Not Your Average Financial Podcast™

Think different about your money, your economy and your future. Be curious. Be stable. Be sane.

Episode 292: Multiple Streams of Tax-Free Income in Retirement

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In this episode, we ask:

  • What is better than a five star review?
  • Who needs to hear this?
  • Who wants a FREE book?
  • When is the time to make changes to your tax situation?
  • Would you like to hear Episode 290 and Episode 291?
  • Who wants multiple streams of tax-free income?
  • How many streams are we talking about?
  • How many streams of income does Ryan Reger have? Would you like to hear Episode 76?
  • What provides a series of tax advantages?
  • What happens if the IRS changes the rules?
  • What about social security?
  • What is the correct time to take social security benefits?
  • What are the factors that play into this decision?
  • What happened to social security rules in the 1980s?
  • How much of your social security check is taxable?
  • What about Roth IRA conversions?
  • What tax trap is easy to fall into?
  • Why is it smart to do a piece meal, internal, multi-year conversion?
  • What did Nelson Nash say?
  • Who is getting a guaranteed income stream?
  • How might one spread out the tax liability?
  • Is there still time?
  • What is the standard deduction?
  • What about an income annuity?
  • What about an example?
  • When were you taxed?
  • What about a recap?
  • What about some counter-intuitive strategies?
  • What about muni-bonds?
  • What about tax on muni-bonds?
  • How does this affect social security?
  • How much will you pay in tax?
  • How many states charge tax on muni-bonds?
  • What are the rates?
  • What about call risk?
  • What about reverse mortgages?
  • What are the takeaways?
  • What about future taxes?
  • What about putting all your eggs in one tax-free basket?
  • Does your CPA think beyond this year?
  • Would you like to join us next week?

Episode 291: Unexpected Ways to Max Out Your Roth IRA

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In this episode, we ask:

  • Are you paying more in tax?
  • What are some strategies with IRAs and Roth IRAs?
  • What about the drama of the stock market?
  • What strategies include a guaranteed life time income?
  • Who is ready for a next level strategy?
  • What’s wrong with self-directed IRAs?
  • Would you like to hear Episode 209?
  • What is a “back door” Roth?
  • How do conversions work?
  • Who meets the income eligibility requirements for a Roth IRA?
  • What about an IRA on a spouse?
  • What about a “mega back door” IRA?
  • What does this look like?
  • What about high income earners?
  • Who allows for after tax contributions?
  • Does it make sense to pay tax on a smaller balance?
  • Is it better to convert when your income is lower?
  • Is time running out?
  • What about a multi-year conversion?
  • Do you have the number of your HR department?
  • Do you own a small business?
  • Are your family members employed?
  • Where will the money live?
  • What is liquid?
  • What is accessible?
  • What do you want to purchase within your IRA?
  • How much do you need?
  • How much annual income do you want?
  • Is the IRA full of stocks? Indexed funds? Real estate?
  • Is there a better way?
  • What about an income annuity inside of an IRA?
  • What about guaranteed lifetime feature?
  • What about inflation protection?
  • What about liquidity?
  • Is the money locked up?
  • What about emergency funds?
  • What about leaving a death benefit to your heirs, should you pass away too soon?
  • What about an IRA transfer?
  • What about piecemeal internal Roth conversions?
  • What about paying your taxes now?
  • What about an annuity inside a Roth IRA?
  • What about guaranteed, tax-free, inflation-adjusted income that could last the rest of your life?

Episode 290: How Inflation will Affect Your Taxes

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In this episode, we ask:

  • What is even better than a five star review?
  • Who needs to hear this?
  • Would you like a free book?
  • What about inflation?
  • What triggers change in the tax law?
  • What is the good news?
  • How are the tax brackets tied to inflation?
  • What adjustments have been made?
  • What are the hidden pitfalls?
  • What about the standard deduction?
  • Did you know about the new number for the standard deduction?
  • What about the updated annual estate tax?
  • What about sales tax?
  • What about capital losses?
  • What about capital gains?
  • What about social security benefits?
  • Are social security benefits taxed?
  • What has been intentionally frozen in place?
  • Will taxes have to go up on everybody?
  • How about a game?
  • What about money printing?
  • Are you among the wealthiest?
  • What is fair?
  • What happens if the law changes?
  • When do you want to get started?
  • What has lots of income tax liability in the future?
  • What about the SECURE act?
  • What about ERISA?
  • Do Roth IRAs get taxed?
  • Where will the money live?
  • When was life insurance started?
  • When was the IRS started?
  • What did Ed Slott say?
  • What is the single biggest benefit in the tax code?
  • What about tax deferred growth?
  • What is income tax free?
  • What about the estate tax?
  • What about receiving the death benefit?
  • What about funding a trust with life insurance?
  • What forces are at work?
  • What are the external factors?
  • Would you like to join us next week?

Episode 280: Oh MYGA! Interest Rates Are Rising!

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In this episode, we ask:

  • Have you shared this episode?
  • Would you like a free book? Show us how you shared this episode, and we will send you a book!
  • What happens when your environment changes?
  • What about the boring Certificate of Deposit (CD)?
  • Are CDs liquid?
  • What is the history of the CD?
  • What about the current interest rates?
  • What about tax?
  • What is a mutli-year guaranteed annuity (MYGA)?
  • What about the guarantees?
  • What is there to love about MYGAs?
  • What is a 1035 exchange?
  • What about thinking long term?
  • What about some examples?
  • What about transferring from a MYGA to a single premium indexed annuity(SPIA)?
  • What are the alternatives?
  • What about the 4% rule?
  • What about commissions?
  • What about guarantees?
  • What about low fees or no fees?
  • What are the age ranges?
  • What are the risks of a MYGA?
  • What about FDIC insurance?
  • Would you like to hear Episode 55?
  • Who is going to pay?
  • What happened in Cyprus?
  • What about knowing the environment?

Episode 262: Don’t Make This Hard! 13 Crucial Questions about Money with Doug Peacock

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In this episode, we ask:

  • Would you like to join us for the Not Your Average Financial Summit in the afternoons on Friday, September 30 and Saturday, October 1?
    Login or Join the FREE membership community to Reserve Your Spot!
  • Did you do what you were supposed to do?
  • Who is Doug Peacock?
  • What is Doug’s story?
  • Why does Doug work with the guarantees inherent in whole life insurance?
  • What are the 13 Crucial Questions?
  • Is it truly your money?
  • Do you know what the future value of that money will be?
  • What happened in 2008?
  • Does your money get to set a new time high, every day?
  • Would you like to hear Episode 197?
  • Does your current financial storehouse generate additional income for you?
  • Are you an owner?
  • Did people receive dividend checks in the Great Depression?
  • If you have unlimited access to your cash for your lifestyle needs or your business needs as much as you want? 
  • Are brokerage accounts liquid throughout your lifetime?
  • What about home equity lines of credit (HELOCs)?
  • Can you leverage your money in your favor and still earn interest on it? 
  • Can you control the repayment terms of the loan with your current bank?
  • What about employee retention and new hires?
  • Do you think taxes going up, going down or staying the same?
  • Do you want to pay taxes on the seed or the harvest? Do you want to pay taxes on a little or a whole lot?
  • Is a dollar worth more today or tomorrow?
  • What is the status of 95% of 65-year-olds, financially speaking?
  • Do you want someone else to hire away your best employee because of your benefits?
  • Do you want to pay more taxes?
  • Do you want the courts to tell everyone where your money is going after you die?
  • Do you want your competitor to be able to take advantage of opportunites that you cannot, because you couldn’t come up with the money? 
  • Do you want some of money to be locked up when you try to leave your money as a legacy?
  • Do you have a guaranteed exit strategy from your business? 
  • Is this hard?
  • Would you like schedule with Doug at peacockwealthgroup.com?

Doug Peacock spent 38 years as a high school teacher and football coach. He tried to retire the traditional/conventional path, and things didn’t work out like he was led to believe. He learned that other teachers and coaches were having the same conversation. Doug literally watched his 403(b) become a 203(b) twice in the last decade of his teaching career. He knew there had to be a better way, so he started learning how wealth really works.

