October 13, 2025 • 38 mins
On Retire Right Radio, Host Dale Cooper and John Burdette from www.FourthAvenueFinancial.com discuss financial planning for different eras of your life and general strategies. Hear the encore presentation Monday at 1:00pm on our sister station, Charleston Business Radio 95.3 | 680 WKAZ
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Speaker 1 (00:00):
Unlock your dream property with Meeks Realty Group, where Rich
the realtor makes real estate dreams a reality, whether it's
residential or commercial. We've got Charleston to Huntington covered. Your
key to exceptional real estate experience is start here Meeks Realtygroup.
Contact us at Meeks dot us.
Speaker 2 (00:15):
The views and opinions expressed on this program do not
necessarily reflect the views and opinions of five eight WCCHS
its employees or WVRC Media. This is retire Right Radio,
a weekly show from John Verdet at Fourth Avenue Financial
that aims to answer your questions about financial planning, investing,
and how to retire rite. Fourth Avenue Financial is located
(00:38):
in downtown Charleston at one seventy Court Street. More information
online at Fourth Avenue Financial dot com. Join the conversation
by calling three oh four three four five fifty eight
fifty eight or text three oh four nine three five
fifty oh eight. On Retire Right Radio, let's go live
to the studio with host Dale Cooper and John Verdett
(00:59):
from four to have any financial games.
Speaker 3 (01:02):
It's twenty one minutes past eight o'clock. Good Monday morning
to you. You are listening to five ADWCCHS and this
is retire Right Radio. We are live on this Monday morning,
October thirteenth of twenty twenty five. Appreciate you tuning in
this morning. You can give your phone calls to three
zero four three four five fifty eight fifty eight, three
four five fifty eight fifty eight. You can text three
zero four non three five five zeros you are eight
(01:23):
three zero four non three five five zeros are eight
to get a hold of John Bredett, fro Fourth Avenue
Financial helping you retire right on retire Right Radio. John,
Good morning, how do you do in this morning?
Speaker 4 (01:32):
Wonderful?
Speaker 5 (01:32):
It's a glorious morning out there.
Speaker 4 (01:34):
It really is very nice.
Speaker 5 (01:35):
It's the whole week looks just special.
Speaker 3 (01:37):
Yeah, it's uh, we've we've finally gotten to that the
seventy degree mark during the days, you know, when when
it's Home of Stays is out. I have my sleeves
rolled down today, you know, I don't have them rolled
up for the first time. How long have a jacket
in the back of my car, you know from when
I leave once the uh, we're still a couple weeks
away from the time change. But once we get that
time change, and it's so dark when I go home
(01:58):
anyway at six o'clock gets a little chilly, right right, Yeah,
I like it me too, man, I like it up
until it gets cold, you know. I like, if we
just subtracted out winter from the other three.
Speaker 4 (02:10):
Seasons, that would be fine with all of them. It's
just I don't like tons of snow.
Speaker 5 (02:14):
And that's why it's so expensive to live in southern California.
Speaker 3 (02:17):
And that's absolutely true. And when I lived in Michigan
for decade, is that's why. I mean, home prices were
not this super affordable, but certainly, man, winter gets pretty
brutal up in Michigan.
Speaker 4 (02:29):
Sometimes I was kind of tired of all of that stuff.
Speaker 3 (02:32):
My ex wife years ago lived just above a town
called Claremont, I think, in California, which is like a
little bit up into the foothills of Mount Baldy. And
I think the key to that place is that it's
like year round temperature average tempers with like seventy five degrees,
(02:52):
with like twenty days of rain, and like it's like
one of the most perfect places in the day in
the in.
Speaker 4 (02:58):
The state to live.
Speaker 3 (03:00):
And of course it's a bedroom community for like Hollywood
and so it's all like zillion dollar homes and stuff
like that, but apparently it's just the most beautiful, like
weather perfect every single day type place.
Speaker 4 (03:09):
Oh well, today's got it. We got it to see,
we got it today. That's absolutely great.
Speaker 3 (03:13):
And hey, it's always a good time to talk about
the forecast on how you can retire, right and uh
there's always uh chatter in the news headlines and things
along those lines. We're not going to talk about much
of that stuff this morning, but we'll we'll, I mean,
we'll get an update on things, but we would just
like to talk a lot about about a lot of things.
John wrote an article called making Sense of the Alphabet Soup,
which I think is a really interesting article because we
(03:35):
do talk about a lot of things on this program
that I mean, people will love acronyms and initials and
stuff like that.
Speaker 4 (03:41):
Financially, it's like a.
Speaker 3 (03:42):
Military, right, Like the military finance must be fun, you know,
figuring out where everything goes. So we're going to talk
about in fact that we're gonna talk about rm ds
this morning, which sounds a lot like something from the military,
you know, But we're going to talk about your ras
and your r M d s and your qcds and
your TODs. We're gonna talk about all kinds of things
this morning, So if you want to to give us
a call on how you can update any of these things.
(04:04):
Maybe you know you set kind of cross eyed in
a meeting with someone that didn't explain this stuff to
you very well, or you see it in the paperwork
where you're trying to piece together your own retirement plan.
We got the answers for you this morning, John does
you can give us a call at three zero four
three four five fifty eight fifty eight three four five
fifty eight fifty eight. You can text over any questions
you have. The three zero four non three five five
zero zero eight. We're just going to make sense of
the alphabet soup and then we're going to identify how
(04:25):
they're the tools that are in the toolbox that John
can use and that clients can use to help get
ahead of the game on helping you to retire.
Speaker 4 (04:33):
Right.
Speaker 3 (04:33):
So we're going to find about all of those things
this morning, and you can help control the conversation as well.
We didn't have a live show last week, so we
need to take a look back and to kind of
a peek in on what's going on with the financial markets,
and once again, I mean but a little bit of
there was some There was some noise last week, that's
for sure.
Speaker 5 (04:50):
Yeah, we were rolling along pretty good until Friday and
the trade deal with China looked a little rocky. Unexpectedly,
the market was down a couple percent last week because
of that. I would take it, you know, kind of
with a grain of salt. At this point, we've seen
(05:10):
this before. A lot of it's posturing and trying to negotiate,
and the reality is the market has had a real
long stretch without having a one percent decline intra day decline.
It's like the seventh longest in history. So it's not
(05:30):
abnormal to see movements like this. It was just a
little bit unexpected because of the news out of China.
Speaker 3 (05:37):
And that's one of those things where literally a headline
affects the market and not like on any underpinning ndicase
or anything like that. It was just like one thing
was said and then people.
Speaker 5 (05:48):
Especially on a Friday, where you know, people wanted to
they saw the news and said, well, I don't want
to wait over the weekend. So sometimes that can add
to the volatility because you know what news is going
to come out over the weekend. Well, it turns out
this morning the market looks to be having some degree
(06:09):
of recovery.
Speaker 4 (06:10):
So I saw something.
Speaker 3 (06:12):
Wow, this is this is slightly off topic of what
we talk about, although we do it every once in
a while. I saw where there was some wild story
where just before on Friday, just as the announcements were
being made, somebody opened up a bitcoin account and took
a something like an eighty million dollar position in shorting
a bunch of bitcoin on the rumbling of these things
(06:35):
that were going on. And then after, after the announcement
was made to the one hundred percent tariffs, all of
those shorts came to fruition. I think the guy doubled
his money. He made like eighty eight million dollars in
a day just by predicting the short predicting somehow, some
some somehow. I wish I had that insider or I mean,
I wish I had that kind of clairvoyance and was
able to make you know, eighty eight million dollars pretty
(06:57):
tidy some there.
Speaker 5 (06:58):
Yeah, that sounds a little suspicious. Then oh what no,
I guess it's like cattle futures almost.
Speaker 3 (07:05):
I would anybody you ever get that information to know
that stuff must be highly guarded secrets.
Speaker 6 (07:11):
But the.
Speaker 3 (07:14):
The bottom line is when it comes to these things,
these headlines do make all this noise. But then and
you hear the economy numbers, I mean, oh my goodness,
when you look at what people are trying to guess
because the government shut down, of course there's no official
employment numbers, and so they go off the books to
people like, okay, well you usually report employment numbers to
what it is. I mean, it's like, if you were
like reading into these things with the shutdowns and everything else,
(07:37):
you would think that, man, it is a terrible time to.
Speaker 4 (07:39):
Do anything in the market. But that's not true.
Speaker 5 (07:41):
No, it's not true at all. And historically shutdowns have
not had that much impact on the market, to be
honest with you. You know, we'll see how long this drag's on,
but you know, it's how the sausage is made that Fortunately, is.
Speaker 3 (07:54):
There anything that with the government shut down? And is
there anything like is there gonna be any reporting? Is
the anything that we're looking for this week other than
maybe hopefully the government the government opening back.
Speaker 5 (08:05):
Then there's some inflation numbers coming out this week, which
will be interesting to see. Well be so we will
get inflation numbers and we'll see what we'll see what
happens there. I mean, hopefully it doesn't spike higher. You know,
a lot of the you know, tariff, it takes time
(08:26):
for that to filter through, and we'll see if that
starts impacting.
Speaker 4 (08:31):
Oh yeah, November is coming.
Speaker 2 (08:32):
I know.
