Retirement Planning – Dollars and Sense

Key Changes in the Secure Act 2.0 With Laurie Kaplan (Ep. 35)

By Dollar$ and $ense | January 10, 2024

The Secure Act 2.0 is ever-evolving and has brought up some important questions recently, so let’s go over them!

Laurie Kaplan, CPA, partner at Michael Silver, joins Nicole for her second time on the show to continue their discussion about the Secure Act 2.0. Laurie goes over what has been finalized in the act for 2023 and looks ahead to 2024 and 2025. She clears up confusion around various topics including the Required Minimum Distributions when inheriting an IRA, changes in retirement plans, the rules and implications of annuities and IRAs, and the importance of tax planning. Laurie also discusses the new Roth IRA rollover option, the penalty reduction for missed RMDs, and the benefits of having both Roth and traditional IRAs.

Laurie discusses:

The Secure Act 2.0 provisions and potential impact on retirement plans
What has been finalized in the act for 2023 and what we can anticipate for 2024 and 2025
Changes to required minimum distributions, Roth IRA rollover option for 529 plans, and penalty reduction for missed RMDs
Explanation of annuities and IRAs, including single life expectancy and joint annuity options
Designation of beneficiaries for retirement plans and consequences of not having one or if the designated beneficiary is deceased or not updated
Premiums and surcharges associated with Medicare based on adjusted gross income (AGI)
And more

Resources:

Highlighting The Key Changes In Secure Act 2.0 With Laurie Kaplan (Ep. 16)

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About Our Guest:

Laurie Kaplan, CPA, has been serving as a trusted advisor to clients for over 25 years, expertly managing and addressing tax and accounting issues within various industries, including manufacturing and distribution, retail, restaurants, real estate, automobile dealerships, and professional service providers. Her background in both accounting and tax, as well as her consultative approach, allows her to partner with clients and develop innovative solutions to address their personal and business needs. She specializes in employee benefit plans, estate and gift tax, like-kind exchanges, and small business start-ups.

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Creating Meaning from Your Means with Sarah Newcomb (Ep. 23)

By Dollars-and-Sense | July 12, 2023

You could build the best financial plan for your retirement, with enough money for trips and relaxing days for the rest of your life. But what will you do during your retirement? Playing golf and seeing family only takes so much time.

In this episode, Nicole speaks with Sarah Newcomb, author, speaker and founder of Thrive, on the psychology behind satisfying the emotional needs of retirees. Sarah dives into the importance of emotional needs and why they shouldn’t be considered a want when building your retirement plan.

Sarah discusses:

Her groundbreaking approach to setting life goals that will revolutionize your retirement planning.
The profound significance of establishing a financial role model and how it can shape your path towards a prosperous retirement
The transformative power of Maslow’s hierarchy of needs within the realm of financial and retirement planning
The hidden secret to a fulfilling retirement: the essential role that hobbies play in bringing joy, purpose, and fulfillment to your golden years.
And so much more!

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About our Guest:

Sarah Newcomb, Ph.D. is a behavioral economist and Founder of the Thrive Financial Empowerment Center. Through writing, speaking, and coaching, she teaches people of all stripes to build lives they love with the resources they have. As a subject matter expert, Dr. Newcomb has worked with corporate behavioral science teams at HelloWallet, Morningstar, and Edward Jones, where she helps financial advisors understand and respond to aspects of psychology that affect financial decisions. In all her roles, Sarah aims to adapt the findings of academic research to practical use in the financial lives of ordinary people, and to ground innovative approaches to financial advice in well-established psychological theory.

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Medicare Made Clear With Carly Rosswurm (Ep. 20)

By Dollars-and-Sense | May 24, 2023

Let’s face it, Medicare plans are an alphabet soup. Let’s simplify them together.

In this episode, Nicole talks to Carly Rosswurm, the director of Medicare Solutions at Ash Brokerage, to clear the air about Medicare. With 17 years of experience in Medicare, Carly gives us an overview of the Medicare program and the different types of available plans, and a breakdown of the highest and lowest premiums of 2023. She also explains how you can determine if Medicare is the right insurance option for you when you should start planning to apply for Medicare, how the annual enrollment periods work, and a lot more!

Carly discusses:

An overview of the Medicare program and the different types of plans
When you should start doing your research and speak to a healthcare broker
What she considers when determining if someone should stay with their employer’s insurance plan
A breakdown of the lowest and highest Medicare premiums in 2023
The circumstances when IRMAA charges can be appealed and what the process is like
How the annual enrollment periods work
And more

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