Transcript
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Welcome to something more with Chris Boyd.
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Chris Boyd is a certified financial planner, practitioner,
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and senior vice president, financial advisor at Wealth
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Enhancement Group, one of the nation's largest registered
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investment advisors.
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We call it something more because we'd like
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to talk not only about those important dollar
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and cents issues, but also the quality of
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life issues that make the money matters matter.
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Here he is, your fulfillment facilitator, your partner
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in prosperity, advising clients on Cape Cod and
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across the country.
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Here's your host, Jay, Christopher Boyd.
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Hello and welcome to another episode of the
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something more with Chris Boyd podcast.
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My name is Jeff Perry, and I'm one
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of the team AMR individuals here.
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And I'm sitting in for Chris this week.
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I have with me Russ Ball in the
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studio as well, running the control panel and
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my cohost for the show.
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How are you doing Russ?
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Pretty well.
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Thanks, Jeff.
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How are you?
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Good.
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Uh, Superbowl is coming up.
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That's right.
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It's, it's not the teams that I had
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hoped for.
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I think every team I was rooting for
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in the playoffs lost every time.
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I, uh, you know, if it's not new
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England, it's not as important.
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Right.
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But it's still quite a spectacle and I'll
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be going to a Superbowl party.
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And so I'm rooting against the chiefs.
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I think I understand now how the rest
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of the country felt about the patriots.
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You know, I, I didn't understand at the
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time I'm going, why don't you love the
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Patriots?
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They're nice people.
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They do a lot in the community, but
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they, yeah.
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How about you?
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Well, I'm a long suffering, uh, New York
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Jets fan.
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So, yeah, that's a big statement to acknowledge
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on air.
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Oh, well, you know, it's, uh, it's hard
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to, uh, be a fan of a team
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like the Jets, but, um, I watched their
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games, you know, uh, when they're playing and,
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and the season was not unlike any other
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Jets season, but, uh, had the potential to
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be.
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Yeah.
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Well, there's always potential.
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And then, uh, Aaron Rogers, it's one of
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those teams that always seems to underperform no
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matter who they have and no matter what
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goes on.
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So I have a friend and a neighbor
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who lives right across the street from me.
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He's a retired New York city police officer
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and he's a Jets fan as well.
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In the fall, August, he was, he was
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confident.
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Oh yeah.
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Yeah.
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Yeah.
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I think all of, all of New York
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is pretty confident, not so much about the
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Giants, but, uh, about the Jets at least.
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And, um, didn't pan out, didn't, didn't pan
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out, but, uh, here we are.
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I got the Eagles who is, uh, you
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know, they, uh, no, not a lot of
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New Yorkers are fans of the Eagles and
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then, and the chiefs, so it's not, not
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a great, uh, matchup for, for, uh, you
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know, old New Yorkers, but, but, uh, yeah,
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it should be a good game.
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I mean, the teams look pretty evenly matched.
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Um, I'm rooting for the Eagles.
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Um, not because I don't like New York,
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which is a reason to, apparently the root
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for the Eagles.
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Um, I just, I guess I'm just want
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somebody else to win.
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I agree.
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I agree.
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It's time for some, some new, uh, a
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new winner out there.
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And, um, it would, you know, you always
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feel like when the team's one enough and
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you, you've been on the other side of
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this, obviously with the Patriots.
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So I didn't mind it at all.
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And my team's winning.
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Yeah, but no, it's, it's time for a
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different team to, to take it together.
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But yeah, lots of reasons to watch Superbowl.
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I mean, some people watch it for the
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halftime.
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Some people watch it for the game.
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Some people bet on these games, squares and
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all that.
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And then some people are going to watch
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it to see how many times Taylor Swift
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is on TV.
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That's right.
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Well, at least you got another Superbowl, more
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people tuning in.
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But yeah, my, whenever we do a Superbowl
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party at my place, it's a couple of
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people watching the game, a couple of people
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talking on the side, cool people play a
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game or whatever, just waiting for the good,
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uh, good ads to come up on TV.
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So it'll probably be like that this year
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as well.
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Yeah.
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Um, go, go Eagles, but at the end
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of the day, I don't really care.
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Yeah.
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Hopefully it's a good game.
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That's, that's what we're hoping for.
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Well, we're not here to talk about football,
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though.
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It sounds like we could probably do a
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podcast on football.
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We're here to talk of today, um, just
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to summarize the changes coming to social security
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in 2025.
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It's a new year and there's changes every
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year.
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Some of them are, you know, kind of
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boring, but we'll still talk about them.
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The big news of 2025 social security.
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And we, we did a podcast on it.
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Uh, you know, when the break news was
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breaking and the elimination, uh, the repeal of
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the windfall elimination provision, which had to do
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with, um, public employees, government employees who did
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not pay into social security during the years
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that they worked for a governmental entity that
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did not collect social security.
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They are their social security.
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If they had earned it with private sector
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work, um, was reduced depending on how many
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years and a formula, um, because they had
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a public pension and many public employees fought
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for decades to have this repealed.
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And finally, that's one of the last things
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that president Biden did in an office, I
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guess, was sign the social security fairness act,
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which repealed this.
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So I think most government employees, uh, present
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and former have heard about it.
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But if you haven't heard about it, I'll
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put a link in the show notes to
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the podcast that we did.
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And if, after you listen to it, if
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you have a question, please feel free to
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reach out to us.
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You know, it's a, it's a big deal
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for people who, uh, did have, or would
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have had their social security reduced because they
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worked for the government.
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Yeah.
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And that's, uh, you know, especially, uh, relevant
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in states like, uh, Massachusetts, Texas, California, where,
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um, government employees are not paying into social
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security and, and they're sort of punished in
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a way, uh, as, as a result, but,
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uh, um, yeah, definitely a good time to,
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uh, to check on your financial plan, uh,
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see how that might impact the plan and,
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uh, we can definitely, definitely help with that.
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I did talk to one, uh, of our
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clients last week, I guess it was.
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And I assumed I said, Joe, that's not
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his name.
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Um, Joe, I'm sure you've heard about the
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repeal of the windfall elimination provision.
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He says, I have no idea what you're
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talking about.
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Yeah.
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So he actually assumed, and this was a
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misconception.
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It's such a big misconception that, and, and
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Joe didn't know about it.
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I feel like I need to say it
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again is because of this decades long provision,
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many public employees drew the misconception of if
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I worked for the government and get a
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pension, I don't get social security.
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That's that that's wrong.
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It was always wrong.
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So not only did he think that he
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hadn't heard about the elimination of the elimination.
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So he was very happy to with, uh,
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and he jumped on, on the call.
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We jumped on social security, uh, for your
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own account, people should do that and check
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their benefits, future benefits or current benefits, and
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he's going to have like an $800 monthly
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benefit that he didn't know existed.
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Wow.
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Yeah.
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So if you're not sure, learn more about
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it and please feel free to contact us
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if we can be of assistance.
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And on that one other point on that
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is, uh, that there is a retroactive period
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from, uh, from the beginning of last year,
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I believe.
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Uh, so that might end up coming in,
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you know, one larger chunk from, uh, what
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you, what you might've been, uh, that's right.
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Oh, so, uh, you know, nice timetable on
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the retroactivity payment, but it's coming sometime.
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Right.
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Right.
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So I just, uh, prepare for that and
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maybe you can, uh, have that as a
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thought for projects that you have or, or
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put it extra into savings, whatever you might
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want to do, but, uh, just know that
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that might be coming.
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So that's right.
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Good news for a former and future, future,
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former past, everybody who worked for the government
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at some point, and it's just a matter
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of fairness.
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And, um, I'm about, I'm biased.
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I'm uniquely, not uniquely, I'm personally impacted by
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that as well.
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So it's full disclosure.
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There's a reason that I'm so happy about
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it.
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So for those 73 million people out there
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that receive retirement income from social security, did
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you realize there were 73 million Americans that
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get so they're on social security?
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No, that's a big number.
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Well, so they're, they're interested in all of
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these issues that we're going to talk about.
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Uh, I think most of them are positive.
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Uh, maybe not as positive as people wished,
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you know, uh, they get an annual cost
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of living when you hear the word Cola,
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that means cost of living adjustment.
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And during COVID when inflation was high, it
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was 8.7% for 2023.
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That was, that was a bump that was
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much higher than his history indicates last year,
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24 was 3.2, which is still a
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nice increase.
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Uh, this year it's 2.5. Yeah.
