Wealth Wednesday: Recent Episodes

Commonwealth Financial Services

This is Wealth Wednesday. We share our insight on financial matters that impact you. Driven by our core values of integrity, insight, and innovation, we strive to provide a balanced discussion on topics we encounter as we help our clients navigate to and through retirement.

For more information about our firm, visit https://cfswv.com

Our Advisors: Todd Kimpel, ChFC®, CLU® Michael Seese, CFP® Daniel Spurgeon, CFP® Andrew Dollman Nikki Lude, CFP® Juley Daley, RICP® Neal Watson, CFP® James Watson Tyler Szafran, CRPC®

Advisory Services are offered through Arbor Point Advisors, LLC. Securities are offered through Securities America, Inc. Member FINRA/SIPC. Commonwealth, Arbor Point, and Securities America are separate entities.

On July 1, we woke to learn the stock market posted its worst first half since 1970. The bond market did not do well either in the first six months. Today we review the investment markets for the first half of this year, and offer some thoughts about what you can do to weather this storm.

In this episode:

0:00 – Intro

0:14 – Disclaimer

0:34 – Stocks and bonds in the First Half

3:02 – A unique year for investors

4:12 – Something interesting: Some of the pandemic “winners”

6:53 – How does this bear market stack up?

8:28 – Is it as bad as we imagine?

9:21 – The four most dangerous words in investing.

10:36 – The next 100% move in stocks.

11:56 – Bad times make investing harder

13:40 – Working behind the scenes

To watch the full episode and see the charts please visit: https://cfswv.com/cfsblog/first-half-2022-investment-review

A dismal first half

Stocks and bonds both suffered losses in the first half of the year. This created some real challenges for all of us.

A Unique Year

This is the first time in a long time we have seen stocks and bonds both decrease significantly.

Some interesting data: A few pandemic “winners”

Several companies did very well during the covid pandemic. Below are just a few examples of companies that enjoyed a meteoric rise. Unfortunately, many of them also had a massive crash!

The Next 100% Move in Stock Prices.

Nobody really knows which direction the next 20% move in stock prices will be. We are pretty confident which direction the next 100% move will be.

Appearing in this video

Derek Bailey – Derek is the Commonwealth Financial Services Research Coordinator. He closely monitors the investment markets and reviews investments we use to help our clients.

Daniel Spurgeon, CFP® - Dan is a Certified Financial Planner™ Professional in Parkersburg, West Virginia. He specializes in retirement planning and wealth management.

Neal Watson, CFP® - Neal is a CFP® Pro in Marietta, Ohio. He has been a financial consultant for 26 years.

Divorce can add challenges when planning for retirement, especially for women. Jennifer, 50, divorced her former husband a few years ago. She asks, “How can I Retire at 65?” We take a closer look at her situation and dig into the details to make sure she is on the right track.

Watch now: 50 and Divorced: How Can I Retire at 65?

Timeline

– Introduction

– Disclaimer

– Jennifer’s Situation

– Making her money work harder for her.

– Social Security for Divorced Spouses

– Social Secuiry’s basic rules for Divorced Spouses

– Projecting her income

– What can she do to improve her outcome

– Checking the details

– What does retirement look like?

What if she remarries?

– Final Thoughts.

Outro

Video

Jenifer sent us this information:

I’m 50 years old. About 5 years ago, My ex-husband and I divorced after 23 years of marriage. My oldest child will finish college next year, and the youngest is going to be a sophomore, but has plans on grad school. Most of the jobs I’ve had have not been what I would call “high paying.”

When we divorced, I received about $200,000 from my Husband’s 401k, today it’s worth about $220,000. I don’t know much about investing, so I’ve just had it a fund that wouldn’t lose money.
We sold the house, and I have about $56,000 leftover from the sales proceeds. I’ve use some of this to help my kids while they are at school.
I earn about $40,000 per year—I take home about $2,400 per month after all deductions.
I have about $43,000 in my own retirement plan. I contribute about 6% of my pay and my employer matches that dollar for dollar.

What do I need to do so I can retire when I’m 65?

To learn more, please visit: https://cfswv.com/cfsblog 50-and-divorced-how-can-i-retire-at-65

Retirement #RetirementPlanning

Looking at How Jenifer Invests Her Money

To this point, Jenifer has been very conservative with her investments. This means she is giving up the opportunity to significantly improve her retirement picture. By better allocating her investments she can pursue longer term growth to help her reach her needs.

Understanding Her Social Security Benefits

Jennifer was married for 23 years prior to her divorce. She can potentially claim Social Security spousal benefits on her former husband’s earnings record. There are a few rules that still apply.

Back of the Envelope Math

By doing some rough calculations, Jennifer is positioned well for retirement. She still has time to save and allow compounding to work in her favor. How much can she accumulate and how much income will her nest-egg generate.

What if? – Things she can do to improve her outcome

Things don’t always go as planned. The answers aren’t always as simple as “save more.” There are other things Jennifer can do to improve her retirement picture

Checking the details

Most likely, Jennifer doesn’t want her ex-husband to inherit her nest egg. Now is the time to check beneficiary designations and other legal documents.

What does retirement look like?

One of the more helpful things to help someone plan for their retirement is to understand what they want to do when they stop working.

What if she remarries?

If Jennifer remarries, it will add complexity to her situation. Social Security benefits could change. She needs to think about beneficiary designations and some other financial parts of life.

Need help?

If you would like help planning for your retirement, you can reach out to one of our financial advisors. They can help you chart a course for what lies ahead. Simply complete the form to arrange a 15 minute phone call.

Appearing in this video;

Nikki Lude, CFP® - Nikki is a Certified Financial Planner™ in Woodsfield, Ohio. For nearly 20 years she has been helping people plan for retirement, manage wealth, and better integrate money with their lives.

Neal Watson, CFP®- Neal is a CFP® pro in Marietta, Ohio. He began helping people with their retirement and financial planning needs in 1996.

Want to Retire at 57? Here’s what you need to know

Many young people would like to retire as early as they can. It is possible, but there are some major obstacles in front of you. If you want to retire at 57 (or any age for that matter), here is what you need to know.

To learn more, please visit – https://cfswv.com/cfsblog/want-to-retire-at-57

Obstacle 1 – Health Insurance

Health insurance will be a significant expense if you retire prior to being eligible for Medicare. Expect a large outlay and coverage with high deductibles and out of pocket limits.

Obstacle 2 – Long-term stress on your savings.

Retiring early means your savings will have to last longer. This means you need to set your withdrawal rate lower to reduce the risk to your nest egg. It might also mean you have to accumulate more. In addition, if you retire prior to age 62, you can’t depend on Social Security for a portion of your income.

Obstacle 3 – Debt

Mortgage payments and car payments are often big items on your household budget. Doing what you can to eliminate those payments makes retiring (at any age!) easier.

What can you do – Save more!

It is an obvious suggestion. If retiring early is on your mind, you need to be very aggressive with how much you save. It will have the biggest impact on how much you accumulate over time. You might also need to be more aggressive with your investments to try and improve the longer term returns.

What can you do – Eliminate debt.

If you can find room in your cash flow to pay off the mortgage or your car before you retire, you’ll be in a better position. Look closely at how this strategy can impact your longer-term plans.

What can you do – Live a healthier lifestyle.

You may not avoid health insurance premiums. But you can do things to improve your health. Doing things to help you avoid chronic conditions or other longer term problems can result in smaller expenses for health related costs.

What you should know – Retiring early can impact Social Security benefits.

Retiring early can reduce your primary Social Security benefit. In addition, you may be in a position where you need to start taking your benefits early. That will also reduce your benefits.

What you should know – Accessing retirement accounts without the 10% penalty.

Traditional IRA’s, 401k’s and other types of retirement plans often come with a 10% tax penalty for early distributions. There are ways to get the money out of these accounts without facing the penalty. They can be complicated, and you should talk to an advisor.

What you should know – plan for future tax flexibility

When you are saving for retirement think about taxes in the future. Tax deferral is a useful tool, but having the ability to manage your taxes in the future can also be beneficial.

It starts with a plan

If you want to retire early, the financial planning process is critical. It can help you determine how to make that dream a reality. If you need help, reach out to one of our financial advisors to talk about your retirement planning needs.

Appearing in this Episode:

Mike Seese, CFP® - Mike is a Certified Financial Planner™ Professional in Parkersburg West Virginia. He has been helping clients with retirement planning and wealth management for more than 25 years.

Andy Dollman – Andy is a financial consultant in Parkersburg, West Virginia. He has been working with clients for 4 years to help them plan for retirement.

Neal Watson, CFP® - Neal is a CFP® Pro and a financial advisor in Marietta, Ohio. He started helping clients plan for retirement in 1996.

Paul and Elaine are 58 years old. So far they have saved about $58,000 for their future. What can they do to plan for retirement? We take a look at some basic concepts to help them get on the right track with their retirement planning.

Paul sent us this question.

I’m 58 years old and have a little over $58,000 in my 401k. My wife, Elaine works but doesn’t have a retirement plan at work. Combined, we make about $85,000 per year, (Paul earns $60k, Elaine makes $25k). We have about 17 years left on our mortgage and the payment is $1,100 per month. Currently, I save about 5% of my pay in my 401k, because that is all my employer will match. I checked with Social Security, they estimate my benefit to be about $2,100 per month, and Elaine’s at $1,350. I would like to retire before lunch hour on the day of my funeral, what can I do?

Watch Now: I’m 58 Years Old with $58K, How Can I Retire?

– Intro

– Disclaimer

– Tip 1: Make a Good Decision About Social Security

– Tip 2: Save More

– Tip 3: Eliminate Debt

– Tip 4: Consider Using a Roth 401(k) or Roth IRA

– General guidelines if you’ve started planning for retirement later in life.

– The importance of understanding cash flow.

– Outro

Appearing in this video

Todd Kimpel, CLU®, ChFC® - Todd is a financial advisor with more than 4 decades of experience helping people plan for retirement and manage wealth. He is located in Wheeling, West Virginia.

Andy Dollman – Andy is a financial consultant in Parkersburg West Virginia. He has been working to help people plan for retirement for 3 years.

Neal Watson, CFP® - Neal is a Certified Financial Planner™ Professional in Marietta, Ohio. He has over 25 years’ experience helping clients create financial plans and manage wealth.

Retirement #RetirementPlanning #RetirementIncome

Today we discuss 5 key things you need to know about Social Security when planning for retirement.

Intro
Your normal retirement age
How your benefit is calculated
The impact of inflation
Spousal and Survivor Benefits
How Social Security Benefits are taxed
Where do you start?
Avoid this mistake if you’re self employed
Outro

To learn more, and see the charts used in the video, please visit:

Appearing in this video:

Nikki Lude, CFP® - Nikki is a Certified Financial Planner™ in Woodsfield, Ohio. She has been helping clients plan for retirement and manage wealth for over 15 years.

Tyler Szafrzn, CRPC®-Tyler is a financial consultant in Wheeling West Virginia. He joined the Commonwealth Financial Services team in 2021. He works with clients to help them with their financial planning needs.

Neal Watson, CFP® - Neal is a CFP® Professional in Marietta, Ohio. He has over 25 years experience in retirement planning, investment management, and financial planning.

Medicare is health insurance for retirees. Once you reach age 65, you are eligible for insurance coverage under the program. In 2020, an estimated 54 million retirees were covered. You paid into the program over your working life, and now it is time to understand how it works. Today we cover the basics of Medicare, Medicare Supplements and Medicare Advantage Plans.

– Intro
– The basics of Medicare, Part A, Part B, and Part D
– Medicare doesn’t pay for everything
– Filling in the gaps
– Other important things to know about supplements and Medicare Advantage Plans
– Understanding the difference between supplements and advantage plans.
– The key factors you should consider
– Start early and know the details

To learn more, please visit: https://cfswv.com/cfsblog/basics-of-medicare

Appearing in this video:

Neal Watson, CFP® - Neal is a Certified Financial Planner™ professional in our Marietta, Ohio office. He has over 25 years helping people with their retirement planning and wealth management needs.

Michael Seese, CFP® - Mike is a CFP® Pro in our Parkersburg Office. He began his career more than 25 years ago. He works to help people plan for their retirement and build wealth.

Julie Daley, RICP® - Julie is a financial consultant in our St. Clairsville office. She has been helping clients plan for retirement, build wealth, and plan for a strong financial future for over 15 years

One of the most valuable resources in the world of money is time. Whether you are saving for retirement, managing risk, building a portfolio or planning an income stream, time is a major part of the equation. Today, we focus on the value of time.

0:00 – Intro
0:42 – The power of compounding
4:10 – Time heals investment wounds
6:27 – Longer holding periods reduce risk
8:51 – Time affects your retirement income choices
10:35 – Use the time you have wisely
13:25 – Final Thoughts
14:47 – Outro

This episode was inspired by two blog posts. The first, Being Present, can be found here. (https://spilledcoffee.substack.com/p/being-present). And the second is called The Tail End. It can be found here. (https://waitbutwhy.com/2015/12/the-tail-end.html). The original author uses some more colorful language. Our apologies if you find this offensive.

To watch this episode and view the charts used, please visit: https://cfswv.com/cfsblog/the-value-of-time

Appearing in this episode

Daniel Spurgeon, CFP® - Dan is a Certified Financial Planner™ located in Parkersburg, West Virginia. He helps clients with retirement planning, investment management, and comprehensive financial planning.

Tyler Szafran, CFPC® - Tyler is a financial consultant in Wheeling West Virginia. He has over 8 years of experience helping people navigate the financial world. .

Neal Watson, CFP® - Neal is a CFP® Pro in Marietta, Ohio. For more than 25 years, he has helped clients plan for retirement.

This year has been a challenge for investors. The stock market has dropped significantly and is well into a correction. It has fallen enough, we are almost in a bear market. (The NASDAQ is in a bear market!). Probably one of the more frustrating parts of 2022, the bond market has not helped the way it normally does.

To see the charts used in this presentation, please visit: https://cfswv.com/cfsblog/almost-a-bear-market-for-stocks

About Commonwealth Financial Services. Commonwealth Financial Services has 9 financial consultants in Ohio and West Virginia. We have offices in Wheeling, Parkersburg, St. Clairsville, Woodsfield, Marietta, and Athens. There are 4 Certified Financial Planner Professionals on staff, and our financial advisors have more than 130 years of combined experience. We help people with retirement planning, investment management, and wealth management strategies. #StockMarket #BearMarket #StockMarketCorrection

Shares for more than 6,000 companies trade on the US Stock Exchanges. Add in the shares from other countries and you have a number that will blow your mind. How do we look at Stocks? It starts with how we keep score. Then we break down the various parts of the market as a whole. This is a deeper dive into stocks.

Time line.

Intro
Keeping Score – the common indexes
Size Matters
Growth vs Value
give up making a killing to avoid being killed
Snow or Rain, it’s all water
Outro

To learn more, please visit: https://cfswv.com/cfsblog/a-deeper-dive-into-stocks

Appearing in this video –

Andy Dollman – Andy is a financial consultant in Parkersburg, West Virginia. He specializes in helping people with their retirement planning and wealth management needs.

