The Big K Morning Show
Hurricane Helene Updates and Retirement Planning.
the day of September. Brand new month starts tomorrow and what a weekend it has been massive rains from powerful hurricane helene people stranded without shelter millions without power waiting rescue still in some cases there are isolated areas. So many roads closed over 300 roads closed in western carolina helene blew through florida's big bend as a category for hurricane that was late thursday night winds of 140 miles an hour then quickly moved into georgia the carolina's tennessee uprooted trees splinter homes wiped out little towns when they were overflowed with the flooding that some people say biblical georgia governor brian kem said it looked like a bomb went off western north carolina essentially cut off because of landslides and closing of roads hundreds of water rescues dozens of patients plucked by helicopter from a hospital rooftop and these are stories that have repeated in all ten states affected by this hurricane and cbs is nicole valdes in greenville south carolina filed this report historic flooding from helene submerged parts of western north carolina underwater over the weekend there was a little house right there this marshal north carolina woman says she fled after the waters reached waist deep i was grabbing stuff i have my three dogs in the car and my car was like almost underwater the states governor says rescue efforts are ongoing and that food water and supplies are being airlifted to those stuck in the hardest hit areas this video shows the moment a bridge in tennessee collapsed into rushing flood waters she was ready to sink on tiby island in georgia this man who goes by huck fin and his dog kredi are hoping high tide carries them back out to see after strong winds from helene stranded their boat on the side of the highway i thought we were supposed to go to die so i had to cut anchor and it brought us here this morning in south carolina dozens are dead after hurricane helene pummeled the state one couple dead after a tree fell on their car my cat is alive my neighbors are alive we are helping each other massive recovery efforts are also underway in florida we want to be helpful to get this degree while touring the devastation the state's governor warned his state is not out of the woods just yet with two more months left until hurricane season ends nicole valdez cbs news south carolina and in south carolina helene the deadliest storm since hurricane hugo killed 35 people near charleston and north of charleston in 1989 paul man you know that the storm reminds me of two helene does one of them would be andrew which leveled homestead florida and did a lot of damage in other places as well and then uh to train i would think in new orleans this is a probably worse than that i think in terms of the widespread damage the number of states we're talking about here from basically eastern kentucky all the way back down to the gulf coast of florida and they had a convoy and they cut literally called convoy of hope a distribution site uh and they had lined up utility crews i saw they were it looked like they were preparing to go to war they were lined up and headed south to help people get their power back so critical helene the eighth name storm of the atlantic season which officially begins june first of the national oceanic and atmospheric administration predicting an average season this year because of the record warm op ocean temperatures and as we pointed out earlier with meteorologist joe lunberg more storm concerns in the atlantic one could develop into a hurricane as early as this week and right now that track could take it back through somewhere in the vicinity there's a secondary storm system they believe will be off the coast wow but please no huh i know you're using you know less of that but we were talking to joe lunberg not too long ago here about the last 30 minutes or so he voiced the same concern we both have about this being uh really awful hurricane season we're going into the really the meat of it now corrects two months yes two months because the the heat the temperatures in the ocean right now are at their peak and so there's a lot of fuel in that warm water for these storms and coincidentally initially 60 minutes was doing a piece last night on insurance companies down in florida some of them many have left the state of florida after the last big storm and some of them were getting accused of cheating people out of their rightful replacement funds and it's a fascinating story to search it up on because you and i talked about your insurance went up here and we wondered if it was related in some way to the payoffs they've had to make in florida in particular i read an interesting article about that over the weekend about why insurance rates are going up as they are both for homeowners and and also auto owners yeah we're going to follow up on that this week because it's fascinating and if you are somebody who has a home a second home a vacation place or whatever the expense in florida for insurance is in some cases uh unaffordable financially unaffordable saturday night live the 50th anniversary kicked off saturday and as you might expect ball it started with a spoof of all the candidates and was it any good yes it was very enjoyable you know dana carby came back as joe biden oh man it was it was funny dana carby's uh imitation of the first president bush was absolutely hysterical so good he got invited to white house to stay at the lincoln bedroom by bush i love that uh my erudoff returned as kamala harris and then uh it was really uh well put together they had guess who was tim walls jim gaffigan oh that's a good choice yeah he in first i didn't recognize him uh but they had a lot of fun with it so that was the open to this uh years 50th anniversary of phil harpman's bill clinton oh yeah oh good stuff phil harpman what a talent he was what a tragedy he was shot by his own white yeah um so anyway they had a spoof on that it's worth looking up on youtube okay if you like that kind of stuff but dana carby was spot on as joe biden he says carby they asked about a lot of people forget that i'm president including me but guess what by the way i think i did a pretty good job i passed more bills than any president in history but there's still work to do and guess what and by the way he just just uh andy samberg starred as harris's husband douglas m hoff so it was an all-star cast and this week they've got the cold play as their musical guest but if you like saturday night live they're trying to make a resurgence because you know 50 years so they're gonna put a lot more effort i think into it to make it worth watching i would think anyway speaking of the candidates and we're going to talk more about this lenny mccallister's coming in our resident political analyst in our next hour uh jadey bance in town on saturday at a christian revival event non-denominational in minroville at the convention center right yeah yeah and they're supporting him but the bigger story became the stop he made it for many brothers in north for sales before before the thing in minroville and at first they wouldn't let him in and as it turns out the uh manager there i guess was nervous they said because then pramani's posted kind of a uh hey wait a minute well they were welcomed inside eventually yeah but and i think in the country they said they were well you know and and there are some people who were there who who you know were pretty bent out of shape about it and i understand that you know they're going to feel that way i thought that vance did a really good thing in the parking lot after the whole thing was kind of wrapping up he said you know it's a great local business let's keep supporting them yeah i think that's the you know the take the high road you know people were some people who were there from a partisan standpoint were upset because harris walls had an event at the pramani brothers location in moon a story that i've read says that they had reserved the restaurant for a campaign event and the people in uh involved in communicating from the company from pramani brothers said they had no advance notice of the vance visit now another person involved in this from a peripheral standpoint he said well there was an order placed for a sandwich for him and so maybe you know maybe they should have no i don't know well pramani's posted at this pramani's prides itself on being a staple of the pittsburgh community and proud american business that has hosted sitting presidents politicians political candidates from across the spectrum for over 90 years our doors are open to all patrons who wish to dine with us without any advance notice today's campaigns stop cause some momentary confusion for our staff however senator vance and his team were welcomed into the restaurant shortly after engaged with our guest inside and on the property senator vance's supportive comments that our manager got a little nervous given the secret service police and crowd accurately reflect the nature of what what occurred and we're glad that it was resolved quickly yep so and erin you were there on saturday so how many people were there how big a crowd hmm the convention center so like wide it's like a big open wide square so i'm trying to think maybe thousand just like 2100 maybe oh it's okay yeah over the over the weekend i'd say so i'm curious now i guess donald trump's visit saturday to butler he's supposed to speak around five p.m will be the next big visit basically the same schedule as they had the first time around right correct and obviously his return to that point that moment in time from july 13th makes this stop you know certainly more newsworthy than all the others in terms of interest i would think a lot of people the fact that he wanted to go back to butler and so he will do that on saturday been in between there y'all traips and around the country all the candidates and uh we'll keep you posted but saturday's going to be a big day in butler with security like you've never seen because i think this will be this could possibly be his first outdoor rally well he had one where they put up the bulletproof oh that's right there was the one so but he hasn't done many of them so no and uh yeah if you're going to that one be prepared to take your time because they're going to make sure everybody that's around that area is secure every monday of this hour we check in with brian karanta brought to you by a secure money advisors brian hope you had a good weekend had a great weekend larry uh tustular loss i know i know i thought we were going to pull it off especially when we got the ball back with plenty of time to at least get a field goal we were so close so close yeah but uh okay they suffer their first loss next it's dallas the cowboys come for sunday night football at aqua sure meanwhile brian i got a pop quiz for you so one of our faithful listeners wrote this Ralph wants to know my wife and i are over the income limit to contribute to my and my wife's Roth IRA we both contribute to our employers 401k and max out our contributions i want to put more money away for retirement but not sure where your thoughts okay well there's a lot here i've got like 10 ideas like a chair with Ralph and uh obviously we don't have the time for all 10 of them um so i would tell you go to righttrackedpitsburg.com get a copy of my book but i'm going to give you a few of them before we wrap up this segment first we we've got to understand a couple of things one you start to phase out of being able to uh contribute to uh retirement plans at a certain income level and it depends whether you're filing single single or jointly um you know single i believe is around 130 136 thousand dollars of income so if you're making over 130 136 000 you're going to phase out of being able to make contributions now if you're making a little bit less than that you can make partial contributions for joint filers uh you're getting up and facing out around 240 000 dollars of income you make a little bit less than that you can make partial contributions these are things you'll have to go over what your tax accountant at the end of the year for your specific situation but diving into to ralph's situation here's a few ideas so basically he's saying look brian i can't put any more money into my retirement accounts because my wife and i are being penalized for making too much money and so for income earners out there uh that are doing well they're they do get penalized which has always been something that has bothered me about our tax code is that someone that is making uh good money is being penalized to be in putting putting money in retirement accounts and all that's causing is more pressure on a system by not allowing them to do that but that's a whole another topic so here's a few ideas real quick all right uh so ralph uh you could start uh with a backdoor rough IRA you ever hear that one Larry no backdoor wrong okay so here's a good one so a lot of people don't realize this but if you've phased out of your um of your income level you can make a contribution called a non deductible contribution to your IRA okay to a traditional IRA a non deductible so that means if i put in seven thousand dollars i can't deduct it but well here's what you can do you can put that seven thousand dollars into a traditional IRA non deductible all right and then you can immediately convert it to a ralph IRA and then all that money would grow tax-free and all future interest would be tax-free and all future withdrawals would be back tax-free that's called a backdoor Roth IRA a lot of people don't know about those um they could also contribute to a health savings account um if they have a high deductible health plan they can contribute to an HSA you ever hear of an HSA Larry that i have yeah so these will come very popular because it offers triple tax benefits you got tax-deductible contributions tax-free growth and tax-free withdrawals for medical expenses so if once you turn 65 which draws for non-medical expenses our tax just like an IRA would be taxed at ordinary income levels now in order to qualify for this your deductibles and co-payments on your insurance if you're ensuring yourself only need to be over eight thousand and for a family need to be over 16 thousand so okay we're coming up against the clock so i'm going to get a couple more before we wrap up okay you could consider a brokerage account right so a taxable brokerage account so this is non- IRA investment accounts a lot of people have these uh where you could buy stocks bond mutual funds ETFs um your dividends would be taxed your you would be taxed on capital gain so if you sold the stock for a gain um but with brokerage accounts you have the flexibility of withdrawing funds prior to age 59 and a half without penalty and you've got a lot of tax strategies you could use tax-efficient investments like municipal bonds um or you could use strategies like tax-lost harvesting to optimize your returns and by the way these are all things that i write about in my book right track your retirement you could do real estate right a lot of people like to buy rental properties so you could get uh put money into rent uh real estate and start renting um and start generating cash flow from from your rentals but again pros and cons you've got to become a landlord and you got you know decide if you want to wake up late at night and take that call for the pretty uh water heater right in the middle of a stealer game oh yeah yeah all right two more and then we're done so you could also consider a non-qualified annuity so a non-qualified annuity is just like a brokerage account so you have no contribution limits there you can put as much money into a non-qualified annuity to do i personally do this for Kate and i um so anytime i get to a point where i've maxed out other things i will put money into a non-qualified annuity why do i do that i'm simply just buying Kate and i a private pension that's all that i'm doing so i'm just buying income for the future when i do that okay last one last one a lot of people don't know this one this is a big one so if you're listening right it down did you know that you can put more money into your 401k than just the standard limit for 2024 you can contribute up to $22,500 if you're um if if you're um less than 50 years old uh if you're over 50 years of age you can contribute up to 30,000 dollars to your 401k plan with pre-tax or Roth contributions but here's a kicker some plans also let you make extra after-tax contributions the total you can put in including employer contributions is 66,000 dollars if you're younger than age 50 if you're older than age 50 you can put in up to 73,500 so if your employer doesn't actually contribute to your plan folks you can put your own after-tax dollars in there to reach those limits right so think about that if your employer's not contributing at all you have the ability to contribute on your behalf if your plan let it let's it and here's the best part you can then convert those after-tax dollars into a Roth account so it grows tax-free and it's withdrawn tax-free that's why it's called a mega backdoor Roth account there you go Larry i got like five more but i i i i will i just don't have the breath to handle it well you can go to righttrackpitsburg.com and get details Brian Caronta secure money advisors thank you Brian thanks sorry have a great day doctor you next monday on the big cam morning show this week Stevie Wonder is starting a 10-city tour here next Tuesday at PPG Paints Arena i've got a pair of tickets for you right now 4129221020 we'll take lucky caller number seven Aaron 4129221020 and you can go see Stevie Wonder it's going to be a great show at PPG Paints again they're out right after the news with Paul Raspous and next our resident political analyst Lenny McAllister in studio good morning it's a rainy monday morning but it's still a good morning nonetheless you've had a weekend i'll