Paying off debt is always a smart financial move but eliminating it before retirement is one of the best decisions you can make With more people than ever retiring with debt financial security in retirement is at risk Let s explore why carrying debt into retirement can be problematic and what you can do to avoid it The latest statistics reveal a concerning trend According to the Federal Reserve's Survey of Consumer Finances of individuals aged to carry debt a significant increase from when the Fed began tracking this data years ago Debt in retirement severely limits lifestyle choices and [... more]

Many of us are quick to offer help to others but struggle when it comes to asking for help ourselves Why is that As Christians we are known for our generosity and willingness to assist those in need However when it s our turn to seek help we often hesitate Let s explore why that is and why asking for help is not only okay but also glorifies God The Reluctance to Ask for HelpChurches frequently establish benevolence funds to support members going through financial hardships Most of us gladly contribute to these funds eager to help those in need [... more]

What would you call a marriage where spouses see eye to eye about money Some might call it bliss It s true that most couples at least occasionally quarrel about their finances But could a better understanding of each other s values help spouses avoid that bickering Shaunti Feldhahn thinks so and she joins us today to talk about it Shaunti Feldhahn is a Harvard graduate former Wall Street analyst social researcher best-selling author as well as a prominent public speaker She is the co-author of Thriving in Love and Money Game-Changing Insights about Your Relationship Your Money and Yourself [... more]

Roth IRAs are a great way to create wealth Roths offer tax-free withdrawals of contributions and earnings in retirement Plus that money can grow tax-free indefinitely because Roths are not subject to required minimum distributions However as Peter with Richon planning explains to Erin Kennedy there is a catch you can only contribute to a Roth IRA if your income is below for single filers and under if you filed married If you're over that limit there are still ways to contribute to your Roth account including Roth k Roth conversion Backdoor Roth Mega-backdoor Roth IRA Some of these strategies [... more]

One of the most common questions people ask is How much will I need to retire The answer is It depends It depends on your lifestyle needs and one key factor how much you re willing and able to cut from your budget Let s explore how thoughtful adjustments can help you bridge the retirement income gap and make this season of life meaningful and fulfilling Understanding Retirement IncomeMost retirees experience a drop in income While many work-related expenses disappear like commuting clothing and dining out studies show the average retirement budget is about of pre-retirement income Experts generally recommend [... more]

A good man leaves an inheritance to his children's children but the sinner's wealth is laid up for the righteous - Proverbs God s Word is clear that faithful stewards should leave an inheritance for future generations That inheritance doesn t have to be money Passing along biblical principles such as generosity to grandkids well that s priceless Ron Blue joins us to talk about it Ron Blue is the Co-Founder of Kingdom Advisors and the author of many books on biblical finance including Splitting Heirs Giving Your Money and Things to Your Children Without Ruining Their Lives More Than [... more]

Many people assume their taxes will be lower in retirement but that s not always the case In fact as Peter with Richon Planning explains to Erin Kennedy there are good reasons you can plan on your taxes being higher in retirement You won't be spending less if you need the same amount of money to enjoy your retirement you'll be in the same tax bracket when you're not working Tax rates are set to increase many financial experts believe that the Tax Cuts and Jobs Act of reduced federal income tax rates to the lowest level they may ever [... more]

Train up a child in the way he should go even when he is old he will not depart from it - Proverbs God s Word tells us that children should be taught early how to live wisely and righteously including how to handle money Howard Dayton is here to explain why it s especially important to teach kids about the dangers of debt Howard Dayton is the founder of Compass Financial Ministry and the former host of this program He is also the author of a number of books on the topic of Christian Finance and Stewardship The Little-Big [... more]

These days more workers are opting to stay on the job after signing up for Social Security The percentage of Americans over who are still working has doubled since Of course many of them also get security benefits Eddie Holland is here to explain how working affects the monthly benefit check Eddie Holland is a Senior Private Wealth Advisor and partner of Blue Trust in Greenville South Carolina He s also a CPA a Certified Financial Planner CFP and a Certified Kingdom Advisor CKA The Impact of Earnings on Social Security Before Full Retirement AgeIf you begin drawing Social Security [... more]

