Winning at Life with Gregory Ricks: Financial Talk Radio - Investing, Insurance, Financial Planning, 401K, Retirement
401k & Retirement Authority - A Registered Investment Advisor
The Daily Wrap: 06.28.18
June 28, 2018 10:05 PM PDT
02:01 - Is your personality type more likely to be financially scammed? Gregory and James are surprised by a report that outlines the type of person that is most likely to be caught up in a financial scam.
13:36 - Gregory quizzes you on transactions that are prohibited under IRA rules.
18:29 - Clifford in Biloxi asks Gregory about how the taxes are figured for an empty piece of property he's about to sell.
24:05 - The next Gregory Ricks Live is coming up Tuesday, July 10th, 6:30pm. Come find out more about Gregory Ricks and what he can do for you.
27:45 Gregory describes how he has seen people get caught up in prohibited transactions with their IRAs. If the IRS catches one wrong move, they could blow up the IRA. When it loses its tax status it becomes like a giant lump of taxable income, and maybe even some penalties.
37:08 - Because you have full ownership and control of your IRA, you are considered a fidu
38:02 - Kelvin from Kiln needs Gregory's thoughts on how his brother should pass along his property. Should he use a trust, or is a will enough? Should he try and pass ownership to his heirs now, or handle that through estate planning?The Daily Wrap: 06.27.18
June 28, 2018 07:54 PM PDT
00:45 - In a startling coincidence, a USA Today column from today talks about the same rarely known ability of reverse mortgages to have gains
06:42 - James reports on the nation's 35 largest banks passing the Fed's stress tests, but Gregory points out the report doesn't tell us anything about the health of nearly 6,000 smaller banks.
14:57 - Gregory Ricks shows you the truth behind some Social Security myths. Although you will often hear people claim Social Security isn't an entitlement, Social Security IS an entitlement. It fits the definition of an entitlement to the letter, which has nothing to do with whether or not a beneficiary pays into the system. Raising the Social Security tax cap won't solve the funding issue. It'll only delays the crash about 6 or 7 years.
16:42 - We replay Lewis in Chalmette from Saturday, because he's talking about this exact same myth about raising the Social Security tax cap.
19:56 - John in Folsom needs Gregory's help figuring out his best option for Social Security. He's not to his full retirement age yet, but he is drawing a Social Security survivor's benefit based on the record of his deceased wife. When should he switch over to his record to get the biggest benefit?
24:52 - The next Gregory Ricks Live is coming up Tuesday, July 10th, 6:30pm. Come find out more about Gregory Ricks and what he can do for you.
31:56 - The Supreme Court strikes down forced union dues. Gregory Ricks responds to Judge Napolitano explaining the impact of the decision, and how the effects will reverberate through the financial world. This may be the beginning of the end for public sector unions.
36:39 - Gregory Ricks discusses how several popular companies are doing in the stock market these days. Netflix has had a huge 2018 thus far. Is it in a buying position? Tesla stock is still growing despite a tornado of production issues. FIZZ is on a strong rebound, but does it have staying power?The Daily Wrap: 06.26.18
June 28, 2018 09:39 AM PDT
01:24 - Senator Bernie Sanders makes over $1 million for the second year in a row. He has done a great job building up several income streams over the years, including royalties from a spoken word folk album.
04:57 - The divisive political climate you see on the news channels is not happening in the business world. As the economy keeps humming along, the partisanship seems to fade.
14:41 - Learn some hidden advantages of a Roth IRA. It can be used as an emergency fund of sorts, and you may be able to tap into a Roth IRA for some first time homebuying expenses.
17:59 - Dan in Mandeville wants Gregory's opinion on refinancing his house, and using some of that equity to buy a rental. Gregory reminds Dan to consider everything that can go wrong, keep a cushion, and then keep it growing. Rental properties can be a solid stream of income.
21:24 - Gregory Ricks crunches some numbers on how the compounding interest in a Roth Ira gets more powerful over time.
