Plan With Dan: Recent Episodes
Dan Betzel
Weekly investing and financial planning wisdom with Dan Betzel of Betzel Wealth Advisors in Columbus, OH.
You don’t need to be understand the basics behind flying but you’ll need some guidance from a professional to grasp the finer points and nuances to the actual process. Believe it or not, there are a number of parallels between flying and retirement planning and that’s what we plan to tackle on this episode.
Today's rundown:
0:29 – What’s on today’s show.
1:01 – Dan has some news to share about the podcast.
2:02 – In the News: Trend in the wedding industry where couples are taking out loans for their ceremony.
3:00 – There’s really no correlation between a wonderful ceremony and the amount you spend on it.
6:13 – Introducing the main topic of flying and retirement.
7:01 – The first you do before you fly is you have a flight plan.
9:44 – Sometimes you have to deal with turbulence along the way.
14:49 – There are times when you need assistance. When you aren’t sure what’s ahead or you just need some navigation help.
18:46 – Getting to know Dan: What job would you be terrible at?
22:44 – Mailbag question: I’m retiring in six months and worried about whether we’ll have a market crash before I get to the finish line. Will I be okay for the next six months?
Get the full show notes and additional resources by clicking here.
It’s easy to take shots at millennials and joke about many of the stereotypes that follow them around, but that’s not always fair. That younger generation faces many new challenges that weren’t around 15-20 years ago, and it makes it difficult to start saving and planning for retirement. We’ll address those issues in this episode.
Check out the show notes for this episode by clicking here.----more----
Today's rundown:
0:37 – Dan is preparing for his annual trip to Israel.
3:10 – Financial issues that might impact millennials.
4:15 – Education has changed so much and it’s difficult financially.
6:13 – It’s also harder now to buy a house.
8:00 – So many overqualified job candidates are underemployed.
9:34 – Many people I meet with are now caring for their aging parents.
13:26 – Getting to Know You: Who is someone that always makes you laugh.
15:57 – Mailbag question: What kind of annual return should I be seeking on investments in retirement.
When facing the decision to put a loved one into a nursing home, the last thing you want to be concerned about is their safety and security. That’s true of financial and physical health. There are some financial pitfalls that you need to know about so you can protect your family.
Check out the full show notes by clicking here.
Today's rundown:
0:28 – Dan is celebrating a milestone.
2:36 – Introducing today’s topic of elder abuse.
3:42 – The first thing you need to do with your parents or children if you’re getting older and a nursing home is in your future.
4:10 – It’s important to interview before putting someone in a nursing home.
5:00 – Be aware that some nursing homes offer financial seminars.
5:40 – Another thing that nursing homes might try to ask of you.
6:21 – Some of these facilities even have banks.
7:41 – A recent case Dan read about that had nursing home abuse.
10:51 – Getting to Know You segment: If you didn’t have to sleep, what would you do with that extra time?
13:14 – Mailbag question 1: I’m retired now and need income off my investment. Should I invest in dividend-paying stocks?
Inheriting a home can be major life change and it bring with it a number of decisions that need to be made. Depending on who else was included in the inheritance, you’ll have to figure out what you want to do with it. Every decision brings a different set of pros and cons so understanding those will help you determine what option is best.
To see the show notes, click here. ----more----
Check out today's rundown below:
2:55 – The situation that surrounds inheriting a home.
3:45 – When you inherit a home, you essentially have these 3 choices.
4:08 – Capital gains will likely be much lower than you expected.
4:33 – Insurance issue you might face if you don’t plan on occupying the home.
6:37 – Pro and cons to renting the home.
8:17 – Dan shares his own family experience and what decision they made with an inherited home.
9:51 – Estate planning falls under the holistic approach to managing your portfolio.
11:28 – Getting to Know You segment: What hobby would you get into if time and money wasn’t an issue?
14:09 – Mailbag question: Should I capture my recent 401k gains and take the risk off the table or should I continue on?
One of the most popular retirement plans that people utilize is the 401(k). It’s often the easiest place to start when you begin saving for your future and a many times a employer will offer the option as part of a compensation package. The 401(k) definitely serves its purpose but there are some weaknesses that might make you look to other investment opportunities.
See the show notes by clicking here. ----more----
Take a look at the full rundown of the show below and click the timestamp to skip to a specific portion of the episode.
1:19 – Quote of the Month from Zig Ziglar
4:28 – Get to Know Dan: Any discipline you’re proficient in outside of finance?
7:50 – Mailbag: I thought I’d be in a lower tax bracket after retirement but that’s not the case. What went wrong?
12:11 – Weaknesses in many of the popular investments offered.
12:30 – How administrative fees became common and why you should pay attention to them.
15:06 – Limited assets classes can shrink your options.
“Financial security” might mean different things to different people, but for nearly everyone, finding financial security is the most important part of their retirement plan. So, how do you define financial security?
Full show notes: http://betzelwealthadvisors.com/2019/07/finding-financial-security/
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Tactical Points:
In The News 1:15 RMD age change * Congress is working on a bill that would raise the RMD (required minimum distributions) age from 70.5 to 72. Would this be a good thing? * Dan was really excited when he first heard about this change and he is all for it. * There’s increased life expectancy and sometimes people need more time to save. * This will give more choices to people and opportunities to do some effective tax planning. * The change is part of the SECURE Act which has been proposed.
Getting To Know Dan 2:59 Danger Dan * What’s the most physical danger Dan’s ever been in? * Dan shares a story about a plane ride with his son that included a potentially treacherous landing. It luckily ends with a bit of humor.
Mailbag 7:26 Angie: Long-term care * Angie in Pataskala says she hasn’t found a long-term care policy that she likes. Are they all this expensive? * A lot of people don’t take the time to dig into this area of risk management. * When we’re younger, we need life insurance but when you’re older you still have risk but it’s a different kind of risk. * Traditional long-term policies are very expensive, so also look at hybrid life insurance with riders for long-term care.
Financial Security 10:09 What Does Financial Security Mean To You? * Dan looks at five elements to put together an approach to build financial security. * You have to work on your portfolio to think about how it is being designed. Do you have enough income in retirement? * Taxes need to be considered because some people don’t factor in how much they will be paying in taxes. Also, look at the risk you will take. Are you going to be exposed to long-term care expenses and high healthcare costs? * Estate planning needs to be handled so that everything is taken care of when you’re gone.
12:15 Definition #1: “I don’t want to be a burden on my kids, regardless of my health situation” * You want to make sure you have the right documents in place for your family members to make decisions. * What does being a “burden” mean to you? Solving this question helps a lot of people feel more financially secure.
13:22 Definition #2: “I want to be sure that I never run out of money” * This is the biggest reason most people come to see Dan and it’s the solution that provides the most financial security for folks. There are a lot of variables but going through a process to be clear on your budget will give you confidence. * Sitting down and planning with focus and intensity is what’s needed for retirement.
15:01 Definition #3: “After I retire, I want to be able to work part time if I want to, but not because I have to” * More often, people aren’t retiring FROM something but are retiring TO something else. * Think about how you want to spend your days when you retire.
16:40 Definition #4: “If I need a knee replacement or a new transmission, I don’t want that to prevent me from spoiling my grandkids at Christmas” * When you retire, make sure your debt is paid off and have a good cash cushion. * You need to be able to pay for unexpected medical expenses or emergency expenses. * Before you retire, make sure you have all the pieces in place.
Additional Resources:
- Check out Dan's YouTube Channel
Today's Objective...
It seems that people have different definitions of “safe money” as it relates to their savings. Let’s discuss some of those varying explanations of the term and why it’s an important conversation for any retiree or pre-retiree to have.
Check out the full show notes for this episode: http://betzelwealthadvisors.com/2019/06/the-real-definition-of-safe-money/
Tactical Points:
2:09 How do people define safe money?
- This term makes Dan think about insurers trying to sell annuities or those “education” steak dinners that you might have even been invited to attend in the past. It’s an important phrase to understand, but the way it is marketed and utilized is problematic.
- If Dan had his way, he’d call annuities “locked up money” instead.
- Safe money, according to Dan, would be when a client has sufficient cash reserves and only the appropriate amount of money at risk in the market.
- You can break safe money down into three components…
- Enough cash reserves to sleep at night.
- A portfolio maintained in a way that you know exactly how much risk you’re taking.
- Pulling the right amount of funds out of your savings.
4:06 Do most people understand how much risk or safety they have?
