Your Retirement Elevated Podcast with Scott Dougan

The Four Tax Liability Buckets

Do you know where your tax liabilities fall? You may not realize it, but your tax situation likely falls into one of four buckets, and you may have a little bit in each bucket. On this episode of Your Retirement Elevated Podcast, Scott Dougan explains what the four buckets are and why it’s important to know this information.  
 
Read more and get additional financial resources here: https://wp.me/paeENs-9p 
 
Read the whitepaper: https://listentoscott.com/wp-content/uploads/2020/09/Four-Buckets-PDF-For-Website.pdf
 
What we discuss on this episode: 
1:30 – Tax liabilities
3:29 – Taxable bucket
7:10 – Tax-deferred assets bucket
10:08 – Tax-free bucket

How to Future-Proof Your Retirement

In light of COVID-19 and how it’s affecting the economy, there’s an added incentive to move money into a Roth. Scott Dougan explains the process and the benefits. 
 
Read more and get additional financial resources here: https://wp.me/paeENs-9k 
 
What we discuss on this episode: 
1:19 – How COVID affects retirement
3:01 – Big takeaway for future-proofing retirement
4:57 – No doom and gloom
6:57 – Getting out of debt
9:31 – Take stock of where you are
12:43 – How this could affect other investments
16:38 – Final thoughts
 

10-Step Layoff Survival Guide

Have you been laid off close to retirement, or are you worried that might happen? Scott Dougan shares 10 steps to help you decide your next move.
 
Read more and get additional financial resources here: https://wp.me/paeENs-9d 
 
On today's show: 
3:45 – Keep calm and take it one step at a time
4:36 – Determine your living expenses
6:42 - Create an inventory of your resources
8:28 – Add in severance pay
9:51 - Understand how unemployment benefits work
10:57 – Learn about your health insurance options
13:18 – Get a new social security estimate
13:54 – Consider a lump sum payment
15:52 – Determine if you want to go back to work
17:28 – Seek a professional opinion
 

As Business Expands, Show Clients They Still Matter

Scott Dougan got a wake-up call when he found out his business advisor was taking on more clients. Would the advisor be too busy to talk with him now? How would it affect their relationship? The experience made Scott think about his own clients and how his business expansion makes them feel. Find out what he learned and how he applies that to his business relationships now.
 
Read more & get additional financial resources here: https://wp.me/paeENs-97 
 
Today's show schedule: 
2:00 – Scott shares how adviser has helped him
4:13 – Scott finds out his adviser wants to expand and help others
7:53 – How business expansion can affect clients
11:12 – Scott discusses business growth
12:04 – Relationships are sacred
14:02 – Job No. 1 is taking care of clients.

4 Things to Check Now

The fear for many right now is that once the pandemic finally passes, the financial impact will knock them off track for the future. If you’re worried that the coronavirus could rob you of your retirement, there are four areas of your finances that you can check right now. Find out what they are and why they’re good indicators of where you’re headed.
 
Read more and get additional financial resources here: https://wp.me/paeENs-8V 
 
Access the Elevated Retirement Recession PDF here: https://wp.me/aaeENs-91 
 
Today's show schedule: 
0:53 – Will a recession rob your retirement?
2:07 – Most of the folks we work with still have the same plan now that they did before the pandemic.
3:29 – No. 1 - Check in on your expenses.
6:26 – No. 2 - Check your assets.
9:26 – No. 3 - Check your risk tolerance. Here’s what that means.
14:18 – No. 4 - Check the income gap.
18:12 – How does Scott use this checklist with clients?

New Rollover Rules for 2020 RMDs

With so much news to process these last few months, financial updates might not be at the top of your list. But part of the recent relief efforts included new rollover rolls that impact people that need to take RMDs. Find out what it all means and whether this impacts you.
 
Read more and get additional financial resources here: https://wp.me/paeENs-8O 
 
Today's show schedule: 
0:52 – How’s everyone doing around the office?
2:01 – With change comes opportunity.
5:18 – New rollover rolls were introduced recently.
6:18 – Who does this apply to?
6:43 – Provisions from the CARES Act
9:31 – Just because you can put money back, should you?

5 Life Events That Spark Major Financial Changes

Building a financial plan is as much about protecting your portfolio as it is building it, and that’s why it’s important to prepare for the unexpected. These five life events would likely fall into that category so what should you financially if any of these things impact you? We’ll talk about each one and discuss what adjustments might be made.
 
Read more and get additional financial resources: https://wp.me/paeENs-8I 
 
Today's show schedule: 
0:56 – What our topic is all about today.
1:48 – A planned move to a new job.
3:02 – An unplanned change of jobs.
3:56 – Conversation Scott’s been having with clients about job uncertainty.
4:50 – Receiving an inheritance.
6:51 – Facing a serious medical issue.
9:26 – The death of a spouse.
12:03 – On all of these situations, we want to make sure you plan prepares you for the unexpected.

Best Intentions But Bad Financial Advice

Maybe even more so now than ever, we are looking for more and more financial guidance. A lot of times we turn to lots of different sources to find that information. And while these sources might have the best intentions, that doesn’t mean that the advice is always going to fit you. Let’s look at some examples and explore the reasons why we have to be very careful from whom we’re taking this important guidance.
 
Read more and get additional financial resources here: https://wp.me/paeENs-8B 
 
Today's show schedule: 
1:17 – First day back in the office as a team since the pandemic began. 
1:52 – Here’s what we’re talking about today.
2:45 – The first source: Family
5:32 – A great lesson Scott learned from a mentor early in his career.
9:21 – The second source: Friends
10:51 – The third source: CPAs
16:16 – The fourth source: Financial experts in the media.
19:45 – Here’s the bottomline on getting advice.
21:30 - Separating experts from entertainers.

Tax Planning Opportunities with Special Guest David McKnight

Since we aren’t able to bring David McKnight to Kansas City for an in-person appearance, we decided to do the next best thing and bring him on the podcast. Join us as the author and tax planning expert gives us his perspective of what we’re experiencing with a turbulent economy and what opportunities investors have to move closer to a zero percent tax bracket.
 
Read more and get additional resources here: https://wp.me/paeENs-8m 
 
Today's show schedule: 
1:02 – Special guest David McKnight joins us on the show today.
1:21 – Some background on David.
2:22 – What has the coronavirus done to the economy and how will it effect tax rates in the future?
3:36 – As the national deficit increases, politicians have two options.
5:15 – The state of the economy now that the health crisis has hit.
6:55 - Our job as advisors is to navigate the current circumstances. What options or opportunities are available now?
11:16 - How we’re working with clients right now.
12:12 - If you can’t get to the zero tax bracket, what’s the next best thing?
13:50 - Last words of wisdom from David.
16:07 - If you want to get a copy of the book, here’s what we’re doing for listeners.
17:18 - David’s new book is coming out earlier. 

5 Ways The CARES Act Impacts Retirement Planning

The CARES Act is a recent bill that passed and became law in order to provide some relief during this economic slowdown. There are some provisions in this bill that retirees and pre-retirees should take a closer look at because they may change your retirement plan. Scott will list the 5 key points in this new piece of legislation and will discuss the possible impacts of each point.
Show Notes & Info:
Podcast Site: https://listentoscott.com/
Retirement Classes: https://www.retirementelevated.com/courses/
Call: (913) 393-4724