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Central Florida’s most listened to financial call and show brought to you by certified financial group and Altamonte 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 844-580-WDBO.
That’s 844-580-WDBO and enjoy the show. Good morning and welcome to on the money here on WDBO AM 580. Always streaming inside your very own WDBO app.
This is your chance to hop on the air, hop on the phone, hop inside the app, and speak directly with certified financial planners from the certified financial group. If you want to join the conversation, we got open lines 844-580-9326 and you can talk directly to a certified financial planner as the certified financial group has done for over 30 years here on the airwaves of WDBO. Every voice you hear besides mine is a certified financial planner and has been doing that for some time now.
I think it’s something like over 500 years of combined experience inside those walls now, which is just absurd to think about. But that’s what they’ve been doing. That’s why they are so trusted.
That’s why they win all the awards, the certified financial group over in offices in Longwood. We got Nancy and Chris. How are you two doing today? Doing good, Josh.
How are you today? I’m doing just fine. Awesome. Nothing like starting the morning to some soothing saxophone music.
There it is. There we go. Yeah.
So from our world headquarters in Altamonte Springs, you know, Nancy and I are here representing the 15 other certified financial planners that make up the certified financial group. And as you said, we’re here to take our listeners calls on questions they may have, decisions that they might be facing, dispelling myths that they might have heard from a neighbor or a golf buddy, whatever it might be, as we have for more than 30 years on WDBO. So, you know, what kind of questions can people ask us? Well, you know, the kind of things that we deal with Monday through Friday for a fee with our clients are things like IRAs, 401ks, 403b, 457, that alphabet soup of retirement accounts, how to put money into those, how to take money out of those stocks, bonds, mutual funds, ETFs, income taxes, life insurance, social security, hey, charitable giving annuities.
There’s always questions about annuities, Josh, Nancy, right? I mean, if you’ve met, I would say nine out of 10 don’t understand the annuity they have. So that’s a big one. You know, how to talk to your aging parents about finances that came up this week in a meeting, estate planning and more.
So for our listeners out there, these are the things we deal with Monday through Friday for a fee. But today we’re here free just to take your questions and hopefully give you some counsel, point you in the right direction. And this is not a one hour infomercial.
This is live. Nancy and I are here. We’d love to hear from you to take your questions.
And the good news, Josh, is the first caller would be at the front of the line. You know, as a guy with a last name starting with a T, I was always at the back of the line. It’s nice to be at the front of the line occasionally.
So for our listeners out there, you can be at the front of the line, Josh, if they just dial these magic numbers. The magic numbers are 844-580-9326, 844-580-WDBO, or you can send an open mic using the free WDBO app. Talking about the back of the line for testing in school, I was an M. I was always right in the middle.
And believe it or not, the year 2025, we’re in the middle of 2025 right now. Christmas is closer to our future than it is our past. The year is half over.
Is it time for your financial checkup? Most definitely, as far as I’m concerned anyway. So, you know, I think that people should start off the year with some type of budget and financial planning and then take a look at the middle of the year and then do another checkup at the end of the year. So here’s some of the topics that I think are really important to look at.
And the first one is, as I had just mentioned, a budget. You know, we have an idea, a good idea at the beginning of the year of what types of big events or purchases may be coming up. But I think a problem that a lot of people have is that there’s different services and programs that we like to take advantage of, and we put them on autopay and don’t really look at them again.
I don’t know how many people regularly look at their credit card statements or their bank statements. I think it’s really important, A, to find out, you know, what is being debited or what have you set up as the ACH. A lot of us use streaming services, and of course, you have to do that as an automatic payment.
And there’s been a lot of consolidation through the streaming services. So you may be paying for something that is not even available anymore, but the dollars are going out or it’s being duplicated someplace else. So Nancy, how do you or do you suggest your clients keep up with, you know, if they say, okay, my budget for this year is $10, you know, and here we are halfway through the year, like, how do you recommend that they actually do that? Because that’s a big one.
That’s a very common challenge that many of our clients face. What am I spending? Well, I mean, you have to be, you have to look at your outflow. And most people don’t use cash.
So they’re either paying through their bank account or through their credit card. And I think regularly, at least monthly, looking at your statements could be a very big eye opener and people just don’t do it. I mean, one thing that you’ll find out by regularly looking at your credit card statements is, was your account swiped? That’s true.
