Not Your Average Financial Podcast™

Episode 86: How to Get Wealthy While Paying Your Taxes, Part 1

April 26, 2019 by Not Your Average Financial Podcast

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In this episode, we ask:

How about peace, sanity and satisfaction?
How do you pay your taxes?
After you’ve cut down your obligation, what then?
When did withholding start?
What are all of the ways you can pay for something?
What is opportunity cost? See Episode 13
How much do you truly pay in taxes?
Can you change how you pay for your taxes?
What if you could save money?
What if you could make a return?
What are the IRS late penalties?
What’s the difference between monthly and daily compounding?
Have you heard the Debt, Saver and Wealth Accumulator episode?
What happens when you take a loan from a 401(k)?
How many times do you get taxed with a 401(k) loan?
Can you take a loan from an IRA?
What about HELOCs?
Are home values guaranteed?
Are you in the pocket of the bank?
Can the bank take a HELOC away?
Can the bank call a HELOC?
What about tax savings with HELOCs?
When do you need money most?
What has happened to tax benefits with HELOCs after the new tax law?
What about collateralizing with a traditional bank loan?
What about CDs?
How can you use a correctly designed whole life insurance policy to pay taxes?
What about business owners?
What about selling a business?
Why do business owners benefit from a Bank on Yourself type, dividend paying whole life insurance policy when paying taxes?
Would you like to make your own payback schedule?
What happens if you don’t repay the loan?
What about uninterrupted compound growth?
Is the tax liability one of the biggest expenses of your year?
What are some other benefits?
How is this different from deductions?
Do you have a good system for paying your taxes?

Remember! This episode provides generalized tax information and is NOT considered the same as the professional tax advice you will receive from your CPA. We are not CPAs, and we don’t play them on T.V.

Please consult your CPA or tax expert for professional tax advice and insight into your specific situation.

Episode 85: The Tax Sale of A Lifetime

April 19, 2019 by Not Your Average Financial Podcast

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In this episode, we ask:

What do you think about where taxes are headed in the future?
What does the society of actuaries say?
What does “tax deferred” mean?
Does it matter if you take taxes out now or later?
How much of your retirement account will be there for income in retirement?
What does your retirement account allow after tax?
Why do so many Americans have tax deferred plans?
Why do Certified Professional Accountants (CPAs) recommend tax deferred plans?
What timeline do CPAs operate on?
Do we eliminate taxes with tax deferred plans?
Why don’t we call them “tax-postponed” plans?
What about the tax reform?
How much did the tax reform increase the national deficit?
Should we preemptively pay our taxes now or wait until the distant future?
What happens to taxes on January 1, 2026?
What does “maxing out your tax bracket” mean?
What about tax free IRAs?
What strategies should you bring to your tax expert?
What are tax penalties?
Are you over or under age 59.5?
Where is your IRA invested?
Do you think there will be a stock market correction?
On average, how much does the stock market drop?
Why are we willing to take a 10% stock market drop?
Why do we avoid the 10% early withdrawal penalty?
Does it make sense to spend money for a larger return?
What are the three specific tax steps?
What about deductions for business owners?
What does Section 179 say about purchasing heavy vehicles and other equipment?
What about depreciation?
What about rental spaces?
What about tax advantaged strategies?
Are you incorporated as an S Corporation?
What about tax savings for individuals?
When do you plan to retire?
Are your RMDs below the standard deduction?
Do you have a pension?
Do you have a tax deferred plan?
Do you have your children as contingent beneficiaries?
Is the IRS a beneficiary on your tax deferred account?

Please consult your CPA or tax expert for professional tax advice and insight into your specific situation.

Episode 84: The Past, Present and Future of Paying Your Taxes

April 12, 2019 by Not Your Average Financial Podcast

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In this episode, we ask:

What does THEIRS stand for?
When did the income tax begin in the U.S.?
Why was the income tax established?
How can you save taxes legally?
What can you do?
What options do you have?
Are taxes currently high or low?
What were the tax brackets in 1929? in 1940? in 1942? in 1944?
Why the massive increases?
What happened with incomes and inflation?
What are victory taxes?
What are excise taxes?
When did withholding start?
What happened in 1946?
What reductions occurred after the war?
What is bracket creep?
How is inflation a stealth tax?
How much has the deficit grown?
Which is greater in the U.S., student debt or credit card debt?
How much do students owe?
Will military spending decrease domestic spending?
Who will pay for these rising expenses?
What about healthcare?
Who will cover the expenses for the elderly among us?
What about the interest on the national debt?
How much will the government spend on interest alone?
Do you think taxes will be lower or higher in the future?
Do you want to pay those taxes?
Would you like to watch our private webinar on tax?