Nikki Lude, CFP® - Nikki is a Certified Financial Planner™ Pro in Woodsfield, Ohio. She earned her CFP® designation in 2008 and has been helping clients since 2003.

Neal Watson, CFP® - Neal is a financial advisor in Marietta, Ohio. He has helped clients with their retirement planning and wealth management needs for more than 25 years.

To learn more about Commonwealth Financial Services or to contact an advisor near you, please visit: https://cfswv.com

In case you hadn’t noticed, interest rates are up. We haven’t had to deal with this in quite some time. It is a major concern for our clients. Today we talk about the challenges of higher interest rates.

In this episode:

Intro
What higher interest rates mean for existing bond investments.
If bonds are going to decrease in value, why should I hold them?
The current struggles with holding cash.
Higher interest rates affect everyone.
We are hiring.
Parting thoughts.

To learn more about this topic, please visit: https://cfswv.com/cfsblog/challenges-with-higher-interest-rates

Mike Seese, CFP® - Mike has been a financial advisor for more than 25 years. He has helped clients navigate through both the difficult and good times. He is located in our Parkersburg, WV office.

Julie Daley, RICP® - Located in St. Clairsville, Ohio, Julie works with families and retirees to help them plan for a better future. She has more than 15 years experience as a financial advisor.

Neal Watson, CFP® - Neal is in our Marietta, Ohio office. He began his career as a financial consultant in 1996.

We are hiring: To learn more about the career opportunities at Commonwealth, please click here.

There is always a reason to sell stocks. Whether it is inflation, interest rates, wars, or politics you can always find a reason why selling stocks is a good idea. In this episode we also discuss paying off your mortgage vs. Investing, and Spending Risk.

0:00 – Intro
0:25 – Investing vs. payoff your mortgage
4:29 – Spending risk in retirement
10:44 – Always a reason to Sell
10:18 – We are hiring

Learn More: https://cfswv.com/cfsblog/there-is-always-a-reason-to-sell-stocks APPEARING IN THIS VIDEO ANDY DOLLMAN Andy is one of the financial consultants in our Parkersburg, WV office. He has helped clients with retirement planning, investment advice, and financial planning for the past 4 years.

DANIEL SPURGEON, CFP® Dan is a Certified Financial Planner™ Pro in Parkersburg WV. He began his career as a financial advisor 8 years ago. In addition to retirement planning and financial planning, he helps clients with their investment management needs.

NEAL WATSON, CFP® Neal is a financial consultant in our Marietta, Ohio office. Neal has been a CFP® Pro since 1999 and a financial advisor since 1996.

We Are Hiring!

To learn more about the career opportunities with Commonwealth Financial Services, please click here.

Divorce causes stress in many ways. Emotions run hot, and you must deal with many different aspects of life. Many times, the financial side may not get the attention it deserves. Today on Wealth Wednesday, we discuss how you can handle some of the money issues during the negotiating stage and after the dust has settled.

In this episode

– Introduction

– How will the division of assets impact your future?

– How to avoid Emotional mistakes

– Dividing a Retirement Plan using a QDRO

– Dividing Real Estate

– An example of creative planning to solve a problem

– Protecting child support an Alimony

– Handling volatile assets

– Implications for Business owners

– Shares or dollars: How do you decide?

– How can women better prepare for this?

– Planning after the fact

Appearing in this episode:

Todd Kimpel, CLU®, ChFC® - Todd is our most experienced financial advisor, helping clients for over 40 years. He is located in Wheeling, West Virginia.

Julie Daley, RICP® - Julie is our financial advisor in St. Clairsville, Ohio. She has been helping clients plan for their futures for over 15 years.

Neal Watson, CFP® - Neal is a Certified Financial Planner™ professional in Marietta, Ohio. He has been working with clients for over 25 years.

To learn more about this episode, please visit our website at: https://cfswv.com/cfsblog/financial-aspects-of-divorce

Divorce #FinancialPlaning #DivorceFinances

Commonwealth Financial Services has 6 offices in Ohio and West Virginia. Our team of nine financial advisors has over 130 years of combined experience.

If you would like to talk about your situation with a financial advisor, click here.

In this episode, we look at what happened in the first quarter of 2022. (Spoiler alert: It wasn’t a good quarter). Then we discuss what we are hearing from clients and share some thoughts on how you can deal with some of the stress and adversity you face as an investor.

Introduction
Treasury Yields and Bonds
A look at the stock market.
The big story: Oil Prices
A quick look at Gold prices.
What we are hearing – Pessimism, doom, and gloom.
How to deal with some of the stress and anxiety
The media is a source of stress
Risk Capacity
Adversity happens, but we often forget that it does.
What we are going to be dealing with in 2022 and beyond
There is always a reason to sell or avoid stocks
How does this correction stack up to others?
Parting Thoughts

(video)

Appearing in this video –

Derek Bailey – Derek is our research coordinator. He helps us keep track of what is going on in the financial world.

Michael Seese, CFP® - Mike is a Certified Financial Planner™ Professional. He began his career in 1996. Through that time he has helped guide clients through bear markets and corrections. Mike is in our Parkersburg, West Virginia Office.

Neal Watson, CFP® - Neal is also a Certified Financial Planner™ Pro, and like Mike, he started his career as a financial advisor in 1996. Neal is based in Marietta, Ohio.