Speaker 3 (08:32):
I remember reading at the beginning of the year that
November was sort of the date that everybody was circling
with the tariff stuff, like when prices when a lot
of different industries and stuff where we would start seeing
some of that price crossover.
Speaker 4 (08:43):
So yeah, okay, and we're also.
Speaker 5 (08:47):
Sort of the expectation is if we don't get a
lot of good data out of the government, that the
FED will probably take the path of least resistance and
just cut like was expected. So that's that's the expectation
of the market. Now, whether that happens or not, you know,
we'll we'll we'll see. But uh, you know, the FED
(09:08):
cut once and the expectation was that it was going
to cut a couple more times this year, and with
lack of other evidence, you know, why would they change that.
Speaker 4 (09:19):
Yeah, right, interesting, but.
Speaker 3 (09:24):
It still is amazing that with all of the chatter
that's out there, it really just reveals different tools that
that come at different velocities. And we want to talk
about a bunch of these things this morning, but it
really just changes your mix of the tools that you
want to use depending on what happens broadly with the
quote unquote the economy.
Speaker 5 (09:40):
It just changes by the way the economic growth, the
earnings of companies, they're very very strong. Yeah, and the
the AI boom that we're seeing is actually spreading, spreading
to other companies besides the besides the top name, so
you know, we'll see you. There's always a talk of
(10:01):
is this a bubble that sort of thing. You know,
I don't think that's the case. I think that the
AI boom is is real. That doesn't mean that it
might not toime's get ahead of itself. In other words,
you know, a company might be valued greater than it
should be, and there might be some resetting of that occasionally,
(10:23):
and you'll see pullbacks because of that. But the underlying
earnings of these companies, you know, it's real. It's it's
not like the tech bubble, where you know, these companies
that you've never heard of were valued at billions of
dollars that had no earnings. That's not the case here.
So you might argue that, hey, we're getting ahead of ourselves.
(10:44):
But to say that it's a bubble, I think is
a stretch because of the the reality of the earnings.
Speaker 3 (10:50):
Yeah, because those things are you can actually attach those
real you're you're not you're not doing any prospective earnings
or past that point. Now, you know, we we've already
seen some of this stuff deploy. People get kind of
confused because there is a lot of data out there
where people a lot of people that were using the
ll ms or are Like I was reading one the
other day. Nate Silver famously was all about how they
(11:10):
were helping him, and he was. He wrote an article
how he was looking forward to the progression, and then
he recently come up with an updates like, Yeah, you know,
I was expecting for there to be more progression and
it's really not helping me as much as I thought
it would with the kind of statistic modeling that I do,
And I think that that's what we're going to see.
Maybe this stuff doesn't work as well because even Microsoft,
which has implemented into EXCEL. When you go and you
(11:30):
read it's disclaimers like, hey, don't trust these results if
AI came up with him, because it.
Speaker 4 (11:35):
May not be right.
Speaker 3 (11:36):
So I think we're I think we're going to find
that there is going to be a limit to some
degree of the implementation. But that means that the stuff
that it's good at should get fortified, that stuff should
be steel manned, you know, that should become even better.
And then we go back into the speculative, speculative stuff
that maybe we get a little better at. But that
stuff's gonna it's already to that point where it's kind
of phasing in and out. You know, we're finding the
best uses for it. And some of the stuff that
(11:58):
people thought that it was going to be great, we're
not really seeing necessarily right.
Speaker 5 (12:02):
Right, And there's so much to it. You know, most
folks when they think of AI, they just simply think
of chat GPT. Well, there are a lot of tools
and and uh, I think they call them agents that
that specialize in certain things. Last week I missed the
show because I was at a national conference, uh that
(12:23):
I go to every year, and there are all kinds
of different vendors there and AI companies, you know, with
tools for financial advisors that sort of thing. And you know,
there are a lot of things out there that specialize
that most people you know, just just in the background
(12:45):
don't know about. You know, the the there's chat GVT.
But then there are some things that are better for writing.
There's some things better for for uh like rendering drawings
and pictures and editing things. And it's figuring out, just
like with the financial plan, which of these tools works
(13:07):
best for that job. And you know, it's a discovery process.
That's where we are.
Speaker 3 (13:13):
And I think that what will come to find And
this is just as somebody that's played around this thing
for a long time. As more companies start to break
off and there's a less general the open AI chat GPT,
which is supposed to be your general tool for everything,
you can use it for everything. I think as you
get these ais that get that get more laser foat.
I mean, we've had narrow AIS, we've called that machine learning.
We've had those for decades, you know, I mean we've
(13:35):
had those things employee, we just didn't call it AI.
But it is a form of artificial intelligence. It's just
very narrow form of artificial intelligence, and I think as
we get the generative AI to actually be more narrow
is what we need. So you have specialists that you
know that might be an assistant to you, Like, it's
not going to take your job, but maybe you can
dump some data in and you get some information back
that's relevant and you know is secure because it's been
(13:56):
trained on the data that you need and so you
feel more oftident about that. Whereas if you dump that
same stuff into chat GBT, it might give you back
an answer that looks okay, but it hasn't been trained
on the right data and the right data sources, so
it could quote unquote hallucinate. So we're going to find
this stuff work itself out.
Speaker 5 (14:11):
I think, oh yeah, yeah, But you know, the technology
is real. It will find its way into everyday businesses.
It will over time make them more efficient. Which there
again that's why the market propels forward. And this is
not a new you know, this is a new iteration
of technology advancing, but it is not new. I mean,
go back the last hundred years and look at the
(14:33):
progress that was made. You know, it's the same kind
of thing. Yeah, it's just the nature of progress and
that's what drives the market forward.
Speaker 3 (14:43):
I understand some of the fear behind AI and people
worried about from like artistic expression and stuff like that,
which is which is almost a separate discussion than the
economic impact of it. But in doing some like reading
and stuff this weekend and some of the podcasts and
financial stuff that you're absolutely right. I mean, this is
just the same thing that's happened almost in numerous times
before in the past. It's just a different technology. But this,
(15:05):
this swelling in this and then the spreading out, this
spread this, this is just normal. This is what happens
when it's also.
Speaker 5 (15:12):
Normal that it's on occasion to run ahead of itself
and then the market will will come back a little
bit to reality. When will that happen, I don't know.
And how far ahead does it get before that reset happens,
I don't know. But it's not abnormal.
Speaker 3 (15:28):
And this is relevant insofar is that, you know, as
we've talked about for the last couple of years broadly
speaking of some of the tech indicies, is what's kind
of leading the day. We've seen a little bit more
of a of a spreading out of that. Although it
goes I mean it's cyclical. I mean even within weeks
or months it can be suchuable. But we've seen that
kind of spread out a little bit. But it is
relevant to what we're doing today, because that is one
of the major drivers, you know, that we're talking about.
(15:50):
If you have any questions about any of these things,
you can give us a call this morning. Three es
or A four three four five fifty eight fifty eight
three four five fifty eight fifty eight. Remember it's an auto
Q situation, so if you call, we'll put your right
on a queue and then to give your name when
you go on the air, you can welcomes give us
a call this morning three zero four three four five
fifty to fifty eight text threes erre four non three
five five zeros or eight. A few things we wanted
to talk about this morning, and let's kind of get
started with the basics. We wanted to get into the
(16:11):
alphabet soup of the things, of the tools that John
has at his disposal. Maybe you know, we talk about
demystifying a lot, but seriously, that's what this is, I mean,
or defining maybe because a lot of these things can
get confusing and you forget what one thing is another thing.
So let's start with like kind of the basics IRA.
We talk about it all the time. Most people that
are interested in this topic are probably felt fairly familiar
(16:34):
with it. But let's start there. What is an IRA?
Speaker 5 (16:36):
Yeah, an IRA is simply an individual retirement account. There
are two types. There's the traditional and there's the roth IRA.
The traditional you get a tax break up front for
every dollar you put in, it grows tax deferred, and
then when you pull it out, every dollar is faxable,
(16:56):
so you're deferring taxes and ultimately paying at the end.
The wroth is opposite of that. You get no tax
break up front, it grows tax deferred, and then it's
all tax free at the end. How do you choose
between the two? Everybody is different, but generally speaking, the
younger you are, the more it can make sense to
(17:18):
do the wroth because the compounding effect will be greater,
which means the tax free pot of gold at the
end is more valuable to you. That's not always the case,
there are reasons that you might do other things, but
that's just an overview of that. Some misconceptions with iras
(17:38):
that I get a lot, is that a couple of things. One,
a lot of banks offer iras and advertise them as
you know, like you buy quote an IRA, and I
think there's a lot of confusion from that because you know,
folks they'll say things like eye an IRA down at
(18:01):
the bank, Okay, An i RA is not a product.
Speaker 4 (18:05):
It's not like a bond or something like that. That's right.
Speaker 5 (18:07):
And i RA is the way the account is titled
for tax purposes. So if you go to the bank
and buy an IRA that's advertised on the billboard, you're
getting an i RA. But what's inside of that Typically
it's something like a CD or some sort of a
bank product. When you go to an investment firm like
(18:28):
myself Worth Avenue Financial, you know, you can put anything
inside that IRA, from a CD to stocks and bonds
and anything in between. And so you know, the IRA
itself is not a product. A lot of folks think
that that is, you know, a product that you buy.
