Make It Last: Recent Episodes
Victor Medina
Make It Last is a radio show/podcast hosted by Victor Medina, a Certified Elder Law Attorney, and Certified Financial Planner™ professional. Make It Last discusses issues related to retirement, legal planning, estate planning, financial matters, and taxes. But seriously, it's fun.
If you are older and you have money, you are the prime target for financial scams, and there are a lot of them out there. What can you do to avoid becoming a victim and instead become an advocate for yourself and others? We’ll talk about that and tell you how to spot scams before they’re able to take advantage.
This ‘elder fraud’ has been on the rise in recent years and the sad reality is people over the age lost $3.4 billion to scams in 2023, according to the FBI. There isn’t a week that goes that we don’t have someone telling us about their own personal experience of being targeted in one of these common scams, and things are only getting more sophisticated with the improvements in technology.
Join us today to learn about the latest scams targeting retirees, how to protect your finances, and steps you can take to safeguard your retirement.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:20 – The amounts are staggering
3:55 – Why is the older demographic targeted?
7:10 – What to look out for
13:30 – Ways to protect yourself
18:50 – Become an advocate
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Join and start receiving retirement tools: www.retirease.com
Watch the show on YouTube: https://bit.ly/48pTfhf
As you approach retirement, one of the most significant changes you'll experience is the amount of time you spend with your spouse. After years of balancing work, raising children, and managing day-to-day responsibilities, retirement offers an opportunity to reconnect and rediscover each other.
This transition, however, also comes with its own unexpected set of challenges. Today we’ll explore the complexities of marriage in retirement and offer actionable advice to help you navigate this new phase of life. By prioritizing communication, planning, and regular check-ins, you can navigate this transition successfully and enjoy a fulfilling and harmonious retirement with your spouse.
Here’s what we discuss in this episode:
0:00 – Intro
3:07 – New set of challenges
5:48 – Getting on the same page
9:50 – Working towards a goal
14:14 – Meet and discuss consistently
19:09 – Our discussions with clients
24:39 – Actions you can take now
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Join and start receiving retirement tools: www.retirease.com
Watch the show on YouTube: https://bit.ly/48pTfhf
Retirement is often seen as a time to relax and finally enjoy the fruits of decades of hard work. But for many retirees, the idea of completely stepping away from work is not appealing. Instead, they are finding ways to stay busy, contribute to their communities, and even enhance their retirement experience through part-time jobs.
In this episode, we dive into the growing trend of retirees taking on part-time work. Whether it's out of financial necessity or a desire to stay active, many retirees are discovering that part-time jobs offer a host of benefits beyond just a paycheck.
One fascinating story we discuss is that of a married couple who turned their part-time jobs in the travel industry into a way to fund their retirement adventures. But part-time work in retirement isn't just about financial benefits. It can also provide a sense of purpose and community. Many retirees find joy in volunteer work or mission-based travel, where they can use their skills and experience to make a positive impact on others. Whether it's coaching a sports team, teaching English abroad, or participating in church missions, these opportunities allow retirees to stay active and engaged while giving back.
For those considering part-time work in retirement, flexibility is key. Having a solid financial plan in place can provide the freedom to choose jobs that are fulfilling and enjoyable, rather than out of necessity. At Palante Wealth, we emphasize the importance of comprehensive retirement planning, addressing not just finances but also health, relationships, and personal development.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:16 – Travel perks & part-time work
3:38 – Trend of older workers 7:52 – What clients typically do
12:01 – Two places to look for work
16:19 – Tips for finding work
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Join and start receiving retirement tools: www.retirease.com
Watch the show on YouTube: https://bit.ly/48pTfhf
May is ‘Better Sleep’ month and it’s no secret how important good sleep is to health, longevity and overall happiness. That’s especially true for retirees because as we get older, our sleep gets worse and worse.
In this episode, we're discussing the often-overlooked aspect of retirement fulfilness: sleep quality. Join us with Victor as we discuss the importance of sleep for your health and happiness, share personal struggles and tips for better rest, and explore how sleep patterns change post-retirement. Don't miss out on understanding how to catch those elusive Z's and wake up to a more vibrant retirement.
Here’s some of what we discuss in this episode:
0:00 – Intro
2:00 – Sleeping routine
4:49 – Health challenges
8:36 – Understanding sleep cycles
12:13 – What can you do?
15:24 – Committing to improvement
17:20 – Sleep technology
19:23 – What works?
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Join and start receiving retirement tools: www.retirease.com
Watch the show on YouTube: https://bit.ly/48pTfhf
In the bustling world of parenting, where the to-do list seems never-ending, there’s a new beacon of hope — grandparents. Being a grandparent can have a significant impact on the success and health of one's retirement, and today we’re going to talk about the physical, emotional, and financial benefits.
Being an active and engaged grandparent can have numerous benefits, which we’ll dive into by discussing a study from Finland. It provides an opportunity to remain involved with younger generations, stay mentally sharp, and maintain an active lifestyle. Grandparents also have the chance to pass on wisdom and create lasting memories with their grandchildren. Additionally, there are financial benefits, such as the ability to provide support and assistance to family members while still alive, and the potential for reduced expenses by engaging in activities with grandchildren that don't require significant spending.
Join us as we talk about the important role that grandparents play and explain how it fits into our Retirease approach to retirement.
Here’s some of what we discuss in this episode:
00:00 - Introduction and the Impact of Being a Grandparent on Retirement Success
01:44 - The Benefits of Active and Engaged Grandparenting
04:44 - Passing on Wisdom and Creating Lasting Memories
15:51 - Financial Benefits of Being a Grandparent
See the study here: https://www.tandfonline.com/doi/full/10.1080/00324728.2023.2287493
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Join and start receiving retirement tools: www.retirease.com
Watch the show on YouTube: https://bit.ly/48pTfhf
April isn't just about welcoming warmer weather; it's also Financial Literacy Month, a time to focus on our fiscal health and future. This episode will do just that, and it's an essential listen for anyone looking to secure their golden years with confidence and clarity.
A study used posted by the American College of Financial Services used a Retirement Confidence Scale based on the respondent’s self-reported confidence that they will feel financially secure, have enough money to live comfortably, and do a good job handling their investments throughout retirement. Those who scored better in financial literacy were more confident in their retirement. We’ll journey through the critical elements of retirement planning, from understanding different types of IRAs to the intricacies of gift taxes. It's an engaging dialogue that isn’t meant to just inform but also inspire action.
Here’s some of what we discuss in this episode:
0:00 – Intro
0:56 – Importance of financial literacy
2:35 – Study findings
8:40 – Correlation with earnings
11:58 – Retirement falls on you
19:10 – Traditional vs Roth IRA
23:32 – Retirement annuity
26:28 – After-tax accounts
18:08 – Mutual Funds and ETFs
31:13 – Gift tax
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Join and start receiving retirement tools: www.retirease.com
Watch the show on YouTube: https://bit.ly/48pTfhf
Do you have goals for your retirement? Do you even know how you would set them? Many people look at retirement as the finish line, but goal setting is a key piece of unlocking your true potential once you’ve stopped working.
In this video, we’re going to walk you through how to create goals for your retirement so you can achieve all those things you dream about. We’ll start by explaining the power of goal setting and how it serves a much bigger purpose in retirement. Then we’ll help you identify the types of goals that might align with your interests and passions. And we’ll close it all out by providing you with an effective approach to setting and following through with the goals that you create.
Here’s what we discuss in this video:
0:00 – Intro
2:38 – Goal setting into retirement
5:28 – Serves a bigger purpose
9:30 – Time and health
10:57 – Challenge of setting goals
13:35 – Categories of goals
19:36 – SMART approach to goal-setting
28:39 – Overcoming obstacles
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Join and start receiving retirement tools: www.retirease.com
Watch the show on YouTube: https://bit.ly/48pTfhf
In order to be able to truly enjoy retirement, health has to be a priority and Retirease focuses on the steps you need to take to maximize your golden years.
In this episode, we are going to explore the essential non-financial elements that contribute to a truly fulfilling retirement, emphasizing the crucial bond between physical and mental well-being. You'll gain valuable insights on how to preserve your health and stave off the decline many fear as retirement approaches. With actionable advice on confronting common health concerns, this conversation is a must-hear for anyone eager to maximize their golden years.
Discover practical strategies to enhance mobility and flexibility, including yoga and isometric exercises, and learn how these can be seamlessly integrated into your daily routine without the need for a gym. We also touch on the significance of diet and mental health in preventing chronic conditions and the surprising link between cognitive diseases and sugar intake. Our conversation is not just about planning for the future; it's about ensuring that future is as vibrant and fulfilling as possible.
Here’s some of what we discuss in this episode:
0:00 - Intro
1:57 – Importance of health in retirement
5:24 – Ways to improve your health
11:48 – Common health concerns
17:19 – Steps to take today
21:21 – Accountability
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Join and start receiving retirement tools: www.retirease.com
Watch the show on YouTube: https://bit.ly/48pTfhf
We want everyone we work with to be able to say that the last third of their life was the best, which is always the goal for Retirease. There’s no reason your goals, ambitions, and sense of adventure have to slow down once you’ve retired, and the proper approach to that next phase of life can help you achieve this.
In this video, we want to share some tips and strategies that will help you make that last third of your life the best it can be. By taking these steps, our hope is that you’ll be able to look back and say life has never been better than it is at this moment. So join us to learn how Retirease helps you create a life in retirement instead of just letting retirement happen to you.
Here’s some of what we discuss in this episode:
0:00 – Intro
2:29 – The Retirease mission
3:25 – How people view retirement
6:00 – How to take control of retirement
11:25 – When to start planning
16:02 – Be intentional about every area of retirement
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Join and start receiving retirement tools: www.retirease.com
Watch the show on YouTube: https://bit.ly/48pTfhf
A fulfilling retirement goes well beyond the dollars and cents, and today we’re going to share our vision for what it takes to help you live your best life in retirement. The goal for Retirease Radio is to coach you through a holistic approach to retirement.
Join us as Victor highlights the importance of health and personal growth in retirement, emphasizing the balance between enjoying life's pleasures and managing your well-being. Discover strategies to optimize personal and professional development, spirituality, family ties, and community contribution.
Through personal anecdotes and Victor's extensive experience as a certified financial planner and elder law attorney, we illustrate the significance of community engagement and spirituality for a happy retirement. We also discuss the principles of personal development planning, setting achievable goals, and structuring a life that avoids stagnation.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:09 – The Vision for Retirease
5:09 – The different areas of retirement
11:20 – Prioritizing these areas
14:26 – Holistic approach to planning
17:10 – What can you expect from future shows?
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Join and start receiving retirement tools: www.retirease.com
Watch the show on YouTube: https://bit.ly/48pTfhf
Life happens. It’s such a simple but complicated statement because no one know what life will throw at us. The good and bad often comes at the most unexpected times and that makes planning very difficult. The good news is a comprehensive retirement plan prepares for what we know and is built to adapt to the events we can’t predict.
In this episode, let’s go through some situations that require a little bit of extra attention and assessment in your overall retirement plan. If you haven’t taken the time to review the possibility of these in your life, make that a priority for 2024 so you don’t have to worry about being caught off-guard financially.
Here’s some of what we discuss in this episode:
- If you’re leaving an old job, discuss what to do with the assets in your old employer’s retirement account. Then look for Roth options with the new company.
- What are you facing if you get laid off or fired unexpectedly?
- The financial burden that comes along with the death of a spouse.
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
As we begin another year with a fresh slate and a chance to improve ourselves, let’s talk about some resolutions that we could put in place to take positive financial steps forward in 2024. Hopefully this is something that you’ll revisit well beyond January, but we want to help you build a list for the new year.
The stats say people stick to their new year resolutions an average of 15 days so it’s not easy, which is why we like making it a part of an ongoing effort for self-improvement.
Here’s some of what we discuss in this episode:
- Why Victor doesn’t use resolutions for annual goal-setting.
- How to stop being so disorganized with your finances.
- Take the time to understand what you’re invested in.
- Stop giving away your retirement savings in the form of hidden fees and expenses.
- Stop taking on unnecessary risk.
- Get on the same page with your spouse when it comes to your finances.
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
Retirement is more than just a numbers game; it's an intricate dance of elements that blend to create a fulfilling post-career life. In this episode, we’ll open up the mailbag and unpack the components that make up a robust retirement strategy, addressing everything from the ebb and flow of market volatility to maximizing Social Security benefits and tackling healthcare costs head-on.
We also shine a spotlight on the thorny issue of estate disputes, illustrated by a listener's question about a contested beneficiary designation. Sharing insights on setting up a revocable trust and other mechanisms, we help you be equipped with the tools and knowledge to safeguard your legacy and retire with peace of mind.
Here’s some of what we discuss in this episode:
- How can you figure out if your parents need help financially as they age?
- Do you need 15-20 times your annual salary to be able to retire comfortably?
- How to settle estate disputes between when wishes aren’t clear.
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
Join us today as we address some of the critical pillars of a successful retirement: investing, income, taxes, and estate planning. We’ll do this by tackling a few great questions from our listeners, offering clarity and strategic insights for your retirement journey.
Whether you're worried about unexpected life insurance policy charges or seeking stability in volatile markets, we’re here to help you navigate these challenges with confidence.
Here’s some of what we discuss in this episode:
- Why would your life insurance policy require you to start paying premiums again?
- Which investments you should consider if you can’t tolerate the volatility in the market.
- Ways to supplement your income if you reduce your work hours.
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
It’s time to open up the mailbag on the show and answer a few financial questions that we’ve gotten recently. Listen as Victor addresses situations dealing with helping your adult children financially, making Roth conversions, and determining how much life insurance is needed.
Today’s show will cover three topics that almost everyone will face so this conversation should be very insightful. Victor will share his approach to each of these scenarios and explain how he works through them with clients to find the best strategy moving forward.
Here’s some of what we discuss in this episode:
- What’s the best way to help an adult child financially? Is it college funds, daycare, retirement, or something else?
- What you need to consider before converting a large amount of money into a Roth
- How much life insurance do you need to have on the main breadwinner of the family?
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
You can find financial lessons everywhere in life and today we’re going to relate planning to the weather, something we all pay attention to every day. From tornadoes to black ice, we’ll share the appropriate analogies for each type of forecast and explain how our approach to planning will help you prepare for all of the elements.
Much like the weather, you have to be ready to face anything the day brings your way. Life, like retirement, doesn’t pause when the elements get a little rough. We have to use the tools available to handle the devastating force of a tornado and the unforeseen effects of the jet stream and help you better prepare in today’s episode.
Here’s some of what we discuss in this episode:
- Tornadoes happen quickly and cause large damage in minutes, which is much like a market downturn in retirement.
- The unseen force of the jet streams and how it affects all of the weather.
- How the heat index compares to the risk in your portfolio.
- How people slip on ‘black ice’ in retirement planning.
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
How financially fit are you for retirement? Get ready to find out with a self-assessment on must-know topics like assets, spending, risk tolerance, fees, and income streams.
We have five questions that every retiree needs to be able to answer and Victor Medina will explain why each of these is so crucial for retirement planning. Acing it requires knowing the purpose of your investments, understanding how to calculate risk, and having an income plan prepared. Tune in now to assess your preparedness and pick up practical pointers to improve your retirement planning report card.
Here are the questions we’re going to quiz you on today:
- Do you know how much you have financially?
- Do you know how much you’re actually spending?
- Do you know how much risk you have?
- Do you know what you’re paying fees?
- Do you know what your retirement income streams will look like?
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
If you were the general manager of a financial team, which products or investments would you prioritize to give you the best chance of success? That’s what we want to discuss today so we’ll have a little fun with this conversation by making Victor the GM. We’ll present some of the financial topics and items you might be most familiar with and find out where he would draft them.
If you’re a sports fan, this should be an enjoyable exercise, but even if you’re not, there should be some useful information you can apply to your approach to planning in order to help win the game of retirement.
Here are some of the things we’ll ask Victor to evaluate:
- The Roth IRA
- Where does gold fit in?
- The Life Insurance Retirement Plan
- The variable annuity
- The indexed annuity
- Rental properties
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
Today we are going to play a little game we’ll call, ‘Investment or Not?’ People will try to justify a purchase by calling it an investment, but just because you spend a little extra money on something doesn’t make it an investment.
On today's show, we examine the definition of an investment and explore how investing is not just about stocks and bonds. We’ll present Victor with various scenarios and find out if he would classify them as investments. We’ll be exploring if buying a snazzy car for a long commute, or even adding a screened-in porch to your home, could be considered investments. We’ll also help you understand if they’re actually good investments as well.
Here’s some of what we discuss in this episode:
- Is it worth spending more on a nice car if you spend a lot of time commuting?
- Are collectibles like baseball cards an investment?
- What about adding a home renovation like a screened-in porch?
- As a business owner, is hiring quality people an investment in your business?
- Buying land without a plan to build on it or not.
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
Not every financial advisor is created equal so picking the right one to work with can benefit you for years to come. But no one intentionally chooses someone that isn’t a good fit so what should you be looking for in a financial advisor? In this episode, we’ll talk about the characteristics that make up a good advisor and provide guidance on what questions you should be asking.
Whether you’re looking for an advisor for the first time or just curious whether your current advisor is the best fit, Victor will help you identify someone with the right philosophy to get you to and through retirement. Building t
Here’s some of what we discuss in this episode:
- Our philosophy at Palante Wealth and how we approach our relationships with clients.
- How do you truly know if someone is the right fit?
- What could go wrong if you’re working with someone who isn’t a good fit?
- What are your options if you aren’t comfortable with your current advisor?
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
Knowing what you know now, you’d probably go back and change some of your past decisions. Since that’s not possible, the next best thing is learning from other people’s mistakes. We all have things we wish we’d done differently, and today we’re going to share some of those scenarios where financial mistakes were made that don’t look so good in hindsight.
From the lessons of the 2008 crisis to understanding the risk in your investments, we walk you through real-life scenarios that can significantly impact your retirement plans. Tune in, and equip yourself with knowledge that could redefine your financial future in retirement.
Here are some of mistakes we can learn from:
- Investing too conservatively following a market crash and missing out on a big bull run
- Not understanding the risk in your portfolio until a down year happens.
- Making Social Security decisions without understanding your options.
- Wishing you put more money into a Roth IRA to avoid the tax time bomb in retirement.
- Retiring too early and realizing you have to go back to work.
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
Would you like to avoid the financial missteps that can derail a retirement? Knowing where people often make the wrong decision or fail to take the proper action can help you keep from making the same mistakes and ruining your retirement.
In today’s show, Victor will lean on his past experience to help identify the areas that typically cause people to have problems in retirement and he’ll also help you know what to do differently if you’re in these same positions.
Here’s some of the mistakes we discuss this episode:
- Treating retirement like the destination rather than the beginning of the next chapter in life.
- Retirement doesn’t mean that all of your challenges disappear and all of your problems are gone.
- Your monthly spending habits likely can’t be determined strictly based on what you're spending while you’re working.
- Not having a plan for being active in retirement.
- Investing the same way in retirement that you were when you were in your 30s.
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
More and more people are living a longer time, which is a great thing. But it can also pose a significant risk to your retirement if you haven’t planned properly.
If we knew exactly how long you were going to live, determining how much you need for retirement would be pretty easy. Since we can’t plug that number into a calculation, we need to take the proper steps to ensure your money lasts as long as you do. In this episode, we’ll talk about planning with longevity in mind and how we build that risk into every plan we build.
Here’s some of what we discuss in this episode:
- Why Victor would choose spending money to gain time when given the option.
- Who are some of the older people we work with.
- Does longevity run in Victor’s family?
- How effective are people at planning for this possibility of a long retirement on their own?
- How we help people who worry about running out of money.
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
No one wants to make mistakes, but we’re all human. It’s going to happen to all of us, and we see pre-retirees make many of the same mistakes with their finances. Our role as financial advisors is to not pass judgment and make you feel bad about those mistakes, but to help you right the ship and get back on the correct path.
In this episode, we’ll discuss some of the most common mistakes and talk about how we help people avoid them. It’s important to remember that it’s not about the mistake but rather how you react to it. If we can help you recognize the problems and help you make a different decision, you’ll be able to continue to get a little better with your finances.
Here’s some of what we discuss in this episode:
- People continue to invest like they’re in their 30s even though they are approaching retirement.
- How to determine when you should be claiming Social Security.
- Why tax planning is more important for long-term success than tax preparation.
- Can you assume that your healthcare needs are going to be covered by Medicare?
- Why you shouldn’t take on more risk to play catch-up if you feel you’re falling behind.
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
We want to talk today about client reviews and how we approach them depending on the type of client we’re working with. Periodic reviews with certain clients can look very different from reviews with others, and we enjoy the variety of conversations we’ll have with folks.
We’ll have a little fun with this conversation by describing a handful of personalities and then have Victor explain what the reviews will consist of for each person. Plus, you’ll get a better idea of what our review process looks like in general and why it’s so important for us to provide continuing education for our clients.
Here’s some of what we discuss in this episode:
- What we do for people who are very busy and don’t often have time to meet.
- How we provide continuing education for people so that they feel comfortable with their plan.
- How we work with someone who is emotional about money and the markets.
- We want to stay objective and dispassionate with people who always seem to have major life events happening.
- Providing support for people who worry a lot about money and what’s happening in the news.
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
New Jersey’s own Bruce Springsteen is one of the most successful musicians of all time and he’s been entertaining people around the world for decades. His fans can recite many of the lyrics in his songs word-for-word, and it’s easy to find inspiration from his music.
In this episode, we’re going to spotlight some of our favorite quotes from The Boss and apply them to what we do each day in retirement and estate planning. There’s a lot to learn from Bruce, and even though we may not listen to as much of his music as many others in New Jersey, we can appreciate the wisdom in each of these quotes.
Here are the quotes we’ll discuss in this episode:
- “Adult life is dealing with an enormous amount of questions that don’t have answers.”
- “The release date is just one day, but the record is forever.”
- “A good song takes on more meaning as the years pass by.”
- “If you’re good, you’re always looking over your shoulder.”
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
For some people, the idea of putting together a financial plan doesn’t sound like much fun. But the idea of building a home sounds much more enjoyable. So let’s find the similarities in building a strong financial plan and a dream home.
In this episode, Victor will help us construct our financial house step-by-step and explain which pieces of planning play the part of the foundation, walls, roof, and the finishing touches. Putting together a strong financial plan, like a home, will be built to last for years and through any type of weather.
Here are the quotes we’ll discuss in this episode:
- The foundation of any plan, like a home, has to be solid and it starts with an income plan.
- The investments we choose will serve as the walls of our financial house to provide structure.
- The tools we use to help someone protect their financial house.
- Putting the finishing touches on your house and buttoning up all the little items comes in the form of estate planning.
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
Yogi Berra is one of the most quotable people to ever live. He could entertain even more than he could play baseball, and he was a really good catcher. Even as a Red Sox fan, Victor has an appreciation for many of the things Yogi said through the years.
When we look at some of his quotes through the right prism, they can teach us some lessons about financial planning. So that’s what we’ll try to do in this episode. We’ve pulled six great quotes that Yogi said through the years and we’ll going to make sense of them for what we do every day in retirement and estate planning.
Here are the quotes we’ll discuss in this episode:
- “I never said most of the things I said.”
- “A nickel ain’t worth a dime anymore.”
- “If you don’t know where you’re going, you might wind up some place else.”
- “When you come to a fork in the road, take it.”
- “The future ain’t what it used to be.”
- “It’s like déjà vu all over again.”
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
Life is all about balance and today’s show will keep you level-headed when it comes to certain financial situations. Every decision we make needs to take into consideration the pros and cons and weigh them against each other to determine which option is best.
We going to look at a few different situations where there are positives but those don’t usually outweigh the bad. This good news-bad news happens all the time in financial, retirement, and estate planning and our job is to help clients sort understand the full picture so they choose what benefits them the most.
Here are some of the things we’ll discuss in this episode:
- The interest on your debt might be tax deductible but that’s not worth carrying it.
- Should you let low fees keep you in a mutual fund that doesn’t perform well?
- If you’re depending on Medicaid to pay for your nursing home care, it means you don’t have much else left in the bank.
- Can you count on your portfolio always bouncing back after a big drop?
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
No matter where you go or who you meet, there’s always an opportunity to glean financial wisdom from unexpected places in life. Today’s show is a great example of that as we’re going to see what we can learn about financial planning from these quotes from the great playwright George Bernard Shaw.
The Irishman was born in the mid-19th century who made an impact on the arts along with being a critic and political activist. As you’ll see from the list of quotes below, he was a very thoughtful man. Let’s dive into a few of his most memorable quotes and apply them to the way we approach financial planning and retirement.
Here are the quotes we will translate to the financial world:
- “Progress is impossible without change, and those who cannot change their minds cannot change anything.”
- “We don’t stop playing because we grow old; we grow old because we stop playing.”
- “Beware of false knowledge, it is more dangerous than ignorance.”
- “The possibilities are numerous once we decide to act and not react.”
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
When it comes to retirement, planning is not always a simple and straightforward process. From market crashes to real estate investments and the labyrinth of investment products, retirees face numerous financial challenges. Many of those challenges come to us in the form of questions, and that’s what today’s episode is all about.
Today we dive into planning for retirees by covering an extensive range of topics, including strategies for mitigating risk during market fluctuations, planning for home purchases in retirement, understanding the impact of potential market crashes on personal finance, and more. This mailbag edition hits on a wide range of planning items so there’s a good chance one or more will be of use to you.
Here are some of what we discuss in this episode:
- Is the market going to crash soon? How can we prepare for that possibility?
- There’s one benefit and one negative for having a mortgage in retirement.
- Weighing the benefit of growth and liquidity when figuring out how much cash to put in the bank.
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
We’re all living longer thanks to modern medicine, and that should be a good thing, right? Being able to enjoy life, and retirement, for many years is a great thing, but it also presents a big risk to retirement.
This longevity risk refers to the risk of outliving your retirement savings. This is becoming a growing concern, especially with increasing life expectancies. In this episode, we’re going to highlight the importance of strategic thinking, valuing time over money, and implementing a holistic retirement plan that includes investing, income tax, and estate planning.
Here are some of what we discuss in this episode:
- Why can living a long time carry a lot of risk?
- We address the financial challenges that come with living longer.
- What can you do if running out of money is suddenly a reality?
- How we work with people and plan for those that come into our office with this worry.
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
It’s important to understand before you work with an attorney that not everyone is created equal. While we hope everyone is ethical and hard-working, there are numerous situations where the client needs to proceed with caution.
Join us as we explore the crucial task of finding the right attorney for estate planning, a decision that could impact your family for generations to come. Listen as we share the warning signs to look out for when selecting an attorney, such as those who offer quick recommendations without taking the time to understand your unique situation. We also discuss the dangers of appointing an attorney as a fiduciary and how it could potentially lead to conflicts of interest. Don't miss out as we shed light on the key differences between an expert lawyer in the field and those who are merely moonlighting.
We also share insights on our firm's initial meeting process and why it's essential to create a low-pressure environment. Our host, Victor Medina, is a Certified Financial Planner®, estate planning attorney, and certified elder law attorney and lends his expertise in what you need to be on the lookout for.
Here are some of what we discuss in this episode:
- Why an attorney that makes recommendations and gives you direction before knowing anything about your family is a red flag.
- Should your attorney force you to become their fiduciary?
- Why you want to work with someone who has a specialty in what you need instead of someone who is an ‘expert’ in everything related to law.
- Can your attorney also take care of your taxes, investments, and other planning needs?
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
Every generation likes to talk about how hard they had it, but there’s a lot of truth in that when you talk about retirement planning. Each generation brings a unique set of challenges that weren’t around when they’re parents retired. Today we’ll identify these generational challenges to help you get prepared and share some things that have to be addressed.
If you’re a Baby Boomer getting that is nearing retirement or already there, this episode will be of particular interest to you. With more than 10,000 Baby Boomers entering retirement every day, this generation has become our primary focus for planning. Everyone entering this new phase of life is doing so with different life circumstances and this has created some unique challenges for this generation compared to previous ones.
But we’ll also talk about Generation X and the Millennials as well because many of them have started thinking about retirement or will be doing so very soon.
Here are some of what we discuss in this episode:
- The Millennials face a lot of student loan debt and that creates savings challenges.
- Generation X (1965-1980) are in that age gap where they are tempted to spend the extra income and have the ‘sandwich generation’ challenges.
