We'll go back and archive that conversation we just had on 98qcountry.com just like we'll do with this conversation.
Good morning, Matt.
Pioneer financial consultants.
How's it going down there?
I'm doing good.
How about you, Greg?
Well, as usual, Matt, my answer to how I'm doing is the weather and it's fine today.
Nice and cool, not as much smoke.
But of course, our thoughts remain with those still directly affected by the fires, just a change of the wind and we get to dodge it.
But hey, it makes for a more comfortable day in the Northwoods.
Absolutely, absolutely.
Feels almost a little bit like fall.
I know it'll be short-lived, but that's alright.
Matt, I was just talking to the Northlake Community Clinic, and one of the things that I mentioned with them is that they often have timely topics, things like, hey, conditions you might experience in the summer, how to deal with the heat, and the smoke we talked about a couple weeks ago.
You're much the same, Matt.
incredibly timely financial info.
Sometimes it's related to what we're seeing in the headlines or changes that have been made to American financial policy.
So I ask in very loaded fashion, what have you got for us today?
Yeah, so today, Greg, what I want to talk about was specifically about those people that may be switching jobs or looking at retirement and what their options are with their 401k, if they have a 401k plan at work, looking at those options that you have once you, again,
retire.
Oh I like this one because strictly speaking Matt these things could really happen at any point in the calendar but I know people get a little bit restless in summer and hey maybe you're not retiring or maybe you're got a different circumstance going but I wouldn't be surprised if a lot of people get different jobs or or have some kind of career transition in the summer.
Regardless though this is going to be somewhat timeless info and what have you got for us?
And absolutely.
So
the first option, and there'll be four different options here that I want to talk about today, Gray, but the first option is to roll over those retirement funds to an IRA and know that with this option.
The option that would give you the most control is to roll some or all of your funds to an IRA.
IRAs typically offer a wider variety of investments than employer plans and enable you to consolidate retirement assets in a single account.
So what I'd like to think about there, Gray, is if you're someone who's moved jobs a few different times, you can combine those assets into one account.
it's
to
moreover, the IRA is yours to keep in control regardless of your employment situation.
And know that you can generally transfer funds without tax liability from a traditional employer account to a traditional IRA or from a designated Roth employer account to a Roth IRA.
On top of that, you can convert traditional employer accounts, account funds, excuse me, to a Roth IRA, but you would owe income taxes.
payable in the year of the conversion on the taxable portion of the conversion amount, generally the amount minus any after-tax contributions.
On top of that, an important point to talk about is that how to execute a rollover and know that a rollover must be executed properly to prove
preserve the tax advantage status of the funds.
You can typically arrange a direct rollover, sometimes known as a trustee to trustee transfer, by contacting the administrators of your employer plan.
and your IRA.
The transfer may be electronic or you could receive a check made out to the receiving IRA trustee, which you should mail to the appropriate address.
There is no withholding because the money is not considered as passing through your hands.
And if you receive a check, and this is very common, Graylin, when you do 401k rollovers, if you receive a check made out in your name, 20% of the distribution will generally be withheld for federal income taxes.
In order to retain the tax advantage status, you must roll the distribution, including the 20% withheld to the IRA within 60 days.
Otherwise, it could be considered a taxable distribution.
You would have to pay the 20% withholding out of your own funds and wait
the potential tax refund of the withheld amount.
So again, great.
That's just kind of some of the mechanics of a rollover with an IRA.
But that that is one option when you're leaving an employer sponsored plan.
And I know that when you do those kinds of things, the options can seem a little bit overwhelming.
I know in my experience, I've had like an HR person to help guide me through these kinds of things.
But it's worth mentioning, and we'll circle back to this, that, hey, if you're feeling confused in the middle of that process, people can give you a call.
But Matt, don't let me interrupt you.
Please go on.
Absolutely.
So
another option, if you don't want to transfer your funds to an IRA, is that you can leave the assets in the former employer's plan.
