A Fresh Start for 2024 | TRANSCRIPT

Information presented on this program is believed to be factual and up to date, but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but is limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Certified Advisory Corp is registered as an investment advisor with the SEC and only transacts business in states where it is properly registered or is excluded or exempted from registration requirements.

Stay tuned for on the Money Central Florida’s most listened to financial call and show Bronte You by Certified Financial Group in Almont Springs. It’s the only show hosted exclusively by certified financial planner professionals. Monday through Friday, their CFPs provide financial planning and investment advice for a fee. But on Saturdays, the advice is absolutely free and has been for more than 30 years. For their WDBO listeners, if you have a financial question you want answered by real fiduciaries, the lines are wide open. Call five 80 WDBO, that’s 8 4 4 5 80 WDBO and enjoy the show.

Good morning and welcome to On the Money right here on WDBO 1 0 7 3 FM AM five 80, always streaming live inside your WDBO app. First episode of On the Money of the New Year, sitting here with Joe Bur and Matt Murphy with the Certified Financial Group. And this is your chance to hop on the air, pick the brains of these financial experts giving wonderful advice for a combined. We just talked about this 416 years of experience inside that building of the certified Financial Group office over there in central Florida. My name’s Josh McCarthy with WDBO. This is your chance to get your questions asked. Maybe you heard something on the news. I mean, it’s the new year, so I’m sure there’s a bunch of new laws that you’ve heard floating around the books. This is your chance to get your questions asked and this is one of the longest running, the longest running financial call in programs, the best of its kind and one of the 100 best firms in the country representing you, Joe. Matt, how are we doing today? We’re

Doing great, Josh, happy new to you as well. And Matt and I are here this morning as we have been now for more than 30 to take calls from our listeners. As you said in the intro that we do retirement planning and investment management for a fee on Monday through Friday. But on Saturday morning we are here for you absolutely free. This is not a one hour infomercial. We are here to help you and it’s a rewarding thing. I know you’ve had it, Matt, we’re folks have come in and how appreciative they are of the program that we do to answer their questions and that’s why we’re here. So if you have any questions regarding your personal finances, things you’re trying to figure out regarding your 401k and IRA long-term healthcare, mutual funds, stocks, bonds, real estate insurance, annuities, all that, and more things that Matt and I and the 14 other certified financial planners deal with Monday through Friday for a fee working as fiduciaries with our clients. But on Saturday morning we are here for you absolutely free. So if you have any questions on those topics, the good news for you, those lines are absolutely wide open and you can be the first in line by picking up the phone and dialing these magic numbers.

8 4 4 5 8 0 9 3 2 6. That is 8 4 4 5 80 WDBO. You can also text in your question to that number. So I’ve been saying lately, now that we have the texting service, just save that number into your phone as WDBO 8 4 4 5 8 0 9 3 2 6 or send in your open mic using the free WDBO app. Today’s topic, the first topic of the brand new year. Well, how appropriate a fresh start for 2024. There you

Go. I suppose it’s kind of our obligatory New Year’s resolution radio show here today. And so I wanted to put together a couple of thoughts for the listeners. The concept of the New Year’s resolution. Everybody always laughs about that. I commit to going to the gym and I show up Monday, Tuesday, Wednesday, and then it sort of drops off after a few days and we kind of lose some of our motivation. But I do think that the start of a new year is an opportunity to operate with a clean slate and maybe either try some new things or refresh and dust off some things that you were working on maybe years ago that would be good to kind of take another look at. So I thought we’d talk about two things this morning, Joe, one of which is really pertinent to the specific work that we do with our clients. But the other one is that we’ve talked about this over the last several months on the radio show. There’s more to planning and retirement than just the numbers


Question. And I know that you do this, Joe and all of us here at CFG do this, but we talk to our clients a lot about their life outside of their finances. And one of the things that I’ve found in particular is clients that are nearing retirement or those last several years leading into retirement, oftentimes haven’t put a lot of thought into what they’re going to do with their time when they’re no longer working future world. That’s right. And a lot of times it’s one of these things where you’re just so eager and anxious to stop working that you don’t think about what you’re going to start doing. And so I think the new year and this concept of the fresh start is a great opportunity for you to put some thought into some of the things that you might do with the extra free time you have when you retire.