25:00 - Here's what you need to do if you're getting a late start saving for retirement. Find a way to live as far below your means as possible. Take advantage of employer plans if you can. You need to be saving as much as you can, and you need to start saving it now.
37:45 - Dell in Brandon, MS inherited an IRA from her mom. She was already taking Required Minimum Distributions, but the bank stopped issuing distributions on death. Now, it appears she owes some penalties and interest, and hopes Gregory can explain her situation and how to clean it up.
41:07 - Robert in Jackson has a friend who is inheriting an IRA left to her from her deceased son. Gregory Ricks spells out her options, decodes the taxes.The Daily Wrap: 06.25.18
June 28, 2018 09:38 AM PDT
00:40 - Is Wells Fargo in trouble again? The issues began a few years back, but it’s reported the bank’s advisor division pushed products that seemed to serve the bank’s interest more than the client.
06:37 - Gregory and James review a segment with Dwayne Stein from Saturday’s show where the homeowner did a reverse mortgage into a line of credit, and takes advantage of the 4.7%ish return on the unused portion of the credit line. Gregory breaks down how this could be an exceptional use of a reverse mortgage, but only if you’re in the right situation.
24:02 - The next Gregory Ricks Live is coming up Tuesday, July 10th, 6:30pm. Come find out more about Gregory Ricks and what he can do for you.
39:57 - Steve in Houma asks Gregory if he puts his IRA into an annuity, will he be able to cover upcoming Required Minimum Distributions without hitting the surrender fees? Gregory Ricks shows Steve how an annuity that let's your take out up to 10% without a penalty should be enough to cover his RMDs well into his 90s.The Weekly Wrap: 06.23.18
June 28, 2018 09:38 AM PDT
02:15 - Gregory Ricks address the changing demographics in America, and how an aging population will change how we deal with retirement and investing. With fewer taxpayers per beneficiary, Social Security and Medicare are fiercely unsustainable. Raising taxes is a likely part of the solution, but reigning in benefits is going to happen.at some point, too. This will happen on a long enough timeline, and maybe it won’t happen soon enough to affect you. If it does, you will need to have money put away and income streams you can rely on… the more the better.
28:04 - Ralph in Lacombe heard that you can have your property taxes frozen in retirement, and if Gregory Ricks knows anything about that. States can have significantly differing laws regarding property taxes, but there are plenty of them who give special considerations to seniors and retirees. Refer to your tax professional to see how that affects your specific property, you may be pleasantly surprised.
29:39 - James in Poplarville asks Gregory Ricks how much income can he get off of a million dollars in assets without a spenddown? Gregory says it can safely range from 3%-4%, but if you’re looking for absolutely no risk, it’s probably more like 3%.
32:26 - Ray in Picayune asks Gregory Ricks his thoughts on a county pension system that opts out of Social Security in exchange for its own pension system. It seems like a good idea, but how will the affect their Social Security retirement benefits?
37:17 - Matthew in Metairie suggests that robots will be able to fill in some of the labor shortage to help deal with aging demographics.
41:35 - Lewis in Chalmette wonders why we don’t eliminate the earnings cap on Social Security? Gregory explains how the tax cap is met by the cap on benefits, but that is probably going to be moved drastically higher or even eliminated.
48:52 - Dwayne Stein, host of Mortgage Gumbo, joins the show and explains why mortgage interest rates have taken a couple of dips over the last few months, even as the Fed continued to lift the funds rate. Dwayne explains that the relationship between the Fed and your mortgage rates is not direct, but acts more like the price of oil vs the price of gas.
54:43 - Dwayne shares why the world of HELOCs is making him doubt the housing boom can keep going much longer without a significant stumble. It’s not the same concern as the last housing bubble which was busted up by failed subprime loans. This time around, the HELOC wave being hit with rising interest rates could be the ugly infection the housing markets do no need.
1:00:06 - Gregory Ricks and Dwayne Stein have worked on reverse mortgage situations together, and share how a recent homeowner got a lump sum from a reverse mortgage, used a little, and left the bulk of it in a line of credit that’s just sitting there gaining interest. Gregory explains that forward thinking means you get to take advantage of getting rid of the mortgage, paying off some bills, and growing the balance as it sits waiting for you as an emergency fund.
