Smart Money Questions: Recent Episodes
Matt Hausman
Weekly investing and financial planning wisdom seeking to provide answers to your financial questions with your host, Matt Hausman.
What’s all the buzz about the “Big Beautiful Bill?” With many current tax provisions set to expire at the end of the year, there’s a lot of noise, but very little that’s finalized. Matt walks through the latest version of the Senate proposal, what it could mean for taxpayers, and why the only smart move right now is to stay informed and stay patient.
He also highlights a thought-provoking article from The Wall Street Journal that shows how politics are increasingly influencing investment behavior- and not in a good way.
Here’s some of what we discuss in this episode:
🔍 What’s the latest on the “Big Beautiful Bill”?
🧠 How political bias can affect your portfolio
⏳ The massive difference just missing a few market days can make
🛡️ Why discipline is the investor’s secret weapon
Fidelity: Staying Invested
https://drive.google.com/file/d/158uFN5GlF5ieaQRhQF-sSWo2EwSJHRoJ/view?usp=sharing
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The headlines are loud, the markets are messy, and your gut might be telling you to do something., anything, right now. But what should you actually do when your portfolio takes a hit? In this episode, Matt talks about recent market volatility and reminds listeners why reacting emotionally can cost more than staying the course. He shares stories from client conversations during the dip, explains the dangers of market timing, and reveals just how much the media benefits from our panic.
Here’s some of what we discuss in this episode:
📉 Why bad news spreads faster and hits harder
🧠 The real cost of reacting emotionally to market drops
🏠 Common estate transfer mistakes that hurt your heirs
📊 Why diversification (not timing) still wins
💰 How the media profits from your fear
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Selling your home and relocating in retirement is both an emotional decision and a financial one. Today’s real estate landscape adds in another layer of complexity, especially for retirees. In this episode, Matt shares insights from working with four different clients who are each navigating the complexities of selling, buying, or relocating.
Here’s some of what we discuss in this episode:
🏡 Real-world advice from clients relocating in retirement
📑 Why contract timing and legal review can prevent big headaches
💰 Reverse vs. traditional mortgages—what works when and why
💡 Planning your move around taxes, income shifts, and cash flow
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As we dive into the heart of March Madness, the excitement of college basketball isn't the only thing making headlines; the financial markets are also experiencing their own form of madness. In this episode of Smart Money Questions, Matt breaks down the latest market volatility, tax season updates, and investment strategies to help you stay informed and confident in your financial future.
Here’s some of what we discuss in this episode:
📉 Market Volatility Explained – Why the ups & downs are normal
📊 International Stocks Are Winning – What this means for your portfolio
🔄 Why Rebalancing is Crucial – How to adjust your investments strategically
💰 Tax Credit Opportunities – Home upgrades, EVs & deductions you may be missing
⚠️ Don’t Fall for Media Hype – How to separate financial facts from fear-mongering
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Today we want to cover some timely discussions that we’ve had with clients recently, ranging from savings strategies and debt management to tax refunds and credit card spending. Good saving and spending habits are developed over time, but these seemingly small routines can make a huge difference in retirement.
Here’s some of what we discuss in this episode:
- Why it might not be a good idea to take money out of an IRA and into a high-interest savings account.
- Should you pull money out of savings or investment accounts to pay off debt?
- Why you shouldn’t be excited to get a big tax refund.
- Should you change your tax withholdings throughout the year?
- Using credit cards to pay for as much as you can, especially when traveling.
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Everyone wants to get advice or guidance when it comes to investing, and a recent Wall Street Journal article featured ten different experts’ predictions for 2025. It made for an interesting read and provided some interesting discussion for this month’s podcast. Today we’ll take a look at a variety of strategies in play for 2025—from focusing on large-cap growth stocks and diversifying beyond the “magnificent seven” tech giants to some experts advocating a complete shift to bonds.
Beyond investment strategies, we also want to spend a little time sharing practical financial planning tips for the new year, including setting clear financial goals, optimizing retirement contributions like 401(k)s and Roth 401(k)s, and essential considerations when relocating.
We hope you enjoy this look ahead to the new year. If there’s anything you want to focus on and improve, please get in touch and let’s talk about ways we can help.
Here’s some of what we discuss in this episode:
- Be wary of what you see from articles trying to predict the future when it comes to finance.
- Should you expect additional volatility this year?
- Things to consider when thinking about moving or relocating.
- Why snowbirds need to be considering some similar things to folks that are permanently moving.
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As we close out 2024, we can look back on a good year highlighted by the transition to a new office. Hopefully you’ve also enjoyed a great past twelve months, but now it’s time to shift focus on smart financial planning for the year ahead. In this episode of the Smart Money Questions podcast, Matt shares actionable strategies to refine your budgeting, transition smoothly into retirement, and maximize tax efficiency.
Here’s some of what we discuss in this episode:
✅ The importance of understanding your monthly expenses (necessities, lifestyle, and legacy goals).
💰 Planning for retirement income, including Social Security and pensions.
📊 Tax planning tips to optimize pre-tax and post-tax investments.
💳 Managing debt wisely and reviewing credit reports to ensure financial security.
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As we approach Thanksgiving, it's hard to believe that 2024 is nearly behind us. With the end of the year comes a lot to look forward to- family, food, and of course, football. But there’s also another reason to celebrate this holiday season: the election is finally over.
Now that the election results are settled, the big question on everyone's mind is what comes next for the markets, Social Security, Medicare, and taxes. In this episode, we dive into what we can expect in the coming months and how these changes might impact our financial future.
Here’s some of what we discuss in this episode:
- How market performance tends to play out during election years
- Why it’s so important to be diversified in your investments
- Avoiding fear-driven reactions to market headlines
- What’s going to happen with Social Security and Medicare?
- Being mindful of what media we’re consuming
- The impact of decreasing interest rates
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It’s a different type of episode this time around, as we welcome long-time football coach Mike Ricci to the show. Mike coached football at Garnet Valley High School where he built a powerhouse football program before his retirement from the field. Now, Mike has his own business where he helps companies reach their goals as an organization much like he helped so many young people reach their goals both on and off the football field.
Here’s some of what we discuss in this episode:
- What got Mike interested in coaching and teaching.
- How was Mike able to build and maintain his principles during his 38-year coaching career.
- Using the role of head football coach to help families and the community.
- Laying the foundation for success.
- How building success on the football field translates to success in the business world.
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There’s a lot of anticipation surround the Federal Reserves meeting this month, and their decision on interest rates will have an impact across many different areas of financial planning. There’s a lot going on right now that impacts the discussions we have in our office, and we’re bringing some of that to the podcast today.
Join us as we share an in-depth analysis of the current economic indicators and what they might mean for your savings, investments, and overall financial strategy. Plus, we’ll offer some guidance for anyone facing decisions about pensions and lump sum offers and make sure you understand the potential pitfalls of transferring property without consulting an estate planning attorney.
Here’s some of what we discuss in this episode:
- Why the Federal Reserve’s meeting this month is important.
- How rate cuts impact savings, investing, and retirement planning.
- Does it make more sense to take monthly pension payout or take the lump sum?
- How the interest rate environment impacts the lump sum opportunity.
- Before you deed your home to your children, you need to speak to an estate planning attorney.
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We always like to use this show to share some of the conversations we’re having with clients and the topics that are being discussed in our office. Today we have three important ones that have popped up multiple times recently and that’s life insurance, tax planning, and legal documents.
Here’s some of what we discuss in this episode:
- What opportunities you might have with a life insurance policy in retirement.
- Ways that you can reduce taxes and keep from paying more than you need to.
- Always being aware of the different buckets of risk is extremely important.
- Which legal documents do you need to have and what should you be reviewing?
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We’ve reached halftime for 2024 and it’s the time of the year when we like to check up on the finances with clients. Today we want to walk you through the conversations we’re having and the topics we’re covering in the office.
This episode is packed with both entertaining summer stories and crucial financial advice that you won't want to miss.
Here’s some of what we discuss in this episode:
- Mid-year tax planning is important so what moves should you be considering?
- Make sure wherever you are working, that you understand all of HR benefits.
- How is AI going to potentially change the investing world?
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It’s been a busy few weeks for us with a couple concerts and a trip to Florida to visit Maggie’s mom, and it was during that trip that we met someone who got us thinking about the theme for this month’s show. Today we’ll share that intriguing conversation we had with a retiree in Florida who was fearful about the future of the economy and the dollar, which sets the stage for a deeper discussion on financial planning and investment strategies.
Here’s some of what we discuss in this episode:
- The story of a person we met on a trip who told us all about his worries for the country and why he was buying gold.
- Let’s look back at the different presidencies over the last 50 years.
- Fear sells and we’ve seen this story many times before.
- The different assets you can diversify with if you do have concerns.
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We met recently with a young client who was just getting started and wanted to learn more about investing. They were so eager to get a jump on the finances and figure everything out.
Today we’re going to share insightful anecdotes from this recent meeting, where we talked about the underlying principles of planning, highlighting the importance of understanding risk, diversification, and keeping a long-term outlook.
Here’s some of what we discuss in this episode:
- Investing should feel more like watching paint dry.
- How you should view risk and apply that to your investment strategy.
- The way we explained diversification to a novice investor.
- Understand your time horizon and structure your portfolio to align with that.
- What should you do with a QDRO disbursement after a divorce?
- The best account options for independent contractors to use.
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This week on the Smart Money Questions podcast, Matt Hausman tackles the big question: Will you be okay after retirement? With a blend of financial expertise and real-life examples, we’ll share a Wall Street Journal article outlining the financial mistakes to avoid as you get within five or ten years of retirement.
Here’s some of what we discuss in this episode:
- You always want to have cash on hand because unexpected expenses can pop up at any time.
- Maximize your retirement contributions to what your budget allows.
- Understand your Social Security options, especially if you are married.
- There’s good debt and bad debt, but don’t take on unnecessary debt.
- You shouldn’t be investing your money as if you’re 25 or 30.
- Pay attention to what you’re spending on children and grandchildren.
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Life insurance is a product we get asked about all the time as people are trying to determine if they need to hold on to an old policy or even bother getting one at all. We get this question all the time and there have been a couple different scenarios come up recently that we wanted to bring to the show. So we’ll address those and go through the reasoning behind what we’ve discussed with clients.
As of the end of March, we will no longer be at our current location. We are getting close to securing our new permanent location, which will hopefully be done in the next few weeks. In the interim, we’re going to be operating at 101 Lindenwood Drive in Malvern, Pennsylvania. Everything else will stay the same in terms of contacting us
Here’s some of what we discuss in this episode:
- Scenarios where single clients do need life insurance and don’t need it.
- A strategic look at the role of life insurance in income protection where age and health are key players.
- The different ways life insurance could be utilized to provide income protection.
- Tax considerations when you’re looking at survivorship planning.
- Using life insurance to transfer wealth.
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What can we expect or what has the market done with regards to returns during presidential election years? After talking with clients the first couple of months, it’s clear that this is going to be a crazy year. That’s not uncommon during election years but this one seems to be setting up for unprecedented craziness.
Here’s some of what we discuss in this episode:
- An update on a quick trip we took to Sarasota.
- Returns for every presidential term since 1928 and what it shows us.
- What does it mean for retirement if you sacrifice earnings for more work-life balance?
- What can you do to meet your retirement goals while also finding that balance?
- The health insurance opportunities that you can take advantage of.
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Everyone wants to know. What is going to happen in 2024? Join us as we explore a range of topics, from the outlook of the economy, a potential tax surprise for a lot of people, and some new provisions that will take effect this year.
We’ll give you a high-level look at what we’re paying attention to and what we’re discussing with our clients as the year begins. There’s plenty to address within your financial plan and this episode will cover a number of those things.
Here’s some of what we discuss in this episode:
- Will the economy be up or down this year?
