Mail Bag: Avoiding beneficiary IRA taxes, OBBB, tax deductions, and 529 planning

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Welcome to Something More with Chris Boyd.

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Chris Boyd is a certified financial planner practitioner

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and senior vice president financial advisor at Wealth

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Enhancement Group, one of the nation's largest registered

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investment advisors.

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We call it Something More because we'd like

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to talk not only about those important dollar

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and cents issues, but also the quality of

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life issues that make the money matters matter.

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Here he is, your fulfillment facilitator, your partner

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in prosperity, advising clients on Cape Cod and

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across the country.

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Here's your host, Jay Christopher Boyd.

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Welcome to another edition of Something More with

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Chris Boyd.

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Chris Boyd is off today.

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So my name is Jeff Curry.

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I'm sitting in the co-host seat with

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my co-host Russ Ball.

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Russ, thanks for joining.

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Thanks for having me, Jeff.

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Happy to be here.

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I was just, for the listeners, we're going

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to do a mailbag episode today.

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We're going to take a number of questions

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from issues with the big beautiful bill questions

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about that to 529 questions, college savings questions.

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So we'll see where we go when we

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dig into the questions from listeners and clients

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that we've developed over the last month or

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so.

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But Russ, before we get into those questions,

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I was looking at the date.

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It's the date of my granddaughter's birthday today.

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So happy birthday, Faith.

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I'm sure you're not listening.

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But I'm realizing, like, this is halfway through

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summer.

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I mean, if you count July and August

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as summer, it's halfway.

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If you count June, July, August, September as

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summer, you're halfway.

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So summer is half over.

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Are you achieving your summer goals?

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Are you, like, out there doing those summer

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things?

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Oh man, I'm trying.

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I'm trying.

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You're behind.

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I'm definitely behind.

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I've been to the beach, I think, twice.

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And I had a goal much more than

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that.

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But no, it's been a good summer.

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Of course, when August hits, it starts feeling

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like, all right, it's already winding down.

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But there's still more time.

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There's more time to do some fun stuff

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and enjoy Cape Cod in the summer.

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Yeah, I think when August hits, people are

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like, you know what, we haven't done this.

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We haven't gone here.

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We haven't done this.

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We said we were going to do this,

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you know, and it's like the time to

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focus or it's going to go by.

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Yeah, it's true.

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It's true.

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It's going to flash by and then soon

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it's going to be fall and we're going

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to be cold again.

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Or not you.

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You're going to be cold.

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Not you.

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You're going to be comfortable.

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I'll be less hot.

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For our listeners, Russ is on Cape Cod

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at our team office in Hyannis, team AMR

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office of Wealth Enhancement.

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And I am, although from Cape Cod, I

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am living in Florida.

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So we're coming back to the Cape from

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Florida at the end of August a little

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bit.

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So we'll get some of that Cape summer

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and get a relief from the Florida summers.

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Yeah, that's always good to look forward to.

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Hopefully it's good weather when you come.

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It's been pretty hot here lately.

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Yeah, I have, you know, most of my

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family is still in Massachusetts on the Cape

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or Rhode Island or where they happen to

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scatter.

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And I hear from them almost every day.

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And this summer, it's been hotter in New

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England, if you will, in southern New England,

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than here many days.

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It's been a hot summer.

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Yeah, yeah, no, it's it's been feeling hot.

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And I was in I was in the

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city in New York City last weekend.

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It was scorching in New York City.

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So definitely, you know, it's comparable to what

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you've got going on in Florida.

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It seems like it.

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Yeah, we're just kind of used to it.

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Yeah.

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All right, let's dig into the mailbag.

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I'm going to start with you.

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I get a question from a I think

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that's a client question that now this one

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was a listener question.

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So here we go.

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My elderly grandfather has informed me that I,

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the person writing the question, will be inheriting

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a traditional IRA, presumably when the grandfather passes.

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I'm already in the 24% tax bracket

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and was wondering if there's anything I can

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do to lessen my income taxes with the

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additional funds coming from the beneficiary IRA.

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So here's a busy young person that seems

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to have a good salary.

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They're in the 24% tax bracket already.

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And they're worried about future taxes when they

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get this IRA, beneficiary IRA.

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So do you have any advice?

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Yeah, I have a couple thoughts.

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So, you know, when when children are inheriting

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or plan to inherit or expect to inherit

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anything from from their parents, a lot of

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time it is going to be IRA dollars,

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money that will be taxed as part of

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the SECURE Act.

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There's no more stretch rule for those IRAs.

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So you have to take those if you're

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not a spouse, beneficiaries have to take those

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inheritance over 10 years.

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So there has to be nothing left in

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the IRA after 10 years.

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As you might imagine, that could create a

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significant tax event.

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Yeah.

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And for a lot of people that are

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inheriting, it's in their peak earning years.

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And so they're at the highest or as

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high as they're going to be in their

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life.

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And they have to withdraw from these IRAs

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that they inherited.

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Of course, you know, it's it's it's money.

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It's not it's still it's still inheritance.

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It's still a gift.

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But it does create a tax burden.

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And I recently had a client come in

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and ask, you know, the legacy planning was

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sort of part of their goal or one

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of their goals.

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And they're saying, you know, I have all

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this inheritance.

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I mean, all this IRA money.

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When my kids inherit it, they're going to

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have to pay taxes on it, right?

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Well, they are.

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There are a few that you can do.

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One and the one that we talked about

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at the time was doing some Roth conversions.

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So getting more of that money out of

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IRAs and into out of traditional IRAs and

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into Roth IRAs, which does not have that

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tax impact when you when you pass and

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there isn't.

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In this case, the father or mother, the

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people who would be passing and leaving the

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IRAs have to pay the taxes when they

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do the conversion.

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That's exactly right.

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So it's it's you're you're taking on the

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tax burden that you would have passed on

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to your heirs.

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And they may be in, you know, depending

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on the circumstances.

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But sometimes people when they're retired are in

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a lower tax bracket.

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Right, right.

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So so that's definitely one and probably the

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most common solution to that to that issue.

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If you if you don't if you're worried

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about the tax hit for those 10 years

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for your heirs, probably doing some Roth conversions

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would make sense.

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I did, however, come across an article recently

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that talked about using a life insurance policy

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as sort of a hedge against having to

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pay those taxes yourself or for or for

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your heirs.

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It's a little bit complicated, but but the

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the basics are that, let's say you and

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your spouse are 65 years old or in

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that area, rather than just building up your

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IRA and then slowly withdrawing it.

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Let's say you have other income from Social

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Security or other retirement assets.

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You can use some of those some of

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the IRA money to purchase a life insurance

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policy and have that pass on to your

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heirs.

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And basically the thinking is you're drawing down

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your IRA, but at a smaller rate.

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So it's about like, let's say it's a

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policy in this article I'm thinking of.

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It was like $40,000 a year.