Well, statements are online for many people. Statements are online too. So it takes a little effort to go out there and look at it and to pay attention.
But no, that’s a good one. How are you, how is your spending coming along year to date compared to where you want it to be? Or do you know where you want it to be? Right? That’s a bigger thing. That’s by starting in the beginning of the year and sitting down and doing that dreaded thing by saying, okay, we’re going to put together a budget and we’re going to try as hard as we possibly can to stick to it.
I mean, cashflow is important. It’s really important. I mean, we, most people know, you know, what their salary or their commission or, you know, their, you know, benefit payment is going to be, but they don’t pay as much attention to outflow.
And are you paying charges on things that, you know, like, um, um, service charges that you normally, you necessarily don’t have to pay. So, so looking at the budget and how you’re spending your cash is really, really important. And speaking of cash and we’re in hurricane season, what kind of cash reserves do you have? You’re talking about greenbacks, the real stuff, right? Checking savings money, but market that is cash reserves, emergency money.
Okay. If God forbid, something happens, your stove goes out, you get into a bad car accidents. Uh, your roof gets torn off because of a storm.
That’s what emergency money is for. And I cannot tell anybody what is the comfortable amount for them. I have people that are comfortable with $10,000 in an emergency account.
I have people that don’t feel comfortable unless they have $250,000 set aside. But an emergency account is exactly, it’s a, I call it toe of the sock money. It’s money that you’re putting aside and you’re only using it for the things that would constitute an emergency.
Well, and the other thing there now, I think you’re right. You know, and you hear rule of thumb, what I, what I tell clients, it’s a rule of thumb, three to six months. It’s not the 11th commandment.
It’s just simply a rule of thumb and a place to start. And everyone’s different. But what I do find is that when folks have an emergency fund, a cash reserve, when the market goes a little haywire or bonkers like it did back in April, yeah, guess what? They tend to have a little more peace of mind because they know, okay, my, my paycheck’s coming out of there if need be.
And I don’t have to touch my investments, you know? Exactly. It’s important. It’s in, and it’s the foundation of, you know, allowing you to, to put aside more.
And speaking of putting aside more, another thing that is really, really important for people to take advantage or pay attention to is your retirement account contributions. We see so many people that participate in the 401k and they sign up and they’re automatically contributing just the match. And it goes into some type of target plan because they have, you know, they feel good that they signed up, but they’re not doing everything that they can.
To me, the match is gravy. I think that you should put aside as much as you comfortably can into this because if you’re doing the pre-tax, the standard 401k allocation, it’s money that’s going in your pocket versus going into the government’s pocket in the form of income taxes. If you’re doing Roth contributions, then you know you’re paying more in taxes now.
But when it comes to retirement under current laws, that money will come out tax-free as long as the Roth account is five years older. Yeah. Pay tax on the seed, not the harvest.
Nancy, these are great. Let’s hit the pause button and come back because I want to hear what else you have to say. But I see, Josh, that we have a caller and I want to go ahead and get to Kim.
Kim, go ahead. You’re on the air with the Certified Financial Group. Chris and Nancy.
Good morning, Kim. What can we do for you? How are you? Good morning. Good.
I’m doing good. Good. I’m recently retired and I need to roll over my 401k from my former employer and rebalance it, I think, along with some traditional and Roth individual IRAs that I have.
And with the market at an all-time high, I’m just worried about buying high into new funds. Yeah. Yeah.
Well, first of all, congratulations on retiring, Kim. That’s great. And I guess, secondly, let’s explore this a little further.
So you’re saying, you know, roll over the 401k from the employer. Is that money invested now, Kim? Yes, it is invested now. Okay.
So generally, when you do a rollover from your 401k to an IRA, they will send the funds as cash. Right. And I don’t know who yours is with.
You may have to call and say, I have set up an IRA. I would like my 401k proceeds to go to XYZ account number, you know, ABC. So I had this conversation with one of my clients yesterday.
He has to call and say, you know, send it here for the benefit of me. I said, but pay attention to the day that you’re going to be making that call because you could place the call anytime during the business day, but the transaction will not occur until the close of business. So if it’s on a day when the markets are up, then you’re going to get more of a benefit versus a day when the markets are down.