- At what age you should start your planning process?
- The biggest things we focus on with Baby Boomers right now.
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
No one wants to make mistakes with their retirement plan, but the truth is we’re all human and mistakes are going to happen. Almost everyone we’ve worked with has done something that we would characterize as a mistake. It’s not that you made the mistake but instead, how did you react to it?
Let’s talk about some of the pre-retiree mistakes we most commonly see so that you’re aware of these things and can hopefully avoid them. We’ll also explain what can go wrong for each of these mistakes and tell you what you should be doing instead. And remember, the good news is that even if you’ve already made any of these missteps, they can be corrected through planning.
Here are some of what we discuss in this episode:
- Are you are using the same investment strategy for creating income that you used to accumulate wealth? (2:50)
- Why you don’t want to automatically take Social Security as soon as you’re eligible. (5:32)
- Are you more focused on tax prep rather than tax planning? (8:56)
- Don’t assume that you’re retirement healthcare needs are going to be covered by Medicare. (11:05)
- Don’t take on more risk than you should to make up for lost time. (14:31)
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
Have you ever wondered how to best leverage your 401k plan to secure a comfortable retirement? If yes, then you're in the right place.
In this episode, we’ll share some key considerations to make before you make contributions into your 401k. We'll be debunking complexities, discussing the importance of liquidity, and laying out strategies to build your emergency fund while still padding your 401k. Additionally, we'll touch upon the crucial element of employer contributions and how to plan for the tax implications in retirement.
The 401k account is an easy way to save for retirement and that makes it a great tool for planning, but we want to make sure you’re supercharging your savings in the most efficient way possible.
Here are some of what we discuss in this episode:
- Why your need for liquidity needs to be considered. (2:22)
- Know what your employer contributions are and how to leverage that. (4:44)
- Are you looking ahead to the future tax implications of this money? (7:00)
- What should you do with the money you leave behind with an old employer? (10:05)
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
We all know there are risks associated with financial planning, but most people don’t realize how many different types of risk they actually face in retirement. Let’s unpack five major risks associated with retirement and discuss how to combat them head-on.
Here are some of what we discuss in this episode:
- Market risk might be the most common risk you think so how do you design a balanced portfolio that doesn’t impact your ability to spend. (2:07)
- How interest rates impact you and the risk they create in your portfolio. (4:29)
- The inflation risk is obvious today but how do you account for it in low interest years? (6:55)
- Tax rate risk comes in a couple different forms. (9:38)
- Many people overlook the longevity risk to retirement but it can supercharge the other risks associated with retirement. (12:44)
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
Socrates said that “the unexamined life is not worth living.” And when it comes to financial planning, it’s important to examine yourself by pondering some of these important questions.
Today we’re going to share the questions that you need to be asking yourself and Victor will explain why each of these are important. Your answers and how you feel about each of these things can help us determine what is most important when building a financial plan.
Here are some of what we discuss in this episode:
- What financial issues do you worry about? (1:16)
- What do you desire the most? (3:48)
- How much of a risk taker am I when it comes to money? (6:06)
- Do I have any biases that affect my financial decisions? (9:05)
- What did I learn about money from my parents? (10:08)
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
We’ve seen just about every type of scenario from working with thousands of people over decades, but there are some things that we’ve never heard someone tell us.
The statements we’re going to share on the show today just don’t make a lot of sense, which is why a client has never told us these things. Let’s talk about why we don’t hear these and explain some of the planning strategies might use so you won’t need to say these things to your advisor.
Here are some of the statements we’ll discuss in this episode:
- “I should have spent more and saved less over the years.” (1:07)
- “The life insurance payout I got was a little insulting.” (4:05)
- “It makes me feel patriotic to pay more in taxes than I have to.” (6:25)
- “I love market volatility. It’s like a really fun roller coaster.” (9:21)
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
No industry is without its flaws, and the financial industry is no exception. Even though we work in this industry, some of the things we see and hear really get under our skin.
So today we thought we’d share some of the pet peeves we’ve developed from doing the work we do each day. Victor will talk about a handful of things that happen in finance that bother us and explain why we want to see things done differently. A lot of these can impact the work we do because of perception so we want to call these things out.
Here is some of what we’ll discuss in this episode:
- Confusing fee structures (2:05)
- Advisors that put their own goals ahead of their clients (5:10)
- The one-size-fits-all financial planning approach. (7:35)
- Buzzwords and jargon (9:48)
- A complicated financial plan with dozens and dozens of pages. (13:05)
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
It’s probably no surprise that we get a lot of questions about the IRA as people use this type of account and try to figure out how to get the most out of their contributions. In this episode, Victor to answer some of the IRA FAQs that you might have like traditional versus Roth, conversions and rollovers, and changes from the SECURE Act. Like any other retirement account you might have, we always want to make sure you completely understand what you’re investing in and the best way to take advantage of that tool.
Here is some of what we’ll discuss in this episode:
- What kind of return should I expect from my IRA? (1:21)
- Choosing between a traditional and a Roth IRA. (2:53)
- When does a Roth conversion makes sense for someone? (5:32)
- Rolling over an old 401(k) to an IRA. (8:59)
- The changes you need to know from SECURE Act and SECURE Act 2.0. (11:28)
- Why you should take the retirement quiz on our website. (14:42)
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
No matter how much experience you have investing, you’re probably familiar with the concept of diversification. It’s a financial buzzword that gets used all the time and especially during times of market volatility. But what does true diversification really mean?
In this episode, Victor will help you better understand the concept by explaining what it means to us at Palante Wealth Advisors and describe how we help clients build that into their portfolio. Most people have a good idea of what it means to diversify their investments, but the execution can fall short for a number of reasons.
Here is some of what we’ll discuss in this episode:
- How the average person defines diversification. (1:18)
- How Victor defines diversification. (4:41)
- We’ve seen people do pretty well but also not very well with diversification. (6:03)
- Here’s how you can end up being too diversified with your investments. (8:51)
- Victor explains the process Palante Wealth uses to help a client become diversified. (11:03)
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
Financial planning looks different from person to person. That’s the beauty of building a customized plan that doesn’t adhere to the same set of rules. It gives you the ability to have a plan that’s flexible and fluid.
Even though every plan is different, there are some guidelines everyone should follow. Let’s explore some financial commandments that should be written on stone tablets in your retirement plan and find out why Victor thinks these five are so important.
Here are the commandments we’ll discuss in this episode:
- Thou shalt not compare my investments to the stock market without the proper context. (1:14)
- Thou shalt not give up before giving your strategy enough time to play out. (4:41)
- Thou shalt not chase big returns too late in life. (7:53)
- Thou shalt not ignore costs and fees. (10:32)
- Thou shalt not overlook the importance of rebalancing and diversifying. (13:16)
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
Your financial planner shouldn’t be someone who tells you what you want to hear. This should be the person that you can trust will shoot you straight and make sure you know the truth, good or bad.
That’s the approach we’re taking on this episode of the podcast. It’s time for a reality check for some. We want to wake people up with some surprising financial statements and we’ll do that in the form of truth bombs. Hopefully, your financial world won’t be shaken too much when we drop these right into your lap.
Here are the quotes we’ll discuss in this episode:
- Bonds aren’t always as great for retirees as a lot of people think. (1:22)
- Income tax rates are currently close to historical lows. (4:22)
- The hardest part of investing is managing your own behavior. (6:04)
- You probably have more risk in your portfolio than you realize. (10:41)
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
Today we’re going to find financial guidance from one of the great comedians and actors of our generation, the late Robin Williams. He’s known for so many comedic roles but the one that always stands out is his role as a psychiatrist in Good Will Hunting because of his ability to play such a serious and dramatic character. No matter what your favorite film might be, Robin had countless memorable lines and we going to highlight a handful on the show.
Here are the quotes we’ll discuss in this episode:
- "The things we fear the most have already happened to us." (1:56)
- "Stop being afraid of getting older. With age comes wisdom and confidence." (4:46)
- “There’s a world out there. Open a window, and it’s there.” (7:51)
- "You will have bad times, but they will always wake you up to the stuff you weren’t paying attention to." (10:11)
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
For so many years, people could simply rely on working a long career with a company and using a pension and Social Security to cover most of their retirement needs. Unfortunately for the Baby Boomer generation, financial planning isn’t so simple anymore.
Let’s explore the changing retirement landscape and help Baby Boomers better prepare for what lies ahead.
Here are some of the things we’ll discuss in this episode:
- Why Baby Boomers can’t just rely on doing things the way their parents did. (2:05)
- What are the specific concerns we hear from Baby Boomers most often? (3:55)
- The biggest mistakes that Baby Boomers make regularly. (6:22)
- Three things Baby Boomers need to address as part of their retirement plan. (11:13)
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
Generally speaking, there are some rules of thumb that might be good starting points when you begin building your financial plan, but these might often end up being outdated by the time you understand your needs. In this episode, Victor is going to address a handful of these you’ve probably heard about and explain why they might not work as expected.
Here are some of the things we’ll discuss in this episode:
- The 4% rule has been used to plan withdrawals in retirement but Victor details why this initial idea isn’t a part of what we do. (1:10)
- Can you rely on the 10-5-3 rule for estimating returns on different investments? (5:17)
- Should you move from stocks to bonds as you get older in order to reduce risk? (9:47)
- Is $1 million a good target to reach to be comfortable in retirement? (13:47)
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
There are plenty of people in the financial world that are guilty of crying wolf. No matter what is happening, they always preach the same message, which means we have to learn to tune them out.
That’s not always easy, however, and people will often make bad financial decisions because they’ve been influenced by one of these wolf-criers. It’s time to point out the different types of opinions you’ll often find and provide examples of times we’ve seen this happen.
Here are some of the things we’ll discuss in this episode:
- How do you deal with people that are always negative about the market. (1:37)
- What about the person that takes every bit of news and makes it out to be a huge bullish signal. (3:57)
- The people that always preach about interest rates. (6:22)
- Advisors that always push the same product no matter what the situation. (9:51)
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
There are some financial advisors who are just flat-out liars, but that’s actually pretty rare. More often, advisors are guilty of making statements that they’ve been conditioned to say over the years, even if those statements aren’t exactly brimming with truth.
Today we’re going to take a little time to talk about why you should be cautious if you hear any of these statements from a financial advisor and try to explain what they might actually mean.
Here is some of what we’ll discuss in this episode:
- When an advisor tells you that they can beat the market, what should this tell you? (1:47)
- What if an advisor tells you are no fees for the work being done. (4:51)
- There’s always some level of risk in all decisions you make about your money. (7:56)
- It’s an outright lie if someone guarantees taxes will be much lower in retirement. (11:34)
- Paper losses versus real losses. (16:47)
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
Creating a steady income stream in retirement is a goal everyone has because it allows for a steady and reliable life, but how do you achieve that within your financial plan? In this episode, Victor will explain how we approach income planning in retirement and the challenges facing anyone trying to put predictable streams in place.
Here is some of what you’ll learn in this episode:
- Is there a way to generate predictable income? (1:45)
- Why dividends aren’t as reliable as people often think. (3:33)
- An example of a time someone relied too heavily on the market in retirement with bad results. (7:06)
- How to offset inflation when setting up an income plan. (9:30)
- How the income discussion fits into our initial meetings. (13:23)
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
In this episode, let’s see what principles we can take from a closet clean-out that we can apply to our financial lives. We want to make sure you have everything set up correctly so that it’s organized in a way that serves you rather than just being a collection of stuff that we’ve thrown in over the years.
Here is some of what you’ll learn in this episode:
- How our financial portfolio often becomes a closet where we just store old stuff. (1:10)
- Where do you even start when you try to organize your finances? (2:54)
- Is this something you can do completely on your own? (5:53)
- Tips for staying organized once you declutter your financial closet. (9:08)
- How Palante Wealth can help with your finances. (12:59)
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Palante Wealth Advisors: https://palantewealth.com/
Many Americans will use the IRA to save for retirement and build a nest egg that will help fund the next chapter of life. When it comes time to contribute money, should those funds go into a traditional IRA or a Roth? In this episode, Victor will discuss how to best determine the best account for your portfolio.
Here is some of what you’ll learn in this episode:
- The difference between the traditional and roth IRA. (2:48)
- The reason why a traditional IRA has been the primary savings tool over a Roth for many years. (4:22)
- 3 reasons why a Roth can be such a powerful tool. (6:46)
- Why you would choose a Roth over a traditional. (9:45)
- Who would typically contribute to a traditional over a Roth? (11:55)
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
In nearly all of the retail, restaurant and hospitality world, the old saying is that “the customer is always right.” But when it comes to financial planning, it’s probably not wise to subscribe to that idea. What’s the point of having a financial coach if your advice is better than your coach’s advice?
Let’s talk about some statements you might hear from clients that might require you to push back because the customer isn’t always right.
Here are some of the statements that aren’t always right:
- Now is the time for me to get out of the market (3:02)
- This is what I want to invest in. I just need you to pick the exact funds for me. (5:57)
- I don’t really need to spend money on _____ (8:05)
- It’s fine that my returns are great because fees are low or avoiding a good investment because fees are too high. (10:54)
- My accounts are down right now. I don’t think my plan is working. (13:37)
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
In this episode of Retirease Radio, we’re going to play a little game of ‘What’s the Difference’ and highlight some of the terms that a lot of people get confused about. Maybe they don’t understand the difference between the two or maybe they don’t realize that there’s a difference at all.
The first step to a strong financial plan is understanding everything you’re invested in and this show will help clear up some of the confusion around some pretty common strategies and investments.
Join us today to learn about these things:
- The difference between Roth contributions vs Roth conversions. (2:44)
- Term life insurance versus permanent life insurance. (6:52)
- What classifies as a qualified account versus a non-qualified account? (11:00)
- The differences between variable annuities and fixed annuities. (13:42)
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
On this episode of Retirease Radio, Victor Medina explores some of the most common questions people have when it comes to homeownership in retirement.
We'll cover topics such as paying off your mortgage, downsizing to a smaller home, borrowing money through home equity lines and reverse mortgages, and navigating home-related estate planning issues.
If you’re nearing retirement and have some questions about your home, we’ll probably cover them in today’s episode. So, tune in because this one’s on the house…
Join us today to learn about these things:
- Victor and Ben reflect on the crazy housing market of the past few years. (1:02)
- Interest rates have gone up, but my mortgage rate is still low. Should I try to pay off the house quickly or just pay as little as possible? (2:26)
- Victor walks us through what’s involved in the conversation with retirees about downsizing to a smaller home. (6:03)
- Is a home equity line a good place to borrow money in retirement? (9:58)
- We’ve all seen a commercial about reverse mortgages. Are they a good or bad idea for retirees to consider? (13:40)
- Lastly, Victor explores problems that tend to arise involving the house during the estate planning process. (16:44)
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
If you’re like most people, you probably have some financial accounts that you don’t give much attention. 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.
On this episode of Retirease Radio, let’s talk about some of the accounts that people tend to ignore for too long. Victor will lay out some planning opportunities that are worth considering because you could be earning more in some cases or saving more in others.
Join us today to learn about these things:
- Three things you should evaluate in your 401(k) to determine if that money is better suited elsewhere. (1:25)
- Why people are surprised that replacing your life insurance policy might be cheaper now than it was when you first purchased it. (4:18)
- Why savings accounts and money market accounts present a good planning opportunity. (6:02)
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
On this episode of Retirease Radio, we’ll reflect on the extremely turbulent stock market of the past 12 months and analyze some of the common ways people cope with volatility and their different emotional responses.
We'll start with the most common reactions, fear and panic, and discuss how they can influence investment decisions. Then, Victor will help us explore additional emotional reactions like anger, numbness, blissful ignorance, and opportunism.
Join us today to learn about these things:
- The danger of reacting to a fluctuating portfolio with fear and panic. (2:20)
- Where Victor sees anger appears as an emotional mindset to volatile markets. “It tends to be at individuals and leaders rather than circumstances.” (6:15)
- Is despondency or numbness a common reaction to market turbulence? (8:30)
- Can blissful ignorance be a helpful asset in your emotional toolbox? (10:50)
- It’s the opposite of where the discussion began as we analyze people who embrace opportunism even in the face of market upheaval. (13:20)
About Retirease Radio:
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Connect:
Medina Law Group: https://www.jerseyestateplanning.com/
Sadly, many people look at estate planning as a one-time activity (set it and forget it). While your estate plan might technically not have an expiration date, there are many times when it could end up “going bad” if not properly updated.
In this episode, Victor will take you through a few of the common scenarios that necessitate a meeting with your attorney to make sure everything is accounted for.
Join us today to learn about these things:
· People often ask how often they need to update their estate plan. (0:56)
· What pieces of your estate plan need attention if you decide to move to another state? (2:10)
· As your assets have changed, migrated or grown over the years, we’ll incorporate all of them into planning. (5:16)
· What steps should you take as your family changes? (7:57)
· How often is the law changing around estate planning? (10:28)
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
People are always studying geniuses and highly intelligent people, trying to get an understanding of what makes them tick. There are specific qualities that you’ll find from some of the brightest and most successful people and learning from them can help level up your investing.
So let’s look at some of the common characteristics of highly intelligent people that you should apply to your financial life. Don’t be afraid to ask for help from your financial advisor with understanding or utilizing each of these traits. It could make all the difference in retirement.
Join us today to learn about these things:
· Having adaptability and flexibility in financial planning. (1:30)
· Are you able to identify what you don’t know and ask for help? (4:54)
· How can we learn from the financial mistakes of others? (8:17)
We help you take control of your financial future, visit www.palantewealth.com to learn more!
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Most Americans are getting a failing grade in financial literacy especially revolving around retirement. Victor and Mark share the top topics people are struggling with so you can understand
Then, they will go on to discuss the insurance world, and how it can benefit retirees.
Finally, they’ll talk about why it’s important to have a financial advisor, even if you have a financially savvy spouse.
Are You Paying Too Much In Taxes In Retirement? Click here to download the free guide
Click here to claim your FREE Elder Law Guide
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
You already have the foundation, but what’s a house without walls and a roof? Victor gives you all the materials you need to make sure the Big Bad Wolf doesn’t blow your house down.
Do you know what the three "I's" are? They are the three main areas of a solid retirement plan. Listen to find out if you have all three covered.
Finally, they’ll wrap things up by taking a trip in the "time machine."
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
We help you take control of your financial future, visit www.palantewealth.com to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
This week on Make It Last, the show starts with a little, “Get To Know Victor,” segment. Find out how he is connected to the hit trilogy: Pitch Perfect.
In today’s world, wives typically outlive their husbands in retirement by six years. In this segment, Victor shares how women can prepare themselves for their retirement, despite the obstacles they face.
Victor is offering his book: Empowering Women in Retirement for FREE to any woman. Just call us at 856-506-8300 and tell us you want it! You can check out the book & its description here: https://amzn.to/2UQ6ffM
Finally, the show will wrap up with some advice on how to plan out your final wishes.
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
We help you take control of your financial future, visit www.palantewealth.com to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Most Americans are getting failing grades in retirement financial literacy. Victor and Mark share the top topics people are struggling with so you can understand!
They’ll also discuss all of the tools you need that will get you through retirement. These tools will help you live the retirement of your dreams!
Finally, they’ll wrap things up with a “mailbag” segment! Victor will answer questions mailed in by listeners!
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
We help you take control of your financial future, visit www.palantewealth.com to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
The retirement age has gone up by two years since just last year! Victor discusses the current economy's impact on the average retirement age and how much money you really need to retire.
Then, Mark and Victor go through the four pillars of retirement that Victor's companies focus on: Income, Investments, Taxes & Estate Planning. How did he come up with these four categories as the areas that are crucial to retirement plans & what makes up each pillar.
Want to ensure your money lasts as long as you do? Click here to download Victor's free guide!
Victor & Mark end the show with another game of, "Yay or Nay," focused on working in retirement. Is it a good thing? A bad thing? Should you be working part-time? Tune in to hear's Victor's pros & cons...
We help you take control of your financial future, visit www.palantewealth.com or call us at 609-476-9269 to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
You already have the foundation, but what’s a house without walls and a roof? Victor gives you all the materials you need to ensure the Big Bad Wolf doesn’t blow your house down.
The number one fear amongst retirees is outliving their money. Victor shares some of the concerns his clients share with him about making their money last as long as they do.
Do you feel PREPared for retirement? Listen as Victor talks about his work with the PREPare Institute, a nonprofit that educates pre-retirees about preparing for retirement.
Call (856) 506-8300 to be added to the invite list for our next class!
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
We help you take control of your financial future, visit www.palantewealth.com to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Victor and Mark kick the show off by discussing whether or not we are in a recession. Listen to hear Victor’s take on the topic.
Today, IRAs, 401k’s, etc. are the new nest egg. Tune in to hear the guys dive into the IRA/401k world, & discuss how pensions have been phasing out.
What’s on your year-end checklist? Listen to Victor’s perspective on what you should be focusing on as we wrap up the year.
Download your FREE Checklist Challenge
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
We help you take control of your financial future, visit www.palantewealth.com to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
This week on Make It Last, the show starts with a little, “Get To Know Victor,” segment. Find out how he is connected to the hit trilogy: Pitch Perfect.
Then, Victor and Mark will go on to discuss the differences between today’s retirees and their grandparent's retirement.
Have questions? They’ve got answers! Victor and Mark will wrap things up with a discussion around common retirement questions.
Click here to purchase a copy of one of Victor’s books!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
This week on Make It Last, Victor and Mark will be discussing how inflation has increased Social Security payouts. They’ll tell you everything you need to know that comes along with it — the good, the bad, and the ugly!
Victor will also explain why it’s important to over-plan for an inflationary economy, and why it’s essential for a good retirement plan.
They’ll wrap things up by talking about why working with a financial advisor will ensure a successful retirement.
Download your FREE Checklist Challenge
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
Most Americans are getting a failing grade in financial literacy and are unfamiliar with terms & concepts surrounding retirement. This week, Victor and Mark share the top topics people are struggling with so you can be the top student.
In today’s world, wives typically outlive their husbands in retirement by six years. In this segment, Victor shares how women can prepare themselves for their retirement, despite the obstacles they face.
Victor is offering his book: Empowering Women in Retirement for FREE to any woman. Just call us at 856-506-8300 and tell us you want it! You can check out the book & its description here: https://amzn.to/2UQ6ffM
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
You already have the foundation, but what’s a house without walls and a roof? Victor gives you all the materials you need to make sure the Big Bad Wolf doesn’t blow your house down.
Then, he and Mark go on to discuss the insurance world and how it can benefit retirees.
Finally, they'll wrap things up by taking a trip in the time machine. What does this mean? Listen to find out!
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
We help you take control of your financial future, visit www.palantewealth.com to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Thank you again for putting together a retirement plan that anticipated market volatility. If it were not for that, my retirement situation would be in terrible shape. It is scary enough as it is!
What’s going on with inflation, interest rates, and the markets? Listen to this week’s episode of Make It Last to get the latest updates on todays economy.
Stocks and bonds are down at the same time for the third time in history. Victor and Mark will discuss why that is, and what it means for the U.S. economy.
They’ll also be talking about the old 60/40 rule and how the formula to retirement success has changed.
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
We help you take control of your financial future, visit www.palantewealth.com to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Stocks and bonds are down at the same time for the third time in history. Victor and Mark will discuss why that is, and what it means for the U.S. economy.
Then, Victor goes on to discuss the challenges behind guiding his clients through their estate planning and the three stages of life -the Go-Go Years, the Slow-Go years, and the No-Go years.
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
We help you take control of your financial future, visit www.palantewealth.com to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
This week on Make It Last, the show starts with a little, “Get To Know Victor,” segment. Find out how he is connected to the hit trilogy: Pitch Perfect.
They’ll also be talking about small business owners and the unique challenges and concerns they face when preparing for retirement.
Finally, they’ll wrap the show up with “the mailbag” question segment.
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
We help you take control of your financial future, visit www.palantewealth.com to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
This week on Make It Last, we’ll be talking about growth & safety. The first half of 2022 led us into uncharted territory as inflation skyrocketed. Victor shares his thoughts on how he thinks the rest of the year will play out.
Do you know how to down size? Victor & Mark will be talking about to be better organized and not be overwhelmed by old financial paperwork.
Finally, they'll wrap things up with a game of 'Yay or Nay'!
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
We help you take control of your financial future, visit www.palantewealth.com to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Most Americans are getting a failing grade in financial literacy, especially revolving around retirement. Victor and Mark share the top topics people are struggling with so you can understand!
They’ll also be talking about the psychology of money and why it’s important to utilize your “street smarts” to get the most out of your investment journey.
Finally, they’ll wrap the show up with “the mailbag” question segment.
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
We help you take control of your financial future, visit www.palantewealth.com to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Most Americans are getting a failing grade in financial literacy, especially revolving around retirement. Victor and Mark share the top topics people are struggling with so you can understand!
They’ll also be talking about the psychology of money and why it’s important to utilize your “street smarts” to get the most out of your investment journey.
Finally, they’ll wrap the show up with “the mailbag” question segment.
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
We help you take control of your financial future, visit www.palantewealth.com to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
This week on Make It Last, Victor & Mark will be talking about two major opportunities that can happen for retirement planning during a market downturn. Victor will also give you his top tips for starting a conversation with loved ones around estate and legacy planning. Finally, they’ll wrap the show up with “the mailbag” question segment.
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
We help you take control of your financial future, visit www.palantewealth.com to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
In this episode, Victor & Mark discuss building the financial house that will get you through retirement and all the materials you need to make sure the Big Bad Wolf doesn’t blow your house down.
Today, most retirees aren’t receiving employer provided assistance for their retirement. Listen to this episode to learn more about tax planning around 401ks, 403b, and IRAs so you can make your money last!
They’ll wrap things up by playing a game of “Yay or Nay!”
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
We help you take control of your financial future, visit www.palantewealth.com to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
This week on Make It Last, get Victor’s take on the Fed’s most recent interest rate hike.
Victor will also give you his top tips for starting a conversation with loved ones around estate and legacy planning.
Finally, the show wraps up with “the mailbag” question segment.
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
We help you take control of your financial future, visit www.palantewealth.com to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
This week on Make It Last, the show starts with a little, “Get To Know Victor,” segment. Find out how he is connected to the hit trilogy: Pitch Perfect.
They’ll also be talking about one of the greatest secrets you could learn to achieve financial success.
Finally, the show will wrap up with a game of “Would You Rather?”
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
We help you take control of your financial future, visit www.palantewealth.com to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
This week on Make It Last, Victor and Mark will be talking about baby-boomers and how the current market fluctuations are affecting them.
They’ll also be talking about the psychology of money and why it’s important to utilize your “street smarts” to get the most out of your investment journey.
They’ll wrap things up by talking about how to plan for your final wishes, and why it’s important for your family after you’re gone.
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
We help you take control of your financial future, visit www.palantewealth.com to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Most Americans are getting a failing grade in financial literacy, especially revolving around retirement. Victor and Mark share the top topics people are struggling with so you can understand!
Would you rather be healthy or wealthy? Every year more than half a million Americans file for bankruptcy due to medical bills. Victor & Mark will be talking about the importance of Medicare and how good planning can prevent you from having to choose between your health and your wealth!
Don't Let A Health Crisis Threaten Your Retirement, click here!
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
We help you take control of your financial future, visit www.palantewealth.com to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Empty nesters are not saving more for retirement after their kids have left despite their initial intentions. Is this really bad for their future? Victor weighs in as his first son is about to go off to college. Then, Mark & Victor discuss the three biggest areas of retirement planning so people have a great plan in place, despite current market volatility and uncertainty. Then, Victor discusses his five different books ranging in different legal & financial topics (including one specifically for women)! Reach out at 856-506-8300 to figure out how to buy a book or multiple. Or schedule an appointment with Medina Law Group & Palante Wealth Advisors, and you get one for FREE.
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
For more information, visit Medina Law Group or Palante Wealth Advisors.
This week on Make It Last, Victor & Mark discuss building the financial house that will get you through retirement.
They’ll also be discussing employer provided assistance and how to take advantage of it!
To wrap things up, the pair will be taking a trip all the way back to 1990, comparing the past to the present! Listen as they talk about the eight month recession of 1990 and what we’ve learned from it.
Will Your Money Last As Long As You Do? Get your free guide here.
Download your FREE Checklist Challenge
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
We help you take control of your financial future, visit www.palantewealth.com to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
This week on Make It Last, Victor and Mark will be discussing why the younger Baby Boomers might outlive their retirement savings, and what today's retirees need to do so they don't outlive their savings!
