Cut The Crap Retirement Show: Recent Episodes
Chris Patterson
Financial and retirement planning guidance from Chris Patterson of Patterson Financial. Serving Florida's First Coast.
Think about the things in your life that you don’t think about that often. The smoke alarm, airbags in your car, fire extinguishers. Each of these things don’t really matter day-to-day until you need them and you’re glad they’re available and working.
Read more and get additional financial resources here: https://pffirm.com/2021/08/things-that-dont-matteruntil-they-do/
What we discuss on this episode:
2:56 – Legal Documents
5:45 – Long Term Care
8:36 – Life Insurance
10:58 – Lifetime Income Streams
The world is a serious enough place as it is so let’s take a deep breath and have a little fun on this episode. We found a handful of financial jokes that we thought were pretty funny so we’re sharing them with you on this episode. Let’s also explore the financial lessons we can gain from the punchline.
Read more and get additional financial resources here: https://pffirm.com/2021/08/its-just-a-joke/
What we discuss on this episode:
2:16 – Credit Card Debt
5:39 – Bonds
7:32 – Balances
10:06 – Investing
11:45 – Stock Market volatility
16:25 – Retirement age
The planning methods and your parents used likely won’t get you to where you want to be in retirement today. So much has changed over the past 20-30 years that make it harder on pre-retirees today. Let’s look at how planning has shifted and what you need to be aware of with your finances.
Read more and get additional financial resources here: https://pffirm.com/2021/07/not-your-fathers-retirement/
What we discuss on this episode:
1:18 – Reality of retirement planning today
4:14 – Working beyond the age of 65
9:08 – Expenses not decreasing in retirement
12:04 – So many more things to juggle
14:33 – Portfolio have to last longer
17:29 – Stresses the importance of planning
At first glance, each of these statements seem like basic common sense that everyone agrees with. But when we look at the way people actually behave with their money, it seems that common sense is actually a bit uncommon.
Read more and get additional financial resources here: https://pffirm.com/2021/07/learning-through-uncommon-sense/
What we discuss on this episode here:
2:39 – Buy Low and Sell High
5:03 – Don’t pay more in taxes than you have to
9:03 – Keep costs low
13:26 – Don’t put all of your eggs into one basket
16:09 – Market timing is virtually impossible
Now that the first 100 days of President Biden is in the books, what needs to be on your radar in terms of financial planning? Chris shares his thoughts on some key policy proposals and what it could mean to clients.
Read more and get additional financial resources here: https://pffirm.com/2021/06/financial-planning-under-president-biden/
What we discuss on this episode:
1:11 – What we’re hearing from clients
3:03 – Stimulus spending
8:37 – Infrastructure plan
12:13 – Capital Gains Tax Increase
13:40 – International relations
15:16 – Green New Deal
Have you ever been speaking with a financial professional and felt like they were speaking in code? Today we’ll look at a few examples of what you might hear someone say and break the code by telling you what they really meant.
Read more and get additional financial resources here: https://pffirm.com/2021/06/what-you-really-meant-to-say-was/
What we discuss on this episode:
2:49 – Market Corrections
4:26 – Stocks
8:03 – Setting parameters and expectations
9:44 – Fee structures
12:15 – Financial Designations
15:52 – Making Planning Too Confusing
The question everyone has about retirement is how much am I going to need? A million dollars seems like a magic number, but how long will it actually last you? We’ll go through a recent Yahoo! Finance survey and discuss how we help clients determine that number for their retirement.
Read more and get additional financial resources here: https://pffirm.com/2021/05/how-long-will-a-million-dollars-last-you/
What we discuss on this episode:
2:38 – Details on the Yahoo! survey
6:14 – Annual expense measurement
8:56 – How much our average clients spends every year
10:36 – How many years should you plan for in retirement?
There are areas of your financial life that might be in bad shape and you don’t even realize it. On this episode, we’ll identify five areas of planning that could result in disaster if you haven’t paid them any attention.