To learn more about this topic and to see the charts we used in the video, please visit: https://cfswv.com/cfsblog/First-Quarter-Recap

Note: Index data obtained from Standard and Poors. An investment cannot be made directly in an index, past performance does predict future results. All charts shown do not represent an actual investment.

4 Things You Need to Know About Social Security

During the retirement planning process, It is important to consider your Social Security benefits. But some of the planning goes beyond some of the basics. Today we want to share 4 things you need to know when thinking about your Social Security benefits.

Intro
Some key facts about Social Security
1. Your decision affects your spouse.
1. How income replacement works.
1. The cost-of-living adjustment
1. Earnings limits while receiving benefits.
The importance of including Social Security in the Retirement Planning Process
Will Social Security still be there for you?
You control your destiny, but don’t ignore Social Security
Wrap up

Watch Now: 4 Things You Need to Know about Social Security

To learn more or have a conversation about your situation, please visit: https://cfswv.com/cfsblog/4-things-you-should-know-about-social-security

Appearing in this video:

Tyler Szafran, CRPC® - Tyler joined our firm as a financial advisor in 2021. Prior to joining us, he worked for a large retirement plan provider helping participants answer their financial questions. Tyler is based in the Wheeling, West Virginia office.

Neal Watson, CFP® - Neal has been a financial planner since 1996, and earned his Certified Financial Planner™ designation in 1999. He joined the Commonwealth team in 2021. He is based in Marietta, Ohio.

Learn more about our team of financial advisors in Ohio and West Virginia by clicking here: https://cfswv.com/our-team

According to Cerulli and Associates, nearly $70 Trillion will transfer from one generation to the next. For some, an inheritance could be a life-changing event. For others, it could create a new set of problems. If you are inheriting money, what should you do? Todd Kimpel and Nikki Lude share some of their knowledge and experience on what you need to consider when you inherit assets.

Introduction
Disclosures
Where do you start?
Dealing with emotional stress?
Emotional Attachments to Inherited Stock
Dealing with life-changing money
Should you pay off debt?
Tax Issues – Cost Basis Adjustments
Tax Issues – IRA’s and Qualified Retirement Plans
Tax Issues – Life Insurance and Annuities
Disclaiming Assets
Final Thoughts.
How to get help with your situation.

To view this episode on our website please visit: https://cfswv.com/cfsblog/im-inheriting-money-now-what

inheritance #FinancialPlanning #EstatePlanning #Inherit #Ohio #WestVirginia #PersonalFinance

Appearing in this Episode:

Todd Kimpel, CLU®, ChFC® began his career as a financial advisor more than 40 years ago. Based in Wheeling, West Virginia, he helps clients with retirement planning, and wealth management.

Nikki Lude, CFP® is one of our Certified Financial Planner™ Professionals. She has been working with clients since 2003 and is located in Woodsfield, Ohio. She helps clients with comprehensive financial planning and their investment management needs.

Neal Watson, CFP® is one of our Certified Financial Planner™ Professionals. His career as a financial advisor spans more than 25 years. Located in Marietta, Ohio, Neal helps clients with retirement planning and wealth management.

To learn more about the Financial Advisors on the Commonwealth team, please visit: https://cfswv.com/About . We have six offices in Ohio and West Virginia. You can find us in Parkersburg, Wheeling, Athens, Marietta, St. Clairsville, and Woodsfield.

As you approach retirement, the financial risks of long-term care costs become a greater concern. Potential out of pocket costs can surprise many. Locally, a nursing home stay can cost between $6,000 and $8,000 per month. Full time in-home care can exceed $10,000 per month. A prolonged stay can create a lot of financial stress.

In this episode of Wealth Wednesday:

Introduction
Long-term care statistics.
How concerned are clients?
The basics and potential cost of Traditional long Term Care Insurance
Key factors in your purchase decision.
Linked Benefit Polices and their cost.
Who should be considering this type of insurance coverage
Sticker Shock
Alternatives if coverage is too expensive.
A Growing Concern
Wrap up

To learn more about this topic and see some of the charts used in this video, please visit: https://cfswv.com/cfsblog/

Appearing in this video…

Michael Seese, CFP® - Mike has been a financial advisor for over twenty years. He has helped many clients with their financial planning and wealth management needs.

Andy Dollman – Andy began his career as a financial advisor in 2018. He is located in our Parkersburg, West Virginia office.

Neal Watson, CFP® - Neal’s career as a financial advisor began in 1996. He is located in Marietta, Ohio.

To learn more about our team of financial advisors in Ohio and West Virginia, our processes, and philosophies, please visit: https://cfswv.com/about

NursingHome #LongTermCare #FinanicalPlanning

There is something about turning 50 that makes you focus on what lies ahead—namely retirement. Today our two financial advisors who just crossed into that age group share 5 tips to help you better prepare for your retirement.

Intro
Tip 1: Emphasize Saving
Tip 2: Have a plan to eliminate your Mortgage before you retire.
Tip 3: Get things in order
Tip 4: Think about your retirement income
Tip 5: Don’t forget about growth
Parting Thoughts.