And Kim, you already have an IRA set up to roll these funds into? Yes, I do. Okay. And are those funds invested in your IRA, Kim? Yes, they are.
Okay, gotcha. So, well, look, here’s a couple initial thoughts. And I know we’re going to be coming up on a break shortly, so hopefully you can hang on with us and we can come back and revisit.
But just quickly, so all your money’s invested now. So you had asked about or I guess were expressed concern about buying high, but you’re already in the game, right? And so I think that that would be one point that I would make is you’re already invested. So you’ve hopefully benefited.
And I think, I don’t know the exact number, but I think through the end of June, we had hit something like seven or nine new highs on the S&P 500 after it dropped something like 19% back in April. But nonetheless, so new highs are not a curse or a guarantee that the market is going to drop. It’s a normal thing and the market kind of grinds its way forward or some would say it climbs the wall of worry.
But so that’s one point that I wanted to make. But I want to revisit this whole idea of moving it like Nancy started talking about, as well as rebalancing it. I have some questions for you also, Kim.
So can you hang in there with us for a minute, Kim? I absolutely will. Perfect. Great.
Thank you. We got a break and then we’ll be right back. Josh, take it away.
You got to thank you so much, Kim, Chris, Nancy, everybody making this program fantastic as you do every single Saturday morning. If you want to join this fantastic program, we got some open lines, 844-580-9326, 844-580-WDBO or send in your question using the free WDBO app and the open mic feature inside. You’re listening to On The Money, where we’re planning tomorrow, today with the Certified Financial Group.
Welcome back to On The Money here on WDBO, AM 580, always streaming inside your WDBO app. Before we get back to Kim, who was talking to Chris Toadvine and Nancy Hecht, two Certified Financials with the Certified Financial Group. You can call in, you can join her, 844-580-9326, 844-580-9326.
Or if your question may be of a personal nature, Chris has another way you can talk to the team. Well, that’s right. Thanks, Josh.
Kim, we appreciate you hanging on for us real quick for our listeners out there. If we are talking with Kim or whomever else on the air, we also have Rodney standing by in the office to take your calls. So if you have a pressing issue, maybe more detailed, something very sensitive that you wouldn’t want to share on the air, you can call Rodney at our office at 407-869-9800, again, 407-869-9800.
And Rodney will be glad to take your call. So with no further ado, Kim, again, thanks for your patience. And we wanted to get back and just kind of ask you some questions and better understand and see if we can’t give you a little guidance as you navigate forward.
So Kim, are you managing your accounts yourself? Or do you have somebody who’s helping you? No, I am managing my accounts myself. OK. Do you have a handle on what your risk is? If you’re a regular listener, you know that we talk about risk tolerance in a little quiz that we have frequently.
Yes, I do. I’ve taken those quizzes. OK.
All right. And may I ask your age? I am 65. OK.
All right. So 65, I would say that you have conservatively 30-ish years or more to have this money working for you. So you want to look at that side of the equation as opposed to what’s going on right now.
You know, and when the markets are down because you’re going to have all this money transferring over as cash, you want to look at red days as good days because those are days that we like to buy. And if you have quality investments and you know what your balance is, you’re going to be putting a little bit into each one of your buckets every time you see those markets going down. From the income side, because we went through a period a year and a half or so ago where there was 11 interest rate hikes, the dividend yield on the bond funds is up quite a bit and the price per share is down.
They’re actually starting to seriously talk about cutting rates right now. So there’s still some opportunities to be investing on the income side and accumulating shares on sale, I would say, for the next maybe year and a half. And then rates are going to start leveling off a little bit.
So that’s something you want to pay attention to also. And Kim, I would just add, look, I know that to your initial point, you know, the market’s at all-time highs. And boy, there have been several causes for concern this year.
And yet the market marches forward. And so I think that the key is you’ve got to be in the game. Sounds like you are.
And that’s a good thing. As Nancy alluded to, I think you want to be sure you’re invested properly for where you are. And there’s two components, I think, to being invested properly.
And one of those is what rate of return do you need to achieve your goals? And that’s where the planning really comes into play. And that’s what we do with our clients to say, OK, do you need a 4% rate of return? Do you need an 8% rate of return or something in between, right? So or 20%. I’ve had people come to me and say, hey, I need a 20%.
