Joe and Al go over a checklist to make sure your financial house is in order. What’s the difference between a fee-only, fee-based and commission-based advisor? Learn how to maximize your tax-deferred contributions and know what your game plan is for after you retire.
3:27 “We are fee-only advisors. What does that mean? It simply means that it’s an advisor that only gets paid one way, and that’s charging a fee. So, in other ways they’re independent, they’re on your side, they’re a fiduciary—looking out for your best interest”
5:58 “Look at your fixed income sources, look at your Social Security, your pensions, if you have real estate income sources; add those dollars up. And then look at your investable assets”
16:00 [If you have a Roth IRA] “You can live the lifestyle of your neighbors but pay three-quarters or half of the tax because some of your income is coming tax-free, and therefore you’re staying out of the higher tax brackets”
24:16 “You want to make sure that if you need access to the dollars, you might want to keep it in the deceased spouse’s name so you can have access to avoid that 10% penalty”
26:39 “As long as one spouse has income, both spouses still can contribute to a Roth IRA”
39:52 “Because of alternative minimum tax, you actually hit that higher tax much, much sooner than $450,000 of taxable income”
40:38 “If you have a big property that’s going to sell for a big gain, you may be paying a much higher tax than you thought”