Speaker 1 (00:00):
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.
Speaker 2 (00:34):
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 8 4 4 5 80 WDBO, that’s 8 4 4 5 80 WDBO and enjoy the show.
Speaker 3 (01:27):
Hello and welcome to On the Money right here on WDBO 1 0 7 3 FM a M five 80, always streaming live inside your WDBO app. My name is Josh McCarthy. Join today as I am every single Saturday morning with the fantastic members of the Certified Financial Group. Today we got Chris Toine and Joe Burt answering your questions, talking about finances today. And they of course are with the Certified Financial Group. This show on the money is the only show of its kind because it’ll allows you, the listener to call in, to text in, to send in your open mic and get the fantastic expert advice of certified financial planners here at your service for the low price of free. Call in now, get your questions answered. You heard something in the news, you popped up on Facebook or one of the other social media sites and you said, wait a minute, this percentage sounds way too good to be true. Let me run up by my guys at the Certified Financial Group. If you want to call right now, eight four five eight zero nine three two six. Text in the same number, 8 4 4 5 80 w dbo. Joe, Chris, how we doing today? We’re
Speaker 4 (02:31):
Doing great, Josh. Good to be with you. As you said in the intro, for more than 30 years, Chris and I and the 14 other certified financial planner professionals have had the privilege of being with our WDBO listeners on Saturday morning and recorded on Sunday morning. So if you’re listening to us on Sunday, this program’s recorded, but the information is still topical, so stick around. Anyway, we’re here to answer questions that might be on your mind regarding your personal finances, decisions that you’re trying to make regarding your IRA regarding your 401k and mutual fund and ETFs, stocks, bonds, real estate, long-term healthcare, annuities, life insurance, reverse mortgages, all those things that our clients and people out there try to deal with. Try to figure out, should I be doing this, should I be doing that? And they wake up at 55 years old and find what they may be looking at as a collection of financial accidents because they went to one of those free lunch or dinner seminars and that stake looked awfully good on that flyer that you get those two. It does
Speaker 5 (03:20):
Does, it does. And it’s free. It’s free. A low low price of free, right?
Speaker 4 (03:23):
You go to Roots Chris or go to Flemings and sign you up and they’ll tell you all about how an annuity can fix all the ills in your life. In any case, Chris and I are here to clear up that mind fog about your personal finances. We do financial planning, retirement planning, investment management for a fee, working with our clients as fiduciaries. Monday through Friday we charge a fee for our services, but on Saturday morning we are here for you absolutely free. So you have any questions regarding those personal financial items I mentioned or anything else that might be on your mind. The good news for you is aligns are absolutely wide open. So pick up the phone and dial these magic numbers
Speaker 3 (03:56):
8 4 4 5 8 0 9 3 2 6. Or you can text in your question using those same numbers 8 4 4 5 8 0 9 3 2 6 or send in your open mic inside the free WDBO app. The topic of today’s show is, here we go again. What documents do I need for my 2023 tax return?
Speaker 5 (04:15):
Well, that’s right Josh, here we go again. And if our listeners, at least those local here in central Florida have looked outside today, there couldn’t be a better day for talking about taxes. So it’s that time of year again and there was a big deadline here a couple days ago, Joe, right? Yeah. Know what that was?
Speaker 4 (04:34):
Yeah, it was the time to file your 2022 taxes if you had not filed them because of the extension for the hurricane that blew through here.
Speaker 5 (04:40):
Well then there’s that. I was actually talking about the February 15th deadline for the custodians to mail the 10 90 nines. Oh, there you go. So there’s lots of deadlines and that’s pretty symbolic of the topic of the day there. There’s deadlines all around us and keeping up with that can be a challenge. So I thought it might be helpful for our listeners to at least first of all know, because I’ve been getting some questions, Joe, I don’t know about you, but hey, when are those 10 90 nines coming out and the documents for IRA distributions? And of course those folks who have a job and they get a W2, those are out already, but those folks who have taxable investment accounts, maybe owned jointly or in a trust or something like that, typically that becomes a frustration for them waiting, waiting, waiting to get their information together on that document.