Or even for that matter, a lot of folks don’t retire completely, but maybe they scale back to part-time, but nevertheless, they have some extra time on their hands. So one of the things that I think is useful is to start looking at what are some interests that maybe you could pursue. And it’s funny, I was texting with a client of mine yesterday, Joe, and I gave him a heads up. I was going to use him as an example this morning, not going to use his name, but I suspect that he’s listening here this morning. We had this conversation a couple of months ago, he and his wife, and one of his concerns was exactly what I just said, which is, what am I going to do with my time when I retire and the finances are situated? That’s not an issue, but it’s more about the lifestyle after that. And I share this example, he’s a big strong guy from up north and used to play hockey and he’s in his late fifties. So normally we don’t think about hockey players being in their late fifties.

So he’s got a lot of life in front of

Him. He does. He does. And his wife, to her credit was encouraging him to kind of pursue this interest and get back into it a little bit.

Get back into hockey,

Get back into hockey, believe it or not. Yes. I mean, Joe, we must’ve had a conversation for an hour about hockey, the equipment that he needs to get and the shape.

How about his health insurance? Well,

Yeah, that’s a good point. And so now I have to say if I were on the hockey rink with this guy, I would probably steer clear. Okay. But anyways, my point in bringing that up is that got him so excited, so excited that he could get back into hockey, something that he really hasn’t had time to do for a long time. So he took the time to go out and search out a club, a hockey club of guys that are in his age group, senior hockey, senior hockey, similar skill level. Got it. And you wouldn’t believe it. There’s leagues out there, all sorts of leagues out. Really? Yes. All sorts of leagues out there

That’s hard to

Believe in central Florida.

Oh my god. Honest to gosh.

Yes. Yes. And so he got really excited about that. Well now that’s kind of changed his perspective on retirement now. And so it’s funny how things fall into place once your mind’s kind of in the right place. He’s now motivated to do all the things that are needed financially to get himself situated for retirement because now he can kind of see the end game

Very good.

So I just use that as one example of a fresh start getting back into something, and it could be any number of things. Another one that came to was if you’re somebody that’s charitably inclined and maybe you’ve been given money to the same charities for years and years and years, go find a new one and spend some time to research and maybe find a particular cause that’s of interest to you that you’d be willing to commit some dollars to. And I think just doing something like that, just something new, particularly as we get older, being able to do new things and have new interests really brings a different spice to your life.

Without question, I know you’ve seen it and all of our planners has seen it as well as I is that the happiest people in retirement are those people that have a reason to get up in the morning, something to do. It’s not just going through the grind and waiting for dinner and going back to bed and wash, rinse, repeat. It’s having some cause whether it’s your grandchildren, whether it’s a charity, as you said, whether it’s a sport, something that keeps you motivated, keeps you in the circle of friends and perhaps making new friends. I mean, that’s what life is all about. Of course, our objective is to get you to and through those retirement years and be sure you have the financial wherewithal to continue to do those things that you want to do when you want to do it. But if you don’t have the other side of the equation, I’ve seen it time and time again, the folks that do retire and they were in waiting for their retirement date and they just stop and the next thing you know they’re dead.

That unfortunately is what happens. Yes, it is. You don’t have a reason. So our job is to remove that fear you might have financially to show you that you’re going to be okay if that is in fact in your finances, and we can make that happen to give you peace of mind to know that you could then go out and maybe start that new career, start that new venture in life that you’ve always been thinking about. It’s really important for long-term financial and I think even physical health and mental health to be able to have that, as you said, some reason to get up in the morning.

Yep, that’s right. It’s funny, we were, as you know, Joe, my parents live up in Charlotte, North Carolina. We go up there every summer and every Christmas. Well, we were up there over this past summer and my parents are in this habit now of watching these YouTube videos and YouTube videos about, in this particular case, travel to Greece. And so they spend, I don’t know how much time, probably hours watching these videos about different places you can go in Greece. And boy, it’s so interesting because you learn that and you say, gosh, I want to go there. There you go. And so maybe it’s something like that. Maybe you find a new place that you’ve always wanted to go, whether it’s out of the country or even somewhere here in the United States, and do a lot of research on it and plan your trip and go there. Just whatever it might be to keep you excited, keep you engaged so that you’re not in that situation. I remember that movie, I forget the title of it now, but I think it was Jack Nicholson maybe 20 years ago where he retires and then the next day he has a heart attack and he dies. You remember that movie? I can’t remember the name of it now,