- Most people have almost no idea when they first come to Dan how much risk they’re taking.
- Check out a related episode about defining risk tolerance.
- Ask yourself, do you know exactly how much risk you can tolerate? How much money can you afford to lose?
- It’s vital to work with an advisor who gives you a detailed breakdown of how much risk you have.
6:40 A client example
- Dan shares a story about a young couple who had an aggressive portfolio.
- The younger you are, the more risk you can take. But that doesn’t necessarily mean you should be in an aggressive portfolio. There are other factors to consider.
- Dan makes sure he listens carefully to each client to find out what they want long-term.
In The News: 10:33 IRA and 401(k) contribution limit increasing
- The IRS announced that they are increasing the contribution limit for IRAs and 401(k)s. Should you increase your savings to the new threshold?
- If you have a Roth 401(k) or a Roth 403(b) at work, then yes. If you don’t have that option, then open a Roth IRA.
- Because of the tax implications, it’s good to start with the Roth.
- Check out a related episode about why everyone needs to consider the Roth IRA.
- What you don’t want to do is get a tax reduction now and then get a higher tax rate when you pull the money out later.
- Get personalized advice on your financial situation.
Getting To Know Dan: 12:59 Summer plans
- After years of listening to Celtic music, Dan and his wife will get to experience it in person in Ireland while celebrating their 35th wedding anniversary.
Additional Resources:
- Check out Dan's YouTube Channel
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Dan Betzel - Contact - Retirement Trailblazer Guide - Retirement Rescue Toolkit - Call: 614-472-4510
Hopefully your famous last words in life won’t be “Hey y’all, watch this!” And in the financial world, there’s quite a few phrases that you don’t want to be your famous last words either… Dan talks through some common financial phrases that certainly aren’t words to live by.
Check out the full show notes: http://betzelwealthadvisors.com/2019/06/famous-last-words-you-dont-want-to-say-in-retirement
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Tactical Points:
2:58 “I want to get out of the market and stay out (after 2008)”
- Dan says this is not the kind of person who would be his client.
- Taking all your money out of the market will mean you will experience some depreciation with inflation.
- This is like saying, “I haven’t gone to the doctor since 2008 and I feel okay, so I don’t think I’m going back.”
5:00 “I like the security of cash”
- Dan spends time convincing several clients to keep money in cash to cover emergency funds or upcoming life events.
- It is good to have some money in cash, but not all of it.
- Long-term wealth creation, however, only works with some money in the market.
- You have to have some risk to keep up with inflation.
6:33 “I’m not planning to live a long time”
- This one is self-explanatory, right?
7:33 “I’ll never go to the nursing home”
- Statistically, you are more likely to go into a nursing home than not.
- The burden is often shifted to your children.
- Dan shares a personal example of having to make decisions regarding this type of care for family members.
9:26 “I can always go back to work”
- It all depends on whether you are physically, cognitively, and emotionally able.
- It’s not a plan, but often failure to plan that leads to this result.
13:18 Mind Over Money: Handling Risk
- Between the trade war and tension with the president and congress, Dan gets a lot of clients calling about their portfolio.
- Dan recently read Your Money and Your Brain by Jason Zweig which listed some statistics including: about 41 percent of high net worth investors wish they had more self-control over their investing decisions.
- Devise a plan that considers your age, goals, and risk tolerance, but then remember your portfolio was designed for turbulence.
17:09 Mailbag: Inherited Stocks
- Gretchen inherited a lot of stocks and mutual funds from a relative, and a friend told her she would have to pay a ton of taxes on the gains. Does this sound right?
- When a person passes away, stocks and mutual funds get a step-up in basis.
- The value on the date your relative passed away is the basis, so you only have to pay on the gain from that.
- Speak to a CPA or estate planning attorney to be sure based on your situation.
19:39 Getting to Know You: Favorite Movie
- Do you have a favorite movie that you could re-watch over and over?
- Dan chooses a few that are philosophical, aspirational, and sentimental.
Additional Resources:
- Check out Dan's YouTube Channel
- Book link: https://www.amazon.com/Your-Money-Brain-Science-Neuroeconomics/dp/0743276698
- Step-up in basis: https://www.investopedia.com/terms/s/stepupinbasis.asp
Free Retirement Toolkit:
Just click the picture to get your free retirement toolkit now!
Subscribe:
- Apple Podcasts
- Google Podcasts
- Spotify
- iHeartRadio
- TuneIn
- Stitcher
The Host:
Dan Betzel - Contact - Retirement Trailblazer Guide - Retirement Rescue Toolkit - Call: 614-472-4510
These five questions are quite common. They're deceptively simple, and depending on your situation, they can be quite complex to answer. Beyond a simple “yes” or “no” answer, let’s hear what Dan has to say about these important retirement questions.
Click the link to receive your FREE Retirement Rescue Toolkit: https://bv341.infusionsoft.com/app/page/taxfree-kit
Click the link to read more from Dan's Blog: http://betzelwealthadvisors.com/2019/05/5-simple-retirement-questions-that-are-hard-to-answer/
Decision-making can be tough, and it's often tempting not to make any decision at all. As you research a decision, you're often hit with a barrage of information, and if you're not careful, you can find yourself stuck. However, there comes a time when we all need to fish or cut bait as the saying goes. Discover the importance of decisiveness and the dangers of analysis paralysis.
Click the link to receive your FREE Retirement Rescue Toolkit: https://bv341.infusionsoft.com/app/page/taxfree-kit
Click the link to read more from Dan's Blog: http://betzelwealthadvisors.com/2019/05/to-fish-or-cut-bait/
Wouldn’t it be great if retirement came with a simple manual we could all follow step-by-step? It would sure make things easier. Unfortunately, there’s no such universal manual and to make matters worse, most of the conventional wisdom about the financial world also tends to lead people astray when they follow the advice blindly.
Check out http://betzelwealthadvisors.com/2019/04/conventional-wisdom-isn’t-always-so-wise for the full blog post, show notes, and related links to this episode.
Do you have enough money to retire? At what age or dollar amount will you get there? How can you be sure? These are all questions we’ll talk about in today’s podcast.
Visit http://betzelwealthadvisors.com/2019/04/when-is-it-"safe"-for-you-to-retire? to view the full show notes of today's episode and related resources and links.
When it comes to financial planning, everyone has some kind of pain point. They're different for each client, but everyone has something that bothers them. Dan explains how he helps his clients to alleviate their "pain points."
Click the link to receive your FREE Retirement Rescue Toolkit: https://bv341.infusionsoft.com/app/page/taxfree-kit
Click the link to read more from Dan's Blog: http://betzelwealthadvisors.com/2019/03/the-5-most-common-pain-points-in-your-financial-life/
You probably have a junk drawer at home. It's filled with knick knacks like rubber bands, clothespins, and ink pens, and highlighters. While you might not realize it, you probably have a financial junk drawer as well. Discover six things you could be giving a better purpose.
Click the link to receive your FREE Retirement Rescue Toolkit: https://bv341.infusionsoft.com/app/page/taxfree-kit
Click the link to read more from Dan's Blog: http://betzelwealthadvisors.com/2019/03/the-6-things-wasting-away-in-your-financial-junk-drawer/
Join us as we outline some of the crucial financial mistakes we see our clients making. Don't worry, we'll outline how to avoid them as well.
Click the link to receive your FREE Retirement Rescue Toolkit: https://bv341.infusionsoft.com/app/page/taxfree-kit
Click the link to read more from Dan's Blog: http://betzelwealthadvisors.com/2019/02/episode-76-financial-mistakes/
The little missed details in your financial plan could be costing you. Pay attention to the fine print, and cover the little things in your retirement plan.
Click the link to receive your FREE Retirement Rescue Toolkit: https://bv341.infusionsoft.com/app/page/taxfree-kit
Click the link to read more from Dan's Blog: http://betzelwealthadvisors.com/2019/02/episode-75-little-missed-details/
There's a lot to be learned from the wit and wisdom of Mark Twain. Join us as we dive into part two of our series on his famous sayings.
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Click the link to read more from Dan's Blog: http://betzelwealthadvisors.com/2019/01/episode-74-mark-twains-financial-wisdom/
There's a lot to be learned from the wit and wisdom of Mark Twain. Join us as we discover what he might have to say about our finances.
Click the link to receive your FREE Retirement Rescue Toolkit: https://bv341.infusionsoft.com/app/page/taxfree-kit
Click the link to read more from Dan's Blog: http://betzelwealthadvisors.com/2019/01/episode-73-mark-twains-financial-wisdom/
Financial planning is more than math and logic. There are times when it's important to consider your emotions. Dan helps us tap into that financial feeling.
Click the link to receive your FREE Retirement Rescue Toolkit: https://bv341.infusionsoft.com/app/page/taxfree-kit
Click the link to read more from Dan's Blog: http://betzelwealthadvisors.com/2018/12/episode-72-financial-feeling/
Risk tolerance is a buzzword that gets used in many financial conversations, but what is it, and how does it affect your retirement plan? Dan explains.
Click the link to receive your FREE Retirement Rescue Toolkit: https://bv341.infusionsoft.com/app/page/taxfree-kit
Click the link to read more from Dan's Blog: http://betzelwealthadvisors.com/2018/12/episode-71-defining-risk-tolerance/
Depending on who you ask, you'll get varying answers to some of retirement's most pressing questions. Dan will help us settle these financial debates.
Click the link to receive your FREE Retirement Rescue Toolkit: https://bv341.infusionsoft.com/app/page/taxfree-kit
Click the link to read more from Dan's Blog: http://betzelwealthadvisors.com/2018/11/episode-70-settling-financial-debates/
Just because you can't plainly see all the hidden expenses in your portfolio doesn't mean they aren't there. Uncover areas to watch for hidden costs.
Click the link to receive your FREE Retirement Rescue Toolkit: https://bv341.infusionsoft.com/app/page/taxfree-kit
Click the link to read more from Dan's Blog: http://betzelwealthadvisors.com/2018/11/episode-69-hidden-expenses/
Financial terms can quickly get confusing. Dan helps us to better understand the tricky jargon we might have heard before.
Click the link to receive your FREE Retirement Rescue Toolkit: https://bv341.infusionsoft.com/app/page/taxfree-kit
Click the link to read more from Dan's Blog: http://betzelwealthadvisors.com/2018/10/episode-68-important-financial-terms/
Tax planning is one of the key elements of a sound retirement plan. Discover how to steward your wealth and save in taxes in retirement.
Click the link to receive your FREE Retirement Rescue Toolkit: https://bv341.infusionsoft.com/app/page/taxfree-kit
Click the link to read more from Dan's Blog:http://betzelwealthadvisors.com/2018/10/episode-67-tax-planning-retirement/
Planning for retirement is daunting. It’s difficult to know where to begin. Ask yourself these five questions to start the conversation.
Click the link to receive your FREE Retirement Rescue Toolkit: https://bv341.infusionsoft.com/app/page/taxfree-kit
Click the link to read more from Dan's Blog:http://betzelwealthadvisors.com/2018/09/episode-66-ask-yourself-five-retirement-questions/
A successful retirement addresses your emotional, financial, social, and spiritual needs. Do you have what it takes? Learn what generates success.
Click the link to receive your FREE Retirement Rescue Toolkit: https://bv341.infusionsoft.com/app/page/taxfree-kit
Click the link to read more from Dan's Blog: http://betzelwealthadvisors.com/2018/09/episode-65-successful-retirement/
Mission statements give our dollars a purpose. They help us to develop a sound strategy in our portfolio. Let’s find out whether you’re effectively putting your money to work for you.
Click the link to receive your FREE Retirement Rescue Toolkit: https://bv341.infusionsoft.com/app/page/taxfree-kit
Click the link to read more from Dan's Blog: http://betzelwealthadvisors.com/2018/08/episode-64-mission-statements/
Statistics can give us helpful insight into how you’re approaching your finances. Explore financial demographics, and see what they say about retirement.
Click the link to receive your FREE Retirement Rescue Toolkit: https://bv341.infusionsoft.com/app/page/taxfree-kit
Click the link to read more from Dan's Blog: http://betzelwealthadvisors.com/2018/08/episode-63-what-financial-demographics-can-tell-us/
There’s an almost endless list of retirement planning myths that need to be debunked. We’ll debunk some of these misleading statements that often lead people astray. Put on your “mythbuster” hat and let’s go.
Click the link to receive your FREE Retirement Rescue Toolkit: https://bv341.infusionsoft.com/app/page/taxfree-kit
Click the link to read more from Dan's Blog: http://betzelwealthadvisors.com/2018/07/episode-62-debunking-financial-myths/
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.
