Smart Money Questions

If you’re wondering what taxes will look like in 2023, as far as standard deductions and increase in tax brackets, today’s show is for you. The IRS just released this information recently and we want to take you through the key changes.

Whether you’re filing single or married filing jointly, we’ll explain what will will be different for you next year. Check out today’s full show to learn more about how the IRS changes could affect you as you make an tax planning moves before the year closes out.  

On today’s show, here’s some of what you’ll learn:

• What adjustments should you make to prepare for tax changes in 2023? (2:06)
• Why you should be an aggressive investor. (4:20)
• Should you take a Roth option at work? (8:08)

Want to contact us?

Website - https://smartmoneyquestions.com/

Email - [email protected]

Want to work with us? Find out how we can help: https://smartmoneyquestions.com/work-with-matt/

We get questions all the time about Medicare. It can be confusing when there are Medicare parts A, B, C and D and supplements. Today we are welcoming a guest who has been in the Medicare industry for more than 30 years.

On today’s show, here’s some of what you’ll learn:

• What Medicare is and how it works. (2:58)
• How you can access Medicare. (3:42)
• The different aspects of Medicare and how they work. (4:13)

Want to work with us? Find out how we can help: https://smartmoneyquestions.com/work-with-matt/

Choosing when to claim Social Security can have a huge impact on your retirement plan. A lot of people are unsure about whether they should delay Social Security or take advantage of another significant COLA increase. Today we are going to look at some of the different options you may have and narrow down the reasons they may or may not be for you.

What we discuss in this episode: 

• Do you time the market or do you time Social Security? (2:21)
• Do you qualify for spousal benefits? (5:28)
• Social Security has a guaranteed interest rate for delaying. (7:31)
• If you are going to delay Social Security and not work, what other assets are you going to depend on? (10:29)

For more, visit us online: https://smartmoneyquestions.com/ 

We’re bombarded with headlines about money all the time. With technology and social media at our fingertips, it’s more important than ever to control how you react to that. We’ll explain why it’s critical to your long-term financial success.

What we discuss on this episode: 

2:10 – Financial headlines are everywhere

5:10 – Invest like the 1%

6:08 – Become a master of the market

8:37 – Protect nest egg

9:31 – Playing on fear

For more, visit us online: https://smartmoneyquestions.com/ 

Recently, we’ve been getting some unique questions about investing in company-sponsored plans, like a 401k, for example. The client wanted to know where else to invest once they max out the 401k. We’ll dive into this question and more on today’s show.

What we discuss in this episode: 

2:23 – Max out 401k

4:53 – Be consistent

5:44 - Match

8:04 – Vested

9:49 – Saving more

11:38 – Health insurance

14:34 – Traditional brokerage

Visit us online: http://smartmoneyquestions.com 

If you decide to scale back your work or keep working during retirement, what kind of employee should you be? We’ll explain the differences between W2 and 1099 workers and how that could affect your finances.

Key Topics on This Episode: 

4:50 – Scaling back workload

6:24 – W2 vs. 1099 worker

9:39 – Contributions

11:38 – Payroll taxes

13:48 – Buying real estate

16:18 – Property management

17:22 – Where to buy

18:50 – Long-term investment

Want to learn more about financial planning? Visit us online ---> http://smartmoneyquestions.com  

Today we’re sharing questions and scenarios we’re hearing in our office, on the phone and on zoom calls with clients. We’ll also share some planning we did for a client four or five years ago and where they are today in retirement.

Key topics on this show:

4:43 – Aggressive 401ks

7:59 – Other options

11:00 – Know where your money is

13:51 – Risk

15:29 – Rate of return

16:27 – COLA

Want to learn more about financial planning? Visit us online ---> http://smartmoneyquestions.com  

It’s hard to believe, we’re already halfway through 2022. Before you know it, it’s going to be Thanksgiving and then the end of the year. Now is a good time to be considering your finances and planning for your taxes.

Key topics on this episode: 

2:42 – Roth conversions

6:13 – Personal changes

8:19 – Review investments

10:11 – Tax diversified

11:09 – Review debt

12:59 – Budget

14:02 – Emergency funds

14:32 – Legal documents

Get additional resources online: http://smartmoneyquestions.com 

The markets have been heading down, but this is one of the most critical times for investors to stay disciplined. Markets will go up and they will drop, and we’ll explain why you have to be prepared to stay the course and find opportunities.

Read more and get additional financial resources here: http://smartmoneyquestions.com 

What we discuss in this episode:

3:35 -  Don’t panic

4:14 – Tax-loss harvesting

5:51 – Tax buckets

8:46 – Roth

12:00 – Your investment mix

Is your 401k invested using target-date funds? If so, you could be getting hit harder during these tough economic times. We’ll explain why. We’re also talking cars in this episode and our thoughts on leasing versus buying a new or used car.

Read more and get additional financial resources here: http://smartmoneyquestions.com 

What we discuss in this episode: 

3:20 – Wall Street Journal

9:38 – Investment options

12:14 – Leasing vs. buying cars

13:32 – Coming to the end of a lease

16:32 – Buying a car