Unlocking Your Financial Future: Recent Episodes
BA Schrock Financial Group
Weekly financial and retirement guidance with Ben Schrock of BA Schrock Financial Group in Wadsworth, Ohio. Also serving the Cleveland and Akron areas. This podcast will help you learn important financial concepts that allow you to retire with confidence.
Market declines can feel risky, but short-term volatility and long-term investment risk are not necessarily the same thing. In Part 1 of this two-part market discussion, Ben and Keith examine some key elements that often influence investment decisions. They also explain how a disciplined strategy can help investors respond to changing markets without trying to predict every high and low.
Here’s some of what we discuss in this episode:
📉 Volatility and Risk: Short-term declines are not automatically long-term danger
📈 Opportunity Risk: Avoiding markets can carry high costs
💵 Inflation Risk: Returns must outpace rising living costs
⚖️ Portfolio Rebalancing: Market movement can create strategic opportunities
🌊 Managing Volatility: Discipline can help smooth the investment experience
🧠 Emotion vs. Logic: Fear can lead investors toward harmful decisions
For more, visit us online: https://baschrock-fg.com/
Markets can look calm on the surface while powerful forces build underneath. In this episode, Ben and Keith step back from the day-to-day noise and examine the bigger structural trends shaping the investment landscape. They dig into how professional forecasters are positioning for the year ahead, what scenarios could surprise investors, and why disciplined strategy matters more than reacting to headlines.
Here’s some of what we discuss in this episode:
📈 Earnings Power: Profits justify elevated valuations
💵 Consumer Strength: Spending still driving growth
🤖 AI Disruption: Productivity up, jobs pressured
🌍 Trade Noise: Tariffs loud, impact limited
🔌 Energy Demand: Data centers fueling growth
💻 Digital Currency: Asset class, not currency
For more, visit us online: https://baschrock-fg.com/
The AI boom has driven headlines, soaring valuations, and a lot of excitement in the markets, but what might be getting overlooked along the way? In Part 2 of this conversation, Ben and CIO Keith Lockwood step back to discuss how debt, market structure, and investor behavior can quietly shape risk during fast-moving trends. Want to make more informed decisions in an AI-driven market? Tune in to hear what others may be missing.
Here’s some of what we discuss in this episode:
🤖 AI Valuations: rapid growth pushing market expectations
💳 Debt Risk: borrowing fueling AI expansion
📉 Hidden Debt: off-balance-sheet exposure increasing volatility
🧭 Portfolio Positioning: managing risk through diversification
📊 Future Trends?: There may be regulation and market shifts ahead
For more, visit us online: https://baschrock-fg.com/
In this episode, Ben and Chief Investment Officer Keith Lockwood break down the major forces shaping today’s financial markets, from the rise of AI and big tech to the evolving role of the Federal Reserve. They explore how these trends are impacting investors, jobs, and economic outlooks as we approach 2026. Don’t miss this episode if you want to stay ahead of the curve and make smarter financial decisions in a rapidly changing landscape.
Here’s some of what we discuss in this episode:
📊 Market Bifurcation: why headline performance hides what’s happening underneath
📉 Yield Curve & The Fed: what inversion means—and what it doesn’t
🤖 AI & Employment: how automation is reshaping the job market
🎯 The Fed’s Mandate: inflation, employment, and their current dilemma
📈 Rate Expectations: what rate cuts (or no cuts) could mean for markets
For more, visit us online: https://baschrock-fg.com/
In this episode, we dive back into the world of Ashland University basketball with Coach John Ellenwood and standout forward Maceo Williams. They share how college athletics has evolved and the challenges of recruiting and retaining talent. It’s a candid look at leadership, discipline, and teamwork beyond the scoreboard. Tune in for powerful insights on how coaches and players adapt in an ever-changing college sports landscape.
Here’s some of what we discuss in this episode:
🏅 Career Highlights: standout stats and leadership moments
🤝 Recruiting Challenges: finding the right cultural fit
🔁 Player Retention: building loyalty through connection
🎯 Team Goals: shared purpose for the season ahead
⚖️ College Basketball Today: balancing competition and character
Learn more about the Ashland University Eagles: https://goashlandeagles.com/sports/mens-basketball
For more, visit us online: https://baschrock-fg.com/
In the first part of this two-part conversation, we get to know Ashland University Eagles Forward Maceo Williams and Head Men’s Basketball Coach John Ellenwood: their backgrounds, goals for the upcoming season, and what makes the Ashland experience so special. You’ll hear candid reflections on balancing academics and basketball, the impact of strong mentorship, and the determination it takes to thrive both on and off the court.
Here’s some of what we discuss in this episode:
🏀 Maceo’s Journey: How Maceo became one of Ashland’s top athletes
👀 Coach’s Perspective: What Coach Ellenwood looks for in a player beyond stats and highlights
🕒 Life of a Student-Athlete: Balancing classes, practices, film study, and personal life
🤝 Asking for Help: The underrated skill that leads to success on and off the court
🔥 Motivation: Lessons in discipline, leadership, and lifelong teamwork
Learn more about the Ashland University Eagles: https://goashlandeagles.com/sports/mens-basketball
For more, visit us online: https://baschrock-fg.com/
Wadsworth, Ohio, is soaring thanks to a unique partnership between aviation enthusiasts and community leaders. In this episode, Ben is joined by Mike Bowser, a retired USAF pilot and President of Inspire Aviation, and Tom Strong, organizer of Balloons Over Wadsworth. Together, they share how two grassroots efforts have evolved into major community events that fuel economic growth, inspire the next generation of aviators, and bring thousands of people together every year.
Here’s some of what we discuss in this episode:
💵 Economic Impact: how local aviation events are driving growth in Wadsworth
🎓 STEM Outreach: inspiring young minds through hands-on aviation programs
⚙️ Aviation Challenges: workforce shortages and opportunities for skilled trades
🚀 Future Vision: expansion plans, partnerships, and continued community engagement
🙌 Get Involved: volunteering, sponsorships, and ways to support aviation education
Resources for this episode:
Learn more about Inspire Aviation:
https://www.inspireaviation.org/
Learn more about Balloons Over Wadsworth:
https://www.balloonsoverwadsworth.com/
For more, visit us online: https://baschrock-fg.com/
The “One Big Beautiful Bill” may be a mouthful, but it brings major changes for retirees. In this follow-up episode, Ben and Kaitlin dive deeper into how the new tax law impacts retirement planning strategies. They discuss expanded standard deductions for those over 65, the long-term effects on required minimum distributions (RMDs), and how Roth conversions can help manage future taxes.
Here’s some of what we discuss in this episode:
📊 Updates to tax brackets and standard deductions
🕰️ Why today’s tax moves affect future RMDs
🔄 Roth conversion opportunities under OBBB
⚖️ Key considerations like SALT deductions and legislative changes
💡 Why a personalized plan is important for long-term retirement success
For more, visit us online: https://baschrock-fg.com/
The recently passed One Big Beautiful Bill (OBBB) is already reshaping the retirement planning landscape, and it’s left many pre-retirees and retirees wondering what it truly means for them. In this episode, Ben and Kaitlin break down the most talked-about provisions, like changes to tax brackets, the permanence of the standard deduction, and how “tax-free Social Security” headlines don’t always tell the whole story.
Here’s some of what we discuss in this episode:
⚖️ Tax brackets remain unchanged for now
🏡 Standard deduction increases offer big relief, but only for some
⏳ Extra deductions for those over 65 will phase out after 2028
📰 Headlines can be misleading, so focus on your own personalized strategy
🔄 “Permanent” tax changes may still shift with future elections
For more, visit us online: https://baschrock-fg.com/
Retirement isn’t about hitting a magic number- it’s about building a fulfilling next chapter and creating a life you truly enjoy. In this episode, Ben and Kaitlin share the common themes they’ve noticed among people who thrive after leaving the workforce. From disciplined budgeting habits to seeking guidance on taxes and distributions, they unpack what really drives a fulfilling retirement and why it looks different for everyone.
Here’s some of what we discuss in this episode:
💰 Budget discipline translates into retirement success
🏖️ Having a post-retirement game plan eases the transition
👥 Retirement impacts social circles and identity
📊 Planning cash flow and taxes avoids future pitfalls
🗺️ Common themes of retirees who retired successfully
For more, visit us online: https://baschrock-fg.com/
Starting to save and invest can seem complicated, especially with so many options and opinions out there. In this episode, Ben and Kaitlin cut through the noise and lay out a practical order of steps that will put your money to work right away. They’ll walk you through building an emergency fund that truly fits your lifestyle, explain the pros and cons of IRAs, Roth IRAs, and brokerage accounts, and show how each choice can set you up for lasting financial momentum.
Here’s some of what we discuss in this episode:
🛟 Building an emergency fund that fits your lifestyle
💼 Using your employer’s 401(k) match as a savings accelerator
📈 Why brokerage accounts can offer more flexibility than IRAs or Roths
🎓 How new 529 plan rules can also boost your child’s retirement
⚖️ Balancing debt payoff with growing your savings
For more, visit us online: https://baschrock-fg.com/
What’s the one mistake that can quietly drain your retirement savings year after year? In this episode, Ben and Kaitlin tackle one of the biggest pitfalls retirees face: mismanaging their spending. Ben reveals the real threats to retirement income, and it’s not just inflation. It’s unrealistic budgets, healthcare curveballs, and those spontaneous purchases.
Here’s some of what we discuss in this episode:
💸 Why overspending early can ruin your retirement plan
🧾 The difference between realistic and wishful budgeting
🏥 Health insurance traps when you retire before Medicare
📉 What happens when you sell investments in a down market
🏠 How to plan for home projects without derailing your future
For more, visit us online: https://baschrock-fg.com/
BA Schrock Financial Group is turning 13 in August, and this episode is all about looking back- and looking ahead. From humble beginnings in a basement to building a firm known for personalized, relationship-driven planning, Ben and Kaitlin reflect on the journey that got them here. They share the lessons learned, the challenges overcome, and what it really takes to grow a successful advisory business in a competitive and ever-changing industry.
Here’s some of what we discuss in this episode:
💡 Ben’s advice to aspiring advisors
📚 Why success in finance requires lifelong learning
🤝 The power of a people-first approach
💼 The shift in the industry toward fee-based and fee-only models
💬 Why referrals are the ultimate compliment
For more, visit us online: https://baschrock-fg.com/
In this episode, Kaitlin and Ben talk about an exciting milestone moment for their firm: being named one of AdvisorHub’s 2025 RIAs to Watch! Ranked #231, BA Schrock Financial Group joins a distinguished group of firms recognized not just for growth, but for balancing scalability, service, and professionalism. Tune in as they reflect on what this honor means, look back on the firm’s humble beginnings, and, most importantly, express their gratitude to the incredible clients and team who made it all possible.
Here’s some of what we discuss in this episode:
📈 How firms are selected for AdvisorHub’s RIA rankings
🏡 How our small-town team earned this recognition
💬 Why we put service and relationships ahead of growth
🤝 BA Schrock’s journey since 2012
Resources for this episode:
See the full list of AdvisorHub’s advisors to watch: https://www.advisorhub.com/advisors-to-watch-ria-2025/
For more, visit us online: https://baschrock-fg.com/
Opening a restaurant is a dream for many, but few realize the relentless risk, sacrifice, and strategy it demands. Chef Anthony Scolaro has done it not once, but twice. In part two, Anthony returns to share the raw truths of restaurant ownership, from managing razor-thin margins to making decisions that impact not only your bottom line but your team’s livelihood.
This episode dives into the real math behind running a successful restaurant: capital investment, shifting supply costs, labor challenges, and adapting to sudden economic turns like tariffs and inflation.
Here’s some of what we discuss in this episode:
🛠️ How Chef Anthony found funding without the SBA
🧠 The emotional cost of small business ownership
🔁 Adapting fast when the market flips overnight
💬 The pressure of leading a team when times get tough
Check out Chef Anthony Scolaro’s two restaurants:
https://thevuewads.com/
https://111bistro.com/
Connect with Chef Scolaro: https://www.instagram.com/chef_scolaro/
For more, visit us online: https://baschrock-fg.com/
From dishwashing at 13 to owning two acclaimed restaurants, Chef Anthony Scolaro has built a culinary career rooted in passion, hustle, and heart. In this episode, Ben sits down with Anthony to explore his journey from the family kitchen to founding 111 Bistro and Vue in Wadsworth.
Part one of a two-part discussion is focused more on the man in kitchen. We discuss what it takes to thrive in the restaurant business, how leadership and humility go hand-in-hand, and why creating unforgettable food experiences is about more than just what’s on the plate.
Here’s some of what we discuss in this episode:
👨🍳 From dishwasher to restaurant owner: Anthony’s path to culinary success
🪑 Why naming a restaurant might be the hardest part
🔁 Balancing creativity, business, and leadership in two kitchens
🍽️ How food events serve as edible business cards
🏡 Where Anthony finds peace away from the heat of the kitchen
Check out Chef Anthony Scolaro’s two restaurants:
https://thevuewads.com/
https://111bistro.com/
Connect with Chef Scolaro: https://www.instagram.com/chef_scolaro/
For more, visit us online: https://baschrock-fg.com/
Welcome back to Unlocking Your Financial Future! In this episode, Ben is joined by his wife, Kaitlin, who oversees operations at B.A. Schrock Financial Group. They’re excited to share some great new tech updates for 2025 that will make managing your finances with us easier and more intuitive.
Tune in to hear all about how you can access your account information through our website, plus the launch of the new B.A. Schrock Financial Group app! We’ll also dive into some of the additional educational resources available on our site, including market update webinars, blog posts, white papers, and more.
Here’s some of what we discuss in this episode:
- Accessing your account information through our website
- The launch of the B.A. Schrock Financial Group app
- An upcoming video tutorial on how to use our client portal
- The numerous resources available on our website
Resources for this episode:
Download the B.A. Schrock App
https://baschrock-fg.com/app/
For more, visit us online: https://baschrock-fg.com/
The recent passage of the Social Security Fairness Act has sparked significant discussions among public employees, especially in states like Ohio. In our latest podcast episode, Ben is joined by Dan Oaklief, ChFC®, RICP®, CFP® and Colleen LeMasters, CFP®, ChFC®, BFA™ to dive into the implications of this new law and what it means for those relying on public pensions.
Here’s some of what we discuss in this episode:
- What types of workers/former workers are impacted?
- How does the law impact the future of Social Security.
- Impacts on individual planning.