You ve heard the identity theft protection ads for years but do you really need it Today dozens of companies sell identity theft protection so people obviously buy it But what exactly are they getting and is it really worth it Understanding Identity Theft Protection Is It Worth It Identity theft is a growing problem that affects millions of people every year with schemes ranging from credit card fraud to insurance and tax fraud With this in mind many companies offer identity theft protection plans But is it worth it Let s take a closer look at the features their [... more]

Giving is supposed to be a source of great joy for God s people But sometimes we act like it s just another pain in our wallet Christians are supposed to be generous but maybe you re having trouble getting excited about the idea Today we ll point you back to the radical joy of godly generosity Has Your Giving Become Automatic Let s start with an honest confession has your Sunday donation become a routine more about the habit than the heart Or maybe you ve been cutting back on giving due to financial challenges and guilt is starting [... more]

Student loan forgiveness is much in the news these days It s on It s off It s on again maybe What s the lesson here The lesson is this Avoiding student loan debt is much easier than getting out of it It just takes discipline We ll talk about that with Dr Art Rainer today Dr Art Rainer is the founder of the Institute for Christian Financial Health and Christian Money Solutions He is a regular contributor here at Faith Finance and the author of The Money Challenge for Teens Prepare for College Run from Debt and Live Generously [... more]

You ve saved up your downpayment and found the perfect house to buy But have you considered closing costs They re really the first big expense you ll have with home ownership Which can you negotiate and which are set in stone The Hidden Costs of Homebuying What You Need to Know About Closing CostsBuying a home is an exciting milestone but amidst the thrill of owning your first house it s easy to overlook the long list of closing costs that come with it Many people think that because these costs are often rolled into the mortgage they don [... more]

Required Minimum Distributions whether you need the income or not the government will force you to take those distributions so they can collect the taxes but as Peter with Richon Planning explains to Erin Kennedy proactive planning means you control your tax liability Here are Peter's quick tips to optimize your RMDs Roth Conversions Plan for Strategic Withdrawals Delay Taking Social Security If you'd like to speak with Peter about how you can better control your tax liability please give him a call at - or visit www RichonPlanning com WealthManagement Taxes SocialSecurity RothConversions FinancialAdvisor [... more]

Train up a child in the way he should go even when he is old he will not depart from it Proverbs Teaching our children how to manage God s money is vital to raising them But how can parents do this well Brian Holtz will share some great insights today Brian Holtz is the Chief Operating Officer at Compass Financial Ministry and the author of Financial Discipleship for Families Intentionally Raising Faithful Children MVP Parenting Building Financial Wisdom in the Next GenerationIntroducing MVP Parenting a concept foundational for nurturing financial wisdom and spiritual growth in our children Howard Dayton [... more]

The Qualified Charitable Distribution is one of the most underutilized tax benefits yet almost million Americans can take it There are many requirements for taking a Qualified Charitable Distribution QCD or QCD You must be and have an IRA If more folks understood QCDs better they might take them David Hogan joins us today with the ABCs of QCDs David Hogan is the Principal of Clifton Larson Allen CPA s in Atlanta GA What is a Qualified Charitable Distribution QCD Simply put a QCD directly transfers funds from your Individual Retirement Account IRA to a qualified charity This move doesn [... more]

Many think Solomon was the wisest man who ever lived and much of his God-given wisdom is about managing money John Putnam joins us today to talk about the Money Moves of Solomon so you can be just as wise John Putnam is a Strategic Stewardship Coach a Certified Kingdom Advisor CKA and the founder of Money Made Faithful a financial discipleship marketplace ministry The Wisdom of King SolomonScripture makes it clear just how wise Solomon was In Kings we learn that God granted Solomon wisdom and understanding beyond measure surpassing all others in wisdom So what financial principles did [... more]

Taxes are set to increase in And even though it may not feel like it we are living in a historically low tax rate In this video Peter with Richon Planning and Erin Kennedy talk through the pros and cons of a Roth Conversion for someone in their 's First the pros if you convert your IRA to a Roth IRA you and your beneficiaries will have tax-free withdrawals all future growth will happen tax-free and you'll have no Required Minimum Distributions which means you have better control your tax liability But before you convert you should also consider the [... more]