Episode 83: How to Maximize Your Retirement Income

April 5, 2019 by Not Your Average Financial Podcast

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In this episode, we ask:

How much peace and financial stability can you have?
How do oceans and rivers work together?
How do we benefit from systems?
Are annuities good for liquid access?
How can we solve immediate cash needs?
Where could you possibly keep an OCEAN OF MONEY?
How does a Bank on Yourself type policy work with annuities?
What spreadsheet did Holly create?
What is direct recognition?
What is non-direct recognition?
How does direct or non-direct recognition work?
Do you have a dividend paying whole life insurance contract?
Do you have a provision for non-direct recognition policy loans?
Do all insurance companies encourage policy holders to take policy loans?
Why is so important to work with the right advisors?
What can be buried in the contract provisions?
How do policy loans work? Have you heard Episode 32?
How can you overcome opportunity cost?
Does your policy have a TRUE non-direct recognition provision?
How can you get your money do two things at once?
Can you imagine growing your cash (even when you’ve spent it)?
How can your hard earned dollars work hard for you?
What if you had $1M in an annuity and $1M in a Bank on Yourself type Whole Life Insurance policy?
What happens when the account value is gone?
What is an ideal safe withdrawal rate?
How can you protect against running out of money?
What if we spend down the whole life policy earlier and allow the annuity to keep growing?
Which vehicles give you the most income in retirement?
Where are the guarantees in the stock market?
Is it possible to predict what the market will do?
Who is better at choosing stocks? Hedge fund managers or monkeys?
Would you like peace of mind?
Would you like your money to be there for you no matter what happens?
What are people saying?
Would you like to send us a review?
Would you like a free copy of the Bank on Yourself Revolution book?
Email us at hello@nyafinancialpodcast.com
Would you like to book a meeting with Mark?

Episode 82: How to Give Yourself a Pay Raise in Your Retirement

March 29, 2019 by Not Your Average Financial Podcast

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In this episode, we ask:

What is the goal or function of your money?
What is important for your money for you?
What do you want your money to do for your children and your legacy?
What is a Fixed Indexed Annuity with an Income Rider?
Have you heard Episode 23?
How much went into Fixed Indexed Annuities in 2017?
What are the positive characteristics of a Fixed Indexed Annuity?
Would you like guaranteed income for life?
What is the vocabulary?
What does Fixed refer to?
Do you want to choose the fixed allocation or the indexed allocation each year?
What does Indexed refer to?
How does the S&P 500 come into play?
What is a cap?
What is a spread?
When is a cap useful? When is a spread useful?
Are you actually investing in the market with an annuity?
What happens if the S&P 500 drops?
How does the annual reset help each year?
Why in the world would any insurance company offer to do something like this?
Does your cash actually belong to you?
How can paper wealth vaporize?
How can you grow your wealth safely?
What does an Income Rider provide?
How is income from annuitizing different from an income rider?
How are you rewarded for waiting?
What are the risks in retirement?
How can you get growth on the money to keep up with inflation?
How can you get protection from “living too long” or longevity risk?
How can you move upstream with pay raises?
How can you lock in the money you made last year?
What are the benefits from income rider?
What are the changes in the Consumer Price Index (CPI) over the last 8 years?
How are annuities also known as “mailbox money”?
What is the function of your money?
Are you wrapped up in a product?
What do you want your money to do for you?
What’s the catch?
Don’t you need a big lump sum to start an annuity?
What are the age requirements?
How is a Fixed Indexed Annuity compared to an Indexed Universal Life contract?
Have you heard Episode 59? Episode 60? Episode 61?
What can the Fixed Indexed Annuity provide?
How is a spread different from an Assets Under Management Fee (AUM Fee)?
How is this like a “private pension”?
What about saving for your future?
How do you fund a Fixed Indexed Annuity?
Would you like to book a meeting?

