The X’s & O’s

Joe Biden’s tax proposal has made its way to the House for discussion and there have been many changes made from the original plan. Brent, Matthew, and Joshua will discuss the key items that are in this proposal and who will be impacted by these possible changes.

The Hosts:

Brent Pasqua, Matthew Theal and Joshua Winterswyk

Transcript:

Brent Pasqua: Welcome in, and welcome to the Retirement Plan Playbook. Today, we have a big show on deck. It’s episode number 55. And today we’re going to talk about something that many people don’t really enjoy hearing about, but it’s important as we roll into the end of this year, and that’s analyzing Biden’s new tax plan. I’m your host, Brent Pasqua, founder of RPA Wealth Management.

Brent Pasqua: I’m here with Matthew Theal, certified financial planner, and Joshua Winterswyk, certified financial planner. Guys, fall is finally here and the weather seems like it’s finally cooling down a little bit. The last week has been starting to cool down. What is your favorite fall drink as we get into the holiday season?

Matt Theal: I’m going to be extra boring in here, and I’m not really a fall drink guy. I don’t have one. I know some people do pumpkin spice lattes, some people are into cider. Maybe I’ll do cider if we go see the Christmas lights. But yeah, I don’t do fall drinks. I’m pretty strict on my drinks. I mean, I’m water and coffee and tea.

Joshua Winterswyk: Wow. I wasn’t expecting that. I thought you’d for sure have a fall drink. Mine is, when I think of fall and even just rolling into the holidays, a whiskey and seven, or 7&7, a lot of people call them. It was just a holiday drink that had just grew in my family. It reminds me of my grandparents, too, and around the holiday time. I always like a good 7&7 around fall season, holiday season.

Brent Pasqua: I think the as fall season comes around, I think a glass of wine around the holidays is always good. That’s probably the first thing that comes to my mind. But I do enjoy drinking coffee. I mean, that’s another good drink for fall.

Matt Theal: Yeah, I agree. I was hoping one of you guys was, would be, “Oh, I’m big on those pumpkin spice lattes.”

Joshua Winterswyk: Nah, not for me. I guess it’s more, probably less iced coffee or cold brew and more just hot coffee, if I’m going to the coffee shop with my wife or something, but I’m not big on the fall drinks and the holiday cups at Starbucks.

Matt Theal: Yeah, have they rolled those out yet? Those holiday cups? Are they in a…

Joshua Winterswyk: I don’t know.

Matt Theal: Are they still going with…

Joshua Winterswyk: I haven’t seen them yet. I know that’s a big deal.

Matt Theal: Yeah. “Oh, the holiday cups are here.”

Brent Pasqua: You’ll probably see it on social media once they do happen, I would think. I mean, everyone likes to show off their new cup or something.

Joshua Winterswyk: Yeah. Do you guys know when the pumpkin spice lattes are launched? Is that already happened?

Matt Theal: I don’t, but I would imagine it’s any day now.

Brent Pasqua: Social media, come on help us out. All right, well, let’s get into hot take headlines. Amazon will cover a hundred percent of college tuition for hourly employees. Starting in January, Amazon said that it will cover the cost of college tuition, fees and textbooks for hourly employees in its operation network after 90 days of employment. We’ll also begin covering high school diploma programs, GEDs, and English As a Second Language certifications for employees. Operation workers include employees in Amazon’s sprawling network of warehouses and distribution center. Seems like a short amount of time to start already covering this expenses, that you don’t have to work there very long for this.

Matt Theal: Yeah, I think really has to do more with the labor shortage than anything else. But man, this is awesome. More companies should do this. Really great for Amazon that they are going to be offering to pay college tuition for warehouse workers. It’s a real treat and, hopefully, people take them up on their offer and they go work in the warehouse. I know that’s hard work, but you go work there, you get your college degree, and either you can move up at Amazon or you can move on to something better.

Joshua Winterswyk: I think this makes them competitive, too. We know that Walmart and Target also have programs to help with education for their workers, and with the labor shortage, I think this gives them some advantage there, too. But I also like within this program that it’s also allowing people to go back to school and even completing their high school diplomas or GED. So people that that was their first goal, not just college, I think that that’s a big positive. But I think it’s a huge win for employees, and I think it’s really nice, good of Amazon for them to offer this. Just really awesome.

Brent Pasqua: I wonder how much of this is just for them to save face over some of the negative publicity’s that’s come out over the last few years about employment at Amazon, the massive turnover that they have. There’s many separate groups have tried to create unions within Amazon, people complaining about how they’re treated, lunch breaks and time to do what they need to during their work hours. I know that’s been a big issue for them.

Matt Theal: Yeah, I’m sure a lot of it is trying to save face, trying to get good, high-quality workers to take these warehouse jobs. But, in a way, we all know that college is a crisis, right? College is very expensive and a lot of people can’t afford it. And we have some wings of the Democrat party who are saying like, “Oh, well, we’re going to give everyone free college.” Well, that’s never going to happen, but here’s corporate America, Amazon, one of the largest corporations in our country that was founded by an American, is going out and solving the problem. So again, business leaders are leading while politicians are not.

Brent Pasqua: And I think it helps Amazon, though, because if they’re able to pay for college and they’re retaining that employee. I mean, there’s obviously certain criteria that to get your college paid for. A lot businesses know that retention and turnover is a major expense and could be offset by these college programs.

Joshua Winterswyk: Yeah, you get to hold onto your talent, you get to grow your own talent. Matt, I think you make a great point, too, the private sector solving another an issue, which is college. So I think it’s really positive. And actually, Amazon had programs before to pay for college, it was just more limited. So it’s now nice to see that it’s a little bit more broad. You can go to school for whatever you want, instead of it being in a specific, in an industry that they were dictating.

Brent Pasqua: Do you think that colleges cut these companies a break on tuition?

Joshua Winterswyk: That’s a good question.

Matt Theal: I’m not sure, but that is a good question.

Brent Pasqua: I mean, it’s something we always bring up, college seems to be way overpriced.

Matt Theal: That actually brings this final thought. Where we are going is probably where you’ll have an Amazon University, a Google University, an Apple University, and these large companies are just going to put out their own universities, where you go through and you’ll get a typical degree, and then they’ll specialize you in whatever field you’re going into. So maybe if you’re in the warehouse, it’s warehouse management and logistics, if you’re on the computer coding side, then you’ll go through computer coding. In my opinion, that’s probably more of the future of education, then letting private universities and the government decide it for you.

Brent Pasqua: You can drive your Apple car to your Apple University to study on your Apple products, while calling people on your Apple phone?

Matt Theal: Exactly. Future’s going to be crazy.

Brent Pasqua: More Apple in the second topic of today. Apple announced the iPhone 13, the iPhone 13 Mini, iPhone 13 Pro, iPhone Pro Max, and the watch series 7, a new iPad, and a redesigned iPad Mini. Apple launched these products at their recent event that they hold. What’s your thoughts on these products?

Joshua Winterswyk: My thought was is I wanted a new phone. So I was very interested in this Apple event that I watched. Unfortunately, I wasn’t as blown away. It’s not as different as the last model for the iPhones, but have some cool new features like they always do, but just wasn’t, it wasn’t completely remodeled or anything like that. But I will say that I broke down and I finally pre-ordered a new phone. I needed one on and I’m really excited to get it.

Brent Pasqua: So, we’ve been bagging on you for needing a new phone for the last, I don’t know, what has it been? Probably eight months?

Joshua Winterswyk: Super Bowl.

Brent Pasqua: Yeah.

Joshua Winterswyk: That’s how I know when I started to need a new phone. It was Super Bowl.

Brent Pasqua: Yeah, so you had a line through your phone for the last eight months, and now you’re saying the reason that you waited was for the Apple event.

Joshua Winterswyk: Uh-huh (affirmative), this is true. Yes.

Brent Pasqua: Yeah.

Joshua Winterswyk: And it finally came. Little disappointed, but happy to get a new phone. Haven’t been as excited for an event in a while.

Matt Theal: I agree. I think you’re saying the event was a letdown, right?

Joshua Winterswyk: Yes.

Matt Theal: And I think Apple is there, where it’s most likely going to be a letdown from now until whatever there’s a future device, if they do a car or there’s some next breaking technology, but for the most part, all they’re doing is changing the colors, putting better chips in and maybe making a nicer camera.

Joshua Winterswyk: Yeah. Operating system’s faster, better camera. Yeah. That is true, but I haven’t had a new phone in, I think, a couple of cycles, so it will be a little bit of a difference for me, which I’m excited to see. But yeah, a little disappointed, but that’s okay.

Matt Theal: Yeah.

Brent Pasqua: Do you think they’re releasing products too frequently?

Matt Theal: I was thinking about that. I think actually what they’re doing is, maybe it’s time for them to cut the product events and just release new products. “Oh, here’s our new iPhone. Here’s what it could do. Sign up here to buy it.”

Brent Pasqua: Yeah, but their events are like a long commercial. It’s all it really is now.

Matt Theal: Right. I mean, maybe that’s why they do it because it is a commercial and so many people tune in. But again, I mean, it’s the same thing every time, so I imagine viewership is probably dropping, and it’s most likely just journalists who are watching now and Josh.

Brent Pasqua: Hey, what was it last year? You watched the event last year. I think we even watched it together, because he needed a phone.

Joshua Winterswyk: Yeah, exactly. Just because he didn’t need a phone this year, he didn’t watch it.

Brent Pasqua: He wasn’t interested.

Joshua Winterswyk: He’s all bearish on Apple.

Matt Theal: I’m not bearish, I’m just bored. Apple, impress me.

Joshua Winterswyk: We had this conversation yesterday, and maybe they just need a little bit of a… They need to change up the events. Spread out the products maybe a little bit more, or not roll all of them out at the same time.

Brent Pasqua: Yeah, I was hoping for new AirPods, but I think we’ll have to wait on those.

Joshua Winterswyk: New iPad Mini looks pretty cool, though. Your listeners, check that out.

Brent Pasqua: All right, so let’s get in the retirement planning corner. After months of anticipation, Democrats on the House Ways and Means Committee released their tax proposals on September 13th. While many of the features of Biden’s original plan are included, there are differences between the original plan, and the proposed bill indicates that much of the negotiation has already taken place.

Brent Pasqua: Even though the bill has yet to become law, it’s important for financial planners and their clients to know what it contains, as individuals might now have only months, maybe even weeks or days, to make decisions that could impact them financially in a tremendous way.

Brent Pasqua: It’s, I think, a little bit difficult here because there was an original plan that was released at the beginning of the year and we had time to prepare and look at it, but there’s a lot of adjustments here that changed that. And now we don’t really know exactly when this could possibly go into effect. But let’s get into, first, some of those updates and what’s in the proposal. Let’s start with ordinary income taxes and what the ordinary income tax rates could eventually change to.

Matt Theal: Yeah. So I guess, first, we’ll define what income tax is. An income tax is essentially the tax you pay on your wages, your earned income, right? So if you have a job, you’re getting a W-2, you’re paying income tax. There’s pretty much no way around that. And the proposal is to update the essential tax tables. And I think that there’s a lot of misrepresentation about what this actually means.

Matt Theal: And essentially, all they’re doing here is if you are married and you make more than 450,000, then your tax rate is going up by about 2%. That’s it. If you’re single and you make more than the 400,000, your tax rate above 400,000 is going up by 2%. There’s not much else here. For everybody else, it stays the same. When you’re on TV and you hear CNN or Fox News saying, “Oh, Biden is raising taxes on you,” he’s not. That’s not what’s going on here at all.

Brent Pasqua: Why are they only taxing the higher-income earners and not the lower?

Matt Theal: Well, I mean, this might sound insensitive, but I don’t really think a 2% tax raise is going to make that big of a difference on somebody who’s making 450, $500,000 a year. And it’s going to pay for a lot of the spending proposals the government wants to do. If you raise 2% tax on someone making 50 to a hundred thousand, that’s going to make a difference. But at 400, 450, 500, you should be pretty set financially.

Brent Pasqua: So people who make under 450,000, or these certain parameters that you just discussed, and they’re make under those, they don’t have to worry about any changes going into next… If this goes into effect.

Matt Theal: Correct.

Brent Pasqua: And I think what’s good to point out is that, yes, it’s raising it 2%, but it’s also lowering the threshold to be in that top bracket. So before \, under the bracket of, let’s just say, married filing jointly, you had to make over $628,000 a year to actually be in that top bracket, that top tax bracket. But now being 450, there’s now going to be a new segment of married, filing jointly couples that actually are going to now be in that tax bracket and be paying an additional 2% to that top tax bracket. I think that that’s a big change for people, anyone that falls in that category.

Matt Theal: The key here will be, if you’re right around that 400,000 mark is to find deductions to get your income below that 400,000. If you do, you’re fine. If not, it’s going to cost you a couple thousand dollars extra per year. Just decide what you want to do and put the tax plan together.

Brent Pasqua: Right. Yeah, and I guess, any time there’s updates, I mean, you’ve got to go back to your financial plan and put the data, make adjustments and see how you can offset any higher costs. Okay, so the second one that’s in here is one that we’ve been talking a lot about and one that we were concerned about, because it was pretty significant in the prior bill, and that’s the long-term capital gains rate. What is capital gains tax, and what does that actually mean?

Joshua Winterswyk: So capital gains tax is a tax you pay when you sell a asset for a gain. So if you’re an investor and you had bought, let’s just say, a stock, giving an example, for $10 and it grew to $15, there’s a $5 gain within that stock. So when you sell it and you realize that $5 gain, you have to pay a levier tax on that appreciation of that stock.

Brent Pasqua: And what is the new capital gains tax rate and where’s it at now, and where’s it going to be proposed to go?

Joshua Winterswyk: So before, the brackets worked at zero, 15% and 20%, based off of your income. Now, what the proposal is stating, that capital gains rate is going from 20% to 25%. So again, the top rate within capital gains is increasing for everyone. And they’re using that 400 and $450,000 income level, everyone over that amount that you make per year.

Brent Pasqua: So let’s say you sell a stock, like you talked, and you make a profit and you make over $400,000, before you would pay on that profit of that stock, 20%. Now it’s going to be bumped up to 25.

Joshua Winterswyk: That’s correct. So it is, again, affecting everyone that makes over that $450,000 of annual income per year. So if you don’t, like Matt said, even with the ordinary income tax rate, you don’t have to worry, right? It’s not going to affect your capital gains rate, it’s only affecting the people with income over 450,000, married, filing jointly.

Matt Theal: And how do we feel about this? Again, I just don’t see this having a big impact. So this is the tax that high-net-worth individuals usually pay, right? So they get paid in stock options, their companies go public and they get shares in the company, they sell a business, what have you, this is the tax rate they pay. And this just, unfortunately, this impacts the top 1%, it doesn’t impact the 99%. It doesn’t even impact everyday investors who are trading in a brokerage account with a hundred thousand to a million. This impacts people who are much likely north of that on the portfolio size.

Joshua Winterswyk: And really, before we start to overreact to even the increase, this isn’t even the highest it’s ever been in the last 30 years. We’ve seen it as high as 27%. So is it an increase? Yes. But again, like Matt said, for the 1% and that’s who it’s affecting. I think a bigger headline to this capital gains change is that we didn’t see any elimination of step up of cost basis. And we’ve talked about that, I think when we did the last Biden tax proposal, so I think that’s just a big win.

Brent Pasqua: Yeah, I mean, but this previously was the top bracket was going to be paid at 39% for capital gains or something very astronomically high. Where did that go?

Joshua Winterswyk: I think both of your getting to the point. I don’t know if it’s been covered in the mainstream media.

Brent Pasqua: We are the mainstream media, Matt.

Matt Theal: From all the talk, all through the winter, into the spring, into now here with the one side of the Democrat party, this is extremely watered down. This is barely even a tax raise.

Brent Pasqua: I think where it hurts people, if you’re a high-income earner and you hold mutual funds that you’ve had for years and years, and you’re not selling them, and internally, those mutual funds are selling positions and those gains are going to roll downhill to you, and you’re having to pay capital gains tax on that and you’re not even trading out of your position, you’re going to get hit hard with taxes on this.

Matt Theal: Yeah, you will. And I mean, that’s one of the times where you might want to put a more efficient mutual fund or ETF in place in your portfolio and just, unfortunately, pay the one-time capital gains tax.

Joshua Winterswyk: And I think it’s promoting people to really look at their balance sheet and seeing what appreciated assets they have, because I mean, this applies to even real estate. You have property and how is that going to affect you going forward? How big of a difference with these new rates of capital gains compared to the old one? So making sure you analyze all of those investment sales that you have planned going forward, or you did now.

Brent Pasqua: Yeah, that makes sense.

Matt Theal: Can I say one final point before we move on? One thing I thought was super interesting is, even if this bill goes through, the capital gains tax rate is already locked in, so there’s nothing you could do. There’s no stock sales in December. Your new rate, if you make over the 450 is 25% on any stock sales that happened after September 14th. Super interesting language there,. I think that’s what they did to create it so the stock market doesn’t sell off. So cool.

Brent Pasqua: Makes sense. All right, let’s get into Roth conversions and how are these changing? What is a first Roth conversion, and then tell us about this rule.

