This episode addresses whether the mainstream financial planning community is justified in avoiding Indexed Universal Life. Lately, social media has been filled with videos praising the virtues of a financial tool known as Indexed Universal Life…
David discusses how much of your IRA you should convert, in what amounts and over what time frame. If you’re not convinced by the possible dramatic increase in tax rates in 2031 to bump you into the 32% bracket, you’re not alone… A whole battery…
David addresses Clark Howard’s viewpoint that seems to want to invite people to never consider a fixed index annuity. Despite interacting with thousands of financial advisors who offer fixed index annuities every year, David has never heard…
Doug Andrew called the IUL a dream investment, but is it the silver bullet retirement account he claims it to be? David goes through Doug Andrew’s controversial remarks about IULs, and explains why he politely disagrees with his…
This episode explores the two different five-year rules for Roth IRAs instituted by the IRS to prevent people from abusing them. The first five-year rule applies to earnings on Roth contributions and determines whether those distributions can be taken…
At a recent Berkshire Hathaway annual shareholder meeting, Warren Buffett shared his thoughts on why he sees financial advisors as the worst people to trust with your money. Buffett believes that financial professionals in aggregate can’t do better…
George Kamel recently released a video on index universal life. On the surface, it looks like a ruthless exposé of a financial scam that millions of Americans are falling for. But when you scratch just below the surface, his critique of IUL is…
According to David, Ken Fisher’s hate toward annuities is visible in what can be considered “one of the most successful attacks on any financial product in history”. David discusses why, in his opinion, Ken Fisher sees annuities as the perfect…
Financial expert and author Ric Edelman has stated that, in his opinion, anyone following Dave Ramsey’s 8% retirement withdrawal strategy is…doomed! The 4% rule has been the distribution rates’ gold standard for over 30 years. However, Suze…
A recent Penn Wharton study found that the federal government will have to dramatically raise taxes within the next 20 years to avoid sliding into a debt spiral of high interest rates and debt payments. Former comptroller General David Walker has…
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Fixed Annuities are long term insurance contacts and there is a surrender charge imposed generally during the first 5 to 7 years that you own the annuity contract. Withdrawals prior to age 59-1/2 may result in a 10% IRS tax penalty, in addition to any ordinary income tax. Any guarantees of the annuity are backed by the financial strength of the underlying insurance company.
Converting an employer plan account or Traditional IRA to a Roth IRA is a taxable event. Increased taxable income from the Roth IRA conversion may have several consequences including but not limited to, a need for additional tax withholding or estimated tax payments, the loss of certain tax deductions and credits, and higher taxes on Social Security benefits and higher Medicare premiums. Be sure to consult with a qualified tax advisor before making any decisions regarding your IRA.