For more, visit us online: https://baschrock-fg.com/
In today’s digital age, cyber threats are constantly changing. That’s why it’s more important than ever to stay informed and prepared. We’re thrilled to welcome back cybersecurity expert Ben Zelei from SBT and Palitto Consulting Services, Inc to share insights on the latest scam techniques you need to watch out for.
Here’s some of what we discuss in this episode:
- Ben’s background in cybersecurity and the military
- Different kinds of phishing, pig butchering, and Ai attacks to be aware of
- Some educational resources for scam awareness
- Updating to Windows 11 in October 2025
Resources for this episode:
Check out our previous episode with Ben
https://unlocking.podbean.com/e/ep-92-cyber-security-and-protecting-yourself-against-cyber-criminals-%e2%80%93-part-2/
Scammer Payback YouTube channel
https://www.youtube.com/@ScammerPayback
For more, visit us online: https://baschrock-fg.com/
As we approach the end of the year, it’s the perfect time to talk about some year-end planning strategies. In this two-part episode, Ben and Dan will cover what you need to know and think about before we head into the new year. Last episode, we focused on updates regarding Social Security, and today, we’ll shift our focus to year-end planning from a tax perspective.
With significant changes in tax laws on the horizon for 2025, it’s more important than ever to be proactive and plan ahead.
Here’s some of what we discuss in this episode:
- Why 2025 is an important year for tax planning
- How the upcoming election could impact tax laws
- Considering Roth conversions + year-end contributions to employer-sponsored plans
- The benefits of HSAs for early retirees + determining the right time to take RMDs
- The importance of tax loss harvesting at the end of the year
For more, visit us online: https://baschrock-fg.com/
As we approach the end of the year, it’s the perfect time to talk about some year-end planning strategies. In this two-part episode, Ben and Dan will cover what you need to know and think about before we head into the new year. Listen in as they discuss the new cost of living adjustments, earnings limits, and the Windfall Elimination Provision. Don’t miss part 2 of this conversation and we talk about year-end tax planning!
Here’s some of what we discuss in this episode:
- Social Security Cost of Living (COLA) adjustment
- The FICA Wage Base and Earnings Test Limit increase
- The average retirement benefit on Social Security right now
- The impacts of the Windfall Elimination Provision
For more, visit us online: https://baschrock-fg.com/
We’re excited to announce that one of our team members, Dan Oaklief, has recently earned his Certified Financial Planner designation. This is such an awesome achievement and one that he’s worked diligently to accomplish, but what does this actually mean for advisors and clients? Today we’re sitting down with Dan to discuss this milestone, what it means to be a CFP®, and the importance of continuing education in this industry.
Here’s some of what we discuss in this episode:
- What is the value of CFP® accreditation in the field?
- Why CFP® accreditation is the gold standard in the industry.
- Dan’s favorite and least favorite part of becoming CFP® accredited.
- Dan’s advice to people planning to get their CFP®.
For more, visit us online: https://baschrock-fg.com/
In this episode of Unlocking Your Financial Future, Ben is joined by Chief Investment Officer, Keith Lockwood. He’s here to help dive into some of the market volatility we have seen lately and what it could mean for your investments. Tune in as Ben and Keith look at how geopolitical factors can impact the market, how recent recession talk could be a little overblown, and what investors should expect as we head into Q3 and the election season.
Here’s some of what we discuss in this episode:
- What was really behind the bad day for the stock market in early August
- How geopolitical factors can impact the market
- Why some of the recession talk may be overblown
- The VIX hitting its third highest day ever
- How elections invite market volatility
For more, visit us online: https://baschrock-fg.com/
In today’s episode, we’re continuing our conversation on the annual Social Security Trustees Report.
In this half of the conversation, we’ll cover some interesting statistics from the report, including the impact of declining birth rates and immigration on Social Security's future. We'll also explore how life expectancy trends and recent events like COVID-19 are influencing projections.
Here’s some of what we discuss in this episode:
- What does it mean that Social Security could be insolvent by 2035?
- How declining birth rates and changing death rates affect Social Security projections
- How immigration contributes to and benefits the trust fund
- The importance of personalized planning when it comes to Social Security decisions
For more, visit us online: https://baschrock-fg.com/
In today’s episode, we’re going to share some updates from the annual Social Security Trustees Report. With Social Security serving as a cornerstone for countless retirees, understanding its current state and future projections is important. Listen in as Ben highlights the key takeaways from the 277-page report that you need to know about.
Here’s some of what we discuss in this episode:
- The projected depletion of Social Security reserves by 2035
- Our office's proactive approach to Social Security planning
- Raising FICA taxes to address Social Security solvency issues
- Cutting benefits for current recipients or for new beneficiaries
- Avoiding fear-based decisions and trusting in long-term planning
For more, visit us online: https://baschrock-fg.com/
We’re back to finish up our conversation with Deborah and Hannah Wasylko, the dynamic duo behind Baskets Galore. This business specializes in customized corporate gift designs, from branded items to gift baskets featuring local and gourmet selections. If you missed part 1, you can check it out here!
Here’s some of what we discuss in this episode:
- How Deborah and Hannah operate the business side of Baskets Galore
- How inflation has impacted this industry + the delicate balance of managing costs and making decisions for long-term success
- What Deborah’s creative process looks like + what’s the in the future for Baskets Galore
- The value of building and maintaining client relationships through thoughtful touch strategies
Get in touch with the Baskets Galore Team
https://basketsgaloregifts.com/
Baskets Galore Storefront: 95 Pearl Road, Brunswick, OH 44212
hannah@basketsgaloregifts.com
330-220-0088
For more, visit us online: https://baschrock-fg.com/
We’re excited to sit down with Deborah and Hannah Wasylko, the dynamic duo behind Baskets Galore. This business specializes in customized corporate gift designs, from branded items to gift baskets featuring local and gourmet selections. Join us as they share the story behind starting this business and their passion for creatively assisting business owners with thoughtful gifting.
Here’s some of what we discuss in this episode:
- Hannah and Deborah’s professional backgrounds + transition into corporate gift design
- The early development of the business + the importance of relationship-building over direct sales in scaling a business
- How Deborah and Hannah creatively navigated the challenges of COVID + how it led to significant business growth
- Working together as a mother-daughter team + finding work-life balance in this field of work
Get in touch with the Baskets Galore Team
https://basketsgaloregifts.com/
Baskets Galore Storefront: 95 Pearl Road, Brunswick, OH 44212
hannah@basketsgaloregifts.com
330-220-0088
For more, visit us online: https://baschrock-fg.com/
We’re excited to welcome back Mike and Mandy Hamlin for today’s episode. Mike and Mandy are the owners of the successful food truck and catering business, Kitchen 212. From losing their jobs during the pandemic to taking the leap to start their own business, their story is incredibly inspiring. If you missed part 1, you can check it out here!
Here’s some of what we discuss in this episode:
- How Mike and Mandy have pivoted from public events to private catering + the different services they offer today
- The kind of prep work that goes into a typical week + how they’ve tackled pricing
- Where Mike and Mandy see the business going + finding ways to be innovative and creative without expanding physically
- How the duo’s business structure and communication style have evolved throughout the years
- The story behind the name “Kitchen 212”
Learn more about Kitchen 212:
https://www.kitchen212.com/
For more, visit us online: https://baschrock-fg.com/
We’re excited to have some special guests on the podcast for a fun two-part episode. Mike and Mandy Hamlin are the owners of the successful food truck and catering business, Kitchen 212. From losing their jobs during the pandemic to taking the leap to start their own business, Mike and Mandy have an inspiring story to share.
Join us as we chat about some common misconceptions of entrepreneurship, the importance of celebrating small victories in business ownership, and much more!
Here’s some of what we discuss in this episode:
- How COVID-19 led Mike and Mandy back to Ohio to start a food truck
- Facing unexpected obstacles and celebrating victories in small business ownership
- Balancing work and life as a husband-and-wife entrepreneurial duo
- The realities of event planning and food preparation behind the scenes
Learn more about Kitchen 212:
https://www.kitchen212.com/
For more, visit us online: https://baschrock-fg.com/
As we wrap up the year, we are joined by Keith Lockwood (CIO) for a two-part discussion, exploring the financial dynamics of 2023 and providing insights into what lies ahead in 2024. Listen in as we chat about this rollercoaster of a year, focusing on the unprecedented market gains in November and December, the dominance of the “Magnificent Seven” and the Federal Reserve's role in shaping the market.
Here’s some of what we discuss in this episode:
- The market’s unprecedented run in the last two months
- The dominance of the "Magnificent Seven" in driving market gains
- The importance of staying diversified in investment portfolios
- The Federal Reserve's role in shaping the market
For more, visit us online: https://baschrock-fg.com/
In case you missed it, we recently released a podcast episode with Keith Lockwood (CIO), where we reflected on this year’s financial landscape. Coming off a pretty good year in the market, what can we expect to see in 2024? Listen in as we discuss the anticipated trends and challenges that the new year might bring.
Here’s some of what we discuss in this episode:
- Potential pullbacks in the first quarter of 2024 + opportunities to invest in good companies
- Potential challenges related to a Fed rate cut, rising unemployment, housing market affordability issues
- Usual volatility in election years + staying disciplined in investing
- Potential pullbacks in high-flying tech names + being selective with your investments
For more, visit us online: https://baschrock-fg.com/
If you’re hoping to start your retirement journey in 2024, there are some key things you need to start thinking about in order to properly prepare. In today’s episode, Dan Oaklief, RICP®, CPFA® is back to share some advice for those who plan on retiring in the new year. After discussing key year-end planning strategies for 2023 in our last episode, today’s conversation is all about the crucial steps to take to six to nine months before your desired retirement date.
Here’s some of what we discuss in this episode:
- What Social Security decisions need to be considered in the planning process?
- Evaluating pension options and finding the best one for your situation
- Knowing the location and tax structure of your assets, including 401(k), IRAs, and Roth accounts
- What factors should be considered in budgeting for retirement?
- Strategically generating income streams in retirement with the help of a financial professional
For more, visit us online: https://baschrock-fg.com/
It’s that time of year! Join us for a thoughtful episode where we unpack some key year-end planning strategies for 2023. We'll explore the nuances of optimizing your investment portfolio, safeguarding your assets, and ensuring a stable, rewarding lifestyle in the years to come.
Here’s some of what we discuss in this episode:
- Making the most of your year-end bonus
- Tax planning: tax-loss harvesting, RMDs, Roth conversions, tax changes coming in 2026
- Planning ahead for significant expenses + cleaning up debt and looking at health insurance
- Staying within gifting limits + recent rule changes to the 529 plan
For more, visit us online: https://baschrock-fg.com/
We’re back with Dan Oaklief, RICP®, CPFA® to continue our conversation about Roth IRAs. If you missed part one, be sure to check that out here. In it, we break down the fundamentals of Roth IRAs and discuss the contribution rules for 2023, contribution limits, and much more.
For part two of this series, we’re going to dive a bit deeper into this conversation. Dan will discuss the signs that might prompt a Roth conversion recommendation, the benefits of spreading Roth conversions out over several years, and why the timing of these conversions matter. Listen in as we further demystify Roth conversions and dive into the potential tax-saving and legacy planning benefits that can come with them.
Here’s some of what we discuss in this episode:
- What prompts a recommendation for Roth conversions in financial planning?
- Why is it important to spread Roth conversions over several years instead of doing a lump sum conversion?
- How does the timing of Roth conversions, particularly in Q4, affect the planning process?
- What are the long-term tax benefits of Roth conversions, especially in the context of RMDs?
For more, visit us online: https://baschrock-fg.com/
Today we’re joined by the one and only Dan Oaklief, RICP®, CPFA® to dive into the world of Roth IRAs. As we enter the fourth quarter, we have a lot of conversations about Roth IRAs and conversions this time of year. We thought it’d be the perfect time to break down key differences between the two and answer some common questions in a two-part episode.
Here’s some of what we discuss in this episode:
- What is a Roth IRA?
- What are the Roth contribution rules + limits in 2023?
- What is a Roth conversion + the benefits of a Roth IRA and Roth conversion?
For more, visit us online: https://baschrock-fg.com/
In the month of August, Ben and Kaitlin celebrated 10 years of marriage and 11 years of BA Schrock Financial Group being open. It’s easy to say that it was a month of celebration! Listen in as they reflect on a decade of marriage and over 11 years in business.
Here are some key takeaways from this episode:
- Embracing Risk: Ben and Kaitlin share how the early days of starting their business were marked by taking risks and believing in their vision, despite uncertainties.
- Building a Supportive Team: Kaitlin and Ben discuss how adding team members has been a significant step for their business. Each team member's dedication and passion contribute to a collaborative and supportive work environment.
- Continuous Learning: Ben emphasizes the importance of staying curious and consistently advancing one's knowledge in the financial industry to provide the best service to clients.
- Celebrating Milestones: Over the years, BA Schrock Financial Group has celebrated achievements like becoming an RIA, surpassing $100 million in assets under management, and renovating their office space.
- Balancing Family and Business: Ben and Kaitlin discuss the rewards of working together as a married couple. They find inspiration in their clients' successes and use their experiences to keep pushing forward, even on tough days
For more, visit us online: https://baschrock-fg.com/
In today’s episode, we’re diving into the impending transition from TD Ameritrade to Charles Schwab and what it means for our clients. As the big announcement of the acquisition/merger can feel overwhelming, we are here to provide clarity, answer your questions, and provide guidance on what to anticipate.
Here’s some of what you’ll learn in this episode:
- Despite the change in custodian from TD Ameritrade to Charles Schwab, clients will still maintain their relationship with their financial advisors, and the management of portfolios will continue as before.
- The transfer of assets from TD Ameritrade to Charles Schwab will occur automatically over the Labor Day weekend. Clients do not need to take any action for this transfer to happen.
- Clients will have access to their new Schwab accounts starting from September 5th. During this period, there may be a brief disruption in account access and some statements could show zero balances, but this is part of the transition process.
- Clients will access their accounts through Schwab Alliance and are encouraged to set up their new login credentials for this platform. We are happily available to address questions and concerns throughout this transition!
For questions or assistance with this transition, reach out to us at 330-473-1060
For more, visit us online: https://baschrock-fg.com/
Today, we have Amanda Ondrey from M.C. Real Estate joining us once again. In our previous segment, we delved into Amanda's real estate career and her journey as a business owner. In this episode, Amanda talks with us about the current real estate market and addresses some common concerns and questions about buying and selling in this environment.
