Rocking Your Retirement Jersey

Our 2 Cents – Episode #185

Rocking Your Retirement Jersey

Welcome to another episode of Our 2 Cents with Steve and Gabriel Lewit! On today’s show, the hosts unpack the latest with Required Minimum Distributions (RMDs) regulations. Then, they explain the significance of having a “retirement jersey.” Listen in now using a link below!

1. New Rules to RMDs:
   • Explore the newly added and complex regulations surrounding RMDs, specifically related to inherited IRAs.
   • Gain insights on how to navigate these changes and their impact on your financial plans.
2. Your Retirement Jersey:
   • Discover how your retirement plan is like a football jersey—where every detail can shape your financial future.

Request Your Free Consultation Today
847.499.3330

Podcast Transcript

Announcer: You are listening to Our 2 Cents with the team from SGL Financial, building wealth for life. Steve Lewit is the President of SGL Financial and Gabriel Lewit is the CEO. They’re here to discuss all the latest in financial news, trends, strategies and more.

Gabriel Lewit: Welcome back, everybody. It’s Our 2 Cents with Gabriel Lewit and Steven Lewit here at SGL Financial.

Steve Lewit: We are here.

Gabriel Lewit: And yes, welcome to today’s show and we are excited to have you here. Our listenership continues to grow over time and thank you.

Steve Lewit: Thank you all.

Gabriel Lewit: We really do appreciate and value your listenership and please, if you get the chance, share this with your friends and family. Just hit that forward button and send our podcast their way and say, “Hey, take a listen. Check this out.” And we would very much appreciate that.

Steve Lewit: Likewise, I appreciate that you said that.

Gabriel Lewit: Yeah, so we’ve got a great set of lineup options here for you today to talk through. We are going to start with some recent news about everyone’s most favorite topic, IRS regulations.

Steve Lewit: I love IRS regulations. Do you know how big… Did you ever see an IRS regulation book?

Gabriel Lewit: An actual book? No.

Steve Lewit: There are two of them and I think they are eight inches thick with all of the regulations that are in them. They’re amazing.

Gabriel Lewit: I believe it.

Steve Lewit: It’s ridiculous.

Gabriel Lewit: Yeah, well, we’ve just got one, which is a recent clarification on required minimum distribution. So this made the news, which is why we’re talking about it. I know we talked about RMDs, I think five or six episodes ago, somewhere around there. But today’s not about RMDs per se, but just some clarification on some key rules that might impact you, our listener.

Steve Lewit: And they are very confusing. We’re going to go through them and it’ll probably still be a little confusing afterwards because they are confusing.

Gabriel Lewit: Exactly. We are then going to talk a little bit about a health and wellness topic. I’m going to surprise you with what it is here in just a second. I won’t spill the beans. And then we’re going to talk a little bit about football and finance and how to link the two together.

Steve Lewit: Football season starts in a week.

Gabriel Lewit: I’ll tell you, I’m already on cloud nine. My Chicago Bears are on Hard Knocks.

Steve Lewit: Wait, wait, wait, wait, wait. You got to wait for reality to hit.

Gabriel Lewit: They are 3-0 in the preseason.

Steve Lewit: Wait for reality.

Gabriel Lewit: If you watch Hard Knocks, the enthusiasm is off the charts and I think, obviously we’re going to win the Super Bowl.

Steve Lewit: You know that song Dreams Come True?

Gabriel Lewit: If you believe it, it will happen?

Steve Lewit: Right.

Gabriel Lewit: Yes.

Steve Lewit: Wait for the real season. I did this with the Giants. They were 4-0 and they’re going to be great, and then we went 0-7 in their first four games.

Gabriel Lewit: No, Super Bowl. I feel it. What a season.

Steve Lewit: They could make the playoffs.

Gabriel Lewit: Super Bowl.

Steve Lewit: No, they’re not going to make the Super Bowl.

Gabriel Lewit: You want to make a bet?

Steve Lewit: I’ll make you a bet.

Gabriel Lewit: $100 bucks.

Steve Lewit: $100 bucks.

Gabriel Lewit: You all heard it here.

Steve Lewit: Pinky back. Wait, I got to pinky-

Gabriel Lewit: All right, we got witnesses here, okay.

Steve Lewit: Now, does that mean win the Super Bowl or get into the Super Bowl?