Episode 81: Why They’re Wrong About Annuities and 8 Ways Annuities Pay

March 22, 2019 by Not Your Average Financial Podcast

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In this episode, we ask:

What did the MarketWatch article say about annuities?
How are annuities related to the market?
How are annuities related to the insurance industry?
What is a Fixed Indexed Annuity (FIA)?
What are the additional benefits?
What’s the term on an annuity?
How can you learn more about annuities?
What are the fees on FIAs?
What are surrender charges?
Are annuities liquid?
What about rollovers?
What about commissions?
How much are you paying?
What about thinking long range?
Is it better to pay a higher percentage for one year or a lower percentage over time?
Do annuities allow for access to your cash?
What intentions does one set with annuities?
What about nursing home provisions?
What about lump sums?
What happens if you die “early”?
What happens after the surrender period?
What are the beneficiaries entitled to receive?
What about guaranteed payments?
Is an annuity a “privatized pension”?
What are the eight ways annuities pay?
What are withdrawals?
What is the difference between a surrender and a withdrawal?
How much can you access from a contract via withdrawal?
What are annuity income payments?
How do income payments work?
How can you use a Bank on Yourself type policy for income?
How can you turn on income?
What is an immediate annuity?
How might immediate annuities fund life insurance contracts?
What is a substantially periodic payment?
What is a strategy to pay for kids college without market volatility?
What is a combination plan?
What about multiple streams of income with annuities?
How can you make your income more resilient?
What about pre-retirement annuities?
What about post-retirement annuities?
What about required minimum distributions (RMDs)?
What about the penalties on RMDs for qualified plans (401ks and IRAs)?
What about meeting the government requirements?
What about death benefits on annuities?
Are you surprised that annuities offer death benefits?
What are some of the ways an annuity can pay out?
Do you need a trust for an annuity?
How can you customize an annuity to suit your family’s needs?
What about nursing homes?
What about long term care?
What happens to annuity payments when you have a long term care need?
Would you like to learn more?
What are people saying?

Episode 80: Even If You Run Out of Money… Never Run Out of Income.

March 15, 2019 by Not Your Average Financial Podcast

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In this episode, we ask:

Is it a good idea to purchase an annuity?
What did Barron’s say about annuities?
What changes do newer annuities offer?
Can a younger person purchase an annuity?
What did Jack Bogle say?
Are you ready for jargon?
What is an immediate annuity?
What did Mark see at the Oriental Museum at the University of Chicago?
What problems do immediate annuities solve?
Can you still lose money with bonds?
How can you get protected income in retirement?
How do annuities work with a Bank on Yourself type policy?
What are the tradeoffs of an annuity?
What did Oscar Wilde say?
What is a deferred annuity?
Can 401(k)s give an income guarantee?
Can an annuity give an income guarantee?
What is a fixed annuity?
What is a fixed rate of return?
What is an indexed annuity?
How does the market affect an indexed annuity?
Are you putting money into the stock market with an indexed annuity?
What is a fixed indexed annuity with an income rider?
What is a variable annuity?
Are you putting money into the stock market with a variable annuity?
What fees are involved with a variable annuity?
Why would you want an annuity?
What do you want the money to do for you?
Would you like to book an appointment with us?
What questions should you ask yourself?
How do you feel protected income for life?
What other options are there for protected income for life?
Would you like your money protected against market loss?
What did Warren Buffet say?
Do you want your money to be tax deferred?
What about other taxable accounts?
Do you want access to your money under your control?