(05:26):
And so the deadline was the 15th, so they should be getting it soon and it’s probably available online for those who are interested. But I thought it might be useful just to run through some of the high level things. Let’s do it that we think about for filing taxes. And first of all, you’ve got income. So I mentioned one already, W2, if you have a job, you got to get your W2 together. If you have IRA distributions like many of our clients do you get a 10 99 for that or social security, right? You get a separate 10 99 for that 10 99 DIV for dividends that I already mentioned. Those folks who might be self-employed, guess what? They have a K one, they should already have that or should be getting it soon, and that’s part of their income, so they got to consider that. So again, social security, pensions, IRA distributions, annuity income, railroad retirement, all these things produce a 10 99 R or the railroad’s a little unique. So you have that if you sold a home. I have some clients that sold homes last year and they’re fretting a little bit about the documentation to file their taxes. And I have reminded one family in particular that their personal residence, they get a pretty big exemption on
Speaker 4 (06:43):
This. Yes, so far so good.
Speaker 5 (06:45):
So far so good. But I had someone who sold a couple years ago and it was a second home up in the mountains and it had gone up a lot in 30 years time. So that was the good news, but the less than good news was the possible tax bill. And I said, Hey, sit down with a yellow pad and think about all the improvements you’ve done to that place over the years. And when he did, of course those increase your cost basis. When he did that, it ended up that the gain wasn’t so bad. But
Speaker 4 (07:15):
The important thing there is is that it’s improvements, not maintenance. If you’re going to go in and redo the kitchen, that doesn’t necessarily count. If you’re putting on more square footage, that counts. If you’re putting in a new roof that doesn’t count because that’s maintenance. And some people think, oh, I put in all this money over all these years doing painting and fixing the plumbing and all that stuff. That’s really maintenance. So it’s when you improve the property and increase the cost basis. That’s what it does. So you got to keep good records on
Speaker 5 (07:38):
That. Yeah, that’s right. That’s a very good point, Joe. So those are some of the items to think about in the way of income, of course alimony for those who might be divorced. And then our favorite part of our tax return is the deductions, things that reduce income and bring the tax bill down. So you want to be sure you’re getting your fair share of all the deductions that you’re eligible to take. And so of course if you’re self-employed, like I mentioned, you want to be sure you’re documenting all of those expenses that you might have that are legitimate. And if you have questions, ask your tax prepared. But that could even be a home office vehicle. Use your health insurance premiums, even long-term care premiums up to a point. So those kinds of things. Did you contribute to retirement accounts so that for folks who have a W2, that should be reflected on there, but even IRA contributions, sometimes folks make non-deductible.
(08:31):
IRA contributions that needs to be documented and there’s a separate form for that. So if you do your own taxes, keep that in mind. I’ve seen some folks forget that or not know it, and it ends up causing issues down the road. So if you made donations to charity, a lot of times if that’s cash or stocks, they’ll send you a letter. Of course, many of us drive through Goodwill multiple times through the year and they hand you nearly blank receipt and you have to substantiate what you gave to them. And so there’s all those kinds of things. Of course medical expenses, Joe, some folks end up having. And that’s tough for folks to be able to deduct medical because it’s a very high hurdle. Threshold to be, yeah, the threshold there to be able to deduct medical expenses and then interest on a mortgage.
(09:17):
That’s something else. If you got a mortgage, you get a form 10 98, which you should have gotten already. Home equity line of credit, those kinds of things that would be reported there as a deduction. Interest on student loans even you should get a form 10 98 on that. So there’s lots of things that fall under the umbrella of deductions. You’ve got income, you’ve got deductions. And then there are other things, Joe, that are unique to some folks, everyone doesn’t encounter them. Did you make a gift last year? It was in excess of $17,000. If you did, you got to document that. It doesn’t mean you owe taxes on it. I get that question a lot. If I give more than that to my kids or grandkids or whomever, do I have to pay taxes? You don’t have to pay taxes, but you should document, it’s a form 7 0 9 that you do that on.
(10:04):
And of course qualified charitable distributions, that’s a big thing that we’re doing a lot more of. But you know the 10 90 nines don’t reflect that. And so I have had clients that didn’t communicate that or forgot to communicate it to their tax preparer. They ended up paying tax on income that they didn’t have to and had to go back and file an amendment when we caught it. So that’s a big one. If you’re doing qualified charitable distributions, which many more people aren’t is a great thing to do, be sure that you let your tax person know that you have given some money that way. And how much,
Speaker 4 (10:38):
That’s a very good point. We’re going to send a reminder to all those people that did the qcd S whether they’re doing tax season to be sure that you remember that you did that QCD, because if you don’t make note of it, as you said, it gets kind of lost in the
Speaker 5 (10:51):
Shuffle. It gets lost in the shuffle. And then fortunately I get a number of my clients’ tax returns. We take a look at it and like I say, we’ve caught a couple of those, but it’s better to just get it right up front. And I encourage folks when they do that, we’re doing some now the last month and a half, we’ve already done some, Hey, drop a slip of paper in your 2024 tax file just to remind yourself for next year because these things get away from us. So again, non-deductible. IRA contributions. That’s kind of a unique thing where folks will make a, we call ’em backdoor Roth, right? Sometimes it’s used for that. Sometimes they leave it in the IRA but don’t get a deduction for it. Well guess what? If you don’t document that with the IRS, you’re likely going to end up having to pay tax twice on that money.
(11:40):
So that’s not something most of us want to do. So I would strongly encourage if you do that to let your tax preparer know and it’s form 86 0 6 is what has to be filed. So those are some of the things of course rentals Joe are unique in that you got to have separate books really and your income and your expenses there and those get accounted for separately. And so of course most folks who have rentals ideally would have a tax person helping them. And more and more people do have help because the tax code’s gotten so convoluted. I saw something that said the tax code has in excess of 10 million words.
Speaker 4 (12:20):
So
Speaker 5 (12:21):
Can you imagine? And I looked on the IRS website just to confirm some deadlines this week, and they have a section that tells you how long each form should take. So you wonder, this is your tax dollars at work, right? Someone’s figuring out how long should a form
Speaker 4 (12:36):
Take? I’m all in favor of what was brought up as the fair tax. Remember that Where yes, I think that’d be the honest thing because there’s more underground economy, more cash changing hands. Yes, more stuff not being recorded. Pay that fair tax and everybody moves on. So anyway, I hear the music there, Josh, take it away buddy. Take
Speaker 3 (12:54):
It away. That’s right. We got people wanting to pick the brains of the experts here today. If you want to call in (844) 580-9326, if you want to text in same number, just go ahead and save that number in your phone as WDBO. That way you can just open up your contacts and call us or text us five eight zero nine three two six or send in your open mic using that free WDBO app you’re listening to on the money where we’re planning tomorrow. Today with the certified financial group.
(13:39):
Welcome back to On the Money right here on WDBO 1 0 7 3 FMAM five 80, always streaming live inside your WDBO app. The number to call is five eight zero nine three two six. You got some financial questions. I know some guys who got some financial answers. That is Joe Bur and Chris Toine with these certified financial groups, some certified financial planners planning your financial future 5 8 0 9 3 2 6, sending your text to that same number or sending in your open mic using that free WDBO app. We yet Steve who called in Steve’s got a question for the team at Certified Financial Group. Go ahead Steve, you’re on the air
Speaker 4 (14:17):
Morning Steve.
Speaker 6 (14:19):
Good morning. So let’s say I spend $500 a year on the lottery and I don’t win anything. Is that a deduction?
Speaker 4 (14:28):
Maybe.
Speaker 5 (14:30):
Maybe. Well first of all, the odds are not in your favor. It sounds like Steve, but nonetheless, so here’s how it works with gambling losses and the lottery. Of course, horses, sports betting is becoming a big thing. So of course casinos and that sort of gaming is all gambling and the way it works is you can deduct losses only up to the amount you win and only if you itemize on your deductions, right? So if you take the standard deduction, in other words, are you married or single, Steve?
Speaker 6 (15:04):
I’m single.
Speaker 5 (15:05):
Single, okay. So for you the standard deduction for last year be 13,850. Okay? So if you take that, you cannot deduct losses, but to deduct a loss for gambling, you have to have winnings. So you got to figure out how to win, bud. So
Speaker 4 (15:22):
Here’s the key.
Speaker 6 (15:23):
No, the key is figuring out how to win. Yeah,
Speaker 4 (15:27):
That’s right. Here’s the thing, Steve, you need to save those tickets, save those lottery tickets and that’ll offset your losses. I remember back in the day, Chris, this is probably before your time, but when we had the horse racing Prairie mutual racing folks used to go to the track and pick up the losing tickets that were on the ground. When people lose, they throw away the tickets. If you went to the track as I did as a youngster back in the day, they’re all over the place where these tickets of people didn’t, A lot of people just made unprofessional, didn’t throw it down. Picking up, picking up, losing tickets. Yeah. So as Chris said there, Steve, unfortunately you’ve got to have winnings to be able to use those losses and you have to be able to document the losses and then you can only take ’em if you itemize your deductions. So chances are you can’t. So you sound like a little bit of a gambling man there. Steve, have you been on the new Hard Rock app here in Florida that you can gamble online?
Speaker 6 (16:20):
I limit myself to $20 a week. That’s it.
Speaker 4 (16:24):
Okay. Alright, well you never know the good news for us at least we have some lottery winners as Klein, Steve, so maybe one of these days you’ll be a winner and you’ll give us a call. But we appreciate your call this morning.
Speaker 5 (16:37):
Absolutely. Thanks Steve.
Speaker 4 (16:39):
Okay, you’re welcome. Thanks for calling in.
Speaker 3 (16:41):
Thank you so much Steve. That opens up a line for you to call in right now, five eight zero nine three two six eight four four five eighty WDBO. Send in your open mic using the free WDBO app. This of course is on the money where we’re answering your questions, planning your financial future, and we do have Charles Curry with the team at Certified Financial Group standing by off the air. If any questions, maybe you did win the lottery. Sometimes when I listen to the show I feel like I win the lottery every time just by a lottery of information coming in that can help me in the future. But if you did win the lottery or you got some money that you want to move around and you want to talk specifics, Chris, sorry, Charles Curry. Charles Curry is standing by off the air. That number is 8 6 9 9 8 0 0 4 0 7 8 6 9 9800. He’s standing by in the office at certified Financial Groups. So that is the number to call Monday through Friday if you want to work with the certified financial group. If you want to join ’em right now live on the air, we got open lines for you. 5 8 0 9 3 2 6 8 4 4 5 80 WDB send in your text to that same number. 8 4 4 5 80 WDBO. We got a handful of texts to go through when we come back after this news, weather and traffic break. On WDBO, send in your open mic inside the WDBO app you are listening to on the money where we’re planning tomorrow today with the Certified Financial group.
Speaker 2 (18:09):
Welcome back to On the Money Central. Florida’s most listened to financial call and show brought to 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 p. 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 8 4 4 5 80 WDBO, that’s 8 4 4 5 80 WDBO and enjoy the rest of the show.