Matt Theal: Yeah, and in simple terms, a Roth conversion is, let’s say, you have an IRA, there’s some money in it. You can convert it to a Roth IRA and pay taxes, income taxes, on the IRA. And then after that, after you pay the taxes, you could let the Roth grow and there’ll be no taxes when you pull it out. Very popular strategy, especially with high-net-worth earners.

Matt Theal: And what the government is saying is, here’s that magic number, if you make over 400 and you’re single, if you make over 450 and you’re married, you will no longer be allowed to do Roth IRA conversions. So that’s taken off the table. One interesting fact I learned doing the research on this is, is this doesn’t go into effect until 2032. So yeah, Roth IRA conversions are dead, but not for 10 years. So go crazy.

Brent Pasqua: Wait, why is it even in here if it’s not till 2032, and this thing can get changed a thousand times over by then?

Matt Theal: And it probably will be. So the reasoning I heard behind it is that the government actually counts on revenue from IRA conversions to the Roths, and the budget goes out for 10 years, therefore, that’s why they put it in for 2032, 10 years from now.

Joshua Winterswyk: Ding, ding, ding, follow the money.

Brent Pasqua: Yeah, so if you’re worried about that, at least you’re able to decipher whether what’s in here may impact you and what’s not. That’s a good one to know.

Matt Theal: We’ll probably have two presidents before then, so this’ll get changed many times.

Brent Pasqua: Yeah.

Joshua Winterswyk: I think it’s just another reason to really analyze what your plan is going forward. I mean, not a huge change because you do have some 10 years to do this, but if you were thinking about Roth conversions, now’s a good time to get started.

Brent Pasqua: One of them that headlined, and let’s get into the next one is, new requirement on distributions for taxpayers with high income and mega-sized retirement accounts. What is required minimum distribution and what does this new rule?

Joshua Winterswyk: Required minimum distribution, or RMD, is when the government forces you to pull money out of your retirement accounts to tax you. So right now, I think a lot of people have retirement accounts, 401ks, IRAs, and the IRS and the government requires you to take money out at a certain age. Currently right now, that’s 72 and a half. Now, under this new proposed rule, an individual that has both high income, as defined using the adjusted taxable income threshold described above, 450,000 for joint filers, and number two, total retirement accounts worth more than 10 million, will be subject to an RMD for the year.

Joshua Winterswyk: How this is very different is before, you had to actually meet an age requirement for the government to require you to take money out of your retirement accounts in the form of an RMD. Now, this is defining an RMD as based off of your income and the dollar amount within your account. So this is a big change to the RMD for anyone earning more than 400, single or 450, married, filing jointly, sorry.

Matt Theal: I think there’s a lot going on here. I’m just going to say, if I had 10 million in my IRA, I would actually be really happy with this rule, because yes, I’m going to pay some taxes, but I’m not 59 and a half, so I can’t pull money out of my IRA. But therefore, this isn’t going to allow me to get liquidity and get after-tax money, which I could use to go buy real estate, I could go purchase a business, I could invest in startups, I can invest in cryptocurrency. If you have over 10 million in your IRA, you meet this income threshold and you’re under 59 and a half, this is a cool rule for you.

Brent Pasqua: Yeah, and at the same time, I mean, think, a lot of these people that have this amount of money in their retirement accounts are probably holding some individual stock of the company that they work for. That’s how you would get to this point. It’s not always just investing some mutual funds and 401k.

Matt Theal: Right, and this allows them to diversify out of that.

Brent Pasqua: Yeah, yeah.

Matt Theal: So I don’t know if the government mentioned any of this, but if you meet these qualifications, you’re what we call ultra-high net worth, and this is probably a benefit for you.

Brent Pasqua: I think the tech industry probably loves this.

Joshua Winterswyk: Yeah, it definitely could be a win-win for both the account holder and the tax collector. So I think that this role is very interesting, and it’s going to open up the doors for some interesting planning techniques for the ultra-net-worth people out there.

Matt Theal: Yeah, and if you have under 10 million in your retirement accounts, nothing to see here, just move on with your life.

Brent Pasqua: So, are there any other changes here to be aware of?

Matt Theal: Yeah, Brent, there’s a lot to unpack in this bill. So there’s a new tax rate for high-earning, S-corp earners, which makes me a little bit disappointed. There’s also a new surtax for ultra-high-income earners. And then there’s a reduction in the credit amount for gift and estate tax, so they are pulling back that a state taxable threshold. It’s going back to where it was, the five and the 10 million.

Matt Theal: Really, what they’re attacking, doing here is going after high-net-worth individuals. So if you don’t earn higher than an S-Corp, nothing to see here. If you don’t make over five million, I believe for the surtax, nothing to see here, and if your estate’s under 10 million, again, nothing to see here. I think we can unpack these in another show if it actually becomes a law.

Brent Pasqua: So when would this go into effect? Do we have any idea?

Matt Theal: I think it’s passed. It would go into effect this year, at the turn of the calendar, I believe.

Joshua Winterswyk: Yeah. And I also think that the estate and gift tax changes can affect a little bit more people than we think. Now, especially with housing prices where they’re at, people contributing to 401k and retirement account balances as high as they are. So I just think that could be an area where more people could be affected, potentially, and I would love to dive deeper into that in another show.

Brent Pasqua: So I’m assuming that we don’t know if this is going to be retroactive to 2021, or if this goes in effect for the 2022 calendar year.

Matt Theal: I think it depends what part you’re talking on. The income tax side, it’s going to be 2022. And I also believe on the trust and estate side, it’d be 2022. Capital gains tax is 2021.

Brent Pasqua: That was the only one that I saw, too. Capital gains was the only one that was going to be effective as immediately, for the most part.

Matt Theal: Yeah, well…

Brent Pasqua: As these things continue to develop and we find out more, we’ll keep putting out shows that can update people, because I think it’s something that’s important, as people need to know what these updates and rules are and they could plan around it. All right, so let’s get into the last part of the show. It’s get into RPA recommends. Matthew, what do you have for us?

Matt Theal: All right, so I’m going to go back to a show after being, I guess, closed down by the pandemic from production for a long time, one of my favorite shows on Showtime is back. It’s called, Billions. It’s about a billionaire hedge fund manager. It’s just a really great, enjoyable show. Pretty actual, realistic way into the hedge fund industry and how Wall Street works. Highly recommend it.

Joshua Winterswyk: I think you’ve actually recommended Billions before on the show.

Matt Theal: Probably.

Joshua Winterswyk: I said I was going to watch it. I’m going to watch it. Okay, so that’s next on the docket for me. I cannot give you any more excuses, Matt.

Matt Theal: We’re in the investment industry. I think both you guys should be watching. It’s a fun show.

Joshua Winterswyk: Yeah, I got to watch that. I got a save money technique for recommends today. Had a really good experience at Best Buy, buying some new appliances. And they have a price match, as long as you can prove that the item is in stock and you can prove that the price is lower than theirs. And just wanted to say that that process was really easy.

Joshua Winterswyk: Went into Best Buy, showed them the price match, they discounted it, no questions asked. Ordered my item, it was delivered. Really good experience. So it’s definitely worth the extra time to try to find a lower price. Or, if you’re shopping for appliances and Home Depot has it lower than Best Buy, they will match it. Experience was good, customer service was good. Just want to give a shout out to them, because they did give me some good service.

Brent Pasqua: You know what? My RPA recommend goes on that same thing. I needed to do some tech stuff for my backyard and Matt had recommended that I go see the Magnolia people at Best Buy. And I scheduled, actually, a home consultation with them. They actually saved me money, because when I planned to do it and planned what my order out of how I thought I needed to do it, was way doing it the wrong way and overdoing it. And by listening to them, it saved me probably a thousand or $2,000, by just going with their, “We can minimize it and do it this way, and it’s going to be a lot cheaper and easier.”

Joshua Winterswyk: I like stories about hiring experts and they save you money.

Brent Pasqua: Yes.

Joshua Winterswyk: The stories are always good.

Brent Pasqua: Yeah, it’s amazing how that works. One of the things I got was a Sonos soundbar and I have that now, connected to my TV and the sound and quality in my room is so amazing. I mean, it’s beat so much of just what the audio that the TV puts out.

Joshua Winterswyk: Okay, when are you going to invite us over to watch a game and listen to your new sound bar?

Brent Pasqua: This weekend. Everyone’s invited. All right, so as advisors, we love helping people, that’s why we do it. If you’d like to schedule an appointment with any of us, please go to rpawealth.com and schedule a complimentary consultation. You can also download our ebook from our website. If you’d like the show notes, please go to retirementplanplaybook.com. Thank you. We’re 55 episodes in, we appreciate our listeners, and we’ll get back on the show next time.

Joshua Winterswyk: Thank you guys.

Matt Theal: Thank you.

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