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So you should have already received that.
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It's not bad.
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It's an increase, you know, not, not everything
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gets adjusted for inflation, but this does.
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So the average monthly payment, um, people often
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ask, you know, how much should I expect
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from social security when I retire?
271
00:09:38,660 --> 00:09:40,480
When we talk to them, obviously the best
272
00:09:40,480 --> 00:09:42,160
choice is to go onto the social security
273
00:09:42,160 --> 00:09:43,980
website and create your account and get your
274
00:09:43,980 --> 00:09:46,220
own earnings benefit statement.
275
00:09:46,720 --> 00:09:50,420
Um, not just because it is accurate and
276
00:09:50,420 --> 00:09:53,000
they'll project out at different ages, what your
277
00:09:53,000 --> 00:09:54,800
social security benefit will be.
278
00:09:55,120 --> 00:09:57,380
It's also a great opportunity to make sure
279
00:09:57,380 --> 00:09:58,240
it is accurate.
280
00:09:58,460 --> 00:10:00,680
You can look at your earnings in any
281
00:10:00,680 --> 00:10:02,280
given year in your past.
282
00:10:03,160 --> 00:10:05,560
And if something doesn't look right, you know,
283
00:10:05,560 --> 00:10:07,120
go back to your tax return.
284
00:10:07,760 --> 00:10:09,960
If you have them, that's a discussion for
285
00:10:09,960 --> 00:10:11,420
later in the podcast, I guess.
286
00:10:12,640 --> 00:10:15,480
Um, but to validate that the earnings that
287
00:10:15,480 --> 00:10:17,660
you're being credited with the years of earnings,
288
00:10:17,940 --> 00:10:21,340
um, are accurate because that will affect your
289
00:10:21,340 --> 00:10:22,420
social security adjustments.
290
00:10:22,420 --> 00:10:24,480
And it's always better to deal with things,
291
00:10:24,660 --> 00:10:26,980
you know, before you're applying for benefits to
292
00:10:26,980 --> 00:10:27,660
have them corrected.
293
00:10:28,000 --> 00:10:31,840
So, but the average, um, social security benefit
294
00:10:31,840 --> 00:10:38,720
is $1,976 for the average person, which
295
00:10:38,720 --> 00:10:41,400
is up from $1,788 last year.
296
00:10:41,540 --> 00:10:43,640
So the average benefit is up.
297
00:10:44,600 --> 00:10:45,080
Okay.
298
00:10:45,100 --> 00:10:47,040
Always, always nice to see those numbers going
299
00:10:47,040 --> 00:10:49,540
up, but I think it, you raise a
300
00:10:49,540 --> 00:10:51,820
good point that, uh, checking on the social
301
00:10:51,820 --> 00:10:53,560
security website is the best thing you can
302
00:10:53,560 --> 00:10:53,780
do.
303
00:10:53,840 --> 00:10:55,800
It's, it's more accurate if we have that
304
00:10:55,800 --> 00:10:57,540
information for a financial plan.
305
00:10:57,900 --> 00:11:00,500
Uh, and, um, uh, it's pretty easy to
306
00:11:00,500 --> 00:11:01,880
set up and create your account.
307
00:11:02,140 --> 00:11:02,820
It is.
308
00:11:02,900 --> 00:11:05,300
And it's good to see, um, you know,
309
00:11:05,300 --> 00:11:07,400
a lot of, a lot of people ask
310
00:11:07,400 --> 00:11:09,620
us the question of when should I collect
311
00:11:09,620 --> 00:11:12,240
social security or some people just default while
312
00:11:12,240 --> 00:11:13,560
I can get it at 62, I'm getting
313
00:11:13,560 --> 00:11:14,200
it while I can.
314
00:11:14,300 --> 00:11:14,440
Right.
315
00:11:14,440 --> 00:11:17,300
Um, but when you really look at the
316
00:11:17,300 --> 00:11:20,960
difference between ages, say 62 and 70, which
317
00:11:20,960 --> 00:11:23,140
is kind of the range of range of
318
00:11:23,140 --> 00:11:26,180
different, um, it does, it should make you
319
00:11:26,180 --> 00:11:29,240
pause and say, Hmm, should I wait?
320
00:11:29,300 --> 00:11:31,080
Let's, let's do some math and that's this
321
00:11:31,080 --> 00:11:32,440
math that we do for our clients all
322
00:11:32,440 --> 00:11:32,860
the time.
323
00:11:32,860 --> 00:11:35,860
It's, it's a, it's not a simple calculation
324
00:11:35,860 --> 00:11:37,360
cause you have to factor in the value
325
00:11:37,360 --> 00:11:39,840
of money, the worth of money, you know,
326
00:11:39,860 --> 00:11:42,660
and it's factored on your health certainly.
327
00:11:43,200 --> 00:11:44,980
And of course the first question is, do
328
00:11:44,980 --> 00:11:46,020
you absolutely need the money?
329
00:11:46,020 --> 00:11:48,400
If you need the money, then you should
330
00:11:48,400 --> 00:11:51,680
take it, but yeah, lots of factors.
331
00:11:52,080 --> 00:11:54,360
So, uh, there also, there is also a
332
00:11:54,360 --> 00:11:56,040
maximum social security benefit.
333
00:11:56,340 --> 00:11:58,780
So, you know, even if you were, had
334
00:11:58,780 --> 00:12:00,420
a high income and you worked a long
335
00:12:00,420 --> 00:12:03,240
time, social security for the people who may
336
00:12:03,240 --> 00:12:06,860
not know is 35, your 35 highest years
337
00:12:06,860 --> 00:12:09,820
of earnings is how the formula is based.
338
00:12:10,560 --> 00:12:12,880
At full re at age 62, the highest
339
00:12:12,880 --> 00:12:15,440
benefit that you're, you can collect it's capped
340
00:12:15,440 --> 00:12:19,020
at $2,831 at age 62.
341
00:12:19,400 --> 00:12:22,580
And if you're age 70, the cap is
342
00:12:22,580 --> 00:12:24,580
5,108.
343
00:12:26,220 --> 00:12:28,360
So big, big rent, you know, that gets
344
00:12:28,360 --> 00:12:29,980
you thinking if you're the highest, if you're
345
00:12:29,980 --> 00:12:31,860
in the highest range and those are your
346
00:12:31,860 --> 00:12:35,100
numbers, should I take age 62, 2,800,
347
00:12:35,500 --> 00:12:38,860
can I wait at age 70 and collect
348
00:12:38,860 --> 00:12:39,460
5,100?
349
00:12:40,840 --> 00:12:42,520
Obviously how much longer you're going to live
350
00:12:42,520 --> 00:12:44,060
is the primary question.
351
00:12:44,480 --> 00:12:45,540
And do you need the money?
352
00:12:45,740 --> 00:12:50,320
But that's a, uh, that's a question that
353
00:12:50,320 --> 00:12:53,500
should be thought of deeply and put into
354
00:12:53,500 --> 00:12:55,220
the context of a financial plan.
355
00:12:56,260 --> 00:12:56,420
Yeah.
356
00:12:56,560 --> 00:12:58,060
And I think when, when we're looking at
357
00:12:58,060 --> 00:13:00,300
the numbers on those financial plans, when I'm
358
00:13:00,300 --> 00:13:02,340
building them out and we are as a
359
00:13:02,340 --> 00:13:05,620
team, uh, you know, more times than not,
360
00:13:05,660 --> 00:13:07,060
it's going to, it's going to look like
361
00:13:07,060 --> 00:13:08,880
70 is the, is the best time to
362
00:13:08,880 --> 00:13:10,880
take it because you're getting those, uh, increases
363
00:13:10,880 --> 00:13:11,800
every year you wait.
364
00:13:11,900 --> 00:13:14,320
And, um, as, like you said, Jeff, as
365
00:13:14,320 --> 00:13:16,600
long as you're able to wait that period
366
00:13:16,600 --> 00:13:19,340
out and have sufficient cashflow or, or, uh,
367
00:13:19,560 --> 00:13:21,880
you know, cash reserves to cover your expenses
368
00:13:21,880 --> 00:13:24,280
between that time, it's usually a pretty good
369
00:13:24,280 --> 00:13:27,200
bet to, to wait until, um, you're 70
370
00:13:27,200 --> 00:13:29,380
to get that full, uh, benefit.
