledge as the executor of her parents’ estate. Deann and Nathan will discuss Jennifer’s experience, covering all the helpful tips – what she wishes she had known, what she’s glad she knew prior to her parents’ deaths, and all the nuggets of knowledge in between.
Though this is a sobering topic, we hope to share some vital information for both parents and their children in planning for and ultimately facing the inevitable. Know there are financial professionals who can and will help navigate you through the details. Know to be tenacious and keep asking questions. Know that you’re not alone. Jennifer’s experience and contagious energy are sure to bring a lively show.
So tune in and take control!
Don’t talk politics, especially when you don’t understand all the economic factors