Financial video library

End Of Life Financial Planning Key Takeaways: 1.   If someone is married and they pass away, this is the last year they can file a joint tax return, which may affect decisions on accelerating income for the surviving spouse. 2.  Selling an asset at the last moment or...

Is the Inherited IRA RMD Waived in 2024? Key Takeaways: - You are not required to take a minimum distribution from your inherited IRA in 2024. - The IRS has extended the waiver for required minimum distributions for inherited IRAs through 2024. - Different rules might...

Beneficiary IRA, Inherited IRA, SECURE 2.0 Act - Video Episode 375 Key Take-aways: 1. Non-spouse beneficiaries cannot roll inherited retirement accounts into their own IRAs; they must set up a separate inherited or beneficiary IRA. 2. Under the SECURE Act, inherited...

Secure 2.0 Act In this video, Tom attempts to briefly highlight nine points from the Secure 2.0 Act in four minutes or less! 1.  RMD changes 2.  Larger catch-up provisions 3.  Roth @ work - can be matched 4.  Qualified Charitable Distributions can now include $50k to...

Inflation Never Stops Key Take-aways: 1. Inflation operates continuously, similar to a "compounding machine," and rarely produces negative numbers, with a recent example being in 2009. 2. A decrease in inflation rates does not imply a decrease in prices but rather a...

Inflation Is Cumulative Key Takeaways: Inflation is cumulative, not just year-by-year; it builds up over time affecting the cost of goods and services. The rate of inflation can vary each year, but even when it decreases, it typically does not negate the previous...

Automatic IRA Act of 2024 - Video Episode 372 Key Take-aways: 1. The "Automatic IRA Act of 2024" requires employers with ten or more employees to set up automatic retirement contribution plans for all full-time and "long-term part-time" employees, with...

Using a Roth IRA for a Down Payment - episode 371 Key take-aways: If your company offers a match, consider contributing up to the amount where you will get a match. If you have an option for a Roth 401(k) contribution, you really ought to consider it. Start building...

The S&P 500: cap-weighted or equal-weight? Key Takeaways: Diversification is key to a smoother investment journey; different types of investments (e.g., mid-caps, small-caps, large-caps, international vs. US) perform differently at various times, helping to...

Do I Owe Taxes on a Gift? Key Take-aways from the question, "Do I Owe Taxes on A Gift?": If you are the recipient of a gift, you do NOT owe a gift tax on this money. In 2024, if you are a gift GIVER, you can now give up to $18,000 to one person, without needing to...

Higher Taxes Headed Your Way? Are higher taxes headed your way in the future? These potentially higher taxes may be due to higher than expected required minimum distributions (RMD's). The starting age for RMD's is now 73.  We even had a period where there were no...

Should You Buy Gold Bars at Costco? Costco recently began selling one ounce gold bars. Should you take advantage of this? Costco recently began selling gold bars online, not in stores, and sold one hundred million dollars' worth in the recent fiscal quarter. Buying...

Real Estate vs. Stocks In video episode 365: Tony invested his $50,000 inheritance in real estate by putting it down on a $250,000 house and renting it out, initially earning $24,000 a year in rent but facing mortgage and maintenance costs associated with real estate....

Cash Flow Matters In video episode #364, Tom covers: - Cash flow matters - and is crucial at every stage of financial planning, whether starting out in life, getting out of debt, preparing for retirement, or running a business. - People often focus too much on assets...

Target Date Fund: Your New Landlord? How in the world can your Target Date Fund be your next landlord? In episode 363, Tom discusses how a Target Date Fund - these funds are often one of the default fund choices for many retirement plan investors (and college savers!)...

Long Term Care in New Jersey In this episode (video episode # 362), Tom shares some information about the Medicaid process and long term care here in New Jersey.  It's no surprise, the cost of long term care in New Jersey (and around the country) continues to climb...

More Money, More Problems, Episode 361 Do you need more money to be happy?  The "slam dunk" answer is "of course!" But is that really the answer? In episode #361, Tom discusses the results of a recent survey conducted by Empower. Sadly, we have learned more people...

401k Plan Changes?  Episode 360 In this video, Tom discusses significant 401k plan changes are coming (soon!) to one of the oldest and largest  401k plans in the United States. Recently (early November), IBM announced they were no longer making employer matching...

Investing Mistakes: Millennials and Bonds, Episode 359 In this video # 359, Casey talks about millennials and bonds.  Specifically, he walks through a discussion where he learned millennials are investing (possibly) too heavily in bonds and fixed income.  Why could...

Health Savings Account vs Flexible Spending Account Which is better, an FSA (flexible spending account)?  Or an HSA (Health savings account)?   In this video (episode #358 on the Mullooly Asset you tube channel), Tom breaks down some of the basic differences between a...