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So significant premium for a universal life insurance

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policy.

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But then you're not restricted as far as

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having to do Roth conversions.

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You can just use your money as you

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want.

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And then there's always going to be that

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inheritance that's tax free to your heirs.

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So it's a little bit complicated.

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It's definitely a specific case by case basis.

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If the person is already elderly and that

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would be passing those funds along, that might

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be a little bit more difficult because you

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can't get insurance up to a certain point.

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But this is a math problem.

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If someone's interested in exploring that, you really

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have to sit down with someone who's experienced

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at doing these calculations and time value of

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money and taxes.

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And it's not a back of the napkin

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analysis, I guess.

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No, I wouldn't call it that.

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It's definitely a little bit more complicated.

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But it is an interesting solution that I

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hadn't heard of before reading this article talking

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about using life insurance to reduce the tax

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impact for heirs and for yourself, presumably.

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It's interesting in that I'm not trying to

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be negative about life insurance.

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But don't ask your life insurance salesman to

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do this analysis.

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Yes, very good point.

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Right.

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So this isn't going off of our program

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today.

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But it's a good reminder that when you're

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getting advice from someone, you should always ask.

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I always have these three questions in the

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financial world.

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One is, are you a fiduciary?

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And a fiduciary means someone who works for

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you and your best interest.

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They're legally and ethically bound to help you

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ethically and legally for your best interest, not

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in their best interest, like how much commission,

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how much fee they have to give you

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advice that's in your best interest.

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Number two is, how are you compensated?

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The person you're dealing with, how are you

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paid?

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Everybody's going to get paid for helping you,

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selling you something, giving you advice.

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Just have an understanding of how you're going

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to get paid.

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If someone's getting paid to sell you a

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certain product, you should know that.

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Before you listen to them.

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And three is, if it's an investment vehicle,

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where's my money being kept?

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Where's it invested?

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How's it kept?

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How's it protected?

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Is it insured?

275
00:10:18,540 --> 00:10:19,560
All of those things.

276
00:10:19,980 --> 00:10:22,980
So, you know, I'll give you a funny

277
00:10:22,980 --> 00:10:24,640
story to make an analogy.

278
00:10:25,320 --> 00:10:27,880
If I have a friend, for obvious reasons,

279
00:10:28,060 --> 00:10:29,660
when I finish the story, I'm not going

280
00:10:29,660 --> 00:10:31,460
to say the person's name, but they're a

281
00:10:31,460 --> 00:10:31,760
surgeon.

282
00:10:33,520 --> 00:10:35,960
And he says, if he gets a referral

283
00:10:35,960 --> 00:10:39,900
from a physician to him for surgery, it's

284
00:10:39,900 --> 00:10:41,340
most likely you're going to have surgery.

285
00:10:43,360 --> 00:10:44,680
You know, so he, you know, very few

286
00:10:44,680 --> 00:10:47,820
people who get referred to a surgeon, get

287
00:10:47,820 --> 00:10:49,520
a referral back and say, no, we're not

288
00:10:49,520 --> 00:10:50,400
going to do the surgery.

289
00:10:50,620 --> 00:10:51,680
It's not a good option.

290
00:10:51,760 --> 00:10:53,600
So, and just know who you're talking to,

291
00:10:53,680 --> 00:10:55,920
know if there's some motive there, if there's

292
00:10:55,920 --> 00:10:58,900
some financial benefit for them selling you something.

293
00:11:00,220 --> 00:11:01,800
But so in this case, you know, if

294
00:11:01,800 --> 00:11:05,000
you're working with a financial advisor and you're

295
00:11:05,000 --> 00:11:07,260
like, you know, you're thinking that the strategy

296
00:11:07,260 --> 00:11:10,760
that Russ just talked about might make sense

297
00:11:10,760 --> 00:11:12,560
for you in your situation, go to your

298
00:11:12,560 --> 00:11:15,800
financial advisor who's not selling you that life

299
00:11:15,800 --> 00:11:16,140
insurance.

300
00:11:16,560 --> 00:11:16,700
Right.

301
00:11:16,800 --> 00:11:18,120
For example, in Russ's example.

302
00:11:18,500 --> 00:11:20,780
So sorry to take up a couple minutes.

303
00:11:21,040 --> 00:11:21,980
No, no, I think it's important.

304
00:11:22,520 --> 00:11:23,440
I think that's a great point.

305
00:11:23,520 --> 00:11:26,100
Like rather than going to the person who

306
00:11:26,100 --> 00:11:27,560
sold you a life insurance policy, which and

307
00:11:27,560 --> 00:11:29,060
their life insurance policy is going to be

308
00:11:29,060 --> 00:11:31,640
very complex, especially universal insurance policy.

309
00:11:33,220 --> 00:11:34,860
So, you know, that would be like a

310
00:11:34,860 --> 00:11:36,260
permanent life insurance policy.

311
00:11:36,420 --> 00:11:40,640
So definitely talking to your advisor, putting this

312
00:11:40,640 --> 00:11:43,280
all out in a plan is definitely going

313
00:11:43,280 --> 00:11:45,440
to be the way to go rather than

314
00:11:45,440 --> 00:11:46,560
going directly to the source.

315
00:11:46,680 --> 00:11:48,120
And then who knows what kind of product

316
00:11:48,120 --> 00:11:49,800
you'll end up getting when you leave.

317
00:11:50,840 --> 00:11:54,760
But yeah, we, you know, this is a

318
00:11:54,760 --> 00:11:56,660
big part of what we do as advisors.

319
00:11:56,660 --> 00:11:58,060
We're fiduciaries.

320
00:11:58,520 --> 00:12:00,440
We're paid by a percentage of the assets

321
00:12:00,440 --> 00:12:01,600
under our management.

322
00:12:01,920 --> 00:12:04,340
In most cases, sometimes it's a fee-based

323
00:12:04,340 --> 00:12:05,600
if people don't want to do it that

324
00:12:05,600 --> 00:12:05,840
way.

325
00:12:06,400 --> 00:12:09,240
But this is an example of like the

326
00:12:09,240 --> 00:12:12,500
breadth of issues that we get from our

327
00:12:12,500 --> 00:12:13,000
clients.

328
00:12:13,640 --> 00:12:15,160
You know, a client may hear this podcast

329
00:12:15,160 --> 00:12:16,240
and say, hey, is this right for me?

330
00:12:16,280 --> 00:12:17,820
They come in, we do the analysis and

331
00:12:17,820 --> 00:12:18,680
we give them our advice.

332
00:12:19,400 --> 00:12:21,280
And if it's to buy that life insurance,

333
00:12:21,740 --> 00:12:24,100
then we, you know, they buy it from

334
00:12:24,100 --> 00:12:24,560
somebody else.

335
00:12:24,620 --> 00:12:25,420
We don't sell it.