The federal government has published a sort of online "retirement toolkit" that gives you the gist on retirement savings plans, Social Security, and Medicare... but is that all you need to know about retirement? Victor will help you fill in the gaps. Listen to learn more!
Will Your Money Last As Long As You Do? Get your free guide here.
Download your FREE Checklist Challenge
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
We help you take control of your financial future, visit www.palantewealth.com to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
This week on Make It Last, the show starts with a little, “Get To Know Victor,” segment. Find out how he is connected to the hit trilogy: Pitch Perfect.
Then, Victor talks about the importance of maintaining your mental health in retirement, and finding your purpose outside of your career.
Finally, they’ll wrap things up with a game of Inflation Trivia!
Download your FREE Checklist Challenge
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
We help you take control of your financial future, visit www.palantewealth.com to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
This week on Make It LastVictor gives you his top reasons why not to panic during a Bear Market.
We'll also be discussing the top concerns our clients have. Including, but not limited too, market risk, inflation risk, and tax risk. How do these affect your retirement?
Victor will wrap the show up with explaining why it's important to have great estate planning documents.
Download your FREE Checklist Challenge
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
We help you take control of your financial future, visit www.palantewealth.com to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
Most Americans are getting a failing grade in financial literacy, especially revolving around retirement. Victor and Mark share the top topics people are struggling with so you can understand!
They’ll also discuss all of the tools you need that will get you through retirement. These tools will help you live the retirement of your dreams!
How do we know what we should be doing in the investment world? Taxes are going back up in 2025 if the Biden Administration doesn’t do anything about it, so what does that mean for your retirement savings? How about estate planning? Do you have all your documents in place? Do you know how you want things to be done? Listen to get answers to these questions and more!
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
We help you take control of your financial future, visit www.palantewealth.com to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
In this episode, Victor & Mark discuss building the financial house that will get you through retirement and all the materials you need to make sure the Big Bad Wolf doesn’t blow your house down. They’ll also be talking about how “The Great Resignation” has affected the United States economy.
Similar to Baby Boomers, Gen X will also be facing the challenges of being in “The Sandwich Generation” Listen to learn more about how Victor helps clients who are stuck in the middle!
Finally, Victor and Mark will wrap things up with a discussion around being semi-retired versus fully retired. What’s your vote? Yay or Nay?
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
We help you take control of your financial future, visit www.palantewealth.com to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
This week on Make It Last, the show starts with a little, “Get To Know Victor,” segment. Find out how he is connected to the hit trilogy: Pitch Perfect.
Then, Victor goes on to discuss the challenges behind guiding his clients through their estate planning and the three stages of life: the Go-Go Years, the Slow-Go years, and the No-Go years.
Finally, they wrap things up with a game of “Would You Rather?”
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
We help you take control of your financial future, visit www.palantewealth.com to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
This week on Make It Last, Victor & Mark will talk to you about the client experience at Medina Law Group and Palante Wealth Advisors. They’ll also be talking about how the four pillars of retirement will lead you to success. Specifically, how income planning works and why it’s so important for your retirement plan.
Finally, they’ll wrap things up by explaining why it’s crucial to have really great estate planning. The value of holistic estate planning, and how proper documents can help you get your ducks in a row.
Download your FREE Checklist Challenge
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
We help you take control of your financial future, visit www.palantewealth.com to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
This week on Make It Last, Victor and Mark discuss financial literacy and share the top topics people are struggling with so you can understand!
It’s springtime, which means highway construction is on the rise! Just like it’s important that construction workers install guardrails on the highway, how can you install guardrails on your retirement? Victor and Mark will give you all of the answers you need!
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
We help you take control of your financial future, visit www.palantewealth.com to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
This week on Make It Last, Victor and Mark will be taking you back to the past, comparing todays retirement world to the retirement world of the 1960s.
They’ll also be talking about the Gig Economy and the advantages and disadvantages these individuals face.
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
We help you take control of your financial future, visit www.palantewealth.com to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
In this episode, Victor & Mark discuss building the financial house that will get you through retirement and all the materials you need to make sure the Big Bad Wolf doesn’t blow your house down.
How much do you know about taxes? Listen to follow along and test your knowledge with Victor!
To access additional information, please visit: Don’t Let a Health Crisis Threaten Your Retirement
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
This week on Make It Last Victor and Mark will be discussing inflationary psychology and how inflation can severely impact your retirement plan.
They'll also be answering the two biggest questions pre-retirees have- when can I retire, and have I saved enough?
Finally, they'll wrap things up with a game of Retirement "Yay or Nay?"
Download your FREE Checklist Challenge
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
We help you take control of your financial future, visit www.palantewealth.com to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
This week on Make It Last, Victor and Mark will be discussing the not-so-great forecast for taxes, and how current tax rates might be the lowest we'll see for the rest of our lives.
They’ll also be talking about an article published by Dr. Ekerdt explaining the differences between having taught the concept of aging and living them… and how wrong he was!
Finally, they'll wrap things up with a financial literacy quiz! Listen to find out how well Victor scores!
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.
This week on Make It Last, Victor and Mark will be discussing women in retirement- the challenges they may face, and why it's important that they plan ahead.
Victor is offering his book: Empowering Women in Retirement for FREE to any woman (Sorry men) Just call us at (856) 506-8300 and tell us you want it! You can check out the book & its description here: https://amzn.to/2UQ6ffM
Want to know more about your Retirement Outlook for 2022? Call (800) 803-5723 and give the code 429124 to reserve your spot for one of our TWO upcoming seminars!
April 19 @ 6PM OR April 21 @ 12PM. Both seminars will be held at Harvest Seasonal Grill & Wine Bar in Newtown, PA!
Are You Paying Too Much In Taxes In Retirement? Click here to find out.
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
You already have the foundation, but what’s a house without walls and a roof? Victor gives you all the materials you need to make sure the Big Bad Wolf doesn’t blow your house down. Why are bags of potato chips half-empty these days? Inflation might be behind it. Victor gives tips on how to battle inflation and make your money last as long as you need it to.
Finally, the show wraps up with a game of 'Would You Rather?"
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
The show starts with a little, “Get To Know Victor,” segment. Find out how he is connected to the hit trilogy: Pitch Perfect.
Then, Victor and Mark will be discussing the Tour de France! How the Marginal Gains Theory helped France win, and if you can use the same theory to plan a successful retirement.
Finally, the show wraps up with a little segment called Man (or Woman ) on the Street! Victor answers questions directly from people on the street.
CLAIM YOUR FREE COPY of any book in the Make It Last Series by calling (856) 506-8300.
To access additional information, please visit Are You Paying Too Much In Taxes In Retirement?
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
Most Americans are getting a failing grade in financial literacy especially revolving around retirement. Victor and Mark share the top topics people are struggling with so you can understand!
Then, Baby Boomers are often the talk of this show. But what about Generation X? Being the next generation in line for retirement, what should they be doing to prepare?
Finally, the show wraps up with a little segment called “Man or Woman 😉 ) on the Street!” Victor answers questions directly from people on the street.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
This week on Make It Last Victor and Mark discuss the current fiscal climate and how headlines can mislead people and cause sensationalism.
Do you need life insurance for your retirement? Most of us think of life insurance as insurance to cover your family in the event something happens to you. However, as your kids get older and need less help, do you still need the policy for when you retire? Listen to find out.
Click here to claim your FREE Elder Law Guide
Download your FREE Checklist Challenge
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
This week on Make It Last Victor will be discussing what the client experience is like and the role of our Director of Business & Client Strategy.
He'll also be talking about Social Security and how most Americans don't understand it.
Victor will also discuss why it's important to prepare for the worst, and how our clients benefited from a Make It Last Plan during the pandemic.
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
This week on Make It Last Victor and Mark kick-off the show discussing seniors, retirees, and the challenges they face with inflation.
How can you retire from a non-corporate job without a 401k? Preparing and saving for Retirement is a challenge for everyone, but small business owners face some unique challenges… Listen to learn how to make the most out of retiring from your small business!
Finally, they’ll wrap up the show with a game of “Yay or Nay?
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
On this episode of Make It Last, Victor & Mark discuss building a financial house and the tools you need that will get you through retirement. This episode will help you make sure your retirement plan can withstand the test of time.
Inflation who? They'll wrap the show up with a game of "Inflation Trivia!" Listen to see how well Victor scores...
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
This week on Make It Last Victor & Mark kick off the show by discussing interest rates and market volatility.
A new study published by the Employee Benefit Research Institute found that retirees who felt comfortable have done the same 4 things.
What are they? Listen to learn more!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
The show starts with a little, “Get To Know Victor,” segment. Find out how he is connected to the hit trilogy: Pitch Perfect. Let's talk abut potholes in your road to retirement! What are the things you can’t see coming/can’t avoid and how do you plan around them?
Utilizing the right navigation system- how an experienced attorney acts like a personal GPS.
What are some guardrails that you can put on your retirement plan to make sure you feel safe and confident?
Finally, Victor & Mark wrap things up with a game of “Would You Rather?”
To access additional information, please visit: Are You Paying Too Much In Taxes In Retirement?’ Free Guide
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
This week on Make It Last Victor & Mark discuss inflation and if it is caused by excessive government spending.
They'll also be talking about an article published by Dr. Ekerdt explaining the differences between having taught the concept of aging and living them... and how wrong he was!
It's one thing to think about retirement for yourself, but what is retirement like when you have spouse that's retiring at the same time as you? Listen to learn more!
Finally, they'll wrap things up with a game of "Would You Rather?"
Article by Dr. David Ekerdt: I Spent 44 Years Studying Retirement. Then I Retired.
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
Most Americans are getting a failing grade in financial literacy especially revolving around retirement. Victor and Mark share the top topics people are struggling with so you can understand!
Then, they will go on to discuss the insurance world, and how it can benefit retirees.
Finally, they'll talk about why it's important to have a financial advisor, even if you have a financially savvy spouse.
Are You Paying Too Much In Taxes In Retirement? Click here to download the free guide
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
This week on Make It Last, Victor and Mark discuss why people are retiring early due to the pandemic.
They'll also be talking about the advantages and disadvantages between personal retirement funds and pension plans.
What are required distributions? What do they mean? Why do we even care about required minimum distributions?
Find out all of this and more on this week's episode of Make It Last.
Are You Paying Too Much in Taxes in Retirement? Download the FREE Guide
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
This week on Make It LastVictor gives advice on how to set healthy retirement goals, as well as how to achieve them.
He'll also give you an inside look on what the new client process is like.
Finally, Mark and Victor wrap up the show with a conversation about health v.s. wealth, as well as the top 3 things people overlook when it comes to healthcare in retirement.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
This week on Make It Last Victor & Mark talk about to do with your 401k when you make a job change. Victor breaks down all of the options available to you as you try to sprint to the end.
They will also dive into what tools you need your retirement tool kit, and all of the reasons why it pays to keep an open mind when doing your legal and financial planning.
Finally, they'll wrap things up by revealing Victor's naughty/nice list!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
The show starts with a little, “Get To Know Victor,” segment. Find out how he is connected to the hit trilogy: Pitch Perfect.
Then, Baby Boomers are often the talk of this show. But what should Generation X be doing to prepare for retirement?
Finally, the show wraps up with a little segment called "Man or Woman ;) ) on the Street!" Victor answers questions directly from people on the street.
Click here to watch Victor’s latest appearance on PIX11 News
Sound advice for holiday shoppers worried about shortages and high pricesfeaturing Financial Advisor Victor Medina on NY1 News
Click here to receive your Free Elder Law Guide!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
This week on Make It Last, Mark and Victor will be discussing two crucial pieces of advice you need to know for holiday shopping, as well as the challenges the economy is facing and how they will affect you this holiday season.
They'll also be discussing the psychology of money, both as a concept and as a book written by Morgan Housel. Victor explains the importance and value of having a financial advisor that will prevent you from making emotional decisions with your money.
Finally, Mark and Victor wrap things up with a little game of Taxes Trivia!
Click here to watch Victor's latest appearance on PIX11 News
Sound advice for holiday shoppers worried about shortages and high prices featuring Financial Advisor Victor Medina on NY1 News
Click here to receive your Checklist Challenge!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
This week on Make It Last, Victor breaks down the process he uses with clients to ease their worries about their income in retirement.
Then, he and Mark go on to discuss the insurance world, and how it can benefit retirees.
Finally, they'll wrap things up with a game of "Inflation Trivia!"
Click here to watch Victor's latest appearance on NY1 News!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
This week on Make It Last Mark and Victor will be talking about what the client experience is like at MLG, and why estate plans aren't just for the wealthy.
Why you might have less than when you started retirement, and why you should be worried about retiring on a fixed income. How to battle inflation and make your money last as long as you need it to.
Finally, Mark and Victor wrap things up with a Q&A from people in the community!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
This week on Make It Last Victor explains the importance of utilizing your financial advisor (in hand with your Accountant) to proactively do your tax planning.
Let's get familiar with healthcare. Most people are unfamiliar with the ins and outs of healthcare in retirement. Not to worry! Victor will give you the full breakdown so you can get cozy with your healthcare strategy!
Speaking of strategy, Victor will explain the importance of building a relationship with an investment advisor early in retirement...despite managing your investments on your own. Don't leave your family hanging!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
Recent numbers have come out putting inflation at 5% for September, and there’s a 5.9% increase to Social Security predicted for January 2022. While some are rejoicing, there is definitely a flip side to this news as well. Victor & Mark talk about what’s driving this higher inflation, how it’s related to the increase in Social Security, and how your plans are impacted.
Victor takes his own checklist challenge, and shows you how he prepares to make your perfect Make It Last Plan.
Finally, let's talk estate planning. What are all of the documents you need in order to have a successful estate plan?
To access additional information, please visit Checklist Challenge to download your FREE Checklist
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
You already have the foundation, but what’s a house without walls and a roof? Victor gives you all the materials you need to make sure the Big Bad Wolf doesn’t blow your house down.
Then, Victor goes on to discuss the challenges behind guiding his clients through their estate planning and the three stages of life -the Go-Go Years, the Slow-Go years, and the No-Go years.
Find out how the Biden Administration’s plans to make tax changes affect the estate planning world, and how it could affect you if you fail to make your own plan.
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
This week on Make It Last, Mark and Victor will be discussing the Tour de France! How the Marginal Gains Theory helped France win, and if you can use the same theory to plan a successful retirement.
They'll also be discussing the importance of getting to know your attorney, and why it's important to discuss your goals with someone you know and trust.
There is power through education. It's one of many keys that helps you create a unique and customized retirement plan.
Going through the motions? They'll also be discussing the identity crisis that can come with the end of your career.
CLAIM YOUR FREE COPY of any book in the Make It Last Series by calling (856) 506-8300.
Also available on Spotify, Apple Podcasts, and Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
This week on Make It Last, Victor and Mark will be discussing two major topics: What are the 4 things that all successful retirees have in common, and what are the 4 major costs of estate planning?
Once you have these two questions answered, you'll be able to successfully strength test your retirement and estate plans.
House Dem's presented a new tax bill...how will this affect you? Find out all of this and more on this week's episode of Make It Last.
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
Ever wonder about COVID's affect on retiree's? This week Victor and Mark discuss how the 3 million Baby Boomer's that retired in the past year have affect on the U.S. economy.
What is the sandwich generation? Similar to the meat in an actual sandwich, they're stuck in the middle...in the middle of raising their kids and taking care of their parents that is.
Victor gives Gen X some serious retirement advice you won't want to miss on this week's episode of Make It Last...
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
This week on Make It Last Victor and Mark discuss the client experience at Medina Law Group and what to expect when you sit down with the team.
Then, Victor explains all of the reasons why it pays to keep an open mind when doing your legal and financial planning.
He also talks about the benefits of having an independent financial advisor.
To access additional information, please visit: Are You Paying Too Much In Taxes In Retirement?’ Free Guide
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
This week on Make It Last Victor and Mark discuss different factors to consider when mapping out your road to retirement.
Potholes in retirement- what are the things you can't see coming/can't avoid and how do you plan around them?
Utilizing the right navigation system- how an experienced attorney acts like a personal GPS.
What are some guardrails that you can put on your retirement plan to make sure you feel safe and confident?
Find all of this and more on this week's episode of Make It Last.
To access additional information, please visit: Are You Paying Too Much In Taxes In Retirement?’ Free Guide
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
This week on Make It Last, Victor explains the difference between an elder law attorney and a general law attorney.
Then, Victor talks about all of the documentation you need in order to have a sustainable retirement plan.
Find out why it's important that you establish a plan before taxes (potentially) go up in 2026.
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
This week on Make It Last Victor and Mark discuss how the Biden Administration's plans to make tax changes within the estate planning world, and how it could affect you if you fail to make your own plan.
Then, Victor talks about the importance of maintaining your mental health in retirement, and finding your purpose outside of your career.
Finally, buckle-up for a trip back to 1990! Victor and Mark will make some significant financial/retirement comparisons between then and now.
This week on Make It Last Victor and Mark give you a little insight into who Victor is and how he got to where he is now.
Then, Victor and Mark go on to discuss Social Security and how it is, in essence, the corner stone of your retirement plan.
Finally, the guys wrap up the show with a fun game of "Would You Rather?"
920income.com
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
This week on Make It Last, Mark and Victor discuss financial literacy and how the education system has failed in teaching it.
Then, Victor goes on to discuss the challenges behind guiding his clients through their estate planning and the three stages of life -the Go-Go Years, the Slow-Go years, and the No-Go years.
Did your parents leave you stuff you didn't want after they passed? Victor and Mark discuss all of the stuff they would put in their "Keep" and "Throw-Away" piles.
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
This week Victor and Mark discuss the client experience at Medina Law Group & Palante Wealth, and what we can provide to you!
Then, Victor gives a heartwarming narrative about his employees who make Medina Law Group & Palante Wealth Advisors feel like family.
Finally, Victor gives us more info about how he can help you clean out your financial junk drawer and get your legal ducks in a row.
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
On this week's episode of Make It Last Victor & Mark give us a special "Part 2" to Episode 133 "Building Your Financial House."
You already have the foundation, but what's a house without walls and a roof? Victor gives you all the materials you need to make sure the Big Bad Wolf doesn't blow your house down.
Then, Victor answers real questions from people off the street!
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
This week Mark and Victor discuss how much money you need for retirement and how to make sure it will last.
Go to 920taxes.com for the free guide: "Are You Paying Too Much In Taxes In Retirement?"
Then, they will dive into what tools you need your retirement tool kit and an exciting game of "Would You Rather?"
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
The show starts with a little, "Get To Know Victor," segment. Find out how he is connected to the hit trilogy: Pitch Perfect. Then, Victor & Mark discuss inflation and what it means for your retirement savings. Things cost a certain price now but could very well raise in the future. How can we prepare for this?
Often people think estate planning or retirement planning is for rich people. But it's for everyone. It's not so much about money but about relationships.
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
Most Americans are getting a failing grade in financial literacy especially revolving around retirement. Victor and Mark share the top topics people are struggling with so you can understand!
Victor is offering his book: Empowering Women in Retirement for FREE to any woman (Sorry men) Just call us at 856-506-8300 and tell us you want it! You can check out the book & its description here: https://amzn.to/2UQ6ffM
Then, the guys discuss how making marginal gains in your retirement planning can make all the difference. The show ends with ways you can stay active in retirement.
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
Mark & Victor start off the show talking a bit about Victor's two companies: Medina Law Group & Palante Wealth Advisors. Find out what experience you would get if you called them at 856-506-8300.
It is vacation season and so much goes into planning our trips. In fact we usually spend more time planning our week long vacation than we do our, 20 year retirement. What should we be doing to prepare for retirement & the turbulence we might expect along the way?
Our mailbag question to end the show talks about one spouse not having a 401k, and the other spouse dying. Will that spouse be okay in retirement?
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
The pandemic has changed Americans' perspective on wealth. In a recent survey, the amount of money people think they need to be comfortable has dropped. What does this mean for your retirement savings?
Then, Baby Boomers are often the talk of this show. But what should GenerationX be doing to prepare for retirement? How do they handle being the "sandwich generation" taking care of children, and parents?
The show ends with some mailbag questions including: "How can I figure out when I can/need to retire?"
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
In this episode, Victor & Mark discuss building the financial house that will get you through retirement and how to make sure your retirement plan can withstand the test of time. Then, the pair will discuss how to avoid the potholes of inadequate retirement planning.
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
Victor & Mark discuss the different retirement accounts common today, and just how much you need to retire. Then, as much as we think about money, retirement is so much more. The pair talk about the fun, recreational side of retirement and the "slow-go," years.
Also available on Spotify, Apple Podcasts, & Google Podcasts
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
Make It Last is back with a brand new episode this week! They say 10,000 Baby Boomers are retiring every day, and their retirement looks a lot different than their parents' did. One thing baby boomers can agree on is they want to make sure they live life at the highest level. One way to get there is by going to 920income.com and downloading our free guide: Will Your Money Last As Long As You Do.
For our Gen X'ers, retirement might be something you're already thinking about but haven't done anything yet. We recommend heading over to 920checklist.com, and downloading our free Checklist Challenge! This way you can be proactive take the right steps today for your future retirement down the road.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
Mark and Victor start the show with the question, "Are your retirement goals as detailed as your summer vacation plans?" and emphasize the importance of preparing for life after work.
Making the most of Social Security benefits is an important part of your retirement plan. Could you pass a basic quiz on current rules and requirements? Mark and Victor discuss strategies for maximizing your benefits.
Then the guys play a game of "Would You Rather...?" to show how to clearly define your retirement goals.
Leave a review and give a 5-star rating on the Apple Podcast app. As always, share with a friend!
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
Before we had IRAs & 401(k)s, taxes were lower in retirement. Well that's certainly not the case anymore. This week Victor & Mark tackle taxes in retirement as well has how inflation impacts your retirement. The show ends with some more mailbag questions from listeners like you!
Go to 920taxes.com for a FREE Guide: Are You Paying Too Much In Taxes In Retirement?
Leave a review and give a 5-star rating on the Apple Podcast app. As always, share with a friend!
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
Remember the days when gas was under $1.00 a gallon? The world continues to get more expensive, this we know. But how do we plan our retirement for future prices we are unaware of? Mark & Victor work through this question and then move into the "potholes" of retirement. How can we navigate around these potholes and gain confidence? Then, the show ends with listener sent in questions! Don't want to miss this segment guided from listeners like you.
Leave a review and give a 5-star rating on the Apple Podcast app. As always, share with a friend!
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
This week Victor & Mark discuss building a financial home to get you through retirement. Victor knows a lot about building/restoring homes as he worked to restore his own home built in 1878! Also in this week's episode is a walkthrough of "5 Things Your Kids Don't Want," & the practice of decluttering.
Leave a review and give a 5-star rating on the Apple Podcast app. As always, share with a friend!
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
Victor & Mark begin the show talking about how are current political environment could impact your retirement. U.S. debt, low interest rates, household goods prices rising, & a change in taxes are just a couple things that could affect your finances and retirement plan.
The marginal gains theory, you might have heard of it, is concerned with small incremental improvements in any process, which, when added together, make a significant improvement. How does this apply to your retirement?
Then Victor & Mark give 5 ways to stay active, mentally & physically, in retirement.
If you call their number 856-506-8300, for a free copy of ANY of Victor's 5 books in the Make It Last series. View the books & their description here:
https://amzn.to/3gQOaHA
Leave a review and give a 5-star rating on the Apple Podcast app. As always, share with a friend!
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
This week, Victor gets personal as he shares about his companies: Medina Law Group & Palante Wealth Advisors. Learn all about the office, the team members, and the process itself that gets you ready for retirement. Victor is a Certified Elder Law Attorney (CELA®), as well as a CERTIFIED FINANCIAL PLANNER™ so his companies work together, to give you a full retirement plan that works when you need it.
If you’re interested in a complimentary consultation, reach out to us at 856-506-8300.
Leave a review and give a 5-star rating on the Apple Podcast app. As always, share with a friend!
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
This week, Victor & Mark begin the show talking about how important estate planning is, if you want to make things easier for your loved ones who you leave behind. Then, there are a lot of retirement tools out there like 401ks and Roth IRAs - are they enough for your future? Finally, the pair discuss the different types of financial advisors out there, & the 3 Worlds of Money.
Bonus: Victor ends the show talking a little more in depth about his family at home!
Leave a review and give a 5-star rating on the Apple Podcast app. As always, share with a friend!
If you’re interested in a complimentary consultation, reach out to us at 856-506-8300.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
Make It Last is back and better than ever! Returning on a new station, 920AM at 10:00am, every Saturday morning. Alongside my new co-host, Mark Elliot, I am back covering everything from how current events could affect your savings to strategies to maximize your retirement income. As you know (since you're here) we save the show and put it out as a podcast each week. Today's episode we are covering how March Madness is like retirement and what areas of retirement "turbulence" you should fly around.
If you're interested in a complimentary consultation, reach out to us at 856-506-8300.
Leave a review and give a 5-star rating on the Apple Podcast app. As always, share with a friend!
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
If Victor had one lesson to give, for one show only, it's in this episode. This week, Victor goes back to how different recording his very first show was and talks about what the future might hold. He then leaves you with what he believes to be the top lesson you can hear; the very best information he has on these topics that make up Make It Last.
Subscribe to Make It Last on Apple Podcasts, Spotify, or wherever you listen to the show so that you can be alerted when a new show/series has premiered! On those platforms is where you will find new, more focused shows and series.
Make It Last: Empowering Women In Retirement is the latest edition to Victor's book series. Get your copy over at Amazon in either print or e-book. Join us as we celebrate with a Book Launch Party on November 14th, 2019 at Amalfi's in Lawrenceville, NJ from 4:30-6:30. Head to mlg-book-launch.eventbrite.com to claim your spot!
Thank you for your support and dedication these last few years. We will see you soon.
Leave a review and give a 5-star rating on the Apple Podcast app. As always, share with a friend!
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
This week, Victor breaks the news that he will be ending the radio show. But before everyone gets too tearful, this is not a hard goodbye. Make sure to subscribe to the show on Spotify, Apple Podcasts, as well as on your Android device so you can be right back with us when we launch into future content with new segments and new series.
Victor then talks about his newest book: Empowering Women In Retirement. He talks about why he was led to write this book and some of the great chapters inside. Victor also invites YOU to his book launch party at Amalfi's in Lawrenceville on November 14th. He's covering food and the books but is asking for $10 donations for each copy, that will all go completely to WomanSpace. WomanSpace is an organization here in Mercer County that helps women, men, and families impacted by domestic violence. If you work for an organization who would benefit from having Victor come talk about the book, reach out to us at 609-818-0068.
Finally, Victor dives into some financial and legal topics. First up, he discuses the new laws that are allowing people to create and sign wills online. While the Internet has allowed for many simplicities in our lives - is it really good for our planning? Victor discusses the positives and negatives of the new trend. Then Victor ends the show discussing surrender charges in annuities and whether they are worth paying to get out of a situation.
Like this episode? Leave a review and give a 5-star rating on the Apple Podcast app. As always, share with a friend!
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
This week, Victor begins the show discussing funeral representatives and how laws have changed how it works today. Then, Victor switches gears and walks through an annuity application: how was it put together and what should you be looking for?
If you're interested in attending our October 21st or October 29th seminar all around wills and trusts at Rider University, text the word INVITE to 609-554-5936. Or you can call the office at 609-818-0068, and we can get you on the list!
Like this episode? Leave a review and give a 5-star rating on the Apple Podcast app. As always, share with a friend!
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
A potpourri of topics this week. In this episode, Victor explains the legal risks of living together, unmarried, after age 50. Estate planning laws favor couples who are married so what does that mean for everyone else? Then, Victor discusses an article that talks about the difference between people who are self directed in their investments and those who work with an advisor. Finally, Victor finishes the show with whether a pension buy-out is right for you.
If you're interested in attending our October 21st or October 29th seminar all around wills and trusts at Rider University, text the word INVITE to 609-554-5936. Or you can call the office at 609-818-0068, and we can get you on the list.
Like this episode? Leave a review and give a 5-star rating on the Apple Podcast app. As always, share with a friend!
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
A lot of pre-retirees fear retirement because they worry about running out of money or not being successful. In this episode of Make It Last, Victor looks at common regrets and mistakes that retirees have experienced and ways you can avoid making them.
