>>> WELCOME BACK TO "RIVER CITY
LIVE."
REMEMBER WHEN WE ALL FIRST
STARTED SENDING TEXT MESSAGES
AND YOU HAD TO LEARN A WHOLE NEW
LANGUAGE ALL ABBREVIATIONS LOL
FOR BRB FOR BE RIGHT BACK.
AND T -- THAT IS SOMETHING THAT
YOU'RE USED TO SEE THE PHRASES
AND KNOW THEM.
BUT WHAT ABOUT ABBREVIATIONS
THAT WILL AFFECT YOUR FINANCES.
THAT'S WHAT WE'RE TALKING ABOUT
TODAY WITH FOR YOUR MONEY WITH
JACKSONVILLE'S RETIREMENT COACH
ADAM WOLF.
ONE OF THE LEADING FINANCIAL
ADVISERS IN THE AREA JOINS US
EVERY SINGLE MONDAY ON "RIVER
CITY LIVE" TO TALK ABOUT YOUR
RETIREMENT.
SO I WAS TRYING TO THINK OF SOME
ABBREVIATIONS THAT WE MIGHT BE
TALKING ABOUT.
HONESTLY ADAM NOTHING CAME TO
MIND.
WHAT ARE SOME OF THE
ABBREVIATIONS I PROBABLY DON'T
KNOW THEM.
>> THESE ARE THE NONFUN
ABBREVIATIONS.
BASED ON WHAT WE TALKED ABOUT
WITH THE TEXT.
BUT THEY'RE VERY VERY IMPORTANT
ABBREVIATIONS.
ONE OF THE BIGGEST ONE IS RPD.
REQUIRED MINIMAL DISTRIBUTION.
AND IF YOU OWN AN IRA OR A 401K
OR ANY KIND OF SPLOI SPONSORED
PLAN OR A PLAN THAT YOU ROLLED
INTO AN IRA YOU'RE GOING TO BE
REQUIRED WHEN YOU'RE A CERTAIN
AGE, 70.5, TO START TAKING MONEY
OUT OF THESE PLANS, IT'S
REQUIRED BY THE IRS.
WHAT HAPPENS IF YOU DON'T?
YOU'RE PENALIZED, I IMAGINE.
>> S I SEE IT FROM TIME TO TIME,
UP TO 20% OF WHAT YOU SHOULD'VE
TAKEN OUT.
NEXT THING YOU KNOW, REQUIRED BY
THE IRS TO TAKE OUT $5,000 COULD
PENALIZE YOU UP TO $2500 IF YOU
DO NOT TAKE IT OUT ON TIME.
>> THAT'S SCARY ALL YOU'RE
ASKING TO DO IS TAKE YOUR OWN
MONEY.
>> EXACTLY.
>> IF YOU MISS IT, THEN YOU HAVE
TO PAY FOR.
WHAT CAN SOMEONE DO IF YOU MISS
IT?
>> ONE OF THE BIGGEST THINGS IS
IF YOU'RE NEARING 70.5, YOU HAVE
TWO OPTIONS, FOR ONE, YOU HAVE
TO TAKE THAT MONEY OUT.
I RECOMMEND FOLKS TAKE IT BY THE
END OF THE YEAR THEY FIRST TURN
70.5.
TECHNICALLY THE FIRST YEAR
YOU'RE REQUIRED TO TAKE IT OUT,
IT'S BY APRIL 1st OF THE NEXT
YEAR.
BUT WHAT HAPPENS IS THE IRS SAYS
YOU HAVE TO TAKE APRIL 1st, YOU
HAVE TO TAKE ANOTHER ONE THAT
YEAR TOO.
WHEN YOU TAKE THIS MONEY OUT OF
YOUR PLANS, IT'S CONSIDERED, IN.
SO THEN YOUR TAXES GO UP AS
WELL.
>> IT'S SO COMPLICATED.
>> IT IS.