- Is lazy money still a problem when we have high interest rates?
- The 1099 interest might catch a lot of people off guard at tax time this year.
- Certain provisions will take effect from the SECURE Act 2.0 this year.
- Take time to look into your legal documents and make sure everything is in order.
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We’re coming down to the final few days of 2023 and we hope you have all enjoyed a good holiday season. As we close out the year, we wanted to go over a couple of client conversations we had recently dealing with small businesses and the power of money.
Here’s some of what we discuss in this episode:
- How should business owners balance saving for retirement and putting money back into the business?
- What are some consistent financial habits you can create as a business owner?
- Reviewing opportunities for Roth conversions.
- Managing an inheritance and how to pass it along to your children.
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It’s hard to beat this time of the year with the holidays and everything that comes along with it, and we hope that you enjoyed a wonderful Thanksgiving. We have a lot to be thankful for and hope you do as well when you look back on this year and what’s to come in 2024.
Today we want to go over a couple of meetings we’ve had recently with clients who had needed to address some specific scenarios. In each of these scenarios, we’ll share the process we went through and the different options we considered before helping them determine the best path forward.
Here’s some of what we discuss in this episode:
- What should you do with the extra money each month once your mortgage is paid off?
- Why it might make more sense to pay off your mortgage now if you have the extra cash.
- Changing from a joint tax filing to a single filer and is it worth staying in a marriage for.
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As we close in on the final two months of the year, there’s a lot happening now and plenty to look ahead to for 2024. That’s what we want to spend some time on today by sharing some of the discussions we’re having in our office and some of the questions we’re answering from clients in this final quarter of the year. This includes open enrollment, world conflicts, and financing a new home.
Here’s some of what we discuss in this episode:
- The different open enrollments and what you need to know.
- Understanding the different parts of Medicare.
- Does the market overreact to world conflicts?
- Working through a situation with clients about moving into a new property.
Want to contact us?
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Last month, we held an educational event and covered a lot of important information. We even featured estate attorney Jennifer Walker, who talked about the estate planning do’s and don’ts. It was a great event and we appreciate everyone that came out.
Because we went over a list of key planning items for the year, we wanted to provide all of that information and education for you on the podcast. So this show will be go over all of that today, which should be very helpful for anyone thinking about what they need to do before the year ends.
On today’s show, here’s some of what you’ll learn:
- We’ll go over the recently signed SECURE Act 2.0 and the impact it has on inherited IRAs, catch-up provisions, RMDs, and retirement account opportunities.
- The estate do’s and don’ts that Jennifer Walker shared with us.
- The current tax code will sunset in the end of 2025. We’ll tell you why there’s a good chance your taxes will go up.
- The current investment climate this year and what it might look like moving forward.
Want to contact us?
Website - https://smartmoneyquestions.com/
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Want to work with us? Find out how we can help: https://smartmoneyquestions.com/work-with-matt/
As we move beyond the mid-point of the year, we always take this time to have a check-up with clients to run through a number of items that might need attention before the end of the year. Today we’ll share a few of those things, including budgeting, Roth contributions, and SECURE Act 2.0 changes.
Then we’ll spend some time running through a few different scenarios we’ve helped clients out in recent weeks.
On today’s show, here’s some of what you’ll learn:
- Is a Roth IRA or Roth 401k actually a bad investment option? Let’s breakdown a recent article we found.
- A list of items to be paying attention to before the end of the year.
- Is it a good idea to help out your child and their boyfriend/girlfriend with a house down payment? Here’s what you should address.
- Should you keep your mortgage in retirement for the tax deduction?
- The financial topics that create tension for couples.
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Hard to believe we’re already into July but we’ve had a great summer so far. Hopefully you’ve been making the most of the warm weather and longer days. Today’s episode isn’t a long one but we wanted to take a little time to update on what’s going on at Old Security Group and talk about some of financial topics we’ve been paying attention to.
On today’s show, here’s some of what you’ll learn:
- Details on our upcoming client educational event (1:04)
- We’ve been hearing from people about investment scares (5:46)
- Why an HSA is considered a hidden gem in investing. (8:17)
- 2 ways we advise clients to use an HSA (10:51)
- How to invest when worried about a recession (14:19)
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Today we have a special guest. My 21-year-old daughter Ashley and I have been talking about doing this interview for several months. We want to share the importance of personal finance and personal finance education. My wife and I constantly talk to our kids about this topic, including behavioral finance, so we are excited to share this episode with you!
On today’s show, here’s some of what you’ll learn:
- What has Ashley been doing the past few years? (2:23)
- How Ashley budgeted her money. (6:03)
- How Ashley started investing. (10:56)
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We’re covering several important topics today derived from client questions and concerns. Given the relevance of today’s questions, Matt thought you’d like to hear these answers as well. Join us as we touch on the recent events taking place in the financial sector and explore actionable steps that we can take to help set up our heirs for success.
On today’s show, here’s some of what you’ll learn:
- What’s been in the headlines about bank failures? (4:26)
- What’s happening with the debt ceiling and market? (7:25)
- Is your estate plan in order? (9:08)
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We met with a new client recently and looked at a snapshot of their financial situation. One of the things we noticed was their outstanding debt, including credit cards and car loans. The client wanted to take about $40,000 to $50,000 out of their 401k and take a financial hit in order to pay down that debt.
Is that a good idea? We’ll share what advice we gave them and how you can handle a similar situation. Join us for an insightful conversation about relocating, extinguishing your debt, and more.
On today’s show, here’s some of what you’ll learn:
- Should I take a hit on my 401k to pay off debt? (4:24)
- Look for opportunities with your home equity line of credit. (7:24)
- How to extinguish your debt. (10:57)
If you are interested in any of the topics we discussed, please reach out and we would be happy to help you navigate your financial situation.
Want to contact us?
Website - https://smartmoneyquestions.com/
Email - info@smartmoneyquestions.com
Want to work with us? Find out how we can help: https://smartmoneyquestions.com/work-with-matt/
We have a lot to talk about today, so let’s jump into it. We read some articles recently about the travel industry and how people are getting back out there and traveling. Many of our clients have been doing some big trips.
If you want to travel and get deals, we’ll share some insight on that topic. You’ll need to think about advanced planning and figure out how you’ll pay for the trip. We’ll also discuss banks and what to do with your cash.
On today’s show, here’s some of what you’ll learn:
- How to plan travel and get deals. (7:00)
- Why you should be checking your bank on the heels of the Silicon Valley Bank failure. (12:06)
- The reality of home values. (19:10)
- Should you push back your retirement date if you haven't figure out much of your planning questions? (25:14)
- A horror story about why you need to do tax planning before doing a Roth conversion (28:48)
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Want to work with us? Find out how we can help: https://smartmoneyquestions.com/work-with-matt/
On this episode of Smart Money Questions, we'll be discussing one of the most pressing concerns for retirees: taxes. As you prepare for retirement, it's important to consider how your income sources will affect your tax obligations, and to plan accordingly. Whether you're transitioning into retirement or already retired, taxes can have a significant impact on your financial well-being.
Matt has spent years helping clients navigate the complex world of retirement planning, and he's here to answer some of the most common questions he receives about taxes. You'll learn about the best ways to handle your tax payments, and what to do if you retired halfway through the year on W2 income. One of the biggest concerns for retirees is the prospect of giving up a high-paying job for a significantly lower retirement income distribution. However, Matt will explain how the tax advantages on retirement income can make this a positive decision for most clients.
We'll also delve into the concept of "golden handcuffs" and how it can create a vicious cycle for those who stay at their job too long to get an end-of-year bonus. Finally, we'll explore the most popular topic of the past two months that clients want to address: Roth conversion opportunities. Matt will break down the various options available and explain how they can benefit retirees.
Whether you're a seasoned retiree or just starting to plan for retirement, this episode is packed with valuable insights to help you make informed decisions about your taxes and your finances.
On today’s show, here’s some of what you’ll learn:
- Whenever a client is transitioning into retirement, they’re always wondering what they should do with taxes. They’re curious about how to handle monthly payments vs. bi-weekly salary checks. They also are often confused about what to do tax-wise if they retired halfway through the year on W2 income and lived on retirement income the rest of the year. (6:40)
- Some retirees are surprised by the need to pay taxes quarterly. Matt describes how he walks clients through the best ways to make these kinds of payments. (9:57)
- It can be difficult for many retirees to envision giving up a high-paying job for a significantly less retirement income distribution. However, Matt says that most of the time it’s a good prognosis for clients because of the tax advantages on the retirement income dollars. (11:50)
- “Golden handcuffs.” Matt details another issue clients face where they might stay at their job too long to get an end-of-year bonus. It can create a vicious cycle. (15:00)
- The past 60 days, questions from clients have been coming in about Roth conversion opportunities. Matt breaks down the options. (17:52)
If you are interested in any of the topics we discussed, please reach out and we would be happy to help you navigate your financial situation.
Want to contact us?
Website - https://smartmoneyquestions.com/
Email - info@smartmoneyquestions.com
Want to work with us? Find out how we can help: https://smartmoneyquestions.com/work-with-matt/
As we begin a new year, let’s talk about the SECURE Act 2.0, which was signed into law in December. We’ll share some of the highlights, including new requirements for companies with new 401(k) and 403(b) plans.
Did you know that companies can automatically enroll their employees into these plans? We’ll explain this along with some other key changes to RMDs, retirement accounys, and other planning items.
On today’s show, here’s some of what you’ll learn:
- How the minimum distribution age changed. (5:58)
- What happens if you miss your minimum distribution? (7:35)
- Why there’s a drastic increase to catch-up contributions. (9:53)
Want to contact us?
Website - https://smartmoneyquestions.com/
Email - info@smartmoneyquestions.com
Want to work with us? Find out how we can help: https://smartmoneyquestions.com/work-with-matt/
Today we’re joined by Robert Khoury, the founder and CEO of Agile Rainmakers, a high-impact business development consulting and advisory firm based in Chicago’s Gold Coast.
Robert’s 20+ year career in the financial industry has seen him in many roles: an equity derivatives trader, portfolio manager, corporate strategist, chief operating officer, recruiter, hedge fund executive, and private equity investor. Today he’s sharing his expertise about internships and how they can help people discover the right career.
On today’s show, here’s some of what you’ll learn:
- How you can use internships to further your progress. (4:19)
- What kinds of internships do people typically choose? (8:46)
- When should you look for internships? (16:02)
If you are interested in any of the topics we discussed, please reach out and we would be happy to help you navigate your financial situation.
https://www.agilerainmakers.com/
Want to contact us?
Website - https://smartmoneyquestions.com/
Email - info@smartmoneyquestions.com
Want to work with us? Find out how we can help: https://smartmoneyquestions.com/work-with-matt/
We love to talk on our show about different scenarios and questions we hear from clients in our office, and the topic of annuities and life insurance has come up quite a bit in recent weeks. You won’t find a lack of opinion on either of these two products and they both can get a little complicated.
On today’s show, here’s some of what you’ll learn:
- What should you do with an older annuity? (4:36)
- How should you handle an enhanced death benefit option? (8:56)
- How should you handle life insurance when your spouse is much older or younger? (12:13)
If you are interested in any of the topics we discussed, please reach out and we would be happy to help you navigate your financial situation.
Want to contact us?
Website - https://smartmoneyquestions.com/
Email - info@smartmoneyquestions.com
Want to work with us? Find out how we can help: https://smartmoneyquestions.com/work-with-matt/
There has finally been some clarification from the IRS about the SECURE Act rule regarding inherited IRAs from 2020 and beyond. We’ve had some questions from clients about this, so it’s great to finally have some answers.
It’s important for you as an owner of an IRA, 401k, etc. to know how this works and understand it. It’s also important for your heirs to understand this important topic and know what tax bracket they might be in.