And I say, good luck. You know, you need to cut spending because that ain’t going to happen. But I think the bigger idea.
And then the other side is your disposition and how you’re wired. And I have noticed something consistently with my clients as they retire that this reality sets in that the paycheck is gone. And so a little fear can set in.
But I think, as Nancy alluded to, that you could have 30 years in front of you. That’s a long time. And most people need their money to grow at a rate that’s going to be greater than inflation.
And the other thing. So I think two thoughts I have for you. Number one, the market goes up four out of five years, let’s say, roughly.
So 80% of the time, the market goes up. And it’s not a straight line. As you know, if you’ve been in this investing game for a while, it is not a straight line.
And this year, many of us are really astonished, frankly, given how the second quarter started and how well the quarter ended and where we are year to date. But you’ve got to be in the game. So if you’re anxious, I think the key is be in the game and then come up with a game plan.
Nancy, this is what I tell my clients. Hey, if you’re anxious, let’s figure out over the next six months or a year, put part of your money in, and then let’s come up with a plan to consistently, irrespective of what’s going on in the markets, to consistently every month put a portion of the funds in until they’re fully invested. And to one of Nancy’s earlier points in saying the things that you want to consider here mid-year, be sure that you have cash reserves.
And if you don’t have that outside of your retirement account, then build it within your retirement account so you don’t have to sell stocks if they do happen to be in a state of decline. What do you think, Nancy? I have a couple more points for Kim. So all right.
Got a lot for you, Kim. Are you taking notes? No, I love it. You know, and I get that.
And I do have cash reserves and everything like that. I guess that again, I’m just going to say the big thing is like my 401k is not with like a T-Row Price custodian. Yes, you know, there’s not public ticker symbols.
It’s more of like, so I can’t like I kind of know. Kim, I hate to do this to you. But can we revisit that on the other side of this break? And keep listening because I have a couple points I want to share with you.
We didn’t know that. So we need to talk about it after the news. All right, Josh, take it away, bud.
That’s why every situation is so subjective, because everyone’s got their intricacies for their entire careers or their personal lives. And so that’s why it’s so important to call a professional and speak with them about you personally. And Kim has a lot of concerns that are broad based to a lot of our listeners.
That’s true. Oh, I love that. So it’s a great, great call.
So stay tuned. Get your pen and pencil and notepad out because Nancy and Chris are about to drop some knowledge bombs here on the airwaves of On The Money. If you want to call in 844-580-9326.
We got Rodney Ownby taking calls off the air. If your question is personal at 407-869-9800. You’re listening to On The Money where we’re planning tomorrow, today with a certified financial group.
Welcome back to On The Money, Central Florida’s most listened to financial call and show brought to you by Certified Financial Group and 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 844-580-WDBO.
That’s 844-580-WDBO and enjoy the rest of the show. Welcome back to On The Money here on WDBO AM 580. Always streaming inside that WDBO app.
Take us with you on the go any Saturday at 9 a.m. around the world. Assuming you have the WDBO app and internet, you can pull up the Certified Financial Group’s program On The Money. Always giving out great information, trying to get you to and through retirement with a smile on your face.
If you want to pick up the phone right now and call in for some live free advice, we do have Chris Toedtwein and Nancy Hecht available, two Certified Financial Planners at 844-580-9326, 844-580-WDBO. Rodney Ownby standing by off the air. If your question is of the more personal matter or if you want to just get right to the offices and get right to work with the Certified Financial Group, that number is 407-869-9800.
And that’s a number you should have saved in your phone basically all the time because that’s their office number where you can call in every day besides the weekend where they’re open Monday through Friday, 407-869-9800. Let’s head on back to Kim who has in the middle of a conversation with Chris and Nancy. Go ahead, Kim.
Hey, Kim. Thanks for your patience, Kim. Don’t stop believing, huh? So you had mentioned that the stuff that’s in your 401k from your former employer is not publicly traded? Correct.
Okay. So can you give us an idea of what you got? We’re not asking for balances. Is it like the company’s stock and it’s non-traded or something, Kim? Oh, no, no, no, no, no.
It’s, no, it’s not. It’s not company stock. It’s basically, it’s basically in like a target date fund.
Oh, okay. Okay. Yeah, so those, yeah.
Yeah, no, it’s in a target date fund. Okay. So those are pretty, yeah.