But yeah, it’s a great movie. It’s a


Yep. Yeah, I still see him running around and his hospital gown open in the back. Yes,

Yes, that’s right. Exactly. And even though it was a comedy, it was kind of a tragic

Comedy in a sense,

And it really kind of encapsulated pre-retiree life here in the United States. So I bring all this up again, I know it’s kind of off the path of the traditional financial planning advice,

But it’s what we do as financial planners, it’s as retirement planners. It’s not just about the money. It’s about you and understanding you and what it is you want to do and then showing you how you can do it. Anybody can pick up the phone dial 800 number and here’s my half a million dollars go invested for me. You want to know that once you’ve done that, you’re going to be okay. And then you have the ability to pick up the phone and talk to somebody about that or come in and see like you just did with your client, which we do all the time. So true. So I think that’s the distinction between what we do as certified financial planners. We take a holistic approach, if you will, to working with our clients and we do the numbers as the numbers is the easy part. So what you’re talking about that you’ve got to sit down and figure out, but if you could remove that fear of knowing that you’re going to not going to run out of money, that really opens up the whole new world for you.

It sure does, and it brings more meaning to the money that you’ve saved. It brings more meaning to all the work you’ve put in over the 40 years and socked away that 10% into your 401k, and it just makes for a more gratifying life, quite frankly. It

Sure does. Well, I guess we’re up against the break there. Josh, you want to take it away?

I’ll take it from here. If you want to join the conversation, get your financial questions asked by some of the best in the nation, top 100 certified financial group, top financial advisor in the USA per the CNBC. The number to call is the number to save. Just write this number down, save it. Never forget to put it in your phone. Put it in your Rolodex if you still have one of those 8 4 4 5 8 9 3 2 6. That’s 4 4 5 80 WDBO texting your question. We got Craig from apopka. He’s got a question about stretch IRAs he texted in. He texted in at 5 8 0 9 3 2 6. Send in your open mic as well if you want to hear your voice be a part of the show you are listening to on the Money where we’re planning tomorrow today with the Certified Financial Group.

Welcome back to On the Money right here on WDBO 1 0 7 3 FM AM five 80, always streaming live in the WDBO app. My name is Josh McCarthy, sitting in studio today with Joe Bird and Matt Murphy with the Certified Financial Group. Answering your questions as they do every Saturday at 9:00 AM this is your chance to maybe you got a financial expert friend, maybe that person’s just getting started. Well, that’s not what’s going on here. We got some centuries of experience attached to this show. So this is the chance for you to listen, get your question asked, get the answer, and then maybe go talk to that friend and you can sound like a pro using the words of Certified Financial Group. 8 4 4 5 8 0 9 3 2 6 is the number to call in or text in? Got another text coming in through that break. 8 4 4 5 80 WDBO, Joe Bird, Matt Murphy standing by. You guys ready to hop on to this text question from Craig in Apopka. Let’s do it. Alright. Craig says, last time you spoke about stretch IRA, it’s changed. I inherited my father’s IRA in 2017. Do I have to withdraw all of it within 10 years? If so, when? And my grandfathered in. I

Think we have good news for Craig. Why don’t you tell him that?

So the secure act in 2019 made it such that this stretch IRA provision went away in most cases in Craig’s case, however, because his father passed away prior to 2019, he is grandfathered in. And so he would inherit that IRA, bring it into a beneficiary, IRA, and he would then be able to take the stretch provision based on Craig’s age, not his father’s. And the advantage of doing that of course is presumably, well, not presumably, but certainly Craig’s younger than his father was, and because of that, his required minimum distribution each year would be less than his father’s was. Right?

So good news and Happy New Year there, Craig. So that’s the way the rules are and the rules did change. Matt and I were talking at the break. You just get the old rules figured out and they come along and change the rules and they come along and change ’em again. So it’s an ongoing situation. The good news too is though that they’ve changed the penalties for if you missed that withdrawal down to 25% and if you beg for mercy and correct it within two years is 10%. That’s right. Yeah, I just learned that. So yeah, there are some rules there and it’s what we do for our clients. So keeping out of trouble with the IRS, being sure that those RMDs are made for you on the appropriate time and understanding who’s entitled to what and how that all works. So we’ve got a workshop coming up there, Matt, what do we have?

