Listener question about a pension and retirement planning

 I had a question sent to me through my YouTube account asking “How having a pension (TRA) , in this case a teachers pension, affects overall financial planning for an individual”? I appreciate the question. In general terms, a pension along with Social Security can be an amazing foundation to an individual's overall retirement plan. But it’s still incredibly important to look at your “whole” picture. And everyone is different. We all have wants, wishes and dreams and as important as the “financial” part of a retirement plan is, we need to consider many factors. I’ve met with so many clients that are still working and their question is “when can I retire”? And when it comes to someone with a pension, I have them get the “paperwork” information specific to them and where they are at with their pension. Whether you are 10 years from retirement or you are ready to be done this year, ask for our Safe Money Kit, it has step by step instructions on how to get a plan started. There’s no cost or obligation, whether you come to see me or not, this is my gift to you. Call 855-226-6639 or go to yoursafemoneyshow.com.

Your Safe Money Show Credit card balance transfer may be a bad idea 3 11 23

Topics for Saturdays Your Safe Money Show

 Coming up on Saturday's (March 11th) edition of Your Safe Money Show. Todd will have reasons why a credit card balance transfer may be a bad idea. Drug maker Eli Lilly cut insulin prices by 70%, Todd will share those details. And as another part of The Secure Act 2.0 you could soon be auto enrolled in a 401(k) plan. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com.

Tax implications

 

Updates to 529 plans

 The issue with 529 college savings plans has always been not being able to remove excess funds without incurring a penalty. The SECURE 2.0 Act, which became law in December 2022, changes the 529 plan rules to allow rollovers of some funds from these college savings accounts into a Roth IRA. It could allow transfers to take place without tax and penalty fees. But there are certain criteria that need to be met. The 529 account must have been open for at least 15 years. There is a lifetime rollover limit of $35,000. In addition, the rules indicate that funds contributed to the 529 account within the five years preceding the rollover will not be eligible to roll over. Under the SECURE 2.0 Act, the new rules will become effective on Jan. 1, 2024. For more information go to yoursafemoneyshow.com.

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Topics for March 4th Your Safe Money show

 Here's what we're planning for this Saturdays (March 4th) Your Safe money Show. Todd will share how to roll over funds from a 529 college savings plan to a Roth IRA. This is new information from the Secure Act 2.0. Did you know the mortgage rate you get depends on your credit score? And car insurance rates have surged and where you live matters, he will go into detail on those two topics. Plus, Centenarians share tips for a happy life. A jam packed show for sure. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at kbek.com.