Tag: Long Island

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Top Retirement Tax Pitfalls to Avoid with Rob Premselaar (Ep. 180)

Top Retirement Tax Pitfalls to Avoid with Rob Premselaar (Ep. 180)

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Think you’ve done everything right for retirement? One overlooked tax detail could cost you thousands.

In this episode of Retirement Unlocked, Larry Heller, CFP®, CDFA®, welcomes Rob Premselaar, CPA and founder of Premselaar CPA LLC, to shed light on the hidden tax pitfalls that can derail even the most carefully crafted retirement plans.

They explore the real impact of Required Minimum Distributions (RMDs), the surprise taxation of Social Security benefits, and the often-misunderstood IRMAA Medicare surcharge. Rob also shares proactive strategies for minimizing taxes in retirement, including qualified charitable distributions (QCDs), the pros and cons of Roth conversions, and key planning opportunities for business owners approaching or entering retirement.

Discussions in this release include:

  • The income thresholds that quietly increase your Medicare premiums (IRMAA)
  • Why Roth conversions are often misunderstood and underutilized
  • How to navigate RMD timing and avoid excise penalties
  • How Medicare surcharges can catch retirees off guard and what to do about them
  • Advanced planning opportunities using cash balance plans
  • And more!

Connect with Rob Premselaar:

Connect with Larry Heller: 

About Our Guest:

Rob is the Owner of Premselaar CPA LLC, managing a portfolio of small-to-medium sized businesses and high-net-worth individuals, providing tax planning, tax strategy, tax filing, and CFO business services. Premselaar CPA LLC provides outstanding service to its clients because of its dedication to the three underlying principles of quality, professionalism, and responsiveness.
How Much Cash Should You Have in Retirement? (Ep. 179)

How Much Cash Should You Have in Retirement? (Ep. 179)

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Are you holding too much, or too little cash in retirement? 

Finding the right amount of cash to keep on hand is one of the most important decisions you’ll make when creating a retirement income strategy. The wrong decision could lead to stress, missed growth opportunities, or even long-term financial instability.

In this episode of Retirement Unlocked, Larry Heller, CFP®, CDFA®, breaks down how much cash retirees should have in their portfolio, and why it matters more than you might think. He introduces his “retirement cash reserve strategy,” designed to help you generate steady income while protecting against market volatility.

What to expect in this episode:

  • A breakdown of bear vs. bull markets since 1945 and what they teach us about cash reserves
  • How to calculate 24–36 months of protected cash for downturns
  • The role of risk tolerance and income modeling in reserve planning
  • How to build a personal “cash reservoir” that keeps retirement stress low
  • And more!

Resources: 

Connect with Larry Heller: 

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More Time, Less Stress: Why Smart Businesses Are Outsourcing Their Bookkeeping with Cheri Giglia (Ep. 178)

More Time, Less Stress: Why Smart Businesses Are Outsourcing Their Bookkeeping with Cheri Giglia (Ep. 178)

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Outsourcing your bookkeeping isn’t just a cost-saving move; it could be the smartest strategic decision your business makes this year.

In this episode, Larry Heller, CFP®, CDFA®, sits down with Cheri Giglia, Owner and Managing Director of Supporting Strategies on Long Island, to explore why more small businesses are turning to virtual bookkeeping for efficiency, clarity, and peace of mind.

Cheri shares how outsourced financial support can streamline operations, enhance internal controls, and deliver timely insights that empower business owners to make better decisions, whether they’re planning for growth, managing cash flow, or preparing for an audit. With real client stories and tech-forward best practices, this episode is packed with value for any business owner looking to scale smarter.

What to expect from this episode:

  • The top reasons businesses are turning to virtual bookkeeping
  • How cloud-based systems streamline accounting operations
  • Real client scenarios where bookkeeping impacted business decisions
  • Tips for choosing the right outsourced financial team
  • And more!

Connect with Cheri Giglia:

Connect with Larry Heller: 

About Our Guest:

Accounting and bookkeeping are services that many businesses on Long Island need to manage more effectively. Business owners struggle to find professionals who they trust to manage these important aspects of their operations. This is where Cheri Giglia and her company, Supporting Strategies on Long Island, come in. Her professional team removes owners’ headaches and improves efficiencies.

As an accountant and former Financial Director for a public company, Cheri has expertise working in many different industries. She understands the pressure and stress that business owners face when it comes to gaining greater financial control of their operations. She uses her more than two decades of experience in accounting and financial management to create strategies to improve efficiencies and reduce costs.

Cheri’s team of skilled accounting professionals accomplishes this by leveraging technology, allowing clients to easily outsource accounts payable management, billing/accounts receivables, financial/management reporting, HR and payroll support, bookkeeping and monthly financial statements/reports, and controller services. Outsourcing these services allows businesses to focus on growth and other profit-making activities. The way Cheri’s team operates permits them to offer competitively priced professional services and attention that competitors are unable to offer.

Cheri recognizes that there are many choices when it comes to selecting a professional or firm to provide accounting, bookkeeping, and controller services. Business owners and managers choose to work with her because of her experience, personal commitment, and her ability to rapidly provide the financial information they need to make critical business decisions.
The 6 Retirement Mistakes To Avoid (Ep. 177)

The 6 Retirement Mistakes To Avoid (Ep. 177)

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The market is unpredictable; your retirement plan shouldn’t be.

In this episode of Retirement Unlocked, host Larry Heller, CFP®, CDFA®, breaks down six of the most common (and costly) mistakes people make when planning for retirement. From underestimating how much you can spend to failing to optimize your Social Security benefits, Larry shares why these pitfalls occur and how a process-based retirement plan can help you avoid them.

Whether you’re approaching retirement or already there, this episode provides actionable strategies to help you invest wisely, reduce emotional decision-making, and stay aligned with your long-term financial goals.

Key conversations in this week’s release include:

  • The importance of knowing how much you can truly spend in retirement [00:00:47]
  • Why creating a total return strategy beats relying solely on income [00:03:20]
  • The pitfalls of being too conservative with your investment portfolio [00:07:02]
  • When to start withdrawing from your retirement accounts—not just when RMDs kick in [00:10:32]
  • How to optimize Social Security for the best possible outcome [00:13:17]
  • The critical need for a comprehensive estate plan [00:15:51]
  • And more

Connect with Larry Heller: 

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Breaking the Health Insurance Mold: The New Health Plan Playbook with Louis Bernardi [Ep. 176]

Breaking the Health Insurance Mold: The New Health Plan Playbook with Louis Bernardi [Ep. 176]

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Health insurance is one of the largest expenses for many businesses, but are you getting what you’re paying for?

In this eye-opening episode, Larry Heller, CFP®, speaks with Louis Bernardi of BrightPath Benefit Advisors about the outdated and opaque nature of most employer-sponsored health insurance plans. Louis reveals how major carriers prioritize shareholder profits over actual care and explains how his PLAN system and data-driven strategies are helping employers cut costs while providing better healthcare options for employees.

From skyrocketing pharmacy costs to hidden MRI fees, Lou unpacks the waste baked into the system and provides actionable strategies to fix it. This is a behind-the-scenes look at an advanced strategy most employers haven’t even heard of.

Key discussions in this release include:

  • Why traditional health insurance models are broken
  • The hidden data behind skyrocketing healthcare costs
  • How Lou’s PLAN system (Prioritize, Leverage, Align, Navigate) helps optimize benefit design
  • Real-world savings on pharmacy and imaging costs
  • Options for companies of all sizes
  • And more!

Connect with Louis Bernardi:

Connect with Larry Heller: 

About Our Guest:

Louis Bernardi is the Founder & Benefit Optimization Officer of BritePath.  Lou is the innovator behind BritePath, the benefit strategy that flattens the curve on health insurance costs.  BritePath helps benefit decision makers reset their expectations with advanced analytics & insights that make them and their members more informed health care consumers capable of changing the trajectory of the cost and quality of their employer-sponsored health insurance plan.  Pay More, Get Less is replaced by a High-Performance Health Care Plan that allows them to finally start winning.

Lou is proud to be among the first 150 advisors accepted into Health Rosetta; an eco-system of forward-thinking advisors and solution partners that share his passion for helping people and businesses customize health plans that enhance benefits, improve outcomes and reduce costs.

Lou is also involved with Aspirational Healthcare, Free Market Medical and is a Forbes Business Council member.

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Your 5-Year Retirement Countdown: Key Steps to Take Now [Ep.175]

Your 5-Year Retirement Countdown: Key Steps to Take Now [Ep.175]

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What are some steps you should be taking 5 years before your retirement? 

This question sets the stage for an engaging episode with Larry Heller, CFP®, CDFA ®, where we delve into the crucial five-year countdown to retirement. 

Larry emphasizes the importance of timely planning and actionable strategies to ensure a smooth shift into this new life phase. From building up cash reserves to maximizing 401(k) contributions, Larry walks us through a comprehensive guide tailored to those nearing retirement.

Larry covers topics such as:

  • Building cash reserves and why they’re crucial for a stable retirement [00:01:06]
  • Strategies to maximize your 401k contributions, especially for those over 50 [00:02:33]
  • Tax-efficient withdrawal strategies and their significance in your retirement plan [00:06:23]
  • The concept of a ‘Retirement Lifestyle Dry Run’ to mentally and financially prepare for life after work [00:10:34]
  • And more!

Connect with Larry Heller: 

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Understanding the Insurance Market Crisis: Higher Rates, Tougher Carriers, and Smart Moves with Gregg Knepper [Ep.174]

Understanding the Insurance Market Crisis: Higher Rates, Tougher Carriers, and Smart Moves with Gregg Knepper [Ep.174]

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Wildfires. Hurricanes. Cyber Attacks.
How are today’s biggest threats reshaping the insurance industry—and what can you do to stay protected?

In this episode of Retirement Unlocked, Larry Heller, CFP®, CDFA®, sits down with Gregg Knepper, President of Integrated Coverage Group, to break down the rapidly changing insurance landscape. With more than 15 years of experience in risk management and personal insurance, Gregg shares expert insights into how natural disasters, inflation, and digital threats are driving up premiums—and what you can do about it.

From rising home and auto rates to the hidden gaps in your umbrella and cyber insurance, this conversation is packed with practical tips for protecting what matters most.

Key discussion points include:

  • Understanding personal insurance market challenges [01:00]
  • Impact of national disasters on local insurance premiums [02:45]
  • Adjusting policies with higher deductibles for cost efficiency [10:30]
  • The role of umbrella coverage and uninsured motorist protection [18:15]
  • The rise of cyber threats and the necessity for cyber insurance for individuals and businesses [24:00]
  • And more!

Connect with Gregg Knepper:

Connect with Larry Heller: 

About Our Guest:

Gregg Knepper is an experienced Insurance Adviser specializing in helping businesses and individuals limit their risk. As the President of Integrated Coverage Group, a rapidly growing insurance brokerage, Gregg brings over 13 years of expertise in the industry. Unlike traditional brokers who work for specific insurance carriers, Gregg is dedicated to working solely for their clients, ensuring that each client receives a solution tailored to their unique needs.

With a focus on reducing risk, Gregg works closely with clients to craft personalized insurance strategies across a wide range of areas, including workers’ compensation, employee benefits, and cyber insurance. Known for their trustworthiness, knowledge, and honesty, Gregg partners with clients every step of the way to ensure that their risks are managed effectively.

Specializing in supporting quickly growing businesses with sophisticated insurance and risk management needs, Gregg has extensive experience in serving industries such as technology firms, medical practices, real estate, manufacturing, and restaurants and hospitality.

Whether a client is a small startup or a large, complex organization, Gregg Knepper provides the expertise and dedication to meet their specific insurance needs.

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5 Tax Gotchas That High-Net-Worth Individuals Overlook [Ep.173]

5 Tax Gotchas That High-Net-Worth Individuals Overlook [Ep.173]

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What tax traps could derail your retirement plans? 

In this episode, Larry Heller, CFP®, CDFA®, breaks down five major tax “gotchas” that high-net-worth retirees must navigate to protect their wealth and retirement security.

From the impact of required minimum distributions to the looming expiration of the 2017 tax cuts, Larry sheds light on often-overlooked tax challenges. He also explores strategic solutions like Roth conversions and income planning to help retirees minimize surprises and maximize financial confidence.

Key episode discussions include:

  • Required Minimum Distributions (RMDs) and their tax impact [03:09]
  • Expiration of the 2017 Tax Cuts and Job Act [04:04]
  • The “Widow Penalty” and implications for single retirees [07:37]
  • Gifting strategies and estate planning considerations [10:03]
  • The consequences of leaving large IRAs to children [11:05]
  • And more!

Connect with Larry Heller: 

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Divorce Without Drama: Understanding Collaborative & Mediation Options with Andrea Vacca [Ep. 159]

Divorce Without Drama: Understanding Collaborative & Mediation Options with Andrea Vacca [Ep. 159]

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Divorce is rarely easy, but what if there were alternatives to the adversarial process of litigation that could lead to more peaceful resolutions? 

In this episode of the Life Unlimited podcast, host Larry Heller, CFP®, CDFA® is joined by Andrea Vacca, Founder of Vacca Family Law Group, to define and explore two powerful divorce alternatives: mediation and collaborative law.

From choosing the right attorney to the importance of strong communication skills, Andrea provides tips and resources for transitioning between mediation and collaborative law, ensuring you have the support you need every step of the way. If you’re facing a divorce or simply curious about your options, this conversation could be the key to finding a less stressful, cost effective, and more collaborative path forward.

Key Points Covered:

  • The definitions and differences between Mediation and Collaborative Law and how these processes address both the emotional and practical needs of both people
  • How these methods give couples more control over their own divorce process, often leading to clearer agreements and fewer post-divorce regrets
  • The positive mindset these methods reinforce with their focus on problem-solving and mutual agreement
  • Practical tips such as choosing the right attorney and emphasizing clear communication between spouses
  • The benefits of having a team working on your case versus a solo attorney
  • And much more!

 

Resources:

Connect with Andrea Vacca:

Connect with Larry Heller: 

 

About Our Guest:

Andrea Vacca graduated from SUNY College at Buffalo with a B.A. in Journalism and received her J.D. from Albany Law School of Union University. Andrea was admitted to the New York State Bar in 1993 and to the Federal Bar, N.D.N.Y. in 1994. She earned a Certificate in Positive Psychology in 2013.

Whether you are ending a relationship or trying to prevent potential problems in your current relationship, Andrea wants to help you reach your goals with minimal conflict. Andrea gets to know her clients, their concerns, and their goals for their future so that she can assist them by crafting solutions to meet specific needs before, during, or at the end of a marriage.

As an attorney in the collaborative process, Andrea is a strong advocate for her clients without being adversarial, and without inflaming the strong emotions that can arise during divorce. When serving as a mediator, she helps both parties understand each other’s concerns, bridge their differences, and arrive at an agreement that works for both.

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New Laws, New Opportunities: Secure Act 2.0 Changes to 529 Plans [Ep. 158]

New Laws, New Opportunities: Secure Act 2.0 Changes to 529 Plans [Ep. 158]

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Could your children or grandchildren’s 529 plan be the key to their future retirement success? 

In this insightful episode of Life Unlimited, host Larry Heller, CFP®, CDFA®, explores the new provisions of the Secure 2.0 Act that allow 529 plan rollovers to Roth IRAs. Larry outlines the conditions and strategic benefits of this new rule, offering listeners practical advice on optimizing retirement strategies.

Key Points Covered:

  • Understanding the traditional benefits of 529 plans for tax-free educational savings
  • Exploring the new rules for 529 plan rollovers to Roth IRAs:
  • Strategic benefits of overfunding 529 plans to maximize retirement savings for beneficiaries
  • Illustrating potential growth of rolled-over funds with examples showing substantial retirement savings growth
  • And much more!

 

Connect with Larry Heller: