The Fiscal Physical Podcast - #25 - Qualified Charitable Distributions (QCDs): What are QCDs? Who is eligible to take advantage of them and what are their benefits?

#25 - Qualified Charitable Distributions (QCDs): What are QCDs? Who is eligible to take advantage of them and what are their benefits?

06/18/24 • 17 min

Unlock the secrets of philanthropy and tax savings with Ryan Nelson of Alchemy Wealth Management in our silver anniversary episode, where we dissect Qualified Charitable Distributions (QCDs) and their lesser-known benefits. Imagine the satisfaction of supporting your favorite charities while strategically lowering your taxable income – that's the power of QCDs for those over 70 and a half. We navigate you through the complexities of this giving option, perfect for individuals who find themselves with ample retirement funds and a desire to make a meaningful impact without the need for additional income. It's not just about generosity; it's smart financial planning that can enhance your legacy.
Embark on a linguistic odyssey with us as we exchange tales from our multilingual escapades and decode the advantages of adding another language to your arsenal. Whether it's the practical reach of Spanish, the business prowess of Mandarin, or the cultural enchantment of Japanese, we cover the spectrum of language learning with humor and personal insight. Our episode is a mosaic of experiences, from comical language blunders abroad to the profound connections made through the pursuit of new languages. Tune in for a vibrant discussion that could spark your next foray into the world of languages, making every 'hola', '你好', or 'こんにちは' an open door to endless opportunities.

Find "Your Fiscal Physical" the book on Amazon at: rb.gy/3shpfk

If you have suggestions or feedback, please email us at: [email protected]
And, as always, STAY THE COURSE!

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Find "Your Fiscal Physical" the book on Amazon at: rb.gy/3shpfk

If you have suggestions or feedback, please email us at: [email protected]
And, as always, STAY THE COURSE!

Previous Episode

#24 - Flexible Spending Account (FSA): What is an FSA, who is eligible and what are the pros vs cons of using one? How do they compare to an HSA?

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Unlock the secrets to maximizing your healthcare dollars with Ryan Nelson from Alchemy Wealth Management as he breaks down the intricacies of Flexible Spending Accounts (FSAs), shedding light on this tax-advantaged opportunity. Forget the confusion and frustration of untapped benefits; this episode guarantees you'll walk away with a clear strategy to navigate the "use it or lose it" nature of FSAs. We juxtapose these accounts against the more familiar Health Savings Accounts (HSAs), underscoring critical distinctions, such as the necessity of strategizing contributions to FSAs due to their lack of rollover capabilities and the absence of a requirement for a high-deductible healthcare plan. By tuning in, you're equipping yourself with the knowledge to avoid the common pitfall of over-contributing and to effectively leverage your pre-tax dollars for eligible medical expenses.
Ryan Nelson doesn't just stop at the basics; he takes us through a tour of the different FSA varieties available—healthcare, limited purpose, and dependent care. With Ryan's expertise, you'll learn to utilize FSAs to their fullest potential, gaining immediate access to your contributions and making your pre-tax dollars work harder for you. Whether it's covering early-year medical expenses or managing the costs of daycare and elder care, we cover the spectrum of benefits these accounts offer. The conversation is not just informative but empowering, as we emphasize the importance of understanding qualifying expenses and staying compliant. By the end of our session with Ryan, FSAs will transform from a daunting financial tool into a powerful ally in managing your personal finances and ensuring your financial health is in its best shape.

Find "Your Fiscal Physical" the book on Amazon at: rb.gy/3shpfk

If you have suggestions or feedback, please email us at: [email protected]
And, as always, STAY THE COURSE!

Next Episode

#26 - Target Date Funds (TDF): What is a target date fund, where are they typically found and who might best be served by using one?

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Uncover the secrets of making your golden years shine with financial expert Ryan Nelson, as we delve into the world of Target Date Funds (TDFs). Simplify your retirement planning with our robust discussion on how TDFs work to balance your investment portfolio, adapting as you edge closer to bidding farewell to the 9-to-5 grind. We're breaking down 'to' versus 'through' funds, too, offering you the golden key to retirement planning that fits your unique timeline, whether you're counting the days to retirement or looking beyond.
Join us on this journey of making informed choices for your 401k, where we evaluate the allure of TDFs against the thrill of hand-selecting your own investments. You'll gain insight into the one-size-fits-all approach of TDFs and their costs, and we'll reflect on the financial decisions that shape our lives. From pining for the magic of early Roth contributions to the 'what ifs' of real estate booms, Ryan and I share our tales of financial wisdom and the lessons learned. We'll leave you inspired to take the reins of your financial future, armed with the know-how from our candid conversation.

Find "Your Fiscal Physical" the book on Amazon at: rb.gy/3shpfk

If you have suggestions or feedback, please email us at: [email protected]
And, as always, STAY THE COURSE!

The Fiscal Physical Podcast - #25 - Qualified Charitable Distributions (QCDs): What are QCDs? Who is eligible to take advantage of them and what are their benefits?

Transcript

Speaker 100:00:01.965

Welcome to the Fiscal Physical Podcast . Join us each week as we sit down with the founder of Alchemy Wealth Management and author of your Fiscal Physical , Ryan Nelson . Tune in to gain valuable insights and practical tips as we simplify complex financial concepts into digestible lessons . From budgeting to retirement planning , this podcast is your go-to resource for mastering financia