>> DOES IT HAVE TO BE THAT
COMPLICATED?
>> THE IRS MADE IT THAT WAY.
RIGHT, WRONG OR INDIFFERENT.
THOSE ARE THE RULES AND WE HAVE
TO FOLLOW THEM.
>> WHAT IS IT AGAIN?
>> RMD.
>> REQUIRED DISTRIBUTION.
IT AFFECTS THOSE WITH THE IRAs,
401Ks, WHAT I SEE NOW, IS FOLKS
PASSING AWAY LEAVING THEM TO
BENEFICIARIES TO THEIR SPOUSES
AND KIDS, SOME OF THESE
INHERITING THEIR OWN IRSs AND
THEY HAVE THEIR OWN RMDs AS WELL
COMPLICATED AND VERY VERY
EXPENSIVE TO FIX IF YOU DON'T
HAVE THE PROPER INFORMATION.
>> YOU CAN BE LITERALLY THROWING
AWAY MONEY ON THAT THING.
FIXING PROBLEMS WE CAN AVOID,
RIGHT?
>> BINGO.
ALL ABOUT PLANNING.
>> YOU HAVE SOMETHING VERY
SPECIAL FOR OUR VIEWERS THAT
DEALS DIRECTLY WITH THIS.
A ONE-ON-ONE R.M.D. WITH YOU
ADAM.
WHAT IS THAT?
FREE OF CHARGE FOR THE FIRST 18
CALLERS.
WHAT ARE FOLKS GETTING?
>> ANY TIME YOU WANT TO HAVE
THIS R.M.D. GIVE US A CALL.
FOR THE FIRST 8 CALLERS, WE'RE
GOING TO BE ABLE TO REVIEW YOUR
CURRENT IRS A -- IRAs AND TELL
YOU WHAT IT WILL BE WHEN YOU
HAVE TO TAKE: IF YOU AREN'T
SPENDING YOUR R.M.D. WE'LL GIVE
YOU STRATEGIES TO PARTICULARLY
TWEAK YOUR PLAN TO SAVE MONEY
NOW AND INTO THE FUTURE WITH
YOUR TAXES.
SO HAVING THE PROPER REVIEW OF
YOUR SITUATION, AND THEN ALSO ON
TOP OF THAT, SOME WAYS TO REDUCE
TAXES AND ELIMINATE THE
PENALTIES AND GET A HOLD OF
R.M.D.s BEFORE IT'S TOO LATE.
ALSO MAKE IT ONE SPECIFIC NOTE
THAT R.M.D.s, THERE ARE ARE NO
R.M.D. FOR ROTH IRAs, THAT'S A
LOT OF QUESTIONS I HAVE TAX-FREE
I.R.A., DO I HAVE TO TAKE THE
MONEY OUT, IF THERE ARE ROTH
I.R.A. THERE ARE NO R.M.D.s, WE
HAVE TO COVER THAT IN THE REVIEW
TO MAKE YOURSELF EDUCATE AND GET
THE GREAT INFORMATION FOR
RETIREMENT.
>> DON'T FEEL BADLY IF THIS GOES
BY YOU, THAT'S WHY YOU HAVE AN
EXPERT HERE,904232-8760, FOR
THOSE CALLERS.
ONE IN JACKSONVILLE, ANOTHER ONE
IN CLAY COUNTY.
AND ON
WE WANT TO MAKE SURE IT'S
EASY ENOUGH FOR YOU
wolfretirement.com IS WHERE YOU
CAN GO 232-8760 TO BE ONE OF THE
FIRST 8 PEOPLE TO TAKE ADVANTAGE
OF IT.
YOU KNOW WHAT I'M GOING TO SAY
TO CLOSE OUT THE SEGMENT?
>> YES.
NOT YET.
GIVE ME A SECOND.
I'M GOING TO SAY BRB.
FOR BE RIGHT BACK.
>> OKAY.
>> BUT DON'T GO ANYWHERE,