Winning at Life with Gregory Ricks: Financial Talk Radio - Investing, Insurance, Financial Planning, 401K, Retirement
401k & Retirement Authority - A Registered Investment Advisor
Winning at Life Daily Wrap: 05.23.18
May 23, 2018 10:13 PM PDT
Do YOU know when you should turn on your Social Security retirement benefit? People over age 50 scored pretty badly on a Social Security survey, so don't feel bad if you don't know. Gregory explains some of the basics on figuring out when you should turn on Social Security.
Now that the kids are out of school, Eddie in Thibodaux has an extra $10k a year to invest. Eddie asks Gregory how the money should be invested for retirement.
Randy in Mandeville asks Gregory if his wife will get his Social Security benefit after he passes since she was part of the State of Louisiana retirement system. Gregory drops the bad news that she won't get much - if anything - under the Windfall Elimination Provision.
Scott in Ocean Springs, 50 years old, is getting into a Roth IRA. Does Gregory Ricks approve?
Joe in Harahan is in a position where he starts getting an extra $4,800 a month in income. He has not starting saving for retirement, so how can he use this new income to play catch up?
John in Biloxi found some old Savings Bonds. John asks Gregory if he can put those in his IRA somehow?
Jimmy Fallon's advice on being successful is to not think about money, just follow your passion. James thinks that's a horribly shallow view of the world, and that no matter how much everyone wants to follow their passion, someone has to pick up the trash.Winning at Life Daily Wrap: 05.22.18
May 23, 2018 07:58 AM PDT
She was fed up with working, and asked Gregory help her retire at the end of the year. Gregory sets up a retirement income plan that's over $50k a year, including Social Security, that will be virtually untaxed. The Guided Planning System shows where she will be financially throughout retirement.
No matter what your age is, go sign up for your Social Security account now at SSA.gov. Setting up your account and password will prevent scammers from setting one up and exploiting your record.
More than half the country doesn't know what to do with their own 401k when it's retirement time. Gregory shares some ways to maximize the abilities of the assets in your 401k, and how to turn it into income streams.
Tesla stock takes a hit after Consumer Reports' low rating of the Model S. Elon Musk vows to fix the braking distance issue with a firmware update. It will be the first time a line of cars could be improved without touching them, according to Consumer Reports.
The new Fortune 500 list comes out ranking the top 500 companies by revenue: Walmart wins! Amazon joins the top 10, while Ford falls out of the top 10. Sears is closing 40 more stores this summer.Winning at Life Daily Wrap: 05.21.18
May 21, 2018 08:44 PM PDT
What happens if the rules on your employer's retirement plan don't match up with the rules of a regular 401k or IRA? Gregory explains how to tell which rule applies to your situation.
The proportion of people over 65 still in the workforce is booming. Much of it is because we are healthier, maybe we need the money, and also because employers can't live without the experience Boomers bring to the table. So what's evolving is an increase in flexible schedules, working from home, and working less hours.
What do you do when your deceased uncle named you as a beneficiary on his IRA? Charlie in Covington asks Gregory for guidance. Gregory reminds Charlie to check if there's a Required Minimum Distribution owed, and offers some options on how to take the money.
Gregory and James review more of PT Barnum's rules from the Art of Money Getting. Living below your means, and being healthy are timeless advice, and Gregory adds in some advice of his own.Winning at Life Weekly Wrap: 05.19.18
May 20, 2018 09:56 PM PDT
Gregory's flight had an aborted landing at the New Orleans airport, and they had to go wait out the bad weather in Jackson. It's a pretty harrowing experience, but the airline seemed to handle it OK.
PT Barnum's financial advice from the 1880s stands the test of time well. Gregory and James discuss some of the timeless pieces of financial guidance, starting with: live below your means.
JB in Covington calls in and asks Gregory what all info she needs to have to get him to make her a financial plan. She's working with Wes and Jude of the Total Wealth Authority, and needs Gregory's services as well.
Gregory expands on PT Barnum's advice railing against smoking tobacco and drinking alcohol. It sounds like health advice, but Barnum warns about poor health above choosing the correct vocation.
Barnum also warns against buying things on credit and getting into personal debt.
Jude Heath, CPA of the Total Wealth Authority, chats with Gregory about how to handle the IRS when you get behind on your taxes. The tax resolution commercials you hear on the radio and see on TV aren't a total scam, but there's better ways to go about cleaning up your tax record, and there's no substitute for having your own CPA.
Jude Heath breaks down the financial dilemna created by the wedding of Prince Harry to the American Megan Markle. The royal family has been steadfast about keeping their financial details under wraps, but American law may get the IRS in the Queen's business. Plus, things could really get complicated if she's still an American citizen when they start having kids.
Jude responds to the story of the financial professional who messed up the Required Minimum Distribution from her own IRA.
The Supreme Court strikes down a ban on sports betting, making it legal in Mississippi! Before the decision to allow sports betting came down, MS had already passed the legislation necessary, and Gulf Coast casinos could be taking bets by football season. This could be a game changer for the Mississippi Coast.
Robert in Slidell asks Gregory if his wife is eligible to draw off of his work record, or hers, and which should she use?
Eric in Biloxi wants to know if his wife's spousal Social Security benefit is correct, because the amount is not half the size of his check.
John in Marrero is a widower, and asks Gregory if he can draw from the widow's benefit while his Social Security record grows.
Larry in Marrero asks Gregory for some idea on how he could transfer a piece of property to his son.
Kenneth in Biloxi asks Gregory about how the math looks when you turn on Social Security early. Gregory walks through the numbers, but also reminds Kenneth that the larger benefit could help out his wife after he's gone.Winning at Life Daily Wrap: 05.16.18
May 17, 2018 09:39 PM PDT
How much does it REALLY cost to own a home in retirement? While it can be nice to have your home paid off in retirement, it may be better to have the cash on hand instead of plowing it into your house.
An expert advisor on retirement planning admits to messing up her own distributions from her IRA. When it was time for Required Minimum Distributions, she opted for a Qualified Charitable Distribution option, but when all of the checks don't find their targets, problems start.
Someone leaves a busted up Maclaren in the Nevada desert. It had been part of a cross country supercar rally. If someone is walking away from a $300k car like that, they are living in a completely different world than the rest of us.
Meet the father of the offshore oil industry: Doc Laborde.Winning at Life Daily Wrap: 05.15.18
May 16, 2018 08:25 AM PDT
Is early retirement really worth financial hit? Gregory and James review a few scenarios that could help your money last if you decide to retire early. Cutting expenses and getting even a small income from a passion project can be the boost you need to stop working early.
Gregory gives the real truth behind Peak Gold, and explains how history and technology show that we still have a long way to go. Gold mining reality shows are an interesting display of how technology has changed the gold industry, and most of the gold above ground today has been extracted in the last 50 years.
Jim in Baton Rouge asks Gregory if he's ready to retire. Giving his current assets versus his standard of living, retiring now at age 57 is pretty close, but working five more years would really put him in a safer situation.
Gregory and James welcome the new sponsor on Winning at Life: Spectacular Tubers! Spectacular Tubers is a chain of restaurants that specializes in baked potatoes and sandwiches, with a few locations from Baton Rouge, Grammercy, and Gonzales. SpectacularTubers.com.
A man with early dementia is reportedly robbed of over a million dollars by his caretaker-relative and a crooked insurance salesman. Gregory suspects that while no financial safeguards are 100% foolproof, you can sure prevent a lot of financial abuse with proper legal structuring and well designed trusts.Winning at Life Daily Wrap: 05.14.18
May 16, 2018 08:23 AM PDT
The Supreme Court strikes down a ban on sports betting, making it legal in Mississippi! Before the decision to allow sports betting came down, MS had already passed the legislation necessary, and Gulf Coast casinos could be taking bets by football season.
A Tesla car on autopilot smashes into a stopped fire truck at 60mph. Elon Musk has an interesting spin on the accident. Gregory warns that autopilot won't be rully reliable for a few years, and you'd be crazy to not oversee it. James worries he'll be late to work in the future because he has to wait on his car's operating system to finish updating.
Dennis in New Orleans asks Gregory how the taxes on his Social Security income is calculated. It gets pretty complicated trying to determine which income streams are counted toward your income base for Social Security inclusion.Winning at Life Daily Wrap: 05.12.18
May 13, 2018 09:49 PM PDT
What websites does Gregory prefer for financial resources and business news. Yahoo Finance was one of the best financial hubs for a long time until Google Finance showed up. However, Google Finance has been through some changes over the last year that hasn't helped their standing. Ultimately, Gregory relies on market information most people don't have access to. Gregory and James discuss some other websites used to keep up with your money.
Gregory stresses the importance of Beneficiary Designations, and keeping them up to date. These forms are often neglected. Qualified accounts, annuities, and life insurance all bypass the will and need a current beneficiary designation.
Chuck in Mandeville asks Gregory about using Dividend Aristocrats. How should yields affect your decision to buy or sell a stock?
