Did you know scammers are targeting your retirement savings and leaving you with massive tax bills? 😱 Learn how these clever fraudsters exploit recent tax law changes to steal from unsuspecting victims and leave them with IRS nightmares! Discover how you can protect yourself and your loved ones from falling prey to these devastating scams. In this episode, Joel Garris and Kristin Kalley-Castello dive deep into the alarming rise of scams that drain retirement accounts and lead to hefty IRS penalties. They cover the most common signs of a scam, like urgent demands for payment and confidential information, and explain how to safeguard your financial future. 🛡️ Plus, learn about the ongoing crackdown on ERC (Employee Retention Credit) fraud and what you need to know before the IRS deadline! Key Highlights: 🔍 Signs of a Scam: Learn the red flags like requests for wire transfers, threats to "act immediately," and demands for personal information. 🚨 The IRS Crackdown: Hear about the IRS's pursuit of fraudulent ERC claims and the criminal investigations that could lead to jail time. 💡 How to Protect Yourself: Get actionable advice on avoiding scams and steps to take if you've been targeted. ⏳ Important Deadlines: Don't miss the critical dates for resolving potential ERC fraud before penalties increase. 🔄 Retirement Changes: A look at the Secure 2.0 Act and how it impacts Roth IRAs, 401(k)s, and your future retirement strategy. Chapters: 0:00 - 🔔 Introduction: The Rising Threat of Retirement Scams 1:35 - 💸 How Scammers Target Your Retirement Savings 4:00 - 😱 Real Stories of Financial Devastation 6:45 - 🕵️♂️ Understanding the IRS's Role in Scam Prevention 9:20 - 🚨 Employee Retention Credit (ERC) Fraud Explained 13:05 - 🔍 How to Spot a Scammer: Common Tactics Revealed 16:00 - 🛡️ Protecting Yourself: Steps to Take if Targeted 19:30 - ⏰ Key Deadlines: Don't Miss This IRS Date! 22:15 - 📜 Secure 2.0 Act: What It Means for Your Retirement 25:00 - 📊 Lesser-Known Changes to Retirement Accounts 28:35 - 🧠 Final Thoughts: Stay Informed, Stay Safe 💵 About Dollars & Sense: 💵 Hosted by Joel Garris, a Certified Financial Planner and Fiduciary at Nelson Financial Planning, Dollars & Sense is one of Central Florida’s longest-running radio programs and a top 25 financial planning podcast. Each week, Joel and his team provide expert insights to help you make sense of all your financial decisions. 💥 Subscribe Now! Make sure you subscribe to our channel and hit the notification bell so you never miss an update. If you have trouble finding us on your favorite podcast platform, visit our website at Nelson Financial Planning and click on the icons to get connected. 👉 Visit our website: nelsonfinancialplanning.com for more resources and to connect with our team of Certified Financial Fiduciaries. About Joel Garris: Joel Garris is a Certified Financial Planner and Fiduciary at Nelson Financial Planning. He’s dedicated to providing comprehensive financial advice to help you achieve your retirement goals. With a team of expert advisors, Nelson Financial Planning is committed to delivering personalized and effective retirement and financial planning solutions. ➡️ CONNECT WITH US: Website: nelsonfinancialplanning.com Facebook: https://www.facebook.com/NelsonFinancialPlanning Twitter: https://x.com/nelsonfinplan Spotify Podcast – Dollars & Sense: https://open.spotify.com/show/79mlYYSsAEbST4tyi6Bg2x
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Sep 30 202440 mins