CONSIDERING THE FUTURE POST-HIGH SCHOOLRob discusses the pressure high school seniors and their parents face concerning post-secondary education and emphasizes the importance of aligning educational choices with financial realities He stresses the goal of avoiding college debt through early savings exploring scholarships and considering alternatives to a four-year college such as technical schools online courses and military service Financial planning for education should begin early incorporating discussions about affordability and scholarships Exploring educational alternatives can provide viable paths that align with career goals and financial constraints Completing the FAFSA is essential for all college-bound students to assess eligibility for financial [... more]

Carolyn Calupca on the program was a long time senior producer at Crown Financial Ministries where she worked closely with Larry Burkett for many years She's now a frequent contributor here at Faith and Finance and the author of our new -week study guide Rich Toward God A Study on the Parable of the Rich Fool WHAT IS THE HISTORICAL CONTEXT OF THE PARABLE OF THE RICH FOOL Jesus delivers this parable in AD during a time of significant political and spiritual tension in Judea under Roman rule As Jesus moves toward Jerusalem for the last time he attracts a [... more]

THE DANGERS OF LOVING MONEY AND THE CHRISTIAN RESPONSESome people view money as the source of life's greatest pleasures equating it with security success freedom and power However the Biblical perspective emphasizes trust in Jesus rather than in fleeting worldly possessions THE PROBLEMS WITH LOVING MONEY Timothy warns about the love of money being the root of all kinds of evils emphasizing the destruction and ruin it can bring Loving money leads to a life-destroying path marked by temptation and harmful desires It can cause us to stray from our faith experiencing deep sorrow as a result Money can become [... more]

We want to thank the folks at the National Christian Foundation for a great article on an alternative way to give and a new twist in Here are some alternative giving strategies for those of you who might be feeling the pinch financially but still have a heart to support your favorite charities Drawing on insights from an article by the National Christian Foundation we're focusing on using your IRA for charitable giving Of course these are general recommendations and may not apply to everyone You should consult with your CPA for specific advice based on your circumstances Okay here [... more]

Whether you prefer to ignore your natal day or you still celebrate with gusto every year there are a few birthdays we all need to recognize We're referring to the birthdays with financial implications HERE'S OUR LIST OF FINANCIALLY IMPORTANT BIRTHDAYS Day One Newborns can be registered for Social Security immediately Childhood At age one can get a learner's permit which affects parents' insurance rates It's advised to research and shop around for auto coverage Age This is the legal age of adulthood Key actions include registering to vote potential military service registration and self-medical decision making Parents are advised [... more]

SELF-EXAMINATION Start by taking an honest assessment of your current financial situation and feelings towards money Worrying about bills arguing with a spouse or avoiding charitable giving are signs of needing a change Change can be daunting but it is beneficial when facing financial troubles TURNING TO SCRIPTURE Isaiah highlights that God is doing something new and will provide a way Rely on biblical truths such as those in Hebrews can guide financial actions and mindset Psalm emphasizes that everything belongs to God shifting the perspective from personal ownership to stewardship Embracing this principle can change one's mindset about money [... more]

Mark Biller is Executive Editor at Sound Mind Investing In this month's SMI newsletter he has a great article to help folks make this decision titled Should You Use A Roth Account Even If You Prefer Traditional WHY IS THIS A GOOD TIME TO ASK WHETHER ONE SHOULD USE A ROTH ACCOUNT EVEN IF THEY PREFER TRADITIONAL Roth IRAs were introduced in with rules about who can contribute A new law will soon mandate some older primarily higher income k investors to direct some contributions into Roth accounts This law also impacts those using B B plans and the Thrift [... more]

MAXIMIZING K CONTRIBUTIONS Not contributing enough to a k to receive the maximum employer matching contribution can result in money loss An additional strategy involves front-loading contributions at the beginning of the year to maximize compound earnings with the annual contribution limit noted as or for those aged or older Caution is advised to maintain contributions throughout the year to secure the employer match effectively UTILIZING ROTH IRAS In cases where employers do not offer k plans establishing a Roth IRA is recommended to prevent money loss due to compound earnings over time Roth IRAs provide tax-free retirement income and [... more]

If you're not familiar with the latest variation of the individual retirement account it wouldn't be surprising It's only gone into effect this year ABOUT LEGACY IRAs Unlike a traditional IRA a Legacy IRA indirectly provides income to retirees through a Charitable Gift Annuity CGA A CGA is an agreement between a donor and a nonprofit organization where the donor donates assets and the nonprofit provides regular payments for life based on the donated assets keeping the assets upon the donor's death The Legacy IRA allows individuals over the age of with a traditional IRA to take up to as [... more]