We do. So Gary is hosting a workshop called Healthcare Options in Retirement, and that is on Saturday, January the 27th from 10 to 12 o’clock. And that’s one of those topics where it’s kind of like social security. You absolutely need to do your research in advance and know what your options are and know what plan is right for you. Gary’s going to cover all of that in detail. So if you’d like to reserve your spot for that workshop, go to our website financial group.com and go to the workshops tab and you’ll see the opportunity for you there to RSVP for that workshop. You can also call the office here, (407) 869-9800 to reserve your spot as well.

And that is Saturday, January 27th at our office up here in Elmont Springs. We hold this in our learning center. We can easily accommodate 35 people with state-of-the-art, audio visuals absolutely free. So once again, as Matt said, if you are approaching those retirement years approaching age 65, you’re going to get bombarded with information and it gets to be confusing. And then you’ve got all those commercials that want to tell you how great it is to do Medicare Advantage. He’s going to talk about the pros and cons of that. Don’t be lured into those things with, they’re going to give you free sneakers and free eyeglasses and free everything else absolutely free. But you do need to sign up at our website financial group.com.

Thank you much. If you want to hop on the air, join the show. The number to call is eight four four five eight zero nine three two six eight four four five eighty WDBO. Send in your open mic using that free WDBO app. Hear your voice on the air, join the show if you want to text it in. Well, I already said that number, but write it down again, 8 4 4 5 8 0 9 3 2 6. Or if you had a question of the more personal matter, we do have WIN Smith standing by off the air, get your question answered by the same trusted source as Certified Financial Group and you don’t have to give out any juicy details on the air. That number is 4 0 7 8 6 9 9 8 0 0. That’s the office number to a certified Financial group, 4 0 7 8 6 9 9 8 0 0. You are listening to On the Money where we’re planning tomorrow today with the Certified Financial Group.

Welcome back to On the Money Central. Florida’s most listened to financial call and show Bronte You by Certified Financial Group in Altamont Springs. It’s the only show hosted exclusively by certified financial Planner professionals. Monday through Friday, their CFPs provide financial planning and investment advice for a fee. But on Saturdays, the advice is absolutely free and has been for more than 30 years. For their WDBO listeners, if you have a financial question you want answered by real fiduciaries, the lines are wide open. Call five 80 WDBO, that’s 8 4 4 5 80 WDBO and enjoy the rest of the show.

Welcome back to On the Money right here on WDBO 1 0 7 3 FM AM five 80, always streaming. Live inside that crystal clear section of the WDBO app. Open it up, push play, and you can take WDBO with you on the go wherever you have internet or wifi right now. We got on the money of course, your chance to pick the brains of the experts. With over 400 years experience with 16 financial planners in that very office, this is a very valuable resource for someone just trying to get a quick answer. Quick question answered, your chance to hop on the air with Joe Bird and Matt Murphy with the Certified Financial Group. The number to call is five eight zero nine three two six. The number to text your question in is that same number 8 4 4 5 80 WDBO. Send in your open mic using that free WDBO app. Joe. Matt, what do you say? We hop right back to the texting service and provide some people some answers. Let’s

Do it.

This text question says, I am a 61-year-old retirement retired government worker and feel I retired too early, I retained my 401k, but there’s not much left. I would like to reallocate what’s left and earn more, but don’t know much about investing. I need advice

Note without question. These are tough cases that we see occasionally walk into our office. This gentleman made it, I presume it’s a gentleman, I could be wrong here of course, that probably did what I call back of the envelope of financial planning, Matt. He looked at what his sources of income are, how much he had, what his expenses are currently, and said, well, I’ve got enough money to get me through. And then you wake up and find out it’s not quite working, particularly when you get with inflation like we have now. So this is why it’s really, really important to have a plan done by a certified financial planner who will charge you a fee, not somebody that’s going to do it for free. I’ve seen those free plans and they don’t get into the detail that you really need to get into, have this done correctly. And what you want to look at is the various things you have to consider. So what was the first thing we would do with this gentleman? He wants to know how to invest. The only way we can find that out is to do some planning

To run a plan. And I think one of the temptations here for somebody in this situation is going to be to try and take too much risk to catch up. And that may be he may need to do some of that depending on the circumstance here. But nevertheless, the first step here is really to get everything down on paper. Well, I say on paper, we used to do this on paper, now it’s all on the computer. Get everything in the computer. We need to know the income, the expenses, how much money is saved up. Even things like what’s your health? I mean, longevity is none of us can predict that

You’re still four years away from Medicare.