I couldn’t just like roll over my 401k and pick the same fund. No, no. And you don’t want to.
You want something that’s actively managed. Are you familiar with exchange traded funds? Yes, yes, I am. Okay.
All right. I’m a big fan of exchange traded funds. You get the beauty and diversification of mutual funds, but then the nimbleness of a stock transaction.
So when you place your buy or sell, it’s done immediately as opposed to the close of business. And the internal expenses on exchange traded funds tend to be a lot less on the open end funds. So, and may I ask who you’re using currently for your IRA? A Fidelity.
Okay. All right. So they have a money market account that’s paying somewhere in the 4% range.
So while your money is waiting for you to place your buy orders, you can have it in the money market and have it working for you better than just sitting in the ordinary cash bucket, which will earn nothing. And, you know, money markets are liquid and you can, you know, sell them on any given business day. There’s no penalties or anything like that.
So, yeah. So does that help Kim? I know we’ve kind of thrown a lot at you, but did you get your questions answered? Yes, that helped me for sure. Okay.
Yeah. So, you know, look, here’s the thing. When you’re rolling over from a 401k to an IRA or a 403b for that matter, any kind of retirement account with an employer, just be sure that when you initiate that, that it’s a rollover, not a distribution.
Okay. Rollover, not distribution, because there’s a very big difference. And if you make a mistake there, it can be a costly mistake because they’re going to withhold taxes and all kinds of stuff.
And so just be sure as you do that, that you initiate a rollover. And a lot of times, like Nancy said early on, you can do it over the phone. Sometimes they’ll have a form, but it really has gotten easier for employees to get their hands on their own money through whatever custodian or plan administrator is holding the 401k funds.
So, and if we can help you, Kim, feel free to give us a call. That’s what we do Monday through Friday. Yeah.
If there’s any occasions where you run into it. Yeah, I know, and I’m kind of thinking I may be giving you guys a call just to get some additional advice. Well, that would be wonderful.
You know, you’ve been a rockstar caller. We do greatly appreciate you today and anything else we can do to help you, you know the number. That’s right.
407-869-9800 and Kim or financialgroup.com. So feel free to give us a jingle if we can help further, but we appreciate your being a trooper, Kim, and hope you have a wonderful weekend. And with that, Nancy, I think we can pick up on your topic of the day, which is the midyear checkup. So some more things for our listeners to be aware of.
Okay. So, you know, we just spent a lot of time talking about retirement accounts. So another thing I want people to look at is their credit reports.
There’s three different commonly accepted or viewed credit services. Equifax, Experian, and who’s the third? TransUnion. TransUnion.
Yes, they all tend to have scores within the same range, but you want to check your credit report and you want to check your scores again to make sure everything is proper and make sure everything is yours. That’s right. And what would someone want to be looking out for there, Nancy? Well, you want to make sure that there’s nothing egregious or… No accounts that are not, that you didn’t open up, right? If you’ve never had an American Express and you get that credit report and it says you’ve got an American Express card, you know, Houston, we have a problem.
So that’s where you want to, like Nancy says, review it. And then I recommend, Nancy, curious to hear your take, I recommend that my clients freeze their credit and freeze their kids. If they have young kids, freeze the kids or, you know, even their parents for that matter, freeze the credit so no one can open new credit with their social security number.
And that’s a big thing and it’s easy to undo and it’s frankly easy to do, but it’s one more thing we can do. It’s another, it’s like the deadbolt on your front door, you know, to keep the bad guys from stealing your credit. Yeah, I have absolutely no problems with that, with that at all.
So, and using a service such as LifeLock, which will monitor and alert you, is something that is legit and something that we have used in the past. If somebody is somebody who has been a victim of… Identity theft? Identity theft, yes. I mean, you just really, it takes a lot and you’d be surprised how proving that you are yourself is not the easiest thing on the face of the earth, so.
Go figure. Yeah, so those are the big points that I have. Look at your budget, what are your cash reserves, check your retirement accounts to make sure you’re contributing as much as you comfortably can, and go over your credit report and your scores.
All right. So those are important. You know, I’ll tell you something that, excuse me, I have been reviewing with clients, and particularly down here in Florida, boy, we have homeowners insurance issues.