336
00:12:25,420 --> 00:12:28,800
So, or some other thing that they hear

337
00:12:28,800 --> 00:12:30,700
about or some other thing that maybe their

338
00:12:30,700 --> 00:12:32,680
estate planning attorney tells them to talk to

339
00:12:32,680 --> 00:12:32,780
us.

340
00:12:33,080 --> 00:12:34,220
So a big part of what we do

341
00:12:34,220 --> 00:12:38,140
is not just manage portfolios, is we help

342
00:12:38,140 --> 00:12:40,580
our clients through these questions of, is this

343
00:12:40,580 --> 00:12:41,620
the right thing for me?

344
00:12:41,820 --> 00:12:44,800
And whatever that thing might be is, you

345
00:12:44,800 --> 00:12:49,940
know, from investing to financial planning, to legacy

346
00:12:49,940 --> 00:12:54,340
planning, to gifting and strategies around taxes.

347
00:12:54,340 --> 00:12:56,520
So I think it's a good question that

348
00:12:56,520 --> 00:12:58,020
highlights all those things, right?

349
00:12:58,400 --> 00:12:59,280
Yeah, definitely.

350
00:13:00,240 --> 00:13:01,740
All right, Russ, let's take a big shift

351
00:13:01,740 --> 00:13:04,520
because we're getting a lot of questions as

352
00:13:04,520 --> 00:13:08,340
I think all advisors are and accountants and

353
00:13:08,340 --> 00:13:11,300
lawyers about the one big beautiful bill, the

354
00:13:11,300 --> 00:13:14,200
bill that President Trump agenda bill that had

355
00:13:14,200 --> 00:13:16,960
a lot of different provisions in it, but

356
00:13:16,960 --> 00:13:20,420
they also had a lot of different opportunities

357
00:13:20,420 --> 00:13:21,700
for people to save money.

358
00:13:21,700 --> 00:13:23,920
We had a question recently that came up

359
00:13:23,920 --> 00:13:28,300
in a client meeting and you're talking about

360
00:13:28,300 --> 00:13:31,500
the deductions on overtime and tips.

361
00:13:31,940 --> 00:13:34,020
So this was actually this question was specifically

362
00:13:34,020 --> 00:13:34,760
about overtime.

363
00:13:35,260 --> 00:13:38,360
You know, there is this new deduction and

364
00:13:38,360 --> 00:13:39,320
I have the numbers here.

365
00:13:39,680 --> 00:13:43,820
So for overtime, the maximum deduction is $12

366
00:13:43,820 --> 00:13:45,380
,500 for individuals.

367
00:13:45,520 --> 00:13:47,960
And that's starting this year, starting for 2025

368
00:13:47,960 --> 00:13:49,580
and going until 2028.

369
00:13:50,490 --> 00:13:53,780
$12,500 for individuals and $25,000 for

370
00:13:53,780 --> 00:13:55,600
married filing jointly.

371
00:13:55,980 --> 00:13:56,640
So for married couples.

372
00:13:56,960 --> 00:14:00,920
For tips, it's $25,000 for individuals and

373
00:14:00,920 --> 00:14:02,500
for married couples is the same for both.

374
00:14:03,380 --> 00:14:05,760
There are income restrictions on that.

375
00:14:06,100 --> 00:14:09,360
So it's those those deductions do phase out

376
00:14:09,360 --> 00:14:13,660
after $150,000 for individual income and then

377
00:14:13,660 --> 00:14:16,800
$300,000 for married filing jointly.

378
00:14:16,800 --> 00:14:19,580
But those deductions are going to impact a

379
00:14:19,580 --> 00:14:20,680
lot of people, obviously.

380
00:14:21,060 --> 00:14:23,180
So one of the questions was, I have

381
00:14:23,180 --> 00:14:24,620
overtime, you know, I get paid overtime.

382
00:14:24,880 --> 00:14:27,160
So how are they going to know what

383
00:14:27,160 --> 00:14:29,020
part of my salary is overtime?

384
00:14:29,240 --> 00:14:30,220
How are they going to know how many

385
00:14:30,220 --> 00:14:31,060
overtime hours I work?

386
00:14:31,160 --> 00:14:32,740
What is deductible?

387
00:14:32,820 --> 00:14:35,920
The current pay stubs and even further, the

388
00:14:35,920 --> 00:14:37,360
W-2s don't have that.

389
00:14:37,620 --> 00:14:38,800
It's just one long number.

390
00:14:39,160 --> 00:14:39,480
Exactly.

391
00:14:39,580 --> 00:14:40,500
It's not broken out.

392
00:14:41,060 --> 00:14:43,040
Did some research because, you know, there are

393
00:14:43,040 --> 00:14:45,180
a lot of things, different moving parts with

394
00:14:45,180 --> 00:14:49,400
this new legislation and not everything is is

395
00:14:49,400 --> 00:14:50,480
fully known right now.

396
00:14:50,600 --> 00:14:51,920
So I think they're still trying to work

397
00:14:51,920 --> 00:14:52,600
out some details.

398
00:14:53,500 --> 00:14:56,580
But there is a new requirement for employers

399
00:14:56,580 --> 00:14:59,600
to break it down on W-2s when

400
00:14:59,600 --> 00:15:00,480
those come out at the end of the

401
00:15:00,480 --> 00:15:00,600
year.

402
00:15:00,740 --> 00:15:02,720
So it's going to break down what you

403
00:15:02,720 --> 00:15:03,380
got in tips.

404
00:15:03,780 --> 00:15:06,400
They're supposed to and what you were paid

405
00:15:06,400 --> 00:15:08,480
in overtime as separate line items on the

406
00:15:08,480 --> 00:15:08,860
W-2.

407
00:15:09,540 --> 00:15:10,880
And that way you can know what you're

408
00:15:10,880 --> 00:15:13,980
able to what qualifies to be deducted on

409
00:15:13,980 --> 00:15:14,560
your tax return.

410
00:15:14,980 --> 00:15:16,180
Sounds like it's going to be the one

411
00:15:16,180 --> 00:15:19,860
big number with your overtime, those four tips

412
00:15:19,860 --> 00:15:21,960
in the number and then a number that

413
00:15:21,960 --> 00:15:24,060
you'll be eligible to deduct on a separate

414
00:15:24,060 --> 00:15:25,480
line item on the tax bill.

415
00:15:25,980 --> 00:15:27,020
That's what it seems like.

416
00:15:27,100 --> 00:15:29,540
It's not entirely clear at this point.

417
00:15:29,920 --> 00:15:32,240
And, you know, other questions were like, well,

418
00:15:32,300 --> 00:15:34,020
what about for the overtime I already worked

419
00:15:34,020 --> 00:15:34,980
this year?

420
00:15:35,200 --> 00:15:36,820
Are they, you know, they didn't know that

421
00:15:36,820 --> 00:15:38,720
this law was going to be this way.

422
00:15:38,720 --> 00:15:42,520
So basically, as things stand, I'm sure there

423
00:15:42,520 --> 00:15:43,160
will be changes.

424
00:15:43,480 --> 00:15:45,940
But as things stand, companies are expected to

425
00:15:45,940 --> 00:15:47,360
come up with an estimate for the amount

426
00:15:47,360 --> 00:15:49,900
of overtime worked in the first half of

427
00:15:49,900 --> 00:15:51,160
the year before this bill was passed.

428
00:15:53,060 --> 00:15:57,420
In any case, I noticed something important about

429
00:15:57,420 --> 00:15:58,300
overtime as well.

430
00:15:58,500 --> 00:16:01,720
So it's not all hours of overtime, like

431
00:16:01,720 --> 00:16:04,260
it's not your full pay for overtime that's

432
00:16:04,260 --> 00:16:04,800
deductible.

433
00:16:04,900 --> 00:16:06,540
It's only the premium amount.

434
00:16:06,540 --> 00:16:08,640
So it's the amount over your base pay.

435
00:16:09,460 --> 00:16:11,600
If you make $20 an hour and you

436
00:16:11,600 --> 00:16:12,740
get time and a half, so you get

437
00:16:12,740 --> 00:16:13,720
$30 for overtime.

438
00:16:13,880 --> 00:16:16,460
It's just the $10 part of it.

439
00:16:16,880 --> 00:16:17,700
That's exactly right.

440
00:16:17,880 --> 00:16:18,020
Yeah.

441
00:16:18,060 --> 00:16:19,800
It's just the additional amount that you get

442
00:16:19,800 --> 00:16:23,060
paid for overtime that would be going towards

443
00:16:23,060 --> 00:16:25,460
that $25,000 deductible.

444
00:16:27,040 --> 00:16:28,300
I didn't know that.

445
00:16:28,380 --> 00:16:28,960
That's interesting.

446
00:16:29,280 --> 00:16:31,700
So it's still good for people who work

447
00:16:31,700 --> 00:16:32,080
overtime.

448
00:16:32,080 --> 00:16:33,360
There's going to be an advantage there.

449
00:16:33,360 --> 00:16:35,280
But it's not quite as good as you

450
00:16:35,280 --> 00:16:38,080
might have been doing the math on, right?

451
00:16:38,520 --> 00:16:40,000
Not quite as good as it might have

452
00:16:40,000 --> 00:16:43,560
looked off the bat without hearing the fine

453
00:16:43,560 --> 00:16:44,080
print there.

454
00:16:44,320 --> 00:16:46,520
So definitely some things to know.

455
00:16:46,840 --> 00:16:49,640
But the good news is that there is

456
00:16:49,640 --> 00:16:51,820
going to be some sort of definition of

457
00:16:51,820 --> 00:16:54,860
what amount qualifies on your W-2 when

458
00:16:54,860 --> 00:16:55,560
you do your taxes.

459
00:16:56,100 --> 00:16:58,540
Well, the big beautiful bill is big.

460
00:16:58,900 --> 00:17:00,520
I'll leave it to the pundits to say

461
00:17:00,520 --> 00:17:01,100
it's beautiful.

462
00:17:01,100 --> 00:17:03,540
But it's certainly a bill that's going to

463
00:17:03,540 --> 00:17:06,800
keep accountants and estate planning and financial advisors

464
00:17:06,800 --> 00:17:08,400
working.

465
00:17:08,980 --> 00:17:09,240
Oh, yeah.

466
00:17:09,339 --> 00:17:09,760
For sure.

467
00:17:09,940 --> 00:17:13,180
I think every other webinar I'm getting emails

468
00:17:13,180 --> 00:17:15,720
about is about the one big beautiful bill.

469
00:17:16,020 --> 00:17:18,440
So much for simplifying the tax code.

470
00:17:18,520 --> 00:17:21,700
And I think that trend is that bus

471
00:17:21,700 --> 00:17:23,220
has left the station as they speak.

472
00:17:23,280 --> 00:17:23,680
Definitely.

473
00:17:24,000 --> 00:17:24,300
Definitely.

474
00:17:24,540 --> 00:17:26,240
But there's a lot to stay on top

475
00:17:26,240 --> 00:17:26,460
of.

476
00:17:26,640 --> 00:17:28,700
But that's what we're working on behind the

477
00:17:28,700 --> 00:17:28,980
scenes.

478
00:17:28,980 --> 00:17:31,860
For you, Jeff, I have another question on

479
00:17:31,860 --> 00:17:33,800
the one big beautiful bill act.

480
00:17:34,220 --> 00:17:35,120
No surprise.

481
00:17:35,240 --> 00:17:35,980
We're sticking with this.

482
00:17:36,180 --> 00:17:37,140
Yeah, yeah, yeah.

483
00:17:37,620 --> 00:17:39,540
I imagine there will be more for our

484
00:17:39,540 --> 00:17:40,520
next middle bag episode.

485
00:17:40,740 --> 00:17:44,020
But for this one, here's the question.

486
00:17:44,200 --> 00:17:47,240
I'm retired and receive monthly social security benefits.

487
00:17:47,660 --> 00:17:51,000
I heard that the newly enacted one big

488
00:17:51,000 --> 00:17:53,600
beautiful bill act eliminates federal income tax on

489
00:17:53,600 --> 00:17:54,680
social security benefits.

490
00:17:54,860 --> 00:17:55,960
Is that true?

491
00:17:57,120 --> 00:17:57,720
No.

492
00:17:59,080 --> 00:18:00,120
It's not true.

493
00:18:00,220 --> 00:18:02,520
And I get why people are confused whether

494
00:18:02,520 --> 00:18:04,340
it's, you know, we talked about taxes and

495
00:18:04,340 --> 00:18:05,800
tips and social security.

496
00:18:06,660 --> 00:18:09,720
The president, President Trump, during the campaign and,

497
00:18:09,940 --> 00:18:12,160
you know, even afterwards, for a while, he

498
00:18:12,160 --> 00:18:14,780
was, I won't say promising.

499
00:18:15,040 --> 00:18:19,140
He uses this rhetoric as indications of what

500
00:18:19,140 --> 00:18:19,780
he'd like to do.

501
00:18:19,820 --> 00:18:21,160
And then he compromises, right?

502
00:18:21,720 --> 00:18:23,300
So but there was a lot of rhetoric

503
00:18:23,300 --> 00:18:26,080
that social security, no taxes on overtime, no

504
00:18:26,080 --> 00:18:28,400
taxes on tips, no taxes on social security.

505
00:18:28,400 --> 00:18:30,800
So, you know, then people who aren't paying

506
00:18:30,800 --> 00:18:33,340
close attention to this and who should, right,

507
00:18:33,400 --> 00:18:35,520
besides people who need to like us.

508
00:18:36,180 --> 00:18:38,040
But then they see, oh, the bill passed.

509
00:18:38,480 --> 00:18:40,620
So they make they make these assumptions that

510
00:18:40,620 --> 00:18:43,900
the rhetoric of no taxes on this in

511
00:18:43,900 --> 00:18:45,900
this case on social security passed and they

512
00:18:45,900 --> 00:18:46,580
get excited.

513
00:18:47,500 --> 00:18:49,480
But now the one big beautiful bill doesn't

514
00:18:49,480 --> 00:18:51,660
make social security benefits fully taxable.

515
00:18:52,100 --> 00:18:52,240
Right.

516
00:18:53,280 --> 00:18:54,640
Just as a refresher.

517
00:18:55,280 --> 00:18:57,460
Many, I won't say most because low income

518
00:18:57,460 --> 00:18:59,600
people, you know, would be exempt from this.

519
00:18:59,680 --> 00:19:03,600
So many social security recipients pay income taxes

520
00:19:03,600 --> 00:19:05,760
up to 85 percent of the benefits.

521
00:19:06,160 --> 00:19:09,760
And don't get confused with this statement often

522
00:19:09,760 --> 00:19:12,820
confuses people with them thinking that if they

523
00:19:12,820 --> 00:19:14,860
work, they're going to lose part of the

524
00:19:14,860 --> 00:19:15,520
social security.

525
00:19:15,680 --> 00:19:16,900
That's not what I'm talking about.

526
00:19:17,380 --> 00:19:18,880
I'm talking about when you reach a certain

527
00:19:18,880 --> 00:19:22,620
income level, your social security benefits are taxed

528
00:19:22,620 --> 00:19:25,040
up to 85 percent, depending on your income.

529
00:19:25,780 --> 00:19:26,040
Right.

530
00:19:26,260 --> 00:19:29,980
So the president had said he would hopefully

531
00:19:29,980 --> 00:19:31,720
end all taxes on social security.

532
00:19:31,920 --> 00:19:34,340
But what the big beautiful bill did was

533
00:19:34,340 --> 00:19:36,740
not eliminate income tax on social security.

534
00:19:37,380 --> 00:19:40,780
There is now a new senior deduction of

535
00:19:40,780 --> 00:19:45,240
six thousand dollar per filer age 65 and

536
00:19:45,240 --> 00:19:45,560
older.

537
00:19:46,340 --> 00:19:49,380
So if you're 62 and decided to go

538
00:19:49,380 --> 00:19:50,300
like social security.

539
00:19:51,100 --> 00:19:52,440
This is not for you.

540
00:19:52,560 --> 00:19:54,940
You have to be 65 and meet certain

541
00:19:54,940 --> 00:19:57,080
income limits, as you referenced in the other

542
00:19:57,080 --> 00:19:57,520
provisions.

543
00:19:58,000 --> 00:20:00,300
And you have a deduction which will be

544
00:20:00,300 --> 00:20:02,740
a new line on the income taxes.

545
00:20:04,340 --> 00:20:07,880
Another line on the income taxes where you

546
00:20:07,880 --> 00:20:12,320
can deduct six thousand dollars from your taxable

547
00:20:12,320 --> 00:20:13,980
amount of social security.

548
00:20:14,860 --> 00:20:15,340
Yeah.

549
00:20:15,460 --> 00:20:17,720
So, you know, another thing that sounded real

550
00:20:17,720 --> 00:20:20,320
good when we started, like people maybe were

551
00:20:20,320 --> 00:20:23,980
counting their monies, but the actual provision that

552
00:20:23,980 --> 00:20:26,800
was passed in the compromise with the Democrats

553
00:20:26,800 --> 00:20:28,200
and Republicans House and Senate.

554
00:20:28,480 --> 00:20:29,440
This is what came up.

555
00:20:30,020 --> 00:20:32,220
So still some good news, but not as

556
00:20:32,220 --> 00:20:34,080
good as one might hope.

557
00:20:34,480 --> 00:20:35,700
Similar to the overtime needs.

558
00:20:35,940 --> 00:20:36,780
It's very similar.

559
00:20:37,240 --> 00:20:38,640
When you were talking about it, I was

560
00:20:38,640 --> 00:20:40,560
thinking, yeah, there's a lot of things like

561
00:20:40,560 --> 00:20:40,800
that.

562
00:20:40,800 --> 00:20:41,160
Yeah.

563
00:20:41,540 --> 00:20:43,500
But at the end of the day, I

564
00:20:43,500 --> 00:20:46,420
was looking at some, you know, projected tax

565
00:20:46,420 --> 00:20:51,240
returns on our planning software and seniors over

566
00:20:51,240 --> 00:20:55,120
65 can earn can have up to like

567
00:20:55,120 --> 00:20:55,360
a.

568
00:20:55,540 --> 00:20:55,940
I think it was.

569
00:20:56,580 --> 00:20:58,300
Don't quote me on this number exactly, but

570
00:20:58,300 --> 00:21:00,040
I think it was about forty seven thousand

571
00:21:00,040 --> 00:21:04,120
five hundred as the total standard deduction for

572
00:21:04,120 --> 00:21:07,880
2025, which is considerable for a married couple.

573
00:21:07,880 --> 00:21:10,260
So it's because it's the the standard deduction

574
00:21:10,260 --> 00:21:12,900
plus the there is a I think sixteen

575
00:21:12,900 --> 00:21:15,960
hundred dollars or double that for a married

576
00:21:15,960 --> 00:21:18,060
couple that was already in place for people

577
00:21:18,060 --> 00:21:18,640
over 65.

578
00:21:19,020 --> 00:21:21,480
And there's this additional six thousand per person.

579
00:21:21,980 --> 00:21:26,020
So and so here's another answer to that

580
00:21:26,020 --> 00:21:27,880
question, which I kind of answered, but I

581
00:21:27,880 --> 00:21:28,960
want to emphasize it.

582
00:21:30,060 --> 00:21:33,520
So sometimes people, when something new happens, they

583
00:21:33,520 --> 00:21:35,800
say, oh, but I do the standard deduction.

584
00:21:36,360 --> 00:21:39,020
Will I still be able to deduct?

585
00:21:40,280 --> 00:21:41,720
And yes, this is going to be a

586
00:21:41,720 --> 00:21:45,000
separate line item, not included in the standard

587
00:21:45,000 --> 00:21:46,540
deduction, the six thousand dollars.

588
00:21:46,860 --> 00:21:49,180
So this is this this is for every

589
00:21:49,180 --> 00:21:51,880
senior who may see income qualifications.

590
00:21:53,100 --> 00:21:55,700
So that's good news for a lot of

591
00:21:55,700 --> 00:21:55,980
people.

592
00:21:57,460 --> 00:21:59,100
OK, I have one more question for you,

593
00:21:59,100 --> 00:21:59,240
Jeff.

594
00:21:59,300 --> 00:22:03,160
This is not on the beautiful bill, at

595
00:22:03,160 --> 00:22:03,420
least not.

596
00:22:04,960 --> 00:22:07,560
So it says we've been investing in a

597
00:22:07,560 --> 00:22:09,600
five twenty nine for our son's college expenses.

598
00:22:10,640 --> 00:22:12,960
Five to nine is invested in a growth

599
00:22:12,960 --> 00:22:14,840
stock mutual fund and has been doing great

600
00:22:14,840 --> 00:22:16,860
as our son will be a senior in

601
00:22:16,860 --> 00:22:18,480
high school this fall and using the five

602
00:22:18,480 --> 00:22:19,840
to nine money next year.

603
00:22:20,360 --> 00:22:21,720
My wife and I are nervous about the

604
00:22:21,720 --> 00:22:23,600
stock market and what happens as it goes

605
00:22:23,600 --> 00:22:23,960
down.

606
00:22:25,580 --> 00:22:27,280
What happens if it goes down at the

607
00:22:27,280 --> 00:22:27,740
same time?

608
00:22:27,800 --> 00:22:28,640
Our son needs the money.

609
00:22:29,720 --> 00:22:31,620
Should we be doing anything about this?

610
00:22:31,620 --> 00:22:32,800
It's a good question.

611
00:22:33,120 --> 00:22:35,820
You know, we get this question in many

612
00:22:35,820 --> 00:22:41,020
contexts, like in retired people, you know, people

613
00:22:41,020 --> 00:22:43,780
even when they're just retiring, you know, they'll

614
00:22:43,780 --> 00:22:46,560
they'll come in and they'll have a 401k

615
00:22:46,560 --> 00:22:48,960
say that they want to roll over and

616
00:22:48,960 --> 00:22:54,360
they've had it aggressively invested in their accumulation

617
00:22:54,360 --> 00:22:58,040
years and they they feel like I'm not

618
00:22:58,040 --> 00:22:58,740
working anymore.

619
00:22:58,880 --> 00:22:59,980
I want to reduce risk.

620
00:22:59,980 --> 00:23:01,400
That's a very normal feeling.

621
00:23:02,240 --> 00:23:02,400
Right.

622
00:23:02,600 --> 00:23:03,920
And sometimes it's appropriate.

623
00:23:04,040 --> 00:23:04,920
Sometimes it's not.

624
00:23:05,020 --> 00:23:06,460
We spend a lot of time with these

625
00:23:06,460 --> 00:23:09,400
clients to see to see what their needs

626
00:23:09,400 --> 00:23:11,600
are, what their cash flows are, other income.

627
00:23:12,600 --> 00:23:15,840
But oftentimes we encourage them not to de

628
00:23:15,840 --> 00:23:19,380
-risk completely because a 65 year old very

629
00:23:19,380 --> 00:23:22,920
well could have 25 plus years left of

630
00:23:22,920 --> 00:23:24,220
living and needing those money.

631
00:23:24,320 --> 00:23:25,760
So maybe it's a bucket approach.

632
00:23:25,760 --> 00:23:27,820
Um, this is different.

633
00:23:28,040 --> 00:23:30,120
It's the same where someone's having a feeling

634
00:23:30,120 --> 00:23:30,700
about risk.

635
00:23:30,780 --> 00:23:34,700
But this is different because the time frame

636
00:23:34,700 --> 00:23:37,140
where this family will want to access those

637
00:23:37,140 --> 00:23:40,860
funds, those 529 funds, which are college savings

638
00:23:40,860 --> 00:23:43,500
funds, tax tax free is used for education.

639
00:23:44,220 --> 00:23:46,120
Um, it's very, it's a short window.

640
00:23:46,300 --> 00:23:49,360
It's between now one and say five years,

641
00:23:49,380 --> 00:23:51,920
first year of college, next year in the

642
00:23:51,920 --> 00:23:54,420
example in the next four years when they'll

643
00:23:54,420 --> 00:23:55,320
need these funds.

644
00:23:56,000 --> 00:23:59,460
And so thinking about what if next year

645
00:23:59,460 --> 00:24:01,400
we have a bear market or we have

646
00:24:01,400 --> 00:24:03,640
a significant correction or a period of the

647
00:24:03,640 --> 00:24:06,480
down market, which happens, you know, we don't

648
00:24:06,480 --> 00:24:08,480
like them, but they happen and they know

649
00:24:08,480 --> 00:24:09,360
parts of the market.

650
00:24:09,480 --> 00:24:11,940
It doesn't mean that investing in a growth

651
00:24:11,940 --> 00:24:13,460
mutual fund wasn't a good idea.

652
00:24:13,580 --> 00:24:15,160
It probably was a great idea.

653
00:24:15,300 --> 00:24:16,840
Obviously, you know, to think about the last

654
00:24:16,840 --> 00:24:18,800
18 years, it's been some ups and downs,

655
00:24:18,860 --> 00:24:21,300
but I'm sure that 529 fund has done

656
00:24:21,300 --> 00:24:21,960
really well.

657
00:24:22,580 --> 00:24:23,020
Right.

658
00:24:23,180 --> 00:24:25,200
So they're at the end, they're getting close

659
00:24:25,200 --> 00:24:25,780
to the end.

660
00:24:25,980 --> 00:24:27,460
So I think they have two choices.

661
00:24:27,620 --> 00:24:29,680
And I think leaving it in a growth

662
00:24:29,680 --> 00:24:31,960
mutual fund with that short time frame and

663
00:24:31,960 --> 00:24:36,610
the markets being at record highs begs the

664
00:24:36,610 --> 00:24:39,290
question of, should we?

665
00:24:39,370 --> 00:24:40,870
And the answer is yes, you should de

666
00:24:40,870 --> 00:24:42,630
-risk a portion or all of it.

667
00:24:42,950 --> 00:24:44,630
So you get two different approaches here.

668
00:24:44,790 --> 00:24:47,050
And many people don't, aren't aware of this.

669
00:24:47,650 --> 00:24:49,850
Within a 529, they usually have you pick

670
00:24:49,850 --> 00:24:52,870
one investment as your money's going in, but

671
00:24:52,870 --> 00:24:55,910
you can once, it's either once a year

672
00:24:55,910 --> 00:24:58,130
or once every six months, depending on your

673
00:24:58,130 --> 00:25:01,430
state and the rules, but you can segregate

674
00:25:01,430 --> 00:25:02,170
some funds out.

675
00:25:02,290 --> 00:25:03,890
You can put them in a separate investment,

676
00:25:04,050 --> 00:25:06,310
meaning making a change in your investment choice.

677
00:25:06,870 --> 00:25:08,910
In this case, maybe a money market account,

678
00:25:08,990 --> 00:25:09,130
right?