On today’s show, here’s some of what you’ll learn:
- What happened with the SECURE Act’s stretch IRA? (4:16)
- How did the government create confusion? (7:03)
- What happened to the minimum distribution age? (11:27)
https://www.wsj.com/articles/irs-delays-new-guidelines-for-inherited-iras-11665182415
Want to contact us?
Website - https://smartmoneyquestions.com/
Email - info@smartmoneyquestions.com
Want to work with us? Find out how we can help: https://smartmoneyquestions.com/work-with-matt/
If you’re wondering what taxes will look like in 2023, as far as standard deductions and increase in tax brackets, today’s show is for you. The IRS just released this information recently and we want to take you through the key changes.
Whether you’re filing single or married filing jointly, we’ll explain what will will be different for you next year. Check out today’s full show to learn more about how the IRS changes could affect you as you make an tax planning moves before the year closes out.
On today’s show, here’s some of what you’ll learn:
- What adjustments should you make to prepare for tax changes in 2023? (2:06)
- Why you should be an aggressive investor. (4:20)
- Should you take a Roth option at work? (8:08)
Want to contact us?
Website - https://smartmoneyquestions.com/
Email - info@smartmoneyquestions.com
Want to work with us? Find out how we can help: https://smartmoneyquestions.com/work-with-matt/
We get questions all the time about Medicare. It can be confusing when there are Medicare parts A, B, C and D and supplements. Today we are welcoming a guest who has been in the Medicare industry for more than 30 years.
On today’s show, here’s some of what you’ll learn:
- What Medicare is and how it works. (2:58)
- How you can access Medicare. (3:42)
- The different aspects of Medicare and how they work. (4:13)
Want to work with us? Find out how we can help: https://smartmoneyquestions.com/work-with-matt/
Choosing when to claim Social Security can have a huge impact on your retirement plan. A lot of people are unsure about whether they should delay Social Security or take advantage of another significant COLA increase. Today we are going to look at some of the different options you may have and narrow down the reasons they may or may not be for you.
What we discuss in this episode:
- Do you time the market or do you time Social Security? (2:21)
- Do you qualify for spousal benefits? (5:28)
- Social Security has a guaranteed interest rate for delaying. (7:31)
- If you are going to delay Social Security and not work, what other assets are you going to depend on? (10:29)
For more, visit us online: https://smartmoneyquestions.com/
We’re bombarded with headlines about money all the time. With technology and social media at our fingertips, it’s more important than ever to control how you react to that. We’ll explain why it’s critical to your long-term financial success.
What we discuss on this episode:
2:10 – Financial headlines are everywhere
5:10 – Invest like the 1%
6:08 – Become a master of the market
8:37 – Protect nest egg
9:31 – Playing on fear
For more, visit us online: https://smartmoneyquestions.com/
Recently, we’ve been getting some unique questions about investing in company-sponsored plans, like a 401k, for example. The client wanted to know where else to invest once they max out the 401k. We’ll dive into this question and more on today’s show.
What we discuss in this episode:
2:23 – Max out 401k
4:53 – Be consistent
5:44 - Match
8:04 – Vested
9:49 – Saving more
11:38 – Health insurance
14:34 – Traditional brokerage
Visit us online: http://smartmoneyquestions.com
If you decide to scale back your work or keep working during retirement, what kind of employee should you be? We’ll explain the differences between W2 and 1099 workers and how that could affect your finances.
Key Topics on This Episode:
4:50 – Scaling back workload
6:24 – W2 vs. 1099 worker
9:39 – Contributions
11:38 – Payroll taxes
13:48 – Buying real estate
16:18 – Property management
17:22 – Where to buy
18:50 – Long-term investment
Want to learn more about financial planning? Visit us online ---> http://smartmoneyquestions.com
Today we’re sharing questions and scenarios we’re hearing in our office, on the phone and on zoom calls with clients. We’ll also share some planning we did for a client four or five years ago and where they are today in retirement.
Key topics on this show:
4:43 – Aggressive 401ks
7:59 – Other options
11:00 – Know where your money is
13:51 – Risk
15:29 – Rate of return
16:27 – COLA
Want to learn more about financial planning? Visit us online ---> http://smartmoneyquestions.com
It’s hard to believe, we’re already halfway through 2022. Before you know it, it’s going to be Thanksgiving and then the end of the year. Now is a good time to be considering your finances and planning for your taxes.
Key topics on this episode:
2:42 – Roth conversions
6:13 – Personal changes
8:19 – Review investments
10:11 – Tax diversified
11:09 – Review debt
12:59 – Budget
14:02 – Emergency funds
14:32 – Legal documents
Get additional resources online: http://smartmoneyquestions.com
The markets have been heading down, but this is one of the most critical times for investors to stay disciplined. Markets will go up and they will drop, and we’ll explain why you have to be prepared to stay the course and find opportunities.
Read more and get additional financial resources here: http://smartmoneyquestions.com
What we discuss in this episode:
3:35 - Don’t panic
4:14 – Tax-loss harvesting
5:51 – Tax buckets
8:46 – Roth
12:00 – Your investment mix
Is your 401k invested using target-date funds? If so, you could be getting hit harder during these tough economic times. We’ll explain why. We’re also talking cars in this episode and our thoughts on leasing versus buying a new or used car.
Read more and get additional financial resources here: http://smartmoneyquestions.com
What we discuss in this episode:
3:20 – Wall Street Journal
9:38 – Investment options
12:14 – Leasing vs. buying cars
13:32 – Coming to the end of a lease
16:32 – Buying a car
A recent study found that the average American needs to save $1.04 million for a comfortable retirement. That’s one of the many fascinating statistics shared in the study. Join us as we share more of the findings and talk about how most retirees stack up.
See the statistics: https://www.annuity.org/retirement/retirement-statistics/
Read more and get additional resources here: http://smartmoneyquestions.com
Listen for these key topics:
2:37 – Savings expectations
7:15 – Delaying retirement
9:41 – Increasing savings
10:16 – Social Security
14:07 – Health care
15:26 – Where will you live?
Should you take out a 401k loan to pay off your debt? And does it matter what the kind of debt is? Today we’re going to tackle this common question and more to help you figure out your finances.
Read more and get additional financial resources here: http://smartmoneyquestions.com
Listen for these key points:
2:20 – 401k loans
5:16 – Exhaust other options
10:05 – Selling property
If you’re getting close to retirement, you may be envisioning what that next chapter will look like. A question that always comes up is how much money will you need to make? Some people feel like they should be bringing in more money during retirement, but is that smart? Let’s dive into that discussion on today's episode.
What we discuss on this episode:
2:27 – Bucket list years
5:40 – Where’s the money?
6:57 – After bucket list years
8:39 – Go through the process
9:15 – Medicare
Read more and get additional financial resources here: http://smartmoneyquestions.com
Today we’re answering a few of your questions about financial planning. Should a dentist sell his building and his business? What should you do with life insurance money? We’ll discuss these topics on the show.
Read more and get additional financial resources here: http://smartmoneyquestions.com
What we discuss in this episode:
3:24 – Renting building
6:29 – Investing cash
9:43 – Life insurance
12:53 – Moving forward
We came across an article about murky areas people don’t have clarity on when it comes to retirement planning. We’ll explain what those are and how to make sure you understand your retirement plan.
Read more and get additional financial resources here: http://smartmoneyquestions.com
What we discuss in this episode:
3:02 – USA Today article
4:13 – Inflation
6:55 – Social Security
9:00 – Withdrawal rate
13:21 – $1 million
14:43 – More murky areas
16:56 – Long-term care
19:48 – 401k investment options
We had a great conversation with the daughter-in-law of one of our clients. She and her husband recently had a child and she wanted to think about additional planning as far as investments. Here’s how we helped her prioritize her finances.
Read more and get additional financial resources here: http://smartmoneyquestions.com
What we discuss on this episode:
4:06 – Babies and finances
5:57 – Take advantage of benefits
8:23 – Disability insurance
10:42 – Budget for retirement investment
13:26 – Good debt and bad debt
On today’s episode, we’re answering questions we’ve gotten from clients, podcast listeners and others about all things finance. Find out how to prepare financially for an impending divorce and more.
Read more and get additional financial resources here: http://smartmoneyquestions.com
What we discuss in this episode:
4:21 – Preparing for divorce
7:27 – How divorce will affect retirement
8:17 – Do nothing
10:10 – Be your own advocate
11:07 – Company stock
12:34 – Picking stocks
On today’s episode, we’re taking your financial questions. Find out how to help an elderly parent with their housing, whether you can retire early and more.
Read more and get additional financial resources here: http://smartmoneyquestions.com
What we discuss in this episode:
3:31 – Mom’s house
7:48 – Retire early
10:07 – Health insurance
14:16 – Starting a business
Are you ready for the 2022 tax season? We’ll explain why breaking even in your taxes is so important and how behavioral finance plays a role in most people’s lives.
Read more and get additional financial resources here: http://smartmoneyquestions.com/
What we discuss in this episode:
0:07 – Tax filing date
2:38 – Break even on taxes
4:02 – Tax brackets
6:23 – Behavioral finance
10:26 – FOMO
12:15 – Irrationality
14:15 – 2022
Has your identity ever been stolen? If so, you know how much of a struggle it can be to take care of it and make things right again. Today we’re sharing some stories of our clients who have been through this difficult ordeal.
Read more and get additional financial resources here: http://smartmoneyquestions.com/podcastposts/episode-162-how-to-avoid-new-identity-theft-tactics/
What we discuss in this episode:
1:04 – Marijuana tax
2:12 – Bill Gates quote
3:46 – ID theft
6:11 – Client’s troubles
8:09 – Unemployment benefits
9:12 – ID monitoring
10:12 – Be cautious
11:33 – Use online banking
The new year means getting on track and trying to set new goals for what we want to accomplish. Money is always at the top of the list so we wanted to help you with your financial growth in 2022.
So on this episode, we’re sharing 15 money resolutions that will get you on a better financial track in the new year.
You might not be able to follow through on all 15 of these resolutions, but implement even just a few of these and you’ll be well on your way to a more prosperous financial life in the coming year.
Read more and get additional financial resources here: http://smartmoneyquestions.com/podcastposts/episode-161-15-money-resolutions-for-2022/
What we discuss in this episode:
4:08 – Reduce debt
5:22 – Boost savings
6:41 – Plan for emergencies
7:05 – Don’t overreact
7:49 – Budget
8:54 – Check beneficiary designations
9:32 – Tough conversations
10:34 – Audit insurance
11:15 – Refinance
11:48 – Check credit
12:54 – Share knowledge
13:56 – Review tax brackets
15:09 – Rebalance portfolio
15:39 – Consolidate accounts
16:40 – Listen to our podcast
Today we’re talking about generous giving and fearing loss. Find out how our office and clients give back to the community. We’ll also share what to do if you’re afraid of financial losses in your retirement.
Read more and get additional financial resources here: http://smartmoneyquestions.com/podcastposts/episode-160-piggy-bank-pies-and-abundance-mentality/
What we discuss in this episode:
0:57 – Piggy bank pies
3:14 – Abundance mentality
5:42 – How do you handle loss?
6:38 – Talking numbers
7:40 – Recovering from loss
8:11 – Understand your risk
9:30 – Prepare yourself
Have you ever taken your investment portfolio down to the studs? It might be time to examine the risks of your investments and see what questions you need to get answered.
Read more and get additional financial resources here: http://smartmoneyquestions.com/podcastposts/episode-159-taking-a-deal-down-to-the-studs/
What we discuss in this episode:
1:19 – Down to the studs
5:33 – Removing risk
8:27 – What can I expect?
10:33 – When will you retire?
13:15 – Money in retirement
The mandate over vaccines is creating an issue where some people have serious decisions to make. Here are some things you need to consider before walking out and leaving your job over the mandate.