That’s right. Yeah, healthy. Exactly. I mean there’s a lot of factors here you need to know. We would need to know really all the aspects of this person’s financial life in order to put a plan together and find out what is the probability that he’s going to run out of money first and foremost. But not until we have all that information could we give any sort of useful investment advice? Because the example I always use with folks that come into my office is, and it doesn’t matter what the amount of money is, but let’s just say you had a million dollars saved up, whether you’re 30 years old or you’re a hundred years old, if you’ve got a million dollars and you need to draw out 150,000 from that million every year just to keep yourself housed, clothed and fed, you can’t afford to take a whole lot of risk if that million gets cut in half because you’re taking on a whole bunch of risk and you’re still taking out that one 50 a year.

That’s a good recipe for running out of money quickly. Somebody on the other end of the spectrum that’s got a million dollars, it never needs to draw any income from it could afford to be a lot more aggressive because even though it’s no fun to see that get cut in half, that person’s still having their bills paid from other sources. So those are kind of two extremes, but to me, the primary purpose of the planning process as it pertains to investing is to plot where someone fits on that scale in between those two extremes. And once we know that, and then we also dig into a little bit about what your personal risk tolerance is, once we know those things, only then can we give more accurate and useful investment advice.

What you really want to know at the end of the day is how conservatively can you invest your money and still have a high probability of not running out of money when you’re 87 years old? That’s the bottom line. You don’t want to be taking unnecessary risks because by definition you could run off the road and be broke because you did the wrong thing at the wrong time. Alternatively, you don’t want to be super conservative sticking in a bank, earn nothing on it, and now you’re eating into your principle and you’ve found out you should have been a little bit more aggressive years before. So you really only know this by doing planning, and this is what Certified Financial Group does with our 16 certified financial planners. We charge a fee for our services. We do not charge a fee for the initial consultation. We invite you to come in with your wearies and your woes.

If you’ve never seen an advisor before, that’s okay, but you’re coming to us for the first time for really advice and we want to look at what you’re doing, where you want to go, what you have to work with, and then we’ll quote you a reasonable fee for our services and you decide what you’d like to do. But at the end of the day, our objective is to give you peace of mind is to tell you where you are and what you need to do to get to where you want to go. And then the way we do it, Mattis dynamic, right? We’ve got the plan up on the screen and we can show ’em, okay, if you do this, this, and this particular gentleman’s case, probably going to need to maybe go back to work. And the question is, okay, how much do I need to earn?

And for how long and for how

Long? And then we play the what if games. Okay, if I do this for this long, if I do this for this long and I put my money here, this is how it’s going to work. And then we give them the opportunity then to take that home on his or her computer and then do the what if games themselves. You got it. It’s a dynamic plan that we’ve created for our clients and they love it. But in this situation, as in every situation, you should not start on that long road called retirement without knowing how much gas you have in your tank or how your Tesla battery is charged up. You might find yourself halfway down the journey and out of gas or out of juice.

That’s right. And this should be a, and I’m sorry for this person be in this to be feeling this way about this particular situation, but this should be a reminder to the listeners out there that just like Joe said, we need to get out in front of this. Start early. It’s never too early to start the planning process. Even if you feel like maybe you don’t have a lot of money saved up or whatever the case may be, the sooner you can get out in front of these things, the more likely it is that you’re going to make good decisions down the

Road. Yeah, the sooner you need to know what you need to do and do it, the likelihood is that you’re going to be okay. And we’ve dealt with these we call tough cases, but it’s better that now not three or five years from now and said, gee, I wish I’d seen. And that’s we hear too, geez, I wish I’d seen you guys five years ago know, but so this is a good time for New Year’s resolution. Give us a call. This is what we do as certified financial Planners. You can learn all about Matt and me and the 14 other CFPs that we have here at Certified Financial Group. We’re providing financial planning and investment management for a fee here now for almost 50 years. A certified financial group on I guess the fourth generation of clients right now. That’s the grandkids, great, great grandkids, give some of our earlier clients and we like to work with you. So go to our website, that’s financial group.com, financial group.com, or as a minimum come to one of our free workshops. So Gary’s got that one coming up again. When does that, Matt? Yeah,

Saturday, January the 27th. 10 o’clock. Healthcare options in retirement. Go to the website financial group.com, sign up for that. Reserve your spot. Those workshops fill up quickly, so make sure that you act on that if you’re interested. And reserve your place.