679
00:25:09,150 --> 00:25:11,750
If they want to take, if they want

680
00:25:11,750 --> 00:25:13,590
to go totally on the safety market.

681
00:25:13,950 --> 00:25:14,050
Yeah.

682
00:25:15,070 --> 00:25:17,030
So I would encourage them if they're working

683
00:25:17,030 --> 00:25:19,290
with an advisor, you know, I get a

684
00:25:19,290 --> 00:25:19,950
lot of questions.

685
00:25:20,130 --> 00:25:24,310
Are these funds dedicated completely for, are there

686
00:25:24,310 --> 00:25:25,430
other funds coming in?

687
00:25:26,530 --> 00:25:28,350
So it'd be prudent to add a minimum

688
00:25:28,350 --> 00:25:31,610
to take next year's, the freshman year in

689
00:25:31,610 --> 00:25:34,650
college, next year's funds out of the market

690
00:25:34,650 --> 00:25:35,110
risk.

691
00:25:35,630 --> 00:25:35,830
Yeah.

692
00:25:35,990 --> 00:25:37,950
And put them into a money market, still

693
00:25:37,950 --> 00:25:39,430
get four or four and a half percent,

694
00:25:39,510 --> 00:25:42,510
whatever it is and have those funds that,

695
00:25:42,670 --> 00:25:44,610
you know, whatever happens over the next year,

696
00:25:44,730 --> 00:25:46,090
the market goes up a little bit, you

697
00:25:46,090 --> 00:25:47,950
lose a little bit on return, but it's

698
00:25:47,950 --> 00:25:48,670
not favorable.

699
00:25:49,810 --> 00:25:51,830
Then you know that you're not going to

700
00:25:51,830 --> 00:25:54,090
be affected by a market downturn, a market

701
00:25:54,090 --> 00:25:54,690
volatility.

702
00:25:55,870 --> 00:25:57,830
I would encourage them to at least do

703
00:25:57,830 --> 00:25:58,190
that.

704
00:25:59,050 --> 00:26:00,570
They could make, they could make a very

705
00:26:00,570 --> 00:26:04,150
rational decision to say, we've had a great

706
00:26:04,150 --> 00:26:04,430
run.

707
00:26:04,510 --> 00:26:05,610
We've had great returns.

708
00:26:05,850 --> 00:26:07,030
We're going to be needing this money.

709
00:26:07,370 --> 00:26:10,610
Let's switch it all to a less risky

710
00:26:10,610 --> 00:26:12,050
or no risk situation.

711
00:26:12,730 --> 00:26:15,670
It really depends on how much money they're

712
00:26:15,670 --> 00:26:17,890
going to need, how they view risk.

713
00:26:17,890 --> 00:26:19,270
Are they going to be worrying about this?

714
00:26:19,330 --> 00:26:20,610
Do they have other funds that they might

715
00:26:20,610 --> 00:26:21,050
use?

716
00:26:21,750 --> 00:26:23,750
But the question is a great question.

717
00:26:24,290 --> 00:26:26,270
And the answer is somewhere, you know, on

718
00:26:26,270 --> 00:26:28,730
a personal level, we try to offer guidance

719
00:26:28,730 --> 00:26:31,350
in these segments on the show, but it's

720
00:26:31,350 --> 00:26:33,550
really about the individual and, you know, how

721
00:26:33,550 --> 00:26:35,430
the whole fits into the whole financial plan.

722
00:26:35,510 --> 00:26:36,730
But the question is a good one.

723
00:26:37,250 --> 00:26:41,290
And I think their, their feeling of concern

724
00:26:41,290 --> 00:26:42,590
is accurate.

725
00:26:42,590 --> 00:26:44,670
And I would, I talked to their, they

726
00:26:44,670 --> 00:26:47,890
should talk to their advisor and ask what

727
00:26:47,890 --> 00:26:48,330
they think.

728
00:26:48,450 --> 00:26:49,990
But I think it's very prudent to at

729
00:26:49,990 --> 00:26:52,550
least take the first year, maybe two, maybe

730
00:26:52,550 --> 00:26:54,870
all of it, depending on the situation and

731
00:26:54,870 --> 00:26:56,290
how they, how they view risk.

732
00:26:56,870 --> 00:26:57,010
Yeah.

733
00:26:57,150 --> 00:26:58,710
I think it also depends on if, you

734
00:26:58,710 --> 00:27:01,990
know, if it's solely meant for that one

735
00:27:01,990 --> 00:27:04,850
child or if it's going to be, you

736
00:27:04,850 --> 00:27:07,410
know, moved over to your next kid, let's

737
00:27:07,410 --> 00:27:09,910
say after the first one's out of school.

738
00:27:09,910 --> 00:27:12,170
But in general, you can think of it

739
00:27:12,170 --> 00:27:13,950
similar to you do with savings.

740
00:27:14,430 --> 00:27:16,030
And if you're going to be spending the

741
00:27:16,030 --> 00:27:18,670
money within, you know, two, three, even four

742
00:27:18,670 --> 00:27:21,970
years, there's, there's a big argument to be

743
00:27:21,970 --> 00:27:23,970
made for having that in cash and having

744
00:27:23,970 --> 00:27:26,690
that more liquid, if not cash, very conservatively

745
00:27:26,690 --> 00:27:29,530
invested at the very least, because, you know,

746
00:27:29,530 --> 00:27:30,310
you're going to be using that.

747
00:27:30,390 --> 00:27:32,370
It's very different than when we try to,

748
00:27:32,370 --> 00:27:34,390
you know, project our lifespan and how long

749
00:27:34,390 --> 00:27:34,810
we're going to live.

750
00:27:35,010 --> 00:27:36,590
That's a number we don't know.

751
00:27:36,650 --> 00:27:37,450
We have no way of knowing.

752
00:27:37,450 --> 00:27:39,890
But with college, it's sort of a finite

753
00:27:39,890 --> 00:27:40,790
amount of years.

754
00:27:40,990 --> 00:27:41,910
And that's kind of it.

755
00:27:42,310 --> 00:27:44,730
So that's one thought.

756
00:27:44,870 --> 00:27:46,230
And then the other is I know some

757
00:27:46,230 --> 00:27:48,710
529 plans have sort of similar to like

758
00:27:48,710 --> 00:27:51,330
a target date fund where they have like

759
00:27:51,330 --> 00:27:54,010
a, you know, they're saying that your child

760
00:27:54,010 --> 00:27:55,490
is going to be in college this year.

761
00:27:55,610 --> 00:27:56,610
So this is our target.

762
00:27:56,750 --> 00:27:58,630
And it auto adjusts over time.

763
00:27:58,890 --> 00:28:02,930
So that's, yeah, that's another investment choice within

764
00:28:02,930 --> 00:28:03,770
529 plans.

765
00:28:03,970 --> 00:28:05,290
Not all, but some.

