The Money Knight

What to Know About the IRS Changes to Inherited IRAs and RMDs

In recent years, there have been significant changes to the rules governing inherited IRAs and Required Minimum Distributions (RMDs), primarily due to the introduction of the SECURE Act. These changes have left many people confused and unsure about how to proceed with their financial planning. Thankfully we have clarity now that the IRS has issued final regulations and today we’re going to update you on what’s most important for your retirement.  
For this week’s Kingdom Minute, we’ll spend time on this question: Is Jesus Lord of all your affairs, or is there still one part of your life where you insist on being ‘in charge?’ That one area, all too often, is money. We all have to make a decision. Will we live in God’s economy or man’s?
Join us for a great episode with a lot of valuable information.
 
Here’s some of what we discuss in this episode:
What is an inherited IRA and what did the rules used to be?
What are the rules now and how do they differ for a spouse and non-spouse?
The new regulations for RMDs to be aware of.
 
Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 
The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.
Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

Beware of Retirement Half-Truths

We hear a lot of half-truths in the financial world, not necessarily because people try to make misleading statements, but because sometimes a simple statement just doesn’t quite tell the whole story. These statements may sound correct on the surface but they just don't tell the whole story.
On this episode, we’ll dive into the importance of understanding fees, the complexities of mortgage decisions, and why simply matching your employer's 401(k) contributions might not be enough. Wade also explains why having a retirement plan is crucial, even if you plan to work during retirement, and the limitations of relying solely on Medicare and Social Security. We’ll cover a wide range of retirement planning topics today and hopefully clear up some of the gray area to help you make more informed decisions.
 
Here’s some of what we discuss in this episode:
Why fees in your portfolio might not be as low as you think.
Is it better to pay off your mortgage early or invest that money?
Why diversification isn’t THE key to retirement planning.
 
Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 
The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.
Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.
Why planning is still essential even if you plan to work in retirement.

The Financial Challenges Following The Death of a Spouse

One of the most challenging things anyone can face, both emotionally and financially, is the death of a spouse. Many widows are left without a partner who they’ve relied on for many years, and it’s incredibly difficult to navigate.  
 
While it can be hard to talk about, proper planning in advance can make the transition a little bit easier and take some of that financial stress off your plate. Join Wade as he discusses some of the challenges that may lie ahead financially for someone who just lost their spouse and some strategies to make those a little easier to manage.
This episode is a replay from a couple of years ago but an area of planning that we take very seriously. We help widows all the time so please reach out with any questions.
 
Here’s some of what we discuss in this episode:
Planning in advance for the financial side of losing a spouse.
Knowing what income you will need going forward.
Tax changes for filing as single instead of jointly.
What you need to know about navigating wills.
 
Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 
The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.
Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

How are Social Security Benefits Calculated?

Most retirees will rely on Social Security to make up a significant portion of their income in retirement, but knowing what your benefits will be isn’t always something people have a good handle on. Today we’re going to break down how your earnings history, adjusted for inflation, determines your benefit.
From understanding the primary insurance amount (PIA) to the significance of your highest 35 years of earnings, this episode is packed with valuable insights for anyone nearing retirement. Understanding how Social Security works will help you maximize your benefits and plan effectively for retirement.
This episode is a replay from a couple of years ago but it’s a conversation that’s worth revisiting because Social Security continues to be a common topic of discussion with people we meet.
 
Here’s some of what we discuss in this episode:
What goes into the calculation?
How inflation is factored in and accounted for in the future.
Why it’s important to track your benefits online.
The role Social Security plays in income planning.
 
Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 
The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.
Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

Things to Consider When Naming a Trust or Estate as an IRA Beneficiary

When planning your estate, one of the critical decisions you’ll face is naming beneficiaries for your Individual Retirement Account (IRA). While many people designate their spouse, children, or other loved ones as direct beneficiaries, there are situations where naming a trust or your estate as the beneficiary may be advantageous. Today we’re going to take a closer look at this topic and the decisions you’ll need to make.
While naming a trust or an estate as an IRA beneficiary can offer control and protection, it's essential to weigh the benefits against the drawbacks. The Secure Act has changed the landscape, making it more crucial than ever to review your estate planning strategies. This episode will give you some things to consider, but you’ll want to lean on a professional to help you make the best decisions for you and your beneficiaries.
 
Here’s some of what we discuss in this episode:
The impact of the SECURE Act and how beneficiaries manage their inherited assets.
Why you’d want to consider a trust as an IRA beneficiary.
The drawbacks of trusts and estates.
The importance of seeking professional advice when it comes to setting up an estate plan.
 
Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 
The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.
Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.
Ed Slott’s Elite IRA Advisor Group is a group of financial professionals who pay a fee to attend a seminar that explores regulations, tax updates, and other issues regarding individual retirement accounts. It does not qualify a financial professional to provide investment recommendations, or advice. Ed Slott and Ed Slott’s Master Elite IRA Advisory GroupSM are not affiliated with CWM, LLC.

Combatting Popular Excuses For Poor Financial Decision-Making

Very often, we see people who know that the financial decisions that they’re making aren’t the best decisions, but they try to create excuses or explanations for why they’re doing what they’re doing.
From starting Social Security early to taking on too much investment risk, Wade offers insights into why these justifications often don't hold water and how to make better choices for a secure financial future.
 
Here’s some of what we discuss in this episode:
Why you might not want to start Social Security at age 62.
When you might be taking too much risk with your money.
Why you shouldn’t keep your money in cash out of fear of a market crash.
Do you know what you’re invested in?
Why you should consider working with an advisor.
 
Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 
The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.
Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

The Current Landscape of Long-Term Care Insurance

As you edge closer to retirement, have you considered the role of long-term care insurance in your financial plan? As plans and policies evolve, we want to take some time to help guide you through the nuances of long-term care and its critical importance for your future.
Long-term care insurance has undergone significant transformations, and understanding these changes is key to making informed decisions. With life expectancies increasing and healthcare costs on the rise, nearly 70% of people turning age 65 are expected to require some form of long-term care. This stark statistic from the U.S. Department of Health and Human Services highlights the urgency of planning ahead.
We’ll share insights on the changes in insurance policies, the importance of protecting assets, and the innovative hybrid options available today.
 
Here’s some of what we discuss in this episode:
What is long-term care insurance and how has it evolved?
Why would you consider long-term care insurance?
The limitations of traditional policies.
What are the new hybrid policies?
 
Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 
The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.
Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

Don’t Make These Income Planning Mistakes

Are you planning for your retirement with the confidence that you're making all the right moves? You might feel that way, but many of the mistakes that people make happen when it’s too late to correct them.
In today's episode, we'll unveil the crucial income planning mistakes that could jeopardize your retirement and show you how to craft a financial plan that's built to last decades, not just years. Tune in to ensure your retirement strategy is foolproof against common pitfalls and ready to secure your financial future.
 
Here’s some of what we discuss in this episode:
Don’t plan to be retired for years. Plan to be retired for decades.
Don’t start Social Security too early.
Don’t assume that bonds will be your main source for retirement income.
Don’t ignore inflation.
Don’t forget to create lifetime income streams other than just Social Security.
 
Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 
The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.
Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

Are You Reviewing Your Estate Plan?

Estate planning: it's a term that often evokes a sense of finality and permanence. However, estate planning is anything but a one-time event. It's a dynamic process that requires regular attention and updates to stay aligned with our lives' ever-changing landscape.
Many people, including those with significant wealth, either lack an estate plan or let their existing one gather dust on a shelf. Wade shares his surprise at how common this oversight is and stresses the importance of treating your estate plan with the same care you would your investment portfolio. Just as life evolves—children grow, we move to new states, our health changes—so too should the documents that dictate our wishes after we're gone.
 
Here’s some of what we discuss in this episode:
Why it’s important to review these documents alongside your financial plan.
What documents do you need to have?
The importance of an estate plan to your overall plan.
 
Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 
The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.
Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

Utilizing a Backdoor Roth IRA

In this episode, Wade Chessman does more than just explain what a backdoor Roth IRA is; he walks you through the entire process. He addresses the common misconceptions and lays out the benefits in a way that's both easy to understand and actionable. Whether you're a seasoned investor or a novice to the world of finance, Wade's insights are invaluable.
 
Here’s some of what we discuss in this episode:
What is a backdoor Roth?
The backdoor Roth allows you to contribute after-tax money to an account.
When does it make sense for you?
Can you do it yourself?
 
Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 
The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.
Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.