1:09:55 - Glenn in Algiers asks Gregory Ricks if he will still get the increase in benefits for delaying until age 70 if he stops working at 68? Gregory says the annual 8% increase is still in effect, even if you do not work.
1:12:58 - Gregory answers a question from a listener about selling tradelines with Dwayne Stein. Is selling access for someone to piggyback on your good credit history a good idea? Dwayne explains how tradelines could work as described, but there’s enough red flags signaling that you should steer clear. There are things you can do with the money used on the fees that could be better for your credit than tradelines.
1:22:59 - Dwayne Stein of MortgageGumbo.com answers: How bad can your credit score be and still get a mortgage? Although it’s much easier to get a loan with great credit, even the worst scores still have some options. Sure, the terms may be a little less accommodating, but Dwayne can get just about anybody into a mortgage of some type.
1:26:33 - Robert in Metairie asks Gregory and Dwayne to explain how the bank gives 5% return on an unused line of credit from a reverse mortgage. Gregory Ricks adds that if you’re planning on doing a reverse mortgage in the future, perhaps you should go ahead and do the reverse mortgage now, but leave the line of credit to grow. The math may be better that way.
1:33:45 - Be careful! A debit card skimmer was found on a gas station pump in Jackson County. If a debit card machine looks suspicious, give it a tug and see if it moves. If you’re not sure, move on.
1:39:11 - James details a chart on when your Full Retirement Age is for Social Security.
2:06:02 - Kevin in Des Moines asks Gregory Ricks to explain how the taxes will be figured on the sale of a rental property he co-owns with his brother.
2:08:17 - Robert in Jackson has a friend who is inheriting an IRA left to her from her deceased son. Gregory Ricks spells out her options, decodes the taxes.
2:12:07 - Dell in Brandon, MS inherited an IRA from her mom. She was already taking Required Minimum Distributions, but the bank stopped issuing distributions on death. Now, it appears she owes some penalties and interest, and hopes Gregory can explain her situation and how to clean it up.Winning at Life Daily Wrap: 06.22.18
June 28, 2018 09:36 AM PDT
00:59 - Be careful! A debit card skimmer was found on a gas station pump in Jackson County. If a debit card machine looks suspicious, give it a tug and see if it moves. If you’re not sure, move on.
08:44 - More people over the age of 60 are renting on AirBnB for an extra income stream.
11:36 - Adam Vinatieri says he’s not retiring, meaning he will be 46 by the end of the season.
14:30 - Gregory Ricks outlines 10 things that can go wrong when you inherit an IRA. The issues begin with making sure you have the beneficiary designations spell out correctly. If you are the spouse inheriting the IRA, you have some extra options.
22:18 - Jim in Ocean Springs asks Gregory to explain the options regarding spousal Social Security benefits.
27:26 - Noah in Destrehan is about to finish college and start his career. He wants Gregory Ricks to show him where he should hit the ground running on retirement savings from day one.
29:32 - Rick in Slidell lost his wife two years ago, and wants Gregory’s opinion on when he should turn on his Social Security widower’s benefit.
32:02 - Louis in Marrero is a Bitcoin advocate bravely checking in with Gregory Ricks in the midst of recent cryptocurrency troubles.
42:52 - Gregory Ricks continues his run down of 10 costly mistakes when inheriting an IRAThe Daily Wrap: 06.21.18
June 28, 2018 09:35 AM PDT
[2:20] Gregory Ricks gives you a basic guide to rollovers from your IRA. If you can, you should move IRA money straight from custodian to custodian transfer. If you take the money straight to yourself, you have 60 days to either put it back, or find another IRA for it. You can do a rollover once per year aggregate of all your accounts.
[7:38] Perry in New Orleans wants to try and get some yield on the idle money in his brokerage account. Gregory explains that it's preferable to have the liquid assets in your managed investment account just sitting there getting minimal yield. That is its job, and it's probably not a good idea to go chasing returns with it.