Gabriel Lewit: We’ll say in and if they win, you owe me double, so I get some odds. I get some odds.

Steve Lewit: Well, and how do I get double?

Gabriel Lewit: You don’t. That’s the whole point of odds.

Steve Lewit: Wait, wait. If you have an opportunity to get double, folks isn’t this right? Then I should have an opportunity to get double? So if they get in and they lose the Super Bowl, then you owe me double.

Gabriel Lewit: Yeah, I don’t think you know how odds work, but that’s okay.

Steve Lewit: Well, wait a minute.

Gabriel Lewit: We’ll make it a square even one on one bet.

Steve Lewit: You just don’t want to risk $200 bucks.

Gabriel Lewit: All right, so let’s talk about RMD regulations here. So as a very super quick review, what is an RMD, required minimum distribution? And you are required to take that when you are, depending on your age, 73 or 75. But there is confusion about a lot of the key applications. So we’re going to do a quick run through of the technical side of things, not how to take it or when to take it predominantly or how to avoid RMDs. This is going to be just some technical stuff around who inherits it, different rules, if it’s a spouse, a non-spouse, what’s called an eligible designated beneficiary and clarifying some key things here so you are in the know.

Steve Lewit: Yeah, so this is more about rules than-

Gabriel Lewit: Strategies.

Steve Lewit: … strategies to minimize losses and things like that.

Gabriel Lewit: Yep. Okay, so first and foremost-

Steve Lewit: What’s the first rule?

Gabriel Lewit: There is such a thing as an eligible designated beneficiary or an EDB, and that is somebody that is either a surviving spouse of the participant, so let’s say you had an IRA and you named your spouse as the 100% primary beneficiary and then you pass away, that spouse, surviving spouse, is an eligible designated beneficiary.

Steve Lewit: Right.

Gabriel Lewit: Okay? Also, an eligible designated beneficiary could be a child that has not reached the age of maturity, which is 21 in this case. It could be a disabled individual. It could be a chronically ill individual. Or it could be, and this is the interesting one here, an individual who is not more than 10 years younger than the participant.

Steve Lewit: All right, so explain that last one.

Gabriel Lewit: Well, if you were 11 years younger than the participant, you would be more than 10 years younger, which would not make you an eligible designated beneficiary.

Steve Lewit: So, an EDB gives you certain privileges-

Gabriel Lewit: Mm-hmm, which we’ll get into here.

Steve Lewit: …that a non EDB, a non-eligible designated beneficiary does get. So those are the two big categories that you first have to think about. Am I an eligible beneficiary or am I not an eligible beneficiary?

Gabriel Lewit: Yeah, so let’s say you name your brother, and your brother was nine years younger than you.

Steve Lewit: Yes.

Gabriel Lewit: Okay, the way this reads, an individual who is not more than 10 years younger, the way it’s phrased is confusing. So yes, less than 10 years younger than you, so nine years would be an eligible designated beneficiary.

Steve Lewit: Right.

Gabriel Lewit: Okay, because they’re not more than 10 years. So what does this all mean? Individuals who are eligible designated beneficiaries can take RMDs in a couple different… There’s a few nuances to this. If the person that passed away was already taking their RMDs, then that person must continue to take the RMDs.

Steve Lewit: The recipient must take the RMDs just like the person who passed away. So a lot of people feel, as I did, and they’ve given us a break on this, because if you were not an eligible designated beneficiary… I’ll get this right.

Gabriel Lewit: Three letters, E-D-B.

Steve Lewit: All right, I’ll use EDB. You had 10 years, so if my brother inherited my IRA, he had 10 years he had to take it out.

Gabriel Lewit: Yeah, and where this was confusing is there wasn’t clarity around if RMDs were already happening and somebody had 10 years to take it out, did they still have to take RMDs? Did they not? That’s what started to be clarified here officially.

Steve Lewit: And what was clarified is that if I die and I’m taking RMDs and my brother gets the money, he must continue to take the RMDs that I was taking. But the balance of that has to be over 10 years, right?

Gabriel Lewit: Yeah, and again, it depends on the eligible designated beneficiary or not.

Steve Lewit: It’s EDB.

Gabriel Lewit: Right, but if they’re an eligible designated beneficiary and you were not taking your RMDs, then they can take it over their life expectancy, their RMDs.