It's just the way you title the account for tax purposes.
(18:50):
So that is huge confusion that we see, and mainly
because banks advertise it like that so often.
Speaker 3 (18:57):
That's that's a good UH again we talk about UH
making terms familiar. That's a great way to uh to
kind of uh get any ambiguity out of uh understanding
exactly what that is, because you're right, I mean, depending
on how a bank if you hear people advertise that
and how it's phrasing and stuff, and people will automatically
maybe not automatically, but there are things like bonds and
things like that you can buy out there.
Speaker 4 (19:19):
Yeah, you want to make sure that you that you're
on the right thing.
Speaker 6 (19:22):
Yeah.
Speaker 3 (19:22):
One thing I would that's interesting as far as the
roth goes with with paying taxes now being deferred later,
is that also like a strategy if there's some uncertainty
on future tax rates and stuff like that, like you know,
the you know the devil now, you may not know
the devil in the future type.
Speaker 5 (19:38):
Yeah, I mean there are lots of lots of reasons
like that that people may look to the roth Ira.
I mean, it's pretty powerful and there's no doubt about it,
and and it also works into some of the other,
uh things that we're going to talk about today. Uh
But but yeah, so rath Ira is pretty powerful because
(19:58):
compound interest is so powerf so you know, if your
dollar goes to ten dollars in value over the time
that whole ten dollars is tax free. You know, that's
that's amazingly powerful when you're saving for retirement to avoid
the taxation of that.
Speaker 3 (20:14):
I remember you did a whole show in the row
at one point in time, and some of the fact
finding that you did and some numbers that we looked
at and stuff like that.
Speaker 4 (20:20):
It's incredible. Yeah, and it's really incredible.
Speaker 3 (20:22):
I mean it's and they even had to put some
card rails wanted at one point in time because it
was so good.
Speaker 4 (20:26):
And it's still great.
Speaker 5 (20:27):
Yeah, yeah, I mean there are income limits that you know,
you can't contribute after a certain income level because of that, right,
so you know all of these things we talk about,
there are some uh parameters around it that you may
or may not be able to do some of these
things depending on your income. The second thing about a
raw or an I RA that that is confusing a
(20:49):
lot of times is married couples. They have a misconception
that it can be it should be a joint account
because they are married. Well, the IRA it stands for
individual retirement account, not a marital account. It's an individual
account that an individual opens. Now, the spouse is the
(21:11):
beneficiary can be the beneficiary of that IRA, and because
it's a spouse, if one spouse passes away, the other
inherits it, it basically becomes like it's there and treat
their IRA and treated the same way as if it
were theirs. So in effect, it's it's almost like it's
a joint account, but you technically cannot put a joint
(21:35):
owner on an IRA account. And there's some confusion of
that as well, because you know, obviously married couples generally
want to put everything in joint name.
Speaker 3 (21:45):
Yeah, and on some things I've noticed when you foul
that I've for entrance purposes and stuff, they make you
like if you don't fil a particular way jointly and
things like that, you might have in your head that
you have to do that, and you need to just
be aware as you're doing these PaperWorks. These things mean
different things before we take the break. Of course, if
we're talking about an our A and with investment tools
(22:07):
like that, that also means that the flip side of that,
they come with rmds, you are required to minimum withdraws
from these every once in a while. How does that
work as far as these different products go.
Speaker 5 (22:19):
Well, the age of that has changed over the last
handful of years. It used to be seventy and a
half and now it's age seventy three. So at age
seventy three, if you have tax deferred money in iras
things of that nature, the government forces you to begin
to take an income stream off of it, of your
(22:39):
traditional IRA or one K money things like that, at
age seventy three, and it's based on life expectancy, and
you have to take it out every year. It's basically
the government saying that, hey, we allowed you to tax
defer this, now it's time to you know, use it
for your retirement. And essentially it's a way for them
to collect the tax money do on that account. And
(23:03):
you know a lot of folks think that, well, if
I live to be one hundred, I'll have this IRA.
Well probably not, because the government will force it to
be taken out. And every year after age seventy three,
the percentage that you have to take out grows because
it's based on life expectancy.
Speaker 3 (23:19):
So if someone does not require that income and they're
forced to take these disbursements, there's strategies then too, right.
Speaker 5 (23:27):
Absolutely, you know, we can open up brokerage accounts we can.
We can essentially just take the money out of the ira,
pay the taxes on it, move it into a brokerage account,
and reinvest it. Now it's no longer a tax deferred account.
But the government is not telling you you have to
spend the money. The government's just telling you it's time
to pay the taxes on the money. And that happens
(23:49):
at age seventy three. And it's something that can't get
complicated if you have multiple iras and multiple institutions. That's
why oftentimesolks will uh, you know, come to come to
me and try to consolidate things. You know, if you
have four or five different i ras, then each one
(24:10):
of those you have to take that distribution off of.
And if there are four or five different places, you're
doing that transaction in four or five different places. If
everything is in one location, even if you have multiple
iras in one location, you can calculate the aggregate value
(24:32):
of all of those iras and just take that amount out.
You might have three different iras, but take it out
of one as long as you get the aggregate value
taken out to pay taxes on and so you have
a little bit of flexibility when you when you when
you consolidate, and that's why retirement. Nearing retirement, you know,
(24:55):
people look to get a plan together to try to
streamline and simplify those things because miss those rules can
mean pretty big tax penalty.
Speaker 4 (25:02):
Yeah, that's huge.
Speaker 3 (25:03):
So the distribution is off of total money, not off
of individual account So if you can find a way
to get the money out of however, it's most beneficial
to you if you have multiple accounts. You can do
that if you have them organized in such a way
that you can. I mean, that's a great tip right there,
because it may not everybody knows that.
Speaker 4 (25:21):
That's right stuff. That's great stuff.
Speaker 3 (25:23):
If you have questions along these lines, if you need
John to help you out with any of these things,
you can give us a call this morning three zer
a fourth three four five fifty fifty eight, three four
five fifty eight fifty eight. Or want to talk about
some qcds and some TODs and plenty more when we
come back, give us a call three four five fifty
eight fifty eight. You're listening to a retire right radio.
Joen Bredatis here from fourth Avenue Financial. I'm del Cooper
and this is five ADWCHS the Voice of Charleston retire.
Speaker 7 (25:44):
Right Radio a sponsored by Fourth Avenue Financial, which is
solo responsible for its content. Security is offered through JW
CALL Financial Member fent Recipic Investment vice offered through JW
COL Advisors. Fourth Avenue Financial, jw CL Financial and JW
COL Advisors are unaffiliated entities. The opinions expressed by John
Debt should not be construed as specific investment, legal or
tax advice. All economic and performance information is historical and
(26:06):
not indicative of future results. Investing may involve risk of
loss of principle. Any taxes advice on this show is
not intended to be used by any person for the
purpose of avoiding US federal or state tax penalties that
may be imposed on such a person, and each listener
should seek advice from their tax advisor or legal console
on topics that arise from the show. John Burdett is
(26:26):
not providing legal or tax advice. Nothing should be construed
as solicitation of an offer to buy securities. This program
is sponsored by Fourth Avenue Financial, which is solely responsible
for its content.
Speaker 5 (26:36):
What if the market drops after you retire? What if
healthcare costs continue to rise? What if you outlive your savings?
If these questions keep you up at night, You're not
alone and you don't have to figure it out alone.
I'm John bred Out with Fourth Avenue Financial and I
specialize in retirement income planning. Let's turn your what ifs
into a plan you can count on. Schedule your free
consultation today at Fourth Avenue Financial dot com. Fourth Avenue Financial,
(26:59):
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Re member phin Recipic Advisory Services offered through Jenny mcca
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Speaker 2 (27:08):
On Metro News Hotline.
Speaker 5 (27:10):
When I was a lifeguard, I carried this radio just.
Speaker 4 (27:13):
For one second. I can't imagine you being a lifeguard.
Speaker 6 (27:17):
You can't.
Speaker 4 (27:18):
Someone would be driving like, oh no, help me out,
and you'd be like, well, that's up to you. I
just can't imagine someone with your mannerisms being like new mannerism.
Speaker 5 (27:27):
I'll save the day.
Speaker 2 (27:30):
Metro News Hotline with Dave Weekly weekday afternoons from three
till six on this Metro news station. This is retire
Right Radio with John Burdad from Fourth Avenue Financial, taking
your calls at three oh four, three four five fifty
eight fifty eight or texts on three oh four nine
three five fifty oh eight.
Speaker 6 (28:06):
So eleven minutes soil the top of.
Speaker 4 (28:08):
The man that goes really fast.
Speaker 6 (28:13):
It did.
Speaker 4 (28:14):
Yeah, I need to fix that. We're just grooving there.
Speaker 3 (28:16):
Yeah, I know, I was a little I got a
little suspicious when I saw there's like five seconds left
and there was no fade. I'm like, oh, this doesn't
sound right. I need to go in and fix that.
Thanks for tuning in this morning. This is retire Right
Radio on five adwc HS, the voice of Charleston Am
del Cooper.
Speaker 4 (28:29):
Thanks for tuning in.
Speaker 3 (28:30):
When this Monday morning, John Bredet is in studio with
this this morning, we're talking about making sense of the
alphabet soup, which is all the various things that has
to do not military, although it could work for that
as well. We're talking about finances this morning. We covered
iras and r mds right before we went on the
break that's required minimum distributions and also of course the
IRA Individual Retirement accounts. We want to talk about some
(28:50):
other things on this segment. You're welcome to give us
a call if you need questions for anything answered. John
can help steering in the right direction. If not help
you directory three zero four, three four five fifty fifty
eight three zero four three four five fifty to fifty eight,
you can text three zero four non three five five
zero zero eight three zero four non three five five
zero zero eight is the best number that you can
call us and John can help you out as far
(29:11):
as that goes. One thing I wanted to bring up
that I thought was interesting, just to kind of briefly
to dip back into the AI conversation we had. I
noticed for the first time that on some of our
network podcasts that we're getting, we're definitely getting tons of
generative downloads now right like one download, like several hundred
(29:31):
downloads at the same period of time, one download per episode.
It's it's definitely some sort of generative thing that's downloading
voice training data. I have a feeling that's my guess,
that's my guests, And so it's made me wonder if
we need to declare as a company our stuff off limits,
because you can do that now where you can go
in and do copyright claims on stuff like that. So
I don't know if it's better for us to let
(29:52):
it go or to be trained on it to be
on we're teaching the machines, that's what. Yeah, you know Hotline,
which is the one the show that I do a
day weekly in the afternoon. We have like six thousand
hours available online right now. We've been doing this show
for a long time and so there's a lot there
you could train on. So I don't know how I
feel about that. You give us a call this morning.
Threes are a four three four five fifty to fifty eight.
Threes are A four three four five fifty to fifteen.
(30:12):
As we go down through some of these things that
we're going to talk about, the alphabet soup and the
next thing that was up on the alphabet soup was
QCD QUCD, and off the top of my head, I
wasn't sure what we were talking about there.
Speaker 5 (30:25):
Uh, yeah, that's the qualified Charitable Distribution. So essentially, and
a lot of folks don't know that you can do this,
but we talked about that RMD that you have to
take every year. Well, that RMD that you have to
take is taxable, but let's say instead you want to
donate that to a charity or to a church something
(30:47):
of that nature. You can direct that distribution directly to
the charity and then there's no tax bill on it, okay,
and so you're you essentially can leverage you're given. So
let's say you were already tithing to your church and
now you've got the r M D, Well, why wouldn't
you send it directly and save the tax bill on that.
(31:11):
Either you can give more or or you give the
same and you get the tax savings. So I thinks
it's a pretty powerful way to leverage your giving.
Speaker 3 (31:22):
And again a tool in the toolbox you may not
know about or not may not know the proper way
to the structure that. So you can have John help
you out at Fourth Avenue Financial Fourth Avenue Financial dot com.
Have a caller that called in this morning. What's your
first name? I'm sorry, what was your first name?
Speaker 6 (31:36):
Color?
Speaker 8 (31:38):
Mark?
Speaker 6 (31:38):
Hey?
Speaker 4 (31:38):
Mark, how you doing this morning? You're on the air
with John for debt that what's your question for Mark
or for joint?
Speaker 8 (31:43):
So I've got a question about RMD. He said earlier
that the distribution could come from just one of your funds,
like one IRA, even if you had multiple iras and
four to one k's. But I wanted to know if
I could also take that withdrawal from a stock or
something else I had that was not actually a four
(32:04):
to one K.
Speaker 5 (32:07):
Well, if it has to be something that is subject
to an RMD, so no, I mean if you if
you have stock that you bought in what's called a
non qualified account or a brokerage account that is not
tax deferred or is not subject to the RMD requirements,
(32:28):
then that would not.
Speaker 4 (32:29):
Count, you know.
Speaker 8 (32:31):
Okay, So if you if you have multiple accounts, or
it can come from just one account, but it has
to be the RMB has to be from one of
those qualified accounts.
Speaker 4 (32:40):
That is correct.
Speaker 8 (32:41):
Yes, okay, all right, appreciate your show, Thank you very much.
Speaker 3 (32:45):
Sure, thank you. Appreciate the phone call. Thanks for calling
in this morning. If you have a question as well,
you and give us a call. It three zer a
four three four five fifty to fifty eight threes are
a four three four five fifty eight fifty eight. I
did have a text that came in from the three
zero four five eight eight as we were talking about qcds.
Is QCD the same thing as a check to a
charity from my ira? My accountant says, sort of, but
it but not really right?
Speaker 4 (33:05):
Sort of.
Speaker 5 (33:06):
Yeah, that's a good answer. No, there is you know,
specific paperwork we need to fill out with the with
the IRA custodium UH to direct that and then the
money typically goes straight to the straight to the charity.
Speaker 3 (33:22):
And then also six eight one four one two. Can
I do a QCD from a wroth our A or
only a traditional.
Speaker 5 (33:28):
Well, there's no real tax savings with the wroth to.
Speaker 4 (33:31):
Do Yeah, why would you do it that way?
Speaker 5 (33:33):
So you know you would do that on the on
the traditional IRA UH to save the tax bill.
Speaker 3 (33:38):
So again, if this is something that is either something
you're already doing and you can find a more beneficial way,
or if it's something you were planning on doing in
the future, this is something you need a tool. You
need to learn about something right now.
Speaker 4 (33:48):
And with the.
Speaker 5 (33:49):
QCD, you know the r M d AH on the
on the IRA is seventy three, but it used to
be seventy and a half. Well in the government and
all its wisdom has left the QCD at seventy and
a half. So in theory you can give even before
you're required to give, even even though the law used
(34:09):
to not be that way. So hey, it's Congress.
Speaker 3 (34:16):
What can you do another thing that we have to
talk about. Of course, if we're talking about if we're
talking about retirement, it just so happens because basically we're
talking about a near end of life situation. Close to
end of life situations. When you're talking about these things,
you have to talk about beneficiaries, estate planning and things
like that, and ad A TOD is something that could
(34:37):
come into play along those things.
Speaker 4 (34:39):
That's a transfer on death.
Speaker 5 (34:41):
Yes, so with your tax deferred money, your IRAS four,
a WOD case, things like that. Those are those accounts
automatically are beneficiary driven. If you're married, your spouse is
generally going to be the beneficiary. You could have children
on there as contingent beneficiaries, and if you pass away,
(35:02):
all of that avoids probate because it's beneficiary driven. It's
good to keep in mind too, when you have a beneficiary,
that beneficiary will will trump any it's it's odd using
that word trump. It will trump any wills or estate
(35:24):
planning you've done. So you got to be very very
careful with your beneficiaries that that matches up to any
estate planning that you do. That's that's number one. And
then essentially a t OD it's called a transfer on
death that is where you're essentially putting beneficiary designations on
(35:47):
your non qualified or or your taxable brokerage accounts, things
of that nature, so that that way when you pass away,
that avoids probate and will go directly to your beneficiary
in a very smooth fashion. And you know, the more
you can avoid probate, the better off, because it's red
(36:07):
tape and hassle, and it takes time for things to process,
and the TOD is certainly something that I don't know
why you really wouldn't want to do it, to be honest.
Speaker 3 (36:20):
With you, It just cuts down I mean we've talked
on this program before from yourself and also from folks
you've had come on to be guest hosts, and that
just the what in a state can go through and
the family of that estate can go through without some
kind of clear directions. This is just one of those
steps that you can make to cut out some of
that stuff.
Speaker 5 (36:38):
Yeah, and it's really a good idea, maybe once a
year to look at your accounts, look at the beneficiaries,
make sure that it's still what you want it to be.
You know, sometimes people may pass away that were your
beneficiaries you need to keep those things updated because whatever
is on that that beneficiary form will be what transpires,
(36:59):
whether you wanted two or not.
Speaker 3 (37:01):
We have about a minute left. We got two questions
from the text line. That's get those out of here
before we have to cut away from the six eight
one seven eight nine. What's the downside to naming my
adult kids directly as at OD or directly in the TOD.
Speaker 5 (37:13):
Is there any downside to that? Well, there could be
downside everywhere.
Speaker 3 (37:19):
Yeah, oh, I'm sorry, instead of a trust, I'm sorry,
I missed the second part of that, instead of a trust.
Speaker 5 (37:25):
Okay, okay, Well it depends on why you have the
trust and what the purpose of that was. But certainly
naming your individual children as TOD will avoid probate and
essentially they just have to produce a death certificate to
get that retitled into their name. So there's no process
beyond that that's necessary. So it it just streamlines things.
(37:48):
That's good information. As always with John Burdett from Fourth
Avenue Financial, let me gohead and get the information out
to you.
Speaker 3 (37:53):
We got through most of it. We got through most
We didn't do too bad there, Yeah, not too bad
at all. And for so you can find out more
information about Fourth Avenue Financial online at Fourth Avenue Financial
dot com Fourth Anue Financial dot Com, where you spell
out the whole thing their phone number. Threes are A
four seven, four six seven non seven seven. Threes are
A four seven four six seven done seven seven seven
four six seven done seven seven. Also on Facebook, Fourth
(38:13):
Avenue Financial you can like the page over there to
be kept up to date. John, thank you so much
for your time today. As always, all right, take care.
We'll see you're back here next Monday. Coming up next
to Dave Allen on five AD Live. I'll be back
this afternoon with Dave Weekly on hotline at three oh six.
