The Social Security Fairness Act has been reintroduced in 2025 — and it could change retirement benefits for millions of workers. If passed, it would repeal the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO), which currently reduce Social Security benefits for those with certain government pensions. In this video, you’ll learn what the bill actually proposes, who it affects, and what’s likely to happen next. I’ll break down how it could impact your r

In this video, we'll talk about how to decide whether contributing to a bad 401(k) plan is worth it. You’ll learn the key factors to consider, including which investment options you should look at. We'll also talk about strategies for minimizing the downsides of a bad 401(k) plan while still preparing for retirement. How we invest our 401(k) video: https://www.youtube.com/watch?v=v9g_uOw8sbU Resources: - Alliance of Comprehensive Planners: https://www.acplanners.org - Joh

Let’s talk about the new changes to your taxes and retirement after Trump’s recent tax bill. We’ll cover the important changes, including adjustments to tax brackets and tax deductions. Whether you’re retired or still planning for it, understanding these updates can help you make smarter financial decisions. Resources: - Alliance of Comprehensive Planners: https://www.acplanners.org - John's firm website: https://www.trinfin.com - Find us on Facebook: https://www.facebook

When the market is up one day and down the next, it can be difficult to know when to take your required minimum distribution. In this video, we break down smart strategies for timing your required minimum distribution withdrawals during volatile markets. You’ll learn how to avoid selling at a loss and how to use bond ladders or fixed income for stability. Resources: - Alliance of Comprehensive Planners: https://www.acplanners.org - John's firm website: https://www.trinfin.co

In this video, we discuss the hidden tax pitfalls of annuities, which we describe as a “ticking tax time bomb.” While annuities are often marketed for their tax-deferred growth, they can become costly later because withdrawals are taxed as ordinary income rather than at lower capital gains rates. For example, a client who invested $50,000 decades ago saw it grow to $1 million. Now, nearly all of that gain is subject to income tax—potentially at rates of 22% or higher—whereas

This week our conversation is all about 4 common mistakes when gifting money to kids. Listen today so you don't make these same mistakes! 1. Giving Too Much Money: It's important to avoid giving away more than you can afford, especially if it risks your own financial security. Only give money beyond what is necessary for your lifestyle and future needs, typically when you're confident that your wealth will last through retirement, which will usually occur in your late 70s or

This week we focus on the benefits of bond ladders over bond funds for financial planning, particularly in retirement. We discuss three main reasons we prefer bond ladders: 1. Guaranteed Cash Flow: Bond ladders provide predictable cash flow by using individual bonds that mature at different times, ensuring cash availability when needed, especially in retirement. 2. Peace of Mind: Bond ladders give clients confidence that they will have access to guaranteed income, especia

In this episode of Friends Talk Financial Planning, we talk about how to protect yourself from identity theft, which continues to be a serious issue. One of the key strategies we recommend is setting up online accounts with the IRS and the Social Security Administration—even if you don't currently need them—so that scammers can't create accounts in you name. These accounts can be secured through ID.me , and it's a good idea to set them up not only for yourselves but also for

In this episode of Friends Talk Financial Planning, we discuss ways to access retirement funds before the usual age of 59½ without paying the standard 10% early withdrawal penalty. Many people assume they’re completely locked out of their retirement accounts until that age, but there are several exceptions worth knowing. One key option is the “age 55 rule,” which allows individuals to take money from a 401(k) or 403(b) plan without penalty if you leave our job at age 55 or ol

In this episode of Friends Talk Financial Planning, we are joined by Denny Heywood, a former Social Security Administration (SSA) employee and consultant, to address public concerns about possible cuts to Social Security. Despite alarming media headlines, there are no current plans to cut Social Security benefits. However, without Congressional action to sustain trust funds, reduced payouts could occur around 2032. Denny explains that potential future fixes may include: 1) R

File now to claim your social security benefit - Don't wait, you could be owed thousands! In this episode of Friends Talk Financial Planning, we are joined by Dennis Heywood, a Social Security expert with over 30 years of experience at the SSA. We discuss the major changes brought by the Social Security Fairness Act, passed in late 2024, which eliminated the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). These changes mean increased Social Sec

In today’s episode, we discuss the five factors that have a greater impact on your financial success than investment returns. While investment returns are important, focusing on these other key elements can have a far more significant effect on your long-term financial health. First, saving is critical. The amount you save—both in retirement accounts and through daily spending decisions—matters. It’s not just about contributing to your 401(k) or setting aside money for a rai

This week on Friends Talk Financial Planning, we discuss the strategic reasons behind selling stocks during market downturns. Although it seems counterintuitive to sell when the market is down, there are valid reasons for doing so, primarily focused on portfolio rebalancing and tax efficiency. Rebalancing—adjusting the proportions of different assets in a portfolio—can sometimes require selling stocks that have performed well to buy those that have underperformed, restoring

Are we headed for a recession? Predictions are flying, pundits are having a field day. But is it something you should be worried about? This week we break down some facts about recessions and what you can do to prepare if you are worried or feel like you might be vulnerable. Recessions are a natural part of the economic cycle, occurring roughly every 5 to 10 years, and are often influenced by factors like hiring and employment. While a recession can bring fear and uncertain

Join us today as we discuss how to manage market fluctuations in a time that appears to be experiencing some level of stock market volatility. We discuss how to navigate stock market volatility and the impact of market downturns. The market historically experiences fluctuations but tends to rise most years. Therefore it is important to have diversification in a portfolio, with stocks, bonds, and cash balancing risk and reward. Remember that market reactions can be exaggerate

How do I save for retirement when I'm Self Employed? What are the options for retirement plans? Join us this week as we discuss small business retirement plans. We will explain the different options available and how to make the best choice based on your business's and personal needs. Option 1) SEP (Simplified Employee Pension): A simple, employer-funded IRA plan where employees can't contribute, but the employer makes contributions based on a percentage of employees' wages

In this episode of Friends Talk Financial Planning, we share valuable advice on how to optimize your benefits when changing jobs. First, we recommend revisiting your 401(k) contributions—especially if you're making more money at your new job. Consider increasing your contributions, and at a minimum, take full advantage of your company's matching contribution. We also suggest transferring any old 401(k) accounts to your new employer’s plan or an IRA to keep things organized a

This week, join us on Friends Talk Financial Planning as we talk about some key considerations when inheriting money or other assets. We first discuss considerations when inheriting money, particularly from retirement accounts. When inheriting 401(k)s or IRAs, distributions are taxable, and it's recommended to spread withdrawals over 10 years to avoid large tax hits, as taking a lump sum could push you into a higher tax bracket. In contrast, Roth IRAs and Roth 401(k)s offer

Expecting? Congratulations! Listen today to hear our 6 financial planning tips for when baby is on the way. Here’s our checklist with six essential steps to help you prepare financially for your baby’s arrival: 1. Review Your Health Insurance: Confirm that your health insurance provides the necessary coverage for both you and your baby once they're born. 2. Get Life Insurance: Secure life insurance to protect your growing family. You may need more coverage than you realize,

Just married or know someone who is? Listen today for how to manage money together for financial success in marriage. We discuss financial tips for newly married couples. Here is our checklist of key steps to take for financial success and future planning: 1. Save Together: Set up joint accounts for savings with common goals like buying a house or planning trips. Consider saving a percentage of bonuses for the household and personal savings to keep individual spending flexib