371
00:13:29,700 --> 00:13:33,320
Um, obviously it's going to depend, but, uh,
372
00:13:33,420 --> 00:13:34,980
when, when you look at the numbers, unless
373
00:13:34,980 --> 00:13:36,900
you assume that you're not going to live
374
00:13:36,900 --> 00:13:38,220
all that long, right.
375
00:13:38,920 --> 00:13:40,980
Uh, uh, it can definitely make a big
376
00:13:40,980 --> 00:13:42,880
difference over that retirement period.
377
00:13:43,020 --> 00:13:43,500
Yep.
378
00:13:43,640 --> 00:13:45,640
And we can, when we do a financial
379
00:13:45,640 --> 00:13:48,000
plan, we do some long-term projections and
380
00:13:48,000 --> 00:13:51,400
we can show you how your projection changes
381
00:13:51,400 --> 00:13:53,680
based upon that decision alone or any other
382
00:13:53,680 --> 00:13:54,620
decision you make.
383
00:13:55,380 --> 00:13:59,280
Um, one mistake I see that people make
384
00:13:59,280 --> 00:14:00,500
and I see it, you know, I live
385
00:14:00,500 --> 00:14:02,440
in Florida and I don't live in a
386
00:14:02,440 --> 00:14:04,220
retirement community, but I live in Florida.
387
00:14:04,620 --> 00:14:06,660
So, you know, every community is a retirement
388
00:14:06,660 --> 00:14:07,440
community, basically.
389
00:14:07,600 --> 00:14:10,020
So a lot of retired people, I see
390
00:14:10,020 --> 00:14:13,300
people who, uh, collect their social security at
391
00:14:13,300 --> 00:14:13,720
62.
392
00:14:14,300 --> 00:14:15,600
I don't know their thought process.
393
00:14:15,600 --> 00:14:17,620
I don't interrogate them about it on the
394
00:14:17,620 --> 00:14:20,040
pickleball court or anything, but I see that
395
00:14:20,040 --> 00:14:23,360
they decided to take it at 62 and
396
00:14:23,360 --> 00:14:26,960
then they are also working like either they
397
00:14:26,960 --> 00:14:28,700
had a pause and didn't expect it.
398
00:14:28,900 --> 00:14:32,240
Maybe they thought they would have a lot
399
00:14:32,240 --> 00:14:34,360
more things to do, or maybe they got
400
00:14:34,360 --> 00:14:35,900
a good job and they said, Oh, I'll
401
00:14:35,900 --> 00:14:36,620
go back to work.
402
00:14:37,760 --> 00:14:40,700
But if you're not a full retirement age,
403
00:14:41,080 --> 00:14:42,760
there's an income test.
404
00:14:42,760 --> 00:14:46,060
So if your income is over 23,400
405
00:14:46,060 --> 00:14:52,140
in 2025, 2025, social security deducts $1 benefits
406
00:14:52,140 --> 00:14:54,900
for every $2 earned over that threshold.
407
00:14:55,740 --> 00:14:57,980
So if you're thinking about, I'm going to
408
00:14:57,980 --> 00:15:01,640
retire, um, should I take it at 62?
409
00:15:01,760 --> 00:15:04,360
One of the factors that is a negative
410
00:15:04,360 --> 00:15:07,740
against taking it early is if you think
411
00:15:07,740 --> 00:15:10,400
you might be working and making over $23
412
00:15:10,400 --> 00:15:14,500
,000, know that part of your income, that
413
00:15:14,500 --> 00:15:16,400
part over is going to be taxed.
414
00:15:16,480 --> 00:15:18,940
If you will tax, meaning losing a dollar,
415
00:15:19,660 --> 00:15:22,300
um, for every two.
416
00:15:22,560 --> 00:15:26,120
So it might be a reason to wait,
417
00:15:26,340 --> 00:15:26,540
right?
418
00:15:26,640 --> 00:15:28,240
If you think you're going to go back
419
00:15:28,240 --> 00:15:30,620
to work, or if you're not sure what
420
00:15:30,620 --> 00:15:32,720
you're going to do when you retire, uh,
421
00:15:32,720 --> 00:15:34,240
might be better to wait either way.
422
00:15:34,240 --> 00:15:37,380
Uh, just to see, you know, how, how
423
00:15:37,380 --> 00:15:38,880
early retirement plays out.
424
00:15:38,960 --> 00:15:40,820
If you maybe down the road, you might
425
00:15:40,820 --> 00:15:41,740
want to go back to work.
426
00:15:41,900 --> 00:15:44,580
And, um, then you're already, you already decided
427
00:15:44,580 --> 00:15:46,820
on that social security decision and, uh, you're
428
00:15:46,820 --> 00:15:48,040
going to maybe lose out on some of
429
00:15:48,040 --> 00:15:48,440
the benefits.
430
00:15:49,060 --> 00:15:49,200
Yep.
431
00:15:49,360 --> 00:15:51,120
And if you wait every month that you
432
00:15:51,120 --> 00:15:53,560
wait, your benefit goes up a little bit,
433
00:15:53,580 --> 00:15:55,640
you know, we use the extreme examples by
434
00:15:55,640 --> 00:15:57,180
waiting eight years, but even if you wait
435
00:15:57,180 --> 00:15:59,220
a year to factor that out, if you're
436
00:15:59,220 --> 00:16:00,740
going to go back to work and this
437
00:16:00,740 --> 00:16:02,460
goes back, you know, this is another factor.
438
00:16:02,500 --> 00:16:03,440
Am I going to work?
439
00:16:03,440 --> 00:16:04,680
Well, that has to do with your health
440
00:16:04,680 --> 00:16:05,080
as well.
441
00:16:05,180 --> 00:16:05,320
Right.
442
00:16:06,440 --> 00:16:06,760
Right.
443
00:16:07,060 --> 00:16:07,260
Yeah.
444
00:16:07,340 --> 00:16:09,800
So yeah, get it modeled out and don't
445
00:16:09,800 --> 00:16:11,440
make just to just don't make the quick
446
00:16:11,440 --> 00:16:13,100
decision, like I I'm eligible.
447
00:16:13,280 --> 00:16:14,640
Therefore I should take it.
448
00:16:15,280 --> 00:16:15,440
Yeah.
449
00:16:15,540 --> 00:16:17,120
And that was another thing I was thinking
450
00:16:17,120 --> 00:16:19,200
with a lot of people, at least, um,
451
00:16:20,100 --> 00:16:21,620
you know, people in my age group and,
452
00:16:21,720 --> 00:16:23,860
and maybe even a little older, they think,
453
00:16:24,020 --> 00:16:25,200
all right, well, yeah, I'm going to retire
454
00:16:25,200 --> 00:16:25,800
at 65.
455
00:16:26,220 --> 00:16:28,180
Um, and that's kind of just a lock.
456
00:16:28,320 --> 00:16:29,740
That's, that's what it's going to be.
457
00:16:29,880 --> 00:16:32,460
And so 65 retire and start social security
458
00:16:32,460 --> 00:16:33,340
that same year.
459
00:16:33,440 --> 00:16:34,720
That's kind of just like, if you're not,
460
00:16:35,060 --> 00:16:36,580
if you don't really know about the different
461
00:16:36,580 --> 00:16:38,440
options, a lot of people don't know that,
462
00:16:38,440 --> 00:16:41,380
uh, social security, there's actually benefit to that.
463
00:16:41,980 --> 00:16:44,080
Um, similar with, with pensions.
464
00:16:44,220 --> 00:16:46,280
Um, we've talked about that in previous episodes
465
00:16:46,280 --> 00:16:51,000
and my, um, uh, I seem to be
466
00:16:51,000 --> 00:16:53,500
mother-in-law is, uh, you know, she
467
00:16:53,500 --> 00:16:55,200
was a teacher and she didn't realize that
468
00:16:55,200 --> 00:16:56,700
if she waits, she could actually get the
469
00:16:56,700 --> 00:16:58,220
full benefit of her pension.
470
00:16:58,380 --> 00:17:00,860
So these are things that, uh, not everyone's
471
00:17:00,860 --> 00:17:03,060
thinking about, but definitely things to consider and
472
00:17:03,060 --> 00:17:05,220
maybe, you know, get some guidance from financial
473
00:17:05,220 --> 00:17:05,520
planning.
474
00:17:07,119 --> 00:17:09,280
The other thing that's changing for this year
475
00:17:09,280 --> 00:17:12,020
in social security is the, um, there's a
476
00:17:12,020 --> 00:17:14,920
limit to the income limit to your income.