Read more and get additional financial resources here: https://pffirm.com/2021/05/are-you-flirting-with-financial-disaster/
What we discuss on this episode:
2:12 – Out of date legal documents
6:01 – Beneficiaries
9:31 – Tax time bomb
13:03 – Longterm care expenses
17:31 – The 60/40 investing portfolio
Have you ever wondered how much your advisor thinks about your portfolio and how invested they get in your performance? We want to pull back the curtain a bit and give you the perspective from the other side of the table.
Read more and get additional financial resources here: https://pffirm.com/2021/04/are-advisors-invested-in-your-results/
What we discuss on this episode:
1:37 – What does Chris do after tax day?
4:36 – All about trust
5:46 – Setting expectations
10:29 – Acting emotionally
13:57 – Open door policy
16:33 – Final thoughts
Many of our clients ask about annuities and whether they’re a good option to create income in retirement. If you’re in that same position, you’ll want to hear our detailed breakdown of this product, the pros and cons, and who would be a good fit for an annuity.
Read more and get additional financial resources here: https://pffirm.com/2021/04/what-you-need-to-know-about-annuities/
What we discuss on this episode:
3:42 – The different types of annuities starting with Fixed
4:44 – Variable
6:54 – Fixed Index Annuity
10:00 – Pros and cons
15:11 – Performance during bull and bear markets
21:58 – Who is an annuity good for?
26:26 – Chris works with clients quite a bit on this
A question that all parents have to weigh is how much should they involve their children in family finances. Every child is different and there are pros and cons to both sides of the argument. Today we’ll find out where Chris stands on this topic and how he talks to his children about money.
Read more and get additional financial resources here: https://pffirm.com/2021/03/should-kids-be-involved-in-financial-decisions/
What we discuss on this episode:
1:28 – What role Chris’ parents played in his view of money?
4:18 – Getting kids involved
8:50 – Treating each child differently
11:35 – Arguments against getting kids involved
14:02 – Dangers of today’s technology
16:57 – Have clients shared tips?
After the year we had in 2020, a lot of people want to know which direction we’re headed this year. While we don’t have a crystal ball, we do have some opinions on the strength of the economy and the sectors that enjoy a return to normal in 2021. Join us for this episode and get Chris’ financial outlook.
Read more and get additional financial resources here: https://pffirm.com/2021/03/our-financial-outlook-for-2021/
What we discuss on this episode:
3:08 – What is Chris’ outlook for 2021?
4:58 – What sectors could rebound first?
7:12 – Could this growth extend for a long time?
9:42 – The reason for optimism in the market
11:33 – Impact of stimulus
13:18 – Any areas of concern?
16:07 – Planning opportunities this year?
Have you ever stopped to think about your journey of learning all that you have about money and finances? Did you parents shape your financial views most heavily? Is there a TV or radio expert that has influenced you most? Or have you learned everything from a book or Google?
Read more and get additional financial resources here: https://pffirm.com/2021/02/where-does-my-financial-knowledge-come-from/
What we discuss on this episode:
3:18 – Picking up advice from the ‘celebrity’ financial experts
6:46 – Recommended books
9:00 – What influence did Chris’ parents have on his view on money?
10:52 – Friends
13:22 – Professional relationships
15:17 – How has your view of money changed with age?
18:31 – Is technology today good or bad for financial literacy?
Everyone wants to know when the next market crash is going to happen, but there’s no one with that answer. The better question is what can you do to be prepared for that next crash? Let’s take a look back at the worst crashes in market history and what lessons they taught us about planning.
Read more and get additional financial resources here: https://pffirm.com/2021/02/lessons-from-the-market-crash-hall-of-fame/
What we discuss on this episode:
2:10 – Crazy start to 2021 with Gamestop and other market news
5:03 – Black Tuesday
9:10 – Dot Com Crash
13:11 – September 17, 2001
15:57 – The 2008 crash
21:56 – What does the future hold?
No industry is without its flaws, and the financial industry is no exception. Let’s explore some times where we’ve encountered annoying or frustrating elements of the financial world. As you would expect, Chris will give it to you straight.
Read more and get additional financial resources here: https://pffirm.com/2021/01/what-drives-your-financial-advisor-crazy/
What we discuss on this episode:
2:49 – Hidden Fees
4:14 – Clients that are worried about their own goals over their client
6:49 – How can you tell if an advisor is putting their goals first?
7:26 – Big brokerage firms pushing products
9:04 – One-size-fits-all sales pitch
10:07 – It reflects poorly on the industry
12:05 – Buzzwords and jargon
15:08 – Financial plans that are too long
The new year means it’s time to start laying out plans and goals for 2021. Let us help you with the financial side of those resolutions by highlighting six planning items to review over the next 12 months.
Read more and get additional financial resources here: https://pffirm.com/2021/01/beginning-of-the-year-planning-items-for-2021/
What we discuss on this show:
3:15 – Expecting another unpredictable year in 2021
4:40 – Maximize your contributions
6:19 – Review the pandemic relief packages
8:16 – Exploring possibilities for tax-loss harvesting
9:33 – Charitable contributions
11:37 – Consider purchases that could give you a tax credit
13:19 – Roth Conversion
15:48 – Making planning a priority this year
You’ll probably find that advisors have varying opinions when it comes to annuities, but variable annuities might have the worst reputation of them all. Today we’ll tell you why variable annuities aren’t usually a good investment and why Chris rarely uses them in portfolios he builds.
Read more and get additional financial resources here: https://pffirm.com/2020/12/are-variable-annuities-a-bad-investment/
What we discuss on this show:
2:39 – Why so much disdain for variable annuities?
4:37 – Do you find many people with variable annuities?
6:49 – Can you have a variable annuity and not realize it?
8:00 – Understanding all the fees associated with these
14:29 – Do you ever use variable annuities for clients?
15:40 – Can you get out of a variable annuity?
Picking a financial advisor is one of the most important things you’ll do for your retirement, but how do you know if you’re making the right choice? Today we’ll lay out the expectations you should have for this relationship, what to look for when interviewing people, and why it can have a big impact on your financial future. Plus, we’ll tell you about the top 15 cities for retirement.
Read more and get additional financial resources here: https://pffirm.com/2020/12/how-to-pick-the-right-financial-advisor/
What we discuss on this show:
4:17 – Top 15 retirement locations
6:00 – Are many of your clients looking to move in retirement?
6:41 – Tax considerations for moving
8:15 – Picking the right advisor. Let’s start with expectations.
12:29 – Warning signs
15:07 – Can your advisor become a bad fit over time?
17:07 – What can go wrong if you stick with the wrong advisor?
19:02 – Should you interview multiple people?
22:18 – How to determine if someone is a good fit for you?
25:41 – How to get in touch with Chris
What does it take to build a portfolio for a client? Today we’ll take you through the process of how we create model portfolios and what goes into determining what portfolio will work for each individual.
Read more and get additional financial resources here: https://pffirm.com/2020/11/creating-model-portfolios-for-clients/
What we discuss on this show:
4:46 - How does the final month of the year look for Chris?
7:21 - What is a model portfolio
11:25 - Determining which model fits you
14:25 - How many models are there?
15:15 - Tweaking existing models to meet a client’s needs
16:55 - How often do you change the models for someone?
On this episode, we present you with five commandments that are worth of being written on stone tablets in your retirement plan.
Read more and get additional financial resources here: https://pffirm.com/2020/11/following-the-financial-commandments/
What we discuss on this show:
2:21 - Is a second stimulus necessary?
5:19 - Financial Commandment 1
8:42 - Financial Commandment 2
12:28 - Financial Commandment 3
15:35 - Financial Commandment 4
18:47 - Financial Commandment 5
21:39 - Summarizing these commandments.
