Tax Traps When Withdrawing Money From Retirement Accounts
Withdrawing money from a retirement account can create a lot of confusion on your tax return. Is the withdrawal taxable? At what tax rate? Should you withhold taxes or will you have to pay a penalty? These are questions you need to be aware of before you pull money from your retirement account. Here are three tax traps to watch out for.
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What is momentum investing and is it the same as market timing?
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https://www.youtube.com/watch?v=X-8LfPnRE78
What should you do when your kids appear to lack the skills and maturity to handle money well? As a parent, should you step in and help, or do you let your kid learn their own lesson? Whether you're managing multigenerational wealth or just observing your kid's decisions with their own finances, we're helping you know the right steps to take in this episode of Wise Money.
Season 9 Episode 30
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Want to speak with a Certified Financial Planner™? Visit https://www.korhorn.com/ or call 574-247-5898.
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Kevin Korhorn, CFP® offers securities through Silver Oak Securities, Inc., Member FINRA/SIPC. Kevin offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. KFG Wealth Management, LLC dba Korhorn Financial Group and Silver Oak Securities, Inc. are not affiliated. Mike Bernard, CFP® and Joshua Gregory, CFP® offer advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk, including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.
Intro: (0:00)
Segment 1: (0:11)
Break 1: (10:27)
Segment 2: (14:00)
Break 2: (24:18)
Segment 3: (26:01)
Break 3: (36:17)
Segment 4 (37:49)
Outro: (48:05)
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https://www.youtube.com/watch?v=HZ5u6-de-Cg
If you are wanting to save up for your future and avoid taxes on that money in the future, the first thing you should think about is funding the Roth IRA. If you max funded your Roth for 40 years, how much money would you have saved for retirement?
Have a question for the show? Call or text 574-222-2000 or leave a comment!
Want to speak with a Certified Financial Planner™? Visit https://www.korhorn.com/ or call 574-247-5898.
Find more information about the Wise Money Show™ at https://www.korhorn.com/wise-money-show
Be sure to stay up to date by following us!
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Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.
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https://www.youtube.com/watch?v=lukmEZk9qlY
There has been a huge rise in the Stock Market, but here are the top 3 reasons to be extremely bullish!
Have a question for the show? Call or text 574-222-2000 or leave a comment!
Want to speak with a Certified Financial Planner™? Visit www.korhorn.com, call 574-247-5898, or email info@korhorn.com.
Find more information about the Wise Money Show™ at www.wisemoneyshow.com
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https://www.youtube.com/watch?v=1bmdGRljS0o
No one likes a drop in the stock market, but it is an unavoidable part of being an investor. I have 3 reminders so you have the right perspective during market downturns.
Have a question for the show? Call or text 574-222-2000 or leave a comment!
Want to speak with a Certified Financial Planner™? Visit https://www.korhorn.com/ or call 574-247-5898.
Find more information about the Wise Money Show™ at https://www.korhorn.com/wise-money-show
LINKS: https://twitter.com/charliebilello/status/1521162311616053249?s=20&t=fBTrneNDYVl_DUADuX9P7Q
https://awealthofcommonsense.com/2022/01/when-will-the-stock-market-bottom/
https://twitter.com/awealthofcs/status/1519024631461597184?s=20&t=fBTrneNDYVl_DUADuX9P7Q
Be sure to stay up to date by following us!
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Want more Wise Money™?
Read our blog! https://www.korhorn.com/wise-money-blog
Listen on Podcast: https://link.chtbl.com/WiseMoney
Subscribe on YouTube: http://www.youtube.com/c/WiseMoneyShow
Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.
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https://www.youtube.com/watch?v=To_A-5Kfd1w
What will the economic recovery look like after COVID-19? Mike is giving his stock market predictions, what you should expect, and more in today's daily update!
Coming to you straight from Mike's office, we will continue to keep you updated as the stock market reacts to the spread of the coronavirus.
Have a question for the show? Call or text 574-222-2000 or leave a comment!
Want to speak with a Certified Financial Planner™? Visit www.korhorn.com, call 574-247-5898, or email info@korhorn.com.