Episode 79: The Hidden Problems of Living Too Long

March 8, 2019 by Not Your Average Financial Podcast

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In this episode, we ask:

What is a necessary risk?
What is an unnecessary risk?
Do you need a side hustle?
How do we manage risk?
Where do we need to go from here?
What is FINRA?
What are the 21 categories of risk from FINRA?
What are the two types of risk?
What is an example of pure risk?
What is an example of speculative risk?
What is purchasing power risk?
What is the consumption assumption?
Do you spend more on your days off?
How much do you expect the cost of consumer goods to increase over the next 20 or 30 years?
How much have health insurance premiums risen since 1999?
Will health care costs eat up your retirement income?
What about systemic risk or market risk?
Does staying in the market longer protect you?
Would you like to review Episode 51: Does Buy and Hold Work?
Would you like to review Episode 52: A New Perspective with Les Himel (Part 1)?
Would you like to review Episode 53: A New Perspective with Les Himel (Part 2)?
Are you exposed to political risk or tax risk?
What about the risk inherent with sequence of returns?
What about the average rate of return?
What about the IRA money being allocated to a nursing home?
What about the risk of elder fraud in your senior years?
What about the death of a spouse?
What about the risk of dismissing long term care?
How much does long term care typically cost?
What are the unavoidable risks?
Which of these risks is the most important?
What about the risk of living too long?
How do you protect against living too long?
What is protected income?
What if you could create a passive income stream, that even if you run out of money, you would never run out of money?

sequence of returns

Episode 78: What’s So Secure About Social Security with Bill Rainaldi, CFP®

March 1, 2019 by Not Your Average Financial Podcast

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In this episode, we ask:

Who is Bill Rainaldi?
What is Social Security? When was it started?
How much of your income is withheld from your pay for Social Security?
How does Medicare factor in?
What is the average Social Security income?
Can you rely on Social Security in retirement?
How long do you have to work before you qualify for Social Security?
What is a spousal benefit?
What are the mistakes people make with Social Security?
How much do these mistakes cost?
Are the Social Security personnel unable to give financial advice?
What is a survivor benefit?
Why is it important to consider your spouse in the decision on when to claim the benefit?
What if there is an age difference with the spouse?
What is the earnings test?
What is the most common age for people choosing to receive the benefit?
What happens if you’re still working?
Are you trying too hard to get the maximum benefit?
How does the formula work?
Who benefits more from Social Security – a high or low income person?
What is the rate Social Security benefits are taxed at?
Are you making too much in income?
Is Medicare free?
What about Medicare Part B?
What is MAGI?
How can you manage your benefits properly?
What about Medicare Part D?
How do you stay below certain thresholds?
Can your Social Security benefit go down?
What about brackets?
Will Social Security be around in the future?
What is happening with the retirement age?
What action steps can you take to better prepare for Social Security?
Can you live on Social Security benefits alone?
Have you and your spouse visited ssa.gov to find your best claim option?
Would you like a free Social Security analysis? Book A Meeting

A Lehigh University graduate, William Rainaldi is a Regional Vice President for Security Mutual Life Insurance Company of Binghamton, NY. He is a leading U.S. authority on Social Security and its impact on retirement planning. He has an extensive background in life insurance, business & investment concepts and computer technology.

In 2015 he was the featured presenter in a series of Social Security webinars sponsored by Trusts and Estates magazine and Wealthmangement.com. In 2017, he was a featured guest on Laura Adams’ Money Girl podcast, produced by Macmillan Publishing.

Mr. Rainaldi is a Certified Financial Planner™ and an Accredited Estate Planner (AEP). He is married with three children and two grandchildren. You can reach Bill via email at WRainald@SMLNY.com.

Episode 77: 10 Ways to Develop Streams of Passive Income That Won’t Run Dry

February 22, 2019 by Not Your Average Financial Podcast

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In this episode, we ask:

What are people saying?
What is the purpose of having multiple streams of income?
How can you get income with Real Estate?
What are REIT dividends?
What are the advantages and disadvantages with REIT dividends?
What about rental income?
What are private equity funds?
What about becoming a shareholder in crowd funding?
What about dividend income?
What about peer to peer lending?
What about writing a book?
What are some important pieces for writing books?
What about selling products online?
See this episode with Danny Stock and amzlegends.com
What about traditional plans, like defined benefit plans and pension plans from your employer?
What are annuities?
What about social security income?
What about bonds?
What about personal savings and investments?
What about stock options through work?
What about bond and CD laddering?
What about cash value life insurance?
What about becoming a business owner and having others run it for you?
What about renting your stuff?
What about renting out your car?
What other ideas do you have?

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