We are holding a couple education seminars titled Wills & Trusts: Simplified at Rider University in Lawrenceville, NJ on Monday, October 21st and Tuesday, October 29th! If you're interested in how planning documents are created and how they're used and would like to attend: text the word INVITE to 609-554-5936 and we'll put you on the list!
Like this episode? Leave a review and give a 5-star rating on the Apple Podcast app. As always, share with a friend!
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
Is $1 million the magic number you need to retire? In this week's episode, Victor challenges conventional wisdom and makes a point that you might not need as much money to retire as you're being told.
Like this episode? Leave a review and give a 5-star rating on the Apple Podcast app. As always, share with a friend!
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors. To schedule a free consultation with us call 609-818-0068.
Sometimes it's hard to tell where we should be focusing our investments. In this episode of Make It Last, Victor talks through which retirement vehicle is right for you; focusing primarily on 401K plans and IRAs.
Like this episode? Leave a review and give a 5-star rating on the Apple Podcast app. As always, share with a friend!
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors. To schedule a free consultation with us call 609-818-0068.
In this week's episode, Victor discusses the idea of being happy in retirement. What are ways people can find joy in retirement and bring down stress? Victor also spends some time giving the latest update to the Medical Aid in Dying for the Terminally Ill Act (or the "Right to Die Act")
For a FREE report to help you in planning your income text the word INCOME to 609-554-5936.
Like this episode? Leave a review and give a 5-star rating on the Apple Podcast app. As always, share with a friend!
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors. To schedule a free consultation with us call 609-818-0068.
Are retirement planning and financial planning the same thing? NO! In this episode Victor discusses the differences between them. He also talks a little about the rising nursing home costs and gives you an update in what's happening with the Aid in Dying for the Terminally Ill Act
For a FREE guide on some top Retirement Issues, text the word RETIREMENT to 609-554-5936.
Like this episode? Leave a review and give a 5-star rating on the Apple Podcast app. As always, share with a friend!
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
How do you retire when you have no money? Learn some tips for retirement on a shoestring budget! Then, Victor discusses The 5 Key Decisions You Have to Consider In Retirement.
For a FREE RETIREMENT CHECKLIST, text the word CHECKLIST to 609-554-5936. Make sure you're on the right track for retirement!
Like this episode? Leave a review and give a 5-star rating on the Apple Podcast app. As always, share with a friend!
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
In this episode of Make It Last, Victor dives into both the legal and the retirement world. First, Victor discusses planning for incapacity and managing different financial accounts in that time. Then, Victor goes through the 3 different worlds of money: Banking, Insurance, and Wall Street. How are these worlds defined? How should they be integrated? How should your investments change once you hit retirement? All these questions answered in this portion of the show.
Text ABC to 609-554-5936 for a free report on the ABC's of Fixed Index Annuities!
Like this episode? Leave a review and give a 5-star rating on the Apple Podcast app. As always, share with a friend!
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
Full transcript below:
Announcer: Welcome to "Make It Last," helping you keep your legal ducks in a row and your nest eggs secure with your host, Victor Medina, an estate planning and elder law attorney and certified financial planner.
Victor J. Medina: Everybody, welcome back to Make It Last. If you know, it's the only show that helps you keep your legal ducks in a row and your financial nest eggs secure, and taking you through the world of legal and financial retirement planning.
I'm your host, Victor Medina. I'm so glad you can join us for another fun and exciting episode. I'm really jazzed for today's show because I planned here to talk a little bit about some legal stuff and a little bit about some retirement stuff. I always like it when I can blend those two worlds together.
In the legal world, we're going to talk about how to plan for incapacity. We're going to go over dealing with different financial accounts and what are your alternatives in order to help somebody manage your money if something were to happen to you, if you became incapacitated.
We're going to give you some alternatives to consider as you think about how to put your plan together for that. In the retirement world, we're going to talk about the three different worlds of money and integrating those.
When we start talking about investing your hard‑earned dollars, you might get in mind some financial vehicles. That you might be using some different products, most likely, things like stocks, bonds, mutual funds, may be even real estate. There are a plethora of investments available to consumers. They come in all shapes and sizes.
The difficult part, though, is figuring out a way to make all of these investments and other financial work vehicles work together in order to put you on the path to success in your financial life.
When I think about retirement, one of the things I like to make clear is that, the same investments and financial vehicles that got you to retirement, probably are not going to be the same financial vehicles that will get you through retirement. Possibly, right. Most of the time, I find this not to be the case.
Unfortunately, I see too often pre‑retirees, and even retirees, people that are already in retirement invested in the same way in retirement that they worked through their working years. Sometimes I'll be so bold as to ask them, "You know what, how much of these have you owned or changed since you become retired, or you intend to change?"
The answer for many of them is just zero, that they continue on with what they have. Today, I'm going to talk a little bit about the three worlds of money and what they can mean to your financial portfolio. By the way, these three worlds include The Banking World, The Wall Street World, and The Insurance World.
The question is, do you have money in all three of these worlds? Do you know where your money is invested? Do you understand why it's invested there? Today, I'm going to help you better connect with these investments and other financial vehicles in your financial portfolio. Leading up to that I have, in the last week or so, really spent a lot of time with new clients, talking to them about annuities and specifically talking to them about fixed‑indexed annuities.
When I go through this education with people, normally, I lay out for them the different worlds of insurance products and the whole journey that insurance companies have gone on from their inception through the most recent iteration and why there are these different kinds of insurance products. We're going to be talking a little bit later in the show about the insurance world.
In my conversations with people in my office, new clients, I have been struck by the number of times that I've had to explain to them what a fixed‑indexed annuity is. I guess not really struck, because I do understand that it's not a common topic.
Most people don't have a lot of experience with it. Maybe it's not at all surprising that they need this explanation. I also thought, well, maybe if I'm having these conversations with people in my office, it's probably the case that you out there listening to this show have these same questions.
What I find interesting when I have conversations with people, basically about any financial product, that there is almost always a gut reaction to what's going on positive or negative. People will either evolve or hate mutual funds, love or hate ETFs, love or hate annuities, love or hate bank products.
I don't know what causes somebody to be so clear about their feelings. It's often a matter of maybe have prior experience with something or maybe just some more mainstream‑related education that they received. There's a lot of commercials out there that will tell you about why annuity stink and people will should never invest in them.
And then the people who market annuities will tell you how bad the stock market world is and why you should never be involved in that. Of course, the banking people, they're going to tell you that the other two people are wrong. You should never be in Wall Street, or the insurance world, and you should have everything in bank products.
Look, even just laying it out like that, [laughs] you start to hear how ridiculous that stuff sounds. It can't all be that's true. So, what is coloring? What are people's experience with that? Many times, it's the people who are presenting that information. What, in fact, are their motivations?
For me, I'm kind of like Switzerland here. I will take on anything that will help a client's retirement picture look better.
Sometimes that's just a function of incorporating a little bit of everything. Sometimes it's about making an independent examination of something. Say, "Look that is categorically bad." It's not because I can't provide it for my client but it's because I've look at it and even if I could provide it for my client, I'm not going to.
I'll give you a couple of examples of that by the way. We don't very often ever recommend variable annuities. They just tend to be terrible products for most people, terrible products for the majority of the world. There is a reason why. Probably too much to get into this show.
Similarly, we don't ever recommend actively traded mutual funds. They tend to not stand behind their promises of outperforming what evidence based or more, objective and passively invested are. Their fees almost never justify that either. First of all, they're wrong most of the time [indecipherable 06:34] their fees and then their fees are high, too.
There are some things that fall into that category. Everything else is kind of fair game where we're talking about whole life insurance, annuities, mutual funds, individual stocks, bank products, each of these things has a role in a client's life. It was really about kind of mixing and matching those.
To my point, I've created a report that will help explain these fixed index annuities. I've been telling you that I've a lot of meetings around that. I've had to explain it a few times. I thought, "Well, what if I created a report that I made available to all of the radio show and podcast listeners. In that way they could get this information."
I know that I'm not going to cut off having to have conversations in my office about that. I should only be so lucky that by putting up this one report it would be over. Actually, I enjoy these conversations with all of these frustrated teacher a bit. If I get the opportunity to educate somebody about that and I get their eyes to open and get them to understand what we're talking about. For me, as many times as its own and reward.
I'm not going to get to meet with everybody that's out there. Because of that, I want to provide the report. For that reason, I want to give you the information so you can download that report. It's by text message. What you got to do is you have to text the word ABC, just the letters A‑B‑C, the first three letters of the alphabet.
If you can't remember it, we got to put you into incapacity and dementia segment, coming up next. Anyway, you text the word ABC to 609‑554‑5936. That's 609‑554‑5936 ABC, text that over to that number and we will send out a report on the ABCs of FIA, Fixed Index Annuities, kind of the way that works. I want to make that available to you.
Now let's get into the first part of the show which is talking about the different options for managing accounts in the event of diminished capacity or incapacity in what we can do to help family members do that.
Now, planning for incapacity is probably one of the most important parts of a comprehensive estate plan. Whether it's a comprehensive estate plan or retirement plan, no matter what you want to think about it. When you get to adulting and you're at that point and time in which you are...you're getting to be retired and you know that it's not a matter of if or when, you're going to need an estate plan.
Planning for incapacity is one of the most important things you can do because one of the things that happens if you fail to plan is...sort of default option for how you deal with these things. The plan that you have to go through if you don't plan for it the right way is often super expensive and super inconvenient.
You have to go through guardianship. It may cost $10,000 to $12,000 and all the while somebody is not managing...you don't have any access to your money to help you. What we want to be able to do is talk about this because there is an ever increasing number of people who are going to possibly have to face this.
Most of what I'm talking about is baby boomer generation continuing to age in record numbers. I think the number that most people are comfortable with is saying that there are going to be 10,000 baby boomers turning 65 every single day between now and the year 2040. That means that there's just this growing, mushrooming number of people that could possibly face incapacity and the need to manage their assets.
While medicine has not reached the point where it can prevent these cognitive impairments, there are tools that can be used to ensure that your finances continue to be managed effectively in the event that your diminished capacity manifests itself.
What we want to do is talk about each one of these different areas. We're going to talk about four different ways that we can go through this planning.
The first one, and probably which is one of the most common ones that people do, is they simply add a name to an account. What they'll do is they'll create a convenience account.
It may not be the person's main account. They'll either create a separate account, or they'll take another account that exists. They'll make that person a co‑owner.
You might have mom's account. Mom is retitled. Mom's account is retitled to include both mom and her son.
You could also, by the way, a joint account that's owned by husband and wife, and then they add another owner. They put the son on with mom and dad.
There were already these accounts that exist that they're known as convenience accounts. They exist solely. The additional owners added purely for the sake of giving them ability to access these funds. There are, by the way, some financial institutions that identify this as a convenience account.
Those ideas, by the way, in terms of doing that, have been around for a super long time. There are a couple of reasons people consider using convenience accounts.
One of them, really and quite frankly, is to avoid the need to pay for professional legal work. What they're doing here is they're trying to shortcut the need to hire an attorney to put together an estate plan because the other ways that I'm going to talk about right now require there to be legal work to be done.
This is a quick fix. It's just a matter of filling out the paperwork at the financial institution. If you do that, then you get access to that.
There are a couple of reasons why this solution is far from ideal and, by the way, can lend itself to a number of significant other problems. They solve the problem of accessing the money, but they create problems.
First thing that I want to talk about, if you retitle an account to include another owner, it means it's not just the original owner's assets any longer. If you create a joint account, there is joint ownership, which means that the owner that's added to the account will have full access to the funds because now it's their money, too.
While doing this can enable a healthy child to have access to funds to pay for some of the medical bills, well, it also gives that same healthy child the same access to the same funds to, well, I don't know, pay off their mortgage, or transfer the funds to another account.
It places these funds at risk. It eliminates any checks and balances that there might otherwise be.
I don't want to bury the lede. When we go talk about the other options in our planning, the ones that require legal work to do, one of the benefits of those is that you create these checks and balances, these different fiduciary obligations.
By the way, even if a bank manager, an advisor, or a custodian suspects that there's something wrong going on in that account or a requested transaction, generally their hands are tied. They have to process the transaction according to those instructions because instructions come from an owner.
If you create this joint account, this convenience account, and there is somebody that walks in there and says, "Well, I want to do something. I want to empty out this account. I want to leave it with zero dollars in there."
The bank manager could look, and then say, "Look, I've had this account with Jim and Jane for a really long time. They've never emptied this out before. I'm getting these instructions from the son. The son wants to empty it out."
"I don't really feel right about it. I feel like there's something wrong. Perhaps, I should try to step in and take some of the precautions that exist when I think that there's elder abuse or financial fraud."
In a scenario where somebody has added a name to an account, you don't have that opportunity. They have to end up listening to those instructions and following the instructions.
There may be some recourse on this. You generally have to prove that the joint account relationship was merely established for convenience, and then there was a fiduciary duty that was owed.
Look what I did there. I lined up a whole legal action to go into that. One where I have to submit all of these proofs rather than already being in a scenario where somebody had to act as a fiduciary.
What I did was trade the need to do legal planning up front and pay legal dollars for the risk that I have to pay a lot more legal dollars with a much harder journey in front of us to prove that. That doesn't make a lot of sense.
A couple of other issues, by the way. If you add a joint owner, you can subject to those assets to additional creditors. One of the most troubling aspects of using a joint account means that someone else, a family member, is going to have those assets subject to their creditors.
It exposes the account to the overseer's creditors and their financial problems as well. If you can get to that money, or if someone can get to the money, so can their creditors.
Establish that, if you've got a joint account and you have access to the money in the account, so would the creditors. If you end up adding your son to a million dollar brokerage account to help manage the investments, one day, on the radio, the son comes home from work. He hears that one of the companies was acquired. The stock prices jumped.
He's excited about it. He knows that it's in mom's account. He whips out his phone. He looks up the price of the stock. He's driving. He causes an accident.
That accident's Johnny's fault. The resulting lawsuit, he's sued for everything that he's worth, including his recently established joint account. Mom, who put him on there, could be out that million dollars.
It's really hard to protect that against claims. It is important to make sure that we go ahead, try to protect them, and avoid that.
By the way, this approach where you think to yourself, "Jeez, I'm going to add a joint owner to the account," isn't available for all assets. That's the third point I wanted to get to here.
In fact, even if you were willing to disregard all of the risks and potential issues that I've been outlining so far, it's limited because there are kinds of accounts that you can't ever create joint accounts around.
For instance, IRAs, and Roth IRAs or other kinds of retirement accounts, like 401(k)s. They can't be converted to joint ownership. There's no such thing as a joint IRA.
The I stands for individual. Therefore, only an individual can be the owner. The only way to get the IRA into a joint account is to distribute them out of the IRA, which causes all those taxes. You're not going to ever do that. There are three downsides to having things owned by a joint account or try to use that planning.
One, there's risk that, that money can be walked off with. There's a risk that, that money is subject to creditors. Then there's a downside that you can't use this planning for all of your assets.
[background music]
Victor: I want to take a break right now because I'm going to leave that taste in your mouth. Say, "OK. That's not what I want to do."
When we come back, we'll talk about the other options that you can use to help people manage their fears. Incapacity is not something you can control, whether or not you're going to go through five. Having a great plan in order to navigate that, entirely is something you can control over. I'll talk about how to do that when we come back from this quick break.
Announcer: Life is better when you have your legal ducks in a row. One area attorney can help you get your financial ducks in a row as well. Victor J. Medina fills dual fiduciary roles, an estate planning and certified elder law attorney. Also a credentialed certified financial planner professional.
Through his law practice at Independent Registered Investment Advisory Company, Mr. Medina serves high wealth individuals seeking conservative advice and a professionally‑managed approach to retirement wealth management. Learn more about Victor's 360‑degree wealth protection strategies. Call 609‑818‑0068.
That's 609‑818‑0068, or listen to the newest episode of Make It Last radio, Wednesday mornings at 11:00 on 1450 Talk Radio. Investment advisory services offered through Palante wealth advisors, LLC, a New Jersey and Pennsylvania Registered Investment Advisor.
Victor: Everybody, welcome back to Make It Last. We've been talking about ways that use legal planning to help a family member manage your account if you become incapacitated in the future. We talked, in the first segment, about what not to do.
One of the things that is an option that we totally don't recommend is adding somebody on to an account as a joint owner, whether it's a convenience account, whatever you want to call it. It's just to help them get access to it. Remember the reason why we don't want to do that is because we give them access to 100 percent of the money.
We possibly make that money subject to creditors and also where we can't use that planning, as planning for 100 percent of the assets. It is not the best option. We do have another option and this option has been around for a super long time. That is, that we can use a power of attorney.
The power of attorney is a much better way to allow somebody to gain access to managing an account. Let me talk to you about what that is. Let's be clear, this is going to require some legal planning to do right because while there are powers of attorney that are downloadable from the Internet, I'm going to make a case for why we don't recommend using them.
Let's talk about what a power of attorney is. A power of attorney is a legal document that grants an individual or if you want, multiple individuals, the right or the power to act on behalf of another person.
It creates a fiduciary relationship between the person who creates the document or what we call the principal, and the person who takes on the responsibility either called an attorney‑in‑fact or an agent.
The idea that they're called an agent tells us everything that we need to know about that relationship because agency, an agency relationship under the law is the highest level of responsibility for another person. It means that the person who is the agent has the legal obligation to act on behalf of that principle.
They owe them a duty of loyalty to do things like, not use the money for themselves and not waste the money. They're held to a higher standard. Now, there is a practical challenge to using a power of attorney, and it's this.
While the power of attorney is a legal document that confers a legal obligation for somebody to work on behalf of another person and in fact, gives them the authority to do that, there is no repository of powers of attorney where you can register this.
There is no method of a verification that the power of attorney is in fact, a valid power of attorney. In fact, one of the things that we have to do is we have to provide a copy or an original of that document at each and every financial institution that holds money in order to be authorized to use this power of attorney for another person.
The reason why this becomes a limiting portion of the planning is because each financial institution can review and conclude a different thing about that power of attorney. They're going to have an internal process for evaluating that power of attorney to try to determine whether or not it is still effective.
They're going to have policies in there that are going to set forward things like, how old can the power of attorney be? What kind of provisions must it contain? Again, there is no centralized way of saying, if only it has these certain provisions and under this certain age, then we know it will automatically be accepted. There's no central way of doing that.
Even the document itself might have limiting provisions in there saying it's only good for the next 3 years or 10 years, or if I'm incapacitated, or if the sun is in line with gamma, whatever. It doesn't have a way of self‑proving. That creates this risk that when we go to use the power of attorney, it may not be deemed effective by this financial institution.
Even if we were going to get a positive result in one financial institution, it doesn't mean that we'll get a positive result for every financial institution. Those are important things to consider, but the power of attorney is really a good document to have.
It's a necessary document to have because the absence of the power of attorney means essentially that you're going to have to go through this guardianship kind of thing, and that's not anything that you want to have to go through.
There are different kinds of powers of attorney. You can get a general durable power of attorney. You can get a limited power of attorney. General durable power of attorney is going to be broader in that sense. A limited power of attorney is going to be limited.
It's going to be limited by time or by scope, those kinds of things. The general durable power of attorney, by the way, is usually juxtaposed with a springing power of attorney. A springing power of attorney is one that is only effective when somebody becomes incapacitated.
Whereas, a durable power of attorney is often immediate and survives their incapacity. What does that mean, by the way? It means that the durable immediate power of attorney is effective from the day that you sign it. You can continue to use it even if somebody becomes incapacitated.
The springing power of attorney requires there to be a showing of incapacity before it's deemed effective. What's right and what's wrong off of that, it really depends on the client, and what their circumstances are. I'll give you some general things that work in the greatest number of cases.
One of them is that most people who are married end up creating immediate powers of attorney that include their spouse as the agent off of that first. That seems to make a lot of sense. Most people are already comfortable with their spouses managing their affairs for them. That ends up working pretty well.
There are a lot of single people that are uncomfortable with immediate power of attorney, and they go with a springing power of attorney instead. The idea there between the two is that, why should you do one if you're single versus if you're married, springing versus not or what works.
For me, I tell people, if you're going to go with a springing power of attorney because you're nervous about somebody having this authority, just remember that when you go to use this, you're going to place an additional obstacle over this becoming effective.
Namely, you're going to put yourself in a position where the financial institution is going to have to review the power of attorney, see that it requires this incapacity, and then review the evidence that you're showing for incapacity.
You just give them another chance to reject it. If living through that is more tolerable to you than having somebody have authority over your stuff, then you can make that decision. Understand that you're doing that.
One other downside to the power of attorney, and it's really...I don't know, not really being fair to our topic because we're talking about how to manage assets if you are incapacitated. That power of attorney terminates when you do. [laughs] When you die, the power of attorney goes away.
We have to remember that it doesn't give authority to continue to manage assets at death. We're going to have to if you're going to keep that asset owned in your individual name versus the last option we're going to talk about here. If you end up doing that, then you're going to run the risk that you're going to have to go through a probate in order to gain access to that asset.
We're going to talk about that last option that actually will solve some of that. Here's the thing. That even in a case where a power of attorney ends when you do, it's an important document to have. The power of attorney is the only document that will allow somebody access to individually‑owned assets that can't be jointly owned or transferred.
We're back to talking about IRAs, 401(k)s, Roth IRAs. You're not going to be able to do anything with those. Whether put them inside of a jointly held account, or put them inside of something like a trust. You're not going to be able to do that with that.
You're going to need a power of attorney in order to manage those accounts, and even do things like enter into a contract, to stand into somebody's shoes. This is not even just managing assets.
If you want to be able to essentially contract business, do things for somebody, put them into a nursing home, and manage the relationship with a nursing home, and sign a contract, you're still going to need a power of attorney to do that. It's important to have even as we talk about our third option.
Our third option is to create a revocable living trust, and to name a family member either as a successor trustee, somebody that comes in to manage that trust after you do, or a co‑trustee. You might be on the cusp of losing your capacity.
Maybe there was a diagnosis of Alzheimer's or something where you're going to in the future be unable to manage their accounts, and you're comfortable with somebody having access now. The right thing to do is to name them as a co‑trustee.
Most of the time, in a revocable living trust, people believe that those only for rich folks. It's really not the case. With the revocable trust, we're using that planning strategy to add convenience to somebody's estate plan. One of the ways is what we're talking about now, which is essentially gaining access to manage financial affairs while you're incapacitated.
There are other benefits to that, too. Being able to avoid probate, and being able to manage assets throughout death immediately afterwards, and not having to get qualified as an executor or somebody different in that role, death versus during alive. There are benefits to that in terms of convenience.
The revocable living trust, by definition, this legal entity that's created when you sign this trust document that provides a relationship between the person that creates the document, and the person who is the trustee.
Unlike a power of attorney, most people when they create a trust, name the same person in both of those roles. They are the person that creates the document, and they are also the person that is in charge as the trustee versus the power of attorney.
We have somebody else as the agent. You're going to trust, most of the time, somebody creates a trust where they are the trustee over their own trust. That makes a lot of sense when they're alive and well, healthy, because they want to be able to manage that.
By the way, whole idea about revocable is this idea that they can change the terms to anything, whenever they want, however they want. That's the idea about revocable.
What you can do in the revocable living trust is you can name people to be in charge after you in circumstances where you might become incapacitated or when you might pass away. That would be a successor trustee. You're also able to name somebody to serve alongside you. That's essentially a co‑trustee.
The revocable living trust offers advantages when compared to a power of attorney. One of them is the revocable living trust is far less likely to be rejected by a financial institution, because this living trust is its own legal entity. There is no determination about whether or not the document itself is valid.
If it's taking legal title to a property, then by definition, the trust is act and controlling with respect to that property, which means the financial institution doesn't have to scrutinize it. You might have to check to make sure that the person that you're saying is in charge of there is, in fact, in charge of it by the documents itself, if there is that.
These authorities say that the trust is valid or not. It is a legal entity. I call this mini company, if the company is owning these assets. Therefore, if the president, you, become incapacitated, it's very natural that there's a vice‑president to take over with that. It's very streamlined in that sense.
It offers advantages because we don't have to worry about there being a failure of that document later in the future. It also offers other advantages in the way that it continues on after somebody's death.
We talked about this idea that the power of attorney ends when somebody's life ends. The trust continues on until the trust says that it ends. The trust might say that it doesn't end until the assets that are in your name become distributed to your kids on your passing.
There is a continuity to the trust that doesn't necessarily exist with the power of attorney. I know that power of attorney ends when somebody's death. It continues on. Therefore, the revocable living trust can just bypass probate. It can do all of these things that the power of attorney can't. It's a super power of attorney. It's probably the best thing that you can create.
Remember, I did say that you want a power of attorney to manage the other things that are going on. The revocable trust has an Achilles' heel. You remember Achilles' heel? That's the thing that we deep them in the river. All of them was protected except for this one area. Here's the one area where the revocable living trust is vulnerable.
That is that the assets that you want to manage in the trust must be retitled in the name of the trust before you are incapacitated. We call that funding or we call it asset integration, the idea that you take the things that you own, and you retitle them in the name of the trust.
I want you to consider that the trust is a form of a castle, and it's affording you all of these protection. Here's the thing. If you don't put your stuff in the castle, the castle can't work. It can't protect anything. That's what we're talking about in terms of retitling your assets. We want to be able to transfer the title into the trust. That way, the trust protections can become realized.
The best of all worlds in your planning is to not only have a revocable living trust, but to also have a power of attorney and using them in combination. I don't really see a big benefits to having joint ownership. I think that you should avoid that.
When it comes down to getting specific advice in your scenario, always, always work with an established, confident estate planning attorney. You don't want to go to somebody that has multiple different practice areas. You want to go to somebody that is in fact, a hundred percent in the world of estate planning.
By the way, if you're looking for somebody to do that with, one of the best credentials you can check out is being a certified elder law attorney or a CELA. You can go to "nelf.org." It's N‑E‑L‑F dot O‑R‑G. You can look up certified elder law attorneys in your area.
Those certified elder law attorneys are really the expert level, expertise level, specialty level, in estate planning, and specifically elder law planning. It means that an objective outside agency has reviewed all of their credentials, including peer recommendations.
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Victor: They need to be recommended by their peers in order to be somebody who's allowed in as a certified elder law attorney. If you do those things, you can find somebody that's going to be able to put this stuff together for you. I hope that's been helpful. What we're going to end up doing here now, by the way, is taking a quick break.
When we come back, we're going to talk about the three worlds of money. We're going to be fast on this one because not a lot of time left in the show. Strap and we'll be right back after this quick break.
Announcer: Imagine, if the attorney you trust to protect your legal interests could also be trusted to protect your retirement, well. One trusted advisor, dual fiduciary roles, Victor J. Medina. Mr. Medina is an estate planning and certified elder law attorney with a national reputation.
He is also a certified financial planner professional through his law firm and Independent Registered Investment Advisory Company. Mr. Medina provides 360‑degree wealth protection strategies for individuals in or nearing retirement. His unique approach offers advantages to high‑wealth individuals seeking conservative advice and a professionally‑managed approach to their retirement wealth.
To learn more, call 609‑818‑0068. That's 609‑818‑0068. Or listen to the newest episode of Make It Last Radio, Wednesday mornings at 11:00, on 1450 Talk Radio. Investment Advisory Service is offered through Palante Wealth Advisors LLC, a New Jersey and Pennsylvania registered investment advisor.
Victor: Hey, everybody. Welcome back to Make It Last. I'm going to transition here a little bit because we were talking about ways to handle incapacity planning. Now I want to talk about the three worlds of money. I'm going to introduce this topic because I think we're going to hit on this a couple of weeks in a row just to make sure that we've got everything covered on it.
The idea here, by the way, is I want to talk about different kinds of financial vehicles and how they should be integrated with your retirement planning. The way that you might want to think about that is that when it comes to creating a blueprint on something to follow, there are going to be different elements there together, maybe different specialties.
You can't build it all out of just one of the specialties that are in there. You can't just have a builder versus a plumber, versus an electrician. All three of those things need to work together in order to have a house that works the way that you need it.
If for instance, you don't have the electricity set right, it won't set the air conditioning running. If your insulation isn't right, then you'll be kind of throwing stuff out of the window.
So, you need three of these things to be working together. When I talk about the three worlds of money, I'm really talking about the difference between the banking world, the insurance world and the Wall Street world. The idea is that all of these things work together.