There may never be a better time to open a Roth account Roth IRAs offer tax-free earnings growth and as Peter with Richon Planning explains to Erin Kennedy there are clear-cut reasons you should consider investing in a Roth today Today's Historically Low Tax Rate the Tax Cuts and Jobs Act which reduced federal income tax rates is set to sunset in Your Depreciated Portfolio pay taxes on a smaller value now then allow that future growth to happen tax free Possible Elimination of Backdoor Roths the Build Back Better Act proposed ending Backdoor Roths the loophole dodged the axe [... more]

It's a bit tough to keep up with all the changes that have come to Required Minimum Distributions or RMDs which started back in with the original SECURE Act However there are significant changes that went into effect January st of Peter with richonplanning and Erin Kennedy lay out and explain each change including The Starting Age Has Increased Again Lower Penalties if You Miss Taking your RMD Inherited Retirement Accounts accounts inherited before vs accounts inherited after Keep in mind you can correct an RMD mistake but it's best to avoid those missteps if possible which is why proactive [... more]

SECURE Act Later RMDs -to-Roth Rollovers and Other Tax Planning Opportunities Congress recently passed SECURE Act which will bring several changes to retirement account rules Peter Richon with Richon Planning and Erin Kennedy break down the big takeaways including some unique opportunities including -RMD Age Increase -QCDs Will Be Expanded - Plans These changes however will make proactive tax planning even more important Keep in mind when you delay those Required Minimum Distributions it will lead to larger account balances at death which could create a significant tax burden for your beneficiaries If you'd like to talk through these changes [... more]

If you're nearing the age to take Required Minimum Distributions or RMDs and you want to avoid the extra income and its tax implications Peter Richon with Richon Planning and Erin Kennedy break down three strategies to consider Peter recommends these strategies to help reduce your tax exposure Consider taking distributions as early as possible Roth Conversions Qualified Charitable Distributions or QCDs Keep in mind RMDs are income so taking those distributions can boost your taxable income and your income taxes for the year which is why strategic tax planning is so important If you have any questions about these [... more]

The end of the year is upon us so now is a great time to consider a Qualified Charitable Distribution or QCD As Peter with Richon Planning explains to Erin Kennedy this is a great way to make a large gift to your favorite non-profit while lessening your tax burden When structured correctly a QCD allows your donation to go directly from your IRA custodian to your chosen charity Not only can it be counted toward satisfying your required minimum distributions or rmds but it also decreases your adjusted gross income Richon Planning specializes in holistic tax planning If you'd [... more]

We are still firmly in Bear Market territory Stocks and bonds are sharply negative In fact the market recently lost nearly one quarter of its value since the beginning of the year But those negatives actually offer some unique opportunities according to Peter at RichonPlanning He breaks down several strategies with Erin Kennedy including Tax Loss Harvesting Rebalancing Avoiding Phantom Income Roth Conversions RMDs If you have any questions about how to employ some of these tax strategies please reach out to Peter for a complimentary consultation by calling - or by visiting www RichonPlanning com [... more]

Hans and Robby are back again this week with a brand new episode This week Hans and Robby discuss the update for inherited IRA's for the upcoming year Don't forget to get your copy of The Complete Cardinal Guide to Planning for and Living in Retirement on Amazon or on CardinalGuide com for free You can contact Hans and Cardinal by emailing hans cardinalguide com or calling - - Learn more at CardinalGuide com Find us on YouTube Cardinal Advisors [... more]

Hans and Robby are back again this week with a brand new episode So you're retired you've saved your money over the years now what do you do with it Hans and Robby are here to help you Don't forget to get your copy of The Complete Cardinal Guide to Planning for and Living in Retirement on Amazon or on CardinalGuide com for free You can contact Hans and Cardinal by emailing hans cardinalguide com or calling - - Learn more at CardinalGuide com Find us on YouTube Cardinal Advisors [... more]

