Upticks: Rethink Your Refund, Social Security Gamble, and Throwing Away Money
By Jake Falcon on April 26, 2024
This week on Upticks, join Jake and Cory as they discuss what an ensemble practice is as well as address a listener’s suggestion about how to get started in your go-go years.
Did you know Americans throw away $68 million per year? How long until the IRS finds you for your tax mistakes? When can you collect social security, and can you change your mind later? Jake and Cory round out their discussion addressing a new government rule built to protect investors and why you shouldn’t be happy about a tax refund.
Thank you for joining us this week! If you have a topic that you would like Jake and Cory to discuss or debate live on Upticks, please email it directly to me at luke@falconwealthadvisors.com and I’ll be sure to ask them to bring it up on the show!
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Read a summary of the conversation below:
Introduction
Jake welcomes Cory back to the show and asks about any recent personal updates, leading to discussions about Cory’s experiences with doctors’ appointments and plans to visit his brother in Chicago. Jake shares his endeavors in learning the piano and participating in the FWA Tour.
Ensemble Practice
Cory asks Jake to explain the concept of an ensemble practice in wealth management, emphasizing the benefits of multiple professionals engaging with clients to ensure comprehensive financial planning. Jake highlights the importance of having various planners review financial plans for checks and balances, encouraging clients to embrace this approach for a more robust financial strategy.
Listener Suggestion
Cory discusses a listener’s inquiry about navigating the “go-go years” of retirement, where individuals may struggle to transition into pursuing their desired activities. They emphasize the importance of planning and trying new experiences to discover fulfilling pursuits during retirement.
Americans Throw Away Up to $68 Million in Coins a Year. Here Is Where It All Ends Up.
Jake and Cory delve into an article revealing that Americans discard millions of dollars in coins annually. They discuss a company that sifts through trash to salvage coins and question whether the US should cease producing pennies due to their low value and high production costs. The conversation also touches on creative uses for discarded coins, such as flooring designs.
[Source: Wall Street Journal (https://www.wsj.com/finance/americans-throwing-away-coins-28ca794c?mod=panda_wsj_custom_topic_alert) As of: 4/17/2024
I Messed Up My Taxes. How Long Does the IRS Have to Find Me?
Jake and Cory discuss the statute of limitations for the IRS to find tax mistakes, which varies based on circumstances. They emphasize the importance of timely filing, paying owed taxes, and planning to avoid issues. Cory suggests consulting a tax professional to handle mistakes.
When Can I Collect Social Security? Retirement’s Biggest Gamble
Jake and Cory delve into the complexities of Social Security claiming, considering factors like age, income needs, life expectancy, and legacy. They highlight the flexibility to change claiming decisions within certain time frames and stress the importance of personalized planning.
Biden Administration Unveils New Rule to Protect Retirement Savers from Bad Advice
This discussion centers on the Department of Labor’s new rule requiring fiduciary standards for retirement advisors, aimed at safeguarding consumers’ interests. Jake and Cory discuss the potential impact and the need for clarity in advisor titles to aid consumer understanding.
You Shouldn’t Be So Happy About Your Tax Refund. Here’s Why.
Jake and Cory address the misconception of tax refunds as windfalls, highlighting how they essentially provide interest-free loans to the government. They encourage proactive adjustment of withholding to avoid large refunds and emphasize financial literacy to understand tax implications.
Thank you for tuning in, we hope you have a great week!