Episode 257: The Two-Stage Rocket Strategy

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In this episode, we ask:

  • Have you ever wondered what it’s really like to be on a launch pad?
  • What happens when the engines light?
  • What about accelerating straight up?
  • What about large sums?
  • What about real estate?
  • What about debts?
  • What about a Bank on Yourself® type whole life insurance policy?
  • Will it fit?
  • What would happen if a one million dollar lump sum went into a policy?
  • What happened in the 1970s?
  • What is a MEC or modified endowment contract?
  • What happened in 1988?
  • What is the TAMRA Act?
  • What are the tests?
  • Would you like to listen to Episode 91?
  • Why was the TAMRA Act put into place?
  • What is special about the seven year test (the seven pay test)?
  • Would you like to hear Episode 203?
  • What are the tax implications of a MEC policy?
  • Should you be surprised by a MEC?
  • What do the insurers do on a monthly basis?
  • What about the 60-day grace period?
  • Will policies accidentally turn into a MEC?
  • What are the advantages of MEC policies?
  • Do you understand the power of Bank on Yourself®?
  • Why are most single pay policies classified as MEC policies?
  • Should I do a MEC policy or non-MEC policy?
  • Is this the last windfall?
  • What are the limits to a single premium policy?
  • What about recurring premium policies?
  • Can you get a life insurance policy over age 65?
  • Can you get a life insurance policy over age 85?
  • How might the single premium MEC policies work?
  • Should we avoid MECs at all costs?
  • How much of the cash value in a single premium MEC policy is loanable?
  • What are the advantages of non-MEC policies?
  • How much can you take of the cash value in a non-MEC policy?
  • What is the two-stage rocket strategy?
  • What about doing both a Single Premium MEC policy and a recurring non-MEC policy?
  • What about taxes?
  • How long does it take for single premium policies to break even?
  • How long does it take for recurring premium policies to break event?
  • What are the stages?
  • What happens after taking loans on the cash value?
  • What about taxable events?
  • What about the life insurance death benefit?
  • What is the catch?
  • What about long term planning?
  • How might one buy back debts?
  • What about recurring premium?
  • What about flexibility?
  • What is a paid up additions rider (PUAR)?
  • Would you like to hear Episode 142?
  • What about a case study?
  • What are the tax implications of the different policies?
  • What about the death benefits?
  • What about chronic care, long-term care and/or home health care?
  • Would you like to meet with Mark?
  • Who needs to hear this?
  • Would you like to leave us a review?
  • Would you like a free book? Send us a screenshot to hello@nyafinancialpodcast.com, and we’ll send you a free book!

Episode 254: Solving the Unsolvable Financial Problems with Steven Step

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In this episode, we ask:

  • How do you solve an unsolvable problem?
  • Can you solve a Rubik’s cube?
  • What about complexity?
  • Who is Steven Step?
  • What’s Steven’s story with Bank on Yourself®?
  • What happens every year on the policy statement?
  • What is always increasing?
  • What is the best way of creating a safe, tax-free retirement income?
  • Are there many safe, tax-free instruments available?
  • What about paying taxes?
  • What about social security?
  • What about the adjusted gross income?
  • How much is exposed to taxation?
  • What about financing bigger items?
  • How many policies does Steven own?
  • How many cars has Steven purchased?
  • What about medical emergencies?
  • What about an example?
  • What about feeling great?
  • What about ease?
  • What about a 401(k)?
  • What about Bank on Yourself®?
  • What about a traditional pension?
  • What about surprisingly high fees?
  • What about the market?
  • What about dollar cost averaging?
  • What are they not thinking about?
  • When will the market crash?
  • Does all the money saved in a 401(k) belong to the 401(k)’s account holder?
  • What about the IRA?
  • How long are you going to live?
  • What about the layers of complexity?
  • …How much in retirement assets?
  • What is possible?
  • Do you have to start taking required minimum distributions?
  • What about the tax payments?
  • What about the specific situation?
  • What about the The Baby Boomer Dilemma movie?
  • What’s Steven’s story with a client who held a 401(k)?
  • What happened in 2008?
  • What will the sequence of returns look like?
  • What is Steven’s hope?
  • Where will you be when you’re at age 82?
  • Would you like to connect with Steven? Call 800-245-4677 or reach out at connectwithstevenstep.com
  • Would you like to reach out to Steven and get access to view The Baby Boomer Dilemma?
  • Aren’t you thankful for Steven?
  • Would you like to review this podcast? Send us a screenshot of your review to hello@nyafinancialpodcast.com!

Steven Step is the President of A Step Ahead Financial, Inc. He is the co-author of The Secret to Lifetime Security. Steven has a Masters in Business Administration from USC. He has thirty years of experience helping hundreds of families build wealth, save taxes and retire comfortably.

Episode 250: How Does Inflation Affect Bank On Yourself®?

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In this episode, we ask:

  • Are inflation indicators blinking red?
  • What is the PCE index?
  • How high is inflation?
  • What happened in September 1983?
  • How does inflation work?
  • How does inflation affect your financial goals?
  • Would you like to hear the information shared with Jay Helms at W2 Capitalist Part 1?
  • What about Not Your Average Inflation?
  • What is on the mind of real estate investors today?
  • How do you want to increase your own money supply?
  • What happened about 100 years ago?
  • What happened in Germany?
  • What is hyperinflation?
  • Do you feel 10 times wealthier than your parents did in 1990?
  • What goes up in price?
  • What does all of this mean?
  • What about a stealth tax?
  • Who pays it?
  • What about taxation without representation?
  • How can we protect ourselves?
  • Is inflation transitory?
  • How many years could it last?
  • What about stocks?
  • What is the amount you can get in any given year?
  • When was the roaring 20?
  • When was the boring 20?
  • Can you deal with a dozen years lost?
  • What about tremendously lower yields?
  • Where do average popular stock percentages come from?
  • What about volatility?
  • What about the DALBAR report?
  • What about the pouring 20?
  • What about level mortgage payments?
  • What about maintenance costs?
  • What has happened to mortgage rates recently?
  • What about other expenses?
  • What about the rent moratorium?
  • What about being average?
  • What about being not-so-average?
  • What about the stock market?
  • What about looking carefully at your money?
  • What about weapons of math destruction?
  • What about compound growth?
  • What about leverage?
  • What about optionality?
  • How can we flip the script, and use these to our advantage?
  • How might you protect yourself?
  • What about Bank on Yourself®?
  • What about dividend paying whole life insurance?
  • What about rings on a tree?
  • What has worked for hundreds of years?
  • What about leverage and liquidity?
  • What about an inflationary economy?
  • How do life insurance policy loans work?
  • What about growth of money?
  • What about the velocity of money?
  • What’s Dan’s Bank on Yourself® story?
  • Are you prepared for this fight?
  • What are you going to do with this very precious life you have?
  • Would you like to meet with Mark?

Episode 249: Whole Life Takes How Long to Break Even? with Dan and Rebecca Proskauer

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In this episode, we ask:

  • What happened in the middle of the tech bubble?
  • Why is it OK for policies to take years to break even?
  • How is this not a deal breaker?
  • Who are the Proskauers?
  • Would you like to hear Episode 118?
  • What is Dan and Rebecca’s story with money?
  • How did they pay for the wedding?
  • How did they pay for the down payment on the house?
  • What about being in control of money (as opposed to having money be in control)?
  • What happened after college?
  • What about savings?
  • …How much did you make?
  • …Did you sell anything?
  • What happened in the financial crisis?
  • Where are we in the market cycle?
  • What did Dan and Rebecca change?
  • Is Bank on Yourself® too good to be true?
  • What happened when Dan and Rebecca started their Bank on Yourself® journey?
  • What about the whole family?
  • What about time?
  • What about up-front costs?
  • What about the post on the Not Your Average Financial Community?
  • What about breaking even?
  • What about taking on a challenge, to prove that the Bank on Yourself® concept doesn’t work?
  • What about looking at illustrations?
  • What about tax realities?
  • What about high interest rate savings account?
  • What about tax in a tax-deferred account?
  • What about treasury bonds?
  • What about the death benefit?
  • What about the numbers equalizing over time?
  • What about Day 1?
  • What about the cash value?
  • What about a stop loss?
  • What about comfort?
  • What about allowing to money to compound?
  • What about having access to money?
  • What about “break even” points?
  • …Compared to what?
  • What about start up costs with everything?
  • Who cares about the first 10 years?
  • What is far, far greater than what you put in?
  • What about value?
  • What about the long term benefits?
  • What about the generations?
  • What about Dan’s mother?
  • What about the family property?
  • What about an endowment?
  • What about the spectacular benefits of thinking long range?
  • What about up front expenses and costs?
  • What about taking the leap?
  • What about talking to people who have already taken the leap?
  • What about reliability?
  • What about flexibility?
  • What about the rolling average of gains?
  • Would you like to join the conversation and tag Dan on Not Your Average Financial Community?
  • What happens on Day 1?
  • Would you like to meet with Mark?