The first question to ask is what you want your money to do for you. Because we all want our money to grow, never lose any value, and be able to write a check on instantly. We want those three things. We want growth, we want security, and we want liquidity.
I'm here to tell you some good news and some bad news. The good news is you can get growth, safety, and liquidity from different financial vehicles. You can, in fact, get what you want. But the bad news is, there's not one single financial vehicle that will do all of those three things at the same time.
With that, I draw this out for clients to help them understand as I create circles that overlap onto one another. Sort of a Venn diagram. Take one circle on the top right‑hand side and another circle on the top left‑hand side. Kind of look like ears but there is a little overlap. I put a head overneath there and then some overlap in that as well.
If you did that, if you wrote that out and you put growth, safety, and liquidity in each one of those boxes, what you'll find is that there's some overlap on two of those.
There's no product that's going to give you the overlap where you have all three of them. What do I mean by that? If you want something to be safe and liquid, those are products that are inside of the banking world, so a checking and a savings account are safe and liquid. They're 100 percent available to you. They're never going to lose any value.
Instead, if what you want is growth and liquidity, so they'll be able to write a check on something and have it grow a lot, then that's the stock market or The Wall Street world. You could sell a stock anytime you want. It may be for a loss but you can sell it whenever you want and you can get money whenever you want.
The last one is, if you want growth and safety, then we're talking about products in the insurance world. Those are ways of achieving some of those goals. Like I said, you are not going to be able to get one financial vehicle or product that will get you all of these things at once.
There are some steps that you need to go through to try to figure out where your assets need to be allocated so we need to start with a plan. I know that it stresses a lot but income, a cash flow, learning where your check is going to be coming from, is really, really important in today's retirement.
So much so by the way, that it is the first thing that I think people should start from is understanding where they're going to get income in retirement and leave things that are related for growth, legacy, and other stuff to the next level. What we're trying to do is trying to create security in and around that.
We've spoken in other shows how to do that. You're going to be looking at your social security, any pensions that you have, looking at your budget and your expenses. There are a lot of ways of getting there but the point is that we want to see what your needs are. Once we understand that, now we can start to allocate assets across that.
Remember, no financial vehicle's going to do all three things at once. You probably need three things in your life so how do we allocate that around it? Going back to the banking world, remember, the banking world is safe and liquid off of that.
We know that interest rates being as low as they have been, or for quite some time they still are, we know that we're not going to get a lot of growth in a bank or a credit union. Some of the accounts that you can access at a bank or credit union include things like checking and savings, money market accounts, or certificates of deposits.
Now, what's nice is that many banks are insured by the Federal Deposit Insurance Corporation or what you all recognize as FDIC. That's an independent agency of the US government. The FDIC will insure up to $250,000 per depositor, per member institution. That means that you can have $250,000 in a bank account and if the bank fails, the FDIC covers your losses.
So much the FDIC, a credit union account can be insured up to $250,000 as well, if the credit union is a member of the National Credit Union Administration or NCUA. That one doesn't quite roll off the tongue the same way as FDIC insurance but what's important here is to understand the banking world is just a piece of the puzzle.
It's probably not going to have all of your money because in my opinion, you're going to lose money due to inflation. If your money doesn't grow at least to keep pace with inflation, then $20 that you spend at the grocery store today will not go as far as when you spend it 5 or 10 years from now. You can't neglect it because we need safety and liquidity.
When we talk about growth potential and safety, that's the stuff in the insurance world. Look, the insurance industry gets a bad rap a lot but it can serve several purposes when it comes to your dollars. That growth safety also can translate as to income and a legacy. However, what we have to understand is that there's always one thing missing.
I talked to you about the fact that bank products tend to have missing in their growth. Insurance products are going to have missing in their liquidity. It's really important to educate yourself about what you're putting your money into.
One of the main products that are recommended in retirement ‑‑ I hear about them all the time in terms of the way that they're recommended improperly. I hear the good and the bad on them ‑‑ but one of the things that we talked about here is the annuity.
Remember, I am putting together for you the ABCs of fixed indexed annuities which is a form of an annuity. If you want that, what you do is you text ABC to 609‑554‑5936. Take out your phones, type in the phone number fields, 609‑554‑5936, and then just type the letters, ABC, and send. We'll get you that free report talking about fixed index annuities.
I want to open your mind for a second and, hopefully, make you think about an annuity in a different way because we believe that there is a place for those in people's retirement accounts. It's a little different than I think the way that most people approach it, most financial advisors approach it.
They either think that a hundred percent of your money should be in there or zero percent of your money. I think the answer is probably somewhere in between, and not right in the middle. I want to talk to you about why.
If you want to think about annuity in a different way...Let me see if I can take you on this journey. I want you to think about whether or not you like restaurants. If I were to ask you if you like restaurants, you're like, "Yes, I like restaurants." I'm sure that you have a favorite restaurant nearby that you enjoy going to.
I know that when my wife and I get a rare chance to be out without kids, we want a reliable product at the end. We want something that we're going to have a great experience with them. We're going to go to that restaurant. On the other hand, there are some restaurants that we're not too fond of. Probably, this is the same way for you.
I want you to think about annuities that they're like restaurants. There's a wide variety of them. You just have to figure out which one fits you. An annuity is a contract between you and an insurance company in which the company promises to make some payments to you, starting either immediately or sometime in the future.
You buy their annuity either with a single payment or a series of payments. Those are called premiums. There are different kinds of annuities. You can get one that's immediate or deferred. Deferred annuities can be fixed indexed or variable.
All of a sudden, just in those last 15 seconds of describing them, I probably got your eyes to roll in the back of your head because of the complexity in here. It is important to work with an advisor that not only understands them, has a particular philosophy about how to use them, but spends the time to educate you about which ones are going to be right for you.
Here's the thing about those annuities, every one of them. There is a growth potential in there. There is safety in there. However, there is the chance that they may not be as liquid as you need them to be. There is one exception to that. A variable annuity tends not to have as much of the safety function of that.
Which is why, as I said in the earlier part of the show, tends not to be on our recommended list. If you're going to go into the insurance world and get the benefits of that, being the growth and the safety, and lose something called liquidity, by gosh, you better get both of the growth and the safety components of it. Don't be in a product that doesn't give you those options.
When we talk about insurance, by the way, there are also other products related to things in a life insurance. You can get all kinds in there like term, whole life variable, universal, indexed universal, variable universal, long‑term care insurance. There's a lot of them.
Here's the thing, just like the banking world, the insurance world is meant to help you solve another piece of the problem. If you're not fortunate enough to receive a pension, and you want a lifetime income stream, you can purchase a form of a fixed immediate annuity that does that.
If you want to leave a legacy when your loved ones pass away, form of life insurance is going to give you an opportunity to do that. If you want to protect yourself, if you get sick or ill, or from depleting your nest egg, long‑term care insurance might do that. You have to understand that insurance is also a great place for some of your money, but not all of your money.
Do keep in mind, while annuities offer many benefits, they can be subject to fee‑surrender charges, holding periods, which vary from company to company and product to product. They are designed for retirement or other mid to long‑term needs.
Life insurance and annuity guarantees, they're all backed by the financial strength and the claims‑paying ability of the issuing insurance carrier. There is no FDIC insurance for annuities or other insurance products.
The final world is the one that people are probably most familiar with, most popular, exciting, and that's the Wall Street world. They offer growth potential and liquidity, but it is limited in their safety. I know that people are going to argue with me, and tell me that the Wall Street world offers some safe places like at bonds.
I challenge them to look at bond performances in 2008, or any time when the stock market had a large drop. Not only that. Remember that bonds have an inverse relationship with interest rates. Meaning, that as interest rates go up, bond values go down. We know how low interest rates are right now.
Interest rates likely only have one way to go up from here, and that is up. This in return, by the way, will lower the value of the bonds if the future interest rates rise. The safety related to those bonds, probably lower than what you expect off of it. I want to stress this idea that I do not believe, I do not believe that Wall Street has any safe investments off of them.
They have a number of places to invest your money including stocks, bonds, mutual funds, exchange‑traded funds or ETF, REITs or Real Estate Investment Trust, commodities, futures, ADRs. Most of these investments are meant to grow your money, and are liquid if you decide to sell them. Remember, it's not safe.
It's a great place when you're young and looking to grow it. The Wall Street world is not meant for all of your money. That's a big problem that I see in my office. I'll sit down with a prospective client, and find that most or all of their money is still sitting somewhere in the stock market.
When I ask them how they feel about loss and whether or not they want to lose money, it's very common that they don't want to lose money. That's very common occurrence because people have been very successful with what they had in the past.
When you get close to retirement, I believe you need to start thinking about reducing the risk in your financial portfolio and making some changes. It's OK to have some money in the stock market for growth and liquidity, but it may not be necessary to have all of your money there.
The reason why I want you to consider all of these three worlds is that I want to open your mind, and understand the importance having money in all three of those worlds because each world serves a different purpose. Whether it's the banking world, the insurance world, or the Wall Street world, it's important to understand that your exact financial circumstance has specific needs.
You can address those needs by having money in each of those worlds, and you need to build a plan based around those needs. It's no easy task but I'm here to help. It's my job to help, to work with people like you. If you're interested in having a consultation with us about your retirement planning, we can do that with you.
We are available at 609‑818‑0068. Call us at 609‑818‑0068, or visit us at www.palantewealth.com. It's P‑A‑L A‑N‑T‑E wealth dot com. We can give you more information as well as opportunities to learn what you need in your specific retirement circumstance. Sped through all of that, we may hit it again in the future.
There's a lot of stuff in that insurance world that I have not yet talked to you about, and I want to be able to do that. What you have to do, though, is stay a listener of the show.
Check us out at 11 o'clock in the morning every Wednesday on WCTC 1450 AM. Or, if you don't want to be married to the radio, you can subscribe to our podcast.
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Victor: Our podcast is available everywhere where podcasts are available, whether it's Apple, Android, Spotify, you name it. Search for Make It Last. You will find the podcast link, subscribe to it. Every episode will be automatically delivered to your inbox.
Hope this has been good for you. This has been great for me. I'm really excited for today's show. Otherwise, we'll catch you next week on Make It Last, where we help you keep your legal ducks in a row, and your financial nest eggs secure. Catch you next time. Bye‑bye.
Announcer: Investing involves risk, including the potential loss of principal. Any references to protection, safety or lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims‑paying abilities of the issuing carrier.
This radio show is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions nor should it be construed as advice designed to meet the particular needs of an individual situation. The host of this show is not affiliated with or endorsed by the US government or any governmental agency.
The information and opinions contained herein provided by third parties have been obtained from sources believed to be reliable but accuracy and completeness cannot be guaranteed.
How do you know if you are ready to retire? In today's episode, Victor goes through some signs to help you identify if you are ready for retirement or, if you should wait. Text the word INCOME to 609-554-5936 for a free report on the income bridge to make sure you have enough income to last your entire life. Like this episode? Leave a review and give a 5-star rating on the Apple Podcast app. As always, share with a friend!
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
See below for full transcript...
Announcer: Welcome to "Make It Last," helping you keep your legal ducks in a row and your nest egg secure, with your host Victor Medina, an estate planning and elder law attorney, and certified financial planner.
Victor J. Medina: Hey everybody, welcome back to Make It Last, the only show that takes you on a fun and exciting journey through the world of legal and financial retirement planning. I'm your host, Victor Medina, and I'm really glad you can join us here today. I'm excited for today's show, as I am for many of the shows.
More and more I've been interested in the soft part of retirement, less about the numbers and whether or not you've done the right calculations. More about signs that you're ready to retire or the emotional components around that.
In today's show, I'm going to be attacking how to evaluate or see if you contain any of the signs that you aren't yet ready to retire. Like, how are you going to know when you're ready to call it a career. The thing about it is that, retirement is such a big decision. It shouldn't be taken lightly. For most people, the decision itself to retire doesn't come easy, it is full of all kinds of emotional input on there.
A lot of people are defined by what it is that they do. Even if they're not consciously aware, or that it's defined that way. They are by how they spend their time up until that point in time, in which they retire.
They get up and work, five days out of the week for most people. That means that the majority of time that they spend, even the majority of those days in which they're working, they spend doing something that defines their existence.
I'm of a mind that people should take their time and consider all of their options and make the best decision for them and their family, both financially and emotionally. How does one really know that they're ready for retirement? How much money is enough? How can you prepare for the social and emotional side of the equation?
Today's show is all about being prepared, or to the contrary I guess, how to know when you aren't quite ready. There are some signs that you can catch on to that could indicate that the timing isn't quite right. I'm here to help you identify some of those signs that say that you're not quite ready to retire.
I'll tell you there are all kinds of things that are going to factor into making that decision. What I want to do is try to help you get some of the information to understand whether or not you're ready. I have created a number of different reports that are out there, that are available for you to download. They're 100 percent free.
I want you to have these so that you can have the best information about retirement and getting ready for that.
One of the ones that I want to help you understand more about is called the income bridge. There is the need for people to understand how they're going to live on a day to day basis.
For that reason, we want the opportunity to know that they're going to have enough income to last their entire life. For that reason, I want to give that report. If you're looking for it, what you need to do is text the word "income" I‑N‑C‑O‑M‑E to 609‑554‑5936. That's the word "income" to 609‑554 5936.
If you do that, we will send out to you by email, our report on the income bridge. It's a really important part about making a retirement decision.
Today I'm going to talk about a question that, I am sure many of my listeners have asked themselves or their advisor. That question is, how do you know when you're ready to retire? Of course, the question itself is pretty subjective.
I mean, it could mean a lot of different things to different people. Like, are you financially ready? Are you emotionally ready? Are you socially ready? What are you unsure of? You might be thinking that it comes down to a financial decision and to a certain extent, you're right. I mean, that is kind of what we do here when we crunch numbers and help people understand can they make the decision to retire.
Many times, it's just around the numbers discussion, but there's much more to it than that. I'm going to examine today some signs that may point to the fact that you might not be ready to retire. My goal here is to help you identify some of the warning signs and I guess, on the other side of it, help you re‑install your confidence, either way, in your retirement decision.
In this, I'm thinking about a very particular client, who has been wrestling with the decision to retire. I'm not aiming this show at that client, whatsoever, should they happen to be listening. I have been struck with the difference that different people will evaluate making that decision.
Some of my greatest inspiration in and around retirement comes from evaluating my parents. My parents were ready to retire for a few really good financial reasons. They were both school teachers, and had put in the minimum number of years that it took to get the maximum amount of pension for the rest of their lives, and be able to secure health insurance.
From everything on the outside, it was a really great financial picture that they were making a decision that says, "Look, I'm ready to retire." The social and emotional side of it, I think that they wanted to get away from doing their job but to doing what, was still very much influx.
They spent some time living in Florida and living the golf retirement life. That had its own schedule, its own routine, and only lasted for a period of time before there was time to do something else. Was their decision to retire the wrong decision because they didn't stick with the life that they set out to have as a moment that they had retirement?
Probably not. It's not a big deal to change. In fact, there's probably a lot of value in changing. There's a lot of worth in being able to make a different decision and to be flexible about it. It's probably something that should be held up as an example, for sure. It did raise the question for me, "Were they, in fact, ready to retire?"
As I said, I'm trying to help you make that decision as I think about my parents on one hand, this other client that's wrestling with that decision on the other hand. As an extension of this show, I want to make sure that you know that I can potentially help you examine your own retirement situation more closely.
You're welcome to call my office and schedule a consultation if you're ready to explore that. I want to help you examine the topic today as it pertains to your individual and unique situation. If you're interested in that, our phone number at the office is 609‑818‑0068. Again, the number is 609‑818‑0068.
You can also visit us online by going to our brand‑new website. I'm really excited to show this one off. In fact, we haven't had a full launch of this. You, my podcast and the radio show listening audience get advanced notice that it exists. You go to palantewealth.com. That's P‑A‑L‑A‑N‑T‑E W‑E‑A‑L‑T‑H dot com, and that will help you understand more about the services that we provide.
Either way, if you're interested in exploring that with us, remember we're one of the very few, if not, for sure, the best when it comes to being able to handle both the legal and the financial parts of your retirement planning, making sure that you have a plan that works together across the board. If you're interested in doing that, just reach out to us at 609‑818‑0068.
In my experience, as I mentioned, retirement means a lot of different things to different people. For some, it may mean starting a brand‑new career.
One of the shows that I did about a year ago that I love to recommend to other people talks about the different kinds of retirement. It explores a form of retirement in which you retire from what you were doing to doing something else. Maybe that can happen very early in your life. That is not an age 65 decision.
For some people, retiring is starting a brand‑new career or trying something new in the workforce. For others, it may mean kissing work goodbye forever, and finally living their lives without having to punch the clock ever, ever again.
My parents, when they retired from being in the school system, they were basically saying goodbye to waking up at 5:30 or 6:00 in the morning, and working a job that required them to be there 184 days out of the year and that they couldn't set their own vacations. They were always already set by the school calendar.
They did different things from there. My mom started volunteering holding some babies in the NICU, in the ICU for neonatal. My dad ended up working the front desk at the hospital to help surgical patients and their families know what was going on at any point in time. They were doing other things, but they definitely kissed their work life goodbye.
For others, it can be a combination of those two, whether it's starting a new career or saying goodbye to something, but what I like to explore is what retirement means to you. Have you thought about that? Because if not, you might not be ready.
Have you considered, for instance, how much income you might need in your retirement assets to produce regularly to support your lifestyle on these. That's why I offered that report, the income report.
You can text the word "income" to 609‑554‑5936, but if you haven't considered that, you might not be ready for retirement. I can go on and on and on. What are these signs that you're just not ready.
I want to talk about that in today's show to make sure that you hear about the signs that might be pointing the fact that you aren't quite ready to retire yet.
When you are ready, then you want to explore that with somebody that can help you do that. Get some professional advice. The first thing that I want to do is, I want to talk about the major components of retirement planning.
We focus so often on the financial one. I'm going to get to that today as well, but I want to talk from a very high level on the main components. I'm not talking about investment decisions between stocks and bonds or tax sufficient strategies.
I'm talking about three main components to drive retirement and planning for it. There's a social part, an emotional part, and a financial part. Each one of these are considerations of retirement planning, and they need to have their own evaluation.
Each one of them individually to know that, in fact, you have considered the biggest the blocks that are necessary to being in determination if you're ready for retirement or not. Let's start with the social component first.
This one might be overlooked most often. The question that I want to put in front of you is, have you thought about how quickly your social life may change when you retire? How long have you been working? 20 years? 30 years? Likely more?
I know that my parents couldn't retire until they had gotten 35 years in, 35 years for many people. You've most likely tailored your entire routine on a weekly basis, maybe even monthly, seasonally, annually to your job, and the time that you spend there.
If you're the typical worker, but this, of course, doesn't cover everybody. Do you work from Monday through Friday from 9:00 AM to 5:00 PM? You've been doing this for the last 30 years, even if your job has changed.
What hasn't changed is that you have had to work, and you, in fact, have been working. If that's true, or even partly true, you've likely developed a lot of social relationships through your work.
These are the people that you spent the most time with, and they started out as co‑workers, perhaps became acquaintances and now are friends. I just attended a church block party this Sunday. It happens to be that one of my wife's co‑workers is also a member of the church.
Here we are, we're sitting in the grounds of the church. There are tables that are up. Kids are out there playing. They're on the Slip 'N Slide. There's cornhole tournaments. There are food trucks there. It was really a fantastic time. We're sitting at the table and over comes the co‑worker.
That's the person that my wife spends most of the time with, nothing wrong about that, that she's not spending time with other people in the church, but she is. What are they talking about? They're talking about work‑related stuff. For them, everything around that related to the work and you have to understand that. My wife, she runs a schedule that goes from September to June. She's off right now.
She's not working in the school system, and by the way, neither is this other co‑worker. Here they are, hanging out with one another, socializing. It's Sunday afternoon. There is a pizza food truck. There is a burrito food truck, and there they are, socializing, talking about work‑related stuff. It's not going to restart until sometime in September.
You can imagine their entire world centers around this. This probably is you in some fashion, that there are these friends, that are all around work. Imagine that you aren't going to see them on Monday. Let's say that my wife and this co‑worker were hanging out on Sunday, but that Monday, they're not going to see them a whole lot.
They've gone from seeing each other and talking to each other, and being with each on a regular basis, too, pretty much not at all. Certainly with nothing in common to talk about any longer because if my wife has gone ahead and retired from her job, what's going on in the job...between you and me, a little pathetic. Let's move on. There's nothing there that you should be linked to.
This is a huge change, and I want to ask you the question, are you ready for the social change that you're very likely going to have to go through?
I believe that planning your social life in retirement and the changes that are surely going to take place is almost as important as the financial part. Why is that? Why do I think that?
Because part of the decision to retire should be in and around, making a decision to at least maintain your level of happiness going forward.
Your social connections, knowing that you belong to a tribe of sorts, that you belong to a group, and that group accept you for who you are, and that you can have interaction with other human beings at a level that matches what your needs are.
If you want to have intellectual conversations, you are. If you want to share an experiences, you're doing that. If you're contributing in some fashion, and giving to others that you're able to do that, as part of a group with other people, so that you have that sense of belonging.
That is so important to the joy that you can create and have in retirement, that it has to be considered. It has to be factored in, as you start to evaluate whether or not you're ready for retirement. You have to take this into consideration and make sure that you've planned around it because if not, why retire whatsoever?
Why even go through that exercise if you're going to move from a state in which you were previously happy, at least you were meeting your social needs.
Every human being figures out how to meet their social needs, their emotional needs. They figure a path through. You just don't sit there miserable all the time. At least I don't meet those people. They're not my clients. If you're one of those people, remember what I said about calling us and schedule, but don't call me. I don't want to talk to you if you're miserable like that.
I actually only want to work with the people that aren't miserable.
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Victor: If that's who you, are in a state where you're comfortable and happy, why would you move to one in which you're not happy? You've got to nail this part of it down if in fact, you're going to be ready to make a decision, to move into retirement
Let's do this. I'm up against a break here. I'm going to cover the next two parts of retirement planning, the components, the emotional and financial part when we come back from this quick break. Stick with us on, "Make It Last."
Announcer: Imagine, if the attorney you trust to protect your legal interests could also be trusted to protect your retirement wealth. One trusted advisor, dual‑fiduciary roles, Victor J. Medina. Mr. Medina is an estate planning and certified elder law attorney with a national reputation. He is also a certified financial planner professional.
Through his law firm and independent investor advisory company, Mr. Medina 360‑degree wealth protection strategies for individuals in or nearing retirement. His unique approach offers advantages to high wealth individuals seeking conservative advice and a professionally managed approach to their retirement wealth.
Learn more. Call 609‑818‑0068. That's 609‑818‑0068. Or listen to the newest episode of Make it Last Radio Wednesday mornings at 11:00 on 1450 Talk Radio. Investment advisory services offered through Palante Advisors LLC., a New Jersey and Pennsylvania registered investment advisor.
Victor: Hey, everyone. Welcome back to Make it Last. Today we're talking about the signs that you may not be ready for retirement. My goal here is really to outline for you those things that we see in everyday when we evaluate retirement for other people. It's not just the financial component of it, although we're about to get to that in today's show.
We also want to make sure that everyone that we see is ready for retirement in every capacity, in every way. We spent some time in the last segment talking about the social components of that. And whether or not that says that you are ready. The next component I want to talk about is the emotional component.
So another component, it deals with the emotional element of being ready for retirement and this is a tough one for a lot of people. I think it's filled with all sorts of concerns about the decision they are about to make because while they might be socially ready to retire and/or physically ready to retire, the emotional card might want you hanging on for a little bit longer.
Think about it this way, if you are someone who has taken a lot of pride in their work, it might be difficult for you to let go. You might have become a very reliable asset to your company and you've developed relationships with a lot of people who know that.
It is, as I mentioned earlier in the show, a component of your identity. You spend a lot of time defining yourself as someone who not only just works and works at what you do, but likely does it at a very high level.
If, for no other reason, then you've been at it for some time. My parents were there for 35 years. I imagined they were good at what they did over that course of time. If you've gotten good at doing something, it is a way of defining your value and worth.
You've spent so much time getting good at what you do, you rightly see yourself as somebody worth respecting for that. If that's the case, it is entirely understandable that making a decision to let that go is hard and it will impact you.
It could be something that the definition of who you are and losing that might hang you up in your course of making a decision to retire.
The other thing that you might be wrestling with, and this is also really understandable, is that you might feel like you are letting certain co‑workers, your departments, or your branch down or the people that you served down.
Here I am, spending day in and day out, dealing with families who are wrestling with retirement and the fear that long‑term care costs will devastate their estate, that it will leave them penniless or leave their spouse penniless.
A time in which I decide to retire, I've got to contemplate the fact that I'm no longer going to help these people. A big part of how I define who I am and what it is that I do is in the way that I impact the lives around me, positively impact them.
I spend a lot of time considering my actions in relation to the way that they improve the people's lives around me. I do that in lots of settings. I do that at home. I'm considering that with my kids and with my wife. What do I do? How do I serve them? That's a consideration of mine.
The other way that I do it is with my team members...the people that come and work with me in Medina Law Group and Palante Wealth, two companies under the same roof. Those folks, they're here sacrificing to assist me.
Yes, I've given them a job. Yes, they get a salary, but beyond that, they could get to those other places. I'm really taking them on to help improve their lives. They put a lot of faith in me. What am I doing to serve that?
Finally, of course, with my clients. Here I am with my clients trying to figure out how to help them lead great lives as well. The time in which I decide to retire, is a time in which I have to wrestle with this idea that they're going to have to go on without me. What does that mean? Am I letting them down? How many people am I letting down?
That's a big component of the whole. I can definitely see why people are emotionally tied or could be tied to their work and the fact that leaving that work is a function of letting the people around them down.
In addition to the emotional component, there is the financial component. Put this in whatever level of importance that you want. It could be the most important. It could be one of the most important. You could be socially and emotionally ready. However, if you are not financially ready, it won't make a hill of beans difference.
If you've already considered what your new retirement lifestyle will look like, you have friends that are retired, you've trained a good replacement and you know that you can leave your work behind, but if you haven't wrestled with and dealt with the financial component of your retirement life, that's not in order.
You might be forced to stay longer than you want. If that's the case each passing day that you have to wake up and go back to work is going to be harder, and harder and harder. It's going to be the part of the factoring in of what your retirement life is going to be like, how joyful will it in fact mean.
You have to make sure that the financial component of your life is there because unlike the other social and emotional components, which you might able to figure out during those introductory years of retirement, if you move into retirement trying to figure out the financial component, you could be making a huge mistake. We've talked about why.
There are very few ways to come back from that kind of mistake. You don't have the opportunity to go to work for a longer period of time or make up additional money if you've already separated from service that way.
All right, what are the signs that you're there because I want to give you some guidepost, see if you can see yourself in this. If you can, maybe you're not ready. While I admit that the social and emotional components are important areas to focus on, we need to be thinking about some of these signs that point to the fact that you simply aren't ready for a financial standpoint.
By the way, I want to be clear I'm not talking about just not having not enough money for retirement, I'm also referring to not having a plan or clear direction with your investments in retirement savings. Let's go through one of these first signs.
The first one is that you haven't created or looked at your monthly retirement budget. Now, watch how we put all of these things together under a heading like this, which sounds ostensibly like a financial component.
I've talked about this time and time again. I can't stress the importance of it. I'm not going to stop repeating it until every person who walks into my office actually already has a budget drawn up prior to retirement.
I'm not sure that's going to happen anytime soon. Get yourself ready to continue to hear about this as we explore. I don't care, by the way, whether you're actually following your budget to the letter or not.
When it comes to planning for a pending retirement date, you need to at least look at your budget and determine how much income you might need or want to spend from your retirement. You might be thinking to yourself something like this, "I've never had to live on a budget so why should I start looking at one now?" That's pretty common.
These days, people live for their cash flow. Meaning that if there's enough money coming in at the beginning of the day, they're just going to continue to feel like everything's OK. They're not going to sit and put aside envelopes that say, mortgage, and that's got cash in there for utilities.
They're not going to go through that exercise. If they haven't done it before, why is it that they need to do that now? Here's the thing. Your spending is likely to change when you hit retirement. It could be that you have more time on your hands, what you spend your time on is going to change, and what you're going to do with that time is going to change.
Here, we come back to this idea about being socially and emotionally ready. Defining how it is you're going to be spending your time to fill those needs is the important part of the budgeting exercise because you're not going to be doing the same things.