Speaker 4 (38:26):
Have a great day everyone.
Speaker 3 (38:27):
Major League Baseball playoffs tonight on fourteen ninety and five ADWHS.
Speaker 2 (38:36):
W c HS A W two four three d RFN
Charleston W two and three a Q Cross Lanes at
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Unlock your dream property with Meeks Realty Group, where Rich
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Speaker 2 (00:15):
The views and opinions expressed on this program do not
necessarily reflect the views and opinions of five eight WCCHS
its employees or WVRC Media. This is retire Right Radio,
a weekly show from John Verdet at Fourth Avenue Financial
that aims to answer your questions about financial planning, investing,
and how to retire rite. Fourth Avenue Financial is located
(00:38):
in downtown Charleston at one seventy Court Street. More information
online at Fourth Avenue Financial dot com. Join the conversation
by calling three oh four three four five fifty eight
fifty eight or text three oh four nine three five
fifty oh eight. On Retire Right Radio, let's go live
to the studio with host Dale Cooper and John Verdett
(00:59):
from four to have any financial games.
Speaker 3 (01:02):
It's twenty one minutes past eight o'clock. Good Monday morning
to you. You are listening to five ADWCCHS and this
is retire Right Radio. We are live on this Monday morning,
October thirteenth of twenty twenty five. Appreciate you tuning in
this morning. You can give your phone calls to three
zero four three four five fifty eight fifty eight, three
four five fifty eight fifty eight. You can text three
zero four non three five five zeros you are eight
(01:23):
three zero four non three five five zeros are eight
to get a hold of John Bredett, fro Fourth Avenue
Financial helping you retire right on retire Right Radio. John,
Good morning, how do you do in this morning?
Speaker 4 (01:32):
Wonderful?
Speaker 5 (01:32):
It's a glorious morning out there.
Speaker 4 (01:34):
It really is very nice.
Speaker 5 (01:35):
It's the whole week looks just special.
Speaker 3 (01:37):
Yeah, it's uh, we've we've finally gotten to that the
seventy degree mark during the days, you know, when when
it's Home of Stays is out. I have my sleeves
rolled down today, you know, I don't have them rolled
up for the first time. How long have a jacket
in the back of my car, you know from when
I leave once the uh, we're still a couple weeks
away from the time change. But once we get that
time change, and it's so dark when I go home
(01:58):
anyway at six o'clock gets a little chilly, right right, Yeah,
I like it me too, man, I like it up
until it gets cold, you know. I like, if we
just subtracted out winter from the other three.
Speaker 4 (02:10):
Seasons, that would be fine with all of them. It's
just I don't like tons of snow.
Speaker 5 (02:14):
And that's why it's so expensive to live in southern California.
Speaker 3 (02:17):
And that's absolutely true. And when I lived in Michigan
for decade, is that's why. I mean, home prices were
not this super affordable, but certainly, man, winter gets pretty
brutal up in Michigan.
Speaker 4 (02:29):
Sometimes I was kind of tired of all of that stuff.
Speaker 3 (02:32):
My ex wife years ago lived just above a town
called Claremont, I think, in California, which is like a
little bit up into the foothills of Mount Baldy. And
I think the key to that place is that it's
like year round temperature average tempers with like seventy five degrees,
(02:52):
with like twenty days of rain, and like it's like
one of the most perfect places in the day in
the in.
Speaker 4 (02:58):
The state to live.
Speaker 3 (03:00):
And of course it's a bedroom community for like Hollywood
and so it's all like zillion dollar homes and stuff
like that, but apparently it's just the most beautiful, like
weather perfect every single day type place.
Speaker 4 (03:09):
Oh well, today's got it. We got it to see,
we got it today. That's absolutely great.
Speaker 3 (03:13):
And hey, it's always a good time to talk about
the forecast on how you can retire, right and uh
there's always uh chatter in the news headlines and things
along those lines. We're not going to talk about much
of that stuff this morning, but we'll we'll, I mean,
we'll get an update on things, but we would just
like to talk a lot about about a lot of things.
John wrote an article called making Sense of the Alphabet Soup,
which I think is a really interesting article because we
(03:35):
do talk about a lot of things on this program
that I mean, people will love acronyms and initials and
stuff like that.
Speaker 4 (03:41):
Financially, it's like a.
Speaker 3 (03:42):
Military, right, Like the military finance must be fun, you know,
figuring out where everything goes. So we're going to talk
about in fact that we're gonna talk about rm ds
this morning, which sounds a lot like something from the military,
you know, But we're going to talk about your ras
and your r M d s and your qcds and
your TODs. We're gonna talk about all kinds of things
this morning, So if you want to to give us
a call on how you can update any of these things.
(04:04):
Maybe you know you set kind of cross eyed in
a meeting with someone that didn't explain this stuff to
you very well, or you see it in the paperwork
where you're trying to piece together your own retirement plan.
We got the answers for you this morning, John does
you can give us a call at three zero four
three four five fifty eight fifty eight three four five
fifty eight fifty eight. You can text over any questions
you have. The three zero four non three five five
zero zero eight. We're just going to make sense of
the alphabet soup and then we're going to identify how
(04:25):
they're the tools that are in the toolbox that John
can use and that clients can use to help get
ahead of the game on helping you to retire.
Speaker 4 (04:33):
Right.
Speaker 3 (04:33):
So we're going to find about all of those things
this morning, and you can help control the conversation as well.
We didn't have a live show last week, so we
need to take a look back and to kind of
a peek in on what's going on with the financial markets,
and once again, I mean but a little bit of
there was some There was some noise last week, that's
for sure.
Speaker 5 (04:50):
Yeah, we were rolling along pretty good until Friday and
the trade deal with China looked a little rocky. Unexpectedly,
the market was down a couple percent last week because
of that. I would take it, you know, kind of
with a grain of salt. At this point, we've seen
(05:10):
this before. A lot of it's posturing and trying to negotiate,
and the reality is the market has had a real
long stretch without having a one percent decline intra day decline.
It's like the seventh longest in history. So it's not
(05:30):
abnormal to see movements like this. It was just a
little bit unexpected because of the news out of China.
Speaker 3 (05:37):
And that's one of those things where literally a headline
affects the market and not like on any underpinning ndicase
or anything like that. It was just like one thing
was said and then people.
Speaker 5 (05:48):
Especially on a Friday, where you know, people wanted to
they saw the news and said, well, I don't want
to wait over the weekend. So sometimes that can add
to the volatility because you know what news is going
to come out over the weekend. Well, it turns out
this morning the market looks to be having some degree
(06:09):
of recovery.
Speaker 4 (06:10):
So I saw something.
Speaker 3 (06:12):
Wow, this is this is slightly off topic of what
we talk about, although we do it every once in
a while. I saw where there was some wild story
where just before on Friday, just as the announcements were
being made, somebody opened up a bitcoin account and took
a something like an eighty million dollar position in shorting
a bunch of bitcoin on the rumbling of these things
(06:35):
that were going on. And then after, after the announcement
was made to the one hundred percent tariffs, all of
those shorts came to fruition. I think the guy doubled
his money. He made like eighty eight million dollars in
a day just by predicting the short predicting somehow, some
some somehow. I wish I had that insider or I mean,
I wish I had that kind of clairvoyance and was
able to make you know, eighty eight million dollars pretty
(06:57):
tidy some there.
Speaker 5 (06:58):
Yeah, that sounds a little suspicious. Then oh what no,
I guess it's like cattle futures almost.
Speaker 3 (07:05):
I would anybody you ever get that information to know
that stuff must be highly guarded secrets.
Speaker 6 (07:11):
But the.
Speaker 3 (07:14):
The bottom line is when it comes to these things,
these headlines do make all this noise. But then and
you hear the economy numbers, I mean, oh my goodness,
when you look at what people are trying to guess
because the government shut down, of course there's no official
employment numbers, and so they go off the books to
people like, okay, well you usually report employment numbers to
what it is. I mean, it's like, if you were
like reading into these things with the shutdowns and everything else,
(07:37):
you would think that, man, it is a terrible time to.
Speaker 4 (07:39):
Do anything in the market. But that's not true.
Speaker 5 (07:41):
No, it's not true at all. And historically shutdowns have
not had that much impact on the market, to be
honest with you. You know, we'll see how long this drag's on,
but you know, it's how the sausage is made that Fortunately, is.
Speaker 3 (07:54):
There anything that with the government shut down? And is
there anything like is there gonna be any reporting? Is
the anything that we're looking for this week other than
maybe hopefully the government the government opening back.
Speaker 5 (08:05):
Then there's some inflation numbers coming out this week, which
will be interesting to see. Well be so we will
get inflation numbers and we'll see what we'll see what
happens there. I mean, hopefully it doesn't spike higher. You know,
a lot of the you know, tariff, it takes time
(08:26):
for that to filter through, and we'll see if that
starts impacting.
Speaker 4 (08:31):
Oh yeah, November is coming.
Speaker 2 (08:32):
I know.
Speaker 3 (08:32):
I remember reading at the beginning of the year that
November was sort of the date that everybody was circling
with the tariff stuff, like when prices when a lot
of different industries and stuff where we would start seeing
some of that price crossover.
Speaker 4 (08:43):
So yeah, okay, and we're also.