Speaker 3 (18:57):
Welcome back to On the Money right here on WDBO 1 0 7 3 FM AM five 80, always streaming live inside your WDBO app. My name is Josh McCarthy. Join today with a couple of certified financial planners with the certified financial group. They go by the name of Joe Bur and Chris Toine answering your questions for a low low price of free on Saturdays. That’s kind what we do here. You guys got questions that I know a couple of people with answers, so go ahead and call in right now. Five eight zero nine three two six so you can text in your question 8 4 4 5 80 WDBO. You may notice it’s all the same number. I just used numbers for one in letters for the other one, but go ahead and save it in your phone as WDBO (844) 580-9326. Call us or text us like Tanya in Longwood did. And Tanya’s question is as follows, please explain when one might use the alternative minimum tax route over traditional route. My income is mainly from investments. Would this benefit me
Speaker 4 (20:02):
The alternative minimum tax is kind of a misnomer. It’s not the minimum
Speaker 5 (20:06):
Tax. It’s not, no, and it sounds almost compelling, but Tanya, thanks for the question first of all. Secondly, the alternative minimum tax is not something that, hey, I think I’ll use that one because it’s minimum compared to the other one. No, what happens with that A MT as it’s known alternative minimum taxes, your tax preparer is going to run the numbers traditionally with the standard brackets and then they’re going to run it for a MT and you have to pay the higher the two. So it’s not something that you can opt into if it might allow you to pay less. It’s something that you’re forced into if you qualify and it’s higher than the normal brackets, let’s say. So I don’t know how much investment income you have, it’s possible that you would get thrown into a MT and I don’t know if you do your return or you have a tax preparer. This is why I’m a fan of having a qualified tax preparer, either an enrolled agent or A CPA who helps you with your taxes. But I think the long and the short is it’s not something you just choose to opt into. It’s something you’re forced into and if you are forced into it, it’s because the IRS is going to get more money that way. Right?
Speaker 4 (21:24):
Yeah, the A MT goes back I think now about 30 years. I remember when it first came out and it didn’t snag many people. The idea was is to get the multimillionaires and because it’s not adjusted, getting more and more people, but once again, it’s not an alternative. You pay the higher of the alternative minimum tax or irregular tax and that’s just the way it works. And your tax repair when they do the return I’m sure does that calculation. And if you do it on TurboTax, you can hit that button too and it’ll calculate it for you and you’ll see where you are. But we appreciate the text.
Speaker 5 (21:56):
Yeah, thanks Tanya.
Speaker 3 (21:57):
Thank you so much. Tanya. If you want to join the conversation via text (844) 580-9326, call us that same number, five 80 WDBO or you can send in your open mic using the free WDBO app. What do you say? We head back to the text questions here. Let’s do this one comes to us from a number in Orlando, no name just yet, but feel free to send in your name if this is your question. This person wants to know about the differences between A CFP versus other kinds of financial planners.
Speaker 4 (22:26):
Well, in today’s world, in fact, it’s been for a long time, anybody can call themselves a financial planner. Josh, if you’ve been listening, you’ve been here with on the radio show with us for a few years now. You’ve got enough information about alternative minimum taxes about your household where you can exclude $500,000 on your gain on your house and all those stuff. And you can this afternoon get some business cards printed up and say Josh McCarthy financial planner. And unfortunately there’s a lot of those cards out there today.
Speaker 5 (22:52):
I like
Speaker 3 (22:52):
The sound of that.
Speaker 5 (22:53):
Yes, and here’s the thing, and there are lots of different disciplines that come under the umbrella of financial planning and one of those is insurance. And there are a lot of fine insurance professionals out there, but what I will tell you, Josh, is someone who has had an insurance license is it’s a whole lot easier to get that than it is to get the certified financial planner designation. And I’m just using that as one example of a way to get into financial services with a very low barrier of entry. And what I would say what’s different because it’s alphabet soup when you get into all the different designations, and I think many companies have realized that designations are a very good business once you get ’em, you have to renew each year. And so that becomes a consistent revenue stream for those who start the designations. And there are some other quality designations out there, but in my opinion, financial planning, certified financial planner is the gold standard bar none. It’s the gold standard because you are required to take a number of classes related to each of the major disciplines in financial planning.
Speaker 4 (23:58):
So let’s go through those.
Speaker 5 (23:59):
So let’s go through ’em Joe.