477
00:17:14,920 --> 00:17:17,380
That is actually taxed by social security.
478
00:17:17,640 --> 00:17:18,240
It's not an unlimited.
479
00:17:18,480 --> 00:17:20,440
Like if you, if you make last year,
480
00:17:20,500 --> 00:17:24,740
if you made over $168,600 earnings above
481
00:17:24,740 --> 00:17:27,940
that, there was no social security, uh, tax,
482
00:17:28,040 --> 00:17:30,580
if you will, being withheld, that number has
483
00:17:30,580 --> 00:17:33,220
gone up to 176,100.
484
00:17:33,600 --> 00:17:35,340
So a little bit more of your earnings,
485
00:17:35,500 --> 00:17:38,420
if you're in that earning level will be
486
00:17:38,420 --> 00:17:39,560
taxed by social security.
487
00:17:39,740 --> 00:17:43,990
And, you know, this is, um, this is
488
00:17:43,990 --> 00:17:46,110
a group, uh, this is a category that
489
00:17:46,110 --> 00:17:49,290
is ripe for political debate of, you know,
490
00:17:49,310 --> 00:17:51,270
we have a social security issue where the
491
00:17:51,270 --> 00:17:52,990
trust fund will not be able to pay
492
00:17:52,990 --> 00:17:55,390
full benefits in the projected of 2034.
493
00:17:56,060 --> 00:17:59,330
So, or 2033, maybe it's a moving number
494
00:17:59,330 --> 00:18:03,550
that people are looking to reform different parts
495
00:18:03,550 --> 00:18:04,410
of social security.
496
00:18:04,530 --> 00:18:06,810
And I think this one having a cap
497
00:18:06,810 --> 00:18:10,930
on earnings being taxed and what that is,
498
00:18:11,450 --> 00:18:14,770
is one that's ripe for discussion, right?
499
00:18:14,830 --> 00:18:17,690
So why should there be a cap?
500
00:18:17,730 --> 00:18:19,350
I guess is the question, right?
501
00:18:19,350 --> 00:18:22,650
Should you pay your social security taxes on
502
00:18:22,650 --> 00:18:25,610
the first dollar all the way up to
503
00:18:25,610 --> 00:18:28,050
whatever your income is, is a legitimate question
504
00:18:28,050 --> 00:18:29,090
that I think we're going to see in
505
00:18:29,090 --> 00:18:31,990
the political arena for debate, is this one
506
00:18:31,990 --> 00:18:34,710
of the ways that we can mitigate the
507
00:18:34,710 --> 00:18:38,310
insolvency of future social security, right?
508
00:18:38,610 --> 00:18:41,770
But for this year, you're, you're being taxed
509
00:18:41,770 --> 00:18:43,950
on the first 176,100.
510
00:18:44,210 --> 00:18:46,790
It's not a real sympathetic group for people
511
00:18:46,790 --> 00:18:51,230
to think about for people making over 176
512
00:18:51,230 --> 00:18:53,470
,100, that they shouldn't pay a little bit
513
00:18:53,470 --> 00:18:53,710
more.
514
00:18:53,830 --> 00:18:56,590
It's a tough principle wise, you know, you
515
00:18:56,590 --> 00:18:59,490
could say, well, there's a maximum benefit to
516
00:18:59,490 --> 00:19:00,250
social security.
517
00:19:01,350 --> 00:19:04,230
So there should be a maximum contribution, right?
518
00:19:05,290 --> 00:19:08,090
As a matter, but when you're talking about
519
00:19:08,090 --> 00:19:10,530
the system and the solvency of the system,
520
00:19:10,670 --> 00:19:13,810
something's got to give, and I think that's
521
00:19:13,810 --> 00:19:15,070
probably going to be one of the things
522
00:19:15,070 --> 00:19:17,990
that is the easiest or the least difficult
523
00:19:17,990 --> 00:19:21,510
to be a little bit movable, right?
524
00:19:22,070 --> 00:19:22,250
Yeah.
525
00:19:22,410 --> 00:19:23,970
And we talk about it a lot, Jeff,
526
00:19:24,050 --> 00:19:27,430
that there are bound to be discussions, very
527
00:19:27,430 --> 00:19:31,010
serious discussions on this topic in the, hopefully
528
00:19:31,010 --> 00:19:31,710
the near future.
529
00:19:32,270 --> 00:19:35,970
We'll see how it plays out, but that's
530
00:19:35,970 --> 00:19:39,130
definitely one way to, to go about getting
531
00:19:39,130 --> 00:19:41,790
some more, you know, cashflow into the social
532
00:19:41,790 --> 00:19:42,450
security system.
533
00:19:42,570 --> 00:19:42,790
Yeah.
534
00:19:42,950 --> 00:19:43,890
Love them or hate them.
535
00:19:44,250 --> 00:19:46,130
President Trump is a bold politician.
536
00:19:47,610 --> 00:19:49,870
And I would like to see him take
537
00:19:49,870 --> 00:19:52,270
on the issue of social security reform.
538
00:19:52,930 --> 00:19:55,510
You know, every year that we wait, it's
539
00:19:55,510 --> 00:19:57,210
like driving a big ship, right?
540
00:19:57,270 --> 00:19:58,690
I mean, the closer you get to shore,
541
00:19:58,790 --> 00:20:01,890
the more aggressive your turn needs to be
542
00:20:01,890 --> 00:20:04,470
if you're heading for a rock, right?
543
00:20:04,570 --> 00:20:06,270
You can't get beyond top of it and
544
00:20:06,270 --> 00:20:07,910
think you're going to turn this big ship.
545
00:20:08,450 --> 00:20:11,590
So the, the closer we get to the
546
00:20:11,590 --> 00:20:16,010
insolvency projected date of 2033, the bigger or
547
00:20:16,010 --> 00:20:20,010
the more difficult decisions, I think there's decisions
548
00:20:20,010 --> 00:20:23,330
we can make now that would make that
549
00:20:23,330 --> 00:20:25,690
date longer, you know, further away at a
550
00:20:25,690 --> 00:20:27,970
minimum or solve it as a maximum.
551
00:20:28,410 --> 00:20:31,030
So he hasn't, he hasn't really talked about
552
00:20:31,030 --> 00:20:31,910
it, but I hope it's one of the
553
00:20:31,910 --> 00:20:33,790
issues that he takes up in his, this
554
00:20:33,790 --> 00:20:34,110
term.
555
00:20:34,770 --> 00:20:34,870
Yeah.
556
00:20:35,210 --> 00:20:35,410
Yeah.
557
00:20:35,430 --> 00:20:36,950
Unfortunately you get the sense that no one
558
00:20:36,950 --> 00:20:41,170
really wants to talk about politics on either
559
00:20:41,170 --> 00:20:41,870
side of the aisle.
560
00:20:41,870 --> 00:20:46,630
And that's, you know, probably every day Americans
561
00:20:46,630 --> 00:20:47,670
are going to be the ones who have
562
00:20:47,670 --> 00:20:50,970
to, you know, suffer potentially because of it,
563
00:20:50,990 --> 00:20:52,670
but here we are.
564
00:20:52,790 --> 00:20:55,090
And hopefully it does get resolved sooner rather
565
00:20:55,090 --> 00:20:55,390
than later.
566
00:20:55,390 --> 00:20:58,190
Cause it's definitely something that people in my
567
00:20:58,190 --> 00:21:01,770
cohort are, are thinking about social security and
568
00:21:01,770 --> 00:21:04,010
even from a planning point of view, can
569
00:21:04,010 --> 00:21:06,210
we count on full social security down the
570
00:21:06,210 --> 00:21:06,350
road?
571
00:21:06,650 --> 00:21:08,070
Yeah, I think we can.
572
00:21:08,850 --> 00:21:12,190
I just think the solutions are better when
573
00:21:12,190 --> 00:21:13,790
it's further away than in the middle of
574
00:21:13,790 --> 00:21:14,310
a crisis.
575
00:21:14,890 --> 00:21:14,990
Yeah.
576
00:21:15,210 --> 00:21:15,450
Right.
577
00:21:17,210 --> 00:21:19,370
So a few, a few changes to social
578
00:21:19,370 --> 00:21:20,490
security for 2025.
579
00:21:20,810 --> 00:21:23,270
Most of it's kind of bland and mundane,
580
00:21:23,270 --> 00:21:24,990
but we wanted to share it with you.