To learn more about this topic, please visit: https://cfswv.com/cfsblog/5-Financial-Tips-For-Fifties

Appearing in this video:

Michael Seese, CFP® - Mike is one of our partners. He is a Certified Financial Planner™ Professional who specializes in helping people with retirement planning and wealth management. Mike is based in Parkersburg, West Virginia.

Neal Watson, CFP® - Neal is also a Certified Financial Planner™ Professional on our team. As a financial advisor, he helps people with comprehensive financial planning and planning for retirement. Neal’s office is in Marietta, Ohio.

To learn more about our team of financial advisors in West Virginia and Ohio, please visit: https://cfswv.com/about

Women face different challenges than men when planning for retirement. We focus on some of those difficulties and share some of our experiences.

In this episode:

Intro

Some interesting statistics
What I’ve seen – Julie’s experiences.
What I’ve seen – Nikki’s experiences.
Not Simple
Overcoming Divorce
Surviving Spouses
Social Security
Overcoming Obstacles
Outro

Appearing in this video:

Julie Daley, RICP® - Julie is a financial advisor in St. Clairsville, Ohio. She has over 15 years of experience helping men and women with retirement planning and wealth management.

Nikki Lude, CFP® - Nikki’s office is in Woodsfield, Ohio. She has been a financial advisor for almost 20 years. She helps clients with their wealth management, financial planning and retirement planning needs.

To learn more about this topic, please visit: https://cfswv.com/cfsblog/challenges-women-face-when-planning-for-retirement

Commonwealth Financial Services is a firm with offices in Ohio and West Virginia. Our financial advisors specialize in financial planning, retirement planning, and Wealth Management. We utilize a fiduciary approach to always put your interests first. You can find our locations in Wheeling, Parkersburg, Athens, Marietta, St. Clairsville, and Woodsfield.

The stock market posted above-average annual returns over the past 13 years. Other factors indicate there may be a higher level of risk in the stock market. In addition, higher inflation, increasing interest rates, and rising geopolitical tensions add to the possibilities of a significant correction or bear market. Could this mean we are entering the retirement danger zone?

Studies have shown, a negative year—or two—early in your retirement could put a lot of stress on your nest egg. The financial industry calls this sequence of returns risk. In today’s episode, we discuss…

Intro
Something interesting – the potential cost of emotional investment decisions.
Defining Sequence of Returns Risk
Why should we worry about this now?
It’s not the little drops you should worry about.
Investment Math
A real-world example of how Sequence of Returns can impact you.
What are some things you can do to manage this risk?
Future returns are hard to predict.
Three things you can do right now.

If you would like to read our recent comments on the investment markets for early 2022, please visit: https://cfswv.com/cfsblog/a-rough-start

To learn more about this topic and to see the graphics in this video, please visit: https://cfswv.com/cfsblog/the-retirement-danger-zone

RetirementPlanning #BearMarket #Retirement

Appearing in this video

Todd Kimpel, CLU®

Tyler Szafran, CRPC®

Neal Watson, CFP®

Learn more about our firm: https://cfswv.com

Contact a financial advisor near you: https://cfswv.com/contact

One of the key stories in early 2022 is inflation. Simply put, inflation means, every year, everything you buy costs more. More recently, those increased prices seem to hit a little harder. We see it at the pump, the grocery store, and in the housing market. To limit the impact of inflation, the Federal Reserve will increase interest rates. That also impacts you.

Intro
Something Interesting: Super bowl champs and stock market results.
Nobody is immune from higher prices.
Interest rates affect borrowers.
How higher interest rates can impact the overall economy.
How higher interest rates impact bonds.
Eventually, higher interest rates can be good for savers.
What should you do to prepare for a higher interest rate environment?
What should investors do to prepare for higher interest rates.

Inflation #InterestRates #Investing

To learn more, please visit https://cfswv.com/cfsblog/dealing-with-inflation-and-higher-interest-rates

Appearing in this video.

Daniel Spurgeon, CFP®

Andy Dollman

Neal Watson, CFP®

To learn more about Commonwealth, or to speak to a financial advisor near you, please visit: https://cfswv.com

Protecting your income and your assets is a key part of any financial plan. And normally when we plan for this, we are talking about life insurance. In today’s episode.

Intro
Something Interesting – What happens after a “mild year” in the stock market.
Basics of Term Life Insurance
How much protection should you consider.
Permanent Life Insurance.
An Effective tool for: business buy-sell agreements.
An Effective tool for: Covering Nursing Home Expenses
An Effective tool for: Charitable Giving.
An Effective Tool for: Paying a Tax Bill
An Effective tool for: Leaving a legacy to your family.
Parting thoughts: Life Insurance can be the right tool for the job.
Parting thoughts: Protection is important.

For more information, please visit: Https://cfwwv.com/cfsblog/protecting-your-income-and-your-assets

The 401k is one of the best tools you can use to save for retirement. Payroll deductions make it an easy and automatic way to save and invest for your future. But there is a small problem. How do you know which funds to use? Some plans offer very few choices, and others may offer hundreds. Today we discuss what factors go into your decision when picking the funds in your 401k.