And so, as we are going through planning updates, we’re looking at homeowners insurance to say, hey, what is your premium? Because they’ve gotten out of control, and although we don’t have a lot of options, sometimes you can shop around and really save some serious money. So I think that that’s another thing that I would encourage folks to do is they get their homeowners renewals to be willing. If you have questions about that stuff, you can reach out to us at 407-869-9800 at the office or financialgroup.com. But that’s a big one.
Review their insurance coverages, all of them, right, Nancy, your auto insurance? Yes, yes. And then another big thing I’ve been dealing with my clients lately is beneficiary designations. Yes.
And a lot of people will have primary beneficiaries but not have contingent beneficiaries, which is a mistake. I mean, a lot of times you name a spouse as primary beneficiary. Oftentimes, you and your spouse are traveling around together.
God forbid some idiot on the road takes you both off the face of the earth. If there’s no contingent beneficiaries, then there’s a problem. Everything has to go through probate.
I want to do everything I can to help my clients avoid probate. Probate is a pain in the rear end. It’s expensive and it’s mentally exhausting.
So primary and contingent beneficiaries and make sure if you’ve gotten married, you’ve gotten divorced, somebody has passed away, that the beneficiary designations are current. And a lot of people don’t realize that you can have a beneficiary designation on your checking, savings, and money market account, which is really important. A lot of banks will use payable on death, interest for, or transfer on death.
So making a child payable on death on your bank account is one thing that I think is important to do. You do not want to make them an owner. You want to make them a beneficiary.
And what’s the problem with that, Nancy? Tell us a little more because that’s a big one. As parents age, that’s a really common thing. They say, well, I’ll just put Nancy on my account if you’re the child.
Yeah. Let’s say that I just got my license and you were such a nice dad that you bought me a new car and I’m playing around with my radio or something while I’m driving and into an accident. So somebody sues me if I’m a joint owner on your accounts.
Now all your assets are open to be taken into consideration when it comes to a potential loss. So I get named in the lawsuit even though I wasn’t driving and I wasn’t in the car. So I get exposure to your misdeeds.
Yes, exactly. Potentially. So yeah, beneficiaries, I would agree, Nancy.
Beneficiaries are an easy thing. And that’s why I tell clients it’s an easy thing to update. We can change it anytime, but you got to get something in place.
And, uh, you know, unless it’s owned by a trust, right? The trust kind of has its own beneficiaries built in. So that’s what, you know, we really work to be sure that all the accounts are either in a trust or have beneficiaries. And so that’s, uh, that’s a great piece of advice.
You know, I just thought of something else mid year. Did you have something more on that? Well, yeah, you were talking about your home. Yes.
Homeowner’s insurance, right? Lady Burdeed is another thing I’ve been talking to my clients about. And that’s one way that you can have your home title go from yourself to beneficiaries and also avoid probate. Yeah, that’s right.
And so I think that those are the kind of things you really want to talk with an estate planning attorney about. But what I was going to say, hey, part of the mid-year checkup, you know, it’s like going to the doctor and you get poked and prodded and you hope he doesn’t find anything. But one of the things that, uh, that a certain segment of our listeners and certainly our clients need to pay attention to is the required minimum distributions, right? RMDs.
So for those who need to take a required minimum distribution, hey, we’re halfway through the year. And oftentimes, you know, I have clients that will take a lump sum, but I have some that will take it monthly. And, you know, so we need to be sure that if we’re, if they’re taking it monthly, we are on track.
Matter of fact, I had, I had Kevin run a report this week to say, okay, where are we for those that are taking monthly? Are we on track? And just to, to check, check and double check, right? Measure twice, cut once. And then along those lines for somebody like Kim, who is recently retired, but has worked past age 73, as many people do when you’re rolling over your 401ks, you might get a little check in the mail and say, what the heck is this? So if you’re past age 73, which is required minimum distribution first age right now, you’re going to roll over your 401k. However, your custodian is going to hold out what your required minimum distribution will be.
So please don’t be shocked. There you go. That’s, who knew? That’s a sneaky little thing, you know? Yes.
So, but listen, hey, we’re up on a break. We will be back to wrap up the mid-year checkup list. And maybe take some text questions.
Take some text questions. Talk about workshops and whatever else comes to mind. So Josh, take it away, bud.