581
00:21:25,070 --> 00:21:26,530
If you have any questions about it, feel
582
00:21:26,530 --> 00:21:28,610
free to contact our office and we'll be
583
00:21:28,610 --> 00:21:29,730
happy to go through with you.
584
00:21:29,850 --> 00:21:31,890
And if you haven't done it, get your
585
00:21:31,890 --> 00:21:33,910
earnings and benefits statement off the social security
586
00:21:33,910 --> 00:21:36,390
website and make sure it's accurate and it'll
587
00:21:36,390 --> 00:21:37,510
help your planning as well.
588
00:21:38,190 --> 00:21:39,930
Another thing that people are thinking about this
589
00:21:39,930 --> 00:21:43,290
time of year, Russ is income tax preparation
590
00:21:43,290 --> 00:21:43,970
time.
591
00:21:44,590 --> 00:21:44,850
Yes.
592
00:21:45,410 --> 00:21:47,610
I can talk about an exciting episode.
593
00:21:49,630 --> 00:21:51,290
Everyone loves to do their taxes.
594
00:21:52,510 --> 00:21:54,370
I don't want to go into income tax
595
00:21:54,370 --> 00:21:56,430
too much, but I saw an article in
596
00:21:56,430 --> 00:21:56,710
this.
597
00:21:56,730 --> 00:22:01,090
I get bottom line, personal finance magazine, and
598
00:22:01,090 --> 00:22:03,890
it's always got these interesting, I think it's
599
00:22:03,890 --> 00:22:08,110
very well written and little things that you
600
00:22:08,110 --> 00:22:10,530
don't comment commonly come across in the, you
601
00:22:10,530 --> 00:22:11,350
know, general media.
602
00:22:12,730 --> 00:22:15,150
So this one was about how you organize
603
00:22:15,150 --> 00:22:18,210
your tax records and other records, what you
604
00:22:18,210 --> 00:22:19,950
should keep, how long you should keep it.
605
00:22:20,690 --> 00:22:22,570
I think there's a lot of people who
606
00:22:22,570 --> 00:22:24,870
ask this question a lot, but there's not
607
00:22:24,870 --> 00:22:27,630
a lot of good answers, meaning it depends
608
00:22:27,630 --> 00:22:31,110
or this long, but so I found the
609
00:22:31,110 --> 00:22:32,070
article really interesting.
610
00:22:32,210 --> 00:22:33,530
I thought it might be good just to
611
00:22:33,530 --> 00:22:35,530
go through, through some of this stuff.
612
00:22:35,530 --> 00:22:35,870
Yeah.
613
00:22:36,650 --> 00:22:38,290
Do you have a system, Russ?
614
00:22:38,390 --> 00:22:41,170
Do you like, so I'll share my system
615
00:22:41,170 --> 00:22:43,550
under my desk right now is a banker's
616
00:22:43,550 --> 00:22:43,970
box.
617
00:22:44,690 --> 00:22:45,170
Right.
618
00:22:45,810 --> 00:22:48,290
And all I'm looking at it for, for
619
00:22:48,290 --> 00:22:50,470
those of us watching on YouTube, I'm looking
620
00:22:50,470 --> 00:22:52,370
at it and everything in it is my
621
00:22:52,370 --> 00:22:54,150
2024 filing cabinet, right.
622
00:22:54,150 --> 00:22:57,430
That I've moved to archives or it sits
623
00:22:57,430 --> 00:22:58,610
there until I do my taxes.
624
00:22:58,610 --> 00:23:00,130
Then I put it in the archives.
625
00:23:00,730 --> 00:23:01,970
I'm not going to tell you where that
626
00:23:01,970 --> 00:23:02,250
is.
627
00:23:03,170 --> 00:23:05,350
So that's, that's a box of paper.
628
00:23:05,850 --> 00:23:06,330
Yeah.
629
00:23:06,610 --> 00:23:08,690
With my last year stuff.
630
00:23:09,710 --> 00:23:11,830
Um, you're younger than me.
631
00:23:11,850 --> 00:23:13,850
I I'm thinking you might not use the
632
00:23:13,850 --> 00:23:14,630
banker's box.
633
00:23:15,530 --> 00:23:18,170
Well, I do, I do keep my, uh,
634
00:23:18,330 --> 00:23:20,890
my paper files and, and I, I do
635
00:23:20,890 --> 00:23:22,630
have a, I do have a folder that
636
00:23:22,630 --> 00:23:24,370
I put them in it's, uh, you know,
637
00:23:24,510 --> 00:23:27,010
not, it's a growing, but you know, not
638
00:23:27,010 --> 00:23:29,770
overwhelming amount of paperwork.
639
00:23:30,490 --> 00:23:32,550
Um, and then for the current year, I
640
00:23:32,550 --> 00:23:35,310
have, um, yeah, just, uh, drawing my desk
641
00:23:35,310 --> 00:23:37,330
that I put in time to do taxes.
642
00:23:38,470 --> 00:23:41,430
Um, I think, uh, personally I do, I
643
00:23:41,430 --> 00:23:44,610
do my taxes on, um, you know, a
644
00:23:44,610 --> 00:23:45,770
tax software.
645
00:23:46,190 --> 00:23:48,810
So, uh, I have the benefit of, if
646
00:23:48,810 --> 00:23:50,770
I need to get my tax return from
647
00:23:50,770 --> 00:23:52,450
previous year or whatever document it is, I
648
00:23:52,450 --> 00:23:54,910
can go into there and, um, I hope
649
00:23:54,910 --> 00:23:56,990
and pray that it's, uh, as secure as
650
00:23:56,990 --> 00:23:59,350
they, as they say, get it on the
651
00:23:59,350 --> 00:24:00,130
IRS website.
652
00:24:00,330 --> 00:24:01,250
If it's okay.
653
00:24:01,570 --> 00:24:01,810
Yeah.
654
00:24:02,250 --> 00:24:02,550
Right.
655
00:24:02,810 --> 00:24:03,050
Right.
656
00:24:03,050 --> 00:24:04,310
Uh, I guess that's a little bit of
657
00:24:04,310 --> 00:24:07,590
a caveat, uh, it's not, not bugging, but,
658
00:24:08,230 --> 00:24:09,550
um, that's a good point.
659
00:24:09,550 --> 00:24:11,610
I think, um, I, I maybe I'm a
660
00:24:11,610 --> 00:24:12,270
little bit old school.
661
00:24:12,370 --> 00:24:14,930
I know my parents had done the same.
662
00:24:14,990 --> 00:24:17,450
They have a drawer full of files from,
663
00:24:17,610 --> 00:24:19,730
from years and years and years of, um,
664
00:24:19,850 --> 00:24:22,810
businesses and personal taxes, whatever it may be.
665
00:24:23,290 --> 00:24:25,030
Uh, so I do like to keep something
666
00:24:25,030 --> 00:24:28,030
physical, a hard copy, but, uh, you know,
667
00:24:28,030 --> 00:24:30,210
it can obviously become overwhelming over time.
668
00:24:30,870 --> 00:24:30,970
Right.
669
00:24:30,970 --> 00:24:32,650
You know, what got me thinking about this,
670
00:24:32,750 --> 00:24:34,790
not just the article, but, uh, thinking about
671
00:24:34,790 --> 00:24:38,470
the larger questions is the fires in California.
672
00:24:39,230 --> 00:24:39,330
Yeah.
673
00:24:40,110 --> 00:24:42,390
So my art, if I, if I lived
674
00:24:42,390 --> 00:24:44,550
in a region like that or had a
675
00:24:44,550 --> 00:24:47,870
incident here, uh, my archives would be gone.
676
00:24:47,870 --> 00:24:48,250
Right.
677
00:24:48,630 --> 00:24:51,930
And, and even, you know, just to magnify
678
00:24:51,930 --> 00:24:54,050
that, I, when I'm watching the news reports
679
00:24:54,050 --> 00:24:57,750
of the fires, they were, um, interviewing at
680
00:24:57,750 --> 00:25:00,150
his home, which was destroyed Mel Gibson, the
681
00:25:00,150 --> 00:25:00,470
actor.
682
00:25:02,010 --> 00:25:04,430
And he said that he had a lot
683
00:25:04,430 --> 00:25:08,230
of his like documents that you say forever.
684
00:25:08,570 --> 00:25:09,550
And that's another question.
685
00:25:09,830 --> 00:25:10,370
What are they?