I hope you're not going to be doing the same things. If you just retire, and what you do with that is sit at home and stare at your grass growing, that's not really a great retirement. I think you ought to go back to work. I'm just going to lay that out there right now. Your time and the way that you spend that time is likely going to change.
If that's the case, then we're also going to need to factor in how your budget is going to change, and this idea that you are going to have to pay attention to one. Why do you have to? The reason is that your income and the amount of money that your retirement paycheck provides is likely going to have to change. For most people, it's not going to be less.
If you're someone who's always had more money coming in on a monthly basis than the money that's going out, savings came very easy for you. Now that you're retired, and the amount of income coming in doesn't cover the amount that you want to spend, i.e., you claim Social Security, which is a fraction of the money that you were making when you were working.
When's the last time that you've had to deal with that as a lifestyle and budgeting your lifestyle? Probably not for a super long time. I know that, for me, the last time that that happened was when I graduated college, and the only job that I could get was working for a copier company that was in a competitor's hometown.
I worked for a company named Pitney Bowes. They are most famous for making mailing machines. I don't even know if people mail things any longer. I'm kidding. I know that they mail things. We don't have a machine any longer, but we do put things in envelopes and send them out the door, in addition to scanning, emailing, and uploading everything.
Anyway, I had to work for Pitney Bowes. My job was to try to get people to like Pitney Bowes in the town of Stanford, Connecticut. Stanford, Connecticut happens to be the hometown of Xerox, little company that specializes in the area of copiers. Here I was trying to persuade people that Pitney Bowes copiers were somehow better.
That wasn't the reason why I needed to live on a budget style, that I wasn't successful in my job in selling these copiers. That wasn't the reason. The reason was that job paid $16,500 a year so I was living at home. If I wanted buffalo wings one particular week, there were sacrifices that needed to be made in order to make that happen.
I had a weekly tradition of watching football games with a couple of guys friends when I was home, which by the way, was one of the few things that could get me out of the house because I was otherwise living with my parents at that time. It had to be in the budget, and we had to go to a place where I could afford the mozzarella sticks if that's what I was going to be doing.
The point was, it's been a long time, if I'm going to go into retirement, sometime, somehow, I'm going to have to start thinking about the budget. Because the income that comes in after retirement is not going to be the same income that came in before, and I'm going to have to create that.
Here's my tip. Create the budget even if you don't plan on using it to monitor your monthly spending. In and of itself, it's an eye‑opening experience. Create the budget with the idea in mind that you are going to try to have to imagine the lifestyle you want to live in retirement, and all of the expenditures that come with it.
You owe it to yourself prior to retirement to line up the ducks, left, right, where's money going to be going out to what you're going to be doing because you need some form a realistic guidepost or template as you explore and enter how to be spending money and how long that money can last.
Next sign we can look at is, OK, you've created your budget, but the income shortfall is too large. Now, let's imagine that you have the budget, and you're part of the way home to being properly prepared from a financial standpoint.
You have to subtract the amount of income that you will have on a guaranteed basis coming in every month from your needed budget to see how much of a shortfall is it.
By the way, shortfall, simple enough to understand. If you need $6,000 a month coming in from your budget but you only have $2,000 a month coming in from Social Security, many of you don't have a pension, you're going to have a shortfall of $4,000 a month.
From there, you're going to have to consider where are you going to get that $4,000 month from. Are you going to work? Are you going to cut your budget? Are you going to withdraw it from your savings that you have for retirement? That's basically the only three ways that you're going to get there.
You're either going to make money, or you're going to spend some of your saved money, or you'll make an adjustment to the budget, and not need as much money.
If you have done things properly, and you've identified a shortfall, and you know that you don't plan on working, and you don't want to cut your budget and live on less, then you fall to the same category of most of the people that I tend to meet. That's basically where everyone is.
They've identified that they've got a shortfall. They aren't going to go back to work. They are not going to cut the budget. What they want to figure out is how to make sure that the nest egg that they have collected, that represents all of their retirement savings, how are they going to make sure that that's going to be enough to sustain a set of regular withdrawals to support their needs?
While I could go into the investment side of the discussion and talk about how you're going to need a diversified and well‑rounded investment plan to help ensure that you can get the income that you need, I'd rather look at the logistics of the need. Let's go back to the example. Let me flip around the numbers because it's a little easier to understand.
Let's say that you need $6,000, but you have $4,000 coming in. You were really lucky. You had a budget. You got a good social security, so there's a $2,000‑a‑month shortfall.
Let's imagine that you got a couple here that's got a million dollars in retirement savings. If we simply take their annual need of $24,000 ‑‑ $2,000 a month times 12 months, $24,000 ‑‑ and they divided it by the asset pool that they have, a million dollars, that they have an annual withdrawal need of 2.4 percent.
Imagine instead of a million dollars, they only had $300,000 saved. If we divided $24,000 into 300, it yields an annual withdrawal rate of eight percent. Based on these two simplified examples, who do you think is in better shape for retirement? Where do you think it's easier?
Is it easier to sustain a withdrawal rate of 2.4 percent, or 8 percent? Regardless of what the investment options are, they're the same for both people, which one is easier?
I have a few more signs to go through, but let's do this, let's a take a quick break. When we come back, we will continue on with the signs that you may not be ready to retire, and then what you can do about it. Stick with us. We'll be right back after this quick break on "Make it Last."
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Announcer: Life is better when you have your legal ducks in a row. One area attorney can help you get your financial ducks in a row as well. Victor J. Medina fills dual‑fiduciary roles, an estate planning and certified elder law attorney, and also a credentialed certified financial planner professional.
Through his law practice and independent registered investment advisory company, Mr. Medina serves high wealth individuals seeking conservative advice and a professionally managed approach to retirement wealth management. Learn more about Victor's 360‑degree wealth protection strategies. Call 609‑818‑0068.
That's 609‑818‑0068, or listen to the newest episode of Make It Last Radio Wednesday mornings at 11:00 on 1450 Talk Radio. Investment advisory services offered through Palante Wealth Advisors, LLC, a New Jersey and Pennsylvania registered investment advisor.
Victor: Hey, everybody, welcome back to Make It Last. We're spending today talking about the signs that you may not be ready to retire. We've explored the social, emotional, and financial components of retirement. We've talked about some of the signs that you may not be ready to retire really focusing in on budget and shortfall.
Now that we're there, the next sign that I want to talk about is that let's say you have enough money to cover the shortfall, but you have no plan design to attack it. If you've created your budget, you know your shortfall, and you've calculated that your shortfall represents some form of an annual rate of withdrawal, you're getting close.
There are all sorts of rules of thumb that involve how much you should be able to withdraw as a percentage and hopefully not run out of money. You could use, by the way, the old Wall Street four‑percent withdrawal rule. You could use a new method taught by a PhD named Dr. Wade Pfau and others, by the way, that say that it is closer to a three or three‑and‑a‑half‑percent range.
You could do a more aggressive five‑percent withdrawal rate. Whatever it is that you choose to use, if you don't have a written plan for how you're going to structure your retirement assets, how you are going to invest your retirement dollars, and how those financial vehicles are going to help you gain confidence.
That your supplemental paycheck, that thing that you're going to be taking out of your retirement portfolio, the thing that your retirement portfolio is going to be paying you, is going to last as long as you need it to, you're missing the boat. Every good withdrawal strategy is carefully designed, the financial vehicles are chosen with the need to the adherence of the plan in mind.
Whether it's an income need or long‑term care planning need or whatever else, it ends up being designed around that. How do you know that you have a plan? Let's ask these questions. Do you know exactly where your withdrawals are going to come from? Do you have a good idea of how long they're going to last before the account does not pay any more out?
Do you know how market volatility that is? Do you know how stock market roller coasters will affect your withdrawal ability and how long those accounts will last? Do you know that? Do you know where you will take withdrawals from next if your current bucket is depleted? Or is it all in one bucket? In which case when that bucket is depleted you don't have another choice off of them.
Do you know which investment bucket will get an inflation adjustment need for the income that might be affected by inflation over these years? You see where I'm going with this? Don't ever enter retirement without having a definitive game plan for how this retirement check, which is being created by this retirement portfolio that you have, is going to come in and how long it's going to last.
There are all kinds of ways to skin this cat. No one plan necessarily stands out above the rest. There's no cookie‑cutter approach that will cover everybody. Your personal situation and needs will dictate which strategy might work best for you.
The point is this, you are going to need that plan. You're going to need to be able to point to something strategic that you have set up, that is the way that you're going to navigate this in retirement.
The problem is that I see too many clients coming in, looking at their investment portfolio decisions as the equivalent of a plan. That is to say when they say to me, "I have myself now 60 percent in bonds. Whereas before it was 60 percent in stocks and that is how I'm going to survive in retirement." It's almost enough for me to pull my hair out.
Those of you who have seen me in person know that I don't have any hair left. It's very little. I keep it short because anything else would just be...It wouldn't be a farce. My hairdresser, as I was getting older, would still take 30 minutes to cut my hair when there wasn't much hair there left. So I started cutting my own hair. I said, "The charade is over," and started buzz‑cutting the hair.
Here's the thing, I'm driven nuts by the people who come in with their investment decision or investment‑built portfolio as the equivalent of a plan. It's pretty easy to poke holes in that. I can go ahead and start pulling out statistics and reasons about why having a central bucket isn't always the best decision and how the math tends to foul that up. That's pretty easy for me to do.
I can talk about different contingencies that come up and asking clients to help navigate those contingencies. What if this happens? What if that happens? They'll be able to see how it won't stand up to that. That simply just having an investment portfolio or something like that or making decisions about 60 percent in bonds ends up being the same.
The point is that we need something better. We need something better than that. We need some form of a plan that takes all of this stuff into consideration.
Here's the thing, if you're someone who is in the stage where you're trying to make sure that you're ready to retire and you've looked at all three components, you've taken a look at the social component. You've taken a look at the emotional component. You've taken a look at the financial component including all of the signs that I've talked to you about today.
What did we talk about? We talked about the signs that you may not be socially ready to retire. That you don't know where your social interactions are going to be coming from. That you don't know how you'll be replacing that friend, the community that you've come to rely on as you enter in retirement.
To go back to that original part of the show and the topic, you don't know that in retirement, the people that you used to socialize with, you're going to still be able do that. Your lifestyles between the two of you may be very different if you are somebody that saved really diligently, and you were ready for retirement, and they weren't.
It could be that in situations like that, that they are not in great shape. That could be that. You have to be ready to nail down what that social component is, and how it's going to get served when you're in retirement. In the emotional side, do you know how you will gain your identity? Where you'll be taking that from when you are no longer...
Somebody who's at the top of their game doing a job that they've been doing for 35 years, and the skills that they've been working at. Do you know how you're going to plan and adjust for the way you'll be letting people around you down?
Whether it's your co‑workers in your department or, ultimately, the people that you serve in your company. Where are you going to find how you define your role in life?
Then all that stuff that we talked about financially. If you've gone ahead and you are at that stage, and you've looked at all that stuff, it's time to get a second opinion. You can come in and you can see us. I want to make sure that I help you.
Not only ensure that you're ready to retire when you look at that social and emotional component, but that you also have the game plan or the written plan that gives you confidence that you need so that you can finally pull the trigger.
The idea here is going to be that looking and meeting with me, analyzing your current retirement position from all different levels, giving you the blueprint for how you can pursue your ideal retirement.
That's all going to be a way of making sure that you enter into retirement with the highest degree of confidence, with the ability to go in from a position of joy, from a position of optimism. Just that you are so excited for what retirement brings that you are grabbing it with both hands.
I'll leave you with this story. I'm not even sure how relevant it is but it occurs to me that it's the right mindset for you. I'm getting ready to give this presentation to a bunch of family law attorneys from across the country. It's something that I was asked to come and do.
I'm going to be talking to them about something pretty straightforward. Why they should keep their desks clean? It's a pretty simple topic. When you start to pull the threads on it, there's a lot of stuff that is wrapped up into that. There is the stuff that's on their desk that is causing them to have anxiety. There is the stuff in their desk that they just haven't gotten through.
There's stuff that if they're going to have to delegate, they've gotten lazy to get rid of. The goal and the point is to be in a position where someone, instead of looking at their desk or walking into their office, feeling this enormous sense of dread because they know that that mess represents everything in their life.
It's what their business is, it's talking to them, it's what's going on in their home life. All this anxiety that is produced at the office will carry through with them when they're back at home. The goal is to have somebody filled with energy when they come in.
It can be as simple as the fact that their desk is clean and clear, and they're ready to go out and do their best work. Your retirement is that same way. You should be coming into retirement with the desk clean and clear. There shouldn't be tons of baggage all over the place. There shouldn't be piles that represent planning that hasn't been done.
Where worry and anxiety that something inside one of those piles is going to come back to haunt you later. You should be engaging with life at that level, at a super high place, where it's filling you with energy, and filling you with joy.
The way that you do that, the way that you get the metaphorically clean desk in your retirement life, is to look at all of those components, and know that you have them taken care of.
If you don't have the skill to do that on your own, then you've got to get help in order to do that. I want to help you two different ways. The first way is, I just want to give you something that will help you feel comfortable as you get through retirement.
I want to give you our income bridge checklist, our guide. You get that by texting the word, "income" I‑N‑C‑O‑M‑E, to 609‑554‑5936. That will get you started on your way. If you're ready to jump right to the front of the line, then what you ought to be doing is giving us a call at 609‑818‑0068 or visiting us online at palantewealth.com.
That's P‑A‑L‑A‑N‑T‑E W‑E‑A‑L‑T‑H.com, palantewealth.com. Visit us there, call us at our number, schedule a time to come in, so that you know in evaluating your retirement that you have all of the little checkboxes marked as done, completed, and ready to go.
Get that second opinion that confirms for you that you're in the right position. Again, if you want to do that, if you want to reach out to us by phone, that's 609‑818‑0068. Otherwise, take the guide that I walked you through today and start to evaluate whether or not you're ready for retirement.
Make sure that you have nailed down those three big components of social, emotional, and financial readiness, including the signs that we talked about today. That's one of the ways that you can make sure that as you enter into retirement, you go through that full of confidence.
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Victor: Full of confident that you're ready to take on the world and enjoy yourself. I hope it's been helpful for you. This has been Make It Last, where we help you keep your legal ducks in a row and your financial nest egg secure. We'll catch you next week on next week's show. Bye bye.
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On average, after age 60, financial literacy decreases by 1.5% per year. In today's episode, Victor discusses how to handle this idea moving forward in financial planning. Victor also talks through scammers using gift cards to finance fraud as well as the rise of nursing home expenses.
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Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth
See Below for Full Transcript...
Announcer: Welcome to "Make It Last," helping you keep your legal ducks in a row and your nest egg secure, with your host, Victor Medina, an estate planning and elder law attorney, and certified financial planner.
Victor J. Medina: Everybody, welcome back to Make It Last. I'm your host, Victor Medina. I'm glad you can join us for another exciting adventure in the world of legal and financial retirement planning.
We have to start out today with a bit of an apology. We ended up keeping last week's show ahead of time. We made a reference to what was going to be going on for the Fourth of July.
It turns out not only did we not broadcast that show live in the week that it was supposed to be, but we got preempted by the Somerset Patriots. There was absolutely no real reference to what was going on on the Fourth of July whatsoever.
What can I say? I was found out. We recorded this ahead of time and it turns out that baseball became more important for what [laughs] we were doing.
In any event, I hope you all had a fantastic Fourth of July weekend. I had a great one. I had the opportunity to close the office for the fourth and the fifth. Everyone in my office got to have a nice, long weekend. I got to spend the time with family making hamburgers by hand, grilling them.
Of course, it's the weekend in the summer. We have to go out and do some yardwork. I trimmed some hedges and what not. In any event, it was a fantastic weekend, really. I got the chance to be with family and the ones that I love. I hope you had an opportunity to do that as well.
I've got a little bit of a potpourri of topics to go over with you today. A lot of them are relevant for what happens as you get older and a lot of the decision‑making that comes with that, some of the risks that come with that as well.
I do want to talk to you a little bit about these topics. We're going to talk about how the financial decision‑making skill goes down over time. I want to talk to you about nursing home expenses continuing to rise.
I want to talk you about how scammers use gift cards to steal your money, and all of these topics that I came across more recently as I was reviewing the news. I thought that it was important to share that with you.
The first one that I did want to cover is the surprising reality of financial decision‑making as we age, a form of tracking our ability to make decisions over time. Here's the thing. One of the least discussed risks associated with retirement in general is the issue of cognitive decline as we age and, specifically, how it impacts your financial decision‑making.
Most of you are already aware about the incredible incident of Alzheimer's in cognitive‑related disease that's out there, whether it's dementia, dementia‑related. It is that biggest thing, lots of statistics being bandied about, about how quickly it's going to increase over time, how many cases there will be, whether it marks the year 2040 or later.
The idea, generally, is that we could be facing quite an epidemic of people who are healthy but suffering through cognitive decline and their ability to care for one another.
That's not even the topic that I mean to cover here. That's one form of a disease state that is something that if people can start to see. There are some obvious ramifications to be going through that. If people starts to wander, they become a wander risk. If they are extremely forgetful, if their short‑term memory is lost, we can start to see that as the impact of something that may be a dementia‑related disease.
There's this other component of it. That is the ability to make decisions. Listen, I can feel it even today. When I try to set my schedule up for the week, the day, I happen to know that I am much better making decisions early in the morning than I am making decisions in the afternoon.
There has been tons of research to support this, that essentially, decision‑making is a resource that you have that is finite. Your ability to make great decisions is definitely better when you're fresh than when you're tired.
I saw an example of this a couple of weekends ago. My middle son is a soccer player, and quite a good soccer player. Don't ask me where he gets his physical skills from because he is already a size 11 and a half shoe and he's 12 years old.
He's going to grow to be enormous. I am not. I'm decidedly shorter than average. He's going to be really tall. He's a fantastic soccer player and developing to quite a good defender. He's got a great body to be a defender.
In any event, we were at a tournament in Hershey, Pennsylvania. There were a couple of things that were happening in this tournament. The first thing is that we were always on the same field. No matter whether we played early in the morning or in the afternoon, they had us on the same field. They tried to just keep all of the kids of the same age together.
He's at an age where he could play in a really big field. He does. He plays in a really big field. They kept all of the kids who were born in the 2006 range, whether they were boys or girls, whether they were of a high flight or a lower flight. Whatever it was, they kept them all essentially at the same field.
Which means that we got to see the same refereeing crew basically throughout the day. There was no rest for them. Sometimes they are sent out. If you aren't familiar with soccer, you know there's generally three people on the field officiating.
There's a person in the middle that's the head referee. Then you have two assistant referees or ARs that are on either side of the field, calling different plays that are going out there in fractions and whatnot.
In a really great setup in the tournament, you might see maybe a crew of four or five, where three are on the field at any particular time, and one or two are rotating off and resting. That didn't happen in this case, even though this is a really huge Memorial Day tournament, there was only three. We had games in the morning and in the afternoon.
Because we really didn't have any reason to go anywhere in between, I basically stayed throughout. I watched all of the games. My kid is out playing with his friends but I got to watch a lot of the games in between.
What I noticed is that the referees were making better decisions, objectively better decisions. See, because my kid wasn't playing in the games that I was observing. It wasn't like I was biased about the calls that were coming in there.
They were making objectively better decisions in the morning than they were in the afternoon. It's as though their capacity to make great decisions had just been used up, through no fault of their own.
I'm certain that they weren't trying to miss calls or favor one team over the other. I take them as being really good objective referees, doing what they needed to do. In this case, it was clear that they were using up whatever resource they had, the reserves to make great decisions, and it happens over time. That was something that was very visible.
Here were people that were being asked to make judgment calls and decisions about what to call intent, whether or not people were playing with an advantage or not over the course of well over 12 hours, or so.
We started at seven o'clock in the morning. We were done by seven o'clock in the evening. There was a lot of decision making to be made. They barely had time for lunch.
As I said before, I find the same thing happens in my own professional life, that I'm better in making decisions, really good, strategic decisions early in the morning. It's one of the reasons why I try to get in here before the rest of the team gets in, to think about the more important things that my business needs decided or acted upon.
The same thing happens as you get older, and particularly with the case of personal finances. Research is showing that the decline is actually quite predictable. It is susceptible to numbers and a rate of decline that follows along a curve that we can predict.
Predictable to the point, by the way, that we know, on average, after age 60, financial literacy decreases by one and a half percent per year. What they're doing is they are applying a test of financial literacy. There's a score of that. What they find is that they looked at people, by the way, that were age 24 to 94 in this.
You peek at age 49 ‑‑ this is the top of that ‑‑ then decline from there. What's interesting about that test or the research that they're doing is despite an obvious, measurable decline in financial literacy, the confidence that's associated with financial decision making doesn't decline at all.
In fact, there is a very slow rise on their confidence over time. If we've just looked at people from age 60 to age 90, what we find, as I said before is their financial literacy is declining by 1.5 percent per year, but their confidence is pretty constant in the first 10 years, and then increases after that.
The decline in financial literacy, coupled with a continued confidence, can lead to pretty poor financial decisions. Meaning, if you were aware that your financial decision‑making capacity was going down, and it was going down, you might be able to make some accommodations around that.
When you believe that your financial literacy is as strong in that moment as it ever was, when in fact it's less than that, well then we can get some pretty poor results. We can have things like an increased susceptibility to scams and to fraud. We know this to be the case.
Look at the news out there, and recognize how many pieces there are about people scamming the elderly. Why? Are the elderly more trusting? Is there something about that population? It can be a combination of the idea that their ability to make decisions has gone down even though their confidence about making the decisions has remained the same.
It goes beyond just susceptibility to scams and attack. You could have very routine things happen along the way. You could be missing credit card or mortgage payments in a way that you never had before.
Then, of course, there are some more insidious things, whether it's making donations to organizations that you'd normally would stay away from, especially if you had your wits about you and recognized that they weren't as good in their mission as they said that they were.
We could have forms of elder abuse, where children or other people that you're trusting are taking advantage of you, financially. The key here is to be prepared for this eventuality. It is a predictable result that you will be there. It is also a predictable result that your confidence won't go down over that period of time.
I want to share a few ideas that you might want to consider to establish a better overall strategy to deal with this decline. The first thing is have a conversation with your children. Bring them into the loop. Let them know what actions you are taking to prepare for this decline.
Most children are wary of having this conversation with their parents because they don't want to offend them because it could be perceived as insulting. The dynamic between the two of you is one where they've always given you a measure of respect and deference. Even if they didn't agree with your decision, you likely raised them to respect their elders.
They're not necessarily going to challenge you on that, especially if they love you. Until it gets really bad, they're not going to be in a position where they're going to be offering, "Hey, we ought to have a conversation about your impending financial literacy decline, and by the way, pass the croissants."
If they're not going to bring it up, you have to bring it up. You have to offer them a guide to your thoughts on the topic and how they, as your trusted children can navigate that conversation down the road. What permission are you going to give them to enter into that conversation? How are they going to feel comfortable that that permission exists all the way through?
You're going to want to talk about some strategies around that. That there may be some key phrases that they can use to enter into that conversation. You may want them to begin a conversation in a particular way so that you can recognize that it's coming from the place where they are concerned about. Wary around your ability to make decisions, and why it's being impacted.
The next strategy you might want to consider is writing a letter to yourself. In here, you're going to want to consider the tell‑tale signs that it might be time to delegate some of this financial decision‑making. You might want to write a letter to yourself reminding you that you have children who love you and people who care about you that want nothing in the world but the best for you.
Give this letter to the person most likely to help you with your finances now so that when the time comes, they're prepared. Back to the that first recommendation, ensure that your children are on the same page, or at least the majority of them, in the belief that it may be time to present the letter back to you. This can be key or cue that it's time to hand over the reins.
If you have a conversation with yourself, it might smooth over the hard feelings or the natural resistance that you'll come up with when you are facing that decision in the future. Remember, your confidence level is going to stay super high on this, and so you want the opportunity to overcome that fatal flaw.
Where I work, in terms of being an estate planning, specifically an elder law attorney, we make it a requirement of part of our planning that people nominate somebody as a power of attorney or as a successor trustee to help them with your financial decision‑making beyond their spouse, if they're married. We recognize that people are going to get older.
If they only trust their spouse and nobody beyond that, I can tell you from experience that they're going to be set up for a particular failure in the future. Meaning that they will run out of one or both of the spouses as options, and they're going to have to rely on somebody else.
A good comprehensive plan will cover this designation of a trusted person in those roles. Whether we're talking about a power of attorney, a trust document, healthcare directive really doesn't matter. All of the documents are important.
However, we need to get a backup in there so that if you fly by that decision‑making limbo, where you are not great at making decisions but you're still capable of making them, that we have some backup so that there's no failure point in your planning. That is really important.
Not only are you susceptible to the scams and the poor decision‑making on your own as you get older, but the consequences of not having great estate planning documents means that you could get to a point in time where you are incapable of making your decisions.
If you don't have any documents that help somebody else make those decisions with you and for you, then you can be forced to go through a guardianship proceeding, which is a legal proceeding that costs a lot of money, takes a good amount of time, and completely avoidable with great estate planning documents.
The idea is that you don't want to stick your head in the sand about the need for this over time. You don't need a terrible event like an Alzheimer's scenario in order to benefit from having great estate planning in place, to having your legal ducks in a row.
Your normal decline in ability to make financial decisions could be the reason why you have these estate planning documents in place so that as we get the predictable decline over time.
When you go over that fail‑safe point where it's just not possible to make decisions any longer, then you have the documentation that empowers somebody and not just the spouse, but somebody at the next generation to help you make decisions on their own.
As I mentioned, you're going to decline at some point in your life. The research is clear about that. It is simply an unfortunate fact of life.
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Victor: Making the transition to having somebody help you with your finances doesn't have to be a painful experience.
You can set some conditions up where you can be successful, like writing yourself a letter, putting your state planning documents in place, and having proactive conversations with your family members to make sure they're aware about what your wishes are and what the conditions are you are going to need help. You're going to be really glad that you did. I promise you.
We're going to take a quick break and we'll come back. We will continue with "Make It Last."
Announcer: Life is better when you have your legal ducks in a row. One area attorney can help you get your financial ducks in a row as well. Victor J. Medina fills dual fiduciary roles, an estate planning and certified elder law attorney and also a credentialed certified financial planner professional.
Through his law practice and independent registered investment advisory company, Mr. Medina serves high wealth individuals seeking conservative advice and a professionally managed approach to retirement wealth management.
Learn more about Victor's 360 Degree Wealth Protection Strategies, call 609‑818‑0068. That's 609‑818‑0068 or listen to the newest episode of Make It Last Radio, Wednesday mornings at 11:00 on 1450 talk radio.
Investment advisory services offered through Palante Wealth Advisers, LLC, a New Jersey and Pennsylvania registered investment adviser.
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Victor: Hey, everybody. Welcome back to Make It Last. We're going through these potpourri of topics that I want to cover with you today. It will change your pace from what we normally do, which is take one topic and go really deep on it.
We spent the first segment talking about the decline of financial decision making over time. One of the things that I mentioned is that it makes you susceptible to scams and fraud. I came across an article in AARP that highlighted one of the ways that gift cards are being used to finance fraud.
They make them an easy choice for scammers. This was on, as I mentioned, the AARP website, which is obviously for retired persons. Let me give you the background. There was a woman who entered a Kroger's, which is a grocery store in Virginia, back in February. She was a school teacher.
She was on her cell phone talking to a man who had identified himself as an officer from the IRS. That gentleman has explained in some threatening and nasty terms that she owed $5,200 in back taxes and that she would be arrested if she didn't pay it off.
Now, thankfully, fortunately, an arrangement between Google, IRS, and her local police department, she could make a down payment on her debt and avoid jail, so says the person. All she had to do was buy two $500 Google Play cards, gift cards, read their code numbers to him over the phone.
She's in her 50s, by the way, just her 50s. She walks into the grocery store, and she tries to buy the cards by check. The clerk at the store gets suspicious. Do you know where these are going? How are they going to be used? After a pause, she kind of nods, yes.
The clerk says, "OK, good, you know, because we got a lot of stamps." They're using these Google prepaid cards for them. She covers the phone so the person on the phone can't hear her and she says, "Please help me." She and the clerk go to the store manager, explain that she was being scammed, had her hang up, and the effort to separate this woman from her money was over.
