Retirement Planning - Redefined

Big tax law changes always bring big rumors. But before you assume Social Security is now tax-free or that you’re getting a $40K deduction just for breathing, let’s set the record straight on what this new bill didn’t actually do.   Helpful Information: PFG Website: https://www.pfgprivatewealth.com/ Contact: 813-286-7776 Email: [email protected]   Disclaimer: PFG Private Wealth Management, LLC is an SEC Registered Investment Advisor. 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. The topics and information discussed during this podcast are not intended to provide tax or legal advice. Investments involve risk, and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed on this podcast. Past performance is not indicative of future performance. Insurance products and services are offered and sold through individually licensed and appointed insurance agents.   Speaker 1: The big tax law changes always bring rumors, so before you get too hyped up or worried about anything, we thought we'd have a little fun and debunk some of the Big Beautiful Bill myths this week on the podcast. Let's get into it.   Hey everybody, welcome into Retirement Planning - Redefined with John and Nick from PFG Private Wealth. And one more time, we thought we would revisit the Big Beautiful Bill, the OBBBA conversation. I like saying OBBBA, it's just fun. The One Big Beautiful Bill Act. Guys, just kind of hopefully maybe dispel some of these things, continue to have questions all throughout the year as we're closing out the year we're just trying to knock down some of those worries or some of those fears that people still have. So let's set the record straight a little bit. We'll have some fun with this. You guys can be myth busters on this episode, if you will. John, what's going on my friend? How are you?   John Teixeira: Not too much. Just wondering if Nick gave my phone number to a list because all of a sudden today I'm getting bombarded with, "Do you need a driveway cleaned?" And some random stuff. So I think I'm getting punked.   Speaker 1: Oh man, it's that time of the year. It seems like spam calls have gone just through the roof for the last couple of months, so I don't know.   Nick  McDevitt: My hypothesis on that is I feel like businesses are slowing down and they're kind of going back to their-   Speaker 1: They're getting creative too.   Nick  McDevitt: Yeah, they're going back to their list client lists or different marketing tools. I feel like I've gotten re-added or added to a hundred new email lists in the last three weeks. So it's interesting.   Speaker 1: Yeah, it's a weird thing. And the text thing and the email, it's like they have so much access to you. Constantly getting stuff and of course the phones are always listening, so you just get all this weird stuff. But I'm with you, John, same thing. Would you like to sell your house?   John Teixeira: No. Nick complained about it a couple of weeks ago and I was like, "I'm not getting too much." And all of a sudden I think he's like, "Well, if I got to deal with it, John's got it too." So.   Speaker 1: Either that or your phone was listening and said, "Oh, you're not getting it? We'll get one, then. Here it goes."   John Teixeira: It could be that one too.   Speaker 1: All right, let's jump into a few myths. We'll have some fun here. Myth number one, Nick, Social Security is no longer taxed.   Nick  McDevitt: Kind of for some. So just like most things, there's nuance to it. If your income falls within the threshold of where single or married filing jointly and singles, I think the 75,000 married filing jointly is the 150, then you actually get a $6,000 tax credit to help offset taxes that you may owe on you

You’ve worked hard, saved well, and now you’re thinking about giving back—maybe to your kids, your grandkids, or a cause you care about. But should you wait and pass that wealth on later, or give while you’re still around to enjoy the impact? Let’s talk about how to make that decision with confidence.   Helpful Information: PFG Website: https://www.pfgprivatewealth.com/ Contact: 813-286-7776 Email: [email protected]   Disclaimer: PFG Private Wealth Management, LLC is an SEC Registered Investment Advisor. 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. The topics and information discussed during this podcast are not intended to provide tax or legal advice. Investments involve risk, and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed on this podcast. Past performance is not indicative of future performance. Insurance products and services are offered and sold through individually licensed and appointed insurance agents.     Marc: Welcome in once again to another edition of Retirement Planning, Redefined with John and Nick, and we're going to talk about gifting money while you're alive or leaving a legacy. You work hard, you saved well, so let's talk about how to gift and leave a legacy.   Welcome into the podcast everybody. Thanks for hanging out with John and Nick and myself as we talk about these topics this week. And guys, it's gifting, right? So I want to go over some basics here. It seems like there's been a trend the last couple of years for people to enjoy their retirement legacy with the family versus the old way of you pass and you'll leave a check, right? Here's your inheritance, we're gone, that kind of thing. So let's talk about that a little bit this week on the show and just kind of see what you guys are seeing in your neck of the woods. How you doing this week, Nick?   Nick: Good, good. How about yourself?   Marc: Doing pretty good's. How's the wedding action coming?   Nick: Planning's moving along.   Marc: Nice.   Nick: Did some, hopefully we got the food picked out, so trying to check off all the big things, so.   Marc: That's important. Got to have that good food going on for sure. Well, good. Kudos. Good. Glad to hear that. And John, my friend, how are you this week?   John: I'm good. I'm good. Summer just started for the kids, so getting used to waking up in the morning and they're hanging out with me as I'm getting ready for work-   Marc: And they're ready to go.   John: Versus me just dropping them off. Yeah.   Marc: That's right.   John: It's a lot of fun.   Marc: There you go. Are you guys seeing this trend that I talked about, not necessarily a new trend. It's been going on for a number of years now, but I think where people just want to maybe enjoy some experiences with their loved ones while they're still here versus just leaving that check, so to speak? Are you guys seeing that in your practice as well?   Nick: Yeah, I'd say so. We've had, what are we on now? A 14, 15 year bull run from the standpoint of people have kind of exceeded what their perspective on goals was for the money that they might have in retirement and, so especially I would say, at least from what I've seen, the vacation side of things is kind of the biggest thing that people have been doing where they'll do a large family vacation and pay for the kids and their families to go so that they can all enjoy that together.   Marc: Yeah, that's very cool. And we'll talk about some of the numbers and things in just a few minutes, but John, I'll kick this over to you. I'd say the first step probably still should be, make sure you are covered first, right? We all want to leave and do things for our kids and loved ones, but don't sacrifice your own ret