686
00:25:10,510 --> 00:25:13,510
But, you know, things that you are going
687
00:25:13,510 --> 00:25:16,070
to keep forever, like they're important, either sentimental
688
00:25:16,070 --> 00:25:19,350
or legal or whatever in, in a safe
689
00:25:19,350 --> 00:25:20,050
in that home.
690
00:25:20,070 --> 00:25:22,150
And the safe survived the fire.
691
00:25:22,310 --> 00:25:23,730
I mean, the safe was still a square
692
00:25:23,730 --> 00:25:27,250
piece of steel, but when they opened the
693
00:25:27,250 --> 00:25:30,370
heat of the fire was so much that
694
00:25:30,370 --> 00:25:33,090
everything was incinerated basically.
695
00:25:33,770 --> 00:25:33,870
Wow.
696
00:25:34,290 --> 00:25:34,490
Yeah.
697
00:25:34,870 --> 00:25:37,130
So, you know, you, you can think that
698
00:25:37,130 --> 00:25:41,070
you're protecting whatever Mel Gibson was protecting in
699
00:25:41,070 --> 00:25:42,970
that safe, but it's gone.
700
00:25:43,430 --> 00:25:45,650
So, I mean, that kind of leads people
701
00:25:45,650 --> 00:25:48,690
to maybe use one of those services that
702
00:25:48,690 --> 00:25:51,430
are online or, you know, everything from one
703
00:25:51,430 --> 00:25:53,850
drive to some of these actual vaults.
704
00:25:53,850 --> 00:25:56,290
Um, you know, and there's companies, let's say
705
00:25:56,290 --> 00:25:58,710
the cold, uh, cold mountain, or forget the
706
00:25:58,710 --> 00:26:00,370
name of the first one that, you know,
707
00:26:00,370 --> 00:26:03,850
these storage facilities, these cloud storage facilities that
708
00:26:03,850 --> 00:26:05,030
will do this for a fee.
709
00:26:05,490 --> 00:26:05,890
Right.
710
00:26:07,270 --> 00:26:08,930
Um, and if you do that, then the
711
00:26:08,930 --> 00:26:10,590
next day there's going to be something on
712
00:26:10,590 --> 00:26:11,690
the news that they were hacked.
713
00:26:11,750 --> 00:26:12,990
And then you're going to worry about that.
714
00:26:12,990 --> 00:26:13,210
Right.
715
00:26:13,870 --> 00:26:14,270
Exactly.
716
00:26:14,450 --> 00:26:14,850
Exactly.
717
00:26:15,010 --> 00:26:17,950
And, um, I had a client recently ask,
718
00:26:18,010 --> 00:26:20,410
uh, you know, he has all these estate
719
00:26:20,410 --> 00:26:24,150
planning documents saved, um, on, uh, you know,
720
00:26:24,170 --> 00:26:27,550
on what's considered a secure, uh, portal online.
721
00:26:28,110 --> 00:26:30,490
And, um, the fact of the matter is,
722
00:26:30,630 --> 00:26:33,690
uh, no matter where your, uh, documents are
723
00:26:33,690 --> 00:26:36,570
stored, it seems that, um, with any level
724
00:26:36,570 --> 00:26:39,410
of encryption and security, it's never a hundred
725
00:26:39,410 --> 00:26:43,050
percent secure 99.99%. But the U S
726
00:26:43,050 --> 00:26:47,010
government treasury isn't, they were hacked and utilities
727
00:26:47,010 --> 00:26:47,610
are hacked.
728
00:26:47,610 --> 00:26:51,590
And so what is who can say a
729
00:26:51,590 --> 00:26:52,410
hundred percent, right?
730
00:26:52,750 --> 00:26:53,190
That's right.
731
00:26:53,390 --> 00:26:55,570
But, um, there are a few things you
732
00:26:55,570 --> 00:26:57,130
could look out for when you're, you know,
733
00:26:57,130 --> 00:26:59,010
storing your, your documents online.
734
00:26:59,150 --> 00:27:02,250
Uh, I believe it's a 256 bit encryption.
735
00:27:02,250 --> 00:27:04,470
That's the highest level that's, that's currently available.
736
00:27:04,470 --> 00:27:08,110
And that's, um, uh, you know, reportedly very
737
00:27:08,110 --> 00:27:11,910
secure and, um, and extremely challenging to hack.
738
00:27:12,010 --> 00:27:14,470
I think there are all these, uh, cybersecurity
739
00:27:14,470 --> 00:27:16,350
tips that I could probably rattle off, but
740
00:27:16,350 --> 00:27:18,650
one that, uh, I think is really important
741
00:27:18,650 --> 00:27:20,610
if you're storing your documents online or really
742
00:27:20,610 --> 00:27:21,130
for any.
743
00:27:21,570 --> 00:27:24,490
Uh, online usage is to have multi-factor
744
00:27:24,490 --> 00:27:24,970
authentication.
745
00:27:25,050 --> 00:27:27,470
So that's where you get that text message
746
00:27:27,470 --> 00:27:29,390
or whatever it is, whichever app that you
747
00:27:29,390 --> 00:27:30,350
put in a certain number.
748
00:27:30,910 --> 00:27:34,110
And, um, that's, uh, across the board.
749
00:27:34,170 --> 00:27:36,390
I've, I've always heard that that's, uh, one
750
00:27:36,390 --> 00:27:37,970
of the best things you can do to
751
00:27:37,970 --> 00:27:40,190
add another level of security, especially if you're
752
00:27:40,190 --> 00:27:42,330
dealing with really important documents online.
753
00:27:42,770 --> 00:27:43,730
I think that's good advice.
754
00:27:44,140 --> 00:27:47,350
The minor inconvenience of having that extra step
755
00:27:47,350 --> 00:27:48,950
or having to go get your phone because
756
00:27:48,950 --> 00:27:51,650
it's in the next room or whatever is
757
00:27:51,650 --> 00:27:53,270
worth it, whether it's a bank account or
758
00:27:53,270 --> 00:27:55,650
whether it's storing documents or a financial account,
759
00:27:55,810 --> 00:27:56,730
it's, it's advisable.
760
00:27:56,810 --> 00:27:57,710
It's a standard now.
761
00:27:57,770 --> 00:28:00,030
I think, I think you're kind of negligent
762
00:28:00,030 --> 00:28:01,650
if you're not doing that actually.
763
00:28:02,270 --> 00:28:03,190
Yeah, I agree.
764
00:28:03,430 --> 00:28:04,950
So how long should we keep this stuff?
765
00:28:05,010 --> 00:28:06,650
So I have my archive here.
766
00:28:06,730 --> 00:28:08,810
My box has 2024 on it.
767
00:28:09,550 --> 00:28:11,590
And if you just kind of Google it,
768
00:28:11,850 --> 00:28:13,810
it's going to say, well, you should keep
769
00:28:13,810 --> 00:28:16,270
your tax records and your records for three
770
00:28:16,270 --> 00:28:18,690
years in most circumstances.
771
00:28:19,990 --> 00:28:20,550
Okay.
772
00:28:20,770 --> 00:28:23,550
So that sounds pretty simple, but that doesn't
773
00:28:23,550 --> 00:28:26,110
mean that you shouldn't keep them longer.
774
00:28:26,110 --> 00:28:26,350
Right?
775
00:28:26,430 --> 00:28:30,530
So the situations that come up, um, if
776
00:28:30,530 --> 00:28:33,250
you're audited and it's an issue of fraud,
777
00:28:33,650 --> 00:28:37,030
there's no limit on how long the IRS
778
00:28:37,030 --> 00:28:38,670
can come back to you.
779
00:28:38,670 --> 00:28:41,210
As long as it wasn't statute limitations for
780
00:28:41,210 --> 00:28:42,150
whatever they're accusing you.
781
00:28:42,150 --> 00:28:45,050
But if there's fraud involved, if there's a,
782
00:28:45,050 --> 00:28:47,670
there's also no limit, if they audit you
783
00:28:47,670 --> 00:28:50,490
on a gift tax return that didn't include
784
00:28:50,490 --> 00:28:51,590
adequate disclosure.
785
00:28:52,450 --> 00:28:52,890
Right.
786
00:28:53,090 --> 00:28:54,870
Or there's a six year limit.
787
00:28:55,070 --> 00:28:57,330
If you, they audit you and you underreport
788
00:28:57,330 --> 00:28:59,230
your income by more than 25%.
789
00:28:59,810 --> 00:29:03,510
Or they allege that you underreported your income.
790
00:29:03,710 --> 00:29:04,310
Doesn't have to be true.