[14:13] A Supreme Court decision on collecting internet taxes means the free ride is over for online shopping. The law now compels retailers to collect the sales tax of their customers, and it's based on the State where the purchase is made.
[24:57] The next Gregory Ricks Live is coming up Tuesday, July 10th, 6:30pm. Come find out more about Gregory Ricks and what he can do for you.
[28:18] The Numbers are awfully red today, and reports say China's new tariff threat is a concern. China is running out of weapons in their trade war, and mentioned they were thinking about targeting the 30 companies in the Dow Jones Index. GOOD LUCK with that! Cutting off 30 of the most important companies and their products will do more harm to China than the USA.
[40:06] Netflix is continuing its meteoric rise, but Chrysler looks like it may be circling the drain. Out with the old, in with the new.Winning at Life Daily Wrap: 06.20.18
June 20, 2018 09:40 PM PDT
This offer from Disney to buy most of the media assets from 21st Century Fox could change our media landscape for a generation. Gregory points out that combining Disney assets with Fox, Marvel, and Hulu may be the great media counterbalance to Netflix’s colossal growth.
It’s also interesting to note what media platforms Rupert Murdoch wants to hold onto like Fox News and Fox Business, which shows how news related broadcasts are least affected by on-demand competition. Fox Business has become a regular source, but it’s important to skip around and see what everyone is saying in real time. This is a global economy, and requires keeping up with the news.
Les in Slidell asks Gregory if his wife who never worked can draw a Social Security check off of his record at age 62.
Joe in Harvey has a nice 401k built up, and wants Gregory’s guidance on how he can convert some of that money to a Roth account. Gregory Ricks explains the process by which money can go from a 401k to a Roth IRA, and how strategic Roth conversions can help manage the tax bite.
Gregory answers a text question about the deadline you have to undo Social Security. You have one year from the date you file for Social Security, not when you get approved or when you get your first check. This guy just missed the window. He can suspend, but not undo his Social Security benefit.Winning at Life Daily Wrap: 06.19.18
June 19, 2018 09:32 PM PDT
Can going solar save you money? Gregory Ricks talks to Ethan and Justin from SunPro Solar about: tax credits, financing, and how the technology is advancing daily to make solar more profitable. GoSunPro.com
A new study claims that being married is good for your heart. Married subjects were less likely to have cardio issues than subjects who were divorced, widowed, or never married. The number of Americans who smoke is down to 13.9%.
Lou in New Orleans is getting a divorce, and wants to know if his ex wife draws a Social Security check off of his record, will his check be affected?
Andrew in Slidell wants to know if some low earning years late in life will hurt his Social Security benefit. What will his wife be able to draw off of his record? What happens to her benefits when he passes?
This guy was getting a late start on saving for retirement, but can put away a ton of cash before he retires in three years. Gregory Ricks explains why it may be better to just leave the new savings liquid rather than tie them up in a financial product chasing yield.
GE is no longer on the Dow. This is a huge historic moment in the financial world, as General Electric was the last remaining original member of the Dow Jones Index back in 1896.Winning at Life Daily Wrap: 06.18.18
June 18, 2018 09:00 PM PDT
Trump announcing the creation of the Space Force has some interesting financial side effects. Gregory Ricks details where he thinks the technology will take us, and the Space Force is an expected result.
The Numbers are mixed, with Tesla as a big gainer on the day. Americans satisfied with the direction of the country hits a 12 year high.
Ann in New Orleans is being offered a million dollar buyout on her $60k pension, and Gregory asks some questions that get to the heart of which option is best for Ann.
Gregory responds to a strange email about Social Security ex-spouse benefit. The email claims Social Security is trying to reclaim $32k in wrongful payments on an ex-spouse's record.
"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
Gregory ricks @gregoryricks - winning at life, financial talk radio, registered investment advisor, financial planner, total wealth authority, income planning, investing's Friends
Subscribe to this Podcast