Tag: Retirement Planning

How to Maximize Your Tax Savings with Pete Belcastro, CFP®
Don’t Let Taxes Crash Your Party – How to Maximize Your Tax Savings with Pete Belcastro, CFP® (Ep. 40)

Don’t Let Taxes Crash Your Party – How to Maximize Your Tax Savings with Pete Belcastro, CFP® (Ep. 40)

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Tax time is near. Nobody wants to pay taxes, but we have to, so let’s talk about how we can maximize our tax savings.

In this episode, Josh Leonard and Pete Belcastro, Financial Planner at Leonard Advisory Group, talk about tax planning. They share tips for filing taxes this year and some ways to help reduce taxation in the future and be more tax-efficient. Josh and Pete cover the importance of reporting interest from savings accounts, accurately reporting capital gains from stock sales, and the benefits of qualified charitable distributions. 

Their conversation also includes strategies for making HSA and IRA contributions to reduce taxable income and the significance of conducting a thorough tax analysis for future savings. Additionally, Josh and Pete explore the pros and cons of traditional versus Roth 401(k)s, tax diversification, Roth conversions, and managing capital gains and charitable giving. They also discuss handling sudden income increases and the use of donor-advised funds for tax-efficient charitable contributions.

Josh and Pete discuss:

  • Importance of reporting interest earned on savings accounts and capital gains from stock sales for tax purposes
  • Qualified charitable distributions as a tax-efficient way to donate to charities
  • Tax implications of qualified accounts and making direct contributions to charities from these accounts
  • Opportunity to make HSA and IRA contributions before the tax filing deadline to lower taxable income
  • Benefits of traditional 401(k) versus Roth 401(k) contributions
  • Strategies for managing capital gains and charitable giving as part of comprehensive tax planning
  • Importance of proactive tax planning and practical advice for optimizing tax strategies
  • And more

Resources:

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Connect with Pete Belcastro: 

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Navigating Life’s Twists and Turns: A Candid Conversation with Yana Leonard | Family, Finance, and More (Ep. 39)

Navigating Life’s Twists and Turns: A Candid Conversation with Yana Leonard | Family, Finance, and More (Ep. 39)

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Have you ever wondered how successful couples navigate the challenges of marriage, parenthood, and career?

Meet Yana Leonard, CIA, MBA, a key member of the team at Josh Leonard Advisory Group, as she steps into the spotlight in this episode of Relax, It’s Retirement.

Today, Josh introduces his wife, Yana Leonard, CIA, MBA, Director of Finance, to listeners. They dive into the evolution of their relationship from their college days to marriage. Josh and Yana candidly discuss the hurdles they’ve overcome, including the birth of their children and the strain of the COVID-19 pandemic on their family life. 

Knowing the team at Leonard Advisory Group is very important to them. The episode aims to give listeners the opportunity to get to know Yana.

Josh and Yana talk about: 

  • The story of their relationship from college to marriage
  • Challenges faced as a couple, including the birth of their children and the impact of COVID-19
  • Importance of communication, balancing priorities, and finding time for each other
  • Challenges of finding a balance between individual interests, work, and family commitments
  • And more

Resources:

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Connect with Yana Leonard:

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Navigating Post-Employment 401(k) Options (Ep. 38)

Navigating Post-Employment 401(k) Options (Ep. 38)

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What are the long-term impacts of keeping your 401(k) with a former employer versus rolling it over to an IRA or a new employer’s plan? How can the benefits of IRA rollovers and Roth conversions influence your decision for penalty-free withdrawals?

Josh Leonard explores the advantages and disadvantages of maintaining the 401(k) with a past employer, transitioning it into an IRA, or moving it to the retirement plan of a new employer.  He highlights the importance of comprehending the regulations, costs, and tax consequences associated with each plan. 

Josh discusses: 

  • What are the options for handling a 401(k) with a previous employer
  •  When is it appropriate to roll over a 401(k) to an IRA
  • How do automatic savings and employer matching contributions benefit 401(k) participants
  • What are the potential tax implications and benefits of converting a traditional 401(k) or IRA to a Roth IRA
  • And more

Resources:

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The Three-Bucket Strategy for Retirement Planning with Pete Belcastro
The Three-Bucket Strategy for Retirement Planning with Pete Belcastro (Ep. 37)

The Three-Bucket Strategy for Retirement Planning with Pete Belcastro (Ep. 37)

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Is your financial plan secure enough to last until retirement? How could dividing your income into separate groups help ensure your retirement income will last?

Check out this episode as Josh Leonard and Pete Belcastro from the Leonard Advisory team explore the essential elements of retirement preparation. They delve into the “three baskets” strategy, which includes the cash, income, and growth categories. Emphasizing the necessity of an emergency reserve, they discuss allocating funds for predictable costs through secure investments and the importance of long-term growth strategies to manage significant future expenses such as healthcare.

Josh and Pete discuss: 

  • Why is comprehensive retirement planning important
  • What are the three baskets in retirement planning
  • How do stable investments ensure a steady income stream during retirement
  • What role do different financial buckets play in providing insulation and protection for retirement savings
  • And more

Resources:

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Connect with Pete Belcastro: 

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Managing the Unpredictability in Market Predictions for Investment Planning with Pete Belcastro, CFP® (Ep. 34)

Managing the Unpredictability in Market Predictions for Investment Planning with Pete Belcastro, CFP® (Ep. 34)

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Can current market predictions be as off the mark? How do long-term investment strategies and emotional management play into market unpredictability? How do unexpected market outcomes challenge current forecasts?

Listen in as Josh Leonard and Pete Belcastro, Financial Planner at Leonard Advisory Group, dive into what the market’s been up to and look back at some of the surprises from last year. They tackle the whole issue of bank failures and what that means for our wallets.

Josh and Pete discuss: 

  • Why are market predictions not always the most reliable
  • Where has the impact of bank failures been felt in the economy
  • What is the influence of interest rate changes on the economy
  • Why is it important to have a long-term investment plan and manage emotions during market fluctuations
  • And more

Resources:

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About our Guest: Pete is a seasoned Financial Planning professional with over 15 years of diverse experience in financial, business, sales, and marketing domains. Presently, Pete serves as a financial planner, specializing in helping clients make decisions that align with their current and future financial requirements. His extensive career includes roles as an independent advisor, a registered assistant, and a licensed banker, providing him with a broad spectrum of financial expertise.

Pete’s belief in the value of a multifaceted background is rooted in his conviction that it enables him to offer clients a distinctive and ultimately more effective perspective when it comes to future planning and goal setting. He firmly believes that a comprehensive understanding, not just of financial matters but also of clients and their individual needs and desires, is the cornerstone of a robust financial plan. This holistic approach underscores his commitment to delivering the strongest financial solutions for his clients.

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Are You Thinking About Un-Retiring? (Ep. 21)

Are You Thinking About Un-Retiring? (Ep. 21)

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Retirement just isn’t what it used to be.  

In this episode, Josh Leonard discusses the concept of “unretirement” and finding a mission in the next phase of life. They challenge the conventional understanding of retirement, discussing the potential pitfalls, tax implications, and the emotional aspects of stepping away from a lifelong career.

Josh unpacks:

  • The future of retirement and how individuals are seeking purpose beyond the paycheck
  • Caution against claiming social security too early due to potential repayments
  • Reasons why individuals return to the workforce post-retirement
  • The emotional aspects of work: finding a mission, purpose, and social connection
  • How work can serve as a gateway to community involvement
  • Tax implications of relocating during retirement
  • And more!

Resources:

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Spring Cleaning! 10 Tips to Clean up your Finances (Ep. 14)

Spring Cleaning! 10 Tips to Clean up your Finances (Ep. 14)

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As the flowers bloom, the grass gets greener and our worries feel lighter, we know that spring is around the corner. You’re probably cleaning out your closets this spring or your garden beds but we’re going to talk about financial spring cleaning as this is a great time to get organized. It is a process of organizing your finances and reviewing your financial position. It can help find areas to save money, reduce expenses and improve your retirement.

In this episode, Josh Leonard discusses 10 different ways you can clean up your finances to get ready for this season and easily transition, helping you feel confident in your portfolio. 

Josh discusses: 

  • How you can calculate and review your expenses 
  • Cleaning up debt and checking your credit report
  • How to approach that junk drawer we all dread going in to 
  • Optimizing your tax strategy to pay fewer taxes in retirement
  • Some strategies on how to operate inactive accounts from prior jobs or student accounts that are no longer in use
  • And more

Resources:

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Income Planning: When The Paychecks Stop (Ep. 12)

Income Planning: When The Paychecks Stop (Ep. 12)

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What do YOU view as your most substantial asset that allows you to live the life you want to live on a daily basis?