766
00:28:05,850 --> 00:28:07,590
So if these folks were in a target

767
00:28:07,590 --> 00:28:09,490
fund, it would have already been done.

768
00:28:10,210 --> 00:28:10,330
Right.

769
00:28:10,490 --> 00:28:11,870
It would have been transitioning over time.

770
00:28:12,030 --> 00:28:12,150
Exactly.

771
00:28:12,170 --> 00:28:14,290
So they would have very little market risk

772
00:28:14,290 --> 00:28:16,450
being a year out from the funds being

773
00:28:16,450 --> 00:28:16,730
needed.

774
00:28:17,230 --> 00:28:19,430
Target funds have, you know, they kind of

775
00:28:19,430 --> 00:28:21,690
they're designed to reset it and forget it.

776
00:28:22,950 --> 00:28:25,790
In the early years and mid years, you

777
00:28:25,790 --> 00:28:27,710
probably lose a little bit of potential for

778
00:28:27,710 --> 00:28:30,830
earnings because they're being, in my opinion, a

779
00:28:30,830 --> 00:28:31,770
little too conservative.

780
00:28:32,330 --> 00:28:34,870
And some of these target funds have higher

781
00:28:34,870 --> 00:28:35,710
fees than others.

782
00:28:35,890 --> 00:28:38,470
So it's not all positive with target funds,

783
00:28:38,610 --> 00:28:40,830
but the principle behind it is a good

784
00:28:40,830 --> 00:28:42,250
principle about risk reduction.

785
00:28:42,250 --> 00:28:44,430
The closer you're getting to the goal, you

786
00:28:44,430 --> 00:28:47,070
know, we'll have clients say, OK, I'm going

787
00:28:47,070 --> 00:28:48,450
to start saving for a house.

788
00:28:49,050 --> 00:28:49,610
How long?

789
00:28:49,730 --> 00:28:50,370
Five years.

790
00:28:50,650 --> 00:28:52,770
And they'll have in their mindset of, OK,

791
00:28:52,830 --> 00:28:56,870
let's invest in Nvidia or let's invest in,

792
00:28:56,870 --> 00:29:00,310
you know, semiconductors or let's invest in some

793
00:29:00,310 --> 00:29:01,550
stock that they heard about.

794
00:29:01,770 --> 00:29:06,630
Um, because they're trying to maximize their their

795
00:29:06,630 --> 00:29:08,510
returns by increasing their risk.

796
00:29:08,570 --> 00:29:12,970
But by doing that, they're certainly taking the

797
00:29:12,970 --> 00:29:16,310
risk of not reaching that goal five years.

798
00:29:16,470 --> 00:29:19,230
So it's really a modeling and a measurement

799
00:29:19,230 --> 00:29:21,450
of not their own, not only their own

800
00:29:21,450 --> 00:29:24,330
risk, but more importantly, is one of those

801
00:29:24,330 --> 00:29:25,950
funds going to be needed, whatever the goal

802
00:29:25,950 --> 00:29:26,150
is.

803
00:29:26,290 --> 00:29:28,790
And certainly going to college at a certain

804
00:29:28,790 --> 00:29:30,870
time is a very specific time frame.

805
00:29:31,370 --> 00:29:34,730
That is not movable, obviously, but not really

806
00:29:34,730 --> 00:29:37,810
that movable for 99 percent of the people.

807
00:29:38,690 --> 00:29:38,910
Exactly.

808
00:29:39,910 --> 00:29:41,030
Good questions, Russ.

809
00:29:41,570 --> 00:29:42,790
Thanks for joining us.

810
00:29:42,930 --> 00:29:44,930
And let's see next time if we can

811
00:29:44,930 --> 00:29:46,990
have a whole episode without mentioning the one

812
00:29:46,990 --> 00:29:47,870
big beautiful bill.

813
00:29:48,530 --> 00:29:49,210
We'll see.

814
00:29:50,530 --> 00:29:51,870
Thank you for tuning in.

815
00:29:51,970 --> 00:29:53,570
Thank you for listening to us on your

816
00:29:53,570 --> 00:29:55,130
favorite podcast channel on YouTube.

817
00:29:55,590 --> 00:29:57,890
If you don't subscribe, please hit that subscribe

818
00:29:57,890 --> 00:29:59,890
button and your like button.

819
00:29:59,890 --> 00:30:01,110
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820
00:30:01,230 --> 00:30:02,930
We appreciate you sharing the show with other

821
00:30:02,930 --> 00:30:03,250
people.

822
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It helps us and the algorithms reach more

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people and help more people.

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And we appreciate your listenership.

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00:30:09,450 --> 00:30:11,270
And don't forget to tune in next time.

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Until then, keep striving for something more.

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00:30:15,570 --> 00:30:17,330
Thank you for listening to something more with

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00:30:17,330 --> 00:30:18,050
Chris Boyd.

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00:30:18,370 --> 00:30:20,490
Call us for help, whether it's for financial

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00:30:20,490 --> 00:30:24,430
planning or portfolio management, insurance concerns or those

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00:30:24,430 --> 00:30:26,470
quality of life issues that make the money

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00:30:26,470 --> 00:30:27,570
matters matter.

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00:30:27,570 --> 00:30:28,930
Whatever's on your mind.

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00:30:29,050 --> 00:30:32,830
Visit us at somethingmorewithchrisboyd.com or call us

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00:30:32,830 --> 00:30:38,070
toll free at 866-771-8901.

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00:30:38,250 --> 00:30:41,930
Or send us your questions to amr-info

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00:30:41,930 --> 00:30:43,890
at wealthenhancement.com.

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00:30:44,030 --> 00:30:45,990
You're listening to something more with Chris Boyd

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00:30:45,990 --> 00:30:46,850
Financial Talk Show.

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00:30:47,010 --> 00:30:49,450
Wealth Enhancement Advisory Services and Jay Christopher Boyd

841
00:30:49,450 --> 00:30:51,770
provide investment advice on an individual basis to

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00:30:51,770 --> 00:30:52,310
clients only.

843
00:30:52,510 --> 00:30:54,450
Proper advice depends on a complete analysis of

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00:30:54,450 --> 00:30:55,650
all facts and circumstances.

845
00:30:55,650 --> 00:30:57,750
The information given on this program is general

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00:30:57,750 --> 00:30:59,770
financial comments and cannot be relied upon as

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00:30:59,770 --> 00:31:01,370
pertaining to your specific situation.

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00:31:01,590 --> 00:31:03,530
Wealth Enhancement Group cannot guarantee that using the

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00:31:03,530 --> 00:31:05,530
information from this show will generate profits or

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00:31:05,530 --> 00:31:06,650
ensure freedom from loss.

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00:31:06,850 --> 00:31:09,010
Listeners should consult their own financial advisors or

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00:31:09,010 --> 00:31:11,110
conduct their own due diligence before making any

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00:31:11,110 --> 00:31:11,890
financial decisions.