Go ahead. Sorry, I had a question to pop in there on that topic about when is the right time to come see you? Is it ever too early to come and see a financial planner, say only someone in their thirties who’s just really getting their teeth sunk into their career? Is that a good time to come see a planner so they can get a 20, 30 year plan?

Yes. Not just retirement planning. It’s what do you need to be doing now? So when you do retire, you’re going to be okay, but between now and then you’ve got kids to educate. You’ve got maybe vacations that you want to do, you’ve got weddings coming up, all those kinds of things. And then you look at the consequence of making those financial decisions. If you were going to spend that $80,000 a year to send the kid to Harvard or you’re going to let ’em go to Valencia and look at the impact of that and those are eye-opening things, sometimes parents get on this bandwagon, right Matt? They make these emotional decisions only to blow up their own retirement. So retirement planning is what we do. We look at every possible thing that we can think of that you can think of factored in and show you the ramifications of those decisions. Once again, we manage billions of dollars for clients, good investing. Good investing requires good planning upfront and the certified financial planners, this is what we do and this is our distinction and having I think the most certified financial planners under one roof than anybody in the state of Florida, frankly, we’re here to help you. So go to our website, that’s financial group.com. Financial group.com. I guess we’ve got another text question folder in there.

That’s right. We got about three minutes until the break, so I’ll try and talk quickly. My wife and I are over the limit to get a tax deduction for our IRA. Can we still put money in the IRA and get the tax deferral?

Sure, yeah you can. That’s a good question. The way that that would work is you can do a non-deductible. IRA contribution up to 6,500 I believe for 2023 if you’re under age 50 and 7,500 if you’re over age 50 for the catch up. And what you would do is you’d make a non-deductible IRA contribution. Now if you do that, that means you’re not getting the tax benefit today. But because that money would go into an IRA, it would be tax deferred as the money grows. Now there’s a strategy called the backdoor Roth. IRA contribution, which means you do that non-deductible IRA, and then you turn right around and you convert that to a Roth IRA. It’s kind of a way to subvert lack of a better way of saying it. The Roth IRA income limit and there’s some other tax forms that come along with that. If you do that backdoor Roth IRA contribution for that matter. If you just make a non-deductible, IRA contribution at all, you want to make sure that you’re keeping really good records on what monies went into those IRAs that were deductible and which ones were not.

Yeah, that gets very tricky. So be careful with that backdoor IRA, you hear people talking about it and oftentimes they do run into some real problems because as Matt said, if you’re not keeping good records, you have a problem down the road when it comes time to make those withdrawal. So deal with an advisor that understands that and will not create problems for you down the road. So we’re up against a break here, Josh.

You got ’em. Let’s go ahead and get those numbers out to give people the chance to call right in right now to be a part of the show. 8 4 4 5 8 0 9 3 2 6. That’s 8 4 4 5 80 WDBO. Same number to text in your question. We’ve been going through some of those as well. Save this number into your phone. Call us, text us at (844) 580-9326. Send in your open mics using the free WDBO app. One more option in case you have a question that’s a little more sensitive or do you want to get down to the nitty gritty of your exact account numbers. The number to call is eight six nine nine eight zero zero. Win Smith with the certified financial group is standing by to answer your question off the air at 4 0 7 8 6 9 9 8 0 0. You are listening to On the Money where we are planning tomorrow Today with the Certified Financial Group.

Welcome back to On the Money right here on WDBO 1 0 7 3 FM AM five 80, always streaming. Live inside your WDBO after this song. Always just puts a smile on my face. I don’t know what it is, the bg, just the beat, the bgs right that it gets you going. If you want to hop on the answer, get your finances going. The number to call is five eight zero nine three two six. Text in at 8 4 4 5 80 WDBO. You might notice that’s the same number, just one said numbers and one said letters. But you want to write that down because on the money provides a wonderful service if you want to get your questions answered by Joe Bird and Matt Murphy this weekend. But always we have somebody reliable with the certified financial group here taking questions live on the air every single Saturday morning at nine. Alright?

