Retirement – Beyond Your Money

Breaking Down Financial Jargon: Understanding the Basics of Financial Literacy (Ep. 21)

By beyondyourmoney | November 9, 2023

The truth is that not everyone across the United States knows about money, savings, and retirement planning. In fact, the average 65-year-old has yet to save for retirement.

Mike Dukovich wants to help change that…

This week, Mike explores the importance of financial literacy, budgeting, understanding credit, managing debt, and retirement planning. Mike highlights the lack of financial education in the US while stressing the need for individuals to have the knowledge and skills to make informed financial decisions.

Mike discusses:

The reality of financial education for people of all ages, including high school and college students
The value of saving early on and ways investing what you save can help you down the road
The difference between good and not-so-good debt
His financial advice for parents and their college children
The nuances of investing
Why you should always seek professional financial advice
And more!

Resources:

“The Wall Street Journal Guide to Understanding Money & Investing” by Kenneth M. Morris And Virginia B. Morris

Connect with Mike Dukovich:

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Dollars and Degrees: College Planning 101 (Ep. 20)

By beyondyourmoney | July 26, 2023

No more hiding behind the couch cushions to escape the tuition talk!

It’s time to face the facts, set realistic goals, and find the perfect balance between supporting your child’s dreams while preserving your wealth and sanity, too.

This week, Mike Dukovich reveals the truth about paying for college tuition and expenses. Mike unveils everything you need to know about college savings plans (529 plans) while exploring the different aids you can leverage while supporting your child in this new phase of life.

Mike discusses:

From scholarships to loans, grants, and more: What’s available to pay for your child’s college expenses
The importance of having the ‘money talk’
Tracking your financial goals and savings as you plan for your child’s education
Savings vehicles to help you think ahead
The benefits of a 529 plan
What happens if your child decides not to go to college
And more!

Resources:

Here’s What You Need To Know About The SECURE 2.0 Act (Ep. 19)

Connect with Mike Dukovich:

For more information regarding college savings plans, please visit the College Savings Plans Network. Participation in a 529 Plan does not guarantee the investment return on contributions, if any, will be adequate to cover future tuition and other higher education expenses. State programs vary, and therefore, you should carefully review individual program documents before investing or sending money. Federal income tax on the earnings and a 10 percent penalty on distributions for non-qualified expenses may apply. RBC Wealth Management is not a tax advisor. All decisions regarding the tax implications of your individual investments should be made in connection with your independent tax advisor.

Investment and insurance products offered through RBC Wealth Management are not insured by the FDIC or any other federal government agency, are not deposits or other obligations of, or guaranteed by, a bank or any bank affiliate, and are subject to investment risks, including possible loss of the principal amount invested.

RBC Wealth Management, a division of RBC Capital Markets, LLC, registered investment adviser and Member NYSE/FINRA/SIPC.

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Here’s What You Need To Know About The SECURE 2.0 Act (Ep. 19)

By beyondyourmoney | June 28, 2023

Get ready to kick off the start of season 2 of Beyond Your Money with an in-depth look at the SECURE 2.0 Act (Setting Every Community Up For Retirement Enhancement).

In this episode, Mike Dukovich is back to share its ins and outs, which entail a significant update to the retirement savings landscape.

The original SECURE bill was signed into law in 2019, and its successor, the SECURE 2.0 Act, was signed into law on December 29, 2022. While there are numerous changes introduced by this bill, Mike focuses on the ones that are particularly relevant to his clients.

Mike discusses:

The changes to the required minimum distribution (RMD) age and how that may impact you
The role of potential tax saving strategies when it comes to the SECURE 2.0 Act
The expansion of catch-up contribution limits
If you don’t see it, you don’t miss it: The value of saving for retirement
What you need to know about student loan payments and college savings
And more!

Connect with Mike Dukovich:

RBC Wealth Management does not provide tax or legal advice. All decisions regarding the tax or legal implications of your investments should be made in connection with your independent tax or legal advisor. No information, including but not limited to written materials, provided by RBC WM should be construed as legal, accounting or tax advice.

RBC Wealth Management, a division of RBC Capital Markets, LLC, registered investment adviser and Member NYSE/FINRA/SIPC.

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