Here’s some of what you’ll learn in this episode:
- Is this another 2008? + The emotional impact of this real estate environment on buyers. (1:21)
- Does Amanda foresee a slowdown in the real estate market? (6:43)
- Amanda’s involvement with investors + Chatting about 1031 exchanges and commercial investments. (12:42)
- Amanda’s thoughts on the future of the real estate market. (17:32)
Learn more about Amanda:
https://www.amandaondrey.com/
Direct: 330.802.9618 Office: 330.723.9911 amandaondrey@mcrealestateohio.com
Amanda on Linkedin
https://www.linkedin.com/in/wadsworthrealtor/
For more, visit us online: https://baschrock-fg.com/
Today we have the pleasure of sitting down with Amanda Ondrey of M.C. Real Estate. In part one of this two-part episode, Amanda, renowned for her all-female team, shares her real estate journey with us- from being mentored herself and surviving the 2008 market crash to establishing herself as a successful realtor. She also shares invaluable insights about her business operations, the importance of building relationships with clients, and her approach to balancing work and personal life.
Here’s some of what you’ll learn in this episode:
- Amanda discusses her background, her mentorship with an experienced realtor, and her transition to running her own business. (1:17)
- Amanda’s decision to partner with a local broker, her team’s high retention rate and her decision to build an all-women team. (5:59)
- Finding work-life balance in the world of real estate. (14:26)
- Amanda’s advice for those looking to get into the business. (16:38)
Learn more about Amanda:
https://www.amandaondrey.com/
Direct: 330.802.9618 Office: 330.723.9911 amandaondrey@mcrealestateohio.com
Amanda on Linkedin
https://www.linkedin.com/in/wadsworthrealtor/
For more, visit us online: https://baschrock-fg.com/
We are back with Joel Cavanaugh, partner at Hanna Rasnick Evanchan Palmisano Hobson & Fox LLC, for this episode. Joel handles a wide array of cases in estate planning and has a wealth of knowledge to share with us today. In part one of this two-part episode, we got to know more about Joel and talked about the ins and outs of running a business. In part two, Joel will answer your estate planning questions.
Here’s some of what you’ll learn in this episode:
- The importance of having a will, a financial power of attorney, and a medical power of attorney. (1:19)
- Joel breaks down the differences between a financial power of attorney and medical power of attorney. (5:28)
- Do I need a trust? (11:38)
- The differences between a revocable and irrevocable trust. (17:34)
- The importance of having an estate plan. (23:44)
Learn more about Joel: https://www.businessandconstructionattorneys.com/attorney/joel-d-cavanaugh/)
For more, visit us online: https://baschrock-fg.com/
Today we are glad to welcome Joel Cavanaugh to the podcast. Joel is a partner at Hanna Rasnick Evanchan Palmisano Hobson & Fox LLC and handles a wide array of cases in Estate planning. In this two-part episode, Joel will discuss his journey as an attorney and business owner and will answer your questions about Estate planning.
Here’s some of what you’ll learn in this episode:
- Joel shares how he became an attorney and what led him to own his own business. (1:12)
- Owning a business is a balancing act. (6:55)
- Joel shares how he balances being an attorney, father, and husband by being intentional with his time. (10:47)
- “When you own a business, you are the business.” Joel reflects on what it’s really like to run a business. (12:33)
Learn more about Joel: https://www.businessandconstructionattorneys.com/attorney/joel-d-cavanaugh/)
For more, visit us online: https://baschrock-fg.com/
Today we are excited to be back with Dan Oaklief, RICP®, CPFA, one of our experienced advisors at BA Schrock Financial Group. For the past three years, Dan has been hosting informative webinars to educate clients on taxes, retirement, and social security planning. In part two of this two-part episode, we’ll talk about the impact of the current market on retirement planning and touch on some financial spring-cleaning tips.
Here’s some of what you’ll learn in this episode:
- Some financial spring-cleaning tips from Dan. (1:29)
- Coming off a bad year in the market, will I still be able to retire? (6:57)
- Should I reduce my risks right now? (10:21)
- Retirement plans are personal, and retirement goals will look different from client to client. (14:42)
For more, visit us online: https://baschrock-fg.com/
Today we are excited to be joined by Dan Oaklief, one of our experienced advisors at BA Schrock Financial Group. For the past three years, Dan has been hosting informative webinars to educate clients on taxes, retirement, and social security planning. In part one of this two-part episode, we’ll unpack some of the common questions Dan receives from clients about financial planning.
Here’s some of what you’ll learn in this episode:
- Some fun facts about Dan, including a story about the worst haircut he’s ever had. (1:11)
- Some of the common questions Dan gets from clients about retirement and financial planning. (5:30)
- What is phantom income and why is it important to address? (11:20)
- Can you combat phantom income? (14:23)
For more, visit us online: https://baschrock-fg.com/
In this episode, we’re spending some time with BA Schrock’s Colleen LeMasters, CFP® to share our process for helping and assisting clients when the face these significant changes that disrupt life and retirement. This is a conversation that we can approach from multiple angles so we’ve broken it out into two parts. In part one we talked about these life changes from a non-retirement perspective.
Now we’re going to turn our attention to the retirement aspect of this conversation and the changes that often happen to people around this time.
Here’s some of what you’ll learn on this episode:
- What is the most common change people face when someone goes from working to retirement? (1:26)
- How interest rate changes impact your retirement plan and your ability to retire like you want. (4:18)
- Will you lose your job if you stick around or pass up a buyout? (8:14)
- What happens when you’re forced into an early retirement? (10:19)
- How has income planning changed with the increase in interest rates? (12:33)
For more, visit us online: https://baschrock-fg.com/
The only certainty in life is that we have no idea what tomorrow will bring. Even the best laid plans can change in an instant, but a well-constructed financial plan will ease the burden during these life events.
In this episode, we’re spending some time with BA Schrock’s Colleen LeMasters, CFP® to share our process for helping and assisting clients when the face these significant changes that disrupt life and retirement. This is a conversation that we can approach from multiple angles so we’ve broken it out into two parts. In this part one, we’re going to talk about these life changes from a non-retirement perspective.
Here’s some of what you’ll learn on this episode:
- Dealing with the loss of a spouse. (1:17)
- Replacing lost income if something were to happen to you. (4:00)
- How we can help someone going through the divorce process. (7:05)
- What you should think about when you change jobs. (9:49)
- No life change is too big or too small to ask for help. (13:48)
For more, visit us online: https://baschrock-fg.com/
Anyone that’s looking for a financial advisor has probably see all the different designations people might have, but it’s tough for anyone outside of the industry to know what everything means. If there’s one you want to pay attention to when it comes to building a plan, it’s going to be the Certified Financial Planner (CFP®) designation.
Here’s some of what you’ll learn on this episode:
- What was her experience of getting the CFP® designation? (2:24)
- What drove her to get this and why was it important? (4:22)
- Who all can carry the CFP® designation? (6:41)
- How this will improve the work we do and how we can help clients. (8:24)
- Ethics and integrity might be the most important thing about a CFP®. (9:55)
For more, visit us online: https://baschrock-fg.com/
Another round of retirement changes are on the way after President Biden signed a spending bill in December 2022 that included the SECURE Act 2.0. Retirees and pre-retirees need to understand what this legislation means, how it might impact you, and what planning opportunities this could open up.
Here’s some of what you’ll learn on this episode:
- The key differences in SECURE Act and SECURE Act 2.0 (1:06)
- The age for RMDs is moving back even further. (2:52)
- The penalties for missing RMDs is not nearly as significant. (3:59)
- The big change to 529 plans that might give you more flexibility. (7:20)
- Employers have the ability set aside money for student loan payments. (12:27)
- Some lifetime income options inside 401(k) accounts will be available. Is that a good thing? (17:36)
For more, visit us online: https://baschrock-fg.com/
Today’s guest is Colleen LeMasters, CFP®, ChFC®, BFA™. Colleen is an Investment Advisor Representative and Insurance Professional at FIG.
In this episode, we will discuss market risk. There has been extreme volatility in 2022, and there is a lot we can learn from a year like this. Specifically, from a client management standpoint. Let’s discuss diversification and see what approaches we may want to take in 2023.
Here are some of the things you’ll learn in this episode:
- Should we peel off gains in the oil and gas sectors? (3:51)
- We should reevaluate risk tolerance with clients. (7:01)
- Navigating difficult conversations with clients. (13:22)
For more, visit us online: https://baschrock-fg.com/
Welcome to part 2 of our ‘End of the Year Planning’ mini-series. I’m back with Dan Oaklief, RICP®, CPFA. In this episode, we will be focusing on year-end planning from a retirement standpoint.
Some pre-retirees hope to retire early but haven’t considered one of the more costly factors: health care. We connect our clients with a professional that helps guide them to the best option for their circumstances so they know they will be covered. Listen to hear some of the other important factors to approaching retirement.
Here are some of the things you’ll learn in this episode:
- How we can help you navigate through applying for Social Security. (2:07)
- You should know how much money you want to spend in retirement long before your retirement date so we can be sure your goals are aligned with your savings and investments. (4:31)
- What you should consider about health care in retirement to make sure you are okay from a financial standpoint. (6:14)
For more, visit us online: https://baschrock-fg.com/
On today’s show, we will be discussing end-of-the-year planning with one of our Financial Advisors, Dan Oaklief, RICP®, CPFA. Our last episode touched on the current and future markets, and today we want to look at what you should consider as a retiree at the end of the year.
One large factor to consider is the Required Minimum Distributions. If you do not utilize your RMDs, you’ll be penalized 50% of what you should have taken out (in the following year). This is just one thing to consider of the many key points we will be touching on.
Here are some of the things you’ll learn in this episode:
- What you should know about RMD planning. (0:42)
- Here Dan shares a few strategies on RMDs. (4:00)
- Here you can learn about IRAs and contributions for ways you can save. (9:01)
For more, visit us online: http://bashrock-fg.com
With the year coming to an end, you may be wondering what is in store for us over the next few months, as well as what 2023 with bring. While we can’t predict the future, we can certainly share our estimations of what may be coming.
History should be used as a guideline for our current markets, as it tends to repeat itself, but we also must consider the recent markets and current events that have shifted the tides. Listen as we discuss some market updates that you may want to know.
Here are some of the things you’ll learn in this episode:
- Historical data is a great reference for gauging the upcoming market, but you also must consider the very recent market and events. (3:40)
- Are we at the start of a year-end rally? (6:47)
- Here we share year-end opportunities to look out for. (8:32)
For more, visit us online: http://bashrock-fg.com
We have Keith Lockwood back for part 2 of this series. In case you missed the last episode, Keith has over 15 years of experience in investment management, portfolio construction, individual retirement planning, and more. Our last talk focused on more recent market volatility and talk of a global recession.
In this episode, we will talk about the future and what we might be able to expect from the market in the coming months. Keith shares the types of investments he recommends in the current market, and what we might be able to expect in the coming months.
Here are some of the things you’ll learn in this episode:
- What kind of stocks should we be concentrating on in this market? (1:34)
- Learn about growing opportunities in the fixed income space that we haven’t seen in a long time. (6:00)
- Keith shares his thoughts on different stocks. (9:23)
- How the markets will likely be affected by the upcoming elections. (15:33)
For more, visit us online: http://bashrock-fg.com
If you’re an investor or are thinking about investing, market volatility may be on your mind. Today we will look at some key points that you may be interested in. There are a lot of voices to sort through when it comes to opinions about the market
In this episode, we have Keith Lockwood back with us. Keith has over 15 years of experience in investment management, portfolio construction, individual retirement planning, and more. We will try and bring you some clarity so you can make the best decisions for your investment portfolio.
You may have heard people claim we are near (or in) a global recession. Today we will talk about whether the market is an indicator of a recession and how we feel about the Fed’s efforts toward balancing the market.
Here are some of the things you’ll learn in this episode:
- Is the market an indicator of a global recession? (4:39)
- Should the Feds stop raising rates? (7:03)
- What some large retailers had to say about inflation. (8:13)
- Election months tend to be the most volatile. (11:40)
For more, visit us online: http://bashrock-fg.com
The housing market has seen incredible growth over the past few years and the low interest rates have been a big driver of that. Many people have been taking advantage of this current investing environment to buy properties that will generate income. Today we continue our discussion with Gary Kubalski and Keith Abramo from Union Savings bank to learn more about the different mortgage options available and what that process entails.
Here are some of the things you’ll learn on this episode:
- What are blanket loans? (1:28)
- What key qualifications are lenders looking for? (2:52)
- Bridge loans vs blanket loans (5:22)
- How they assist people that are interested in commercial investing (12:30)
- Ways they work with the local community. (19:35)
Check out part 1: https://baschrock-fg.com/ep-95-the-benefits-to-lending-through-a-local-bank-part-1/
The housing market has seen incredible growth over the past few years and the low interest rates have been a big driver of that. With so many people looking to buy a new home or a secondary property, mortgage lending comes up with our clients quite a bit. Today we’ve invited Gary Kubalski and Keith Abramo from Union Savings bank to tell us more about recent market and mortgage trends.
Here are some of the things you’ll learn on this episode:
- A little background on Union Savings Bank and their expansion into the Cleveland-Akron area. (1:12)
- Are we seeing a mortgage lending slowdown? (5:24)
- What are adjustable rate mortgages and are they becoming more popular? (8:22)
- The mortgage guidance they provide customers during the process. (12:51)
- Debt to income ratios to get qualified. (18:12)
For more, visit us online: https://baschrock-fg.com/
Health and wealth are some of the biggest factors for happiness in our lives. On today’s episode we’re going to focus on the health side of retirement, with our guest Anthony Schrock from Pack Performance Center.
Here are some of the things you’ll learn on this episode:
- What drove him to becoming a business owner and why this specific area of focus? (1:26)
- The importance of having a supportive and understanding spouse to making it as a business owner. (8:00)
- Keeping that work-life balance when you don’t have the privilege of time off. (10:29)
- How to manage growth and not take on more clients/customers than you can take care of effectively. (12:55)
Listen to part 1: https://baschrock-fg.com/ep-93-health-wealth-with-anthony-schrock/
For more, visit us online: http://bashrock-fg.com
Health and wealth are some of the biggest factors for happiness in our lives. On today’s episode, we’re going to focus on the health side of retirement, with our guest Anthony Schrock.
Join us today as we break down these topics on today’s show:
- Why don’t more people prioritize their health? (4:29)
- What inspires people to come back and work on their fitness? (7:07)
- What can someone do at home to get back into shape? (9:47)
- Age doesn’t need to be a limiting factor in our health (12:13)
Read More: https://www.baschrock-fg.com/podcast/
We’re continuing our conversation on cyber security today with IT expert, Ben Zelei. Last week we explored what phishing scams look like and what cyber criminals want from you. Today, we’ll break down a few ways the average consumer can protect themselves from these scams.
What we discuss on this episode:
1:13 – This will never happen to me
4:35 – So, what can we do?
6:33 – Ransomware encrypting files
8:50 - Who do they attack?
10:20 – Tips for password protection
17:32 – Password software
19:00 – What else can they do for protection?
22:20 – Does ransomware attack individuals?
25:05 – Easy things you can do to protect yourself
25:42 – Should you remember a device?
Read More: https://www.baschrock-fg.com/podcast/
Is your business data and personal data protected against cyber criminals? On today’s episode, we’ll explore protecting yourself against phishing scams with tech expert, Ben Zelei.
What we discuss on this episode:
0:50 – Ben’s background and entry into IT
2:55 – Was this always your passion?
3:28 – Was Cyber Security challenging?
4:02 – What is your role with your company?
5:48 – How does ransomware attack your data?
7:32 – Who do they go after?
11:06 – Have you seen people lose money?
11:43 – What’s a sign that you shouldn’t click it?
13:21 – Maintain awareness of phishing
14:26 – Are there other ways they get in?
15:12 – Phishing in text messages
Read More: https://www.baschrock-fg.com/podcast/
Once you have a conversation with your family about legacy planning, what are the next steps to ensure your plan is put into place? On today’s episode, we’ll explore everything from trusts and wills to beneficiary designations and TODs and how all of these fit into your overall retirement plan.
What we discuss on this episode:
0:46 – What are some other things people should consider?
2:13 – No two plans will look the same
5:51 – When is a trust advisable?
8:20 – What is a transfer on death?
10:25 – Probate is not the end of the world
12:21 – Communication and conversation are important!
Read More: https://www.baschrock-fg.com/podcast/
Most people are likely to pass at least some money on to their family, children, or charity through an inheritance. On today’s episode, we’ll explore the role legacy planning plays in your overall retirement plan and some of the most common routes people use when passing money on to their beneficiaries.
What we discuss on this episode:
1:02 – Taking care of yourself versus leaving a legacy
3:01 – Is it ever advisable to not leave an inheritance?
4:13 – What’s the best way to pass money on?
6:48 – Having these tough conversations
8:54 – Brokerage and other taxed accounts
11:15 – Some accounts have better tax outcomes
11:53 – Real estate and life insurance options
Read More: https://www.baschrock-fg.com/podcast/
We continue our conversation with our chief investment officer, Keith Lockwood today. We’ll break down some market predictions for the rest of 2022 and 2023. Should we expect a rebound or a recession?
What we discuss on this episode:
0:44 – Do we expect the markets to take off or more volatility?
6:01 – Good momentum can help the market
11:22 – Why should we not jump out of the market?
13:53 – The buy and hold strategy works
Read More: https://www.baschrock-fg.com/podcast/
Chief Investment Officer, Keith Lockwood, joins us to break down the current market volatility we are experiencing and what you need to do (or not do) to protect your financial future.
What we discuss on this episode:
0:57 – What we’re going to cover
1:38 – What is causing the volatility?
3:27 – Why did the market drop in April?
6:31 – Is there an alternative?
8:33 – Should we be making moves?
10:26 – Staying disciplined and repositioning
13:49 – Media drives the panic in investors
Read More: https://www.baschrock-fg.com/podcast/
As we continue our conversation today with Erin Carbone, we will break down her journey as a business owner, the struggles and successes she’s faced and the future plans she has for Carbone Insurance Services.
What we discuss on this episode:
0:40 – Welcome back Erin!
3:19 – What made her buy a business?
4:20 – Would she ever go in a different direction?
5:36 – How was the transition?
7:35 – Did she have any help?
8:34 – Did she inspire her husband?
9:25 – Being a woman in a male-dominated field
12:14 – The biggest struggles she has faced
14:00 – Do you schedule a vacation?
15:11 – Running her own team
17:36 – Working with friends and family
18:18 – What’s the next step in business?
20:05 – Any new locations?
20:58 – Will she ever sell her business?
22:38 – Advice on running a business
24:08 – How to reach out to Erin
Read More: https://www.baschrock-fg.com/podcast/
Joining us on today’s show, Medicare expert, Erin Carbone, will discuss the various working parts of Medicare, when you can apply, what kind of add-ons you should expect, and more.
What we discuss on this episode:
0:35 – Welcome Erin!
1:59 – A little bit about Erin
3:24 – How she got into the business
4:38 – What hooked her?
5:25 – Life and health license
6:03 – What is Medicare?
9:17 – Avoid lifetime penalty
10:07 – Using just A and B
10:41 – Medicare add-ons
12:12 – Supplemental approach
12:39 – Cost difference
13:31 – Is Advantage free?
14:55 – Are they good plans?
16:06 – Where do we see customization?
17:30 – How does Erin’s business work?
18:49 – Be cautious with advertisements
19:39 – How long are you stuck in a plan?
20:11 – How you can contact Erin
Read More: https://www.baschrock-fg.com/podcast/
Today we are continuing our conversation with NFL offensive guard Brian Winters on entrepreneurship and preparing financially for the future. We’ll explore Brian’s plans for when he retires from the NFL and his goal of building a real estate business.
What we discuss on this episode:
0:29 – Life after football
1:57 – Getting into real estate
2:38 – Did someone influence him?
4:15 – Growing a business
5:44 – Being patient
6:58 – Passive income
8:17 – Taking risk
9:32 – Lifestyle or growth
10:51 – Has this always been a dream?
12:41 – Where does he want to start?
13:49 – 55+ community
14:51 – Diversifying in real estate
17:43 – Scaling his business
20:46 – Difficult parts
21:54 – Air BnB investments
23:33 – Market crash
25:00 – Rising interest rates
26:02 – Setting metrics
27:21 – Other business ventures
28:27 – Advice to others
29:34 – Success and failure
Read More: https://www.baschrock-fg.com/podcast/
NFL offensive guard, Brian Winters, joins us to discuss saving habits, investment management, and football! What kind of financial mindset does Brian have and how can it help you save for retirement?
What we discuss on this episode:
0:56 – Background on Brian
1:39 – Realizing he could be in the NFL
3:19 – Starting 110 games
5:00 – Become a financial saver
6:54 – Financial support
7:54 – Learning about taxes
9:07 - Complex tax filing
10:16 – Property taxes
11:17 – Paycheck structure
12:06 – Awareness in the NFL
14:01 – Benefit plans in the NFL
16:24 – Developing a money mindset
17:45 – Protecting the athlete
20:03 – Favorite college stadium
22:06 – Investing management
25:41 – Ease of investing now
26:58 – Favorite stock out there
27:17 – Trust the process
Read More: https://www.baschrock-fg.com/podcast/
How do you protect yourself and your finances against the various different forms of fraud out there? On today’s show, we’ll discuss different types of scams and what you should be doing to keep yourself safe.
What we discuss on this episode:
0:38 – Umbrella of Fraud
1:54 – Fraud with a client
3:14 – Protecting our clients
4:41 – Ben’s story about fraud
7:24 – Careful about emails
8:38 – Scams through the phone
10:02 – Seems too good to be true?
12:12 – Do they make promises?
13:14 – Using a preventive tool
Read More: https://www.baschrock-fg.com/podcast/
Do you have a strategy for required minimum distributions once you turn age 72? On today’s episode, we’ll discuss RMDs and how you should approach them in your retirement plan.
What we discuss on this episode:
1:05 – What is an RMD?
1:59 – Changes to RMDs
3:01 – Advantages to changes
4:03 – Alleviate tax burden
4:28 – Tax-saving strategies
5:53 – Balancing your accounts
6:39 – Asset allocations for RMDs
8:11 – Managing your distributions
9:20 – Planning accordingly
11:03 – Additional income tax
Read More: https://www.baschrock-fg.com/podcast/
Do you want to save more in the new year? Is your emergency fund set up? Join us today as we discuss savings goals for 2022 and how you can reach those goals.
What we discuss on this episode:
0:39 – New year planning
1:45 – Having a written plan
2:16 – A changing plan
2:39 – Where to start saving
3:50 – Why a budget is necessary
4:23 – Being truthful with your budget
5:16 – Planning for an emergency fund
6:14 – Investing in the market first
7:28 – Where to invest next
8:31 – Looking outside employer accounts
9:46 – Highlighting an end goal
11:23 – Saving in 2022
Read More: https://www.baschrock-fg.com/podcast/
As we ring in the new year, it’s a great time to organize your finances and set some financial resolutions and goals for 2022. On today’s episode, we’ll be discussing retirement contributions, paying off debt, student loans, and more.
Read More: https://baschrock-fg.com/ep-79-financial-resolutions-for-2022-part-1/
What we discuss on this episode:
1:08 – Why is it important to plan at the beginning of the year?
1:48 – Most common questions about new year planning
2:56 – Being over 50 and catch-up contributions
3:52 – Paying down debt before you retire
4:41 – Paying down debt vs. leveraging your savings
6:09 – Should you pull money out of your investments to pay off debt?
8:05 – What should we expect in 2022 with student loans?
9:38 – Should you have credit before you graduate?
10:13 – Things to be looking at in 2022
11:05 – What resources are there for student loan forgiveness?
Visit our website: https://www.baschrock-fg.com/podcast/
What changes are being proposed in Congress when it comes to lifetime exemptions and the step-up in cost basis? While many of these changes are not set in stone, we want to keep you updated and prepared.
Read More: https://baschrock-fg.com/ep-78-potential-tax-reforms-part-2/
What we discuss on this episode:
1:03 – Lifetime exemptions
4:39 – Step-up in cost basis
10:06 – Some other probable changes
13:20 – Learning about our options
Visit our website: https://www.baschrock-fg.com/podcast/
You’ve probably heard a lot about tax reforms recently. How will these changes impact your portfolio? What can you do to protect yourself?
Read more and get additional financial resources here: https://baschrock-fg.com/ep-77-potential-tax-reforms-part-1/
What we discuss on this episode:
0:15 – Tax reform and capital gains
0:55 – What is subject to capital gains?
2:48 – Brokerage accounts and marketable securities
4:55 – Long term capital gains
8:05 – What are some strategies?
11:14 – Mutual funds and tax loss harvesting
14:33 – Capital gain taxes are likely to change
Ben Schrock and Keith Lockwood from B.A. Schrock Financial Group talk about how life insurance can be a tax-free income source in retirement when properly structured.
In this episode, Ben and Keith discuss:
- Why you might want to use life insurance rather than a ROTH IRA as a potential tax-free income source in retirement.
- How Keith Lockwood used properly structured life insurance to create a tax-free income stream for a client.
- And more…
Ben Schrock and Keith Lockwood from B.A. Schrock Financial Group talk about what is and how to use an irrevocable life insurance trust also known as an ILIT.
In this episode, Ben and Keith discuss:
- In what situations an ILIT might make sense.
- How we helped a client by using an irrevocable life insurance trust.
- And more...
Ben Schrock and Keith Lockwood from B.A. Schrock Financial Group talk about how you might use life insurance beyond ensuring that funeral costs are covered.
Life Insurance is an easy topic to put off talking about but it is one of the most powerful tools when it comes to retirement planning.
In this episode, Ben and Keith discuss:
- Why you might want to use Life Insurance for tax mitigation on your estate.
- Why you might not want to use Life Insurance for tax mitigation on your estate.
- Why the current laws make Life Insurance particularly powerful now.
- And more...
Ben Schrock and Keith Lockwood from B.A. Schrock Financial Group talk about one of the most misunderstood asset classes… life insurance
In this episode, Ben and Keith discuss:
- The LIFT Strategy at B.A. Schrock.
- What people misunderstand about Life Insurance.
- Why Life Insurance might be one of the best asset classes for you.
- And more…
In the third and final segment of the life changes series we are going to talk about the last step on any career journey, retirement. In the first two segments, we talked about what to consider when starting out your career and what you should be thinking about during a career change, but now we are going to dive into what you should be thinking about as you near retirement.
In this episode of Unlocking Your Financial Future podcast, Ben Schrock and Colleen LeMasters from B.A. Schrock Financial Group goes over what they think are some of the most important topics to keep top of mind as you get ready to retire and then they walk you through how they helped a client through a retirement that had a lot of financial curveballs.
At some point down your career path, you might make the decision to change jobs in pursuit of a more lucrative position, to get away from a bad work environment, to move to a new location, or to just get a change of pace. With all of the chaos that comes with a career change, it can be easy to overlook some of the important financial factors that could be considered at that time.
In this episode of Unlocking Your Financial Future podcast, Ben Schrock and Colleen LeMasters from B.A. Schrock Financial Group talk about what some of those financial considerations are and walk you through how they helped a client navigate this very situation.
In this episode of Unlocking Your Financial Future podcast, Ben Schrock and Colleen LeMasters from B.A. Schrock Financial Group talk about the important factors you should be aware of when you start your career. They run us through an example of how they helped a client optimize their employee benefits, reduce their tax liability and unlock their financial future.
Ben Schrock and Dan Oaklief from B.A. Schrock Financial Group talk about incorporating 403(b)s into your retirement plans in episode 69 of The Unlocking Your Financial Future Podcast.
In this episode, Ben and Dan discuss:
- Why most teachers don’t know that they have the option of a 403(b).
- The different options you have to use 403(b)s.
- How you can enroll in a 403(b).
- Why you might want to use a 403(b) and why you might want to avoid it.
- And more...
Ben Schrock and Dan Oaklief from B.A. Schrock Financial Group talk about 403(b)s in episode 68 of The Unlocking Your Financial Future Podcast.
In this episode, Ben and Dan discuss:
- How Dan walked a client through the changes in the pension system and made it possible for her to be able to retire on time.
- Why 403(b)s are becoming more important.
- Why 403(b)s are overlooked and why you might want to consider them.
- The changes made in the pension system that made 403(b)s more attractive in Ohio.
- And more...
Ben Schrock and Dan Oaklief from B.A. Schrock Financial Group talk about State Pensions in episode 67 of The Unlocking Your Financial Future Podcast.
In this episode, Ben and Dan discuss:
- Why you should be careful when electing your pension.