Speaker 5 (08:47):
Sort of the expectation is if we don't get a
lot of good data out of the government, that the
FED will probably take the path of least resistance and
just cut like was expected. So that's that's the expectation
of the market. Now, whether that happens or not, you know,
we'll we'll we'll see. But uh, you know, the FED
(09:08):
cut once and the expectation was that it was going
to cut a couple more times this year, and with
lack of other evidence, you know, why would they change that.
Speaker 4 (09:19):
Yeah, right, interesting, but.
Speaker 3 (09:24):
It still is amazing that with all of the chatter
that's out there, it really just reveals different tools that
that come at different velocities. And we want to talk
about a bunch of these things this morning, but it
really just changes your mix of the tools that you
want to use depending on what happens broadly with the
quote unquote the economy.
Speaker 5 (09:40):
It just changes by the way the economic growth, the
earnings of companies, they're very very strong. Yeah, and the
the AI boom that we're seeing is actually spreading, spreading
to other companies besides the besides the top name, so
you know, we'll see you. There's always a talk of
(10:01):
is this a bubble that sort of thing. You know,
I don't think that's the case. I think that the
AI boom is is real. That doesn't mean that it
might not toime's get ahead of itself. In other words,
you know, a company might be valued greater than it
should be, and there might be some resetting of that occasionally,
(10:23):
and you'll see pullbacks because of that. But the underlying
earnings of these companies, you know, it's real. It's it's
not like the tech bubble, where you know, these companies
that you've never heard of were valued at billions of
dollars that had no earnings. That's not the case here.
So you might argue that, hey, we're getting ahead of ourselves.
(10:44):
But to say that it's a bubble, I think is
a stretch because of the the reality of the earnings.
Speaker 3 (10:50):
Yeah, because those things are you can actually attach those
real you're you're not you're not doing any prospective earnings
or past that point. Now, you know, we we've already
seen some of this stuff deploy. People get kind of
confused because there is a lot of data out there
where people a lot of people that were using the
ll ms or are Like I was reading one the
other day. Nate Silver famously was all about how they
(11:10):
were helping him, and he was. He wrote an article
how he was looking forward to the progression, and then
he recently come up with an updates like, Yeah, you know,
I was expecting for there to be more progression and
it's really not helping me as much as I thought
it would with the kind of statistic modeling that I do,
And I think that that's what we're going to see.
Maybe this stuff doesn't work as well because even Microsoft,
which has implemented into EXCEL. When you go and you
(11:30):
read it's disclaimers like, hey, don't trust these results if
AI came up with him, because it.
Speaker 4 (11:35):
May not be right.
Speaker 3 (11:36):
So I think we're I think we're going to find
that there is going to be a limit to some
degree of the implementation. But that means that the stuff
that it's good at should get fortified, that stuff should
be steel manned, you know, that should become even better.
And then we go back into the speculative, speculative stuff
that maybe we get a little better at. But that
stuff's gonna it's already to that point where it's kind
of phasing in and out. You know, we're finding the
best uses for it. And some of the stuff that
(11:58):
people thought that it was going to be great, we're
not really seeing necessarily right.
Speaker 5 (12:02):
Right, And there's so much to it. You know, most
folks when they think of AI, they just simply think
of chat GPT. Well, there are a lot of tools
and and uh, I think they call them agents that
that specialize in certain things. Last week I missed the
show because I was at a national conference, uh that
(12:23):
I go to every year, and there are all kinds
of different vendors there and AI companies, you know, with
tools for financial advisors that sort of thing. And you know,
there are a lot of things out there that specialize
that most people you know, just just in the background
(12:45):
don't know about. You know, the the there's chat GVT.
But then there are some things that are better for writing.
There's some things better for for uh like rendering drawings
and pictures and editing things. And it's figuring out, just
like with the financial plan, which of these tools works
(13:07):
best for that job. And you know, it's a discovery process.
That's where we are.
Speaker 3 (13:13):
And I think that what will come to find And
this is just as somebody that's played around this thing
for a long time. As more companies start to break
off and there's a less general the open AI chat GPT,
which is supposed to be your general tool for everything,
you can use it for everything. I think as you
get these ais that get that get more laser foat.
I mean, we've had narrow AIS, we've called that machine learning.
We've had those for decades, you know, I mean we've
(13:35):
had those things employee, we just didn't call it AI.
But it is a form of artificial intelligence. It's just
very narrow form of artificial intelligence, and I think as
we get the generative AI to actually be more narrow
is what we need. So you have specialists that you
know that might be an assistant to you, Like, it's
not going to take your job, but maybe you can
dump some data in and you get some information back
that's relevant and you know is secure because it's been
(13:56):
trained on the data that you need and so you
feel more oftident about that. Whereas if you dump that
same stuff into chat GBT, it might give you back
an answer that looks okay, but it hasn't been trained
on the right data and the right data sources, so
it could quote unquote hallucinate. So we're going to find
this stuff work itself out.
Speaker 5 (14:11):
I think, oh yeah, yeah, But you know, the technology
is real. It will find its way into everyday businesses.
It will over time make them more efficient. Which there
again that's why the market propels forward. And this is
not a new you know, this is a new iteration
of technology advancing, but it is not new. I mean,
go back the last hundred years and look at the
(14:33):
progress that was made. You know, it's the same kind
of thing. Yeah, it's just the nature of progress and
that's what drives the market forward.
Speaker 3 (14:43):
I understand some of the fear behind AI and people
worried about from like artistic expression and stuff like that,
which is which is almost a separate discussion than the
economic impact of it. But in doing some like reading
and stuff this weekend and some of the podcasts and
financial stuff that you're absolutely right. I mean, this is
just the same thing that's happened almost in numerous times
before in the past. It's just a different technology. But this,
(15:05):
this swelling in this and then the spreading out, this
spread this, this is just normal. This is what happens
when it's also.
Speaker 5 (15:12):
Normal that it's on occasion to run ahead of itself
and then the market will will come back a little
bit to reality. When will that happen, I don't know.
And how far ahead does it get before that reset happens,
I don't know. But it's not abnormal.
Speaker 3 (15:28):
And this is relevant insofar is that, you know, as
we've talked about for the last couple of years broadly
speaking of some of the tech indicies, is what's kind
of leading the day. We've seen a little bit more
of a of a spreading out of that. Although it
goes I mean it's cyclical. I mean even within weeks
or months it can be suchuable. But we've seen that
kind of spread out a little bit. But it is
relevant to what we're doing today, because that is one
of the major drivers, you know, that we're talking about.
(15:50):
If you have any questions about any of these things,
you can give us a call this morning. Three es
or A four three four five fifty eight fifty eight
three four five fifty eight fifty eight. Remember it's an auto
Q situation, so if you call, we'll put your right
on a queue and then to give your name when
you go on the air, you can welcomes give us
a call this morning three zero four three four five
fifty to fifty eight text threes erre four non three
five five zeros or eight. A few things we wanted
to talk about this morning, and let's kind of get
started with the basics. We wanted to get into the
(16:11):
alphabet soup of the things, of the tools that John
has at his disposal. Maybe you know, we talk about
demystifying a lot, but seriously, that's what this is, I mean,
or defining maybe because a lot of these things can
get confusing and you forget what one thing is another thing.
So let's start with like kind of the basics IRA.
We talk about it all the time. Most people that
are interested in this topic are probably felt fairly familiar
(16:34):
with it. But let's start there. What is an IRA?
Speaker 5 (16:36):
Yeah, an IRA is simply an individual retirement account. There
are two types. There's the traditional and there's the roth IRA.
The traditional you get a tax break up front for
every dollar you put in, it grows tax deferred, and
then when you pull it out, every dollar is faxable,
(16:56):
so you're deferring taxes and ultimately paying at the end.
The wroth is opposite of that. You get no tax
break up front, it grows tax deferred, and then it's
all tax free at the end. How do you choose
between the two? Everybody is different, but generally speaking, the
younger you are, the more it can make sense to
(17:18):
do the wroth because the compounding effect will be greater,
which means the tax free pot of gold at the
end is more valuable to you. That's not always the case,
there are reasons that you might do other things, but
that's just an overview of that. Some misconceptions with iras
(17:38):
that I get a lot, is that a couple of things. One,
a lot of banks offer iras and advertise them as
you know, like you buy quote an IRA, and I
think there's a lot of confusion from that because you know,
folks they'll say things like eye an IRA down at
(18:01):
the bank, Okay, An i RA is not a product.
Speaker 4 (18:05):
It's not like a bond or something like that. That's right.
Speaker 5 (18:07):
And i RA is the way the account is titled
for tax purposes. So if you go to the bank
and buy an IRA that's advertised on the billboard, you're
getting an i RA. But what's inside of that Typically
it's something like a CD or some sort of a
bank product. When you go to an investment firm like
(18:28):
myself Worth Avenue Financial, you know, you can put anything
inside that IRA, from a CD to stocks and bonds
and anything in between. And so you know, the IRA
itself is not a product. A lot of folks think
that that is, you know, a product that you buy.
It's just the way you title the account for tax purposes.
(18:50):
So that is huge confusion that we see, and mainly
because banks advertise it like that so often.
Speaker 3 (18:57):
That's that's a good UH again we talk about UH
making terms familiar. That's a great way to uh to
kind of uh get any ambiguity out of uh understanding
exactly what that is, because you're right, I mean, depending
on how a bank if you hear people advertise that
and how it's phrasing and stuff, and people will automatically
maybe not automatically, but there are things like bonds and
things like that you can buy out there.
Speaker 4 (19:19):
Yeah, you want to make sure that you that you're
on the right thing.
Speaker 6 (19:22):
Yeah.
Speaker 3 (19:22):
One thing I would that's interesting as far as the
roth goes with with paying taxes now being deferred later,
is that also like a strategy if there's some uncertainty
on future tax rates and stuff like that, like you know,
the you know the devil now, you may not know
the devil in the future type.
Speaker 5 (19:38):
Yeah, I mean there are lots of lots of reasons
like that that people may look to the roth Ira.
I mean, it's pretty powerful and there's no doubt about it,
and and it also works into some of the other,
uh things that we're going to talk about today. Uh
But but yeah, so rath Ira is pretty powerful because
(19:58):
compound interest is so powerf so you know, if your
dollar goes to ten dollars in value over the time
that whole ten dollars is tax free. You know, that's
that's amazingly powerful when you're saving for retirement to avoid
the taxation of that.
Speaker 3 (20:14):
I remember you did a whole show in the row
at one point in time, and some of the fact
finding that you did and some numbers that we looked
at and stuff like that.
Speaker 4 (20:20):
It's incredible. Yeah, and it's really incredible.
Speaker 3 (20:22):
I mean it's and they even had to put some
card rails wanted at one point in time because it
was so good.
Speaker 4 (20:26):
And it's still great.
Speaker 5 (20:27):
Yeah, yeah, I mean there are income limits that you know,
you can't contribute after a certain income level because of that, right,
so you know all of these things we talk about,
there are some uh parameters around it that you may
or may not be able to do some of these
things depending on your income. The second thing about a
raw or an I RA that that is confusing a
(20:49):
lot of times is married couples. They have a misconception
that it can be it should be a joint account
because they are married. Well, the IRA it stands for
individual retirement account, not a marital account. It's an individual
account that an individual opens. Now, the spouse is the
(21:11):
beneficiary can be the beneficiary of that IRA, and because
it's a spouse, if one spouse passes away, the other
inherits it, it basically becomes like it's there and treat
their IRA and treated the same way as if it
were theirs. So in effect, it's it's almost like it's
a joint account, but you technically cannot put a joint
(21:35):
owner on an IRA account. And there's some confusion of
that as well, because you know, obviously married couples generally
want to put everything in joint name.
Speaker 3 (21:45):
Yeah, and on some things I've noticed when you foul
that I've for entrance purposes and stuff, they make you
like if you don't fil a particular way jointly and
things like that, you might have in your head that
you have to do that, and you need to just
be aware as you're doing these PaperWorks. These things mean
different things before we take the break. Of course, if
we're talking about an our A and with investment tools
(22:07):
like that, that also means that the flip side of that,
they come with rmds, you are required to minimum withdraws
from these every once in a while. How does that
work as far as these different products go.
Speaker 5 (22:19):
Well, the age of that has changed over the last
handful of years. It used to be seventy and a
half and now it's age seventy three. So at age
seventy three, if you have tax deferred money in iras
things of that nature, the government forces you to begin
to take an income stream off of it, of your
(22:39):
traditional IRA or one K money things like that, at
age seventy three, and it's based on life expectancy, and
you have to take it out every year. It's basically
the government saying that, hey, we allowed you to tax
defer this, now it's time to you know, use it
for your retirement. And essentially it's a way for them
to collect the tax money do on that account. And
(23:03):
you know a lot of folks think that, well, if
I live to be one hundred, I'll have this IRA.
Well probably not, because the government will force it to
be taken out. And every year after age seventy three,
the percentage that you have to take out grows because
it's based on life expectancy.
Speaker 3 (23:19):
So if someone does not require that income and they're
forced to take these disbursements, there's strategies then too, right.
Speaker 5 (23:27):
Absolutely, you know, we can open up brokerage accounts we can.
We can essentially just take the money out of the ira,
pay the taxes on it, move it into a brokerage account,
and reinvest it. Now it's no longer a tax deferred account.
But the government is not telling you you have to
spend the money. The government's just telling you it's time
to pay the taxes on the money. And that happens
(23:49):
at age seventy three. And it's something that can't get
complicated if you have multiple iras and multiple institutions. That's
why oftentimesolks will uh, you know, come to come to
me and try to consolidate things. You know, if you
have four or five different i ras, then each one
(24:10):
of those you have to take that distribution off of.
And if there are four or five different places, you're
doing that transaction in four or five different places. If
everything is in one location, even if you have multiple
iras in one location, you can calculate the aggregate value
(24:32):
of all of those iras and just take that amount out.
You might have three different iras, but take it out
of one as long as you get the aggregate value
taken out to pay taxes on and so you have
a little bit of flexibility when you when you when
you consolidate, and that's why retirement. Nearing retirement, you know,
(24:55):
people look to get a plan together to try to
streamline and simplify those things because miss those rules can
mean pretty big tax penalty.
Speaker 4 (25:02):
Yeah, that's huge.
Speaker 3 (25:03):
So the distribution is off of total money, not off
of individual account So if you can find a way
to get the money out of however, it's most beneficial
to you if you have multiple accounts. You can do
that if you have them organized in such a way
that you can. I mean, that's a great tip right there,
because it may not everybody knows that.
Speaker 4 (25:21):
That's right stuff. That's great stuff.
Speaker 3 (25:23):
If you have questions along these lines, if you need
John to help you out with any of these things,
you can give us a call this morning three zer
a fourth three four five fifty fifty eight, three four
five fifty eight fifty eight. Or want to talk about
some qcds and some TODs and plenty more when we
come back, give us a call three four five fifty
eight fifty eight. You're listening to a retire right radio.
Joen Bredatis here from fourth Avenue Financial. I'm del Cooper
and this is five ADWCHS the Voice of Charleston retire.
Speaker 7 (25:44):
Right Radio a sponsored by Fourth Avenue Financial, which is
solo responsible for its content. Security is offered through JW
CALL Financial Member fent Recipic Investment vice offered through JW
COL Advisors. Fourth Avenue Financial, jw CL Financial and JW
COL Advisors are unaffiliated entities. The opinions expressed by John
Debt should not be construed as specific investment, legal or
tax advice. All economic and performance information is historical and
(26:06):
not indicative of future results. Investing may involve risk of
loss of principle. Any taxes advice on this show is
not intended to be used by any person for the
purpose of avoiding US federal or state tax penalties that
may be imposed on such a person, and each listener
should seek advice from their tax advisor or legal console
on topics that arise from the show. John Burdett is
(26:26):
not providing legal or tax advice. Nothing should be construed
as solicitation of an offer to buy securities. This program
is sponsored by Fourth Avenue Financial, which is solely responsible
for its content.
Speaker 5 (26:36):
What if the market drops after you retire? What if
healthcare costs continue to rise? What if you outlive your savings?
If these questions keep you up at night, You're not
alone and you don't have to figure it out alone.
I'm John bred Out with Fourth Avenue Financial and I
specialize in retirement income planning. Let's turn your what ifs
into a plan you can count on. Schedule your free
consultation today at Fourth Avenue Financial dot com. Fourth Avenue Financial,
(26:59):
rect Retirement Done.
Speaker 4 (27:00):
Right Securities offered thro Jenny mcco Financial Incorporated.
Speaker 1 (27:03):
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Speaker 2 (27:08):
On Metro News Hotline.
Speaker 5 (27:10):
When I was a lifeguard, I carried this radio just.
Speaker 4 (27:13):
For one second. I can't imagine you being a lifeguard.
Speaker 6 (27:17):
You can't.
Speaker 4 (27:18):
Someone would be driving like, oh no, help me out,
and you'd be like, well, that's up to you. I
just can't imagine someone with your mannerisms being like new mannerism.
Speaker 5 (27:27):
I'll save the day.
Speaker 2 (27:30):
Metro News Hotline with Dave Weekly weekday afternoons from three
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Speaker 6 (28:06):
So eleven minutes soil the top of.
Speaker 4 (28:08):
The man that goes really fast.
Speaker 6 (28:13):
It did.
Speaker 4 (28:14):
Yeah, I need to fix that. We're just grooving there.
Speaker 3 (28:16):
Yeah, I know, I was a little I got a
little suspicious when I saw there's like five seconds left
and there was no fade. I'm like, oh, this doesn't
sound right. I need to go in and fix that.
Thanks for tuning in this morning. This is retire Right
Radio on five adwc HS, the voice of Charleston Am
del Cooper.
Speaker 4 (28:29):
Thanks for tuning in.
Speaker 3 (28:30):
When this Monday morning, John Bredet is in studio with
this this morning, we're talking about making sense of the
alphabet soup, which is all the various things that has
to do not military, although it could work for that
as well. We're talking about finances this morning. We covered
iras and r mds right before we went on the
break that's required minimum distributions and also of course the
IRA Individual Retirement accounts. We want to talk about some
(28:50):
other things on this segment. You're welcome to give us
a call if you need questions for anything answered. John
can help steering in the right direction. If not help
you directory three zero four, three four five fifty fifty
eight three zero four three four five fifty to fifty eight,
you can text three zero four non three five five
zero zero eight three zero four non three five five
zero zero eight is the best number that you can
call us and John can help you out as far
(29:11):
as that goes. One thing I wanted to bring up
that I thought was interesting, just to kind of briefly
to dip back into the AI conversation we had. I
noticed for the first time that on some of our
network podcasts that we're getting, we're definitely getting tons of
generative downloads now right like one download, like several hundred
(29:31):
downloads at the same period of time, one download per episode.