Dan Proskauer is Vice President of Engineering United Health Group’s Optum unit and has spent nearly 30 years as a professional in the Semiconductor and Health Care industries.

He is an engineer by personality and by training and has always been fascinated by details and numbers. Dan has been a Bank on Yourself practitioner since mid-2009 and has started new policies as recently as last year.

Episode 241: Your Last Tax Day

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In this episode, we ask:

  • What about tax as a seven layer dip?
  • What are the different tax systems?
  • What about income tax?
  • When did the income tax start?
  • What about payroll tax?
  • What about capital gains tax?
  • What about short term and long term capital gains tax?
  • What about sales tax?
  • What about property tax?
  • What about estate tax?
  • What about gift tax?
  • What about the inheritance tax?
  • What about gift tax exemptions?
  • What about the annual gift tax exclusion?
  • What about the tax on interest?
  • What about the ten year time horizon?
  • What is the ultimate goal?
  • What about inheriting money?
  • What about taxable money?
  • What about tax deferred money?
  • What about tax free money?
  • How many times can you say “taxable”?
  • What about the stepped up basis rule?
  • What about stock or real estate?
  • What about the SECURE Act (2019)?
  • What about the ROTH IRA?
  • What is THE IRS?
  • What about the significant limits in the ROTH IRA or ROTH 401(K)?
  • Do you still plan to eat?
  • What are the limits with a Bank on Yourself® Type Whole Life Insurance policy?
  • What happened when Mark’s mom died?
  • What was the last gift she gave Mark and his brother?
  • Was the death benefit taxable?
  • What are some strategies?
  • What happens when you receive a taxable inheritance?
  • What about preparing in advance?
  • What might you build?
  • What about insurability?
  • What about accessing cash value?
  • What about leaving a generational gift and legacy?
  • What about the estate tax exemption?
  • What about a historical example?
  • When is the estate tax due?
  • How long does an estate / family have to pay the tax?
  • How will an estate / family pay the tax?
  • What happens when a life insurance death benefit is larger than the estate tax exemption?
  • How do we avoid running into a large estate tax problem?
  • What about a more modest death benefit?
  • What about an irrevocable life insurance trust (ILIT)?
  • What about term insurance?
  • Would you like to join us in our FREE membership site?

Bonus: Quick Reference
Tax filing dates for 2022 (via IRS):

There are several important dates taxpayers should keep in mind for this year’s filing season:

  • January 14: IRS Free File opens. Taxpayers can begin filing returns through IRS Free File partners; tax returns will be transmitted to the IRS starting January 24. Tax software companies also are accepting tax filings in advance.
  • January 18: Due date for tax year 2021 fourth quarter estimated tax payment.
  • January 24: IRS begins 2022 tax season. Individual 2021 tax returns begin being accepted and processing begins
  • January 28: Earned Income Tax Credit Awareness Day to raise awareness of valuable tax credits available to many people – including the option to use prior-year income to qualify.
  • April 18: Due date to file 2021 tax return or request extension and pay tax owed due to Emancipation Day holiday in Washington, D.C., even for those who live outside the area.
  • April 19: Due date to file 2021 tax return or request extension and pay tax owed for those who live in MA or ME due to Patriots’ Day holiday
  • October 17: Due date to file for those requesting an extension on their 2021 tax returns

The topics presented in this podcast are general information only and not for the purposes of providing legal, accounting or investment advice. On such matters, please consult a professional who knows your specific situation.