Read more and get additional financial resources here: https://smartmoneyquestions.com/podcastposts/episode-158-mandates-and-forced-retirement-what-questions-to-ask/
What we discuss in this episode:
4:35 – Health insurance
8:43 - Expenses
Today we’re answering your questions about long-term care options, leasing a car and Social Security. If you or anyone you know is struggling with decisions about these topics or just wants to learn more, today’s show is for you.
Read more and get additional financial resources here: http://smartmoneyquestions.com/podcastposts/episode-157-qa-about-long-term-care-car-leases-and-social-security/
What we discuss in this episode:
2:54 – Long-term care
11:05 – Car lease
15:37 – Social Security
We’ve had many conversations with clients about the subjects we’re talking about today – paying off your mortgage early, emergency funds and how to help a surviving spouse. You’ve probably had similar questions in your own life, so let’s dive into these important topics.
Read more and get additional financial resources here: http://smartmoneyquestions.com/podcastposts/episode-156-paying-off-a-mortgage-emergency-funds-and-surviving-spouse/
What we discuss on this episode:
2:10 – Paying off mortgage
5:23 – Emergency funds
8:38 – Surviving spouse
We read an article recently that made the argument that you need to spend more to have a better retirement. This is something we discuss with clients once they transition from working to retirement. It helps them understand that we’ve done the planning and it’s OK to spend the money. Today, we’ll explain how you can get over the fear of spending.
Read and get additional financial information: https://smartmoneyquestions.com/podcastposts/fear-of-spending-money/
What we discuss:
3:22 – Spend more money
5:17 – The fear
8:43 – Three areas of budgeting
11:39 – Spending years
13:21 – Investments and distribution
Today we’re answering questions we received from listeners and clients. Up first, a woman wants to take out a loan to start a cake business. Where should that money come from? And finally, do we agree with Dave Ramsey’s advice about not investing while in debt?
Read more and get additional financial resources here: http://smartmoneyquestions.com/podcastposts/episode-154-qa-starting-a-business-and-dave-rameys-advice/
What we discuss on this episode:
3:12 – Starting a business
9:18 – Dave Ramsey advice
On today’s episode we’re talking about accumulation versus decumulation. People are used to saving money for retirement, but are you prepared for what happens when you actually retire?
Read more and get additional financial resources here: https://wp.me/p9B077-O6
What we discuss on this episode:
4:42 – Accumulation vs. decumulation
7:23 - Stocks
10:02 – Budgeting
11:42 – Risk buckets
16:32 – Disability insurance
18:01 – Life happens
Rick recently wrote in and wanted to know if he should downsize his house. He has an emotional attachment to it, so it’s a tough decision. We’ll walk you through the decision-making process in tough deliberations like this.
Read more and get additional financial resources here: http://smartmoneyquestions.com/podcastposts/episode-151-should-i-downsize-my-house-in-retirement/
What we discuss on this episode:
0:57 – Protecting your personal information
3:54 – Downsize?
7:33 – Own or rent?
8:37 – Client was done with homeownership
10:37 – Taxes
11:50 – Coming to conclusions
14:04 – Answering questions
Today we’re talking about 401ks versus pensions. Would you rather get a lump sum now or monthly payments over many years? Deb in New Jersey needs our help answering that very question.
Read more and get additional financial resources here: https://wp.me/p9B077-NU
What we discuss on this episode:
2:08 – Beneficiaries
8:07 – SECURE Act
12:10 – 401ks and pensions
15:30 – Premature death and pensions
On today’s episode we’re talking about a couple conversations we’ve had with clients in Seattle, Wash. and some recent changes that have been put in place. In 2019, the state approved a new payroll tax that is 100% paid by the employee, the first of its kind in the entire country.
Read more and get additional financial resources here: https://wp.me/p9B077-NN
What we discuss on this episode:
2:28 – New Washington tax
5:24 – What’s the benefit?
7:16 – Opt out
8:36 – What are they telling you?
11:48 – The feds
15:40 – Mailbag: Worried about kids
Today’s episode is a little different. We’ve started doing recorded webinar workshops on certain topics, and we’re doing a replay on this podcast. Today’s episode is about President Joe Biden’s proposed tax increases.
Read more and get additional financial resources here: https://wp.me/p9B077-NH
Watch our webinar replay on Biden's proposed tax increases: https://oldsecuritygroup.wistia.com/medias/wjbs6uts7k
What we discuss on this episode:
5:59 – How to prepare
7:40 – Current tax code
11:30 – Taxing your assets
16:02 – What can we do?
19:05 – Roth conversions
22:01 – Real estate
23:56 – Tax increases
We’ve had a couple clients recently who decided to retire earlier than planned. We’ll explain how we helped them, even with very little time to prepare, and how you could handle a similar situation.
Read more and get additional financial resources here: http://smartmoneyquestions.com/podcastposts/episode-148-how-to-handle-an-unplanned-retirement/
What we discuss on this episode:
6:12 – Health care
10:18 – Last paycheck
13:18 – Proactive tax planning
18:57 – Investing
20:25 – How you will be paid
We’re tackling some tough questions about family finances today. Should you kick your sister out of your deceased mother’s home? What retirement challenges could you face as the parent of a young child? Should you buy your dream home?
Read more and get additional financial resources here: https://wp.me/p9B077-Nt
What we discuss on this episode:
2:35 – Kick sister out?
4:37 – Get a mortgage?
5:48 – Income plan
8:12 – Retirement with young child?
9:22 – Survivorship income planning
12:08 – Life insurance
13:13 – Take out a mortgage?
16:08 – Overall investments and strategy
People often ask us, “What’s your average client like?” We’ll share what traits they have and why they are successful. Also, find out what documents you must have and why you should keep them up to date.
Read more and get additional resources here: https://wp.me/p9B077-Nn
What we discuss on this episode:
0:30 – 20-year wedding anniversary
3:30 – Mortality and documents
7:11 – Wills
9:36 – How do I measure up?
13:02 – Gratitude
15:02 – Define your success
15:55 – The Giant Killer
Is $1 million enough to retire? That depends on a lot of factors. We’ll explain what they are on this episode.
Read more and get additional financial resources here: https://wp.me/p9B077-Ni
What we discuss on this episode:
4:22 – Yahoo Finance Article
6:13 – Put money to work
8:58 – Your situation
12:58 – Social Security
14:13 – Expenses
15:40 – Moving to lower tax states
17:23 – Risk
21:32 - Variables
Should I leave my 401k to my child? We get this question a lot so let’s dive into the pros and cons of leaving your children money and what strategies you can use to make sure it benefits everyone.
Read more and get additional financial resources here: https://wp.me/p9B077-N8
What we discuss on this episode:
4:13 – Leave 401k to son?
11:53 – Should I rent or sell my aunt’s house?
Should you follow the advice of well-known financial gurus, such as Dave Ramsey and Suze Orman? A lot of people have asked me that question over the years. Find out what I tell them.
Read more and get additional financial resources here: https://wp.me/p9B077-N0
What we discuss on this episode:
4:11 – No credit cards
7:19 – Car financing
12:47 – Good debt
15:43 – Guru talk and preaching
18:53 – Will the advice work for you?
Today we’re talking about business owners and retirement plans. Even if you’re not a business owner, there’s something you can learn from this.
Read more and get additional financial resources here: https://wp.me/p9B077-MU
What we discuss on this episode:
2:25 – Discussions with business owners
5:28 – Selling your business
8:04 – Your family situation
13:00 – The tax man cometh
14:05 – Question about Roth 401k
18:19 – Question about HSA
What’s the better investment strategy – pay off your primary home sooner or save up for a rental property? We’ll share the pros and cons.
Read more and get additional financial resources here: https://wp.me/p9B077-MO
What we discuss on this episode:
3:33 – Pay off home or save for rental property
7:27 – What’s your budget?
9:09 – Strategy for paying off house or investing
11:55 – Real estate has become a hot, new topic
15:47 – How to help someone who is struggling financially
19:36 – Traditional savings account
20:42 – How much money are you talking about?
Long-term care is a subject many people don’t want to discuss, but it’s crucial that you have a plan in place. Find out why and learn about hybrid policies and paying premiums
Read more and get additional financial resources here: https://wp.me/p9B077-MJ
What we discuss on this episode:
3:10 – The subject no one wants to talk about
8:48 – Hybrids
12:25 – Paying a premium
14:47 – Expense policy
15:50 – Self-insured
17:13 – Premiums won’t stay stagnant
When making your legacy and estate plan, it’s crucial to know how taxes will affect that plan. Matt explains why you want to be careful and shares some real-life examples.
Read more and get additional financial resources here: https://wp.me/p9B077-MD
What we discuss on this episode:
2:28 – Charities and individuals
6:00 – How much money should go to each?
9:50 – Moving to a new state
13:46 – Additional properties
16:35 – Question: What is a reasonable amount to leave as a legacy?
At the end of 2020, Congress passed a $900 billion Covid relief package. We’ll go over some highlights and what you should understand moving forward.
Read more and get additional financial resources here: https://wp.me/p9B077-Mu
What we discuss on this episode:
2:56 - $600 payments
6:51 – PPP loans
8:19 – Unemployment
9:08 – Social Security
10:54 – Qualifying medical expenses
13:05 – Charitable contribution benefits
14:40 – Meal expense deductions
15:32 – Student loans
16:58 – Flexible spending account
18:08 – What’s not in the stimulus package
19:35 – More on student loans
As 2020 comes to a close, now’s the time to do some financial planning. Matt has some important topics you should cover with your advisor. We'll also spend talk some about first-time homebuyers and how to approach your mortgage.
Read more and get additional financial resources here: https://wp.me/p9B077-Mo
What we discuss on this show:
2:53 – Maximize 401k
4:55 – CARES Act
6:35 – RMD charitable contribution
9:04 – Deductions on Schedule A
11:25 – Pull money out of the IRA?
13:25 – Tax credits
16:26 – First-time homebuyers
17:58 – Find a good Realtor
After a long year in 2020, many of us want to make sure 2021 starts off right. On this episode of the podcast, Matt answers several questions from listeners and clients when it comes to making wise investment and financial decisions in the new year.
Read more and get additional financial resources here: https://wp.me/p9B077-Mk
What we discuss on this show:
3:36 - How can I avoid market volatility but still save for retirement?
9:32 - Do you understand how Social Security works?
13:27 - Should you refinance when close to retirement?
20:46 - What’s your opinion on flipping houses as an investment strategy?
22:33 - What are the tax implications?
We’re talking about two important topics today: Are reverse mortgages a bad idea? And how can I help my widowed parent with their finances?
Read more and get additional resources here: https://wp.me/p9B077-Me
Learn more about reverse mortgages: https://smartmoneyquestions.com/podcastposts/episode-93-harlan-accola-behind-the-curtain-of-reverse-mortgages/
What we discuss on this show:
2:56 – Are reverse mortgages a bad idea?
6:35 – Different types of reverse mortgages
9:08 – Can we get kicked out of our home?
13:03 – How to help a widowed parent
14:49 – Look at beneficiaries
16:01 – Do you see any life insurance?
17:46 – Look at parent’s living arrangement
18:36 – Matt talks about is father’s passing
20:04 – Are liabilities joint or just in one parent’s name?
U.S. News & World Report has released its list of the top places to retire in the country. Choosing where to retire is not only a personal decision; it’s also a financial one. We’ll explain why.
Read more and see the full list of cities here: https://wp.me/p9B077-M8
What we discuss on this show:
2:26 – How were places ranked?
3:15 – Top 15 places to retire
4:40 – Consider housing affordability
7:03 – Consider renting before buying
9:50 – Consider changing residency
12:12 – Consider doing a financial exercise
13:43 – Consider the emotional side
This week marks an important milestone in Maggie’s journey with cancer. We’ll give you an update about her health. We’ll also discuss Medicare and help you understand it better.
Read more and get additional financial updates here: https://wp.me/p9B077-LW
What we discuss on this show:
0:41 – Maggie’s 5-year mark after cancer diagnosis
6:45 – What do I need to know about Medicare?
8:16 – Traditional Medicare
11:38 – Medicare Part D
13:39 – Medicare supplements
15:13 – Husband’s health coverage options
17:22 – Obamacare
20:07 – Listener question: Should I give inheritance money to my son?
23:24 – Listener question: How reliable is my 401K income estimate?
There’s no doubt that election concerns are on the mind of many people right now, especially as it relates to their financial portfolio. We’ll start the show by addressing these election cycles worries by looking back at what history has shown us. From there, Matt will talk about a call he had with someone recently that wanted to get their retirement on track. He’ll take you through the essential steps that need to be taken to get your financial house in order.
Read more and get additional financial resources here: https://wp.me/p9B077-LF
What we discuss on this show:
0:44 – Many people worried about the upcoming election cycle.
4:19 – What is going to happen with the market? Here’s what history tells us.
9:44 – The steps we suggest you take if you’re concerned.
11:59 – A conversation we had last week with someone curious about how they were doing financially.
13:12 – 3 parts to building a budget
14:58 – Understanding your debt.
17:59 – Have an emergency fund
20:31 – Financing a home that you hope to buy
22:07 – Investment options
25:38 – Real estate investing
We get a lot of questions about the CARES Act and 401k fees. Here's how they work and what you need to know.
Read more and get additional financial resources here: https://wp.me/p9B077-Lx
What we discuss on this show:
2:49 – Questions about CARES Act, 401K fees
5:19 – CARES Act
9:04 – Qualified individual
12:36 – IRA withdraws, RMDs and charitable distributions
15:18 – Roth conversions
18:06 – Qualified charitable distribution
20:23 – Qualified retirement accounts
Between the coronavirus, market swings and upcoming election, people have been calling our office with all kinds of investment and retirement questions and fears. Let’s talk about some of these common concerns.
Read more and get additional financial resources here: https://wp.me/p9B077-Ln
What we discuss on this episode:
3:00 – Get serious about financial planning
8:22 – Don’t make emotional, fearful decisions
12:03 – How are you going to pay for health care?
15:22 – Which account should I withdraw from first?
19:44 – Where are we putting our investment monies?
21:44 – How to contact us
Did you know that more than 80% of all first-time homebuyers last year put less than 20% down on their homes? Mortgage expert Lindsey Johnson tells us about private mortgage insurance and what changes the mortgage and real estate industries may see.
For more information, visit https://www.lowdownpaymentfacts.com/ and http://www.usmi.org/.
Read more and get additional resources here: https://wp.me/p9B077-Lh
About our guest: http://www.usmi.org/lindsey-johnson-usmi-president/
On today's show:
0:29 – Meet Lindsey
1:20 – Her background
2:32 – What is private mortgage insurance and how does it work?
4:47 – Is PMI part of the complicated mortgage process?
9:37 – Does PMI automatically come off at 20%?
14:18 – Should buyers be speaking to multiple lenders?
15:49 – How will COVID-19 impact real estate, mortgage and insurance industries?
21:35 – Will rates go up as fast as they came down?
23:30 – Are any changes coming in the real estate and mortgage industry?
34:03 – Should there be underwriting metrics?
34:55 – Why does the mortgage process seem so complicated?
37:02 – Demographics, rates and inventory
39:00 – Helpful websites
On today's show:
You may recognize his voice. Now, get to know more about Walter Storholt, our friend and former co-host who runs Third Wheel Media. How has the pandemic affected his business? What is the future of podcasting and media? And what is his dream job?
Read more and get additional financial resources here: https://wp.me/p9B077-L7
About our guest: https://www.thirdwheelmedia.com/
On today's show:
0:29 – Introducing special guest Walter Storholt
2:20 – What is Third Wheel Media?
3:18 – Why working from home has worked out well
6:00 – The story of Walter’s house purchase and renovations
10:44 – How locals are embracing working from home
12:00 – What business owners think about remote work
18:56 – Does Third Wheel Media do TV?
22:16 – The future of media
24:15 – A diversity of voices
26:43 – Local versus national media
29:55 – Social interaction during a pandemic
32:52 – Businesses doing more regional work and Walter’s dream of reading an audio book
Are you feeling stuck in an annuity? Do you have big plans to travel in retirement? Matt answers these questions and two others on today’s podcast.
Read more and get additional financial resources here: https://wp.me/p9B077-L0
Today's show schedule:
1:01 - We’ll talk about four questions today.
2:56 - If a variable annuity has high fees but a high penalty to get out, what should you do?
8:25 - With travel plans in retirement, do you need more income than in your working years?
13:38 - Should your advisor be talking about life insurance, Social Security, and legacy plans?
15:28 - What kind of planning does Matt do?
18:44 - Should you pay off the house or rental property with a money market account?
Are you looking at the mortgage rates right now and considering making a home purchase or refinancing your home? If so, what do you need to know beforehand? Matt will also tackle a discussion of whether you should have a Health Savings Account.
Show Notes, Resources & Contact Info:
https://smartmoneyquestions.com/
Timestamps:
1:22 - Today we’re going over mortgages and HSAs.
4:17 - Mortgage rates have dropped to historic lows.
8:18 - What is a cash out refinance and rate and term refinance?
9:30 - What requirements are in your loan?
11:11 - How does a variable rate work?
12:27 - What are the closing costs?
15:55 - Are you eligible for any discounts?
17:20 - Make sure you understand what you are getting into.
20:01 - How is the bank expecting you to pay back a home equity line?
20:40 - A home equity line of credit can be very valuable when needed.
21:42 - What is a Health Savings Account?
23:31 - Qualified medical expenses can be paid out in the future, tax-free.
24:49 - How does Matt use his HSA?
26:15 - What are the drawbacks?
Are you considering working as a consultant or independent contractor? What does that mean for your finances and what should you prepare for ahead of time? We’ll answer those questions plus talk about trusts on today’s episode
Read more and get additional financial resources here: https://wp.me/p9B077-KL
Today's show schedule:
0:30 - Matt shares his excitement for the hope of reopening when the time comes.
1:40 - What would it look like to come back to work as a consultant?
5:17 - Does it make sense to go from being retired to becoming a consultant?
6:31 - What expenses will you incur?
8:03 - What kind of expenses could be considered a write-off?
9:04 - How will you be paid?
10:09 - Does it make sense to set up an LLC or corporation?
11:47 - What kind of liability are you subjected to?
15:04 - Mailbag: Is it wise to have a trust as a part of a financial and estate plan?
Where is your retirement money saved? Will it benefit you more now or later? On this episode of Smart Money Questions, Matt answers several FAQs when it comes to your retirement accounts as well as another question about inheritance plans.
Read more and get additional resources here: https://wp.me/p9B077-KD
Today's show schedule:
0:30 - Philadelphia is moving into the next phase of reopening.
1:54 - “Suppose you were an idiot and suppose you were a member of Congress…”
5:05 - What is a qualified retirement account?
7:18 - What is a Roth IRA or Roth 401(k)?
9:34 - What happens if the tax rate gets raised?
11:36 - What are the contribution limits?
13:12 - What is a Roth conversion?
17:29 - Mailbag: Should the anticipated sum of an inheritance be talked about or a surprise?
In today’s episode of Smart Money Questions, Matt answers a number of questions from listeners. From saving enough for retirement to claiming Social Security, we will talk through several scenarios listeners are currently facing.
Read more and get additional financial resources here: https://wp.me/p9B077-Ku
Today's show schedule:
0:38 - We’re about to kick off summer with the holiday weekend.
4:48 - Mailbag: I have 33 different funds, is that adequate diversification?
8:20 - What is your underlying asset class?
10:29 - Mailbag: Based on my age, am I saving enough?
15:18 - Mailbag: Can I start my Social Security benefits and still earn an income?
18:37 - Mailbag: I just inherited a large unexpected sum of money, what should I do?
Have you heard of some of the latest frauds? The more you know, the better you can keep safe from being fooled by a fraud. We'll also talk about staying positive and maintaining your well-being before addressing some inheritance questions.
Read more and get additional financial resources here: https://wp.me/p9B077-Kp
Today's show schedule:
0:33 - How is everyone making the best of the last six weeks?
4:22 - How can you have a glass half full mentality?
9:09 - Make sure to be aware of the frauds happening right now.
12:57 - Be extra diligent with communication in regards to your stimulus check.
14:11 - Are your emails from credible sources?
16:23 - Navigating the complications of an inheritance takes a team of professionals.
Are you wondering what the CARES Act is all about and how it might benefit you? What rules should you be aware of? Matt will share the key elements you should be aware of when it comes to the CARES Act in times of coronavirus.
Read more and get additional resources here: https://wp.me/p9B077-Ki
Today's show rundown:
3:09 - What is the CARES Act doing with RMDs?
5:52 - Can you still make qualified charitable distributions?
7:24 - What does it mean for charitable contributions?
9:07 - If you are under 59 and a half, what happens if you want to take money out of your retirement account?
12:58 - Who gets a stimulus check?
Coronavirus has already impacted all of our lives, be it through social distancing or through the stock market. How can you think strategically and stay level-headed financially?
Read more and get additional resources here: https://wp.me/p9B077-Ka
Today's rundown:
1:13 - What is our new normal going to look like?
3:58 - What’s happening in the market?
8:06 - Everyone wants to know, am I reacting the way everyone else is reacting?
11:25 - Where are you in your financial life?
17:03 - If you are contributing into a retirement plan, do not stop!
18:18 - What if you haven’t done any planning?
22:23 - Do not take your financial advice from the media.
It is no secret that college tuition is expensive and many parents want to help out their children pay for a higher education. But is it worth risking your retirement? Today we will look at the factors that parents should consider when paying for their child's education. Especially for those parents that are near, or in retirement. We also answer a question from a listener who is looking to sell their farm for a little under a million dollars and does not know where to invest the money.
3:25- What do you do when your ready to retire and the kids need to pay for college.
5:53- How to prioritize saving for retirement and paying for college.
7:59- Matt gives a tip to save money for college.
10:00- What to look for when picking a school.
15:30- What you need to analyze before entering retirement.
19:48- How much long term care coverage is recommended.
26:28- Is the benefit payout an expense or an indemnity benefit? How will this affect retirement.
The outbreak and spread of the coronavirus has caused a bit of a panic in the market in recent weeks. We'll talk about how these events should affect your investments, short-term and long-term. We'll also take a look into some important strategies for protecting your assets from the state if you were to move into a nursing home.
2:40- How the market has reacted to the coronavirus and the history behind similar events.
3:39- There is going to be increased volatility during this time in the market, Matt explains how your investments are affected.
6:40- Markets go down, but it is important to not let fear drive financial decisions.
9:02- What needs to be done to protect assets for long term care.
9:58- Tings to consider before finding care and protecting assets.
12:15- Not all financial assets are the same, which means they need to be protected in different ways.
16:43- Matt explains the look back period the government uses when you start moving assets to other vehicles of ownership.
There are many misconceptions that surround the idea of downsizing your house in retirement. Many people think that they will be able to make a huge profit if they downsize, but that is not always the case. We will guide you through some other considerations to keep in mind before you make the big sale. We also discuss reevaluating an old life insurance policy, how much company stock you should invest in, and deciding whether to move your money into cash, or to keep investing.
Show Notes
2:45- Should you look to downsize when you retire?
5:15- The issues with downsizing and the importance of understanding the real estate market.
7:40- What you need to consider before making the move.
8:30- Matt breaks down what needs to be taken care of in order to have an early retirement.
13:25- What to do with old policies and how to use the asset properly.
15:22 Matt answers a listeners question on how much company stock should you hold in your portfolio.
18:45- Matt explains deciding on moving to cash or continuing to invest is a question that has many factors for the individual to consider.
Most people like to think that they always make decisions based on logic and facts, but the truth is that emotions usually play a role for all of us in the decision-making process. Matt will share examples he has seen where emotions have influenced the thought process of individuals. Understanding the emotions that come from financial planning and putting the right strategies in place leads to making the best decisions.
Show Notes:
1:26- Peoples concerns are often times driven by emotion. Matt will break down the good and bad behind emotions in financial planning.
3:34- Matt explains the different types of emotions people have when dealing with money.
4:53- The emotion of fear is always around us. It is key to be cautious of fear and not let it take hold how we make decisions.
8:54- Greed is an important emotion to identify and ensure it is not negatively affecting your financial planning.
12:00- Loyalty to companies and family is an emotion Matt encounters that can has led people to make poor decisions.
16:38- Matt states the importance of understanding your emotion and using logic to come to answers.
17:00- Strategically making decisions, knowing all the options and potential risks leads to the best approach to financial planning.
Recently, there was a COLA increase of 1.6% for Social Security benefits. Matt will give his thoughts on the long term benefit of having a COLA increase, even though the percentage may not seem impressive at first. We will also discuss why working past age 65 is not so uncommon anymore and the importance of mapping out a plan with how you would like to spend your time in retirement.
Show Notes and Additional Resources:
Working Past 65 Article: https://www.cnbc.com/2019/12/30/why-retiring-at-65-could-become-a-thing-of-the-past.html
Retiring Abroad Article: https://www.foxnews.com/real-estate/12-affordable-places-retire
2:57- Learn how the COLA increase has a better long term benefit than you think.
5:00- Collecting Social Security early and how the increased income threshold could affect you.
7:03- The IRS changed the contribution limits to qualified retirement accounts.
9:44- The SECURE was passed and significant changes were made that will affect retirement planning.
11:28- The implementation of the 10 year rule so could create new tax obligations for those who are affected.
14:54- Find out why working past 65 is becoming more common.
17:40- What does an ideal retirement look like according to this client?
20:40- Matt explains what questions need to be answered before retiring abroad.
Today's episode will look at how you could possibly establish residency in a different state as part of your tax planning. We will also answer questions regarding what to do when you have a pension with no survivor benefit and how to consolidate your retirement accounts.
Show Notes and Additional Resources:
Today's Rundown:
0:28- Bring on the new year and take us back to Y2K.
4:11- A women in California died but was still enrolled in a cable contract leaving the early termination fee to her kids.
5:30- President Trump changed his residency from New York to Florida which raises the question, should you consider this too?
6:20- Lets look at how tax planning can help determine where you should establish residency.
7:23- How does income and estate tax factor into the planing?
10:15- What other factors should be considered before making the move?
11:07- The importance of sponsorship planning.
12:30- What do when you will be receiving a pension.
14:05- What can be done after a pension plan has been chosen.
21:00- Why your accounts should be consolidated and how to organize them.
23:55- A look at better organized accounts after consolidation.
You’ve likely carried an auto and homeowners policy for many years and don’t think too much about it, but your property and casualty insurance is your protection from major financial disaster. We talk with an insurance specialist to get a better understanding of these policies and what we should be paying attention to.
Show Notes and Additional Resources: http://smartmoneyquestions.com/podcastposts/episode-113-understanding-property-and-casualty-insurance-with-ted-wolfer/
Today's Rundown:
0:21 – Today we’re talking property and casualty insurance with Ted Wolfer
1:31 – Start by helping us understand what this insurance is?
2:09 – Understanding auto insurance and the requirements vs the add-ons.
5:34 – Are there minimums that are required for vehicles you lease or have a loan on?
6:30 – Understanding the liability minimums you might have seen on your policy.
8:55 – Here are the recommendations Ted and his office makes.
10:40 – The difference in premiums is usually very small.
11:29 – Something that confuses Matt on his policy.
15:31 – Understanding what’s covered and what’s not on homeowner’s insurance.
14:13 – Again, premium increases to cover a much higher amount is around 5%
20:22 – Explaining code enforcement and why it’s important for insurance policies.
23:34 – What does an umbrella policy cover?
29:28 – Property and casualty insurance policies need to be evaluated on an on-going basis.
30:01 – How to get in touch with Ted to get more information or discuss policies.
You never know what kind of questions or scenarios you’ll come across when working with clients. But that’s what makes planning exciting. Today we’ll pull three great questions that we’ve heard recently involving 401k rollovers, investing rental property proceeds, and the challenge of spending in retirement. We’ll go in-depth on each answer to show you how we approach each situation.
Full Show Notes: http://smartmoneyquestions.com/podcastposts/episode-112-3-listener-questions-about-investing-401k-and-retirement/
On This Episode:
0:34 – The plan for today’s show.
3:07 – Question: I’m selling one of my rental properties in the next month or two and I don’t have any plans to buy another one. What’s the best thing to do with the money from that sale?
4:08 – The first thing to consider is your tax obligation when selling the property?
5:19 – What the IRS is looking at when calculating your taxes.
6:26 – Now what to do with that money. Here are some options.
8:00 – This question reminds Matt of a past client. This is how it played out.
9:58 – You want to understand your tax costs, much like you would for a 401k.
13:04 – Question: Are there really no tax implications for rolling over my 401k?
13:39 – First thing to do is reach out and see what your company’s policy is for transferring.
14:13 – How the transfer will actually work.
17:05 – What about an old 401k? Is it the same process?
18:18 – Question: Ever since I retired, I’ve had a really hard time spending money. Something about not having a paycheck makes me nervous.
19:38 – Matt’s advice to Jay involves a distribution plan.
20:24 – Look at your budget in these three categories.
21:27 – Five places you can generate income in retirement.
Are you worried that your child is accumulating too many things? Do you wonder if you’re spoiling your child? John Lanza, author of The Art of Allowance, joins the show to give us an overview of his Money Mammals empowerment kit that teaches children how to share, save and spend. This is a great place to start if you want to lay a foundation for money management for your child.
Show Notes: http://smartmoneyquestions.com/podcastposts/episode-111-teaching-children-lessons-about-money-with-john-lanza/
Today's Rundown:
0:29 – Introducing today’s guest, John Lanza.
1:10 – Give us the background on how you got this all started.
3:31 – How young can children be to start learning these smart money basics.
5:12 – Has the teaching process changed at all as we move further and further away from physical money?
6:57 – It’s important to children to see the transaction happen with the money in your hand so they can see that money has to go in.
7:38 – At what age should an allowance start and does it still need to be tied to something like chores?
11:53 – At what point do you want the budgeting lesson to begin?
15:27 – How does the conversation go in regards to the sharing side of money?
17:50 – Do you talk about how giving actually makes you a happier person?
20:18 – Sharing and giving is an important lesson to learn early on.
22:10 – What’s your relationship with credit unions?
25:21 – How to find this program Money Mammals.
26:17 – John also has a podcast.
Have you ever stopped to think about what your financial advisor invests in? You get a lot of advice and guidance but do they actually follow their own suggestions? We’re going to pull back the curtain and tell you how we manage our entire portfolio for the three businesses.
Show Notes: http://smartmoneyquestions.com/podcastposts/want-to-know-how-were-investing-our-money/
Today's Rundown:
0:34 – What we’re doing on today’s show.
1:10 – In the news: Local Pennsylvania couple facing a felony charge after spending more than $100,000 that was accidentally deposited into their bank account.
1:59 – This came up in my office recently from a client: I read an article that suggested I ask my advisor what they invest in.
2:47 – So today, I want to go through this question and discuss everything we are involved with in our office.
5:56 – Where is our emergency fund.
6:44 – Our tax money is also sitting in another bank account.
7:17 – We also have money invested in our three companies.
8:54 – Let’s talk about investable assets. First our Health Savings Account.
10:55 – Maggie and I also put money away into an after-tax brokerage account that is invested in the same funds that I advise clients to invest in.
13:01 – We have established a company 401k plan, both traditional and Roth.
15:27 – After investable assets, here’s what else we have. Our legal documents are in place and recently updated.
18:18 – On a quarterly basis, we review the financials of each firm.
18:56 – Looking at tax-planning opportunities as well.
19:58 – This is a look at what we’re doing and how we’re doing it.
21:23 – You might not be a business owner but hopefully you can get a better idea of what you should be considering.
So much of our focus during retirement planning is saving money to protect ourselves and provide for our family, but there’s such a great opportunity to improve our lives even more by giving to others. Not only does it improve the lives of others but it also creates financial benefits for your portfolio. Arlene Cogen, a philanthropic leadership consultant and author, joins us to discuss this important topic.
On this episode:
0:26 – Today we have a special guest on the show, Arlene Cogen.
1:21 – Arlene shares her background on how she got into Philanthropic Leadership
3:55 – She wrote the book ‘Give to Live’
5:19 – When people think about giving, many feel they can’t incorporate that into their retirement.
5:53 – The idea of giving while you’re living.
6:49 – There are studies that show philanthropy provides real joy to our lives.
10:16 – What are the strategies to consider if you want to give while you’re living?
12:18 – Advantages to having a charity listed as a beneficiary.
13:54 – Some states have inheritance taxes.
14:40 – How to endow an annual gift.
17:18 – Understanding charitable trusts.
21:00 – Multi-generational gifting.
26:37 – Personal reflection is a part of her book and it’s something we should be doing.
29:16 – The purpose of our money.
30:02 – Wrapping up the conversation.
Show notes and additional links: http://smartmoneyquestions.com/podcastposts/episode-109-incorporating-giving-into-your-retirement-plan-with-arlene-cogen/
With 50 percent of marriages ending in divorce, there’s a good chance you or someone you know is going to face the choice later in life to remarry or stay single. Many things will factor into that decision but understanding how your finances will be impacted is a significant part of that discussion. These are the questions you need to be asking.
Today's rundown:
1:03 – The backstory behind today’s main topic.
4:31 – Here’s the question I was asked last week.
5:40 – These are the initial questions that I asked her to get a grasp on all the assets and expenses.
8:00 – For those that don’t know, I’ve been through this same situation.
9:17 – Here are some of the reasons you would not get remarried.
12:06 – A very important thing you have to figure out is what debt situation am I walking into and will I be assuming responsibility for this debt.
12:39 – Let’s talk about the idea of estate planning. Each option results in distinct differences.
15:31 – Let’s talk specifically about where your assets are – IRAs, 401(k)s, etc. How do taxes impact these?
17:02 – What if we want to give all our assets away and we are single versus married?
19:42 – Recapping everything we need to be asking.
21:55 – Once you go through this process, don’t stop. Create the plan and follow through with it.
Get the full show notes and additional resources by visiting our website here: http://smartmoneyquestions.com/podcastposts/episode-108-financial-questions-you-need-to-ask-before-getting-remarried-later-in-life/
It’s a question we get a lot from clients. Everyone has enjoyed the long run upwards in the stock market but now we’ve moved into the stage of worry and pessimism. But it’s not your fault. Headlines always make you fear the worst, and that’s why we’re going to address the elephant in the room and how to be prepared for the worst.
On this episode:
0:36 – We’ve been getting questions about the next market crash for a little while now.
3:17 – Question from Elizabeth: I’m retiring in 6 months and I’m worried about what will happen if we have a market crash before I reach the finish line.
4:03 – When is the next market crash going to happen?
5:14 – A way to take advantage of long-term market returns is to have different buckets of risk.
5:43 – My recommendation on when you should start looking and planning your retirement income.
7:24 – Seems like 8 out of 10 people want to know when the next crash is coming.
8:25 – What history tells us.