Hans and Robby are back again this week with a brand new episode This week's show is all about the new regulations for with IRA beneficiaries as well as a discussion on the ten year rule Don't forget to get your copy of The Complete Cardinal Guide to Planning for and Living in Retirement on Amazon or on CardinalGuide com for free You can contact Hans and Cardinal by emailing hans cardinalguide com or calling - - Learn more at CardinalGuide com Find us on YouTube Cardinal Advisors [... more]

Hans and Robby are back again this week with a brand new episode This week's show is about taxes Hans and Robby has you covered when it comes to information and tips on the standard deduction for Don't forget to get your copy of The Complete Cardinal Guide to Planning for and Living in Retirement on Amazon or on CardinalGuide com for free You can contact Hans and Cardinal by emailing hans cardinalguide com or calling - - Learn more at CardinalGuide com Find us on YouTube Cardinal Advisors [... more]

Hans and Robby are back again this week with a brand new episode This week's show is all about what you can expect if you inherit an IRA What should you do first and what about the new tax laws Those questions and more will be answered so you've come to the right podcast Don't forget to get your copy of The Complete Cardinal Guide to Planning for and Living in Retirement on Amazon or on CardinalGuide com for free You can contact Hans and Cardinal by emailing hans cardinalguide com or calling - - Learn more at CardinalGuide com [... more]

With quickly approaching Hans and Robby go over some need to know details about new RMD's and RMD Levels Don't forget to get your copy of The Complete Cardinal Guide to Planning for and Living in Retirement on Amazon or on CardinalGuide com for free You can contact Hans and Cardinal by emailing hans cardinalguide com or calling - - Learn more at CardinalGuide com Find us on YouTube Cardinal Advisors [... more]

Hans and Robby talk about charitable giving and how to map out a plan to maximize your donations Don't forget to get your copy of The Complete Cardinal Guide to Planning for and Living in Retirement on Amazon or on CardinalGuide com for free You can contact Hans and Cardinal by emailing hans cardinalguide com or calling - - Learn more at CardinalGuide com Find us on YouTube Cardinal Advisors [... more]

Begin with the end in mind Hans and Robby go over the difficult but necessary topic of life insurance for retirees Don't forget to get your copy of The Complete Cardinal Guide to Planning for and Living in Retirement on Amazon or on CardinalGuide com for free You can contact Hans and Cardinal by emailing hans cardinalguide com or calling - - Learn more at CardinalGuide com [... more]

On this episode Peter Richon discusses the steps in moving from your working career to feeling fully prepared to make the transition to retirement Some of these steps are taken along the way some are absolutely necessary to be prepared Download the full list by visiting www RichOnPlanning com [... more]

At age the government makes you start making distributions from your IRA and k Hans goes over why you should think about required minimum withdrawals instead of required minimum distributions in your s and s Don't forget to get your copy of The Complete Cardinal Guide to Planning for and Living in Retirement on Amazon or on CardinalGuide com for free You can contact Hans and Cardinal by emailing hans cardinalguide com or calling - - Learn more at CardinalGuide com [... more]

The Secure Act made changes to your IRA contributions especially at ages and If you are at these ages or are coming up on them you are going to want a plan in place for your retirement savings Don't forget to get your copy of The Complete Cardinal Guide to Planning for and Living in Retirement on Amazon or on CardinalGuide com for free You can contact Hans and Cardinal by emailing hans cardinalguide com or calling - - Learn more at CardinalGuide com [... more]

Hans Robby help us understand this sometimes confusing but very important topic Just another step in Finishing Well [... more]

Hans and Robby discuss QCDs or Qualified Charitable Distributions These distributions are a way to give your IRA money tax free to the charity of your choice Find out all the advantages of QCDs this week on Finishing Well Don't forget to get your copy of The Complete Cardinal Guide to Planning for and Living in Retirement on Amazon or on CardinalGuide com for free You can contact Hans and Cardinal by emailing hans cardinalguide com or calling - - Learn more at CardinalGuide com [... more]

The government has given you some help with your IRA Not only are you allowed to take some money out without penalty if you have been financially hurt by Coronavirus but you can also leave money in your IRA for longer without penalty Hans walks through who these new provisions might work well for and who might want to not take advantage of this relief Remember Cardinal and Hans are here to help anyone who needs it at this time Don't forget to get your copy of The Complete Cardinal Guide to Planning for and Living in Retirement on Amazon [... more]