Speaker 4 (24:00):
Let’s planning retirement planning, income planning,
Speaker 5 (24:03):
Investments
Speaker 4 (24:04):
And estate planning investments have you got and insurance, right? Insurance, yeah, it’s risk management. So you’ve got to go through all those courses, pass them, understand what they are, pass them and then you’ve got to sit for an exam
Speaker 5 (24:17):
That’s very rigorous. And I have heard from folks who have taken the CPA exam and the bar exam that the CFP exam is just as hard if not harder. And so it is about 50% ish pass rate. So one out of two has to go back and do it again. It’s not an easy thing to get. And then you have to have an experience requirement. So almost like the trades where you apprentice under a master in our field, you also have to get experience before you can use the letters. And so there are other designations out there and in addition certified financial planners taken oath that they will behave as a fiduciary, that they will do what’s right for you and what’s right for them. Now there’s always bad apples out there are always, and what I tell folks is it’s like going to a doctor, you want a doctor that’s been trained either an osteopath or a medical doctor or nurse practitioner or physician’s assistant, someone who’s been trained and knows what they’re doing, but that’s the minimum standard, that’s not the be all end all.
(25:24):
Just because they wear a white coat doesn’t mean that they’re great at what they do. And so the same is true in our world Joe, and that a lot of times there are folks that are out there that are maybe for whatever reason they just don’t have the experience or they have other motivations. I don’t know. But I would say to whomever texted that question into us that the CFP is the gold standard and in my opinion that’s what you should be looking for in a financial advisor and you should interview two or three because you want to have a fit and a connection is it’s going to be a relationship with that person over time.
Speaker 4 (26:01):
You mentioned the F word.
Speaker 5 (26:03):
Yeah,
Speaker 4 (26:03):
The fiduciary. And unfortunately there’s something that everybody’s throwing around today. Everybody, yesterday they were in selling insurance today, they were a fiduciary. Anybody can call themselves a fiduciary, but as Chris said, as certified financial planners, we take the oath that we will work with you as fiduciaries. Now what does that mean? That means that we are on your side of the table. We have to demonstrate that we have put your interest not above ours and we have to demonstrate that what we’re doing is in your best interest and we’re working on your behalf. But unfortunately there’s a lot of folks out there today. Everybody’s a fiduciary, everybody’s offering services for a fee and I think that makes them a fiduciary. It does not certify financial planners are required. In fact, in our management agreements that we have with our clients, we put it in writing that we will act as a fiduciary. So that’s kind of a long-winded question as to what’s the difference between A CFP certified financial planner professional and everybody else’s out there. We’re proud to say that we have 16 of them here at Certified Financial Group. I think we have more here in central Florida than anybody, any one particular firm and we’re proud of all of our planners and the work that they do for our clients. So you mentioned it’s a gold standard. We have the gold.
Speaker 5 (27:07):
Yes, there you go.
Speaker 3 (27:09):
It sounds like you guys, the Navy Seals of the financial advisory world I that the
Speaker 5 (27:13):
Best of
Speaker 4 (27:14):
The best. It may be why CNBC chose us as one of the top 100 firms in the country. How about that? In addition being CE certified for fiduciary excellence by the Center for Fiduciary Studies. So anyway, thank you for
Speaker 5 (27:26):
That’s a good question. It’s a good question though. It’s a very misunderstood and Joe, I think the big thing, and I’ve said for years, financial planning as you said at the outset is not a regulated term. Anyone can say it. You got to start somewhere and you ought to start with there. The CFP professional,
Speaker 3 (27:40):
Right? And I think a lot of other fields have that same issue. For example, I think in the health food world, I could be getting this backwards, but anybody can be a nutritionist, but you have to be certified, qualified, educated to be a dietician. So I think so a lot of different fields have those where anybody can, it sounds pretty, but the real people know that if you want the best of the best, you find a certified financial planner and certified financial group happens to have 16 of them. So that’s pretty convenient. Let’s go back to the text questions. 8 4 4 5 8 0 9 3 2 6. This one comes into us from ag. Ag is 62 years old. He has a small architectural firm, a traditional IRA account. What is the max dollar amount he can contribute to my tax deferred account should he have another Roth IRA account and just for an FYI, this company has five W2 employees.