It's it's definitely some sort of generative thing that's downloading
voice training data. I have a feeling that's my guess,
that's my guests, And so it's made me wonder if
we need to declare as a company our stuff off limits,
because you can do that now where you can go
in and do copyright claims on stuff like that. So
I don't know if it's better for us to let
(29:52):
it go or to be trained on it to be
on we're teaching the machines, that's what. Yeah, you know Hotline,
which is the one the show that I do a
day weekly in the afternoon. We have like six thousand
hours available online right now. We've been doing this show
for a long time and so there's a lot there
you could train on. So I don't know how I
feel about that. You give us a call this morning.
Threes are a four three four five fifty to fifty eight.
Threes are A four three four five fifty to fifteen.
(30:12):
As we go down through some of these things that
we're going to talk about, the alphabet soup and the
next thing that was up on the alphabet soup was
QCD QUCD, and off the top of my head, I
wasn't sure what we were talking about there.
Speaker 5 (30:25):
Uh, yeah, that's the qualified Charitable Distribution. So essentially, and
a lot of folks don't know that you can do this,
but we talked about that RMD that you have to
take every year. Well, that RMD that you have to
take is taxable, but let's say instead you want to
donate that to a charity or to a church something
(30:47):
of that nature. You can direct that distribution directly to
the charity and then there's no tax bill on it, okay,
and so you're you essentially can leverage you're given. So
let's say you were already tithing to your church and
now you've got the r M D, Well, why wouldn't
you send it directly and save the tax bill on that.
(31:11):
Either you can give more or or you give the
same and you get the tax savings. So I thinks
it's a pretty powerful way to leverage your giving.
Speaker 3 (31:22):
And again a tool in the toolbox you may not
know about or not may not know the proper way
to the structure that. So you can have John help
you out at Fourth Avenue Financial Fourth Avenue Financial dot com.
Have a caller that called in this morning. What's your
first name? I'm sorry, what was your first name?
Speaker 6 (31:36):
Color?
Speaker 8 (31:38):
Mark?
Speaker 6 (31:38):
Hey?
Speaker 4 (31:38):
Mark, how you doing this morning? You're on the air
with John for debt that what's your question for Mark
or for joint?
Speaker 8 (31:43):
So I've got a question about RMD. He said earlier
that the distribution could come from just one of your funds,
like one IRA, even if you had multiple iras and
four to one k's. But I wanted to know if
I could also take that withdrawal from a stock or
something else I had that was not actually a four
(32:04):
to one K.
Speaker 5 (32:07):
Well, if it has to be something that is subject
to an RMD, so no, I mean if you if
you have stock that you bought in what's called a
non qualified account or a brokerage account that is not
tax deferred or is not subject to the RMD requirements,
(32:28):
then that would not.
Speaker 4 (32:29):
Count, you know.
Speaker 8 (32:31):
Okay, So if you if you have multiple accounts, or
it can come from just one account, but it has
to be the RMB has to be from one of
those qualified accounts.
Speaker 4 (32:40):
That is correct.
Speaker 8 (32:41):
Yes, okay, all right, appreciate your show, Thank you very much.
Speaker 3 (32:45):
Sure, thank you. Appreciate the phone call. Thanks for calling
in this morning. If you have a question as well,
you and give us a call. It three zer a
four three four five fifty to fifty eight threes are
a four three four five fifty eight fifty eight. I
did have a text that came in from the three
zero four five eight eight as we were talking about qcds.
Is QCD the same thing as a check to a
charity from my ira? My accountant says, sort of, but
it but not really right?
Speaker 4 (33:05):
Sort of.
Speaker 5 (33:06):
Yeah, that's a good answer. No, there is you know,
specific paperwork we need to fill out with the with
the IRA custodium UH to direct that and then the
money typically goes straight to the straight to the charity.
Speaker 3 (33:22):
And then also six eight one four one two. Can
I do a QCD from a wroth our A or
only a traditional.
Speaker 5 (33:28):
Well, there's no real tax savings with the wroth to.
Speaker 4 (33:31):
Do Yeah, why would you do it that way?
Speaker 5 (33:33):
So you know you would do that on the on
the traditional IRA UH to save the tax bill.
Speaker 3 (33:38):
So again, if this is something that is either something
you're already doing and you can find a more beneficial way,
or if it's something you were planning on doing in
the future, this is something you need a tool. You
need to learn about something right now.
Speaker 4 (33:48):
And with the.
Speaker 5 (33:49):
QCD, you know the r M d AH on the
on the IRA is seventy three, but it used to
be seventy and a half. Well in the government and
all its wisdom has left the QCD at seventy and
a half. So in theory you can give even before
you're required to give, even even though the law used
(34:09):
to not be that way. So hey, it's Congress.
Speaker 3 (34:16):
What can you do another thing that we have to
talk about. Of course, if we're talking about if we're
talking about retirement, it just so happens because basically we're
talking about a near end of life situation. Close to
end of life situations. When you're talking about these things,
you have to talk about beneficiaries, estate planning and things
like that, and ad A TOD is something that could
(34:37):
come into play along those things.
Speaker 4 (34:39):
That's a transfer on death.
Speaker 5 (34:41):
Yes, so with your tax deferred money, your IRAS four,
a WOD case, things like that. Those are those accounts
automatically are beneficiary driven. If you're married, your spouse is
generally going to be the beneficiary. You could have children
on there as contingent beneficiaries, and if you pass away,
(35:02):
all of that avoids probate because it's beneficiary driven. It's
good to keep in mind too, when you have a beneficiary,
that beneficiary will will trump any it's it's odd using
that word trump. It will trump any wills or estate
(35:24):
planning you've done. So you got to be very very
careful with your beneficiaries that that matches up to any
estate planning that you do. That's that's number one. And
then essentially a t OD it's called a transfer on
death that is where you're essentially putting beneficiary designations on
(35:47):
your non qualified or or your taxable brokerage accounts, things
of that nature, so that that way when you pass away,
that avoids probate and will go directly to your beneficiary
in a very smooth fashion. And you know, the more
you can avoid probate, the better off, because it's red
(36:07):
tape and hassle, and it takes time for things to process,
and the TOD is certainly something that I don't know
why you really wouldn't want to do it, to be honest.
Speaker 3 (36:20):
With you, It just cuts down I mean we've talked
on this program before from yourself and also from folks
you've had come on to be guest hosts, and that
just the what in a state can go through and
the family of that estate can go through without some
kind of clear directions. This is just one of those
steps that you can make to cut out some of
that stuff.
Speaker 5 (36:38):
Yeah, and it's really a good idea, maybe once a
year to look at your accounts, look at the beneficiaries,
make sure that it's still what you want it to be.
You know, sometimes people may pass away that were your
beneficiaries you need to keep those things updated because whatever
is on that that beneficiary form will be what transpires,
(36:59):
whether you wanted two or not.
Speaker 3 (37:01):
We have about a minute left. We got two questions
from the text line. That's get those out of here
before we have to cut away from the six eight
one seven eight nine. What's the downside to naming my
adult kids directly as at OD or directly in the TOD.
Speaker 5 (37:13):
Is there any downside to that? Well, there could be
downside everywhere.
Speaker 3 (37:19):
Yeah, oh, I'm sorry, instead of a trust, I'm sorry,
I missed the second part of that, instead of a trust.
Speaker 5 (37:25):
Okay, okay, Well it depends on why you have the
trust and what the purpose of that was. But certainly
naming your individual children as TOD will avoid probate and
essentially they just have to produce a death certificate to
get that retitled into their name. So there's no process
beyond that that's necessary. So it it just streamlines things.
(37:48):
That's good information. As always with John Burdett from Fourth
Avenue Financial, let me gohead and get the information out
to you.
Speaker 3 (37:53):
We got through most of it. We got through most
We didn't do too bad there, Yeah, not too bad
at all. And for so you can find out more
information about Fourth Avenue Financial online at Fourth Avenue Financial
dot com Fourth Anue Financial dot Com, where you spell
out the whole thing their phone number. Threes are A
four seven, four six seven non seven seven. Threes are
A four seven four six seven done seven seven seven
four six seven done seven seven. Also on Facebook, Fourth
(38:13):
Avenue Financial you can like the page over there to
be kept up to date. John, thank you so much
for your time today. As always, all right, take care.
We'll see you're back here next Monday. Coming up next
to Dave Allen on five AD Live. I'll be back
this afternoon with Dave Weekly on hotline at three oh six.
Speaker 4 (38:26):
Have a great day everyone.
Speaker 3 (38:27):
Major League Baseball playoffs tonight on fourteen ninety and five ADWHS.
Speaker 2 (38:36):
W c HS A W two four three d RFN
Charleston W two and three a Q Cross Lanes at
WVRC Media Station. We are proud to live here too,
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