791
00:29:04,390 --> 00:29:05,730
It just has to be, that's the subject
792
00:29:05,730 --> 00:29:06,750
of the audit.
793
00:29:07,330 --> 00:29:09,170
So that makes me think, okay, I guess
794
00:29:09,170 --> 00:29:11,750
I should save it for longer than three
795
00:29:11,750 --> 00:29:15,590
years, and then you think about some things
796
00:29:15,590 --> 00:29:17,010
that happen on your tax return.
797
00:29:17,990 --> 00:29:20,710
Um, so maybe you have a house that
798
00:29:20,710 --> 00:29:23,670
you bought and maybe you sell that house
799
00:29:23,670 --> 00:29:27,150
someday and you know, so you have an
800
00:29:27,150 --> 00:29:31,770
exclusion if you're single $250,000 married $500
801
00:29:31,770 --> 00:29:34,070
,000 exclusion from capital gains.
802
00:29:34,270 --> 00:29:35,630
So that might save you.
803
00:29:35,850 --> 00:29:38,490
But if the capital gain is larger than
804
00:29:38,490 --> 00:29:40,090
that, you're going to have to show your
805
00:29:40,090 --> 00:29:40,870
cost basis.
806
00:29:40,870 --> 00:29:41,990
So you're going to have to have some
807
00:29:41,990 --> 00:29:44,670
documentation of what you paid for the house,
808
00:29:44,690 --> 00:29:46,730
all the capital improvements you've made along the
809
00:29:46,730 --> 00:29:48,430
way, and then the sales cost, right?
810
00:29:49,610 --> 00:29:51,610
So a lot of people don't have that.
811
00:29:51,690 --> 00:29:53,710
They might have bought a house 20 years
812
00:29:53,710 --> 00:29:55,530
ago and they have no memory of what
813
00:29:55,530 --> 00:29:55,890
they paid.
814
00:29:55,950 --> 00:29:57,010
Certainly no proof.
815
00:29:57,490 --> 00:30:00,990
Or what happens super often is a home
816
00:30:00,990 --> 00:30:03,370
changes from a primary residence to a rental.
817
00:30:03,730 --> 00:30:04,130
Yeah.
818
00:30:04,530 --> 00:30:06,290
And then, so you, you know, after three
819
00:30:06,290 --> 00:30:08,330
years, you're not going to get that exclusion.
820
00:30:08,330 --> 00:30:10,650
Then you really need those records for your
821
00:30:10,650 --> 00:30:11,350
capital gains.
822
00:30:11,550 --> 00:30:15,310
So I'd say any house home purchases or
823
00:30:15,310 --> 00:30:18,130
sales, you need to keep those documents for
824
00:30:18,130 --> 00:30:19,010
a long time.
825
00:30:20,090 --> 00:30:21,890
So the, the return that made the return
826
00:30:21,890 --> 00:30:24,410
on the year that you sold that property.
827
00:30:24,570 --> 00:30:26,370
There won't be, there won't be something on
828
00:30:26,370 --> 00:30:27,970
your taxes the year that you bought it,
829
00:30:28,010 --> 00:30:30,830
but you'll, you need records like a closing
830
00:30:30,830 --> 00:30:32,770
statement when you bought it to establish your
831
00:30:32,770 --> 00:30:33,490
cost basis.
832
00:30:33,710 --> 00:30:33,950
Right.
833
00:30:33,990 --> 00:30:34,950
How much did I pay for it?
834
00:30:34,950 --> 00:30:38,130
When, and then you add back, you add
835
00:30:38,130 --> 00:30:40,970
in capital improvements, how you increase the value
836
00:30:40,970 --> 00:30:42,990
of the house, not maintenance, but capital improvements.
837
00:30:43,070 --> 00:30:44,350
I put an addition on, right.
838
00:30:44,450 --> 00:30:48,410
I finished the basement, whatever improved the capital.
839
00:30:48,850 --> 00:30:50,110
Investment in the house.
840
00:30:50,690 --> 00:30:53,090
So you have to keep those records to
841
00:30:53,090 --> 00:30:55,910
prove if you audited what your cost basis
842
00:30:55,910 --> 00:30:58,130
was and what the cost of capital improvements
843
00:30:58,130 --> 00:31:00,650
were for when you do the tax return
844
00:31:00,650 --> 00:31:03,290
in my example, 20 years later.
845
00:31:03,630 --> 00:31:04,190
Yeah.
846
00:31:04,190 --> 00:31:05,890
So that's kind of a bit unique that
847
00:31:05,890 --> 00:31:07,110
people don't think about.
848
00:31:08,930 --> 00:31:11,870
We mentioned in earlier in the episode about
849
00:31:11,870 --> 00:31:13,850
checking your social security statement.
850
00:31:14,450 --> 00:31:17,290
So let's say you go on, you're taking
851
00:31:17,290 --> 00:31:17,770
our advice.
852
00:31:17,770 --> 00:31:19,250
After you listen to us, you go on
853
00:31:19,250 --> 00:31:21,930
to social security, you create your account, you
854
00:31:21,930 --> 00:31:24,330
look at your earnings and you say, gee,
855
00:31:24,410 --> 00:31:26,750
in 1995, it says I had no earnings.
856
00:31:26,850 --> 00:31:28,770
I know I didn't miss a whole year
857
00:31:28,770 --> 00:31:29,310
of work.
858
00:31:31,790 --> 00:31:33,430
This is more beefy for me than you,
859
00:31:33,550 --> 00:31:34,810
I think, for the years we're talking about,
860
00:31:34,990 --> 00:31:38,150
but I was working at this company.
861
00:31:38,150 --> 00:31:39,290
I was working with this government.
862
00:31:39,790 --> 00:31:42,170
I, I need to prove to social security.
863
00:31:42,250 --> 00:31:45,410
I'm going to file a claim, if you
864
00:31:45,410 --> 00:31:45,570
will.
865
00:31:45,650 --> 00:31:47,170
I'm going to file a, something's wrong with
866
00:31:47,170 --> 00:31:48,450
my report report.
867
00:31:49,370 --> 00:31:51,910
And they're going to say, show me, right.
868
00:31:52,030 --> 00:31:53,210
Cause they don't have it.
869
00:31:53,850 --> 00:31:55,710
So if you're going with this three year
870
00:31:55,710 --> 00:31:57,830
thing in my archive box system that I
871
00:31:57,830 --> 00:31:59,550
have under my desk, I'm going to keep
872
00:31:59,550 --> 00:32:02,250
it for three years and I need to
873
00:32:02,250 --> 00:32:05,970
prove 1995, that box is gone.
874
00:32:06,390 --> 00:32:06,550
Yeah.
875
00:32:06,670 --> 00:32:07,710
A little bit of trouble there.
876
00:32:07,930 --> 00:32:08,090
Yeah.
877
00:32:08,390 --> 00:32:10,250
So I'm not having, I don't have a
878
00:32:10,250 --> 00:32:10,770
solution here.
879
00:32:10,790 --> 00:32:12,290
I'm just bringing up things that happen.
880
00:32:12,950 --> 00:32:14,910
Um, the other thing that we were talking
881
00:32:14,910 --> 00:32:17,030
about off air that just happened to me
882
00:32:17,030 --> 00:32:20,130
is, um, it's kind of sounds kind of
883
00:32:20,130 --> 00:32:21,790
silly, but it's funny, so I'll share it.
884
00:32:22,010 --> 00:32:24,850
I was buying something that was expensive on
885
00:32:24,850 --> 00:32:27,970
home Depot and I keep, I know that
886
00:32:27,970 --> 00:32:29,590
they give a veteran's discount.
887
00:32:30,870 --> 00:32:33,390
Uh, cause I see it on the form
888
00:32:33,390 --> 00:32:35,290
sometimes on the register or whatever.
889
00:32:36,170 --> 00:32:38,350
And I just never filled out the home
890
00:32:38,350 --> 00:32:39,330
Depot paperwork.
891
00:32:39,770 --> 00:32:41,110
And so I said, well, this is, this
892
00:32:41,110 --> 00:32:41,630
is good.
893
00:32:41,690 --> 00:32:43,050
This, you know, this one, I should do
894
00:32:43,050 --> 00:32:43,330
it.
895
00:32:43,430 --> 00:32:46,330
And they, I needed to know my date
896
00:32:46,330 --> 00:32:48,350
of my end of military service.
897
00:32:48,490 --> 00:32:50,350
I knew the year, but I didn't know
898
00:32:50,350 --> 00:32:50,770
the date.
899
00:32:50,810 --> 00:32:52,210
So when I filled it out, it wouldn't
900
00:32:52,210 --> 00:32:52,810
let me do it.
901
00:32:52,830 --> 00:32:54,110
So I had to go back in.
902
00:32:54,110 --> 00:32:55,910
I had to go to my archives where
903
00:32:55,910 --> 00:32:58,850
they're held and dig into my box that
904
00:32:58,850 --> 00:33:00,670
says military records and pull it out.
905
00:33:01,090 --> 00:33:02,930
Eventually I did it, but if I didn't
906
00:33:02,930 --> 00:33:07,170
save those records, I mean, it's been 24
907
00:33:07,170 --> 00:33:09,110
years since I was in the military.
908
00:33:09,430 --> 00:33:09,870
Yeah.
909
00:33:09,870 --> 00:33:10,950
Why do I need that?
910
00:33:11,090 --> 00:33:13,270
Well, I didn't need it, but it was
911
00:33:13,270 --> 00:33:14,670
convenient that I had it.
912
00:33:14,870 --> 00:33:15,470
Turned out to be helpful.
913
00:33:15,790 --> 00:33:16,430
Yeah, that's right.
914
00:33:16,970 --> 00:33:19,330
And sometimes you need your military records, your
915
00:33:19,330 --> 00:33:22,450
DD 214, which is your discharge papers that
916
00:33:22,450 --> 00:33:25,230
outline your service, your loved ones may need
917
00:33:25,230 --> 00:33:27,130
that when you pass away to get veterans
918
00:33:27,130 --> 00:33:31,770
benefits upon your death or to it's the
919
00:33:31,770 --> 00:33:33,610
whole host of things that happen, you know,
920
00:33:33,630 --> 00:33:35,410
in your life that you should keep your
921
00:33:35,410 --> 00:33:36,150
military records.
922
00:33:36,150 --> 00:33:37,610
If you have them, you should keep your,
923
00:33:38,110 --> 00:33:39,750
you know, some people say you should keep
924
00:33:39,750 --> 00:33:42,930
your college transcripts longer than you think, right?
925
00:33:43,630 --> 00:33:44,090
Yeah.
926
00:33:44,910 --> 00:33:46,870
You don't even know when, when you might
927
00:33:46,870 --> 00:33:47,250
need them.
928
00:33:47,250 --> 00:33:51,250
And as you mentioned, my brother was recently
929
00:33:51,250 --> 00:33:54,570
looking at, you know, interest rates on a,
930
00:33:54,610 --> 00:33:58,130
on a loan and he found that a
931
00:33:58,130 --> 00:34:02,170
specific credit union was, was a viable option
932
00:34:02,170 --> 00:34:04,850
and they had a feature where if your
933
00:34:04,850 --> 00:34:07,230
family member, if your parent, or even I
934
00:34:07,230 --> 00:34:09,290
believe it was even grandparent served in the
935
00:34:09,290 --> 00:34:10,590
military, you would have access.
936
00:34:11,989 --> 00:34:15,310
And, um, we, um, you know, we weren't
937
00:34:15,310 --> 00:34:17,350
sure where to find any of the military
938
00:34:17,350 --> 00:34:20,830
records that we needed to prove that, uh,
939
00:34:21,030 --> 00:34:22,989
long, long story short, it turned out that,
940
00:34:23,050 --> 00:34:25,090
uh, my, my, my father who served his,
941
00:34:25,190 --> 00:34:28,830
his records were, um, got caught on fire
942
00:34:28,830 --> 00:34:30,750
and, and a big warehouse in the big
943
00:34:30,750 --> 00:34:31,650
DOD fire.
944
00:34:31,830 --> 00:34:31,969
Yeah.
945
00:34:32,110 --> 00:34:32,449
Yes.
946
00:34:32,510 --> 00:34:34,530
And, um, so it became a little bit
947
00:34:34,530 --> 00:34:36,389
of a, of a, a tracking thing, try
948
00:34:36,389 --> 00:34:38,409
to find, um, how to get that information.
949
00:34:38,409 --> 00:34:41,010
But, uh, if we had a box with
950
00:34:41,010 --> 00:34:42,630
that information that we might not have thought
951
00:34:42,630 --> 00:34:45,090
we needed, it could have proved helpful and
952
00:34:45,090 --> 00:34:46,989
expedited the whole process.
953
00:34:47,010 --> 00:34:49,050
But I'm sure there's a fine line when
954
00:34:49,050 --> 00:34:51,010
it's like, uh, certain things you, you do
955
00:34:51,010 --> 00:34:52,530
want to keep other things you don't, otherwise
956
00:34:52,530 --> 00:34:54,050
you're going to have boxes and boxes and
957
00:34:54,050 --> 00:34:55,530
boxes of, of, uh, paperwork.
958
00:34:55,889 --> 00:34:57,730
But, uh, I think you brought up some
959
00:34:57,730 --> 00:34:59,490
of the ones that are, you know, more
960
00:34:59,490 --> 00:35:00,210
vital to keep them.
961
00:35:01,910 --> 00:35:03,870
Well, we hope this inspires you to get
962
00:35:03,870 --> 00:35:06,070
organized and prepare for your taxes and to
963
00:35:06,070 --> 00:35:08,090
come up with some system that doesn't take
964
00:35:08,090 --> 00:35:11,230
over your, wherever your archive system is and
965
00:35:11,230 --> 00:35:11,930
is secure.
966
00:35:12,630 --> 00:35:15,090
Um, because sometimes you need to go back
967
00:35:15,090 --> 00:35:17,570
to get these things, to get benefits that
968
00:35:17,570 --> 00:35:19,690
you're entitled to a correct records that were
969
00:35:19,690 --> 00:35:20,750
wrong, Russ.
970
00:35:20,830 --> 00:35:21,770
Thanks for joining us.
971
00:35:21,770 --> 00:35:23,310
And, uh, thank you for listening.
972
00:35:23,410 --> 00:35:25,690
We really do appreciate it and tune in
973
00:35:25,690 --> 00:35:29,010
next week until then keep striving for something
974
00:35:29,010 --> 00:35:29,350
more.
975
00:35:30,590 --> 00:35:32,350
Thank you for listening to something more with
976
00:35:32,350 --> 00:35:33,090
Chris Boyd.
977
00:35:33,090 --> 00:35:35,530
Call us for help, whether it's for financial
978
00:35:35,530 --> 00:35:39,450
planning or portfolio management, insurance concerns, or those
979
00:35:39,450 --> 00:35:41,490
quality of life issues that make the money
980
00:35:41,490 --> 00:35:44,670
matters, batter, whatever's on your mind, visit us
981
00:35:44,670 --> 00:35:47,410
at something more with Chris Boyd.com or
982
00:35:47,410 --> 00:35:49,650
call us toll free at 8 6 6
983
00:35:49,650 --> 00:35:53,450
7 7 1 8 9 0 1.
984
00:35:53,690 --> 00:35:56,870
Or send us your questions to AMR dash
985
00:35:56,870 --> 00:35:59,290
info at wealth enhancement.com.
986
00:35:59,350 --> 00:36:01,430
You're listening to something more with Chris Boyd,
987
00:36:01,470 --> 00:36:04,030
financial talk show wealth enhancement, advisory services, and
988
00:36:04,030 --> 00:36:06,170
Jay Christopher would provide investment advice on an
989
00:36:06,170 --> 00:36:08,430
individual basis to clients only proper advice.
990
00:36:08,430 --> 00:36:10,350
Depends on a complete analysis of all facts
991
00:36:10,350 --> 00:36:11,090
and circumstances.
992
00:36:11,090 --> 00:36:13,150
The information given on this program is general
993
00:36:13,150 --> 00:36:15,190
financial comments and cannot be relied upon as
994
00:36:15,190 --> 00:36:16,830
pertaining to your specific situation.
995
00:36:16,990 --> 00:36:18,950
Wealth enhancement group cannot guarantee that using the
996
00:36:18,950 --> 00:36:20,950
information from this show will generate profits or
997
00:36:20,950 --> 00:36:22,090
ensure freedom from loss.
998
00:36:22,270 --> 00:36:24,430
Listeners should consult their own financial advisors or
999
00:36:24,430 --> 00:36:26,530
conduct their own due diligence before making any
1000
00:36:26,530 --> 00:36:27,290
financial decisions.