Consider it taken. If you want to call in 844-580-9326, 844-580-WDBO. Send in your question using the open mic inside the WDBO app.
You’re listening to On The Money, where we’re planning tomorrow. Today. With the Certified Financial Group.
Welcome back to On The Money here on WDBO AM 580. Always streaming inside your very own WDBO app. Your chance to hop on the air, on the airwaves with Nancy Hecht and Chris Todevine.
Two Certified Financial Planners with the Certified Financial Group. Pick up the phone right now. Dial 844-580-9326.
Chris, Nancy, what do we got left? Well, look, Josh, we wanted to run through a few of our upcoming workshops here. And then I think we have a text question that we want to try to get to as well. Nancy, what you got there on the workshops? So the next workshop is July 26 from 9 a.m. until noon.
As you’ve been hearing the commercials at Village on the Green. Tax Efficient Investing and Distribution Strategies. Hosted by Gary Abley.
And then on July. And I believe that one comes with lunch, right? On Joe, apparently. July 26.
Okay. Village on the Green. There we go.
Okay. Social Security Planning Basics and Claiming Strategies. Hosted by Charles Curry.
Here in our planning, our learning center on July 30th. And that’s from 6.30 until 8 o’clock at night. Will Your Savings Last a Lifetime? Also hosted by Gary Abley on August 16th from 10 a.m. until 12.
And then another thing I wanted to bring up is we’re doing our school supply drive right now. There’s a big list of school supplies that are requested. You can go to our website.
There’s as well as the ability to sign up and make your reservation for a workshop on the workshop tab. There is a list of the supplies that are under request right now. You can drop them off in our lobby and we’ll get them to the different school systems.
Yeah, Nancy. I’m glad you brought that up before we get to our text question. Again, financialgroup.com, financialgroup.com. They can learn more about the workshops.
And you can learn more about this school supply drive. Hey, think back to when you were in first, second, third grade. And just having school supplies was a big deal.
You know, having the right pencils and crayons and all that. It’s a big deal. So you know what? Well, you know, I know that’s further back for some than others.
But you know, nonetheless, it’s a big deal. And what might be a small gesture for some of our listeners out there and those who have already contributed is a big deal for the kids. So let’s fill the box for the kids.
How about it? Yeah, it’s fun actually being able to take the stuff to some classrooms and seeing how thrilled the kids are that the stuff is available. Yeah, it’s a great thing. Yeah, great thing.
Okay. All right. So can we do a text question? Josh, we got time? We certainly can.
Chris talks about school supplies, pencils and crayons as if the kids today aren’t using brain chips and holograms and all kinds of things. It’s common, Josh. It’s common.
All right. So Cheryl writes in. Cheryl says, I’m changing jobs.
And I want to know if I can move my old 401k to a Roth. So the answer is yes. But it’s not a one step process, Cheryl.
So as we have been talking to with Kim, if you have left an employer and you have a 401k, you need to roll it over to an IRA, assuming that the 401k, and I’m guessing Cheryl’s is, is on the traditional side. Once the money has moved into the traditional IRA, then she can do what’s called a Roth conversion and move some of those dollars into a Roth IRA account. So it’s not, you know, from A to B, there’s a little bit of a step in between.
That’s right. That’s right. And I just want to add a couple of things there, Nancy.
It’s a, that’s great thoughts. Unless the money’s in a Roth, right? If part of the 401k is in a Roth, then it could go directly to a Roth. Yes.
But assuming it’s not, then you have to follow the process that Nancy laid out. And that is, it goes first to a traditional and then you convert. And look, when you convert, you’re paying taxes.
Right. So this is part of what we do for our clients. This is the planning folks to understand what is the tax impact and do I want to do it all this year? Do I want to spread it over some years? And how will that affect things like Irma, for example, the cost of your Medicare.
So this is what planning is all about. It’s what we do Monday through Friday. And if you have questions or we can help you out, go to our website, financialgroup.com, financialgroup.com, or give us a call at the office at 407-869-9800.
Thank you so much. You can talk to Rodney, 407-869-9800. Tell him you were listening to On The Money on WDBO, where you’ve been listening to great financial advice on the airwaves here in Central Florida for over 30 years.
Thank you so much, Chris and Nancy, two certified financial planners. You have just listened to On The Money, where we’re planning tomorrow, today with the Certified Financial Group.