Alright, before you get into the question here, do you know what the bgs, where they got the name?

I don’t.

They love

Buble and

They said, geez, no,

No, the brothers Gib.

Ah, of course. Makes sense. Of course that makes all the sense in the world. There you

Go. See a little radio trivia this morning. Alright, we’ve got a question. Take it away buddy.

Here it is. This question comes to us from akoi. Does my RMD change if the value of my IRA goes down during the year?

Ah. Oh, that’s a good one. I hear that one pretty often actually. So the answer is no, just for the listeners here. The way that the RMD is calculated, and those of you that have been doing this for a while probably know this already, but maybe for first timers, the way the RMD is calculated is on December 31st of the previous year, the account value of your IRA, all of your IRAs is recorded and your RMD is in essence a percentage of that account value as of December 31st. So if the account goes up during the year, if it goes down during the year, it doesn’t matter. By the end of that next calendar year is when you have to satisfy your minimum distribution.

Yeah, and it’s not just your IRAs, it’s your IRAs, 4 0 1 Ks, 4 0 3 Bs, all your retirement accounts. They all entered in that calculation. And as Matt said, they look at the snapshot, whatever that value is on December 31st you do the calculation, then you have to figure out where you want to take the money from and how you want to take it. And there’s some rules along that line. So we’re here as Certify financial planners to answer those questions and we are here this morning to talk about one last thing and that score my funds. In fact, it’s interesting, we had a score, my funds floating this morning. We haven’t talked about this in a while. It’s an opportunity for you to tell you, I’m going to get this right

For us to tell you the quality of the investments that you might have in your retirement accounts, your IRAs, your brokerage account, looking at your ETFs and mutual funds. And we want it through a very rigorous scale and it’s graded than a scale of one through a hundred on 11 distinct criteria is from the Center for Fiduciary Studies. We will send you a free report totally as I said, free. All you have to do is go to score my funds.com, that’s score my funds.com and you’ll put in your tickers. If you don’t know the tickers, there’s a pull down menu that you put in the fund name or the ETF name and it’ll crank it out for you. And we’ll send you that report within 48 hours. And I think you may find it very, very interesting. So it’s totally objective. We have no ax to grind this once again from the Center for Fiduciary Studies and Clients and WDBO listeners got a lot of value out of this over the years I’ve heard about that. So take advantage of it. That’s a score my funds.com.

I just want to mention too, Joe, before we wrap up today, one of our colleagues, Dave Bala Krishnan just recently completed his experience requirement and got his CFP mark. So congratulations to Dave Dave’s actually, he worked for a large company, not related in the financial services industry for a long time. Has a wealth of experience in a lot of different areas and we’re all real excited for him to,

And he’s next to brilliant. He is.


Is got three master’s degrees and just a great guy in terms of working with our clients and working with us internally. And it’s taught us some things too. So the nice thing about our firm is we bring in new talent with new perspectives, with great educational backgrounds and life experiences to round out what we do here. So once again, if you want to learn more about Matt and me and the 14 other certified financial planners of how we do retirement planning and investment management for a fee and how we’ve been doing it for many, many years, go to our website, that’s financial group.com, financial group.com and check out our workshop once again that,

Yep. So that is Saturday, January the 27th. That is Healthcare Options In Retirement. I would say our local Medicare expert is Gary Ley. He’s the one that’s putting that workshop on. You will learn a whole bunch of stuff about Medicare, the do’s and the don’ts. Again, that’s Saturday, January the 27th from 10 to 12 o’clock. Go to our website financial group.com, go to the workshops tab. You can see that workshop and all the other ones that we offer. And reserve your spot

And Wind Smith is standing by off the air. To answer your last minute questions, 4 0 7 8 6 9 9 8 0 0. And before we wrap, Michelle C from Polk City just texted in saying she is a Certified Financial Group customer. Thank you so much for this show. It is great. And she’ll be reaching out to her planner this week. Thank you. Terrific. Look


Thank you so much for listening to On the Money or we’re planning tomorrow today with the Certified Financial Group.


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