Intro
0:54 – Where do you start?
2:28 – Narrowing down the list of choices into a good strategy for you.
4:15—Keep it simple.
6:31 – Target Date Funds: What Are They.
7:34 – Target Date Funds: Common Mistakes People Make
8:42 – What can you do to get the most real-life value from your plan?
9:51 – You don’t have to do it alone. Help is available if you want it.
11:08 – Conclusion

To learn more about this topic, please visit: https://cfswv.com/cfsblog/what-funds-should-i-pick-in-my-401k

Appearing in this video:

Andrew Dollman

Nikki Lude, CFP®

Neal Watson, CFP®

To learn more about Commonwealth Financial Services or to contact one of our financial advisors, please visit: https://CFSwv.com

401k #RetirementPlanning #FinancialPlanning

One of the most frequent questions asked during client meetings is, “What happens to my IRA when I die?” In this episode we discuss:

How a surviving spouse can handle an IRA
Define eligible designated beneficiaries and the rules they follow.
Discuss the 10-year rule for other beneficiaries.
The problems with not naming beneficiaries on your IRA or retirement plan.
Using a trust as a beneficiary

And don’t forget these rules apply to both traditional and Roth IRA’s.

To learn more, please visit: https://cfswv.com/cfsblog/what-happens-to-my-ira-when-i-die

Appearing in this video:

Michael Seese, CFP®

Tyler Szafran, CRPC®

Neal Watson CFP®

IRA #401k #FinancialPlanning

To learn more about our firm or to contact a financial advisor near you, please visit: https://cfwwv.com

Are You Ready For The Next Bear Market?

The #StockMarket remains near all time high levels. In addition the last several years have been very good to investors. Could the stock market be running out of steam? A significant #Correction or a #BearMarket is likely to happen at some point. We don’t know when it will start or how bad it will be. But now is a great time to ask yourself, “Are You Ready for the Next Bear Market?”

In this episode we discuss:

– Intro

– Bear Markets and Corrections – Historical Data

– Recognizing our newest partner, Daniel Spurgeon

– The Big Investor Mistake made During a Bear Market

– With the market near record highs, what should you consider?

– What is rebalancing

– Should you go to cash?

– Lessons learned from previous bears

– Is it time to reduce risk?

– What should you consider doing when stocks decline

– Is there a good time to increase risk?

– Is being an investor harder than it used to be?

– If you are planning to retire soon, what should you be doing right now?

– How can you determine how much risk is in your portfolio?

– Wrap up

To learn more, please visit: https://cfswv.com/cfsblog/are-you-ready-for-the-next-bear-market

Appearing in this episode

Daniel Spurgeon, CFP®

Todd Kimpel, CLU®, ChFC®

Neal Watson, CFP ®

To learn more about our firm please visit, https://cfswv.com

Today on Wealth Wednesday, we will review how the investment markets did in 2021. We also take some time to look ahead to 2022.

(Click on the time stamp below to skip ahead)

– Reviewing the Stock Market

– Reviewing the Bond Market

– Reviewing Gold and Silver, plus the surprising winners of 2021

– Our big concerns for 2022

– Our reasons for Optimism in 2022

– Is this the year we see a major bear market?

– What are some things you can do right now with your investments?

To learn more, please visit: https://cfswv.com/cfsblog/reviewing-2021-and-previewing-2022

Appearing in this episode

Derek Bailey – Research Coordinator

Todd Kimpel, CLU®, ChFC® – Financial Advisor

Neal Watson, CFP®

To learn more about our firm and our advisors: https://cfswv.com

StockMarket #BearMarket #FinancialPlanning

Title: The financial Impact of Becoming a Widow

What happens to your financial situation when your spouse dies? Today we discuss how losing a spouse can impact your income, your savings, and your taxes. We will also share some more updates for 2022 to help you better plan for your future. Here is what we will cover:

– Introduction

– New contribution limits for Health Savings Accounts

– Social Security earnings limits for 2022

– Where do you start when your spouse passes away?

– The impact on Social Security and Pensions

– How does a surviving spouse handle an IRA or a Retirement Plan?

– How can a surviving spouse deal with individual or joint accounts?

– How will your tax status change when you lose your spouse?

– What can women do to reduce the financial stress when their husbands die?

– Wrap up

To learn more visit: https://cfswv.com/cfsblog/the-financial-impact-of-becoming-a-widow

WomenAndMoney #SocialSecurity #RetirementPlanning #FinancialPlanning #Ohio #WestVirginia

Nikki Lude, CFP®, Financial Advisor

Julie Daley, RICP® Financial Advisor

Neal Watson, CFP®, Financial Advisor

To learn more about Commonwealth Financial Services or meet with one of our financial advisors, please visit https://cfswv.com

Each year, certain financial changes are adjusted for inflation. They include limits for retirement plans, standard deductions, tax brackets and more. Today we focus on a few key items to help you better prepare for the year ahead we discuss:

– Changes to Retirement Plan Limits

– Changes to your taxes, Social Security, and Medicare

– Changes in IRMAA

To learn more and to see more information about the cost of living adjustments, please visit: (blog post link).