Steve Lewit: Right.

Gabriel Lewit: So, if a spouse collects your IRA, is the beneficiary, it basically becomes theirs.

Steve Lewit: Right, they can actually retitle it in their name, but is my brother an EDB?

Gabriel Lewit: Depends on his age.

Steve Lewit: So, if my brother is over 10 years older than I am, he’s not an EDB or is he an EDB?

Gabriel Lewit: If he’s older than you, he’s not more than 10 years younger.

Steve Lewit: Yes.

Gabriel Lewit: This is why we have two sheets of paper in front of us. We can help you with all of this. This is hard to track on a podcast.

Steve Lewit: I said it was confusing.

Gabriel Lewit: Anyways, yeah, so then the RMD that would be required would be based on whoever was younger in the year of your death. So you would’ve been younger than your older brother. You’re taking RMDs. So he would have to continue with your RMDs.

Steve Lewit: And let’s say I’m not taking RMDs, what happens then? Oh, maestro. Rule maker.

Gabriel Lewit: If the participant, you, died prior to taking your RMD, then the eligible designated beneficiary can take RMD… The account is paid over the life expectancy of the eligible designated beneficiary.

Steve Lewit: So, I didn’t think my brother could be an eligible EDB no matter what. I thought you had to be married to… If I died and gave you… Folks, I hope you’re enjoying this.

Gabriel Lewit: Am I more than 10 years younger than you?

Steve Lewit: No, but you’re not.

Gabriel Lewit: Yes, I’m more than 10 years younger than you.

Steve Lewit: Just because you’re 10 years younger than me makes you an EDB?

Gabriel Lewit: If the article I was provided by our tax team is correct, then yes. It says an individual who is not more than 10 years younger than the participant is also considered an eligible designated beneficiary.

Steve Lewit: What if I give the money to Fred, who has no relationship to me, and he’s more than 10 years… Less than… Whatever it is. He’s not eligible.

Gabriel Lewit: You’re really confusing things here.

Steve Lewit: Yes, yes, okay.

Gabriel Lewit: Is he an individual?

Steve Lewit: Yes.

Gabriel Lewit: Is he more than 10 years younger than you?

Steve Lewit: Yes.

Gabriel Lewit: Then he is not an eligible designated beneficiary.

Steve Lewit: Because he’s more than 10 years younger?

Gabriel Lewit: Yes.

Steve Lewit: But if I give it to Fred, who’s the postman, and he’s less than 10 years younger than me, he is an eligible-

Gabriel Lewit: Is Fred an individual?

Steve Lewit: Yes.

Gabriel Lewit: Is he not more than 10 years younger than you, or less than 10 years younger than you?

Steve Lewit: He is less than 10 years younger than me.

Gabriel Lewit: Then this says he’s an eligible designated beneficiary.

Steve Lewit: So, he can take that over his lifetime as RMDs.

Gabriel Lewit: That’s what this says.

Steve Lewit: Wow. I didn’t realize that because I read that article.

Gabriel Lewit: It’s called a stretch, yeah.

Steve Lewit: Yeah, I read that article, and I didn’t catch that. That’s a huge change.

Gabriel Lewit: Well, it means the… Yes, I mean, the person… Well, a spouse is a special one too because they just take it over by themselves.

Steve Lewit: They can retitle.

Gabriel Lewit: They retitle it, but they don’t have to stretch it over their life expectancy. But yeah, so there’s a lot to this. There’s all these scenarios. Are they an eligible designated beneficiary or not? How do they get classified as one? And then if they are, how do they elect the withdrawals based on whether the person who passed away was or was not already taking their RMDs.

Steve Lewit: So, I think the point here, Gabriel, because there’s no way that we can… By the way folks, if you would like a rundown of all of these rules, just let us know and we’re happy to send that to you.

Gabriel Lewit: We definitely can.

Steve Lewit: Yeah, but I think what it’s saying is it’s just not as simple as we thought it was.

Gabriel Lewit: No, it’s not just 10 years.

Steve Lewit: We thought 10 years.

Gabriel Lewit: You’re saying we thought.

Steve Lewit: Go ahead.

Gabriel Lewit: I wouldn’t… No, there was always nuances to it. There were just a few gray areas.

Steve Lewit: Right, well that was never clarified. So if you inherit an IRA, you need to check the rules. You need to call us if you want. Gabriel will give you the advertisement in a minute. But it’s not straightforward as it was before.

Gabriel Lewit: Correct. Now, we weren’t done yet.

Steve Lewit: I know.

Gabriel Lewit: It sounded like you were wrapping up there.

Steve Lewit: Well, I kind of was.

Gabriel Lewit: Yeah. So the last part here is if somebody is not an eligible designated beneficiary, so that’s where you get this 10 year rule. So essentially, there’s a 10 year rule that if somebody is not an eligible designated beneficiary, you have 10 years, the entire account must be distributed by December 31st of the calendar year containing the 10th anniversary of the participant’s death. If you were not taking RMDs, you, the account owner, before you passed away, then that non EDB-

Steve Lewit: Non-eligible, mm-hmm.

Gabriel Lewit: … does not have to take RMDs, but they have 10 years to distribute the account. However, if you did take RMDs, then they have to still take an RMD as well as distribute the full account before the end of that 10th year.

Steve Lewit: They have to take at least the same RMD, but they still have to empty the account in year 10.

Gabriel Lewit: Mm-hmm, yes.

Steve Lewit: Now the good news is because there are penalties associated with all of this, is that the IRS is giving us a break on the past.

Gabriel Lewit: Yeah, and they are reducing the penalties.

Steve Lewit: Say something, tell us, tell us how.

Gabriel Lewit: Yes. Well they are lowering the penalties from before. Under the prior rules, there was a 50% tax if you didn’t take your RMD timely. Not 5, 50.

Steve Lewit: That was 50, 50%.

Gabriel Lewit: Okay. That is now 10% if you do a corrective distribution and file the appropriate forms.

Steve Lewit: Right, so-

Gabriel Lewit: That’s a huge difference.

Steve Lewit: Right, and that doesn’t… Now before, we saw very few penalties. I don’t think I’ve ever seen any on an RMD, but I think now with the lower tax, they’re really going to track it and enforce that penalty if you don’t take it the right way.

Gabriel Lewit: Well, you think they’d enforce it more If there had been a higher penalty because they would’ve made more money, but who knows?

Steve Lewit: And that starts in 2025 now.

Gabriel Lewit: Yes.

Steve Lewit: If I read right.

Gabriel Lewit: Mm-hmm.

Steve Lewit: Okay. That was so much fun.

Gabriel Lewit: You clear?

Steve Lewit: Yeah, crystal clear. So folks, we’re sending out the exam next week, we’ll give you a week to study.

Gabriel Lewit: Yeah, no kidding. Well anyways, yes, if we can help you with this. So if you’ve inherited an IRA, if you have questions on that inherited IRA, you want guidance and help, calculations of the RMDs if you need them, give us a call. We’re here to help 847-499-3330 or go to sglfinancial.com and all we will do is ask you some of these key questions, use our calculation software and then tell you exactly how much you’ve got to take out. But also, the right tax strategy. If you have 10 years to distribute that money, let’s say it’s a million dollar IRA, you don’t want to wait until year 10 and pull out a huge lump sum.

Steve Lewit: But you could, if you-

Gabriel Lewit: You could.

Steve Lewit: You could.

Gabriel Lewit: Depending on the scenario, but let’s say you do have that 10 year rule. Now we get into tax strategy, which was some of the stuff we were talking about before. Don’t forget, that’s still really important, but at least now we have clarified some of those specific rules and regulations.

Steve Lewit: Sort of.

Gabriel Lewit: Yes.

Steve Lewit: Yes.

Gabriel Lewit: Okay. Now, moving on, I’m going to skip one of our topics here because that took a little bit longer than before. I’m going to skip our health and wellness topic. We’ll cover that next time. But anyways, let’s talk a little bit about football and finance and why? Because as we said earlier, the Bears are going to win the Super Bowl this year, so it’s a great time to be a Bears fan. You heard it here. And what we’re going to talk about is how to custom tailor your retirement jersey.

Steve Lewit: I love this. I actually love this because I’m envisioning this whole business of retirement jerseys.

Gabriel Lewit: There you go, starting a whole new business. All right, so yeah, so obviously in football it’s the time of the year the players wear jerseys, they do, and those jerseys have numbers on them.

Steve Lewit: And names.

Gabriel Lewit: Producer Katie was actually, she was here explaining to us that some of the jerseys used to have different numbers based on the position that the players would play on the field.

Steve Lewit: So as producer Katie said, if you were a lineman, you couldn’t wear it, years ago up until two or three years ago, 2000 I don’t know when, but if you couldn’t wear a jersey unless it had a 50, 60 or 70 on it.

Gabriel Lewit: I didn’t look that closely at the exact numbers.

Steve Lewit: Well, I listened to Katie.

Gabriel Lewit: There you go.

Steve Lewit: And that’s what she said.

Gabriel Lewit: But now, the players can choose any number between zero and 99 as long as the number is not already taken. So speaking of numbers, in retirement, let’s say you’re building a custom fit jersey for yourself. You’ve got to pick your number, you’ve got to know your number. And what are the numbers that you need to know in retirement? Well, there’s really two main numbers. The first number is how much money you need to have saved to successfully retire. The second number is what’s the maximum amount of income you can spend in retirement and not run out of money?

Steve Lewit: Right.

Gabriel Lewit: So, if you’re building your custom jersey, then we want to know what those numbers are. Do you want to give us a little bit of additional detail on how one would calculate those numbers?

Steve Lewit: Well, yeah. So it depends on how many years you have before you retire and depends on what you estimate your expenses will be in retirement. So most people will say, “I am spending $75 grand right now this year on average, and I’m retiring in five years. I’ll probably continue to spend $75 grand in five years.” Then you have to ask yourself, “Okay, how much money do I need to provide me $75,000 a year plus inflation over the next 25, 30 or 35 years that me, and perhaps my spouse, live?” And that’s a calculation that you have to make.

Gabriel Lewit: Mm-hmm, yeah, so you can definitely figure that out. We use planning software to do that. Exactly as Steve said, you figure out your cash flow, you figure out how much you’re thinking of spending, at least initially, and then you do a little backwards calculation math and voila, you’ll figure out your number is $1 million, $2 million, $5 million, $10 million, all again dependent on your living expenses.

Steve Lewit: The thing to understand is that what you hear around in the media is that “You need $2 million, you need $5 million. You can’t retire unless you have $3 million or $10 million.” All of that, it’s nonsense because it’s so individual. Just like your jersey will have your number on it, nobody else’s number on it, so too, will your retirement jersey have your number on it. There is no one number that is the same for every person.

Gabriel Lewit: Yeah, which is again, using our football analogy here, is like having your name on the jersey.

Steve Lewit: It has your name on it, exactly.

Gabriel Lewit: It’s got your name on it.

Steve Lewit: Well said, well said.

Gabriel Lewit: Meaning your plan is personalized, not just with your number but personalized to you.

Steve Lewit: I’m trying to envision a jersey with-

Gabriel Lewit: Lewis, $10 million.

Steve Lewit: $10 million.

Gabriel Lewit: Be some small zeros.

Steve Lewit: Yeah, very small zeros.

Gabriel Lewit: Maybe you just do dollar sign, 10, capital M.

Steve Lewit: 10-dollar signs.

Gabriel Lewit: No, just a capital M.

Steve Lewit: Just capital M.

Gabriel Lewit: This reminds me, it’s funny on the Bears. If you haven’t watched Hard Knocks by the way, on HBO, it’s for the Bears this year, which of course I’m a diehard Bears fan, if you didn’t know and can’t tell.

Steve Lewit: It was for the Giants too.

Gabriel Lewit: It’s amazing. It’s the best TV on TV right now.

Steve Lewit: That’s the New York Giants.

Gabriel Lewit: The Chicago Bears-

Steve Lewit: That has a horrible team.

Gabriel Lewit: But apparently, it’s interesting, they all have a practice. I never knew half of this stuff behind the scenes. They have, not a practice, but all the rookies in front of all the rest of the team have to stand up, they have to say their name, what their signing bonus is. So Caleb Williams was $25.5 million and this poor underrated kicker or no, QB, his was $5,000.

Steve Lewit: But they have to announce-

Gabriel Lewit: I didn’t realize that’s all an underrated rookie gets. I guess it’s better than nothing.

Steve Lewit: Well, they’re on the team.

Gabriel Lewit: Yeah, at least temporarily.

Steve Lewit: Definitely.

Gabriel Lewit: And then they all have to do a karaoke song.

Steve Lewit: They sing a song. This is the best-

Gabriel Lewit: Everyone hoots and hollers. This is great.

Steve Lewit: This is the best part.

Gabriel Lewit: I never knew this. That’s awesome.

Steve Lewit: We should do that here.

Gabriel Lewit: A little light hazing?

Steve Lewit: Well, every time an employee joins us, we should-

Gabriel Lewit: Get the whole company and they have to do…

Steve Lewit: Yeah, they have to sing a song and tell us the signing bonus.

Gabriel Lewit: Well, yeah, okay. Well we’ll work on that.

Steve Lewit: Okay.

Gabriel Lewit: Anyway, so that’s, yeah, know your number. Now the other number would be, let’s say you already are retired or maybe you’re about to retire and you don’t have a lot more time to save, but you’ve got $3 million or you’ve got $2 million, the other number we could figure out is what’s the most you could spend without ever worrying about running out of money? And I think this is a really interesting number because a lot of people have never calculated this number.

Steve Lewit: Most people calculate what they are spending and say, “Can I afford what I’m spending?” And we run the numbers and it’s like, “Hey, you’re spending $75, how would you like to spend $125?” And the reaction we typically get is, “I wouldn’t know how to do that. I don’t know how to spend $125,000.”

Gabriel Lewit: Well, that’s a definitely a separate issue, but the first step is could you spend more? Could your plan sustain it? And we can definitely help you figure out that number.

Steve Lewit: And the reason that’s so important is that budgets are budgets for a year. You might go way over your budget or you might have a special restaurant you want to go see, which is very expensive. And when you know you’re up a limit, you say, “Hey, well I’m not even spending what I could spend, so if I blow a couple of hundred dollars on a night out with food and everything or $300, I can really afford that. No worries.”

Gabriel Lewit: Yeah, so that’s going to be, I think, there’s obviously other numbers you could… What’s your risk number? But those are, I’d say, the two main numbers that you’d probably want to put on your jersey for retirement.

Steve Lewit: Yeah, I can’t picture though what the back… I’m trying to picture because I’m a visual kind of guy. So I’m trying to picture what a jersey looks like and I can’t quite… I love the idea of it, but what would you have on the back of your jersey?

Gabriel Lewit: Blew it.

Steve Lewit: Blew it, hopeful?

Gabriel Lewit: $10 billion, I don’t know.

Steve Lewit: $10 billion? Well, think big.

Gabriel Lewit: Well, think big.

Steve Lewit: Think big.

Gabriel Lewit: Dollar sign, 10, B instead of M.

Steve Lewit: Smith, I’m just getting by or?

Gabriel Lewit: Well, the other thing too is even if your jersey looks great, remember it’s also about the substance behind the scenes, the whole team. What kind of team do you have? You want to make sure even if you’ve got yourself a spiffy, shiny snazzy jersey, that you’ve got a great team as well. That’s just a quick analogy for do you have a good financial advisor? Do you have a good insurance agent? Do you have a good tax planner, a good tax preparer, a good estate planner, you name it. You want to have all those key members of your team. And of course, the better that they communicate and coordinate, the more effective that that team will be.

Steve Lewit: Well, think about every player on a football team has a strength coach, a running coach, a strategy coach, a position coach, a main coach. Why?

Gabriel Lewit: A life coach.

Steve Lewit: A life coach. They do. A therapist.

Gabriel Lewit: Yeah, well, because peak performance needs a great team.

Steve Lewit: You just have to have that. It’s very difficult to go it alone. I don’t know of a professional, a really accomplished professional, that doesn’t have a bunch of coaches helping them along. In the tennis world where I grew up, when I was playing, I had a movement coach, I had a strategy coach, I had a stroke coach, and I had a fitness coach, and they worked really hard. Those poor people.

Gabriel Lewit: Yes. Yes. Okay, the other thing to know about jerseys is those numbers, and I guess occasionally, the names, but definitely the numbers can change over time. So keep track of yours and if it needs to change, we can help you adjust that. And last but not least-

Steve Lewit: Well, that’s really important, Gabriel, because unlike football players, as we grow up in life, our position changes. When you’re working, you’re a running back, but when you retire, you might be a safety. So there are different positions that we take in our lives that demand different jerseys, different numbers and different things to do.

Gabriel Lewit: You lost me on that one. I’m going to say the running backs stay running backs and the QBs state QBs.

Steve Lewit: No, I’m saying unlike that. Look, I’m working, I’m like a running back, but if I retired, I wouldn’t be a running back anymore, I’d be doing safety work.

Gabriel Lewit: Uh-huh.

Steve Lewit: You know folks, when you get this empty glare, when someone looks at you with empty eyes?

Gabriel Lewit: I’m doing my best.

Steve Lewit: And they nod, “Yeah, I get it,” but you know darn well they don’t get it. But I know everybody out there gets it. I’m getting the empty eyes.

Gabriel Lewit: I’m smiling and nodding over here.

Steve Lewit: Yeah, I got six eyes looking at me saying, “What the hell are you talking about?”

Gabriel Lewit: Oh, gosh. Oh, gosh. Well, yes.

Steve Lewit: It’s so clear in my mind.

Gabriel Lewit: Well, last but not least, if you’ve had a successful career, you’re best at what you do, you’ve hit the winning scores, whatever, you can get your jersey retired as a congratulations for a successful career. And that’s what we hope for you too with your personal retirement jersey is that you have such a great retirement. We will retire that jersey. Put your name on it, frame it, hang it on your wall and pass it down from generation to generation.

Steve Lewit: We should have a wall of jerseys here. I’m loving this. We should have all of our clients, we should have-

Gabriel Lewit: This is the guy when I was bringing up this topic, he’s like, “What are we going to talk about with-

Steve Lewit: I’m loving it more and more.

Gabriel Lewit: … football jerseys?”

Steve Lewit: Let’s do this. Folks, all of our clients, because you all got retirement. Once you have a plan, we can retire your jersey. We should have these little jerseys with names on it or initials and just hang them. Nobody likes that idea.

Gabriel Lewit: I like it. What does retire mean?

Steve Lewit: Well, retire their jersey means they’re good. They’ve done their job.

Gabriel Lewit: When they retire or when they’re passed away retired?

Steve Lewit: No, when they retire.

Gabriel Lewit: Yeah, retired, retired.

Steve Lewit: Retire their jersey and say, “Look at all of our clients here. They’re out as safeties. They were running backs. Now there’s safety’s running all over the place.” We could tell a whole story about that.

Gabriel Lewit: There we go. There we go. Well, that our-

Steve Lewit: Nobody is creative anymore.

Gabriel Lewit: That’s our show for you today.

Steve Lewit: It was a great show.

Gabriel Lewit: Well-

Steve Lewit: So many ideas.

Gabriel Lewit: Just as a quick recap, yes, if you’ve got RMD questions, I know that it was probably a little hard to follow via podcast.

Steve Lewit: Impossible.

Gabriel Lewit: So, there is a sheet of paper we have, as Steve mentioned, we can send your way. I think it really breaks it down and clarifies it far simpler because you would’ve had to take lot of notes to have gotten that, I think, via our podcast. So yes, we have that available for you. Just reach out to us info@sglfinancial.com. We will send a copy of that your way. If you have questions about building your retirement or in our case here, your retirement jersey and customizing that for you, give us a call. We’re here to help 847-499-3330 or go to sglfinancial.com and click “contact us.” But otherwise, yes, go Bears. We’ve got a big game, I think, tomorrow, Thursday.

Steve Lewit: I’m not saying a word.

Gabriel Lewit: Okay, I guess, go Giants as well.

Steve Lewit: Thank you.

Gabriel Lewit: And if you like other football teams, go teams.

Steve Lewit: Go teams.

Gabriel Lewit: Go teams.

Steve Lewit: Just pick.

Gabriel Lewit: Just trying to make it fair to everybody, right?

Steve Lewit: Sure.

Gabriel Lewit: We hope you have a wonderful rest of your week and weekend. It’s great spending some time with you here on our show and we will see you on the next one.

Steve Lewit: Stay well everybody.

Gabriel Lewit: Bye now.

Steve Lewit: Bye now.

Announcer: Thanks for listening to Our 2 Cents with Steve and Gabriel Lewit. For any questions about your finances, give SGL a call at 847-499-3330 or visit us on the web at sglfinancial.com and be sure to subscribe to join us on next week’s episode.

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