Sean in Kenner is wanting to know how he should take advantage of the retirement options through his employer. There's already contributions going to a pension and Roth IRA. How does Gregory rate his plan? Sean also wants to know how fixed annuities should be used in the mix.
Robert texts in from the Winning at Life app and asks Gregory who will be the big winners in the business world if North Korea agrees to peace?
Dwayne Stein our mortgage pro in the Total Wealth Authority and host of Mortgage Gumbo says this Korea meeting could ease rates a bit, but the Fed will be moving them up regardless.
Jose in Gretna plans on retiring next year. When should he turn on his Social Security and Medicare?
Wallace in Gulfport asks Gregory to explain what it means when a 401k fund is aggressive.
Dwayne Stein talks about how Reverse Mortgage rules have drastically changed in the last 10 years, and some of the older loans can have tighter math. Reverse Mortgages and refinances will be affected by rising interest rates.
Valerie calls in from New Orleans to ask Dwayne Stein what home buying programs are available.
Jonathan in West Virginia asks Dwayne Stein if the rate he is offered on a new loan sounds like a good deal.
Dwayne Stein talks about how the record setting levels of consumer debt can be linked to rising home values, but how long can both be going up?
Dwayne tells the story of a 72 year old on the Gulf Coast who is retiring, and is using a reverse mortgage from Mortgage Gumbo to turn on an income stream from his home.
Herbert on Facebook asks Gregory about paying off old debts. If a bill goes to a collection agency, is it better to pay the agency or the original business? Gregory gives guidance on how to find out.
Sports betting may be legal in Mississippi as soon as Monday, and we should have an answer before the end of the Supreme Court season through June.
In retirement, do you really need two cars? Gregory and James discuss what it means to have your own car at your disposal.
Ken in Harvey warns that if Louisiana legalizes sports betting, it would not be able to host NCAA events anymore.
Gregory reviews how your Social Security benefits can be affected if you turn on your benefit before Full Retirement Age while continuing to work. It's a little more complicated than it sounds.
James shares a glitch in the Matrix: he sends Mother's Day flowers a day early to avoid the upcharge on delivery.
Eddie in Slidell asks about how delaying Medicare can lead to higher premiums.
Matthew in Metairie asks Gregory about the pros and cons between a debt consolidation loan and a debt management system.Winning at Life Daily Wrap: 05.11.18
May 11, 2018 09:24 PM PDT
Women spend an average of 44% of their adult life out of the work force. Men average just 28% of their adult life out of the work force.
James reports with more audio of the Google AI phone calls. Gregory gives his thoughts on where this new technology is going, and disagrees with the theory that personal car ownership will go away.
Gregory is thinking about holding a one night class on Social Security rules across the Gulf Coast.
Mike in Mississippi asks Gregory to explain the differences in a revokable and irrevokable trust. How do you determine which one to use?
Do you really save enough money for a couple to have only one car in retirement? Gregory leans toward everyone who can drive would be happier with their own car, and it doesn't have to be too expensive.
Winning at Life Daily Wrap: 05.10.18
May 11, 2018 09:02 PM PDT
A caller's crazy story about her ex husband brings up some important rules on Social Security's survivor's benefit, and the tax advantages of life insurance.
Chuck in Gulfport is self employed, a little behind on his taxes, and worried about how that affects his Social Security record. Gregory shows Chuck how he can check his record and get back on the right path.
Scott in Biloxi inherited an IRA from his father and asks Gregory: Does you have to take a distribution or pay taxes the year you inherit and IRA?
Robert in Ocean Springs has always filed his taxes, but has always paid in full. Robert asks Gregory if there's a statute of limitations on tax collection after 10 years.
Mississippi will soon find out they will have legal sports betting. The Supreme Court is hearing a case that may legalize it next week.
The Google AI making a phone call for a hair appointment sounds so real it fools the human.
"Winning at Life with Gregory Ricks” is LIVE weeknights 7-8 and Saturdays 10am-1pm (central times) on iHeart's NewsTalk 99.5 WRNO in New Orleans, iHeart's Newstalk 104.9 WBUV in Biloxi, 12 stations across the Supertalk Mississippi network, and 1160 AM Big D Talk in Dallas. Gregory and James keep you informed about what's going on with your money and the financial world. As a hall of fame financial advisor, Gregory also helps people with their financial situations through calls, texts from the app, and social media.
About Gregory Ricks @GregoryRicks - Winning at Life, Financial Talk Radio, Registered Investment Advisor, Financial Planner, Total Wealth Authority, Income Planning, Investing
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