LBS-One Family Financial-End of Year Planning

Ron Adams and Steve Kurtz from One Family Financial discuss different steps to take when it comes to the end of the year and your finances.

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In today's local business spotlight we are talking about end of year planning but maybe not the type of planning that you would typically think about here with all the information are the great gentleman behind one family financial of course you remember mr ron adams and joining us today also is steve kurtz thanks for joining us happy to be here thank you all right we mentioned that we are coming up on the end of the year we're talking about some planning and we're not talking about our christmas list tell us what we're discussing well we're talking about planning for life you know one of the things we do we do a lot of different kinds of work for folks but this time of year medicare supplements and such that is very important to take care of that's one of the things that can cost you an arm and a leg literally so you've got to be able to plan and to get the best price but with a really good solid company we have tremendous amount of those to take care of all of our clients and help them out with that right of course we're coming up on that open enrollment season now is the time to ask those questions earlier we were talking a little bit about rmds can you remind me and our viewers at home what those are yeah rmds are required minimum distributions okay in fact we just said one of our customers call this morning about theirs they they just didn't understand uh that what that is we talk about rmds they just don't know what that is but that's uncle sam's way of getting you to pay taxes on your money that you've got to grow that grew for a year without any taxes on it like 401ks and index products and such as that but if you don't do that it has a steepest penalty and the irs has about 50 percent if you just decide not to take your rmd out when you're supposed to and also this year you don't really have to do that to something when the cares act they eliminated but for the future we gotta you gotta plan for that you planning doesn't mean the day it's due either it means you plan ahead of time right so the things are gonna be taken care of nobody likes that type of surprises right no nobody likes that nobody likes it and speaking of surprises i want to talk about individuals who are growing near retirement um is it to if they haven't planned for retirement yet is it too late is now the crunch time what's your message to those folks well listen when you're talking about 401k plans for 3b plans 457 plans what most people don't realize is that there are two sets of rules in the in when the rules apply to you depends on which age group you're in okay if you're under 59 and a half like you are jessica the the 401k plans and all those plans they do not encourage you to take money out of your plan so the only way you can get it out is through what's called a hardship you have to be divorced you have to be going to bankruptcy or buying a house for the first time or if someone dies that's about the only way that you can get money out but the day that you turn 59 and a half and you're older the rules change and it becomes more favorable and the plans encourage you to take out your money well why would they encourage you to take your money out you may ask well if you look at companies like delta airline for an example where their stock is down 70 what the irs recognizes that as people get closer to retirement age they need to have the option to move that money out and put it into a safe protected guaranteed place so that they don't have that kind of debacle but nobody in town talks about what is called an in-service distribution which is available to people who are 59 and a half older we are the leading experts in town on the in-service distribution we encourage people who are 59 and a half or older to call us so we can explain the details and put your money in a safe protected guaranteed place perfect you just hit the nail on the head it's so important to keep that money safe and protected especially with the crazy year we've had this year but guys what's the best way for someone to get started with you guys well just give us a call 7102009 and talk to our folks here and they'll be glad to set up a time for you there's no charge gentlemen we'll talk again soon