April Fool’s Day is all about jokes and pranks, but when it comes to retirement planning, getting fooled can cost you real money. Today, we’re uncovering the beliefs that fool retirees and pre-retirees into making bad financial moves. Helpful Information: PFG Website: https://www.pfgprivatewealth.com/ Contact: 813-286-7776 Email: info@pfgprivatewealth.com Disclaimer: PFG Private Wealth Management, LLC is an SEC Registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. The topics and information discussed during this podcast are not intended to provide tax or legal advice. Investments involve risk, and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed on this podcast. Past performance is not indicative of future performance. Insurance products and services are offered and sold through individually licensed and appointed insurance agents. Host: April Fool's Day is all about jokes and pranks, but when it comes to retirement planning, getting fooled can cost you some real money. So we're going to talk about that. A little early for April Fool's, maybe, but we're going to still talk about it this week here on the podcast. So let's get into it. Hey, everybody, welcome to the show. Thanks for hanging out with us here on Retirement Planning Redefined, with John, and Nick, and myself, as we talk investing, finance, and retirement. And we're taping this a couple of weeks before April Fool's Day. It should drop right around there, but we'll have a conversation with the guys. What's going on, Nick, buddy, how are you? Nick: Good, good. Staying busy. Host: Yeah. Well, that's always good. Good stuff. John, I know you and I were just chatting before we got rolling, we're worn out. But you hanging in there? John: Yeah, doing all right. And don't let Nick fool you, he's got a lot going on. Host: He's got a lot going on. John: You tell him the news. Host: He did. Yeah. Nick: John's favorite topic. Got engaged a little over a month ago. Host: Awesome, awesome. Nick: Yeah, in the full throws of wedding planning, which is, of course, extremely exciting. Host: That you're doing a little of, or a lot of, or zero of? Nick: I would say some impact. My fiance is originally from Columbia, and the way that they do things for weddings there is a lot different than here. Host: Okay, cool. Nick: So yeah, so there's a little bit of translation from that perspective. Host: Nice, nice. Nick: Yeah, that's interesting. But it'll be good. Host: Very cool. Nice. Nick: It'll be good. Host: Well, congratulations. Very, very cool. Nick: Thank you. Appreciate it. Host: All the best to the newlyweds. Very good stuff. We won't pull any April Fool's Day pranks on you then, in that regard. We'll just take to the financial stuff here this week. So the idea, guys, being that, look, the media is nonstop, the onslaught of social media, internet, whatever. There's always something out there. And you just want to make sure you're vetting some stuff before you... Fool's gold, right? Before you just jump into something and maybe make a mistake. So we'll start with tax conversation. So as at this time that we're taping the podcast, we don't know if the TCJA will get extended or not. Odds are fairly good, we'll see how the year plays out. But if they don't, they expire at the end of the year, the current tax code that we're under. So are you taking that information and maybe thinking, hey, I don't have to do any tax planning for the future, because maybe the taxes are going to stay really low like they have been historically? Or are you being proactive and saying, "Well, there's a chance that taxes could still go up, because we owe a lot of money"? So whoever wants to jump in, get started on that. But what do you think about the tax situation and not fooling yourself into just thinking everything's going to stay exactly the same? Nick: Yeah, I can start with this one. So one of the things that we really emphasize with clients and people that we work with is, especially when it comes to taxes, that the best thing that you can do is to expect change. So whether it's something changing at the end of this year, a couple years from now, whatever it is, the goal is to allow yourself to be adaptable to whatever's happening. So the easiest way to do that is to have different types of accounts. So to have Roth accounts, pre-tax accounts, and more of a traditional brokerage account where we can factor in capital gains instead. But even more specific, when it comes to the whole concept of potentially underestimating taxes, there's still a lot of confusion for people on how much of ...
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14 mins