9:45 – You have to be prepared for it by structuring your plan correctly.
12:29 – Explaining the different types of risk buckets.
13:53 – We ask people if they understand what investments they’re in and how much risk is involved?
15:41 – A story about an old friend who reacted to the drop in 2018.
18:04 – Recapping everything we’ve talked about.
Get the full show notes and additional resources by clicking here.
Matt will be speaking at an event on the topic of empowering women in financial planning and it got him thinking a lot about examples in his personal and professional life that tie into the topic. This episode will run through statistics you need to know and the most important investment items you need to have in order.
Click here to see the full show notes.----more----
Today's rundown:
0:52 – Busy next year coming for Matt.
1:51 – What got me thinking about this topic.
5:14 – How to contact me with questions.
5:46 – Question from Lonnie: I’m planning on selling some property to do some different investment for retiring but I just discovered how much tax I’ll owe. Should I just hold onto it?
9:32 – Things that have happened in my personal life to make me want to do these workshops.
11:22 – Statistics that you need to know.
12:15 – What I’m talking about at the event and why it’s important.
12:31 – Understanding Social Security and pension planning.
13:07 – Understanding estate and legacy planning – life changes, power of attorney, living will and other considerations.
15:11 – Why beneficiary forms have to be addressed for every account.
16:10 – If your husband is taking care of all the finances, start getting involved in that process.
18:36 – Downloads I’m including today in the show notes.
We’ve already rolled into the third quarter of the year and that presents us with a great opportunity to evaluate our portfolio. Giving your plan a check-up will help keep it on track headed towards your goals so use this checklist focus on the most important questions.
Check out the full show notes by clicking here.----more----
Today's rundown:
0:35 – Introducing today’s topic.
2:30 – Understanding where we’re putting our money in a company plan.
3:15 – Ask if your company has a Roth 401(k) option.
4:41 – First thing we’re taking a look at.
4:57 – How Matt is investing right now based on current tax code.
5:21 – The difference in a Roth IRA vs Roth 401(k)
6:34 – Second thing to check: what allocation options are available to you and what are you currently in. Is your risk level where it should be?
7:46 – Next item: Is it time to rebalance the portfolio?
9:15 – Next item: What is your tax return going to look like at this point?
11:05 – Another thing: Is there opportunity for Roth conversion? An explanation follows.
12:05 – The difference between contribution versus conversion.
12:59 – In addition to the rebalancing, you want to try and take advantage of tax lost harvesting.
14:09 – Do you know what your Social Security estimate is? What about your pension if you have one?
16:01 – Understand the difference between good debt and bad debt with some examples.
18:39 – Reviewing your mid-year checklist.
A recent tax bill was signed into law in July 2019 and it serves as a reminder that understanding taxes is an important aspect to planning your retirement. Knowing how much of your money will be yours when you decide to access it will determine how much you actually need. On this episode, we discuss this tax law and answer a few questions sent to us.
Check out the full show notes by click here.----more----
Take a look at the full rundown below:
0:26 – Matt discovers goat yoga.
3:30 – On July 1, the Taxpayer First Act was signed. How did we get here?
4:09 – What the act does for you?
5:18 – No one is talking about this but it’s huge.
5:45 – Listener question: Just heard a presentation on oil well investing and I’m ready to jump right in. I want to make sure I’m not making a mistake.
8:10 – Client question: Am I going to be okay when I retire in seven years?
10:18 – The other common questions we get when someone is preparing for retirement,
13:53 – Why keeping up on tax laws is so important for investing.
15:10 – Listener question: I’ve enjoyed growth in my 401(k) but get the feeling I should capture my gains and take some risk of the table. What do you think?
Do you ever wonder what you might not even know to ask about? For instance, do you know what a stretch IRA is and how it works? Or how to designate beneficiaries and joint ownership over your accounts appropriately? Matt talks through the ins and outs of these things, answering your questions before you ask them.
See the full show notes here. ----more----
Take a look at the full rundown below:
0:38 – Episode overview about making sure you do what you are supposed to with your retirement accounts.
3:39 – If you are still working after 70.5 and contributing to your company 401(k), do you have to take RMDs on it?
7:31 – The SECURE Act is looking to raise the RMD age.
8:01 – What is a stretch IRA?
11:40 – Current plans are to eliminate and condense the stretch IRA in Congress.
12:40 – The importance of designated beneficiaries on your account.
14:29 – Can you add your spouse to an IRA?
16:42 – Creating joint ownership on after-tax accounts like cars, real estate, and bank accounts.
We've got a few listener questions on the docket for today. First up, we'll discuss Abe's question about being forced into an early retirement. Should he get another job? What items should he address before he is no longer receiving a paycheck? We'll also answer Blair's question about tax brackets in retirement. What is the real outlook on future tax rates, and how should we prepare? Finally, we'll take a look at how you can define financial security for yourself.
This week we speak with special guest Adam Quiney, an executive leadership coach, about how your relationship with money can define your experiences as an investor and as a retiree. We'll delve into how that relationship is formed and how it then influences your thoughts and decisions throughout each phase of your life.
At the end of May, Congress passed the SECURE Act, which will create some major changes to qualified retirement accounts. We'll look into what those changes will be, as well as possible future implications. And later, Matt shares a story about a client that highlights the importance of understanding the difference between gifting and inheriting.
We received quite a few responses from listeners after the last episode, so we'll be following up on last weeks's topic by discussing Roth IRA conversions. We'll also talk about what to do if you inherit a piece of property that you don't want, and we'll learn about Stretch IRAs.
This week, we'll delve into some listener questions about retirement accounts. Matt will clear up the difference between the tax characterization of different types of accounts, as well as whether they should be invested differently. He'll also discuss what happens if you overfund a Roth IRA, how your Social Security is taxed, and more.
When it comes to building a retirement plan, one of the biggest items that people overlook, or even avoid, is designating their beneficiaries. But taking the time to do this is key to ensuring that your assets are handed down in the way you intend, and that your estate does not go through probate. Matt gives us some tips on how to prepare these essential legal documents.
Matt recently received an email question from a knowledgeable DIY investor who is considering handing over the reins to a financial advisor, but is skeptical about the value an advisor could provide. So this week, we'll discuss what type of benefits a true holistic financial advisor should bring to both you and your investments.
The featured guest this week is Matt's current client Julie, who is in the process of planning for retirement and has been working with Matt for several years now. Julie provides some valuable insight into the planning process from a client perspective, and even offers up some great travel tips from her experience in the hospitality industry.
We've received a lot of listener questions following our interview with Harlan Accola. Jane wants to know about the preferred interest rate for a savings/money market account. Hector asks about the differences between a Roth IRA and a traditional IRA. Finally, Jim wonders about how to properly save for his kids' college plans. Matt will answer all those smart money questions and more.
If you're like most people, you've probably steered clear of reverse mortgages for one reason or another, but there's quite a bit more to them that isn't generally discussed. Matt brings in Harlan Accola to demystify the subject. Who should consider one, and who should not? What kind of options are available and what are the costs associated? And why do reverse mortgages have such a bad reputation?
This week, let's look into some basic steps that you can take towards building and protecting wealth, as well as finding peace of mind in your investment plan.
We love to feature your questions on the podcast. Join us as we answer your email questions on Social Security, market recessions, and inherited stocks.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link: http://smartmoneyquestions.com/podcastposts/episode-91-mailbag-social-security-inherited-stocks-market-recessions/
Many couples look to relocate or downsize in retirement. Relocating can be beneficial, but it presents questions you'll need to answer before you move.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link: http://smartmoneyquestions.com/podcastposts/episode-90-relocating-retirement/
Risk tolerance is a buzzword you often hear in the financial industry. It's important to understand what it is and how it applies to you as an investor.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link: http://www.smartmoneyquestions.com/podcastposts/episode-89-understanding-risk-tolerance/
There's a conversation Matt has with clients all the time. It's about market volatility. It's one of the most important things to grasp and understand as you prepare for retirement. On this episode, Matt will recount one of those recent conversations with a couple that came into his office, some of the questions they asked and how ultimately they were able to achieve more comfort with their financial plan.
Show notes for this episode: http://www.smartmoneyquestions.com/podcastposts/episode-88-market-volatility-risk/
Join us as we feature your email questions. We'll cover paying off your house and financial planning for married couples.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link: http://www.smartmoneyquestions.com/podcastposts/episode-87-paying-off-your-house/
This time of year, we tend to discuss the attitude of gratitude. In the spirit of the season, we want to take time to be thankful.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link: http://www.smartmoneyquestions.com/podcastposts/episode-86-attitude-gratitude/
On this edition of the podcast, Matt addresses scams that could attack your wealth and the question of whether a market crash could eat into your portfolio.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link: http://www.smartmoneyquestions.com/podcastposts/episode-85-scams-market-crashes/
As we move from work to retirement, we experience a paradigm shift. Suddenly, we’re moving from wealth accumulation to income distribution. Matt explains.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link: http://www.smartmoneyquestions.com/podcastposts/episode-84-paradigm-shift/
Many people think of financial advisors as money managers. In reality, advising is problem-solving. Matt gives examples of some of the puzzles he’s worked.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link:
http://www.smartmoneyquestions.com/podcastposts/episode-83-advising-problem-solving/
Soda taxes are causing folks in Seattle to rethink their purchases, and a new movement is helping millennials to retire early. Matt Explains.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link: http://www.smartmoneyquestions.com/podcastposts/episode-82-soda-taxes-fire/
People ask us what our retirement planning process looks like. Join us for part two of our series detailing one couple's journey through retirement.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link: http://www.smartmoneyquestions.com/podcastposts/episode-81-planning-process/
People ask us what our retirement planning process looks like. Join us on a two-part series as we detail one couple's seven year journey through retirement.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link: http://www.smartmoneyquestions.com/podcastposts/episode-80-matts-planning-process-part-01/
We'll answer your questions and determine whether you should get into the landlord game. We'll also examine whether you should open a self-directed IRA.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link: http://www.smartmoneyquestions.com/podcastposts/episode-79-landlord-game/
We're dropping "Money" from the show today and calling it Smart Questions. Matt shares Maggie's story about his wife's life-altering trip to the hospital.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link: http://www.smartmoneyquestions.com/podcastposts/episode-78-maggies-story/
Matt tells us about times clients have said they wish they'd met him sooner. He'll detail how doing so could've spared them a major headache.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link: http://www.smartmoneyquestions.com/podcastposts/episode-77-if-only-id-met-you-sooner/
We've talked for months about the tax code changes. Join us as we outline how these changes will affect your personal finances.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link: http://www.smartmoneyquestions.com/podcastposts/episode-76-new-tax-code/
Retiring early is a tempting goal, but it's not without complications. Matt offers insight into overcoming the challenges presented by an early retirement.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link: http://www.smartmoneyquestions.com/podcastposts/episode-75-early-retirement/
Learn what to do when you receive an ominous letter from the IRS. If the IRS is asking you for additional money, consider your options.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link: http://www.smartmoneyquestions.com/podcastposts/episode-74-letter-from-the-irs/
Your retirement plan should consist of more than a collection of investments. Discover the different planning elements that make for a sound retirement.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link: http://www.smartmoneyquestions.com/podcastposts/episode-73-more-than-just-investments/
Matt explains how to get the most out of your credit card purchases and apply your rewards toward traveling and other big ticket items.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link: http://www.smartmoneyquestions.com/podcastposts/episode-72-rvs-traveling-remodeling-credit-card-rewards/
Discover the difference between an advisor who offers you a sales pitch and one who engages in a truly comprehensive planning process.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link: http://www.smartmoneyquestions.com/podcastposts/episode-71-sales-pitch-versus-planning/
The retirement planning process is uncomfortable. Find out why it’s uncomfortable, and discover what you can do assuage your angst.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link: http://www.smartmoneyquestions.com/podcastposts/episode-70-retirement-process-uncomfortable/
We'll feature your listener questions from the Mailbag on emergency funds, market crashes, and the retirement planning process.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link: http://www.smartmoneyquestions.com/podcastposts/episode-69-mailbag-emergency-funds-market-crashes-planning/
Costly mistakes in your estate plan, specifically the passing of your qualified retirement accounts, are avoidable. Learn how, and prevent a headache.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link: http://www.smartmoneyquestions.com/podcastposts/episode-68-avoid-costly-mistakes/
Financial demographics and statistics are confusing, but they provide insight into financial planning. Find out what the data says about retirement today.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link: http://www.smartmoneyquestions.com/podcastposts/episode-67-financial-demographics/
Required minimum distributions (RMDs) are an inevitable part of retirement, but what should you do with that money? Matt explains.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link: http://www.smartmoneyquestions.com/podcastposts/episode-66-required-minimum-distributions/
We’re shaking things up on the podcast. Learn about co-host Walter Storholt’s home-buying experience. Discover how buying a house relates to your finances.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link: http://www.smartmoneyquestions.com/podcastposts/episode-65-walter-buys-house/
Taking an early retirement can be a tempting offer, but there are some things to keep in mind before pulling the trigger. Since Medicare does not cover you until you turn 65, have you considered what your health insurance options are once you are no longer working? Matt will go over some coverage options to keep in mind before you are eligible for Medicare.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link: http://www.smartmoneyquestions.com/podcastposts/health-insurance-options-before-medicare/
Be careful of making assumptions about certain areas of retirement planning before you really know the facts. Some of these assumptions could be correct, but they could just as likely be wrong…
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link: http://www.smartmoneyquestions.com/podcastposts/episode-63-bad-financial-assumptions/
Rich Swavely joins us for a casual conversation on taxes. We'll cover the good, the bad, and the ugly of recent tax reform in Washington.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link: http://www.smartmoneyquestions.com/podcastposts/episode-62-tax-reform/
In retirement planning, there are many things that are completely out of your control. Fortunately, the things that you can control allow you to deal with those things you can’t.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link: http://www.smartmoneyquestions.com/podcastposts/episode-61-things-you-cant-control/
Legal documents are confusing and typically come with a lot of complex vocabulary. Matt sorts through the jargon and explains why they're so important.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click this link: http://www.smartmoneyquestions.com/podcastposts/episode-60-legal-documents/
Putting A financial plan together can be overwhelming. We'll show you how to take the first steps toward getting started.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click here.
Retirement planning requires more than financial preparation. Matt details why it's important to set personal goals in retirement.
For detailed show notes, a corresponding blog post, and access to mentioned resources, click here.
Some great mailbag questions this week. Saul in Florida wants to know if he should sell off his office building and invest the assets. Marie in Pennsylvania is curious if three whole life policies is too much. Hank in Texas wants to know if he should put all his money in Roth from now on. And Samantha in Maryland's mom has a lot of money at her disposal. But she has no confidence to spend any of it. How can she feel more empowered to use the money without losing it or wasting it? Matt has answers to all of this week's smart money questions.
We've all heard the phrase about having too many cooks in the kitchen. On this podcast, Matt tells us about a time a client revealed to him that they had four different financial advisors. It prompted Matt to say, "You got what?" He'll tell us why having that many advisors can lead you down the wrong path.
We often talk about the importance of not leaving a 401k with your old company after you no longer work there. Let’s explore some of the benefits of a 401k rollover, why you might want to move it to an IRA, what the tax implications are and some of the other essential things to consider.
Matt gives us another solo podcast. This time, his thoughts are on how to ensure a worry-free retirement where someone can spend for their lifestyle without fear of running out of money.
The mailbag is full of good questions this week. Two of them touch on IRA issues. One person is concerned about recent losses in their portfolio while another is trying to figure out if now's the time to do a Roth conversion while in between careers. Bill might get to stop working a year early. Should he? And a great question from Kent. Should he push his friend in the pool for the financial advice he recently gave him?
Is it possible to pay off your mortgage with the balance of your IRA? Is it wise? Matt talks about a recent situation where this idea was broached. He'll seek to take the emotion out of the conversation and approach the conversation from a logical perspective.
Matt shares a personal story about having to help his parents through a difficult time. He'll also tell us about some of the scenarios his clients have faced over the years and offer you some ideas on how to best prepare for tough situations you and your parents might face.
They say these days that there’s a holiday of every day of the year. It’s kind of true. In fact, the month of April, for example, is home to Bowel Cancer Awareness Month, Fresh Florida Tomato Month, Fresh Celery Month, Multiple Birth Awareness Month and National Soft Pretzel Month (sorry hard pretzels, you guys have to wait until the overall National Pretzel Month in October). What does all this have to with finances? Well, April is also National Distracted Driving Awareness Month, which gave us the idea to discuss some of things that distract us financially. And since every single other thing in existence gets a holiday, we’ll make up our own to discuss on this week’s podcast. It’s National Distracted Investor Awareness Month. We’ll reveal the distractions that often peel our attention away from being good investors and savers and give you tips on how to stay on track.
Great questions on the podcast this week from Mark, Lynne and Carrie. Mark has questions about how to properly finance the decision to downsize to a smaller house. Lynne is wondering about working with big financial companies vs. independent advisors. And Carrie says an advisor is forcing her and her husband to live on a budget. It's a requirement for them to work together. She wants to know if that's normal and if Matt has seen other examples like this where advisors place certain "rules" on the client/advisor relationship.
We'll answer your questions this week in our mailbag edition of Smart Money Questions. Stella has a question about how international conflicts might impact the markets. Steve needs help figuring out how to pay for his son's college. Should he stop contributing to retirement for a few years to cover the tuition payments? Aaron has a bunch of smaller 401ks sitting around and wants to know what to do with them. And Lauren asks a great question about picking the right time to meet with an advisor. Do you wait until your 6 months away from retirement? Is 5 years away from retiring too soon to meet with an advisor? Matt will walk us through the answers to all those questions.
If you’re married, then this will come as no surprise. It takes two to complete a successful retirement plan. On this podcast, we’ll look at how husbands and wives have different financial goals and how that creates conflict. We’ll, of course, also explore how to resolve that conflict to establish a solid financial plan.
The quarterback on a football team is often considered to the most important person on the field. But they can’t always get the job done by themselves. Sometimes, they need to hand the ball off or throw it to a teammate to make progress down the field and ultimately score a touchdown. Your financial advisor should serve in a similar capacity. They’re the most important person in your overall planning situation, but they should also know when it’s the right time to bring in other professionals to help put together the best possible plan for you.
Let's answer your questions about being a good steward of an inheritance, using your home as a retirement plan and how to handle a spousal dispute when it comes to leaving money behind for the kids.
We'll answer listener questions about paying off a mortgage in the next two years and whether retirement planning is as easy as investing in target date funds. Plus, we'll see what Matt learned at his recent chocolate-tasting event and Walter will tell us what financial lessons you can learn from his (former) fear of thunderstorms.
You know it’s not a good thing to lie to yourself in any aspect of life. So, let’s “keep it real” and go over some of the common financial lies we tell ourselves and explore why it’s dangerous to approach retirement planning with these mindsets.
Carrie in Florida asks, "What’s going to happen with tax rates in the future? I’ve always assumed they’ll be going up for the rest of my life, but now I’m thinking maybe they’ll go down given recent decisions at the White House. What do you think?" We'll attempt to answer her question and give you some other things to think about when it comes to tax planning and retirement.
Many of the smart money questions that we feature on the show are from our very own listeners. On this episode, Matt will answer some listener questions about longevity planning, handling lump sums, and more.
Let’s look at some recent headlines to see how the news might impact you in the short and long term. We’ll cover news about big box retail struggles, bonuses getting handed out left and right, plus robots! Who doesn’t like talking about robots, right?
Psychologists have determined that retirement is the 10th most stressful event that you can experience in life. The events on the list that are considered more stressful include things like the death of a spouse, divorce, and going to jail. Let’s look at the ways to proactively deal with stress in retirement…
Very often, we hear people try to make excuses or explain away some of their questionable financial decisions. Let’s talk about why these excuses usually don’t hold water.
Let’s hear about a client who has lived to an advanced age, but they’re still in good shape financially, due in part to the great financial plan they have in place.
We'll ring in 2018 by answering your questions about age gaps, investing too conservatively, and what to do with an old rental property. Matt also has details about some upcoming events at the brand new office in Westchester. Plus, Walter reminisces on his days as a chocolate festival emcee. You won't want to miss the first episode of the year.
A lot of Americans have 401k accounts. Let’s cover some of the common questions we get from 401k owners. You probably have some of these questions on your mind anyway. Oh, and this advice generally applies if you have a 403b or similar type of account, too.
In the spirit of the holiday season, let’s pretend that Santa Claus is filling up the stockings of retirees and pre-retirees with useful financial resources. But you can only fit 6 items into the stocking. Which 6 would you choose?
What happens when you retire before Medicare eligibility? What do you do if your significant other is a tightwad when he doesn't really need to be? Is it OK to buy a brand new car on credit right at retirement? What should you do if you're getting an unexpected divorce right before retirement? We'll answer all those questions and more on this week's "Mailbag" edition of Smart Money Questions.
Part 2 of our discussion of the 7 tips for grandparents to consider as they help their grandchildren grow into financially savvy adults.
A common question we often get, that’s not even really related to investing, is from retirees wanting to know how they can help pass their financial wisdom on to the next generation. So, let’s touch on seven tips for grandparents to consider as they help their grandchildren grow into financially savvy adults.
Occasionally, someone meets with an advisor just in the nick of time. Let’s hear about a time a client was about to make a bad financial mistake, but it was averted because of meeting with Matt.
Let's answer your questions about nursing home planning strategies, Roth conversions, and what to do if you hate every financial advisor you meet.
Understand a new paradigm in today's retirement landscape - Debt. Learn why it's become a pervasive problem in retirement and how you can handle the different debt issues you might have to navigate.
Answering your questions about long term care, TSP accounts, working with an advisor for the first time and whether it'd be wise to dump all your money into precious metals.
There’s no such thing as a dumb question. So, let’s explore some of the questions you should ask a potential advisor, or even your current advisor (assuming you haven’t asked them these things before).
It can be difficult to make financial sacrifices when the reward for doing so might not be seen until several years in the future. Let’s talk about some of the situations where you might be inclined to take the immediate benefit, but you should really consider the delayed benefit.
Matt answers listener questions about pensions, lack of advice, long-term care, and market growth.
Lots of people have questions about their retirement, but most people should be asking other questions that they don’t even know to ask. Let’s break down the “un-asked questions” of the financial world
A lot of people aren’t clear on why RMDs exist. Let’s clear up the confusion and talk about the proper ways to handle RMDs and how you should be planning for them.
A 401(k) is a great investing tool, but is it the right fit for you? Find out on this edition of Smart Money Questions.
We'll take your listener questions on early retirement packages, mortgages and retirement, and whether inconsistent communication with your financial advisor is problematic.
With the football preseason already unfolding, let's hold a financial draft. Learn about the different "players" you should have in your portfolio.
We'll talk about how your financial world may be more of a game show than true planning.
We'll take listener questions on several topics. Whether it's an IRA or an issue with a 401k, we'll do our best to help resolve your problems.
We'll discuss the things in retirement that you may not of have know about. We'll also talk about just how impactful these things can be.
Rebalancing is a popular buzzword, but what does it actually mean? We'll address that Smart Money Question on this edition of the podcast.
We'll discuss the common mistakes people make when naming beneficiaries to their accounts.
We'll examine some of the "rookie mistakes" even the most seasoned of investors can make. We'll be sure you're not making them as well.