Inflation #SocialSecurity #RetirementPlanning #Ohio #WestVirginia

Recently there has been an increased emphasis on trying to maximize your Social Security benefits. In this episode we will discuss:

What does Maximizing Your Social Security Benefits Mean?
Is Maximizing the best option for people?
How do you evaluate your decision?
When does a maximization strategy make sense?
When does starting your benefits early make sense?
What information do you need to make a good decision?
What will complicate your decision-making process?

To learn more, please visit: https://cfswv.com/cfsblog/wealth-wednesday-should-you-maximize-your-social-security-benefits

SocialSecurity #RetirementPlanning #RetirementIncome

Today we breakdown Kiplinger’s 4 Biggest Retirement Blunders and discuss what the author might have missed.

Here is a link to the original article. Click Here

The 4 blunders mentioned in the article:

Not giving Social Security enough respect.
Ignoring sequence of returns risk
Not planning for the costs of long-term care
Leaving IRA accounts to your kids?

We share our thoughts about these mistakes and share a couple retirement blunders we believe are as big or even bigger. Those are:

Not doing basic estate planning
Spending too much

To learn more, please visit: https://cfswv.com/cfsblog/wealth-wednesday-breaking-down-kiplingers-4-biggest-retirement-blunders

RetirementPlanning #FinancialPlanning

We are running out of days in 2021. But you still have time to do some last-minute tax planning.

In this episode we will discuss:

Loss Harvesting
Charitable Giving
Being prepared for your tax situation
Other Important Deadlines
Parting Thoughts

https://cfswv.com/cfsblog/wealth-wednesday-last-minute-tax-planning-for-2021

Today, we answer a question from a listener about trusts. Sarah asks: “My kids tell me I need to get a trust. I own my home, have an IRA and a couple of bank accounts. A trust seems complicated. Do I really need a trust?”

In this episode we will cover:

Our Listeners question
General guidelines for considering a trust.
Does a trust make sense for our listener?
What is the potential cost for a trust?
If you are considering a trust, what questions should you ask an attorney.
What other things can you do to avoid the probate process?

To learn more, please visit: https://cfswv.com/cfsblog/wealth-wednesday-do-i-need-a-trust

We recently received a question from a listener. Jim asked, “I recently changed jobs and have a retirement plan from my former employer. I want to use part of that money to pay for my son’s college expenses. What is the best way to do that?” In this episode we talk about:

The potential tax costs
The right way and the wrong way to do this
The longer term opportunity cost
And whether or not this is a good idea

To learn more, please visit: https://cfswv.com/cfsblog/wealth-wednesday-should-you-use-an-old-401k-plan-to-pay-for-college

Should you convert your IRA to a Roth IRA? The longer-term benefits make this an idea worth your consideration. But there are some things you need to think about before you do it. In this episode we talk about:

The basics of the conversion process
The key factors in your decision
Potential pitfalls of a Roth Conversion
Some general guidelines of when a conversion makes sense
Special situations for Roth Conversions
What you need to analyze your decision

To learn more, please visit: https://cfswv.com/cfsblog/wealth-wednesday-converting-your-ira-to-a-roth-ira-here-is-what-you-need-to-know

RothIRA #RothConversion #RetirementPlanning

The planning value of a Roth IRA has never been greater. The benefits allow you to manage your tax situation in retirement and transfer tax advantaged wealth to your kids or grandkids. Today we will discuss:

The scale of the potential impact this can have.
How having tax advantaged savings can help you in retirement.
How the SECURE Act made Roth IRA’s more important for wealth transfer.
The significance of this for younger workers

To Learn More, please visit: https://cfswv.com/cfsblog/wealth-wednesday-the-planning-benefits-of-a-roth-ira-have-never-been-better

RothIRA #IRA #EstatePlanning #Taxes

When creating a financial plan, advisors assume a rate of return for the future. Many times, those assumptions are based on historical data. What happens to your plans if future returns aren’t just lower, but much lower than we expect? We’ll talk about:

What could cause returns to be lower in the future
How will it impact someone who is 5-7 years away from retirement?
How will it impact someone who may retire in the next 12 months?
How will it impact someone who has been retired for a few years?
Does the 4% rule still work?

To learn more, please visit: https://cfswv.com/cfsblog/wealth-wednesday-how-will-lower-future-investment-returns-affect-your-retirement

401k #Retirement #RetirementPlanning #StockMarket

This week we discuss the common 401k mistakes we see people make and give you some tips on how to avoid them.

To learn more, please visit:

https://cfswv.com/cfsblog/wealth-wednesday-avoid-these-3-mistakes-in-your-401k-plan

401k #RetirementPlanning #403b

When it comes to your Social Security benefits, you basically have one choice: When you file for benefits. If you start early, it means big discounts. Delaying your benefits means larger payments. Today we discuss 4 factors you should consider when making your decision.

SocialSecurity #RetirementPlanning #RetirementIncome

To learn more, please visit: https://cfswv.com/cfsblog/wealth-wednesday

Welcome to our first episode of Wealth Wednesday. This is a weekly show that focuses on informing and educating about financial matters. Our goal is to help you make better decisions about retirement, investing, and your overall financial situation.

Today we talk about the importance of Financial Planning and how it can help you.

To learn more, please visit: https://cfswv.com/cfsblog/wealth-wednesday-october-is-financial-planning-month-the-benefits-of-financial-planning