This episode is all about the emotional side of investing during market turmoil, especially the conversations (or arguments) happening at kitchen tables right now.   Helpful Information: PFG Website: https://www.pfgprivatewealth.com/ Contact: 813-286-7776 Email: [email protected]   Disclaimer: PFG Private Wealth Management, LLC is an SEC Registered Investment Advisor. 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. The topics and information discussed during this podcast are not intended to provide tax or legal advice. Investments involve risk, and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed on this podcast. Past performance is not indicative of future performance. Insurance products and services are offered and sold through individually licensed and appointed insurance agents.     Speaker 1: This episode is all about the emotional side of investing during market turmoil, especially the conversations that might be happening around kitchen tables all across America right now. Let's get into it this week here on Retirement Planning Redefined.   Welcome into the podcast, where we're going to talk about talking to your spouse or loved one about market crashes and fears. If you're sitting around the dinner table and stressing out about the stuff we've been seeing over the past few weeks, it's been a volatile March and April. It's maybe worthwhile to have a chat about how do you go about that, because obviously when it comes to dealing with money and talking about money, that's sometimes where families and relationships struggle. This week, the guys are going to help us break it down from things they say from their clients, maybe their own personal perspective and mine as well, as we have this conversation.   What's going on, John? How are you doing, buddy?   John: Doing good. Just found an electric fireplace.   Speaker 1: Oh, nice, nice.   John: For my remodel. I can't wait to have it installed.   Speaker 1: There you go. Yeah, we got one of those as well when we did ours. Nice, very good. Works well. My wife's always got that thing on. I'm like, "Really?"   John: Yeah.   Speaker 1: Even when it's warm. I'm like, "You're killing me." Well, hey, there you go. Couples and spouses already over the fireplace, we haven't even got to the money yet.   What about you, Nick? How are you doing, buddy?   Nick: Good, good. Staying busy.   Speaker 1: Yeah. Well, let's dive into this since you're about to have this situation start to prop up because you've got some nuptials coming soon. Again, congratulations on that.   I got a few questions I just want to run through. Feel free to drop in some real life scenarios that you've seen from your own life, or clients, or whatever you guys want to share when it comes to this. It's an important question, because I so many advisors like yourselves say, "Hey, when you're building a retirement plan and a strategy, make sure both people are involved so that you understand what you've got and what you're into." Even if it's not your thing, that way everybody just feels like they're on solid ground when it comes to knowing what's happening.   How do you deal with that? As a married couple or in a relationship, how do you deal with market downturns? Because when you start seeing your accounts go down, you start to freak out a little bit. Is it a good idea to talk about that, guys? Or do you think that should be saved for talking, Nick, like in front of you guys, where you're there as a mediator kind of thing?   Nick: I think the number one most important part is that people actually start to have the conversation.   Speaker 1: Just talk, right?   Nick: Yeah, just talk. There's a reason that, I would say from the sta