When you retire your life goes through a huge season of change especially when it comes to your finances The recently passed Secure Act adjusted how this season can go for you and your income The most notable adjustment comes to RMDs or Required Minimum Distributions for IRAs and k s The required start age for these has now been pushed back to from While this could be considered a tax break by some it is really important to look at this from a larger standpoint including how you want to pay taxes and leave money for your family Hans [... more]

The SECURE Act was recently passed making big changes to your IRAs and ks Hans talks about what was changed how this will affect you and what you need to do Important note The SECURE act really does not have any affect on your Roth IRAs If you have more questions about all of this please reach out to us we would be happy to go through everything with you Don't forget to get your copy of The Complete Cardinal Guide to Planning for and Living in Retirement on Amazon or on CardinalGuide com for free You can contact Hans [... more]

Everyone's IRA is different but yet they are still taking advice and facts from their friends and family Hans and Robby address this issue as well as all the options you have for making the most of your IRA by lowering your taxable income not receiving penalties and handling required minimum distributions First up is penalties for required minimum distributions Some people have this idea that they never want to pay taxes so they are not going to touch their IRA This is a mistake as not taking out distributions after is going to land you with a huge penalty [... more]

Isaiah - says the seven anointings of the Holy Spirit are wisdom understanding council might knowledge fear of the Lord delight in the fear of the Lord Robbie believes Hans reflects these virtues through his dedication to advising his clients well by staying up-to-date on the retirement industry and adhering to Christian standards This week Hans and Robbie want to keep listeners up-to-date with the SECURE Act and how it will change taxes in retirement Before continuing Hans asks listeners to take a moment and pray for Tom Griffith one of Cardinal's advisors and a regular guest on the show [... more]

In Matthew Jesus says For verily I say unto you till heaven and earth pass one jot or one tittle shall in no wise pass from the law till all be fulfilled In other words God's law won't change in the slightest until the end of days Similarly the jots and tittles that name IRA beneficiaries are the letter of the law and will supersede your Will and financial intentions Recently at a conference hosted by Ed Slott Tom said he learned that a court will uphold your IRA's listed beneficiaries over the those listed on your will It can [... more]

Proverbs says Hope deferred makes the heart sick but a longing fulfilled is a tree of life With IRA's or individual retirement accounts hope or money deferred allows your longings to be fulfilled when you retire These hopes include a comfortable retirement with travel and fun and providing for your family Robby talks about how his dad wanted to go to Hawaii with his wife but after she passed he instead got to go with his children This was his hope deferred One thing most people where not hoping for is paying taxes on the money in their IRA but [... more]

We have been doing Finishing Well for a year Thanks for joining us on this journey This week Hans and Robby discuss IRA's The original idea behind money is that it is supposed to serve as a servant for your family and for the kingdom is your money doing this We can show love through our money Just like in Matthew God will reward those who bring back more and chastise those who dig a hole in the ground and hide their money IRAs were not created to accumulate money and leave it all to your children They were created [... more]

It is Finishing Well s first LIVE show This week Hans and Robby visited Peace Church in Durham NC to discuss IRAs and go more into depth about Qualified Charitable Distributions Robby discusses Matthew the parable of the day laborer The story is basically that a landowner whent to hire workers in the morning for his vineyard and offered them to pay thema denarius for the day hours later he got another group to come to work and then he got another group with one hour left hre brought another group At the end of the day everyone got a [... more]

An urban legend is an often lurid story or anecdote that is based on hearsay and widely circulated as true This week continuing with the theme of urban legends Hans and Robby discuss IRAS Should you wait until to take out any Required Minimum Distributions Doesn't this mean you pay less taxes Does your Last Will and Testament drive IRA distributions at your death Listen and find out if what you've heard is true Don't forget to get your copy of The Complete Cardinal Guide to Planning for and Living in Retirement on Amazon or on CardinalGuide com for free [... more]

The government wants their money and they are going to get their money whether it is from you or your heirs RMDs Required Minimum Distribution or is it Really Motivated Distribution Hans and Robby discuss reasons to take your Really Motivated Distributions early and late this week One really motivated way involves building up your Social Security benefit Another really motivated distributions allows you to give to the Church or other charities tax free Don't forget to get your copy of The Complete Cardinal Guide to Planning for and Living in Retirement on Amazon or on CardinalGuide com for free [... more]