We all have some things we would have liked to differently in hindsight, especially as it relates to our finances. That might be especially true in 2020 as we all deal with difficult circumstances due to COVID-19. Here are some things we might hear about our planning decisions in hindsight.
Read more and get additional financial resources here: https://pffirm.com/2020/10/hindsight-in-20-20-in-financial-planning/
What we discuss on this show:
3:42 - I got scared after the market crashed and put my money in cash. Now I’ve missed the big run up in the market.
6:50 - I didn’t realize how much risk I was taking on.
9:30 - I didn’t understand my options with Social Security and I should have waited to start taking it later.
11:17 - I should have put more money into a Roth IRA rather than saving so much in my 401k.
13:45 - I probably retired too early and I might need to go back to work.
15:36 - Mailbag question: I’m getting a big tax refund and have for the last several years. Am I better off keeping more money throughout the year?
Investing now is much different than it was even 20 years ago and your retirement planning needs to evolve with it. Today we’ll discuss five different planning ideas that might have been solid at one point but don’t work as much under the current economy and market conditions.
Read more and get additional financial resources here: https://pffirm.com/2020/10/obsolete-retirement-planning-ideas/
What we discuss on this show:
3:18 - Trump’s capital gain tax proposal
7:35 - Obsolete planning discussion begins with the 4% rule
9:48 - The 10-5-3 Rule
11:52 - Move from stock to bonds as you get older
14:11 - Make it to $1 million and you’re ready to retire.
17:28 - You’ll need less income in retirement than when you’re working.
20:36 - Don’t generally follow any rules of thumb in retirement planning. Map it out.
The retirement world is full of retirement rules. Are these rules legit or full of bull?
Show Notes:
Website: PFfirm.com
Phone Number: 904-285-4489
Putting together a retirement portfolio can seem like a daunting task, especially if you don't have a lot of knowledge pertaining to the financial industry. Chris discusses what the 4 key areas of a portfolio are and some things you should look out for in each category.
Show Notes:
Website: PFfirm.com
Phone Number: 904-285-4489
There are some financial planning blunders that are interesting to talk about but are quite rare in reality. On the other hand, there are some financial planning mistakes that happen far too often. Let’s talk about the mistakes so many people have made in the past it has made them “classic”.
Show Notes:
Website: PFfirm.com
Phone Number: 904-285-4489
Many people believe that whoever is in the Presidential office has a direct correlation to how the stock market performs. Today Chris is here to debunk some common misconceptions about the relationship between the stock market and political matters.
Show Notes:
Website: PFfirm.com
Phone Number: 904-285-4489
People are always studying geniuses and highly intelligent people, trying to get an understanding of what makes them tick. Let’s look at some of the common characteristics of highly intelligent people that you should apply to your financial life.
Show Notes:
Website: PFfirm.com
Phone Number: 904-285-4489
It seems that most people don’t have a clear picture of whether they should contribute to a traditional IRA or a Roth. Let’s discuss how to determine what’s best for you.
Show Notes:
Website: PFfirm.com
Phone Number: 904-285-4489
Today episode is dedicated to answering some email questions that we have received in the mailbag. We'll cover how accurate online retirement calculators are, having diversification in your portfolio, and the importance of being able to generate income in retirement.
Show Notes:
Website: PFfirm.com
Phone Number: 904-285-4489
No one knows exactly what the market holds, but you don't need a crystal ball to have a successful investment plan. Chris will explain how standard deviation applies to this planning process and can give you confidence in the outcome.
Show Notes:
Website: PFfirm.com
Phone Number: 904-285-4489
This week, we look a bit more in depth at the Dalbar Report to see what key factors cause investors to frequently underperform the market. Find out how you can use the findings from the Dalbar Report to make smart decisions with your money in this uncertain, volatile time.
Show Notes:
Website: PFfirm.com
Phone Number: 904-285-4489
Many people think it's possible, with the right information or the right guidance, to time the market. Chris turns to the Dalbar Report to give us a look into the stock market history and how emotional decisions and attempts to time the market have panned out for investors over the last several decades.
