Year end money moves

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#249 Portfolio Clean Up with Dan Forbes

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The end of the year is the perfect time to clean up your portfolio, says our guest, Dan Forbes, CFP®. Many moons ago, Dan was my intern and he is now the owner of the thriving Forbes Financial Planning in RI, where he specializes in working with individuals and small businesses. He was named a Certified Financial Planner Board of Standards Ambassador and appeared in the Board’s media campaign in 2014. He is the financial planning expert and weekly contributor to www.GoLocalProv.com and also appears on NBC 10 and ABC6, and contributes to Providence Business News, US World & News Report and Time Magazine.

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Dan noted that end of the year is a perfect time to dump tax losers and to also clean up your portfolio. He warned that you should compare your positions to the appropriate benchmarks. Dan mentioned an interesting Morningstar article about 529 plans and also mentioned that immediate annuities are once again back on his front burner.

Finally, Dan was nice enough to mention the fact that I was named one of the top 10 Influencers on LinkedIn...and I am keeping some pretty fancy company on this list!

Here are a few of the resources that we mentioned during the show:

Thanks to everyone who participated this week, especially Mark, the Best Producer in the World. Here's how to contact us:

  • Call 855-411-JILL and we'll schedule time to get you on the show LIVE 
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#248 Year End Money Moves with Ed Slott

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Ed Slott, CPA is a nationally recognized IRA expert, television personality and best-selling author who has dedicated his life to educating Americans on saving for retirement and the intricacies of IRAs.  He was named “The Best Source for IRA Advice” by The Wall Street Journal and is the author of numerous best-selling books, which is why we are so happy he joined the show to help you make smart, year-end money moves.

  • Download the podcast on iTunes
  • Download the podcast on feedburner
  • Download this week's show (MP3)

 Ed covered a lot of ground, including a great rule of thumb about filing for Social Security: "The longer you wait, the more you get!" Here's a quick list of things to remember to maximize the remaining days of 2015:

  • Make your 2015 Roth IRA conversion and consider a back door conversion, if you earn too much money to qualify for a contribution
  • Check the taxes on stock or mutual fund sales; use losses to offset gains
  • Max out your retirement accounts (yes, there's still time to get to $18,000 or $24,000 if you are over age 50)
  • Take Required Minimum Distributions: RMDs must start in the year you turn 70 1/2 or the year. Fail to do so and the amount you should have withdrawn will be taxed at 50 percent!
  • Donate your IRA distributions to charity: Although this is still in limbo, Ed recommends that you take advantage of it and assume that Congress will once again make it part of an extender package
  • Check / Update Beneficiary Forms
  • Bunch your deductions and if you are self-employed, project your 2016 income. If it will be higher than 2015, consider deferring income and expenses until next year, when you are in a higher tax bracket
  • Be aware of stealth taxes

Check out Ed's web site www.IRAHelp.com for more information!

Thanks to everyone who participated this week, especially Mark, the Best Producer in the World. Here's how to contact us:

  • Call 855-411-JILL and we'll schedule time to get you on the show LIVE