The best portion of the employer account is more than $7,000.
You generally can keep it in the plan, at least until you reach the plan's normal retirement age.
This strategy might make sense if fees are low and you are satisfied with the investment options.
Your plan may offer investments not available in an IRA, and the cost structure for plan investments might be more favorable than those in an IRA.
But keep in mind that you can no longer contribute to or borrow from the plan.
Another option would be to transfer assets to a new work-based retirement plan.
So if you're moving from one employer that has a 401k to another, you may be able to move those assets to the new employer retirement plan or the new 401k.
You might prefer this if you are moving to a new job.
Again, your decision may depend on investment options, fees, and expenses, and whether the new plan allows you to transfer those assets.
So clearly, obviously, that's a very important part, piece of that.
Not every employer-sponsored plan allows you to transfer funds in, but it's something that we can check on to know if that's an option for you.
And then lastly, the last option is to withdraw the money and cashing out is generally unwise because you would pay current income taxes and lose out on potential tax advantage growth.
On top of that, you may pay a penalty if you're under age 59 and a half and early withdrawal penalty.
For immediate cash, you couldn't make a partial withdrawal and preserve the tax advantage status of the remaining funds through one of the other options, including a direct rollover.
So those are the before main options grade that you have, again, rolling your assets to an IRA, leaving the assets in the former employer's plan, transferring those assets to a new work-based plan or.
or withdrawing the money.
And those are options that we go through in many, many appointments when we meet with folks and discuss the pros and cons of each of those different options.
But for me, it's an intimidating thing.
And I'm generally coming into this pretty overwhelmed.
Do you often find that people bring some confusion to the table with this kind of topic, Matt?
Or do you find people are usually pretty ready to ask you what needs done and do it?
Yeah, so I would say some some
confusion, just because, you know, usually don't you don't do this every day.
You know, if you work for an employer for for many, many years, you've never been in this situation.
So generally, people want to know their options and what's available to to them.
And what I might say is that, you know, with all of these opportunities to save for retirement or to roll over assets or to diversify a portfolio or start an investment account, you know, these serve a lot of functions, but they don't exist just to be simple and easy to understand.
They do try.
The powers that be when they give us these opportunities, they do try to simplify them as much as possible.
But frankly, these are
simply complicated topics and it's uh well it's it's far from odd if you feel a little bit overwhelmed wouldn't you say matt right absolutely
absolutely and that's where everybody's situation is different you know in every situation is different going through those those different options for you uh makes the
the most sense
and you know what I've got family members in real estate and I've seen a sentiment online about hey you don't need a real estate agent you can go about the process by yourself and Matt that's technically true but oh my goodness does the process get a little bit overwhelming and you don't know what questions to ask and you're dealing with the owner who really wants to sell the house and not to say people are dishonest but hey that might be the benefit of a neutral expert who's removed from the personal portion of it and that's exactly what you provide to any
with their finances, right?
That neutral expertise and experience.
Absolutely, absolutely.
Matt, tell us about the best way to get a hold of you guys at Pioneer Financial Consultants, please.
Yeah, so our phone number is 715-748-
We also have our website at www.pioneer-financial.net where there's
And if you're just joining us halfway through our conversation with Matt today, you might think, boy, I'd like to listen to the beginning of it.
I would urge you to find pioneer financial consultants on Facebook because sure, we posted on our website, but go to pioneer financial consultants, get in touch with them, listen back to this convo and start taking care of your finances.
Matt, thank you so much for giving us a hand talking about money because I need that help.
And I think a lot of us do and hopefully people give you a call.
But mostly thank you for being here today on 98Q on a busy Tuesday.
Absolutely.
Thank you, Gray.
You have a good rest of your day.
You too, Matt.
Thank you so much.
That's Matt Krieger from Pioneer Financial Consultants, who I just cut off by hanging up the Zoom call.
Sorry about that, Matt.
Go back to Pioneer Financial Consultants on Facebook, listen back and get in touch with the people who know what you want to know.
Got a word from sponsors and Chris Jansen coming up next before we get into the nine o'clock hour with top of the hour news.
You're listening to 98Q Country and I appreciate it.
Thank you.
Pioneer Financial Consultants is located at 882 East Perkins Street, Medford, Wisconsin, 54451, 625 Ellingson Avenue, Hawkins, Wisconsin, 54530, and 297 Northlake Ave, Phillips, Wisconsin, 54555, phone number 715-748-3231.
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Good morning.
How are you today?
We're doing great.
How about over there by you guys busy as ever?
I'm sure.
Yep.
I actually, as we've been sitting here waiting, I'll pull the curtain back a little bit.
I've heard you typing away.
You guys are always super, super busy helping people out.
And boy, let me tell you, every time I talk to you guys at the clinic, it's almost kind of funny.
There's a relevant topic.
Either it's super hot out or the smoke is here.
And we've just had some really easy topics.
But what have you got for us today?
Well, I thought I'd talk about the common conditions that we see at this time of the year, you know It's a time of year when people are much more active much more active on the weekends Doing things at the lake just being very physically active outdoors You were just talking about the smoke and certainly one of the things that people are coming in
describing is lots of upper respiratory things and we're not directly treating those upper respiratory conditions but we're helping support them as they're recovering from that that kind of an an issue the smoke or hay fever type allergies and and so dealing with the muscle tension that that comes along with difficulty breathing oftentimes the front of the neck gets very tight
Oftentimes, the face gets very tight.
Oftentimes, the upper back gets very tight.
And so that's an area that, those are areas that we tend to treat really regularly at this time.
Soft tissue work, massage therapy as with Tracy Davis here in the office, as well as mild fascia release kind of work that the chiropractors do.
We do dry needling to help with tension in those muscles.
as well as the chiropractic manipulation.
Sometimes we will use therapies, handheld devices, massage therapies, therapy devices, therapy guns.
We also see an awful lot of upper extremity.
issues, carpal tunnel syndrome, tennis elbow, golfers elbow are all very common conditions, shoulder conditions.
And you can't necessarily prevent those conditions, but you can reduce the severity, you can reduce the impact of those conditions by stretching, regularly stretching before you're going to go out and be active.
if you're going to be doing lawn maintenance and that kind of stuff, stretching beforehand.
So those are common conditions.
Another very common condition, of course, all year round is lower back pain problems in association with bending and lifting and twisting and reaching.
We see them with young parents who are pulling their children in car seats in and out of the car over and over and over again.
We see it in middle-aged people who are weekend warriors who are doing lots of outdoor activities at the beach, at the lake.
And so preventing that lower back issue, oftentimes people have been given exercises that they've done in the past for those problems, and so we tend to reaffirm that it's important to be doing those exercises on a daily basis.
And then treatment in the office, and that treatment can include chiropractic manipulation, can include
As I said before, soft tissue work and therapy devices, electrical muscle stem, ultrasound.
We've got a brand new laser here in our office that we're able to use for bigger problem areas, lower back, shoulders, thighs.
It's called cold laser.
That laser therapy tends to help the tissue heal.
more quickly and so we've been using that quite a bit lately.
You know, I remember speaking a while ago about a new technology that was added to your arsenal there at the clinic.
And I remember specifically it was something that was promising in treatment or management of TMJ, Temporomandibular Joint Pain.
And that kind of reminded me as I was thinking of that.
You mentioned earlier just today that people may feel things like tension and muscle tightness even in their faces.
Is that pretty common with people coming in and mentioning that kind of thing?
It is very common.
We see a lot of temperamentibular joint pain, which everybody knows just as jaw pain.
And it is surprisingly common.
Certainly it goes along with injury, but it also can go along with increased levels of stress.
Even having days where you spend a lot of time talking can contribute to those TM joint problems.
And we do treat those with a variety of different therapies.
We can certainly treat it with laser therapy that I was talking about earlier.
Dr. Ben and I both do dry needling.
We can treat it with dry needling.
We do some soft tissue mobilization with the muscles of the jaw and manipulate the jaw.
It's a very gentle manipulation that we do with the TM joint.
because it's a very delicate joint with very delicate soft tissue structures.
But that's a fairly common part of it too.
There are a few exercises that we oftentimes give people with TM joint problems.
The easiest one that I give virtually every day to patients is just clenching and unclenching, actively, mentally, mindfully, clenching and unclenching your jaw four times.
and then settling your jaw slightly open with the tongue on the roof of the mouth and holding it there for about 20 seconds.
And just that exercise oftentimes helps reset the muscle tone, relax the jaw and kind of let people forget about the pain for a while and get on with their day.
Well, that's something that really bears mentioning too is that, you know, there's a lot of different levels of addressing something.
And I immediately think of all the the pharmaceutical ads and the supplement ads that this is not intended to diagnose, treat or cure any condition.
And those are really three very different levels, diagnosis, treatment and cure.
But the one that might be missing there that we've been talking about a lot today is management, a lot of conditions, things like tennis elbow, things like sciatica.
Management is really kind of the
I mean, not the only option, but it is for many people the most practical method of addressing things.
Do you find you deal with a lot of those management type conditions at the clinic?
We do.
We see a lot of patients who come in intermittently.
because they have pain or soreness, because they have limitation of function, and they, over time, kind of realize that the things that they do on their own and then the things that we do together can help them control and, as you said, manage the symptoms on a daily basis.
For some conditions, there's just no cure beyond
coping with it on a regular basis every day, kind of doing something to help yourself with that condition.
And it would be wonderful if every condition can be cured, but unfortunately, as we age, as we accumulate stresses, physical stresses in our lives, those conditions just are gonna hang out.
That's the way they are, but you can manage them better oftentimes.
Well, and I once heard it said, and forgive me, I don't recall who it was, but somebody was speaking about a similar topic with me at one point and they said, one of the greatest blessings in life is that as age brings you more things to deal with, it also provides the wisdom to deal with them a little bit better.
At least, at least for some of us.
I'm not sure that's an everyone thing, but hey, for everybody else and for people who think they've got their condition under great management, I would still challenge them to stop into the clinic to talk to you guys and to apply your expertise because
As you've demonstrated here, there is almost always something you can do, a tweak you can make, even if it's just a slight adjustment to your daily lifestyle choices that, hey, do the same thing, but go about it a little bit differently.
I imagine that's a pretty popular conversation at the clinic.
Would I be right?
Yeah, absolutely.
Yeah, and a daily conversation.
Absolutely.
Well, you can call us at 715-762-2950.
That's Northlake Community Clinic here in Park Falls.
We have three chiropractors, massage therapy, and as you probably are aware, we also have behavioral health here in Park Falls available to patients.
And we have, usually can get people in very quickly within, certainly within the week that they call typically.
And it's our goal to help people through these issues.
I appreciate some time out of a busy schedule, and we'll chat with you again soon here on 98Q.
Thank you, Greg.
My pleasure.
Talk to you again soon.
Northlake's Community Clinic.
I cannot believe we got to chat with them right on time because hey every once in a while I chat with them and it's I'm sorry it's two minutes late we had a patient or I'm three minutes late we had a patient it was an awesome opportunity to get them at the scheduled time today and please don't misunderstand I don't mind one bit waiting a couple extra minutes to talk to somebody like the people who call us from Northlake's Community Clinic we talk with them a couple times a month in fact so we'll be hearing with them again
before you know it.
But far before that, we'll be chatting with Matt Krieger from Pioneer Financial Consultants, scheduled for 8.45.
So we better get you an update before we talk to Matt on 98Q Country.