- Common misconceptions around pensions.
- The different options for pensions and what might make sense depending on your position.
- And more...
Ben and Kaitlin from the B.A. Schrock Financial Group talk about Social Security in episode 65 of The Unlocking Your Financial Future Podcast.
In this episode, Ben and Kaitlin discuss:
- The “elephant in the room”, will Social Security run out?
- Recent changes to Social Security
- The potential future changes to Social Security and how they might affect your retirement
- And more...
Ben and Kaitlin from the B.A. Schrock Financial Group talk about Biden’s proposed changes to 401(k)s in episode 65 of The Unlocking Your Financial Future Podcast.
In this episode, Ben and Kaitlin discuss:
- The difference between tax deductions and tax credits
- Biden’s proposed tax credit
- How this might change your tax minimization strategies
- And more...
It’s time to test your financial buzzwords knowledge. You’ve probably heard a lot of this jargon at some point, but do you know what it actually means? Let’s try to provide some clarity on this episode.
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-64-do-you-know-what-these-financial-buzzwords-mean/
What we discuss on this episode:
2:02 – The inverted yield curve
4:59 – Earnings guidance
6:51 – Core CPI
8:39 – Stop loss
10:31 – Mailbag: Roth conversion with a high income?
11:36 – Mailbag: Thoughts about annuities and hedge funds
On this episode of Unlocking Your Financial Future with Ben Schrock, we’ll share five important questions you need to know to prepare for retirement. Let’s see how well you know your finances.
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-63-are-you-prepared-for-retirement-take-this-quiz/
What we discuss on this show:
2:37 – Do you know how much you actually have?
4:08 – Do you know how much you’re spending?
5:33 – Do you know how much risk you actually have?
7:23 – Do you know what you’re paying in fees?
8:37 – Do you know what your retirement income stream will actually look like?
10:08 – Using a financial advisor
You know the saying, “The customer is always right.” Well, that’s not always the case in the financial world. On this episode of Unlocking Your Financial Future, we explain why you should rely on your advisor’s expertise.
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-62-in-the-financial-world-the-customer-isnt-always-right/
What we discuss on this show:
1:26 – Headline: Lawmakers propose 3% Social Security COLA
4:23 – Now is the time to get in or out of the market
5:57 – This is what I want to invest in. I want you to pick the exact funds.
6:53 – I don't need a will, life insurance, long-term care insurance, etc.
8:37 – Feelings about fees
9:53 – I don’t know if this plan is going to work
No matter how you feel about the 2020 election, it’s best to stay calm when dealing with your financial future. On this episode of Unlocking Your Financial Future, we explain how to handle retirement planning after an election.
Read more and get additional financial planning resources: https://www.baschrock-fg.com/podcast/ep-61-election-update-what-does-it-mean-for-financial-planning/
What we discuss on this show:
1:37 – Questions from clients
2:55 – How the market has reacted
4:35 – Why the market has been strong
6:41 – Will the market stay solid in 2021?
8:05 – Tax implications
9:46 – Taxes will go up sooner or later
10:54 – Interest rates
12:12 – Planning opportunities
On this episode of Unlocking Your Financial Future, we answer your questions about inheritance, investing, income and much more.
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-60-mailbag-answering-your-questions-about-inheritance-investing-and-income/
What we discuss on this show:
2:39 – I’m worried my son will blow this inheritance
4:27 – I heard I can get half of my ex-husband’s Social Security benefit.
5:56 – Is my 401K income estimate accurate?
7:52 – Should I buy a car or invest this money?
9:34 – Is $250,000 enough for long-term care insurance?
10:54 – I’m worried about the market. Should I move it all to cash?
Most people have a 401K or other retirement plan, but it’s not as simple as contributing money and collecting it when you retire. There are a lot of decisions you can make about investments, loans, rollovers and more. On this episode of Unlocking Your Financial Future, we answer some frequently asked questions about 401Ks.
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-59-frequently-asked-questions-about-401ks/
What we discuss on this show:
1:51 - Should I accept 401K advice from my company?
3:34 - Should I take out a 401K loan?
5:47 - Are 401K rollovers a good idea?
8:00 - Should I use target date funds?
10:40 - Should I take my company match or contribute more?
12:06 - Should I do a Roth 401K?
We’re talking specifically to Baby Boomers on this episode. What are the most common challenges, fears and goals of this generation? What are some of the mistakes Boomers often make and how can they be avoided?
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-58-baby-boomer-common-retirement-mistakes-and-concerns/
What we discuss on this show:
3:04 – Challenges of Baby Boomers
5:40 – How often do Baby Boomers have to worry about children living at home?
7:35 – Baby Boomers’ fears and concerns
9:00 – What mistakes do Baby Boomers make?
10:46 – Why don't Baby Boomers take buyouts?
On this episode, we share five commandments that should be written on stone tablets in your retirement plan.
Read more and get additional financial planning resources here: https://www.baschrock-fg.com/podcast/ep-57-five-financial-commandments-to-follow/
What we discuss on this show:
2:36 – Thou shall not compare your investments to the stock market without the proper context
5:13 – Thou shalt not give up before giving your strategy enough time to play out.
7:15 – Thou shalt not chase big returns too late in life.
9:08 – Thou shalt not ignore costs and fees.
10:37 – Thou shalt not overlook the importance of rebalancing and diversifying.
Is $8 million the new target for retirement? We found an article that points to that idea so we’ll share our thoughts about how this impacts planning on today’s podcast.
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-56-is-8-million-the-new-target-for-retirement/
What we discuss on this show:
1:51 – Financial Samurai blog
3:22 – Where did the 4% rule come from?
4:47 – Will you need $8 million?
6:32 – Balancing your portfolio
9:05 – Other ways to supplement income
11:11 – Let’s look at some positives
13:16 – Mailbag: Will I spend more money in the first few years of retirement?
15:02 - Can I overcome a divorce financially in my late 50s?
Financial decisions are a lot easier with the benefit of hindsight. Here are some common mistakes people have made this year and how hindsight could have helped them in 2020.
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-55-hindsight-20-20-five-common-financial-mistakes/
What we discuss on this show:
2:09 – Getting out of the market
5:20 – Not knowing your risk factor
8:39 – Not knowing your social security options
11:04 – Not putting money in a Roth IRA
12:28 – Retiring too early and going back to work
Just like technologies change and become outdated, so do some retirement planning strategies. Let’s look at five financial strategies that have become obsolete.
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-54-five-outdated-financial-strategies/
What we discuss on the show:
2:55 – 4% rule
4:27 – 10/5/3 rule
6:22 – Move money from stocks to bonds as you get older
7:44 - $1 million retirement target
9:42 – Needing less money in retirement
11:52 – Mailbag: Should we invest differently based on the election?
14:42 – Mailbag: Should I buy gold coins, gold bars or no gold at all?
Clients often ask us about their house (or houses) and how they fit into retirement plans. From downsizing to rental properties to interest rates, let’s explore some of the top retirement questions as it relates to all things housing.
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-53-common-housing-and-retirement-questions/
What we discuss on this show:
2:15 - Pay off the house early or slowly?5:01 - Downsize to a smaller home at retirement?7:27 - Is rental property a good idea for creating income?10:50 – Complications with real estate legacy plans?12:48 – Mailbag: Redo kitchen or save more for retirement?
How do I handle finances in a second marriage? Should I cash out my old life insurance policies? Is the Rule of 100 a good thing? Let’s dive into the mailbag and answer these and other questions.
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-52-mailbag-second-marriages-life-insurance-and-the-rule-of-100/
What we discuss on this show:
1:37 – Forced into early retirement
3:12 – Rule of 100
4:29 – Finances in a second marriage
5:49 – Which account should I withdraw from first?
7:55 – Should I cash out life insurance?
9:56 – Can I retire early?
We all want to live a long life, but that can be risky financially. On this week’s episode of Unlocking Your Financial Future, Ben explains the risks and why it’s an awkward conversation to have with clients.
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-51-why-living-long-can-be-risky-financially/
What we discuss on this episode:
1:51 – Off-topic conversation: 30-year mortgage rates are low
4:24 – Living long a bad thing?
5:12 – Oldest client
5:55 – Longest living person in Ben’s family
7:56 – Why is it risky living long?
9:27 – How average people address these challenges
10:24 – Story about Ben’s client
13:00 – Contact Ben
You’ve heard advice about how to improve your finances and prepare for retirement, but what about mistakes? On this week’s episode of Unlocking Your Financial Future, Ben shares five ways you could be ruining your retirement.
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-50-5-ways-to-ruin-retirement/
What we discuss on this episode:
2:37 - Treating retirement as a destination
5:15 - Believing retirement will solve all your problems
6:38 - Assuming your monthly spending habits will be same
8:58 - Not staying active in retirement
10:23 - Investing like you’re 35 years old
Today we celebrate the one-year anniversary of the show but bringing on the backbone of the operation, Kaitlin Schrock. What’s it like to work with your spouse? That’s the number one question Ben and Kaitlin get. On this week’s episode of Unlocking Your Financial Future, get to know more about Kaitlin and how she keeps the family business organized and running smoothly.
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-49-ben-kaitlin-schrock-on-marriage-business-and-family-traditions/
What we discuss on this episode:
0:35 – One year since podcast launched
2:21 – Meet Kaitlin Schrock
4:25 – Our strengths
6:24 – Advice for getting into business with a spouse
8:20 – Who handles the family finances
8:52 – What’s difficult about working with Ben
10:32 – What Kaitlin means to the team
11:43 – Will their kids get involved in family business?
12:20 – Unique family traditions
If you visit a financial advisor, how complex should your plan be? Is a one-page plan too simple? Is a 50- to 100-page plan too much? We’ll explain how much detail you should expect in your financial plan.
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-48-how-complex-should-your-financial-plan-be/
On today's show:
2:48 – What’s the typical range of a financial plan?
4:39 – What’s the ideal length of a plan?
6:10 – Does it depend on what the client wants?
8:20 – Examples of complicated plans
9:52 – Examples of simple plans
10:38 – Are long plans a red flag?
13:14 – Mailbag: Retiring at 55
When the market crashes, it’s normal to feel panicked. But we’re here to help you build confidence and get through these tough times with a five-step market crash survival guide.
Read more and get additional financial resources here: https://www.baschrock-fg.com/?p=2068&preview=true
On today's show:
1:23 – Poll: Americans want to prioritize financial planning
4:37 – Know how much risk you are exposed to
6:18 – Protect your gains
7:34 – Have appropriate diversification
9:47 – Don’t try to time the market
12:31 – Don't panic
It’s a somber topic that no one likes to think about, but it’s important to have a financial plan in place if your spouse dies. Our team can help you with those sensitive, difficult conversations so money is the least of your worries if your loved one passes away.
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-46-handling-finances-after-the-death-of-a-spouse/
On today's show:
2:22 – A somber topic
3:08 – A difficult but necessary conversation
4:25 – The number one financial question after losing a spouse
6:17 – Immediate financial challenges after losing a spouse
7:00 – How to handle pensions
7:40 – What to know about social security
8:39 – How will it affect your taxes?
10:06 – Why it’s important to meet with both spouses
11:09 – A widow in a tough financial position
12:26 – A smooth transition
Meet our team’s newest financial advisor, Dan Oaklief. Find out how he has reenergized and motivated our team and how he’ll be helping our clients.
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-45-meet-our-new-advisor-dan-oaklief/
On today's show:
3:40 – Meet Dan Oaklief
4:30 – Guiding clients through a very rocky financial year
6:04 – What will Dan’s role be?
6:36 – What are clients’ biggest challenges?
7:19 – What is Ben’s vision for Dan?
7:56 – Dan cares about people
8:43 – Dan’s accreditations
10:09 – A getting-to-know-you question for Dan and Ben
If your estate plans include leaving behind a money to your children, should you tell them about it ahead of time or make it a surprise? There are arguments for both sides and we’ll share some of our guidance on that topic. Plus, we’ll cover annuities, retirement income, trusts, and investment strategy on this mailbag edition.
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-44-should-you-tell-children-about-inheritance-plans-other-listener-questions/
Today's show schedule:
0:48 – Mailbag Question #1: I have a variable annuity and just found out the fees are very high. I’d like to move the money but I’d have to pay a penalty to take it out. Is it worth it to avoid the fees?
2:26 – Mailbag Question #2: We should be leaving a decent amount of money to our kids. Should we tell them about it now or surprise them with it later?
4:51 – Mailbag Question #3: We have big travel plans when we retire, including all seven continents. Do we need to plan having even more income in retirement than we have now.
7:06 – Mailbag Question #4: Is it wise to have a trust as part of my financial and estate plan?
8:50 – Mailbag Question #5: When should I start focusing less on growing my money and more on protecting it instead? I plan to retire in two years.
Have you ever plugged your financial info to a website and gotten a retirement projection? As technology improves, how much can you trust these bots? Ben tried it for himself and got surprising results. We’ll share those plus talk about how useful these bots can be for planning.
Check out The Washington Post bot here: https://www.washingtonpost.com/graphics/2020/business/retirement-planning-bot/
Read more and get additional financial planning resources here: https://www.baschrock-fg.com/podcast/ep-43-financial-bots-are-here/
Today's show schedule:
1:06 – Ben wrote an article for Kiplinger about the topic of technology in the financial world.
2:16 – What was Ben’s first impression of this when he went through it.
2:48 – Ben got surprising results when he plugged in his info.
4:00 – Limitations of these bots.
4:58 – Great idea to get a second opinion on these results.
6:05 – How often do these get referenced when clients come in?
7:33 – How much has technology changed since Ben got into the industry?
9:12 – What technology does BA Schrock use with clients?
Being mentally ready to retire and financially ready are two completely different things. You might be prepared to call it a career but does your financial situation match your readiness? Let’s look at four milestones that might indicate you’re in a position to retire. Have you hit all these yet?
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-42-4-milestones-for-retirement/
Today's show schedule:
2:33 – The topic today.
3:00 – 1st milestone: You can budget confidently.
4:00 – 2nd milestone: Having control over your spending.
6:17 – 3rd milestone: Having an emergency fund.
8:20 – 4th milestone: Having no revolving debt.
9:58 – If you hit these four milestones, how ready are you for retirement?
The turbulence of 2020 might have you questioning just how close you are to retirement. That’s a common feeling for many people but today we’ll share a story about a client that came in without much confidence in retiring and left with the plan to quit working in three months.
