Small Business Bootcamp

I am often asked about the best retirement plan options for entrepreneurs and sole proprietors.

There's a lot of choices out there, and it's not always so easy to determine which plan makes the most sense, that's why on this episode we're glad to welcome back Michael Goodman for a little small business bootcamp!

As the president of Wealthstream Advisors in New York City, Michael knows firsthand what it's like to run a small business.

We'll touch on a variety of topics, including which retirement plan is the best choice for your situation.

Among the options discussed:

• Individual Retirement Account (IRA): You can choose a traditional IRA, where you pay taxes in the future or a Roth, where you pay taxes today.

• Simplified Employee Pension (SEP-IRA): This is a good option for those who have up to 25 employees and want to offer a retirement benefit that is easy to operate.

• Savings Incentive Match Plan for Employees (SIMPLE IRA Plan): SIMPLE plans were aimed at slightly larger small business owners (usually up to 100 employees), who wanted to provide employees a way to save for retirement.

• Solo 401(k) plan: Alternatively referred to as an “individual 401(k)” or “uni-401(k),” this plan is geared to small business owners who have no employees (other than a spouse) and have the capacity to sock away a lot of dough.

This special episode is part of the Small Business Podference presented by Dell Technologies.

To find more participating podcasts, search for Dell Technologies Small Business Podference on the Audacy App, Spotify or Apple podcasts at the end of this episode.

Have a money question? Email me here.

Please leave us a rating or review in Apple Podcasts.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Coronavirus: Convert to a Roth?

Since the wackiness began in mid March, one of the most common questions we've been getting is whether or not now is a good time to convert from a traditional IRA to a Roth IRA.

Have a money question? Email me here.

Please leave us a rating or review in Apple Podcasts.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Should We Pay Off the Mortgage?

For whatever reason, it seems like we’ve been getting a bunch of questions about paying off mortgages early. I get that people don’t like debt, especially when they’re heading into retirement, but sometimes there’s such a thing as good debt. That’s how we kicked off the latest show with George in Louisville.

Next up was Jerry from Michigan with another popular question: Should we start converting some of our traditional IRA assets into a Roth IRA?

In the post-fact, deeply divided world we live in, true persuasion is rare. Engaging with people holding differing opinions is rarer still. But for progress to take place, persuasion must happen. 

Whether it's convincing an employer you are right for the job, a customer that your product is the best, or your closed-minded uncle that good people can disagree, it takes the art, and science, of persuasion to move forward.

So, how do you change someone's mind, or at least advance the conversation, when everyone is entrenched in their own points of view? 

Our latest guest, communication expert Lee Hartley Carter, has spent nearly twenty years advising and helping the world's most well-known companies do just that.

Her first book, Persuasion: Convincing Others When Facts Don't Seem to Matter, covers all the secrets to persuading anyone, at work and in life.

Filled with researched insights into how we make up, and change, our minds, as well as colorful real-world examples and actionable recommendations, Persuasion will help you hone your message and craft your narrative in order to get heard and get results.

Have a money question? Email me here.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Secure Act 101

After I wrote about the Setting Every Community Up for Retirement Enhancement (SECURE) Act, I received a slew of questions from readers. 

So to help clear up some of the confusion, we’re bringing on IRA guru Ed Slott. (Ed will also join us for a tax season related episode)

The Secure Act includes significant changes to retirement accounts, including:

Age Limit Eliminated for Traditional IRA Contributions

Beginning in 2020, the new law eliminates the age limit for traditional IRA contributions (formerly 70 ½). Now, those who are still working can continue to contribute to a traditional IRA, regardless of their age.

RMD Age Raised to 72

The SECURE Act also raises the age for beginning RMDs to 72 for all retirement accounts subject to RMDs. IRA owners reaching age 70 ½ in 2020 catch a break and will not have to take their first RMD in 2020 now that the RMD deadline has been extended to age 72.

New Exception to the 10% Penalty for Birth or Adoption

The SECURE Act adds a new 10% penalty exception for birth or adoption, but the distribution is still subject to tax. It is limited to $5,000 over a lifetime. The birth or adoption distribution amount can be repaid at any future time (re-contributed back to any retirement account).

IRA Contributions with Fellowship and Stipend Payments

Additionally, the new law allows taxable non-tuition fellowship and stipend payments to be treated as compensation to qualify for an IRA (or Roth IRA) contribution.

Employer Liability Protection for Annuities in Plans

The SECURE Act provides a safe harbor for employer liability protection for offering annuities in an employer plan. This is expected to open the door for more annuity products to be available as investment choices in employer plans.

Good Bye, Stretch IRA

Beginning for deaths after December 31, 2019, the stretch IRA is replaced with a ten year rule for the vast majority of beneficiaries. The rule requires accounts to be emptied by the end of the tenth year following the year of death. There are no annual RMDs. Instead, the only RMD on an inherited IRA is the balance at the end of the 10 years after death. For deaths in 2019 or prior years, the old rules would remain in place.

There are five classes of “eligible designated beneficiaries” who are exempt from the 10-year post-death payout rule and can still stretch RMDs over life expectancy. These include surviving spouses, minor children, disabled individuals, the chronically ill, and beneficiaries not more than ten years younger than the IRA owner.

Have a money question? Email me here.

Please leave us a rating or review in Apple Podcasts.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Inherited IRA Options

Should I keep taking the required minimum distributions or cash out the balance from my inherited IRA? That's what Jennifer from Connecticut was wondering.

Have a money question? Email me here.

Please leave us a rating or review in Apple Podcasts.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Do I Need Another REIT?

If you’re being pitched a Real Estate Investment Trust (REIT), and you already have a couple within your portfolio, do you really need another one? That’s the situation facing Cathy from California.

Next up was Lilly from Virginia who is trying to figure out a way to do a backdoor Roth IRA. The main obstacle is that she already has an existing rollover IRA.

Are you at risk of being scammed? 

Our latest guest is former con artist and bestselling author of Catch Me If You Can, Frank Abagnale, and he’s here to show you how to stop scammers in their tracks.

Maybe you're wondering how to make the scam phone calls stop. Perhaps someone has stolen your credit card number. Or you've been a victim of identity theft. Even if you haven't yet been the target of a crime, con artists are always out there, waiting for the right moment to steal your information, your money, and your life.

As one of the world's most respected authorities on the subjects of fraud, forgery, and cyber security, Frank Abagnale knows how scammers work. 

In his latest work, Scam Me If You Can, he reveals the latest tricks that today's scammers, hackers, and con artists use to steal your money and personal information, often online and over the phone. Using plain language and vivid examples, Abagnale reveals hundreds of tips, including:

• The best way to protect your phone from being hacked

• The only time you should ever use a debit card

• The one type of photo you should never post on social media

• The only conditions under which you should use WiFi networks at the airport

• The safest way to use an ATM

With his simple but counterintuitive rules, Abagnale also makes use of his insider intel to paint a picture of cybercrimes that haven't become widespread yet.

Have a money question? Email me here.

Please leave us a rating or review in Apple Podcasts.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

The Beauty of a Roth 401(k)

Having a Roth 401(k) option is a beautiful thing, and nowadays many employers offer them, but the problem is that many employees have no idea the option exists. That's the gist of the latest conversation with Joel from Atlanta.

Have a money question? Email me here.

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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.