You can think of a gift card as the perfect birthday or graduation present for a relative who'd like to buy music, video games, clothing, or food at a restaurant. As the ordeal for this 50‑year‑old school teacher illustrates, gift cards have also become a popular payment mechanism among scam artists.
Whether or not someone is masquerading as the officer from the IRS about to arrest you or tech support, which they do a lot, or attorney for a grandchild who's supposedly in jail, criminals pressure their targets to buy these gift cards for Apple iTunes, Google Play, Best Buy, or other popular retailers.
Order them to provide the code numbers and PIN numbers on the back of the card so they can be redeemed. It is a growing trend. The FTC, which stands for the Federal Trade Commission, has data that shows that 26 percent of scammers ask for gift cards and reload cards back in 2018, just last year, versus 7 percent in 2015. In three years, it had nearly quadrupled in the rate.
Here's some good news. As awareness of gift cards in scams grows, so do the efforts to head off these scams. There are employee training programs. This was something that had happened at Kroger's, for example. Their service desk personnel are trained to engage with customers to ensure that they're not being scammed.
That's how this 50‑year‑old school teacher was able to be saved because that clerk had undergone that training. By the way, they are entitled to refuse the transaction, if necessary. This is, according to Kroger's and the way that they're being trained.
Apple, Best Buy, Target, all say that they train employees to be on the lookout for people who might be buying gift cards in the midst of being defrauded.
A quote from the general counselor from Best Buy, who's also their chief risk and compliance officer says, "What we wanted to be able to do is have people recognize if they saw somebody in distress."
There are other measures that are being introduced, including limits on the purchase and use of gift cards. Last year, three major retailers ‑‑ Best Buy, Target, and Walmart ‑‑ announced that they were voluntarily implementing two measures to reduce gift card fraud.
One was to lower the maximum amount of money that people could load onto gift cards in one transaction. Their idea there was if they could limit that, in terms of only let's say $100 in one transaction, it would at least reduce the magnitude of the scam or the fraud.
Unlike the two $500 gift cards that the scammer representing the IRS was at the beginning of the story here would have only been limited to $100 if she was able to buy two $200 instead of $1,000.
The other measure that they're implementing to reduce gift card fraud is to put new restrictions on using gift cards to buy other cards which is a practice that scammers are using to hide their tracks, a little bit of a shell game. If they use one set of gift cards to buy another gift card. Then use those gift cards to buy something else.
By the end, when you start to unravel it, you never knew what money was being spent on if you could find it at all.
AARP collaborated with Best Buy and the National Association of Attorneys General, which are the state law enforcement officers in each of the various states to create a public service announcement warning people about gift card schemes and scams.
One of the key messages in that is gift cards are not used and cannot be used to pay bail, taxes, or court fines. Those are topics, that are these hot button topics meant to essentially engage your emotional concern for another human being. That can overwhelm your rational thinking basis, but, in fact, you can't. You can't at all.
By the way, the followed up with the woman who was attempting to be scammed. She said that she was extremely thankful about the help that she received at the Kroger's. She ended up thanking the store manager, the clerk, everyone that was involved.
Back in the parking lot, when she was sitting in the car, she got another phone call. It was the officer [laughs] from the IRS, and he was angry. She ended up yelling at him, "Don't you call me again." Without any prompting or any help, she hung up on him, and got rid of that.
There are a few other things that people can be doing to help themselves save money. I came across a fantastic article in "The Wall Street Journal," in the tax section. One of the things that they were talking about was unnecessary monthly subscriptions. The truth is that everything is moving to this model.
Everything is moving towards models where people pay on a monthly basis. When we do shows talking about setting budgeting, I probably have been guilty of not spending enough time with you, coaching you through examining whether or not the monthly bills that you're paying, the monthly subscription plans, are worth it or not, or it belong in your budget.
It's too easy to just accept to the budget the way that it is, and then build your income around it. It takes more work to unwind that, to see whether or not we should be, with as many monthly subscriptions as we have. If you're unfamiliar as to why everything is moving to this model, it's pretty easy to figure out.
Back in the day, people used to simply pay money for an item. That would mean that they bought it once, they owned it, there was a life cycle on it. They had to make a bigger financial decision to purchase something on a lump sum basis. The company always had to be coming out with new products and new configurations in order to make money.
They were always selling as a one off. With the Internet of Things and service being a bigger benefit than something that is tangible and hardware, companies are moving to these subscription models in large parts to help streamline or smooth out their cash flow.
If they can get a bunch of people paying a subscription instead of paying something on a one‑time basis, they can make really predictable models about how they're going to grow and what kind of revenue they're going to get. It makes it easier for them to secure financing, gets a stronger business model for them.
Overall, these things become sticky over time. In the article, quite amusingly, the author, who's a tech journalist, tech columnist, that I've been reading for awhile, she says that she was paying $15 a month for an electronics fax service that she used twice.
She'd been paying it for three years. She paid $540. She could have bought 10 fax machines, or a plane ticket to Ireland to visit the museum where the world's first fax machine is on display.
Everything in the subscription economy business, every business, is moving towards billing you monthly or yearly. There are subscriptions for everything, the shirt you're wearing, hardware, everything is in there. You may have noticed, at some point in time, where iPhones went from being $ 600 or $800 to being available for $40 a month.
Essentially, for the rest of your life, they'll give you a new one every year. This is all part of this subscription economy off of it. There are some services to help you with this as you start to examine whether or not you should be paying all the things that you are.
There are some ways to help you with this. They include some apps, which I'm not sure if they're actually on subscription or not. I'd be hilarious. Imagine if they are. There are things that you can do. There are some services that help you.
There's a service called Truebill, another one called Trim, and another one called Bobby. Truebill is a pretty good one, and so is Trim. They essentially burrow into your personal finance accounts and find these recurring charges. You give them access to that. Whereas, Bobby is one that you input your subscriptions and monthly fees into manually.
There are a couple of steps that you can do if you'd want to access this and address it. One is to do an audit. Log into your credit cards and your bank accounts, and make a list or a spreadsheet of all of your monthly and yearly subscriptions along with their charges.
As I mentioned, there's an app called Bobby. It's available for iOS, which is your iPhone. It allows you to make a simple list and tally up the totals. This next step is you may want to consolidate to family plan. You want your partner, spouse, or otherwise to do the same, and cross‑reference the list.
You may spot some duplicates in your household. You could get some savings that way. Obviously, we want to be able to cancel. Mark down the subscriptions that you really don't find any value in anymore, or worse, things that started off as free trials that turned into small recurring monthly charges. Say goodbye to them.
Right now, you're dying a death by a thousand cuts. More often than not, the Cancel my Subscription button is hidden in a menu item, or you have to call and question what you've done in your life to deserve 30 minutes of hold music in order to address all of these.
There is a new law in 2018 in California, which requires businesses to provide a way to cancel subscriptions online. That has certainly helped. If not, you can try the company's customer chat service, or send an email. Those are ways of doing it.
Whereas, a good benefit, and it could be something that you were avoiding trying, there could be a good benefit to you having your subscriptions through the Apple platform.
Apple iTunes gives you a fantastic way of managing and subscribing to all kinds of services. All the way up through, including things like Netflix, which is a movie subscription base that is not localized to your Apple account. You can pay for it that way.
If you subscribe through the Apple system, they will actually provide for you a very easy way of canceling your subscriptions on your iPhone. You go to Settings, and then go into the iTunes at app store, tap on your Apple ID, which is the button there that has your picture and your name next to it, then view the Apple ID, then Subscriptions.
When you're signing up for something to disable the auto‑renew function off of that, and set a reminder. If there is a free trial on your calendar, just before the trial period ends, you can consider canceling before you get charged.
Technology really is your friend in this regard. You should be able to set a pretty easy reminder, just by asking your phone to do that. It can be canceled, whatever it is that you are looking to cancel.
The only thing that I would recommend on top of that is to set an annual reminder to do this.
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Victor: As I mentioned, I think that there's certainly some risk over time that we can get some bloat back again. You can just find yourself in the same situation if you are not diligent about looking at your free trials that turn into subscriptions, that turn into this debt by a thousand bucks.
Listen, we're going to take a quick break. When we come back, we're going to finish with the last topic of the day. Stick with us. We'll be right back on Make It Last.
Announcer: Imagine if the attorney you trust to protect your legal interests could also be trusted to protect your retirement wealth. One trusted adviser, dual fiduciary roles, Victor J. Medina. Mr. Medina is in an estate planning and certified elder law attorney with a national reputation. He is also a certified financial planner professional.
Through his law firm, and independent registered investment advisory company, Mr. Medina provides 360‑degree wealth protection strategies for individuals in or nearing retirement. His unique approach offers advantages to high‑wealth individuals seeking conservative advice and a professionally managed approach to their retirement wealth.
Learn more. Call 609‑818‑0068. That's 609‑818‑0068, or listen to the newest episode of Make It Last Radio, Wednesday mornings at 11:00 on 1450 Talk Radio. Investment advisory services offered through Palante Wealth Advisers LLC, a New Jersey and Pennsylvania registered investment adviser.
Victor: Welcome back to Make It Last. We've been talking today about financial decision making, things that can impact your ability to make a great financial decisions as you get older. We've been talking a little bit about scams that people are using around gift cards to try to take your money away.
I wanted to end in this sweet of potpourri topics about new financial apps that aim to protect the elderly. I've come across a growing crop of financial tools, online tools, that are meant to help adult children manage and monitor their parents' finances and their well‑being as well.
The rise of these services really comes as financial companies look to technology to cater the changing needs of an aging population.
I suppose another benefit or bonus for these companies is their opportunity to develop relationships with the adult children, who are probably going to end up being beneficiaries of whatever wealth transfer is coming in later years. They call that trying to reduce attrition or increase yield.
What they're really looking to do with these tools is leverage forms of artificial intelligence to help users perform a range of tasks, whether it's paying bills or monitoring accounts for suspicious activities and things like that.
These services can assist in curbing exploitation by unscrupulous caregivers or helping family members restrict spendthrift behaviors by parents who are in cognitive decline. This is really, I suppose, an early look at where we're going with this.
While a lot of the tools that have been created in the financial services world that really try to leverage online stuff have been...There have been tools that have been created. Most of them have been focused at the younger crowd, millennials. I don't know what they call people who are even younger than millennials, but they don't have any money anyway.
The millennials, they've got jobs and maybe they're saving something. The idea is they're trying to reduce the friction between those two things, having people have money and being able to manage it and make money off of them.
They really haven't been focusing on the older folks. This is not withstanding all of the news that's out there that says that the most growing part of the population is the baby boomers. Not growing, but there's going to be 10,000 baby boomers turning age 65 every day between now and the year, I think, 2040 or something like that.
It makes sense that we should pay attention to these folks. These FinTech or these financial technology companies should be doing that. As I've been trying to illustrate in the suite of today's topics, this is going to be an ever‑increasing or growing set of concerns.
As people get older, their ability to make financial decisions is being reduced. It's lessening. They are more susceptible to attacks, scams, frauds, all that kind of stuff. What we want to be able to do is help these folks not get injured that way.
A couple of tools that I want to share with you, specifically, in that world. One is a company called EverSafe. What this is, is an account monitoring tool that's aimed at finding financial exploitation. There's another one called True Link Financial, which offers a prepaid debit card that can be customized, both to limit how much money someone can spend, and where they can spend it.
This is a great solution for people that are in the beginning stages of Alzheimer's or something similar, where what they want to do is make sure that the money...They're still autonomy. We want to make sure that people are still living independently, that they are living with dignity, and that not all control has been wrestled away.
They also want to make sure that they are controlling for bad things that might happen. Something like this works really well, especially when we limit where it can be spent. Not how much can be spent, but we can limit where. Maybe you don't have to take away the QVC spending, but we can limit it to $40 a month, and then people have the opportunity to use some of that money for that.
Or maybe we'll give somebody full autonomy to manage their finances, but they are going to be able to spend money only on the grocery store or the bills or something along those lines. That is a fantastic way to help somebody who is struggling with this kind of cognitive decline, again, maintain their dignity. That's really what we're looking for.
Most of these folks have lived a life, a tremendous life ‑‑ I keep using this word ‑‑ but dignity that they've come through. As they get older, their biggest fear is that they will lose all of that. We don't want that. We want to be able to help provide that along the way.
There are other solutions that I think are good ones to look at. There are companies that will analyze accounts to eliminate unnecessary expenses, help with bill paying. Talked a little bit about some of those in terms of subscription plans and things like that. There are financial decision‑making assessments.
Wealthcare planning offers a tool that assesses older people's financial decision making capabilities, suggest specific steps for families to prepare for future challenges that are facing these older folks.
There definitely is a market need. Looking at the Consumer Financial Protection Bureau, they've put out statistics that said in 2017 seniors experienced 3.5 million incidents of financial exploitation, including fraud perpetrated by strangers, theft by caregivers. Adults, aged 70 to 79, are estimated to have lost an average of $43,000 in each reported case of financial abuse.
Now, most of these tools that are aimed at a senior population are actually targeted at adult children. We might call these people folks that are in a caregiver or sandwich generation. Those people that are caring for parents, as well as their own children, is what makes them in the sandwich.
They're already familiar with things like online banking. They're willing to try new services that might save them time. What has changed over all of this ‑‑ just the way families live ‑‑ what's changed over time is that people don't live with their parents any longer. They don't even live nearby. We are very mobile. We're very nomadic.
How do you take care of parents when you live 3,000 miles away in a different time zone? You do it online. You do it on your phone. You do it with an app. You do it when there's something alerted on your watch that says, "Hey, watch out for this, that, or the other."
In order for adult children to access their parents, they're going to need things like their permission or power of attorney. There are a couple of good stories that help underline or underscore what the benefit of this is.
There is a gentleman named Mr. Olinger, who's a 60‑year‑old tech entrepreneur in the Bay Area. He came up the with the idea of Golden Core, which is one that helps eliminate unnecessary expenses and a lot of things, because the bank alerted him that his 84‑year‑old father had missed a mortgage payment three months in a row.
When he went over the bank statements, he realized that his dad, who was otherwise independent, I suppose, needed help managing his money. He shaved almost $18,000 a year from his annual expenses by canceling. Watch this, a 427‑channel cable contract in subscriptions to magazines he no longer read.
The whole concept behind all of this is really trying to make sure that we are putting in place the safety nets so that as people decline, as people get older, we can catch them. We can give them the opportunity to not fall flat on their face. I see this a lot in both of the areas of my businesses.
I see that in the elder law planning, where we're looking at asset protection and protecting assets against the costs of long‑term care. All of that, I see that every day, because I'm watching a lot of children come in to help with planning for their parents. I'm also seeing it on the financial side.
In the way that it manifests itself there, it's often, when I review what the recommendations are for a particular financial plan, whatever that is. When I see that, I'm seeing recommendations that purely benefits the adviser but not the clients. The client is losing the ability to latch on to the important parts of financial literacy and decision‑making.
What I observe is happening is that they are giving up on processing it. It's very difficult for them to admit that there's some form of a shortcoming on what they're doing. Because it's difficult for them to admit that, they give over, completely give up and give over all of the responsibility for these kinds of decisions, and just hope and pray that it works out OK.
Here's the thing. In many cases, it turns out to be OK. These people aren't bankrupted for what they're doing. It's also not really what they need. The best way to make sure that you are getting the advice that you need, that someone is committed to doing that is always, always, always work with a fiduciary who is out there looking for your best interests and not just their own.
How can we do that? If you work with a lawyer, a lawyer is putting your best interests ahead of their own. You want to be searching for a lawyer that is really good at talking about everything that the senior might encounter in their lives. Not just the legal planning documents but the financial documents. Not just the financial documents but the taxes.
You want the entire spectrum of that being covered by somebody really knowledgeable to do that. One of the ways that you can help control for that is to work with somebody that is a certified elder law attorney or CELA.
Those are the folks that passed exams, a very difficult exam, but they passed the exam in order to demonstrate a level of expertise, knowledge, experience, skills, all in and around to dealing with issues that seniors encounter.
You can take the next step. The next step is to essentially bring somebody on board who is also not just a lawyer but also has the financial background. They're a certified financial planner. Not just that, but they have designations in retirement planning.
We have to take that one layer more because those people can still be doing things that are not looking out for your best interest. What do we want after that? We want somebody that is a registered investment adviser, an independent financial services professional, who has to, by statute, put your best interest ahead of their own.
You're looking for somebody that works through an RIA, because those RIAs are contractually obligated, statutorily obligated, to put your best interests ahead of their own, be a fiduciary, work with everything that's out there to find just the things that work out in your best interest.
That's really what you're looking for. If you want some more information about that, I can offer you a really insightful report that will help you determine who you should be working with when you work in the whole financial sphere. The way that you do that is, I want you to text the word, questions, plural, questions, to 609‑554‑5936.
You put the word, questions, into your text message app. You send it to the number, 609‑554‑5936. What you're going to get back are nine questions to ask your next adviser or your current adviser, and understand who it is that you should be working with, and what's going to make them important.
What we're looking for here is a guide so that you are able to make great questions and great decisions around who to be working with. If you don't have a list of questions that will help you determine who you should be working with, you're just going to fall for some fancy titles.
You don't know if they're going to be the right fit. This whole guide has got questions that you should ask, like, how do you get paid? Why did you start in the business? What costs do I have to pay in addition to your fee? I'm going to try to give you these interview tips to help you make sure that the adviser is the right fit for you.
It's completely complementary. All you have to do is text the word, questions, to 609‑554‑5936. You want to read this guide before you hire your next financial adviser. I wouldn't want to start working with somebody before I knew the answers to those questions. That's what you want. Just text, questions, to 609‑554‑5936. It's, questions, to 609‑554‑5936.
That's going to mark the end of another episode of Make it Last. I really hope that you enjoyed this show. You get a little potpourri of different topics. We're going to return back to our more encompassing show themes when we come back for next week.
If you enjoyed this, and if you enjoy the show regularly, the best thing you can do is share it with a friend. You do have a friend out there that would love to learn more about the important things in and around legal and financial retirement planning, and what they should be doing to make sure that they get their ducks in a row and their financial nest egg secure.
[background music]
Victor: That's what you're going to get with Make it Last. Share the show with them, either in podcast format, or tell them to tune in at 1450 AM at 11:00 AMs on Wednesday, when we're not getting pre‑empted by the Patriots' game [laughs] . There's going to be a show sometime on a Wednesday at 11:00. Just keep tuning in. Otherwise, get on to the podcast.
That's been it for me. This has been Victor Medina. This has been Make it Last. We'll catch you next week on the next week's show. Talk to you later. Bye‑bye.
Announcer: Investing involves risks including the potential loss of principal. Any references to protection, safety, or a lifetime income, generally referred a fixed insurance products, never securities, or investments. Insurance guarantees are backed by the financial strength and claims‑paying abilities of the issuing carrier.
This radio show is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual situation.
The host of this show is not affiliated with or endorsed by the US government or any governmental agency. The information and opinions contained herein provided by third parties have been obtained from sources believed to be reliable. Accuracy and completeness cannot be guaranteed.
In today’s episode, Victor breaks down electronic wills and reiterates the importance of mindfulness. Victor also lays out the 5 Psychological Stages of Retirement as inspired by a study done by AgeWave, Ameriprise Financial, & Harris Interactive to learn more about the attitudes and worries of people before and after retirement.
For a FREE checklist to help with your retirement income planning, text the word CHECKLIST to 609-554-5936
Like this episode? Leave a review and give a 5-star rating on the Apple Podcast app. As always, share with a friend!
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
In today's episode, Victor tackles the question, "Are my financial advisors working in my best interest?" Victor also discusses 5 Retirement Planning Sins and ways to avoid and overcome them.
For additional information on retirement planning issues and things you should look to avoid, text RETIREMENT to 609-554-5936.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
In this episode, Victor interviews Professor Jamie Hopkins. Professor Hopkins is the Director of Retirement Research for the Carson Group (an organization that assists financial advisors), and teaches retirement planning at the American College of Financial Services and is the author of the book "Rewirement : Rewiring the Way You Think About Retirement".
This is a fantastic interview that covers all of the major mistakes of retirement planning as well as what the future might hold for retirees.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA) and Certified Financial Planner professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
On Thursday, May 23rd, the House of Representatives passed a sweeping reform to the 401k laws. How will it affect you?
Also, much of the news in the world of investment choices has focused on the advent of no-fee or pay-to-own investments. Are these a good idea?
Finally, Social Security is one of those areas with lots of misconceptions that can lead to bad assumptions. How can you avoid making mistakes?
Answers to all of these questions on today's show.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
Too often we are led astray by looking for a magic pill or secret. In segment 1 of today's show, Victor discusses how to avoid investment strategies that don't work, plus potential new retirement plan laws that might affect your 401k.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
In this episode, Victor discusses why international stocks are an important asset class, even as they have lagged behind in performance vs domestic stocks. Also, how do you create a retirement map to help you get from Point A to Point B.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
In this episode, Victor shares 9 scary retirement statistics, as well as strategies to avoid becoming one of those statistics. In addition, Victor covers which advisor credentials matter, and which are pure bunk.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
Lottery winners often spend all of their winnings within 5 years of getting the money. Why? Because they failed to have a plan. Don't let that happen to you. In this episode, Victor shares top strategies for making sure you have the best chance of making your money last in retirement.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
Just like everything else in retirement, income taxes need to be preplanned. The first half of the show, Victor will cover how you can be most prepared for your 2019 income taxes, especially with this new tax law. If you want even more information on how you can be most prepared for 2019 tax season, text INVITE to 609-554-5936 and you will receive an invitation to Medina Law Group & Palante Wealthe Advisor's 2019 Tax Planning Lunch & Learn on April 29th at 12pm.
In the second half of the show, Victor will give you some insight on how you can avoid these 7 deadly sins, people in retirement have reportedly been committing.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
Today is a very special episode!
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It marks the 100th episode recorded &
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It marks the 2 year anniversary of Make It Last Radio.
Thank you for following the program for 2 years and 100 episodes. I am excited for what the future holds and to keep sharing great legal and retirement information.
The topic for today is Medicare coverage and why it should not be your sole coverage in retirement. Many people believe that Medicare will cover all healthcare costs in retirement. Listen today to see how following that belief could become your most costly mistake.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
In this episode Victor goes over some legal and retirement updates - the status of the law which will allow terminally ill patients to have the "right to die" & the status of the Nevada fiduciary law.
The main topic of the episode is retirement fees. Fees in retirement can add up in a hurry, and if you want to make sure you won't run out of money, you need to keep as much as you can in your portfolio at all times. Today's episode will help you not only locate your fees and calculate what they are but will teach you how to control those fees.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
Transitioning into retirement is going to be a big change for a lot of people. Likely you have been used to the routine of working for the past 20 or 30 years. Retirement is going to cause major changes to not only your routine but also your financial situation. The best thing you can do when gearing up for retirement is begin planning, and begin planning early.
One of the recommendations Victor makes in this episode is to begin planning for taxes when you are in retirement. If you would like to download a FREE retirement guide for taxes just text TAX to 609-554-5936.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
In the first half of the show, Victor explains the importance of keeping a close eye on your pay stubs. You want to make sure that your retirement funding is exactly how you had indicated you wanted it to be, your pay is being calculated appropriately, and always pay close attention whenever a big change happens in your life,
In the second half of the show, Victor compares and contrasts index and mutual funds. He goes over the specifics of each fund and gives his recommendation on which one he feels is better for retirement.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
One of the biggest mistakes you can make in retirement is to be too optimistic and not have a plan if things don't go quite as planned. Victor's advice in this episode is - hope for the best, but always have a plan for the worst.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
One of the biggest mistakes you can make in retirement is to be too optimistic and not have a plan if things don't go quite as planned. Victor's advice in this episode is - hope for the best, but always have a plan for the worst.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
How will you know how much you need to retire? Victor encourages you to ignore the outside noises telling you there is some sort of magic amount of money you need to retire. Your retirement fund should revolve around your lifestyle, not the recommendation of someone who does not know you.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
Retirement is a one time experience, likely you will not have the time or resources for a do-over. The best thing you can do is research, plan well in advanced, and learn from other's experiences. Listen here as Victor goes over some of the common retirement regrets people have reported on so that you can try to avoid having any regrets in your retirement experience.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
Assisted suicide has been a controversial topic for years. Some believe it is every person's right to choose when they are going to end their life, while others believe it is morally wrong to end someone's life, no matter the circumstances. Listen this week, as Victor goes over some legal updates that could allow terminally ill patients to choose when they would like to end their life.
In the second half of the show, Victor goes over some common retirement mistakes and how to avoid them. Remember, planning in advanced, will always help avoid any mistakes!
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
As you approach retirement you likely know that a great deal of changes will be made to your daily routine. Not only will you have to get used to the idea that you are no longer going to work everyday, but you will also have to get used to financial changes to your daily life. If you follow these 5 guidelines Victor has created it should make your transition into retirement a much smoother one.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
Statistics say most of us will have abandoned our New Year's goals by mid-January. Victor is here with some motivation to keep your retirement goals. Just as you would with fitness goals, it is important to set short-term goals to give you a sense of achievement while working toward your long-term retirement goals.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
When building a house there needs to be a lot of care and attention put on making sure the foundation will hold up for years to come. The same care and attention should go into your retirement foundation, to make sure you are financially secure for years to come.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
There is no cookie cutter retirement portfolio. Some people are looking to travel in retirement while others are looking to save and leave money behind. Listen here as Victor explains how to put your retirement portfolio together, whatever your risk tolerance might be.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
Now is the time where predictions are being made on television and radio on whether or not we will see a "bull market" or a "bear market" in 2019. What exactly does that mean, especially for those in retirement? Tune in this week as Victor explains, in depth, bull and bear markets and how to deal with each of them as a retiree.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
The 401(k) plan has become the leader in today's retirement savings vehicles. Most employers have a 401(k) or company plan that they set up for employees, with a potential for a company match. In today's episode Victor will let you know how you can set up your retirement plan to not only get you into retirement, but take you where you want to go once you're in retirement.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
Victor Medina is excited to announce that Make It Last will now be released as hour long segments and air Wednesday mornings at 11am on WCTC 1450AM radio. The hour segment is part of a featured series on WCTC Radio - Sound Advice.The featured series is where professional experts offer their knowledge on topics from financial guidance, to help with mortgages, and advice on healthy living.
This episode will be an introductory episode for the new Wednesday morning listeners. You will learn what makes Victor Medina qualified to give "sound advice" and what makes Medina Law Group and Private Client Capital Group unique.
Medina Law Group and Private Client Capital Group want to welcome all new listeners and to say thank you to all the dedicated listeners. We have a lot more to offer and hope you will stay on this educational journey with us.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
While out at a conference last week Victor had the opportunity to see some inspiring speakers, one of them being Dr. Jeffrey Life. You may have seen Dr. Life on the cover of magazines or on television, he is an 80 year old man who decided to turn his life around in his late 50s and get into the best shape of his life. Now he travels as an inspirational speaker sharing his wealth of knowledge on all things healthy living. In this episode Victor shares Dr. Life's 12 Keys to Healthy Living.
In the second half of the show, Victor shares some lessons we can learn from the recent passing of Stan Lee & George H.W. Bush, regarding their estate plans. Victor goes over the importance of not only having an estate plan, but having a complete and updated one.
All that AND some exciting news from Medina Law Group and Private Client Capital Group!
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
In the first segment of the show Victor provides an update on the status of the NJ fiduciary rule for financial advisors.The rule is currently being discussed in informal conferences. In these conferences some financial advisors are claiming, should the rule be imposed, it will negatively influence how they are able to do their job, rather than looking at the rule as what is in the clients' best interest.
In the second half of the show Victor is joined by Hilary Murray of Brandywine Pennington. In a continuation of the holiday season series, Hilary shares what makes assisted living and Brandywine unique. She shares her thoughts on when families should start considering assisted living for loved ones and some important signs to look for when visiting with older family members during the holidays.
If you would like more information on Brandywine you can visit their website www.brandycare.com/our-communities/pennington/ or call directly to schedule a tour!
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
We are coming up on the last days for Medicare open enrollment. You will have until December 7th to enroll so if you have not done so yet, there is still time. Take a listen to the first half of this show as Victor explains the importance of enrolling on time and suggests going back to episode 74 to listen to the interview with Carol Baker of CABA Benefits, as she shared her wealth of knowledge of all things Medicare.
In the second half of the show, Victor continues the holiday season series. Now is the time where families are getting together and have an opportunity to see older family members during the holidays. During this time they may begin to recognize some form of decline, whether it be cognitively, physically, or a little bit of both. Kat & Kelly of Independence Home Care speak on their area of expertise, home care. They share valuable information, from how to know when someone needs home care to how to shop for a home care agency.
If you would like more information about Independence Home Care you can visit their website.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
Seeing those you have not seen in awhile, during the holidays, can draw attention to issues you may not have realized were developing in some older adults in your family. After the holidays is a great time to begin to develop the team of professionals who will assist you in getting family members to a safe and comfortable place in their lives as they continue to age. Listen to the first segment of the show as Victor describes good places to start when developing your team.
In the second segment of the show Victor interviews Dr. Apter of Princeton Medical Institute. Listen this week as they discuss the clinical trials Dr. Apter provides to those with Alzheimer's to help aid in finding effective solutions to those living with the disease.
For more information on the clinical trials Dr. Apter can provide visit Princeton Medical Institute's webpage.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
Estate planning is not just about getting documents put into place and making sure your finances are allocated to go to the right person or place. An estate plan should be personalized to your own specific needs and lifestyle, to make sure that things like your pets and online accounts have someone taking care of them. Listen this week for the 10 non-financial estate planning issues people face when creating their plan.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
In 2016 Victor published his first two books in the Make It Last series. One in the area of fundamental estate planning and one in the area of retirement planning. After realizing the great need to continue the Make It Last series with a book on elder law planning and the costs of aging, Victor published Make It Last: Protecting Your family From The Costs Of Aging.Tune in this week to learn more about how this book can help yourself, loved ones, or clients during the aging process.
If you are interested in purchasing any of the Make It Last books, they are all available on Amazon. Remember to leave a 5 star review when you finish reading!
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
In the first segment of the show Victor shares two things you should keep in mind: Medicare open enrollment is currently going on until December & the recent volatility of the stock markets is normal. In the second segment of the show Victor interviews Paul Euell of SYNERGY HomeCare. Paul provides a wealth of knowledge on how home care can help people who would like to age in place, need additional care after surgery, because of a fall, or cognitive issues.
If you have been considering home care for a loved one please visit SYNERGY's website for more information on how they can help.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
In the first half of episode 78 Victor explains the new concept of an E.P.I.C. retirement and how the meaning of retirement has changed over the years. In the second half of the episode Victor interviews Bernie Sokal of MoneyCare Financial. Bernie is a daily money manager and fiduciary, meaning he is able to manage the finances of individuals who might struggle with bill paying, preparing checks or bank deposits, balancing their checkbook, or organizing and maintaining financial records, and he does so all in the best interest of the client. Tune in to learn how a daily money manager might be able to help you.
If you or a loved one might be in need of a daily money manager, you can visit MoneyCare Financial's website, www.moneycarefinancial.com
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
This week on Make It Last Radio, Victor had the opportunity to interview Andy Fritz and Kelly Astbury of Homestead at Hamilton, an independent and assisted living community. Tune in to hear about Homestead's "successful aging" philosophy and all about what make Homestead a unique community.
If you would like more information on Homestead at Hamilton Andy and Kelly encourage you to visit their community at 2560 Kuser Rd Hamilton, NJ or visit their website: www.homesteadathamilton.com
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
Your legacy goes far beyond the finances and personal items you will leave behind. The real legacy your family will remember you by are the collection of stories, photos, and videos you have gathered over your lifetime. Steve Besserman of AriJoe productions is an award winning documentarian and he assists families in the telling of those stories. AriJoe productions can help you capture the amazing lifetime stories of your loved ones, to share for many generations to come.
Visit AriJoe Productions' website for more information and to watch some of the amazing documentaries Steve has put together for families and organizations in the community.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
This week on Make It Last, Victor gives details on why a portfolio is not a plan, a newly proposed NJ fiduciary rule, as well as a glimpse as to why NJ has been ranked as the worst tax structure in the nation.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
Medicare open enrollment is swiftly approaching. Now is the time to gather as much information as possible and begin your planning. Tune in this week to get some great information from Carol Baker, Principle of CABA Benefits, as she shares her wealth of knowledge on everything Medicare.
If you need additional information you can give Carol Baker a call at 973-428-0863 or visit her webpage cababenefits.com
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
On this episode of Make It Last, Victor hosts an interview with Mary Kay Krokowski, President and Founder of Aging Advisors. Mary Kay gives information on what Aging Advisors can do for families who are feeling overwhelmed with the future care of an aging loved one and when the time is right to call a geriatric care management service.
For more information on Aging Advisors visit their website: http://agingadvisors.com/
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
IRAs are very different from most other assets and require very specific planning. IRA's tend to be where most people's money is - so tune in this week to get a clearer picture of just how different IRAs are from your other assets.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
This week, starting tomorrow, 9/9 until 9/15, assisted living week will be going on. Assisted living facilities will be hosting events to celebrate those who work and live in the facilities, under the theme of "Capture the Moment." On Make It Last, this week, Victor interviews Lisa Kelly and Michelle Gidosh of CareOne Assisted Living Facility. They share what makes CareOne a unique facility as well as what you should look for if you're shopping for a facility.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
For more information about what CareOne has to offer visit: www.care-one.com
Abuse against the elderly is usually hidden in plain sight, a "wolf in sheep's clothing" if you will. Some terrible individuals, who are in positions of authority and trust, are taking advantage of their most vulnerable, elderly clients. In this episode, Victor shares a few stories, which happened pretty recently and unfortunately fairly often. These stories are of trusted authority figures who abused their power and took advantage of their elderly clients. They stole money and disguised it as necessary fees for their services. The lesson from this episode: always have a system of checks and balances in place.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
In the first half of this episode Victor shares the news regarding Wells Fargo's wealth management services. The advisors working at Wells Fargo were technically fiduciaries but they were pressured by their corporate bosses to make the most money for the company- rather than looking out for the best interest of the client. In the second half of the episode, Victor gives insight on legal asset protection, specifically two difficult assets to protect, the home and IRAs.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
On this episode you will find a continuation of the second half of episode 67, where Victor discussed the unpredictability of the stock market. Here, Victor will discuss the answer to the question- if the market is so unpredictable, why should you have a plan at all? As well as, what type of plan is best to follow.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
This week Victor discusses the recently high number of people 65+ who are having to file for bankruptcy. As well as, a look at stock market predicting and just how unknowable the market really is.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
In this episode Victor shares some important information regarding a growing number of people who are navigating retirement and aging alone. As well as an interview with Steven Senko of the Princeton Medical Institute, to raise awareness on their clinical trials.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
For more information about the Princeton Medical Institute's Clinical Trials, visit this link.
In this episode, Victor covers the 10 questions you should ask your financial advisor, and an interview with John Walsh of Walsh Senior Solutions, a company that specializes in helping senior and their families downsize as they get older.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
For more information about Walsh Senior Solutions, visit this link.
As seniors age, one of the biggest decisions to face is whether to stay in your home or find someplace that can help you care for yourself for the rest of your days, especially if your health declines. Enter CCRCs or Continuing Care Retirement Communities. What are they? And what should you look out for if you're shopping for one yourself? Listen to find out more.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
Buzz Aldrin is in the middle of a battle with his family over the alleged misuse of his money. How could a revocable living trust have helped protect him? Learn about that this week.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
The IRS has released a draft version of a new Form 1040 for your taxes. What are the changes and how does it impact you. Also, you're retired - why is goal planning still important as you live in retirement?
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and Certified Elder Law Attorney (CELA®) and Certified Financial Planner™ professional (CFP). Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Palante Wealth Advisors.
There's an upcoming Supreme Court vacancy - what does that mean for the future? Also, technology is advancing at a breakneck speed. What can you do to make sure your estate plan is keeping pace?
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and certified elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
This episode is continuation of a discussion from episode 59 where Victor discusses different retirement distribution strategies, including using short-term, mid-term, and long-term investment buckets. This show unveils how you should invest your mid-term bucket.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and certified elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
The news outlets like to tell you that you can take 4% a year from your retirement portfolio and not run out of money, but is that true? This week shares with you why taking 4% every year might destroy your retirement.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and certified elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
There is a little-known VA benefit available to wartime vets, and their surviving spouses, that can help pay for long-term care. What is it, and how do you get it? Learn that, and more....
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and certified elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
When interest rates are high, bonds are great to own because they'll pay out a healthy amount. However, is there a better alternative in a low-interest environment?
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and certified elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
There are 9,500 mutual funds for you to buy. Which ones are best for you to own in retirement? We explore that and the death of the DOL “fiduciary” rule.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and certified elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
If you are approaching retirement and you don’t have enough money, there are a few things you can do to make up your retirement shortfall. Also, having your attorney be a Certified Elder Law Attorney (CELA) can be a major advantage. Why? Listen to this show to learn why.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and certified elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
Mistakes are a part of life. When it comes to money and time, mistakes near retirement can have catastrophic consequences. This week, Victor discusses the 10 worst money mistakes for near retirees.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
Three topics for this show: How to select a great executor or power of attorney agent. Then Victor talks about how to plan for getting older if you're single, with or without kids. Finally, Victor discusses the real cost of not working with a "best-interests" financial advisor.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Groupor Private Client Capital Group.
Tax rates are at their lowest in three decades, and the law is set to revert back to the old numbers in a few years. So, does that mean that it's the perfect time to consider a Roth IRA conversion?
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Groupor Private Client Capital Group.
When you're in retirement, one of the biggest bites out of your spending money is income tax. What you are invested in, and where that investment is, can make a huge difference in whether your money will last as long as you need it. In this episode, we cover 10 ways your retirement income is taxed.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
Episode 50 is a milestone because it's also the 1-year anniversary of the show. In this episode, Victor goes behind the scenes to share some of his origin story. It's like Spiderman's story, except without the super powers.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
A Fifth Circuit court has ruled that the DOL "Fiduciary" rule is illegal, and it may go away as soon as May 7th. What does that mean for you? Also, New Jersey was often mention as one of the worst places to retire. Is that still true?
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
In this episode, Victor explores some basics like: Why is estate planning important anyways? In the second half of the episode, Victor discusses how to select an asset manager, and why it's important to select one aligned with your investment beliefs.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
This week, Victor addresses some of the risk and expenses of investment platforms like Wealthfront and Fidelity target date funds.
Also, two special guests join the show to discuss some of the innovative ways they are helping seniors suffering from Alzheimer's and other dementia diseases. Jennifer Garcia and Mary DelValle from Brookdale-Hamilton join us for two segments to introduce the strategies they use to keep seniors dealing with dementia engaged emotionally and mentally.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
As you enter retirement, one of the biggest concerns is: will you have enough? Well, there are a few things that can happen that would threaten your ability to “make it last” through retirement. In this show, we’ll discuss three of them, and how to avoid the risk.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
You may only do it once or twice across your lifetime. So, what's the secret to selecting a really great estate planning attorney? You need to focus on four areas that Victor covers in this episode of Make It Last.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
Whether you handle your own financial advice, or you think you aren't paying for financial advice (hint: you are), or you're working with an advisor...the question remains: Is Your Financial Advisor Worth The Cost?
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
This week brought quite a roller coaster ride in the stock market. What caused it, and what does it mean? Also, should you keep your company 401k when you leave that job or retire? What about company stock in the 401k? This episode provides the answers.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
Credit scores are everywhere these days. How did they get started and what are the important numbers that make them work? Learn what you need to know in this week's show...
Also, would you like to watch this show instead of listening to it? We have begun to simulcast the show with a video stream that you can watch on YouTube. Here is the link.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
Discount brokers will tell you that they don't work on commission, but that may not be the end of the story. Many discount brokerages pay bonuses based on the products they sell consumers, products that may not be in your best interest. In addition, with tax season comes the additional threat of tax scams. Learn how to protect yourself against both of these in this episode.
Also, would you like to watch this show instead of listening to it? We have begun to simulcast the show with a video stream that you can watch on YouTube. Here is the link.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
In this episode, Victor launches a new segment called "Three Concepts, Simply Explained". He will cover three complicated topics and try to explain them in 8 minutes or less. This week, the three concepts are: Medicaid planning, Annuities, and Trusts.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
This week, Victor takes a deep dive on the new tax law, especially the way it affects retirees. Only 30 minutes in this show, so if you want more information, register for an upcoming workshop by subscribing to our newsletter at victor@jerseyestateplanning.com.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
This week, Victor covers a news story where a computer model made a 4-year error on a buy-sell stock recommendation. Also, there's a new tax law...have you heard? This week, Part 1 of our overview.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
There are 5 fees you should NEVER pay in retirement, and we cover how to get tax credit for charitable giving.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
It's not too late to take advantage of some year-end tax planning tips. We've got 7 of them for you to consider before December 31st.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
BitCoin is going crazy. But, what is it, and should you be invested in it? Also, new laws might increase how much you have to pay in Medicare premiums next year. Learn all about it in this episode.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
Last week at Thanksgiving dinner, I got peppered by family members wondering what the best short-term investments are. I answered them once and for all in this episode, so all I have to do in future family gatherings is to tell them to download this episode and call me with any questions.
I also covered 7 common holes in retirement plans. Do you need to fill any of these holes?
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
Recently some allegations have been raised against one of the largest financial services companies on the planet, TIAA-CREF. For years, TIAA-CREF (now just TIAA) has operated as a non-profit helping to manage the retirements of teachers and other school-related employees. Now, however, TIAA operates as a for-profit organization and is under investigation by the state of New York for sales activities that aren't what you'd expect from a company trying to win the hearts of teachers.
In this episode, we will explore what the allegations are, and how you can protect yourself from any predatory practices. This is an episode especially for teachers and retired teachers (including other school personnel). If you know someone that might be affected by this, you should send them the link to the show.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
This week, the House of Representatives passed a new proposed tax bill. I'll cover what the new bill changes about taxes, as well as covering some new rule changes to reverse mortgages and why you probably shouldn't consider using a reverse mortgage as part of your retirement planning.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
”Retirement” used to mean one thing - the leisure time that comes after decades of work. But, with the advent of new technology and more research about the psychology of retirement, the definition of retirement can mean something else. This episode we will explore 3 types of retirement as well as looking st 5 signs you may need in-home care.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
Crooks are getting more creative with how to part you from your money. One of the biggest growing areas is in "affinity fraud". Learn what it is and how to avoid it.
Also, Victor discusses top 401k mistakes, including introducing one investment option that might interest people looking for tax-free growth and tax-free distributions.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
Medicare Open Enrollment is from October 15th until December 7th. There are things you can do to optimize your choices for the next year. This week, Victor goes over the best Medicare Enrollment tips that you can use.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
This week, Victor discusses four things missing from your estate plan and 1 investment that you probably have in your portfolio (especially if you’re working with one of those large investment firms.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
Just want the episode title says...these are the top 25 tips from the first 25 shows. It's like concentrated Make It Last...just bring your notebook, because Victor flies through all 25 tips.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
This week on Make It Last, I cover how to protect your assets against nursing home and Medicaid spend-down. Most of you know that we help families every week to maintain flexibility and choice in their long-term care, and this episode will give you a peek under the hood of how that happens.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
One of the ways you can "make it last" is to make sure that the inheritance you leave behind is protected from threats like divorce or creditors. You also want to make sure that the inheritance follows the bloodline and goes to your grandkids and not that "no-good son-in-law". Listen to this week's show as we discuss how to put those protections in place.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
Typically this show covers retirement planning, which means the key demographic doesn't include people with minor children. However, planning for these families is super important and many of our retiree and pre-retiree listeners have young grandchildren. So, this show is for them, and their (grand)kids.
Also, a discussion on "retirement income failure", and what it really means.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
As you enter retirement, your strategy for generating retirement income should be deliberate and should match your individual circumstances. In this episode, I discuss three different approaches to retirement income planning, and share which one(s) I recommend.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
Most people regard visiting with their estate planning attorney like a trip to the dentist. Something that’s necessary, not enjoyable, and which should be kept to the bare minimum.
The truth is that your estate plan is not a “set-it and forget-it” activity. Things change (like your people/money, and the laws, and your needs), and your estate plan should change with it. In this episode, I’m going to go over how to identify whether you should review and/or update your estate plan and the most cost-effective way of doing it.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
Most people rely on their IRAs to fund some or all of their retirement. However, the research shows that the vast majority of individuals will die leaving a great percentage of their IRA behind.
This week, Victor discusses what happens to that IRA and how to put the best planning in place to avoid the trouble and taxes that can come when leaving an IRA from one generation to the next.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
Over and over, investors make three mistakes that absolutely kill their ability to see returns in their investments. These three mistakes are common, and avoidable. This week, on Make It Last, Victor discusses what those mistakes are and how to make sure you don't make them.
Also, Victor discusses the right legal planning recommended for college students...who are all likely returning to school this week.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
Death and Taxes - that's what they say are life's only certainty. But..what if they are one in the same. In NJ and PA, you have to worry and plan for both death and taxes, and in this show, I'll help you understand the distinction between them.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
Every week, I meet a family that's struggling with a loved one who has dementia. It can be overwhelming, to say the least. On this week's show, I discuss how to approach dealing with a loved one that has dementia, including getting their legal, financial, and health planning in order.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
Fixed Indexed Annuities are often promoted as ways for investors to participate in market-like returns with no risk of principal. That sounds good...but is it true? This week I take a deep look at these popular investment products, and how to evaluate whether it's right for you, and what a great annuity looks like.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
Income taxes can be the biggest bite out of your retirement dollar...but you can take control back. By following a few basic principles of smart asset location (not allocation) and proactive income tax planning, you can optimize your income taxes and and help keep more money in your pocket.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
Income taxes can be the biggest bite out of your retirement dollar...but you can take control back. By following a few basic principles of smart asset location (not allocation) and proactive income tax planning, you can optimize your income taxes and and help keep more money in your pocket.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
People are living longer, and the cost of long-term care can be astronomical. Every week, Victor is asked about long-term care insurance. This week, we’ll discuss how to buy long-term care insurance, and whether you should get it at all. Plus, the DOL fiduciary rule is under attack. Learn why, and what you can do about it.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
People are living longer, and the cost of long-term care can be astronomical. Every week, Victor is asked about long-term care insurance. This week, we'll discuss how to buy long-term care insurance, and whether you should get it at all. Plus, the DOL fiduciary rule is under attack. Learn why, and what you can do about it.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
The stock market is doing great, so people don't often pay attention to the amount they're paying in fees. This week, we'll cover the different kind of investment fees that exist and how to check your fees to make sure you're not paying too much.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
The stock market is doing great, so people don't often pay attention to the amount they're paying in fees. This week, we'll cover the different kind of investment fees that exist and how to check your fees to make sure you're not paying too much.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
For lucky episode number 13, Victor discusses what happens when you get too emotional about a single investment, and how to correct it. In addition, Victor covers powers of attorney. Is it a simple document? Can you use a form downloaded from the Internet? Listen to the show to learn how to test whether your power of attorney is worth the paper on which it's written.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
For lucky episode number 13, Victor cover powers of attorney. Is it a simple document? Can you use a form downloaded from the Internet? Listen to the show to learn how to test whether your power of attorney is worth the paper on which it's written.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
This week we discuss Victor's trip to Colonial Williamsburg and whether it's a good trip to take with kids. Also, tips and tricks for selecting a great advisor, whether it's for legal or financial matters.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
This week we discuss Victor's trip to Colonial Williamsburg and whether it's a good trip to take with kids. Also, tips and tricks for selecting a great advisor, whether it's for legal or financial matters.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
As summer approaches, we discuss travel tips for folks in retirement. Also, I cover living wills and advanced directives. We talk about what documents are important and why, and how to make sure that you don’t have a problem with making health care decisions in the future.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
As summer approaches, we discuss travel tips for folks in retirement. Also, I cover living wills and advanced directives. We talk about what documents are important and why, and how to make sure that you don't have a problem with making health care decisions in the future.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Through his law firm and independent registered investment advisory company, Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
On June 9th, the new Department of Labor "fiduciary rule" went into effect. Who does it cover? Can you be comfortable that you're getting the best advice now? What are the warning signs you should look for?
Listen in this week for a full show on what the new DOL fiduciary rule means for your and your retirement assets.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
On June 9th, the new Department of Labor "fiduciary rule" went into effect. Who does it cover? Can you be comfortable that you're getting the best advice now? What are the warning signs you should look for?
Listen in this week for a full show on what the new DOL fiduciary rule means for your and your retirement assets.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
Coming up this week on Make It Last...Interview with Thomas Merrick, a Swiss-based investment advisor. Should you consider diversifying your investments with an international portfolio?
Learn more this week on Make It Last with Victor Medina.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
Coming up this week on Make It Last...Interview with Thomas Merrick, a Swiss-based investment advisor. Should you consider diversifying your investments with an international portfolio?
Learn more this week on Make It Last with Victor Medina.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
Losing a spouse is a traumatic event. No matter how it happens, you're never really prepared for what happens afterwards. This week you'll be introduced to an author and estate planning attorney who has written the guide for navigatingnthe next steps you have to take after losing your spouse.
Anna Byrne is an estate planning attorney and investment advisor. She is also a widow herself and shares her personal story about the loss of her spouse and the advice she has for taking the next step forward.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
Are you making one of the 8 retirement spending mistakes common to retirees?
Also, join us for a conversation with author Anna Byrne. Her new book, "A Widow's Guide" is a helpful tool for women who have lost their spouse and are looking for ways to take the next step forward.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. Victor provides 360º Wealth Protection Strategies for individuals in or nearing retirement.
For more information, visit Medina Law Group or Private Client Capital Group.
IRAs make up the largest percentage of retirement assets for baby boomers and beyond. When's the right time to take money out? What are the rules and penalties if you get it wrong?
Tune in this week to Make It Last to learn the ins and outs of IRAs.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. For more information, visit Medina Law Group or Private Client Capital Group.
IRAs make up the largest percentage of retirement assets for baby boomers and beyond. When's the right time to take money out? What are the rules and penalties if you get it wrong?
Tune in this week to Make It Last to learn the ins and outs of IRAs.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. For more information, visit Medina Law Group or Private Client Capital Group.
Can you pass a basic retirement income quiz? Most Americans could not. Here is a link to the quiz - http://retirement.theamericancollege.edu/retirement-101/2017-retirement-income-literacy-quiz and here's a link to the results.
As you get older, the chances that you may need help managing your affairs increases significantly. Listen this week to an interview with our special guest Lisa Kelly, Regional Director of Business Development, with the Care One family of assisted living facilities.
This will be a fantastic discussion of assisted living options that you won’t want to miss.
For more information, visit http://www.care-one.com/ to learn more about Care One.
Want to learn more? Be sure to tune to Make It Last on Saturday mornings at 7:30am on WCTC 1450AM or subscribe to the show on iTunes here.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. For more information, visit Medina Law Group or Private Client Capital Group.
As you get older, the chances that you may need help managing your affairs increases significantly. Listen this week to an interview with our special guest Lisa Kelly, Regional Director of Business Development, with the Care One family of assisted living facilities.
This will be a fantastic discussion of assisted living options that you won't want to miss.
For more information, visit http://www.care-one.com/ to learn more about Care One.
Want to learn more? Be sure to tune to Make It Last on Saturday mornings at 7:30am on WCTC 1450AM or subscribe to the show on iTunes here.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. For more information, visit Medina Law Group or Private Client Capital Group.
Annuities are one of the most oversold and misunderstood financial products in the marketplace.
This week, on Make It Last with Victor Medina, we discuss how to tell if an annuity is right for you, including three kinds of people who should never buy an annuity.
Want to learn more? Be sure to tune to Make It Last on Saturday mornings at 7:30am on WCTC 1450AM or subscribe to the show on iTunes here.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. For more information, visit Medina Law Group or Private Client Capital Group.
Annuities are one of the most oversold and misunderstood financial products in the marketplace.
This week, on Make It Last with Victor Medina, we discuss how to tell if an annuity is right for you, including three kinds of people who should never buy an annuity.
Want to learn more? Be sure to tune to Make It Last on Saturday mornings at 7:30am on WCTC 1450AM or subscribe to the show on iTunes here.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. For more information, visit Medina Law Group or Private Client Capital Group.
There are 10,000 people turning 65 every day from now until the year 2040. In addition, advances in medicine and health treatments means that these individuals will live longer, and may require help along the way in the form of long-term care at home or in an assisted living facility.
Getting older isn't easy, and with it come incredible risks to your nest egg if you don't take steps to protect yourself with proactive legal planning.
Today we discuss what kind of care you may need in the future, how to pay for it, and what you can do today to start on the path.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney, and Certified Financial Planner™. For more information, visit Medina Law Group or Private Client Capital Group.
Free Book Offer ($5 S&H): http://www.makeitlastradio.com/freebook
There are 10,000 people turning 65 every day from now until the year 2040. Getting older isn't easy, and with it comes incredible risks to your nest egg.
Want to learn how to protect yourself? Be sure to tune to Make It Last on Saturday mornings at 7:30am on WCTC 1450AM or subscribe to the show on iTunes here.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. For more information, visit Medina Law Group or Private Client Capital Group.
Do you know a teacher or someone that works for a school district? In the first segment, we explore how public school employees have been sold terrible variable annuities, even as the reps looked like they were endorsed by the district.
Then, do you think that "trusts" are just for rich people? Well, they're not.
On this week's Make It Last, Victor discusses the difference between a Trust and a Will and which may be right for you. And Victor discusses the 4 trusts that you absolutely need to consider including in your estate plan.
Show Notes:
Free Book Offer ($5 S&H): http://www.makeitlastradio.com/freebook
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. For more information, visit Medina Law Group or Private Client Capital Group.
Do you think that "trusts" are just for rich people? Well, they're not.
Coming up on this week's Make It Last with Victor Medina, Victor discusses the difference between a Trust and a Will and which may be right for you.
Be sure to tune to Make It Last on Saturday mornings at 7:30am on WCTC 1450AM or subscribe to the show on iTunes here.
Make It Last with Victor Medina is hosted by Victor J. Medina, an estate planning and elder law attorney and Certified Financial Planner™. For more information, visit Medina Law Group or Private Client Capital Group.
On Episode 2 of Make It Last with Victor Medina, we discuss how to create wealth in your 50s, and the new Department of Labor "fiduciary" rule.
Does this rule protect investors as much as the reports suggest? How can you make sure that you're advisor works in your best interests instead of their own?
Show Notes:
Free Book Offer ($5 S&H): http://www.makeitlastradio.com/freebook
For more information about Medina Law Group's estate planning team, visit:http://www.jerseyestateplanning.com/about-us/about-the-team/
For more information about working with Private Client Capital Group's retirement planning services, visit: http://www.privateclientcapitalgroup.com/
On this week's Make It Last, host Victor Medina will discuss how to create wealth in your 50s, as well as the new Department of Labor "fiduciary" rule and how it will affect working with a financial advisor.
Could your advisor be working to line his pocket, instead of your pocket? Listen in to learn the answer.
Welcome to Make It Last with Victor Medina. This is episode number one, which originally aired on April 15, 2017.
This episode introduces your host Victor Medina and the show. It also covers how much inflation has affected what the tooth fairy leaves children. And, finally, some last minute tax-tips for filing your taxes this year.
Free Book Offer ($5 S&H): http://www.makeitlastradio.com/freebook
Show Notes:
About Victor Medina:http://www.jerseyestateplanning.com/about-us/about-the-team/
The Original Toothfairy Poll: http://www.theoriginaltoothfairypoll.com/fairy-tales/
Why is Tax Day April 18, 2017?: https://www.thebalance.com/why-is-april-17-tax-day-3306324
Looking forward to the show debut on April 15th? Here's a recording a brief interview between Bert Baron on WCTC's morning show and show host Victor Medina discussing the new show.
Show Notes:
WCTC 1450 AM - www.wctcam.com
Medina Law Group - www.medinalawgroup.com
Make It Last: How to Get, and Keep, Your Legal Ducks in a Row - Amazon Link
Here is where it all starts. The Make It Last program debuts on April 15, 2017 on WCTC 1450 AM, the Voice of Central Jersey. Hosted by Victor Medina, an estate planning and elder law attorney, and Certified Financial Planner™ - the program will cover estate planning, elder law, retirement planning, investing, and taxes...but in a fun way. Listen to the 30 second promo for the first show. (But really, this is a trial file to make sure that the website, RSS feed, and iTunes feed works as expected.)