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-40-retirement-projections-diversification-other-mailbag-questions-2/
Today's show schedule:
1:20 – BA Schrock just moved into a new office.
3:36 – Are clients having more doubts about retirement after everything we’ve been through in 2020?
5:24 – How often are you meeting with people that don’t see a path to retirement?
7:33 – The software our office uses to help you see your portfolio in different scenarios.
9:30 – Ben shares a time a client didn’t feel good about retiring but he was able to show them they were better off than they thought and could retire soon.
12:46 – How much second guessing do clients have?
13:53 – What to do if you have doubts.
It’s time to answer your questions once again on the podcast. Today we’ll cover, retirement projections, proper diversification, how much you’ll need for retirement, a surprise inheritance, and working while earning Social Security.
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-40-retirement-projections-diversification-other-mailbag-questions/
Today's show schedule:
0:59 – Mailbag Question #1: An online calculator says I’m going to need over $700,000 for retirement. How accurate do you think this is?
2:27 – Mailbag Question #2: I have almost $150,000 sitting in my savings account. I’m tired of getting virtually no interest but also too scared to invest right now. Should I just leave it in the bank?
3:27 – How Ben feels about the state of the market right now.
4:13 – Mailbag Question #3: I counted out the mutual funds in my IRA and it appears that I have 33 different funds. Is this adequate diversification?
5:40 – Mailbag Question #4: I’m 55 and I have about $300K saved for retirement but I feel like I’m really behind where I should be compared to most people I know. Am I in trouble?
7:12 – Mailbag Question #5: Can you clarify whether I start my Social Security benefit and still earn an income or not?
8:38 – Mailbag Question #6: I just inherited a very large sum of money from my dad that I wasn’t expecting. What’s the most responsible way to handle it?
If you’re like most people, you probably have some financial accounts that you haven’t paid much attention to recently. The statements are just collecting dust in your file cabinet, but they might actually be hidden gems that could be put to much better use. We’re going to talk about ways to re-purpose those old accounts for better returns.
Read more and get additional financial resources: https://www.baschrock-fg.com/podcast/ep-39-potential-hidden-gems-in-your-financial-portfolio/
Today's show schedule:
0:51 – Getting to Know Ben - Do you have any superstitions?
2:55 – A free webinar up on the website now.
3:54 – Beginning the main discussion on hidden gems.
4:32 – Old 401k accounts
5:43 – Are companies charging fees to hold your investments in an old account?
7:04 – Old life insurance policies
8:54 – Savings account/Money Market account
10:10 – Pensions
12:03 – Ben’s team helps clients find these hidden gems.
Dave Ramsey has become one of the leading names and brands in finance and for good reason. The advice he gives benefits a lot of people across the country but is all that guidance applicable to you? Let’s look at his most popular teachings and determine how much we agree with.
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-38-should-you-be-wary-of-dave-ramseys-advice/
Today's show schedule:
1:11 – We’re in the process of moving into a new office.
2:40 – They’ve posted a free webinar to the website.
3:22 – What we’re talking about today.
4:57 – The Debt Snowball
6:27 – His investment advice dealing with mutual funds.
8:39 – Unrealistic expectations with returns and spending in retirement
10:49 – A good idea to stop contributing to retirement accounts until debt is paid off.
12:33 – This one-size-fits-all approach goes against the benefits of an advisor.
15:09 – The more awareness on finances the better.
We spend most of the time on this show talking about financial planning topics, but we thought it would be beneficial for a lot of people if we talked about how everyone has been doing. From our own office to the clients we’ve been keeping in touch with, find out how others are dealing with quarantine and what they’ve been doing to keep busy.
Read more and get additional financial resources: https://www.baschrock-fg.com/podcast/ep-37-a-coronavirus-update-on-our-clients-our-office/
Today's show schedule:
0:40 – Today we want to get an update from Ben on how his clients and people in our community have been handling COVID-19.
1:49 – How to access Ben’s new webinar, Keep Calm and Retire On.
3:40 – What’s the latest on Ohio opening back up?
4:24 – How have our clients been impacted so far?
5:57 – How is everyone doing emotionally right now?
7:04 – Are clients able to stay busy and active?
8:08 – Has anyone had employment issues? Are you having those conversations?
9:16 – Working from home vs going into an office.
10:22 – What is the business doing to assist clients during this pandemic?
11:38 – Are people optimistic overall or worried about long this will last?
13:01 - We’re taking precautions in the office.
Your nest egg means everything to your retirement and you want to protect it through the difficult times. On this mailbag edition of the show, we address concerns about navigating turbulent times while protecting what you have, how much to be saving, is $1 million enough in retirement, and more.
Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-36-protecting-your-nest-egg-mailbag-questions/
Today's show schedule:
1:55 – Mailbag Question #1: I’m a younger worker with a tiny nest egg with decades of working ahead of me. Given the recent tumult in the global economy, what can I do to protect the little egg that I have but also to continue growing?
3:14 – How much do you worry about someone’s risk tolerance when they are a younger worker?
4:08 – Mailbag Question #2: I’m tired of having five rental properties, so I’m going to sell at least three, and maybe all five. I have quite a bit of equity in these properties, so the question is how should I invest this money after I sell?
6:05 – Mailbag Question #3: I haven’t wanted to pay off my house because it’s one of the few tax deductions I have left. But I do have the money to just pay it off—should I?
7:05 - Mailbag Question #4: I retired two years ago with more than a million dollars in my IRA, which I thought at the time would be more than enough to give me the retirement lifestyle that I want. But it makes me nervous every time I withdraw money from that account because I don’t want to live too long and run out of money. And the recent downturn makes it worse. Am I worrying too much?
8:51 – Mailbag Question #5: I’ve heard that I should be saving 10% of my income toward retirement. Does that sound accurate? I’m in my 50s, so I need to be sure I’m doing this right.
10:17 – Mailbag Question #6: I make too much money to contribute to an IRA or a Roth. What’s the best way for me to save for retirement?
11:50 – Mailbag Question #7: My financial advisor is older than me. Should I move to someone else who won’t retire before I do?
Sometimes events happen in life that make it really important for you to carefully assess your financial situation. Today we’ll look at five major life changes and explain why it’s a good reason for a financial review.
Read more and get additional resources: https://www.baschrock-fg.com/podcast/ep-35-life-events-that-can-change-your-financial-plans/
Today's show schedule:
3:07 – Moving to a job that you planned for.
5:06 – Getting fired or getting laid off.
6:52 – How much money should you have in your emergency fund?
7:56 – Receiving an inheritance.
10:04 - Facing a serious medical condition.
11:40 – The death of a spouse.
Seeking out financial advice is something we all do at some point but is the source of that information always providing good advice? Let’s explore four common outlets we use for guidance and why, despite having the best intentions, the advice might ultimately be ill-suited for you.
Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-34-good-intentions-dont-always-lead-to-good-advice/
Today's show schedule:
2:45 – What’s the one thing you want to do again when everything opens back up.
4:17 – Getting advice from family. What could be the problem?
5:43 – What about when we reach out to friends for advice?
7:58 – When you talk to us, you’re looking at the full picture.
9:00 - How about your CPA?
10:48 – The relationship with CPAs
11:50 - The final place we get advice from is the media and financial experts.
As we begin the third month of the health crisis, Ben gives us an update on what he’s seen from the market in recent weeks, the provisions of the CARES Act clients are paying attention to, and what he thinks about volatility moving forward.
Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-33-coronavirus-market-update-cares-act-rmds-volatility/
Today's show schedule:
3:40 – Everything we’re doing is still virtual right now.
4:16 – Will clients be more inclined to meet virtually after this is all done?
4:55 – Other businesses might end up changing operations as well.
6:06 – Update us on what you’ve seen over the last month from the market.
7:34 - Ben explains what the VIX measurement is.
9:06 – What adjustments are being made to plans right now?
10:30 - The CARES Act allowing people to pull money out of retirement accounts without penalty.
12:02 - Are many clients considering this option right now?
12:48 - RMDs being waved for 2020 and this is a big deal for our clients.
13:55 - Do you expect any other individual relief to come down?
15:04 - Ben’s team is actively communicating with clients as things change.
A busy few months has generated a lot of curiosity from listeners so we’ll answer a bunch of financial questions on this show. From investing during the coronavirus to student loan dilemmas to long-term care coverage, we’ll cover a wide range of topics.
Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-32-mailbag-edition-student-loans-gold-investing-more/
Today's show rundown:
1:50 – Mailbag Question #1: We had kids later in life than most people so they’ll still be in college when we’re ready to retire. Should we make them take out student loans rather than trying to take out money from our accounts when we’re retired?
3:31 – Mailbag Question #2: Is it wise for me to own gold in my portfolio and what percentage would be appropriate?
4:23 – Mailbag Question #3: The coronavirus scare has me convinced the market will keep crashing again and again. I’m ready to move everything to cash. Should I wait?
6:22 – Mailbag Question #4: We’re both 63 and haven’t saved much for retirement. We’re about to sell our farm and that will net around $1 million. What should we do with that money?
7:46– Mailbag Question #5: How much long-term care coverage is recommended? It seems there are hundreds of different options.
9:30 – Mailbag Question #6: I’ve had the same advisor for 20 years but it seems like he’s phasing out and passing things on to a younger advisor. Should I stick with them or find someone new?
The first quarter of 2020 was enough to make anyone reevaluate their finances but with so much information out there, what should you believe? Regardless of where you are in the retirement planning process, there are five financial truths that you can always rely on. We’ll share those on this episode.
Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-31-5-financial-truths-to-rely-on/
Today's rundown:
0:53 – How is Ben and the family handling quarantine?
2:32 – Today we’re talking financial truths and we’ll begin with this: TV can be your biggest enemy.
4:06 – Second truth: Emotions will rarely be your friend when making decisions.
6:07 – Third truth: The market will always move in cycles.
7:22 – Fourth truth: You aren’t as risk tolerant as you believe you are.
8:52 – Fifth truth: There’s no magic bullet in retirement planning.
10:02 – How we utilize the L.O.C.K process to build a plan.
It’s a mailbag edition of the podcast and Ben answers five questions from listeners covering a wide array of financial and retirement topics, including company stock, real estate investing, Social Security benefits, mutual funds, marijuana stocks and more.
Get the full show notes and additional resources here: https://www.baschrock-fg.com/podcast/ep-28-mailbag-time-contribution-limits-social-security-marijuana-stocks/
Today's rundown:
0:39 – We’re opening up the mailbag to take a number of questions today.
2:20 – Mailbag question #1: It appears that I’m now able to contribute more to my 401k this year than I was allowed to last year. Should I go ahead and put in the extra amount?
3:56 – Mailbag question #2: I have several thousand dollars of company stock I’d like to cash in to make a down payment on some land where I’ll eventually build a vacation home. Is there any reason I shouldn’t do that?
5:08 – Do you have a lot of clients looking move money from their retirement accounts into real estate?
5:52 – Mailbag question #3: I’ve worked with a couple of different financial advisors over the years and I like them both. Do I need to pick just one or the other, or is it ok to work with a couple of different people?
7:08 – Would Ben recommend his clients stick with one advisor?
8:12 – Mailbag question #4: I just looked at my Social Security estimate that shows how much I’ll get if I started at ages 62, 66, and 70. I’m blown away by how much more I’d get at 70, so I’m inclined to just wait until then to start it, even though I’ll probably retire around 66 or 67. I’m assuming that putting it off like this is the best course of action for someone like me?
10:00 – We offer a Social Security guide on the website that will help you with a number of things.
11:03 – Mailbag question #5: I rolled over a 401k to an advisor a couple of years ago and he put all of the money into something called American Funds. Is that ok, or should I be invested in other things too?
12:41 – Mailbag question #6: How do you avoid investing in things that you view as immoral? Take marijuana as an example. I’m in several mutual funds, but I don’t know what stocks they’re using. Could I be profiting off of the marijuana industry by accident? I don’t want to do that. How do you help navigate people through the investment world while respecting certain morals and religious beliefs?
14:18 – Are many people interested in marijuana stocks?
How good do you feel about your retirement plan? How close are you to putting together the perfect plan? It’s out there and within reach but there’s a lot that goes into it. Let’s find out what it takes to get all of the pieces in place for the perfect retirement plan and the areas where people usually fall short.
Check out the show notes and get additional resources here: https://www.baschrock-fg.com/podcast/ep-27-is-it-possible-to-build-a-perfect-retirement-plan/
Today's show rundown:
2:52 – Does the perfect plan exist?
3:48 – When someone comes in for a second opinion on their plan, these are the questions we ask them.
4:55 – When we see someone with a great plan, here’s what they’re doing that other people aren’t.
5:50 – Is long-term care a spot where people are often lacking?
6:54 – If I don’t feel great about having the perfect plan, am I in the majority?
7:54 – There’s so many different pieces to a complete retirement plan.
9:38 – What’s a realistic timeframe for the start of the planning process to having a complete plan in place?
11:14 – Just because you have a perfect plan now doesn’t mean it will always be that way.
It’s hard to imagine anyone avoiding losses over the last month due to the coronavirus fallout, but there are steps you can take to rebound when the market begins bouncing back. Today we’ll look at the opportunity in stocks, explain the importance of trusting your advisor in times like these, and talk about the next steps you should be considering with your retirement plan.
Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-28-coronavirus-fallout-what-financial-steps-should-you-take-next/
Today's rundown:
2:16 – Ben talks about the rapid selloff of stocks and what led to it.
5:03 – What are some signals you can look for that might mean the market is bouncing back?
6:54 – Buy over time rather jumping all back in at once.
7:57 – What are some things current clients or people working with an advisor can do right now?
9:31 – What has been the reaction from clients over the last few weeks?
10:43 – How about the people that haven’t put a plan in place, what are their next steps to recover?
12:33 – Does your risk tolerance match your portfolio?
13:17 – We can determine a client’s risk number to give them scenarios for their plan.
The coronavirus has affected people around the globe and forced us to all change many aspects of our day-to-day lives. Maybe the biggest impact we’ve seen in the US has come on the financial side. The market collapse we’ve seen over such a short period of time is unprecedented and has many people concerned. We turn to Ben for perspective on what we’re seeing and reassurance that retirement planning is a long-term play.
Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-27-coronavirus-impact-on-the-market/
Today's rundown:
0:48 – Coronavirus news has been changing rapidly.
1:38 – The second week of March was a turning point and Ohio has been out in front of things.
3:16 – Ben hasn’t seen anything like what happened to the market over a week period.
4:26 – What has the conversation been like with clients?
6:10 – Will the volatility last for a while or will we stabilize soon?
7:28 – The market has priced in the virus quite a bit so we might not see a big drop when earnings come.
8:58 – The goal is to position consumers to be ready to spend again once the virus has slowed.
9:46 – Now is the worst time to act emotionally and sell.
10:55 - Looking at your statement and your balance obsessively causes unnecessary panic.
12:15 - What do the interest rate drops mean to investors?
13:33 - Will Ben’s team be working in office or spending more time meeting virtually?
Last episode we provided a basic understanding of Roth conversions. Now it’s time to take it a step further and look at the option from a strategic point of view. Is this something you should be considering for your retirement plan? We discuss who would and wouldn’t benefit and share the conversation we have with clients to help them make the decision.
Get the show notes and additional resources here: https://www.baschrock-fg.com/podcast/ep-26-should-you-do-a-roth-conversion/
Today's rundown:
1:40 – Getting to Know Ben: What is your favorite sport?
3:54 – A quick summary on what a Roth conversion is.
4:44 – How does the conversation go with clients to determine whether a Roth conversion might work for them?
5:55 – What type of person would benefit from a Roth conversion?
7:23 – Who probably shouldn’t look at the Roth conversion?
8:35 – There will be tax implications. Here’s what we’re looking at.
10:01 – Contributions versus conversions. Here’s the difference.
11:39 – We consider conversions on a year-by-year basis with clients.
Have you heard about Roth conversions but wondered how they work and whether they’d benefit your situation? To understand them, you first need to know about a Roth and what its features are. We’ll do that today as well as lay out all the other basics that will give you a firm grasp on Roth conversions.
Get the full show notes and additional resources here: https://www.baschrock-fg.com/podcast/ep-25-understanding-the-basics-of-roth-conversions/
Today's rundown:
1:10 – Ben is staying busy at the office with it being tax season.
2:17 – In the News: A survey found CEOs and CFOs are pessimistic about the economy while consumers are optimistic. Who’s correct?
4:35 – Let’s move into the conversation on Roth conversions.
5:01 – Ben explains what a Roth IRA is.
6:00 – Ben explains the Roth conversion and how it works.
7:11 – Many people aren’t familiar with a Roth and how it can benefit you.
7:55 – Why have Roth conversions become a popular strategy in recent years?
9:01 – The SECURE Act also plays a part in the growth of Roth conversions.
9:49 – If a client wants to do a Roth conversion, what does that process look like?
11:17 – When you make the conversion, can you take the money out of your existing money or do you have to pay taxes after the fact?
12:50 – Here are the common mistakes people are making with Roth conversions.
14:13 – Check to see if your company offers a Roth option within their retirement accounts.
A lot of financial professionals aren’t always completely honest. It’s not that they intentionally want to mislead you, but there are talking points many brokers are given that aren’t completely true. Sometimes they might even believe these sentiments, but let’s discuss four statements that you need to be cautious about if you ever hear them from an advisor.
Show notes and additional resources: https://www.baschrock-fg.com/podcast/ep-24-lies-you-might-hear-from-a-financial-professional/
Today's rundown:
1:19 – Getting to Know Ben: Outside of your family, who is someone that’s had a significant impact on your life?
3:47 – Now let’s talk about lies!
4:17 – Let’s being with the difference between a broker and what we do.
5:21 – Statement #1: ‘We have experts that can accurately predict market movement.’
7:24 – Statement #2: ‘Just look at our past investment returns and you can see we have a system that works in all markets.’
8:27 – Statement #3: ‘Your tax rate will be much lower in retirement.’
9:41 – Are there certain situations where your taxes could be lower?
11:06 – Statement #4: ‘It’s just a paper loss. Hang in there and you’re going to be just fine.’
It’s another mailbag edition of the show and we’re covering five different topics that you’ve been asking about. From company stock to old life insurance policies to hitting seven figures in your portfolio, it’s a wide range of retirement conversations but we’re hitting them all today.
Show notes and additional resources: https://www.baschrock-fg.com/podcast/ep-23-mailbag-time-life-insurance-company-stock-retiring-early/
Today's rundown:
1:32 – Talking with clients and listeners allows you to get a feel for what’s on everyone’s mind regarding planning.
2:18 – Question #1: I can sell my house for $500,000 and I only owe about $100,000. I’m only 57 but I’m thinking about selling it now, buying a smaller place, and using the cash to retire now. Is that a bad idea?
2:43 – Each state has different tax laws so that’s important to consider.
3:15 – How are you planning to invest that money?
3:55 – We talk with a lot of clients that are considering a similar move.
5:11 – Question #2: Unless my entire board of directors gets in trouble, I feel really confident about our future potential and growth. How much is too much company stock to own in my 401k?
7:02 – Even great companies can take a steep drop as we’ve seen in the past.
7:22 – Question #3: I’d really like to meet with a financial advisor but my husband wants to handle investments ourselves. Is that okay to do without help?
8:24 – Do you see many couples that come with completely different opinions on using an advisor?
9:41 – Question #4: I have about $50,000 in an old life insurance policy. I don’t need it anymore so should I cash out and invest it elsewhere?
11:41 – Question #5: I always told myself that once I hit one million dollars in my portfolio I’d move it all to cash. Now that I’m there, I think I can get to $1.2 million. What do you think?
13:29 – Where does that million dollar number come from? Is that more than enough for your retirement?
For as long as we can remember, 65 has been the age that most people are expected to retire. That’s what we were taught at an early age and it’s the number that has guided planning for some time. But is that age a thing of the past? With a that number increasing around the world, should you go ahead and expect to retire at a later date?
Show notes and additional resources: https://www.baschrock-fg.com/podcast/ep-22-is-retiring-at-65-still-a-realistic-goal/
Today's rundown:
1:32 – Today we want to discuss this CNBC article on retirement age increasing around the world.
1:55 – Getting to Know Ben: What TV channel do you watch most often?
3:27 – Some background on what the article is about.
3:58 – Ben’s initial reaction to the article and the one thing he thought they missed.
5:06 – A great example of this is COBRA. That used to be an outrageous option but not anymore.
6:30 – Is Ben seeing a similar trend in retirement age with people in Ohio?
7:38 – Does Ben think that age will officially move back in the future?
9:47 – The retirement ages by country vary quite a bit.
11:00 – Where does retirement age fit into the conversation with our clients?
Attention has turned to the new SECURE Act to begin the new year and for good reason. This marks the first significant retirement legislation in years and it’ll be impacting both retirees and pre-retirees. What changes should you be planning for and what other considerations need to be made? That’s what we’ll be discussing on this episode.
Show notes and additional resources: https://www.baschrock-fg.com/podcast/ep-21-secure-act-brings-changes-to-retirement-accounts/
Today's rundown:
0:32 – Everyone is talking about the SECURE Act to begin 2020.
1:30 – Getting to Know Ben: What does your morning routine look like?
3:36 – How did the SECURE Act get passed?
4:47 – Ben thinks the RMD age might be the most significant change.
5:54 – Are Roth conversions going to become a big part of planning now?
6:59 – The Stretch IRA going away is another big change.
8:47 – Do you feel this is a good thing?
10:42 – How do annuities factor in to this legislation?
11:48 – Anything else we need to know about the SECURE Act?
12:49 – It’s always best to read through everything yourself to get a better understanding.
Mutual funds have been a popular investment option for many years, but is the landscape changing? Let’s take a look at the pros and cons of using mutual funds as part of your retirement plan and help you decide whether it needs to be a part of your strategy.
Show Notes and Additional Resources: https://www.baschrock-fg.com/podcast/ep-20-the-pros-and-cons-of-investing-in-mutual-funds/
Today's Rundown:
1:32 – Getting to Know Ben: What’s something that people would be surprised to learn about you?
3:09 – Today we move into the pros and cons of mutual funds.
3:29 – How often are we talking with clients about mutual funds?
4:31 – Why are mutual funds so popular for investors?
5:31 – What pros are there for using mutual funds?
7:13 – Mutual funds do allow for customization and smart money managers.
7:53 – On the other side of that, what are some of the cons for investing in mutual funds?
9:57 – Another big negative is it’s difficult to know exactly what you own and you end up carrying many of the same things.
11:20 – Are there any other tax considerations with mutual funds?
12:18 – What is the future of mutual funds? Do they still have a place in our retirement plans?
No matter how long you’ve been investing, you’ve probably decided to put some portion of your money into mutual funds. They’ve always been a popular investment option, but how well do you understand the product? Let’s take some time to understand the common terminology, what makes up a mutual fund, and other basics.
Show Notes and Additional Resources: https://www.baschrock-fg.com/podcast/ep-19-understanding-the-basics-of-mutual-funds/
Today's Rundown:
0:37 – Today we’re talking mutual funds.
3:02 – Explain what a mutual fund is and what is consists of.
4:12 – How many stocks are in a mutual fund?
5:24 – What percentage of our clients are invested in mutual funds or have been at some point?
5:51 – Is the landscape changing at all?
7:07 – Explain the term expense ratio.
9:25 – What about the term ‘loaded’?
10:31 – Are there any other areas that trip people up when it comes to mutual funds?
Before we start up a new financial series, Ben’s going to open up the mailbag and answer a few questions from listeners that address retirement checklists, military pension benefits, and consolidating all of those retirement accounts you own.
Show Notes and Additional Resources: https://www.baschrock-fg.com/podcast/ep-18-retirement-checklist-pensions-more-mailbag-questions/
Today's Rundown:
0:50 – How’s the new year going?
2:35 – Financial dictionary: Tax-loss harvesting
4:30 – Is this something you do late in the year or can it be done early in a year before tax season?
5:43 – Mailbag question: I’ll be retiring in one year. What’s on the list of things I need to do before I officially walk away?
8:54 – Mailbag question: My husband’s military pension is a very nice monthly benefit but I don’t get any of it after he dies. It’s nothing we can change now so how do we address this problem moving forward?
11:25 – Mailbag question: I’m a little overwhelmed by how many accounts we have. We’ve moved around to a lot of different jobs. Between my wife and I we have 6 401ks, 3 IRAs, 2 Roth IRAs, 2 small pensions, a 403b, and individual stocks. How much do you think we can consolidate and how will that all work?
Let’s wrap up our four-part series on Social Security misunderstandings by talking about the dreaded ‘T’ word. After years of paying the government, you might not think that you have to send more money their way when you start claiming your benefits. We’re going to clear up that subject today by explaining how taxes are calculated for an individual’s Social Security and how we work with our clients to lessen that burden.
Show Notes and Additional Resources: https://www.baschrock-fg.com/podcast/ep-17-do-you-have-to-pay-taxes-on-social-security-benefits/
Today's Rundown:
0:35 – What goal has Ben set for 2020?
1:59 – Previewing our discussion on taxes.
2:26 – In the News: Charles Schwab announced they’ll soon allow clients to buy and sell fractions of stocks. Why would a person want to do this instead of buying an entire share?
4:05 – In the News: A Pennsylvania couple is facing felony charges after their bank accidentally put $120K into their account and they went out and spent it all.
6:25 – On to the main topic on Social Security. The misunderstanding is that you don’t have to pay taxes on Social Security benefits.
6:48 – Anywhere from 0-85% of your benefits can be viewed as taxable income.
7:28 – So how can we determine what our personalf tax obligations are going to be?
10:00 – Not every state taxes Social Security. Ohio is one of those states.
10:25 – What are some ways we can offset taxes to decrease the amount we’ll pay?
Are you nearing retirement and thinking about how and when you’ll claim Social Security? It can be as simple as visiting your local Social Security Administration office and filling out the paperwork, but can they also help you decide which strategy to use? That’s the next topic in a four-part series on the top misunderstandings with Social Security.
Show Notes and Additional Resources: https://www.baschrock-fg.com/podcast/ep-16-choosing-the-best-social-security-claiming-strategy/
On This Episode:
1:52 – Here’s what’s in store for part 3 of our Social Security series.
2:40 – Can the Social Security Administration help you choose the best claiming strategy for yourself?
4:16 – What will the SSA actually do for you when you go down to the office?
6:04 – What are some of the key strategies you consider when working with clients on Social Security?
7:40 – Here’s how the process of claiming works in our office.
8:33 – Remember that everyone is different so the SSA won’t know your complete picture. That’s where an advisor can help.
10:09 – Getting to Know Ben: What’s the furthest you’ve ever been from home?
Our four-part series on Social Security misunderstandings continues with a discussion on the age you should target for claiming your benefits. Some people will tell you that claiming benefits as early as possible is your best option while others will insist on waiting as long as possible. So which is it? Let’s discuss the factors that go into the decision.
Show Notes and Additional Resources: https://www.baschrock-fg.com/podcast/ep-15-what-age-should-you-claim-social-security/
On This Episode:
2:23 – The first misunderstanding is starting your Social Security as early as possible is your best option.
4:04 – Others say waiting as long as possible to take the money is your best bet.
5:29 – What does the process look like at B.A. Schrock when you work with a client on this topic?
6:43 – If you decide to go back to work after claiming, how does that factor into your benefits?
8:00 – We offer an in-depth Social Security analysis for clients at no cost.
11:16 – Mailbag Question: I’m selling one of my rental properties in a month or two. What’s the best thing to do with the money from that sale?
13:08 – Mailbag Question: Are there really no tax implications for rolling over my 401k?
As we begin a four-part series on Social Security misunderstandings, we begin with one that’s been on the minds of many retirees and pre-retirees. That’s the idea that Social Security is going broke and there’s a chance that benefits could disappear at some point. Should you be worried? We explain on this episode.
Show Notes and Additional Resources: https://www.baschrock-fg.com/podcast/ep-14-is-social-security-going-broke/
On This Episode:
0:50 – Ben and Kaitlin welcomed their second baby boy since last episode.
2:11 – Ben’s reaction to the SSA announcing a 1.6% cost of living adjustment for 2020?
3:45 – Let’s move into our main topic and being our series on Social Security Misunderstandings.
4:39 – Do your clients have a lot of concern about Social Security going broke?
5:58 – What’s going to keep Social Security from going broke?
8:35 – Beyond the Baby Boomer generation, should there be a concern about it going broke?
11:03 – If you’re worried about Social Security benefits going away, here’s how you can plan for it.
We’ve been hearing from a number of listeners who have sent in questions on a wide range of topics so we decided to dedicate an entire episode to answering as many as we can. From rental properties to fees and commissions to 401k company investing and more, we cover a lot of ground on this episode.
Full Show Notes: https://www.baschrock-fg.com/podcast/ep-13-401k-investing-and-ira-volatility-other-listener-questions/
Today's Rundown:
0:43 – Does Ben get into Black Friday?
1:45 – Today we spending the entire episode answering listener questions.
2:20 – Question from Charlie: It seems counterintuitive to move out of a house I’ve paid off to move into a townhouse rental. But I don’t want to worry about repairs. Is that a good idea?
3:17 – This could be an idea that more and more people begin to embrace for multiple reasons.
4:00 – Question from Sally: Are fees and commissions the same thing in the financial world or are they different?
4:51 – Here’s Ben’s perspective on fees vs commissions.
5:54 – Question from Lucy: How often should I be meeting with or talking to my financial advisor. I get a birthday card every year but that’s about it.
6:55 – We meet with first-year retirees 6-8 times over that year and here’s why.
7:41 – Ben encourages clients to reach out as frequently as they feel necessary.
8:06 – Question from Kevin: My company is going to stop matching 401k contributions because of rising healthcare costs. Should I stop contributing to my 401k and invest somewhere else?
9:46 – Question from Annie: Most of my 401k is invested in company stock. Is that bad?
11:00 – How much company stock we typically limit our client to.
11:13 – Question from Beth: My IRA seems like it’s bouncing up and down every single day and it’s driving me crazy. Does that mean it’s time to get out of the market?
11:52 – The question you should be asking yourself if you are seeing a lot of fluctuation
We’re only a year away from the 2020 presidential election and that’s making some investors anxious. How will the election affect finance? What about the candidates and their platforms? We get Ben’s thoughts on this topic plus two other recent headlines that all relate to retirement planning.
Full Show Notes: https://www.baschrock-fg.com/podcast/ep-12-how-will-the-2020-election-impact-investing/
Today's Rundown:
0:32 – Ben’s office just wrapped up their first-ever Schrocktoberfest.
1:22 – On today’s show, we’re reacting to recent news headlines.
2:08 – Looking at the 2020 election, at what point will that begin to play a role in the way we behave as investors?
3:55 – Democratic candidate Andrew Yang wants to give every family a $1,000 ‘freedom dividend’ every month. What would his family do with the money?
4:55 – Could this plan work and how do we pay for it?
7:11 – A new study shows 37% of households are ‘free and clear.’ Is that higher or lower than you expected?
7:56 – How many of Ben’s clients go into retirement without a mortgage?
9:17 – Our final headline is about a new trend in the wedding industry to loan young couples money to pay for their ceremony and reception.
11:25 – Wedding days go by so quickly and it’s more important to remember the people and the moments than the things.
No one enjoys having to take part in those difficult conversations but it’s a necessary part of building a comprehensive retirement plan. Let’s finish up our two-part series with three additional topics that you might not enjoy discussing but your financial advisor needs to be asking these questions.
Show Notes: https://www.baschrock-fg.com/podcast/ep-11-awkward-conversations-with-your-financial-advisor-part-2/
Today's Rundown:
0:38 – Here’s what we’re talking about in part two of our series.
1:28 – Thanksgiving traditions for Ben and his family.
3:00 – Awkward conversation: Do your children understand your estate and legacy plan?
5:06 – The cleanest way to pass on your estate is by working with an attorney.
5:47 – Awkward conversation: Do we need to keep working longer than we’d planned?
7:35 – Sometimes that conversation turns out to be great for the client.
8:25 – Awkward conversation: Separating from an advisor that isn’t a great fit for you.
9:40 – How often do you speak/communicate with your clients?
No one enjoys having to take part in those difficult conversations but it’s a necessary part of building a comprehensive retirement plan. Let’s explore two of those awkward conversations every good financial advisor should be bringing up with you. In part one of this series, we’ll look at how the death of a spouse and the possibility of nursing home care can affect your plan.
Show Notes: https://www.baschrock-fg.com/podcast/ep-10-awkward-conversations-with-your-financial-advisor-part-1/
Today's Rundown:
0:34 – We’re beginning a new series on awkward conversations.
1:05 – Let’s get an update on how Ben’s wife is doing and how the pregnancy is going.
2:28 – Beginning the discussion on awkward conversations and what we mean with that.
3:03 – First difficult conversation: the death of a spouse.
4:31 – What BA-Schrock discusses in terms of life insurance with clients.
5:39 – Do you know all the account information for your family’s accounts?
8:08 – Second difficult conversation: Nursing home care later in life.
9:03 – Here’s how much nursing home care could cost you.
11:42 – These conversations aren’t easy but having these candid discussions can be very helpful.
On the final installment on our series about the missteps that savers make along the way, we turn our attention to something most people love to do: spending. Savers aren’t the best at this because it’s a complete shift in mindset, but there will come a time when you need to spend the money you’ve been working so hard to accumulate.
Show Notes: https://www.baschrock-fg.com/podcast/ep-9-the-risks-savers-face-not-spending-enough-part-4/
Today's rundown:
1:01 – Welcome Ben and Keith.
1:24 – We love the success stories from our clients
2:34 – Getting to Know Ben: What’s the most universally well-known movie that you’ve never seen before?
4:58 – Let’s move to our main conversation on savers.
5:41 – It’s a different mindset for savers when they move into retirement.
6:58 – How does that process work with clients when they want to know what they can spend?
8:33 – Client story about someone that’s spent their money.
9:29 – Life happens so take advantage of your chance to enjoy your retirement.
10:59 – We also see people that love spending money and sometimes we have to slow them down.
Part 3 of our series on savers and the missteps they can make in planning, we turn to the dreaded topic of taxes. As you save and invest for your future, are you considering the tax time bomb that could be looming down the road? What about strategies that can help lessen your tax burden? Let’s discuss the options that you have to save yourself money in taxes.
On this episode:
0:43 – Today we’re talking taxes.
1:50 – That tax time bomb is looming so keep that in mind as you’re saving.
2:15 – When we pump a lot of money into a 401(k) to lessen taxes now, we make sure people realize that burden will come later.
3:18 – We believe taxes are going up. Here’s a story we heard years ago that applies to your tax decisions.
5:10 – What are your options if you want to move your existing money into a Roth?
6:23 – The Roth conversion can ultimately lower your Required Minimum Distribution.
7:15 – If you’ve maxed out your Roth, what’s another investment option that can lessen taxes?
9:04 – What should we be considering when it comes time to withdraw your money?
11:28 – There are also a lot of options within your 401(k) plan like a Roth 401(k).
12:35 – Mailbag question: I own my own business and haven’t paid much into Social Security over the years even though I’ve earned a nice income. Is this going to be a problem for me in retirement?
For full show notes and additional resources, visit here: https://www.baschrock-fg.com/podcast/ep-8-the-risks-savers-face-the-tax-time-bomb-part-3/
We continue our discussion on savers and some of the missteps they can make along the way. Saving is key to retirement success but are you getting the best return on your money? Today we look at risk and how it can impact your portfolio negatively if you don’t put a plan in place to deal with downturns.
On this episode:
2:03 – Today’s main topic is part 2 of our Risks Savers Face series.
2:18 – Why is risk so important to understand when setting up your portfolio.
3:23 – What are some examples of riskier investment products?
4:55 – We have software that can analyze your risk tolerance.
6:27 – What kind of reactions do you get from clients when they learn their risk number?
7:38 – The highest risk number we’ve seen is 98.
8:27 – How we help clients understand risk and prepare their portfolio to handle it.
10:56 – We like boring in our office.
12:04 – Mailbag question: My wife bought an annuity several years ago. She has the option at 60 to take money now but for a third less than if she waited until 65. What do you usually see clients do in this situation?
Show notes: https://www.baschrock-fg.com/podcast/ep-7-the-risks-savers-face-being-too-aggressive-part-2/
Even the best savers make mistakes when planning for retirement and we’re launching a new series that will go in-depth on that topic. Part 1 of The Risks that Savers Face will discuss cash and why becoming so enamored with it can end up costing you money over the long run.
On today's show:
1:04 – Introducing our guest today, Keith Lockwood
1:21 – We are beginning a new series on ‘The Risks That Savers Face’
2:27 – Today we focus on cash and why you shouldn’t be so enamored with it.
2:40 – What percentage of cash do you recommend clients carry in their portfolio
4:19 – We talk about it in our office that there’s a war on savers.
5:24 – What inflation rate we use for planning.
5:38 – Is there anything you can invest your cash in that will beat inflation?
6:22 – What times are okay for keeping more cash on hand?
7:15 – Do clients struggle with this issue of having too much cash?
9:03 – Don’t be afraid to have that conversation with an advisor to find out what options are available to you for investing your cash.
9:56 – Mailbag time
10:22 - Mailbag question: I’m retiring in six months. What happens if we have a market crash before I get to the finish line. Will I be ok?
12:00– There’s software available to our team that can run thousands of simulations to show you how your portfolio will do in different scenarios.
Get the full show notes and additional resources by clicking here: https://www.baschrock-fg.com/podcast/ep-6-the-risks-t…much-cash-part-1/
Today we wrap up the five-part series on Busting the Biggest Financial Myths with a conversation on stocks and bonds. There’s a common belief that shifting to bonds removes all the volatility out of your portfolio, but that not a certainty. To help us explain this idea, we bring on a guest that specializes in building and maintaining client portfolios.
On today's show:
1:02 – The guest on today’s show is Keith Lockwood, the portfolio manager at BA Schrock.
1:56 – Bringing you up to speed on the series.
2:24 – The myth: You should shift from stocks to bonds to remove volatility.
2:40 – What does investing in bonds actually mean?
3:27 – So why is this not a true statement?
5:02 – Is there an age where people should be evaluating their risk level and start shifting it?
5:46 – How to structure your portfolio conservatively.
7:25 – We’re evaluating things on a daily basis but individuals should be looking at their portfolio at least once per year.
8:15 – Are there a lot of people having the discussion about stocks to bonds because of fears of a market downturn.
10:34 – Some final thoughts on this topic.
12:19 – Mailbag time
12:33 – Mailbag question: Should I work with a younger advisor with less experience or someone my age that will retire at the same time as me?
Get the full show notes and additional resources by clicking here: https://www.baschrock-fg.com/podcast/shifting-from-stocks-to-bonds-removes-the-volatility/
On part four of our financial myths series, we take a look at the idea that financial planning today is much easier to do because of technology and it’s something you can easily take on by yourself. While it’s great to have access to everything the internet has to offer, it’s far from a perfect solution for planning your future.
On this episode:
1:35 – Introducing part four of our series.
2:07 – Small business spotlight: What qualities do you look for in an employee?
4:33 – Recapping our Busting the Biggest Financial Myths series
5:10 – Today’s myth: You don’t really need a financial advisor today with all of the technology at our disposal.
6:14 – How do you sift through all of the information that’s available every day.
7:23 – Do you have many clients that come in that had some bad research?
8:12 – You can’t always trust what these online calculators or algorithms are going to produce for you.
9:08 – Research can help you but having that personal relationship is still very important.
10:54 – We offer the LOCK process to get to know more about our clients.
Check out the show notes and additional resources here: https://www.baschrock-fg.com/podcast/ep-4-financial-planning-can-be-done-by-anyone-with-technology-busting-financial-myths-part-4/
Now we move to part three of a five-part series about financial myths and this episode focuses on taxes. Once we finish working, it’s easy to assume that our taxes will drop because we’ll move into a lower tax bracket. Well, that’s not the case. Find out why your taxes might increase and what strategies you can use to offset that.
Today's rundown:
1:10 – What’s in store on today’s show and introducing part 3 of the series.
2:12 – Mailbag question: My retirement accounts have done well recently, but I don’t really know what it should be doing. How do I know if my money is doing what I need to do?
3:30 – What’s a good average rate of return to shoot for in a strong market?
4:20 – Returning to our series on ‘Busting the Biggest Financial Myths’
4:51 – Myth: You’ll probably be in a lower tax bracket once you retire.
5:42 – We can’t assume taxes are going to get any lower.
7:07 – Strategies you can use to take advantage of lower tax rates now.
8:44 – How Social Security impacts your taxes.
9:57 – How we help clients that want to see how taxes impact retirement planning.
To get the full show notes and see additional resources, click here.
Today it’s part two of a five-part series about financial myths and this episode focuses on an important one. The common belief in retirement is that you’ll need less income than you did while you were working. While we all hope this is true, basing your plan off this idea can put you in a difficult situation down the road.
Click here to see the full show notes.----more----
Today's rundown:
0:51 – Ben’s getting ready for the Cleveland Browns season to kickoff.
1:09 – Introducing part 2 of the series ‘Busting the Biggest Financial Myths’
2:21 – Mailbag question: Now that I’m retired, I need income from my investments. Should I invest primarily in dividend-paying stocks now?
3:38 – Beginning our discussion on retirement income.
4:05 – Myth: You’ll need less income when you retire than when you’re working.
5:00 – Sometimes retirees don’t know how to spend their money because they’re so used to saving.
5:50 – How does someone know what level of income they’ll need to have to retire?
6:27 – Ask yourself this question.
6:57 – What are the primary income sources for a retiree?
7:42 – You can find your Social Security estimate anytime.
8:45 – What options do you have for adding income-generating investments in retirement?
9:45 – Are clients typically prepared when they come in?
We kick off our five-part series about financial myths with a product that Ben has worked with in his career: life insurance. Many people feel life insurance isn’t needed after retirement, but that’s not the case. We’ll explain life insurance options, why it can be needed after retiring, and how it can become an income source.
Today's rundown:
1:43 – Part 1 of the series focuses on the myth: ‘I don’t need life insurance after I retire.’
1:58 – Getting to Know Ben: What hobby would you take up if money and time weren’t an issue?
3:28 – Introducing the series ‘Busting the Biggest Financial Myths’
4:04 – Ben has experience in life insurance.
4:57 – Explaining the different types of life insurance.
6:08 – What would cause someone to need life insurance after retiring?
7:38 – How do you determine whether life insurance is needed for you personally?
9:14 – Life insurance can be a way to take income in retirement.
Before we launch the first official episode of Unlocking Your Financial Future, we wanted to introduce you to the show and the people. In this ‘Getting to Know You’ episode, we’ll learn more about Ben Schrock, his business, and the future of the podcast.
Today's rundown:
1:06 – Getting to know Ben as an individual.
4:35 – Learning about the business and the philosophy behind B.A Schrock Financial Group.
11:24 – What to expect from this podcast.