Speaker 4 (28:33):
Well I’d want to unpack that. There may be some other opportunities there in his company, but for himself personally, Chris, what would you recommend?
Speaker 5 (28:39):
Well look for him personally. First of all, saving in an IRA or a Roth IRA is a great thing. If you own the business though, I think as Joe hinted at right away, there could be opportunities where your ability to save more is there and available to you and to allow your staff to also do more. And I think ideally you would want to look at that kind of plan first. Now if you have that in place or you’ve decided that doesn’t make sense for you, then I think you look at an IRA or a Roth IRA and you have to be eligible income wise for the Roth IRA. And I think again, this is where planning comes in, which makes sense for you in light of your circumstances. But the limits this year for 2024 are $7,000 for an IRA contribution or a Roth. And then the catch up is $1,000. You can do up to 8,000 if you’re over 50, but that’s something you do on your own.
Speaker 4 (29:46):
And for last year, for 2023, which you have until April 15th of this year, good point to fund that is 7,500 if you’re
Speaker 5 (29:53):
Over 50. So you can still do it for last year and if you haven’t, I’d recommend you do it for last year first. So that would be really the minimum. That would be the starting point. If you don’t have a plan in place at work, do that. Encourage your staff to do that. But I do think that it would merit a conversation with someone experienced in this area and we have a group that of course that’s all they do. And the other Chris, as he’s known in the building or sometimes I’m the other Chris, but super guy and he could have that conversation with you to say, Hey, are there other plan types that might make sense for your firm that could allow you to save more and give your employees and staff the opportunity to also prepare for their own retirement? And I would strongly encourage you to think about that ag. So
Speaker 4 (30:43):
There are other options out there, but the bottom line is this year you can do 7,500 and next year is
Speaker 5 (30:49):
8,000. Well last year, 7,500 this year, 8,000 and you have until April 15th to contribute for last year. You just want to be sure you qualify if you’re doing a Roth because that does get phased out based on the amount of income you have. Alright, so good question ag. Thanks for texting in. Thank
Speaker 3 (31:08):
You ag. I always love piggybacking off people’s answers. Sometimes I have the same questions I come in, I just don’t know how to articulate them. So that’s always good to have the benefit of the little listening area of WDBO. If you want to join the conversation, the number is 5 8 0 9 3 2 6 8 4 4 5 80 WDBO. Call us, text us, send in your open mic using that free WDBO app. We got Charles Curry standing by off the air to answer any questions you may have. If you want to talk right to the certified financial group, Charles is waiting by at 4 0 7 8 6 9 9 8 0 0 4 0 7 8 6 9 9800 you are listening to On the Money where we’re planning tomorrow today with the Certified Financial Group.
(32:06):
Welcome back to On the Money right here on WDBO 1 0 7 3 FM AM five 80 streaming us live. Wherever you’ve got that internet or that wifi, just open up your WDBO app. Push the play button. If you find yourself in that app and have a financial question, well that’s a good place to be because you can send in your open mic to the team at Certified Financial Group for the next couple of minutes as we’re live on the air. Call us five eight zero nine three two six. Text us at the same number or as I said, the show is coming to a close on this day, but we have Charles Kirti standing by off the air at 4 0 7 8 6 9 9 8 0 0. If it’s 10 0 1, you’re like, oh, I want to get the juice from the answers. I got to get some answers from the certified Financial group team 16 certified financial planners, Charles Curry is there to answer your questions still as the show comes to an end 4 0 7 8 6 9 9800. And do we have any workshops coming up guys?
Speaker 4 (33:02):
We do.
Speaker 5 (33:02):
We do. We do have one next Saturday. Gary Ley Will my savings last a lifetime that’s at 10:00 AM right here in our learning center at the world headquarters of the Certified Financial Group. And there’s still some spots available I believe for that. Joe in Altamont Springs. In Altamont Springs, that’s right. That’s
Speaker 4 (33:19):
Right. Yeah, there are, just go to our website, that’s financial group.com. Gary’s going to talk about the things that you need to know as you are approaching or just starting in retirement, things you need to be considering regarding budgeting, regarding long-term care regarding investing, all those things that we see every day, day in and day out here as certified financial planners. Some of the pitfalls that we’ve seen some clients fall into not being aware of. So I guarantee you’ll walk away with information that will be useful to you. It’s absolutely free. You need to go to our website, that’s financial group.com, click on events, you make your reservation right there and we’ll save you a seat. That’s next Saturday, right here in Altamont Springs at 10:00 AM till noon.
Speaker 5 (33:56):
That’s right. And then the next workshop is going to be March 6th. That’s a Wednesday evening I believe. That’s Charles Curry. Social Security planning, basic rules and claiming strategies. That’s a big one for anyone who’s ever claimed Social Security and had to navigate that maze. They have come to realize that it is not an easy decision, it’s a big decision. And so for those who might be facing that in the next year or two, I would encourage you to think about coming to that. That is March 6th at 6:30 PM here at our World headquarters, again at Altamont Springs and you can get more information on that@financialgroup.com, financial group.com. You can also register there.
Speaker 4 (34:32):
Yeah, the thing about social security planning is Chris and I have seen, we’ve had people walk into our office for the first time that have started Social Security and we discuss what they did and why they did it and when they realize they had better options but they didn’t know about ’em and you can’t do the doover. So this is one that you definitely, if you’re getting close or maybe your parents are close to deciding on Social Security, you can educate them as well. Once again, that’s March 6th in our office here. It’s a Wednesday evening from six 30 to eight absolutely free. Go to our website financial group.com and we want to talk about a score. My funds, we, we’ve had a regular folks come in, I should say. We’ve had folks come in regularly through the internet doing Score My Funds. This is an opportunity for you to have an objective look at the investments that you might hold, whether mutual funds or ETFs in your brokerage account or your retirement account, or your 401k.
(35:23):
All you have to do is go to score my funds.com, score my funds.com, put in the ticker. If you don’t know the ticker, there’s a pull down menu. You can put that in and you’ll get the ticker and we’ll send you a detailed report that’s prepared by the Center for Fiduciary Studies. We’ll show you the quality of the funds that you have is scored on 11 distinct criteria. Everything from risk management, from how much risk the manager is taking to get the return expenses, what the manager tenure is, all those things that have to be evaluated when you’re analyzing a fund. Absolutely free Score my funds.com.
Speaker 5 (35:55):
There you go. And I think we had one more text question, Josh,
Speaker 3 (35:58):
We got one more text question and about one minute to answer it, but I think you can always get the answer. If you work with the certified financial group, this is exactly what they do. So write down the number 4 0 7 8 6 9 9 8 0 0 to reach out and get their work done for you today. This question comes to us eight, I am 76, what percentage of stock funds should I have in my portfolio?
Speaker 5 (36:19):
Well, there you go. And here’s what I will say. And Joe, you can chime in. We got a minute to get her done, but there are those that say, Hey, one 10 minus your age, one 10 minus 76, let’s say. So that’d be what, 24? 34. 34? Yeah. Well, yeah, 34 is the right percentage. But what I would say is it depends on your circumstance. I don’t think a formula can work for everyone. I think it depends on how much do you have, where is it ultimately going, how much do you need of what you have. All of those things that a certified financial planner will help you think through and certainly we can help you think that through if you don’t have someone. Joe, you got anything to add? Yeah,
Speaker 4 (36:58):
Good investing requires good planning and that’s why we’re certified Financial Planners first and Investment manager second.
Speaker 5 (37:04):
There you go.
Speaker 3 (37:05):
So of course the team of certified financial groups, 16 certified financial planners. And we talked earlier about not just anybody can be a certified financial planner only. The best and certified financial group has 16 of them. Call it eight six nine nine eight zero zero. You just listened to on the money or we’re planning tomorrow today with the Certified Financial Group.