Find more information about the Wise Money Show™ at www.wisemoneyshow.com
Be sure to stay up to date by following us!
Facebook - https://www.facebook.com/WiseMoneyShow
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Want more Wise Money™? Read our blog! https://www.korhorn.com/wise-money-blog
Listen on Podcast: https://link.chtbl.com/WiseMoney
Subscribe on YouTube: http://www.youtube.com/c/WiseMoneyShow
Now on Spotify and Pandora - Search Wise Money Show
...
https://www.youtube.com/watch?v=pGdw8na-7PA
Data came out last week that inflation is now at 8.5%, climbing again from prior readings and slightly higher than estimates. Has inflation peaked?
Have a question for the show? Call or text 574-222-2000 or leave a comment!
Want to speak with a Certified Financial Planner™? Visit https://www.korhorn.com/ or call 574-247-5898.
Find more information about the Wise Money Show™ at https://www.korhorn.com/wise-money-show
LINKS: https://twitter.com/charliebilello/status/1513859016417554436?s=20&t=tvB3QO7b1jwnXo_aDmAbPw
https://twitter.com/RyanDetrick/status/1512500177726226438?s=20&t=MU8fUxwKn_qUa9LZvzz_1Q
https://www.cnn.com/2022/04/08/business/china-shanghai-covid-lockdown-economic-impact-intl-hnk/index.html
https://www.nytimes.com/2022/04/05/opinion/ukraine-war-food-crisis.html
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Want more Wise Money™?
Read our blog! https://www.korhorn.com/wise-money-blog
Listen on Podcast: https://link.chtbl.com/WiseMoney
Subscribe on YouTube: http://www.youtube.com/c/WiseMoneyShow
Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.
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https://www.youtube.com/watch?v=hGv6DpHgFEo
The IRS announced new tax brackets for 2023. Here is what is changing, what is staying the same, and the tax rates for 2023.
Have a question you want to be answered on the show? Call or text 574-222-2000 or leave a comment!
Want to speak with a Certified Financial Planner™? Visit https://www.korhorn.com/ or call 574-247-5898.
Find more information about the Wise Money Show™ at https://www.korhorn.com/wise-money-show
LINKS: https://taxfoundation.org/2023-tax-brackets/
https://taxfoundation.org/2022-tax-brackets/
https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2023
Be sure to stay up to date by following us!
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Want more Wise Money™?
Read our blog! https://www.korhorn.com/wise-money-blog
Listen on Podcast: https://link.chtbl.com/WiseMoney
Subscribe on YouTube: http://www.youtube.com/c/WiseMoneyShow
Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.
...
https://www.youtube.com/watch?v=WI5YMXzY_0A
With house prices going up, it is likely to become more common to have a mortgage in retirement. Should you avoid having a mortgage in retirement? What strategies should you consider to pay off your mortgage near or in early retirement? We are covering that and more in this episode of the Wise Money Show.
Season 7 Episode 32
Have a question for the show? Call or text 574-222-2000 or leave a comment!
Want to speak with a Certified Financial Planner™? Visit https://www.korhorn.com/ or call 574-247-5898.
Find more information about the Wise Money Show™ at https://www.korhorn.com/wise-money-show
Be sure to stay up to date by following us!
Facebook - https://www.facebook.com/WiseMoneyShow
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Want more Wise Money™?
Read our blog! https://www.korhorn.com/wise-money-blog
Listen on Podcast: https://link.chtbl.com/WiseMoney
Subscribe on YouTube: http://www.youtube.com/c/WiseMoneyShow
Kevin Korhorn, CFP® offers securities through Silver Oak Securities, Inc., Member FINRA/SIPC. Kevin offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. KFG Wealth Management, LLC dba Korhorn Financial Group and Silver Oak Securities, Inc. are not affiliated. Mike Bernard, CFP® and Joshua Gregory, CFP® offer advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.
Intro: (0:00)
Segment 1: (0:11)
Break 1: (9:21)
Segment 2: (12:03)
Break 2: (21:17)
Segment 3: (24:00)
Break 3: (33:18)
Segment 4 (36:53)
Outro: (49:53)
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https://www.youtube.com/watch?v=o6WWFl-35tU