Retirement Planning - Redefined
Financial and retirement planning guidance from Certified Financial Planner John Teixeira and Nick McDevitt of PFG Private Wealth Management in the Tampa Bay, FL area. On this show, you'll learn about how the financial and retirement world has evolved over the past several decades, how to properly plan for your own future, and some of the important pitfalls to avoid. PFG Private Wealth Management, LLC is a registered investment adviser. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investment involve risk and, unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
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Episodes
Thursday Jun 04, 2020
Thursday Jun 04, 2020
We spent last podcast talking about what exactly a Roth conversion is. Today we will examine a financial plan and see how implementing Roth conversions can potentially improve this situation.
Case Study Before Implementing Strategy:
Dual income Household: Ages 55 & 53
Existing Accounts:
$500k Pre-Tax 401k Funds
$25k Roth IRA Funds
$50k Cash
Mortgage on the home – paying extra on mortgage ($250/m) (5% rate on 30 year loan, 10 years in)
Income:
Person 1: $110k
Person 2: $60k
Current Savings strategy:
Total Joint Savings 18% of income ($30.6k/yr.) – all into pre-tax
Each person has 3% company match for pre-tax ($5.1k/yr.)
Total being saved: $35,700
EE Contributions: $30,600
ER Contributions: $5,100
New Strategy:
Refinance Mortgage to a 15 year loan with significant reduction interest rate lowers total monthly payment, allows for $250/m extra payment recapture & additional $150/m savings
New Total being saved: $40,500
401k EE Contributions: $21,400
Pre-Tax: $15,900
Roth: $5,500
401k ER Contributions: $5,100
Roth IRA Contributions: $14,000
Person 1 strategy: EE Total: $23,600, ER Total $3,300
EE Pre-Tax 401k Contribution: $11,100 (10%)
EE Roth Contribution: $5,500 (5%)
ER Pre-Tax 401k Contribution: $3,300 (3%)
Max Roth IRA: $7,000
Person 2 strategy: EE Total: $11,800, ER Total $1,800
EE Pre-Tax 401k Contribution (No Roth Available): $4,800 (8%)
ER Pre-Tax 401k Contribution: $1,800 (3%)
Helpful Information:
PFG Website: https://www.pfgprivatewealth.com/
Contact: 813-286-7776
Email: info@pfgprivatewealth.com
For a transcript of today's show, visit the blog related to this episode at https://www.pfgprivatewealth.com/podcast/
Transcript of Today's Show:
Monday Jun 01, 2020
Monday Jun 01, 2020
With our tax brackets being at historically low rates, many people are looking at implementing Roth conversions in their plan. John and Nick will explain what exactly this concept is and how this may be able to save you some dollars on taxes in the future.
Helpful Information:
PFG Website: https://www.pfgprivatewealth.com/
Contact: 813-286-7776
Email: info@pfgprivatewealth.com
For a transcript of today's show, visit the blog related to this episode at https://www.pfgprivatewealth.com/podcast/
Transcript of Today's Show:
Thursday May 07, 2020
Thursday May 07, 2020
On this week's episode, we check in with John and Nick on how things are going personally with their families, communities and clients.
Helpful Information:
PFG Website: https://www.pfgprivatewealth.com/
Contact: 813-286-7776
Email: info@pfgprivatewealth.com
For a transcript of today's show, visit the blog related to this episode at https://www.pfgprivatewealth.com/podcast/
Transcript of Today's Show:
Thursday Apr 23, 2020
Thursday Apr 23, 2020
Today our discussion revolves around bull and bear markets. We will break down the basics of what each of these types of markets mean and take a look at some historic trends that are relevant to this topic.
Helpful Information:
PFG Website: https://www.pfgprivatewealth.com/
Contact: 813-286-7776
Email: info@pfgprivatewealth.com
For a transcript of today's show, visit the blog related to this episode at https://www.pfgprivatewealth.com/podcast/
Transcript of Today's Show:
Thursday Apr 16, 2020
Thursday Apr 16, 2020
It can be tough to see the silver lining in times of volatility, but when the market is down oftentimes there are some great investing opportunities. John and Nick give us some key tips on how to take advantage of a down market.
Helpful Information:
PFG Website: https://www.pfgprivatewealth.com/
Contact: 813-286-7776
Email: info@pfgprivatewealth.com
For a transcript of today's show, visit the blog related to this episode at https://www.pfgprivatewealth.com/podcast/
Transcript of Today's Show:
Thursday Apr 09, 2020
Thursday Apr 09, 2020
We talked last time on some of the financial impacts the Coronavirus had caused, but now we will discuss how to plan to get through tough times and market downturns. John and Nick will talk about a few suggestions they have when they see situations like this and how to withstand a volatile market.
Helpful Information:
PFG Website: https://www.pfgprivatewealth.com/
Contact: 813-286-7776
Email: info@pfgprivatewealth.com
For a transcript of today's show, visit the blog related to this episode at https://www.pfgprivatewealth.com/podcast/
Transcript of Today's Show:
Thursday Apr 02, 2020
Thursday Apr 02, 2020
The Coronavirus (COVID-19) is having a dramatic impact on our daily lives and many people are taking a huge financial hit from lost wages, a volatile stock market, and general economic uncertainty. Congress recently passed the CARES Act to try and help alleviate some of the financial impacts. John and Nick will give us the rundown on this new bill.
https://floridadisasterloan.org/
https://www.sba.gov/funding-programs
Helpful Information:
PFG Website: https://www.pfgprivatewealth.com/
Contact: 813-286-7776
Email: info@pfgprivatewealth.com
For a transcript of today's show, visit the blog related to this episode at https://www.pfgprivatewealth.com/podcast/
Transcript of Today's Show:
Thursday Mar 19, 2020
Thursday Mar 19, 2020
Last week we covered the basics of the traditional IRA and today we will shift our focus to the Roth IRA. John and Nick will once again explain the basics to this investment vehicle. We will also compare and contrast the Roth IRA to the traditional IRA.
Helpful Information:
PFG Website: https://www.pfgprivatewealth.com/
Contact: 813-286-7776
Email: info@pfgprivatewealth.com
For a transcript of today's show, visit the blog related to this episode at https://www.pfgprivatewealth.com/podcast/
Transcript of Today's Show:
Thursday Mar 05, 2020
Thursday Mar 05, 2020
We cover the basics on the traditional IRA. John and Nick will break down what this investment vehicle is for and how it may be able to benefit you.
Helpful Information:
PFG Website: https://www.pfgprivatewealth.com/
Contact: 813-286-7776
Email: info@pfgprivatewealth.com
For a transcript of today's show, visit the blog related to this episode at https://www.pfgprivatewealth.com/podcast/
Transcript of Today's Show:
Thursday Feb 06, 2020
Thursday Feb 06, 2020
We continue our conversation about the SECURE Act. Another big piece to this new law is the removal of the stretch IRA. Nick walks us through the things we need to know about this big change.
Helpful Information:
PFG Website: https://www.pfgprivatewealth.com/
Contact: 813-286-7776
Email: info@pfgprivatewealth.com
For a transcript of today's show, visit the blog related to this episode at https://www.pfgprivatewealth.com/podcast/
Transcript of Today's Show: