Winning in Retirement: Recent Episodes
Akers Financial Group
Our show is all about your retirement. We cover many different topics to help you in planning for your retirement. We dive deep on different aspects that many people are unaware of so you can be informed about risks and what’s truly important when planning for your retirement.Our experienced hosts have helped many people just like you. They cover in detail everyday issues to complex matters to help bring financial clarity and confidence to their listeners.START WINNING IN RETIREMENT TODAY! https://www.akersfinancial.com/contact | 410-692-9870 | Securities offered through Kalos Capital, Inc. and Investment Advisory Services offered through Kalos Management, Inc., both at 11525 Park Woods Circle, Alpharetta, GA 30005, (678) 356-1100. Akers Financial Group, Inc. is not an affiliate or subsidiary of Kalos Capital, Inc. or Kalos Management, Inc. Member FINRA/SIPC.
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Brian Akers and Jeff Akers, both certified financial planners, discuss the pros and cons of various annuities in their show "Winning in Retirement." They highlight the importance of financial planning and understanding annuity contracts. They like fixed annuities for their guaranteed returns and fixed indexed annuities for their potential growth linked to stock market indices. They dislike immediate annuities for their inflexibility and variable annuities for their high fees and market risks. The Akers emphasize the need for a balanced portfolio, using annuities as tools to provide guaranteed income and protect against market volatility. They encourage listeners to consult with a financial advisor for personalized advice.
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Brian Akers and Alex Monk discuss the concept of "One More Year" in retirement planning, emphasizing the importance of financial preparation. They share a client story about George and Jane Jetson, who needed one more year to finalize their retirement plans, including paying off debt and optimizing cash flow. Brian highlights the necessity of having a budget, spending plan, and proper investment strategies to ensure a stable retirement. They also stress the importance of tax planning and risk management, advocating for diversified portfolios and regular financial reviews. The goal is to achieve financial independence and peace of mind before retiring.
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Brian Akers and Paul Franco discuss the importance of Roth IRAs for retirement planning. They highlight three core principles: eligibility, timing, and qualified withdrawals. Eligibility requires earned income, and contributions are capped at $7,500 annually for those under 50 and $8,600 for those over 50. Timing is crucial, as contributions should be made when tax rates are low. Qualified withdrawals are tax-free if made after age 59.5 and after a five-year holding period. They also discuss the benefits of Roth IRAs, such as tax-free growth and flexibility, and common mistakes like excess contributions and improper tax planning.
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Brian Akers and Alex Monk from Akers Financial Group discuss the concept of financial independence, likening it to the U.S. Independence Day. They emphasize the importance of financial planning to achieve this state, where individuals can retire on their terms without financial stress. They highlight the need for a comprehensive financial plan, including understanding one's financial fingerprint, managing debt, and optimizing tax strategies. They also discuss the impact of external factors like job security and market volatility on financial independence. The show encourages listeners to start planning for their financial independence to ensure a secure retirement.
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Brian Akers and Samuel Huff discuss the new Trump accounts for children born between January 1, 2025, and December 31, 2028, which offer a $1,000 government contribution. Samuel, who set up the first Trump account at AKERS Financial Group, explains the process, including filing Form 4547 with tax returns. The accounts are managed by Robinhood and invested in low-cost index funds. Contributions are capped at $5,000 annually, including the $1,000 government contribution. The accounts are intended for retirement, not college funds, and can be converted to Roth IRAs at age 18. The hosts emphasize the importance of understanding investment details before contributing. Brian Akers from AKERS Financial Group emphasizes that financial freedom is achieved through strategic planning rather than luck. For 34 years, his team has helped Maryland families plan for retirement by creating customized plans to grow wealth, minimize taxes, and protect assets. Akers stresses the importance of tailored financial strategies, likening each plan to a unique fingerprint. He invites listeners to schedule a free meeting by calling 833-946-7384 or visiting AKERS Financial Group's website to discuss their retirement goals. The program is sponsored content and may not reflect the views of WJZ FM Odyssey.
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Brian Akers and Alex Monk discuss strategies for minimizing taxes in retirement through Roth IRAs and Roth conversions. They emphasize the benefits of paying taxes now to avoid future tax burdens, highlighting that Roth IRAs offer tax-free growth and withdrawals. They note that Roth conversions can help reduce Medicare premiums and IRMAA levels. The conversation also covers the importance of comprehensive financial planning, including estate planning and tax strategies. They advise against self-managing Roth conversions due to the complexity and potential tax implications, recommending professional guidance instead.
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Brian Akers and Nick Molite discuss the importance of investing cash effectively. They emphasize the concept of "cash flow is king" and the need for a balanced approach to managing liquid assets. They introduce a case study about Fred and Wilma, a couple nearing retirement with significant savings but no stock market exposure. Nick explains the rule of 72, highlighting the time it takes for money to double at different rates of return. They also discuss the benefits of diversified portfolios, tax efficiency, and the role of financial advisors in guiding clients through investment decisions. The conversation underscores the importance of having a clear financial plan and understanding the purpose of money.
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Brian Akers and his son Noah, both financial advisors at Akers Financial Group, discuss the importance of retirement planning. They emphasize starting early, such as contributing to a 401(k) at age 21, to benefit from compounding. They explain the differences between pre-tax and Roth contributions, noting that Roth is better for younger individuals due to its tax-free growth. They also discuss the significance of maximizing employer matches and the potential to contribute to multiple plans. Additionally, they highlight the importance of understanding withdrawal rules, such as the age 59.5 penalty and the age 55 rule for certain plans.
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Brian Akers and Jeff Akers, Certified Financial Planners, discuss the importance of life insurance in financial planning. They explain different types of life insurance: term, whole, and universal, highlighting their features and costs. They emphasize the need for life insurance to cover debts, replace income, and fund future goals. They also discuss the use of life insurance for long-term care and estate planning, including tax-free inheritance through irrevocable life insurance trusts. The conversation underscores the importance of understanding why life insurance is needed and how much is required, tailored to individual financial situations and goals.
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Brian Akers and Paul Franco from Akers Financial Group discuss strategies for creating income in retirement. They emphasize the importance of financial independence and planning for unexpected events like job loss. They highlight the need for a balanced approach to retirement income, including guaranteed sources like Social Security, pensions, and annuities. They stress the significance of tax planning, particularly Rothification, to minimize future tax liabilities. The conversation also covers the impact of income on Medicare premiums and the importance of a diversified portfolio to ensure longevity of retirement funds.
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Brian Akers and Jeff Akers discuss the financial challenges of retiring single, highlighting that 45% of people over 65 are single. They emphasize the importance of financial planning, especially after a spouse's death, to manage tax implications and ensure financial stability. Key points include the need for Roth conversions to take advantage of lower tax brackets, the impact of Medicare premiums under IRMAA, and the significance of having a retirement income plan and annuities. They stress the importance of working with a financial advisor to navigate these complexities and maintain a secure financial future.
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Brian Akers and Alex Monk discuss the concept of "rothification," or converting pre-tax retirement accounts to Roth IRAs to pay taxes now and enjoy tax-free growth. They explain the history of Roth IRAs, which began in 1998, and the rules for qualified withdrawals at age 59 1/2. They emphasize the importance of tracking contributions on Form 8606 to avoid paying taxes twice. The conversation also covers the benefits of Roth conversions for high-income earners and those nearing required minimum distributions. Additionally, they highlight the strategic use of Roth accounts in estate planning and the potential tax savings for future generations.
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Brian Akers and Paul Franco discuss the importance of starting to save early for retirement. They emphasize the need to maximize workplace benefits, such as 401(k) matches and health savings accounts, and to avoid debt. Brian highlights the significance of financial planning, including understanding one's job benefits and creating a budget. They stress the importance of saving first and living off the rest, and the impact of compound interest. Paul advises cutting up credit cards once they are paid off to prevent future overspending. They conclude by urging listeners to take action and plan for their financial future.
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Brian Akers and Jeff Akers, both certified financial planners, discuss strategies for funding children and grandchildren's education through 529 plans. They highlight the benefits of starting early, contributing $19,000 annually per beneficiary, and leveraging state tax deductions, such as Maryland's $2,500 deduction. They explain the flexibility of 529 plans, including using funds for K-12 education, private school, and trade schools, and the option to convert unused funds into Roth IRAs. They also address the importance of financial aid considerations and the potential for using 529 funds to pay off student loans. The discussion emphasizes the need for comprehensive financial planning to ensure educational and retirement goals are met.
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Brian Akers and Paul Franco discuss the importance of lowering portfolio risk as retirement approaches. They emphasize that as individuals get closer to retirement, they should scale down risk to preserve their money. Paul shares an example of a client who needed to reduce risk due to market performance and upcoming retirement. They explain that younger individuals can tolerate more volatility due to their longer time horizon. They also discuss the concept of target date funds and the benefits of diversification. Paul highlights the importance of regular portfolio reviews and the use of tools like stable value funds and fixed and indexed annuities to balance risk and protection.
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The show "Winning in Retirement" with Brian Akers and Jeff Akers discusses the financial decisions and changes that occur when turning 65. They emphasize the importance of planning before receiving an influx of mail related to Medicare, Social Security, and other financial matters. Key points include the need for a financial advisor to guide clients through these decisions, the significance of full retirement age (66-67), and the impact of Medicare on Social Security payments. They also highlight the importance of understanding tax benefits, such as the extra standard deduction and pension exclusion in Maryland, and the need to adjust investment strategies to ensure a secure retirement.
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Jeff and Brian Akers discuss charitable giving and retirement planning, emphasizing the importance of prioritizing one's time and money, understanding tax implications, and giving back to the community. They share strategies for maximizing charitable deductions, aligning financial decisions with values, and leveraging retirement accounts for giving. The conversation highlights the benefits of giving through reputable organizations and the importance of researching charities before donating.
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Brian and Jeff discuss tax planning strategies for retirement, including Roth IRA conversions, tax bracket management, and inherited IRAs. They emphasize the importance of understanding tax law to minimize taxes and make retirement savings last longer. They also discuss the benefits of contributing to and converting to Roth IRAs, including tax-free income in retirement, lack of RMDs, and potential to avoid paying taxes on retirement savings. The conversation highlights the importance of proper planning and communication between clients and accountants to optimize Roth IRA benefits.
Brian and Jeff discuss the potential risks and challenges associated with prepaid college plans, including calculation errors and changes in interest rates. They also discuss the Maryland 529 Plan and prepaid college tuition, highlighting the option to use up to $10,000 from a 529 plan to pay off student loans. The speakers emphasize the importance of careful planning and understanding the rules of these plans to make informed decisions about college savings and financial aid. They also discuss the benefits of 529 college savings plans, including tax deductions, tax-free growth, and qualified expenses. Additionally, they emphasize the importance of early planning and strategic savings for college education, and prioritizing debt repayment, saving for unexpected expenses, and investing in education for loved ones in retirement planning.
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