In this episode, Josh Leonard talks about the road you have to follow once your paychecks stop coming in. Is your life going to run the same? How do you feel confident in your bank account when that number stops increasing? Where is all your money going to come from? Josh alleviates all of these stressors in detail.

Josh discusses: 

  • How life expectancy can determine the plan you create for your retirement
  • The ins and outs of pension planning
  • Some ways you can keep a consistent income source during retirement that does not limit you to a 9-5 job
  • And more

Resources:

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Secure Act 2.0: What does it mean for you? (Ep. 11)

Secure Act 2.0: What does it mean for you? (Ep. 11)

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The Secure Act 2.0 was signed into place on December 23, 2022.  This opens several new strategies you can dip into, in order to save for your retirement and/or fund important goals such as education. 

In this episode, Josh Leonard discusses the number of changes this act has brought forward to us so that we can save more money more efficiently. Whether you are in the planning stage of your retirement or are looking into the future to understand how to further your savings, this episode will help you move forward. 

Josh discusses: 

  • What this act means for people under or over the age of 72
  • Changes in required minimum distributions and how the reduction penalty has lowered 
  • The increase in catch-up contribution amount for different plans
  • The ability to roll leftover 529 funds into a Roth IRA tax and penalty-free
  • How you can more effectively donate to charities of your choice
  • And more

Resources:

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Meet the Dream Team at Leonard Advisory Group with Bill Leonard, Angela Ferrante and Desiree Hoosac (Ep. 3)

Meet the Dream Team at Leonard Advisory Group with Bill Leonard, Angela Ferrante and Desiree Hoosac (Ep. 3)

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With the large number of clients under our belt, we pride ourselves in adapting and catering to any of our client’s needs, in any circumstances. This is why we work with trusted professionals, as well as other partnered firms such as AE Wealth Management and Morningstar Investment Management. 

In this episode, Josh Leonard is joined by some of the key players from his team: Angela Ferrante, Desiree Hoosac and the founder of Leonard Advisory Group, Bill Leonard. They explain what you can expect while working with them as you plan your retirement. Additionally, they talk about some fun events you can look forward to participating in when you join the clientele. 

The Leonard Advisory Group team discusses: 

  • Everyone’s individual role within the business and how it all works together 
  • How the Leonard Advisory Group started out 
  • The importance of a close-knit environment among the staff 
  • How we have helped clients no matter what step in their planning process they are at 
  • And more

Resources:

Connect with Josh Leonard: 

About our Guests:

William Leonard founded Leonard Advisory Group to fill in the gaps he saw when helping his mother plan for retirement. Bill focused much of his career on the insurance and annuity industry. As an independent advisor, he helped thousands of retirees and pre-retirees face the financial challenges that lie ahead with confidence. Since 1996, Bill has worked in a variety of capacities, gaining valuable experience with insurance. In 2007, he became an independent consultant, focusing on income protection and retirement planning. In his free time, Bill enjoys traveling, boating, skiing, hiking, biking, restoring antique vehicles, and spending quality time with family, friends, and clients. He has been married to his wife, Cindy, for almost 40 years. They have three children: Zach, Josh, and Zoey, as well as a crazy border collie named Sweep. After over 25 years assisting families transition into retirement Bill is excited to transition himself into retirement at the end of 2022. 

Angela Ferrante is a 1987 graduate of Allegheny College with a degree in Economics and Finance. She started with Equitable Life as an insurance representative 2 weeks after graduation selling life and disability insurance to the medical community. By 2005 she was supervising 165 representatives in 4 states and running the brokerage side of the office which included the opening of accounts, research, trade placement, cashiering of upwards of $2 million per month, as well as her own client base. Angela became an Accredited Investment Fiduciary in 2015. Angela and Mark live in Somerset County where she enjoys skiing, hiking, biking and gardening.

Desiree Hoosac has worked for over 20 years in client service and administrative roles in the financial and medical industries. Her top priority is to provide exceptional service to clients. This includes assisting the team in preparing for client reviews, updating plans and various service items. Desiree resides in New Eagle, Pennsylvania, with her two rescues: Maggie, a Lab mix, and Mittens, her cat. She has a daughter, Deanne, and granddaughter, Eliza. Desiree stays active trying to keep up with her many great nieces and nephews and enjoys golfing with her dad, playing pinochle, reading, spending time with family, history and being outdoors.

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