Your Retirement Elevated Podcast with Scott Dougan

End-of-Year Tax Planning Guide

On this episode of Your Retirement Elevated podcast with Scott Dougan, we explain why tax planning is so important, how the election could affect taxes and much more.
Consider this your end-of-year tax planning guide. Find out why tax planning is often a missing piece in people’s financial plans.   
 
Read more and get additional financial resources here: https://wp.me/paeENs-9U 
 
What we discuss on this show:
2:15 – Why tax planning is often a missing piece
5:38 – Itemization vs. standard deduction
7:48 – CPAs vs. financial planners
11:00 – Actions to consider before year end
15:29 – Making contributions next year
17:22 – Notable tax changes
20:42 – Other important tax considerations
26:11 – How the election could affect taxes
30:55 – Eliminating the step up in basis

Mailbag: Answering Your Questions About Gold, Divorce, and the Election

Should I invest in gold? How will the election affect my financial strategy? Will a divorce tank my retirement? Scott answers these questions and more in today’s podcast. 
 
Read more and get additional financial resources here: https://wp.me/paeENs-9M 
 
What we discuss on the show: 
1:38 – Will I spend more money in the first few years of retirement?
4:17 – Should I buy gold coins, gold bars, or no gold at all?
6:59 – Should I be investing differently since we have a national election coming?
8:47 – Can I overcome a divorce financially in my late 50s?
11:09 – Is it better to get a big tax refund or keep more money throughout the year?
12:47 – Should we renovate our kitchen or save more for retirement?

In Uncertain Times, Here’s How Your Financial Advisor Can Help

This year has been full of economic struggles and unknowns, but you shouldn’t have to face them alone. Find out how a financial advisor can help you navigate the uncertainty.
 
Read more and get additional financial resources here: https://wp.me/paeENs-9G 
 
What we discuss on this show: 
2:02 – The role of an advisor
7:55 – Hoping for best, planning for worst
9:40 – The battle between our ears
12:58 – Handling uncertainty
18:00 – Projecting forward

Coach Rut’s Advice for a Healthy Retirement

When planning for a successful retirement, you need think about your wealth as well as your health. On today’s podcast, Coach Rut shares advice for having a healthy retirement
 
Read more and get additional financial resources here: https://wp.me/paeENs-9y 
 
About our guest: https://www.coachrut.com/ 
 
Connect with Coach Rut on social media.
Twitter - https://twitter.com/coachrut 
Facebook - https://www.facebook.com/coachrut
 
What we discuss on this show: 
1:00 – Special guest Coach Rut
3:42 – Health and wealth
6:30 – Emotion free, fact-based decisions
10:40 – Compound consistency
13:48 – Second half of life
16:30 – Advice to get on healthier path
21:30 – Assess where you are
24:20 – Key habits of people who focus on fitness
30:50 – Sleep apnea
34:03 – Staying healthy in retirement
36:09 – Being busy is a choice
39:39 – Coach Rut on social media

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?