Click the link to receive your FREE Retirement Rescue Toolkit: https://bv341.infusionsoft.com/app/page/taxfree-kit
Click the link to read more from Dan's Blog: http://betzelwealthadvisors.com/2018/07/episode-61-things-you-cant-control/
It seems like a basic goal: We all want to achieve some measure of satisfaction in retirement. But how do we get there? What are some of the smaller goals we can set along the way? Dan will show us how he helps people achieve things like confidence, security, independence and peace of mind on the way to ultimately reaching retirement satisfaction.
Click the link to receive your FREE Retirement Rescue Toolkit: https://bv341.infusionsoft.com/app/page/taxfree-kit
Click the link to read more from Dan's Blog: http://betzelwealthadvisors.com/2018/06/episode-60-retirement-satisfaction/
Unfortunately, it's easy to make mistakes when it comes to estate planning. Dan will outline seven of the most common estate planning mistakes he sees people make and gives us suggestions on how to avoid these.
Click here for Dan's Retirement Rescue Toolkit.
A lot of couples will often have one spouse who is the saver of the pair and the other is the spender. How can you effectively prepare for your financial future with such differing personalities? Dan will take us through the action steps he takes when working with couples through issues like this.
Click here for Dan's Retirement Rescue Toolkit.
If you're a little behind in preparing for retirement, don't be afraid. A lot of people are in the same boat. There's good news, however. With some discipline and some good saving and planning strategies, it's possible to make up a lot of ground in a relatively short period of time without taking undue risk. Dan will take us through a scenario of a 50 year old person who needs to start playing retirement catchup. You'll be amazed by how quickly things can turn around.
Click here for Dan's Retirement Rescue Toolkit.
Anytime the market is moving in a downward direction, or even just wavering, we see people react in various ways. Take a listen to see if you identify with one of these common reactions to market corrections. Do you over-trade as a response? Do you stick your head in the sand or run around like a chicken with your head cut off? Dan will give you ways you can avoid becoming your worst enemy and show you how to keep particular emotions and reactions in check during times of market turmoil.
Click here for Dan's Retirement Rescue Toolkit.
We’ve probably all had one of those moments where we didn’t listen to the advice someone was trying to give us. Let’s hear about a time it happened in the financial world when someone didn’t listen to the advice of their financial advisor and later wished that they had.
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Just as clients can learn a lot from Dan, Dan can learn some lessons from his clients. Hear about Dan's experiences with retired clients and how they have shaped his financial perspective and strategies.
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There are some misunderstandings out there about market volatility, especially with the recent instability in the stock market. Let's explore some of the important lessons every investor should know about the nature of volatility.
A few weeks back, we talked about what a holistic plan really looks like. One of the five core elements also happens to be one of the most overlooked and forgottten pieces of a retirement plan. For a myriad of reasons, individuals and even financial advisors often skip over the family legacy or estate planning portion of a plan. Failing to plan for that element can lead to a lot of confusion and frustration within families. Dan will share with us some of the heartbreaking stories he's witnessed, but we'll also share some of the success stories that have blossomed out of properly addressing this retirement planning concern.
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Dan was on an international flight recently (flew on the Dreamliner, in fact), and sat next to a passenger who was suffering from Aerophobia, the fear of flying. The fear and nervousness was so paralyzing it caused quite the disruption on the 14-hour journey. It got Dan thinking about how we react to stressful situations in the financial world. Do you feel a sense of panic when the market takes a tumble? Do you spend a lot of time worrying about what you can't control? If so, this is the podcast for you. We'll discuss some ways you can plan for market crashes that should eliminate some of your concern. We'll also talk about ways to cope and deal with the stress that sometimes accompanies retirement planning.
Click here for Dan's Retirement Rescue Toolkit.
No matter where you fall on the age or income spectrum, it's probably a good idea for you to at least consider a Roth IRA. In almost every case, you'll reap some great rewards by utilizng that retirement savings vehicle. Dan will walk us through why it's typically a good idea to have a Roth IRA in your arsenal and lay out some of the top benefits you'll encounter.
Click here for Dan's Retirement Rescue Toolkit
Some people think they have a comprehensive financial plan, but in reality their plan often lacks critical components. Some people will figure out the right way to structure an income plan, but they'll overlook the role of taxes or healthcare. Sometime the investment plan is solid, but there's no plan of action for how to distribute those funds as income in retirement. Dan will walk us through the five key areas you need to address to truly have a "holistic" or comprehensive financial plan.
Click here for Dan's Retirement Rescue Toolkit
As financial professionals, there are things that we wish everyone knew and understood. On this podcast, we’ll explore how a financial advisor’s job would be different, and easier, if everybody understood at least five things.
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There’s a lot of talk in March about leprechauns, four leaf clovers and pots of gold at the ends of a rainbow. The bad news, however, is that none of those things will help you get wealthy or retire successfully. Well, okay, if you find a pot of gold you’ll be in pretty good shape. But those odds are slim at best. So, instead of waiting for luck to find us, how about we make our own financial luck? Here are some easy tips to follow to make it happen.
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We answer questions from listeners like you regarding the 4% rule, what to do when inheriting stocks, and how to get on the same page with a spouse.
Click here for Dan's Retirement Rescue Toolkit.
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.
Click here for Dan's Retirement Rescue Toolkit.
You probably have a specific routine for how you like to go grocery shopping. Some of us are list-makers, others kind of wing it. Some put everything neatly in the cart while you might be one of those folks who just tosses it all into a big pile. Let’s discuss how retirement is a lot like shopping for groceries. Try not to get too hungry while we do this...
Click here for Dan's "Retirement Rescue Toolkit".
In the spirit of the Winter Olympics, learn how financial planning could be similar to your favorite event, such as cross-country skiing, bobsledding, and more.
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We get a lot of listener questions here on the Plan With Dan podcast. So much so that we like to answer a few of them every once in a while. In this mailbag edition of the podcast, Dan answers questions about longevity planning, lump sum planning, and more.
Click here for the "Retirement Rescue Toolkit".
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.
Click here for the "Retirement Rescue Toolkit".
We'd like to welcome back special guest Deb Oskin. Deb is an Enrolled Agent and ordained minister. We'll discuss her role in helping members of the clergy with tax preparation.
Click here for the "Retirement Rescue Toolkit".
For more information on Deb Oskin's tax services, visit http://www.oskintax.com/
We are joined by special guest Deb Oskin, an enrolled tax agent and an ordained minister, to unpack the recent changes to the United States' tax code.
For the "Retirement Rescue Toolkit", visit https://bv341.infusionsoft.com/app/page/taxfree-kit
For more information on Deb Oskin's tax services, visit http://www.oskintax.com/
You’ve probably made some resolutions for 2018. You’ve probably already failed at some of those resolutions. So, maybe take a stab at starting some very attainable financial resolutions.
For the "Retirement Rescue Toolkit", visit https://bv341.infusionsoft.com/app/page/taxfree-kit
The fear we all felt in 2008 is in the rearview mirror. Now the natural response is to be greedy with the recent stock market success we've experienced. How can we reconcile and deal with these different emotions as we try to successfully navigate through the current economic landscape? Dan takes a peek at the collision that takes place betwen our emotions and our financial goals.
For the "Retirement Rescue Toolkit", visit https://bv341.infusionsoft.com/app/page/taxfree-kit
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.
For the "Retirement Rescue Toolkit", visit https://bv341.infusionsoft.com/app/page/taxfree-kit
In the spirit of the holiday season, let’s pretend that Dan is Santa Claus, and he's 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?
For the "Retirement Rescue Toolkit", visit https://bv341.infusionsoft.com/app/page/taxfree-kit
Let’s hear about a time when somebody was completely shocked to find out what exactly they were paying in fees inside their portfolio.
For the "Retirement Rescue Toolkit", visit https://bv341.infusionsoft.com/app/page/taxfree-kit
Part 2 of our discussion of the 7 tips for grandparents to consider as they help their grandchildren grow into financially savvy adults.
For the "Retirement Rescue Toolkit", visit https://bv341.infusionsoft.com/app/page/taxfree-kit
Financially Savvy Grandparenting
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 six tips for grandparents to consider as they help their grandchildren grow into financially savvy adults.
1 – Don’t underestimate the power of the Roth IRA.
- Additional years of tax-free growth can be extremely power.
2 – Understand how to help with college savings.
- Example: 529 plans will count against kids when applying for aid. Think about keeping money in your name instead of your grandkids.
3 – Find creative ways to help kids have an appreciation for saving and investing
4 – Understand that it’s a different world today, from the one you grew up in.
- Not as realistic for someone to work their way through school these days. Higher demands on students and the college costs are way out of whack. Realize the impact of your help with that phase of life.
- At the same time, understand that there are values from your generation (work ethic, etc...) that your grandkids would benefit to learn.
5 – Gift money with purpose
- Don’t just give money to grandkids for the sake of it. Try to earmark it. This $100 is for college. Or this $250 is for your first car.
- As often as you can, earmark the money because that’s going to encourage them to save it for a longer period of time instead of wasting it within a week.
- Don’t be afraid to have the discussion about why you’re earmarking the money. It’s a great learning opportunity.
6 – Don’t downplay the importance of money
- Don’t pretend that money isn’t important. Instill in your grandchildren early on that handling money in a smart and generous way is an important aspect of life.
- Encourage casual conversations about money to help foster this mentality. Don’t make talking about money taboo.
7 – Understand how kids, especially teenagers, might perceive your complaints about the economy and stock market.
- If you’re constantly harping on a message of fear, it could negatively impact a child’s view of investing in the market.
- Be careful of what you say and how you act around the younger generation. They pay attention and not all of your opinions would be beneficial to a teenager’s perspective on investing.
- And kids learn even more by watching what you do, not just what you say. Make sure your actions back up your words and the proper messages will really sink in.
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.
For the "Retirement Rescue Toolkit", visit https://bv341.infusionsoft.com/app/page/taxfree-kit
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 Dan Betzel.
For the "Retirement Rescue Toolkit", visit https://bv341.infusionsoft.com/app/page/taxfree-kit
Let's answer your questions about end-of-year tax planning, how to handle assets before entrance into an nursing home and what to do if you hate all the financial advisors you've ever met.
For the "Retirement Rescue Toolkit", visit https://bv341.infusionsoft.com/app/page/taxfree-kit
You haven’t gotten where you are in life by being lazy. If you have had children, you probably frequently told them not be a lazybones (or worse). You should do the same thing to your money. Get it off the couch. Lazy money or “couch potato dollars” can endanger your portfolio. Let’s talk about why that is.
For the "Retirement Rescue Toolkit", visit https://bv341.infusionsoft.com/app/page/taxfree-kit
When it comes to retirement planning, there can be several elephants in the room. Let’s discuss how a great retirement plan makes sure to address each of these elephants. And don’t let them catch you not paying attention. You know an elephant never forgets.
For the "Retirement Rescue Toolkit", visit https://bv341.infusionsoft.com/app/page/taxfree-kit
It can be fun to reflect on the glory days of your life and the way things used to be. And it’s no different in the financial world; retirement planning used to be a lot easier than it is now. Let’s discuss a few issues that make retirement planning harder in today’s world.
For the "Retirement Rescue Toolkit", visit https://bv341.infusionsoft.com/app/page/taxfree-kit
Sometimes people just need a complete overhaul of their financial plan. Other times it’s just a matter of a few tweaks that make all the difference. Let’s look at some of the easy opportunities for improvement we commonly see in the investing world.
For the "Retirement Rescue Toolkit", visit https://bv341.infusionsoft.com/app/page/taxfree-kit
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.
The old saying goes, “Smart people learn from their own mistakes. Geniuses learn from the mistakes of others.” Let’s look at some of the regrets we hear from people who wish they’d made different financial decisions, so you can learn from those missteps.
Find out what required minimum distributions are and learn how you can factor them into your retirement planning.
A 401(k) is a great investing tool, but that doesn't mean it's universally the best for everyone. Learn whether a 401(k) is the right fit for you.
We've heard your listener questions on gold and market timing. Find out how these investing strategies affect your portfolio.
We'll discuss how your financial world may be closer to a game show than true planning.
We'll devote this whole show to listener questions. From IRAs to bonds, we do our best to resolve your retirement planning confusion.
We'll discuss some of the things you might not be thinking about when it comes to retirement.
We'll discuss the goals of financial independence, and how those goals can change from person to person.
We'll discuss the different stages of retirement planning and how you think about them.
We'll discuss the impact major life events could have on your retirement. Don't worry; we'll make sure you're prepared.