The pandemic changed many things. We witnessed “The Great Resignation.” According to , the nation’s “quit rate” reached a 20-year high last November.   Were you one of those who left?   If so, do you know all the options you have available to you for your company retirement plan distribution? Whether it’s a 401(k), 403(b), 457 or another type of company plan, there are several ways you can move or take the money. From an IRA rollover to a Roth conversion to a lump-sum distribution, it’s important to understand your options before making any decisions to avoid costly tax mistakes. There may also be significant tax-saving strategies to consider that are only available at the time of your distribution, so it is critical to proceed with caution.

Episode 283:  Six Distribution Options

In this two-part show, Heidi and Shea will discuss two key elements of retirement planning: Taxes and Transitions. Heidi will delve deep into the implications of how accounts are taxed, so that you can make a strategic plan to withdraw accordingly. Not all accounts are the same and, as the rules change, you must change your plans too.   Shea, a Certified Life Coach, will talk about the importance of understanding how to manage your transition into retirement. Even if you’re looking forward to it, having a plan to manage the change in relationships, time and resources will require a new set of tools.

Episode 282:  Taxes and Transitions

Welp, Heidi is back from a great trip to Nashville for the Ed Slott conference with updates galore! Today, Dennis and she will refresh your memory regarding: IRA beneficiary form mistakes to avoid; estate as retirement plan beneficiary; choosing a charity as a beneficiary; and spouse and non-spouse beneficiaries. Next up, they will discuss health care taxes and the impact on IRAs, the 10-Point IRA Trust Checklist, and the new DOL rule your advisor should be following.   It's going to be an action-packed show with more information than time to cover it.

Episode 284:  Lots of Changes

The “Inflation Reduction Act” just passed in the Senate, which was approved on a tiebreaker by Vice President Harris. At the end of this week, it will come up for vote by the House of Representatives, which is expected to (you guessed it) PASS! We will discuss in detail what’s in this new bill, and what this sweeping new legislation will mean for you personally, financially and from a tax perspective.   You may have decided to overcome inflation by purchasing a lottery ticket for the $1 billion+ prize that an Illinois resident recently won. What would the tax be, and how could you plan for such a windfall? We will discuss in detail practical options you may decide to take, as well as how to deal with your own lump sum presented within your retirement accounts or employer.

Episode 285:  The Inflation Tax Act

The days of simple retirement planning are gone and those who can manage their own portfolio are choosing not to.  Prout Financial Design began over 25 years ago as an education based financial planning practice.  Dennis Prout, Certified Financial Planner, believes that each client should not only understand their finances, they should be actively involved in the decisions made.  Join the conversation!

Dennis' radio show can be heard LIVE every Thursday at 10 am on News Talk 580 am or you can listen here instead. Thanks for tuning in!

Advisory Services offered through Capital Asset Advisory Services, LLC, a Registered Investment Advisor.Prout Financial Design does not provide tax, accounting, or legal services. Please consult the appropriate professional regarding your individual circumstance. Not associated with or endorsed by the Social Security Administration or any other government agency.