The headlines are loud, the markets are messy, and your gut might be telling you to do something — anything — right now. But what should you actually do when your portfolio takes a hit?   Helpful Information: PFG Website: https://www.pfgprivatewealth.com/ Contact: 813-286-7776 Email: [email protected]   Disclaimer: PFG Private Wealth Management, LLC is an SEC Registered Investment Advisor. 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. The topics and information discussed during this podcast are not intended to provide tax or legal advice. Investments involve risk, and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed on this podcast. Past performance is not indicative of future performance. Insurance products and services are offered and sold through individually licensed and appointed insurance agents.     Marc: The headlines are loud, the markets are messy, and your gut might be telling you to do something, anything. So what should you actually do when market downturns happen? Let's get into it this week here on ‎Retirement Planning - Redefined.   Welcome onto the podcast. Thanks for hanging out with John, Nick, and myself as we talk investing, finance, and retirement. And, guys, with all the volatility and stuff happening, I thought it'd be a good idea to maybe address some of this stuff. And we've got four key questions maybe to ask ourselves when we're going through some of this volatility and let you guys give some people insights on what you're seeing and what your thoughts are when it comes to this kind of stuff. So welcome on this week, John. How you doing, buddy?   John: I'm doing all right.   Marc: Yeah? A little busy?   John: Just getting ready to start a kitchen remodel, which is bringing its own gut check, but doing all right.   Marc: That is true. Very true. And Nick, how are you doing, my friend?   Nick: Good, good. Staying busy. Obviously a little chaotic right now, but knee-deep in wedding planning. So that's fun.   Marc: So let me ask you guys, before we get into this, when we're seeing this kind of volatility, do you get many calls? I've talked with all kinds of advisors and most of them say a couple, a couple panicked people, but for the most part, their clients have a strategy and a plan in place and it makes it a little easier to handle when there's volatile times like this. Is that kind of the same for you, or what are you seeing out there?   John: Yeah, I'd agree with that. As we mentioned quite a bit in our last podcast, our last sessions, our practice is generally planning based. So a lot of times people are comfortable with where they are, and we do a good job of reinforcing here's where you are, here's your asset allocation, here's how we structure things for a downturn or some volatility. So I think we do a really good job of making sure people are in the right asset allocation, and not only that, but structuring their assets where when they are using their funds for retirement, we have a plan in place to draw on specific accounts when we are expecting this type of volatility.   Marc: Makes sense. Yeah. Gotcha. Well, as you mentioned, gut check as that kind of goes. So let's jump in and do these four items here. And that's the first one. Nick, I'll let you start if you want to. So when is the last time you checked your strategy? When's the last time you checked your plan? I hear people saying, "Oh, the market's down year-to-date, the S&P's down 13%." Well, are you down that or are you only down maybe two or three because you hopefully were properly diversified, right? So when's the last time you checked in on your plan and do you need that gut check? What's your thoughts?   Nick: Yeah, so we try to make

There are plenty of decisions that you’ll make in the retirement planning process that can’t be undone, so you want to make sure that you make the right call. On this episode, we’ll explain why these decisions are so important and can’t be undone. Helpful Information: PFG Website: https://www.pfgprivatewealth.com/ Contact: 813-286-7776 Email: [email protected] Disclaimer: 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. Transcript of Today's Show: For a full transcript of today's show, visit the blog related to this episode at https://www.pfgprivatewealth.com/podcast/ ----more---- Speaker 1: Back here for another edition of Retirement Planning Redefined with John and Nick once again, joining me to talk about getting things right the first time. There are some irreversible financial decisions or close to it in retirement and there's plenty of things we've got to deal with. So we want to make sure we get it right as often as possible, right out of the gate, because some of these things just cannot be undone. So you guys being in Florida, mulligans, everybody plays golf. Mulligans are a thing, for sure. You didn't see that? Some mulligan, its a give me. Let me do it again, kind of thing. But there's things in retirements that you just got to get right the first time. So that's going to be the topic this week. Nick, what's going on, buddy? How you doing?   Nick: Good. Good. Staying busy.   Speaker 1: Yeah. Keeping rocking and a rolling. John, how you feeling my friend?   John : I'm feeling good. I'm feeling good. I'm looking forward to this topic. I'm actually a couple of weeks out from finish some construction in my house and I wish that the original builds and plumbers got it right and knew how to glue some pipes that wouldn't have caused a leak down the road. But anyhow,   Speaker 1: Yes.   John : Looking forward to getting that construction done, so.   Speaker 1: Yeah, I tell you what, that's a great point. Right. So we all want people to do their job right the first time. Certainly when you hire someone, that's what you expect. But these are some decisions that many people do to themselves because so many people DIY retirement. Right. One of the benefits to turning to financial professionals like yourselves is to get these things right so that you don't have to worry about having these issues that can't be undone. So let's walk through a few of these. We're going to start with a biggie. Again, there's a little caveat here, but for the most part, once you turn on social security, it is what it is. So you have to be sure that you're, especially if you're activating it early, that this is what you want to do. There technically is a do over, but most people don't really go through it. So kind of explain if you will guys.   John : Yeah. So this is a big one because social security equates to roughly 30 to 40% of kind of average households retirement income going into retirement. So it's important. And Nick and I, everything we kind of say goes back to the planning and this can't be stressed enough because once you start taking it, let'