Show Notes:
Website: PFfirm.com
Phone Number: 904-285-4489
The idea of a Roth conversion is intriguing to a lot of people, and for some people it can be a great strategy to enact. Let’s explore the concept…
Show Notes:
Website: PFfirm.com
Phone Number: 904-285-4489
The CARES Act provides relief to individuals and small businesses struggling financially due to the coronavirus health crisis but how does it affect you directly. Let's look at five of the key provisions and explain why they are important to your financial plan.
Show Notes:
Website: PFfirm.com
Phone Number: 904-285-4489
There's a lot of confusion out there surrounding Health Savings Accounts. Chris will talk about how you can become eligible for a health savings account as well as how to choose the account that's right for you. He'll also give you a tip on hidden Medicare taxes that you might not be aware of, and give you his take on a recent tax-related executive order.
Does your retirement plan include the potential costs of long-term care? Are you unsure if you need to even plan for long-term care? On this episode, Chris will discuss some essential facts about long term care and what that means for you. But first, he’ll dive into some surprisingly affordable retirement destinations in the Caribbean, as mentioned in USA Today.
What does it mean to “win” in retirement? Chris will show you how removing uncertainty in three key areas of your portfolio will bring you closer to a worry-free retirement where you can focus on what really matters to you. He’ll also discuss his perspective on wealth in relation to recent news events, and later he’ll get into some listener-submitted questions.
You’ve probably heard about various types of Roth IRAs, but Chris will introduce you to the Mega Backdoor Roth IRA and discuss how this can be an amazing tool for folks whose income does not allow them to contribute to a Roth IRA. Later on, get some insight into pension options, as well as the dangers of variable annuities.
Anytime the market is moving in a downward direction, or even just wavering, we see people react in various ways. Take a listen to see if you identify with one of these common reactions to market corrections. Do you over-trade as a response? Do you stick your head in the sand or run around like a chicken with your head cut off? We’ll give you ways you can avoid becoming your worst enemy and show you how to keep particular emotions and reactions in check during times of market turmoil.
Overlooking inflation is an easy thing to do. It happens, typically, slowly. You don’t notice it immediately, but after a while it can dramatically change the face of your financial plan. Chris will tell us some of the things we need to know when it comes to accounting for inflation in our plans.
Building a financial plan is overwhelming. However, it’s less daunting to focus on taking your first financial steps. Learn where to begin.
Cryptocurrencies, precious metals and other hot stocks are risky but popular investments. Discover whether they have a place in your portfolio.
Be careful of making assumptions about certain areas of your financial plan. Some of these assumptions could be correct, but they could just as likely be wrong.
Learn about investing from the hit TV show ‘Billions.’ Find out why market timing simply doesn’t work.
Chris recently helped a couple alleviate their tax burden. Find out how, and make sure you don’t overpay in taxes.
ETFs and mutual funds appear to be similar investing vehicles. Does it matter in which you choose to invest? Chris Patterson explains.
Financial myths can get you in trouble if you let them lead you astray. Join us as we debunk some of these tall tales.
401k rollovers are useful tools for allowing you more investment options and alleviating your tax bill. Learn how to complete a 401k rollover.
Chris gives us an honest perspective on what it’s like to work with an independent advisor versus a large brokerage firm. What are the advantages and disadvantages?
Passive and tactical investment philosophies can lead to the creation of a sound portfolio when properly implemented. Just make sure they’re in balance.
A sound financial plan will generate income throughout your retirement. However, if your portfolio is solely linked to the stock market, you could find yourself without a paycheck during a market correction. Develop a volatility buffer that will protect your income needs.
Having a tax-free retirement should be a major goal of every retiree. Chris will walk us through the five steps you can take to achieving a tax-free retirement.
Tax code changes could be affecting the stock market. In the inaugural episode of The Tax-Free Zone, we’ll analyze the potential connection between the two, and Chris will give us his top takeaways on recent financial news.