Have you ever stopped to think about your journey of learning all that you have about money and finances? Did you parents shape your financial views most heavily? Is there a TV or radio expert that has influenced you most? Or have you learned everything from a book or Google?
Contact:
Phone Number: 480-513-1830
Website: https://pelletoncapital.com/
Show Notes:
2:13 - Main Topic: Retirement Statistics
2:30 - 17% Of American Workers Are Confident They Can Retire
5:04 - The Average 65 Year Old Woman Has A Life Expectancy Of 20.7 More Years
8:00 - 16.5% Of Our Country’s Population Is 65+
11:09 - The Average Retiree Faces Around 300K Of Out Of Pocket Medical Expenses
12:39 - 20% Of People Have Had A Written Plan Done
16:12 - Getting To Know: Who Besides Your Parents, Taught You The Most About Life?
Have you ever stopped to think about your journey of learning all that you have about money and finances? Did you parents shape your financial views most heavily? Is there a TV or radio expert that has influenced you most? Or have you learned everything from a book or Google?
Contact:
Phone Number: 480-513-1830
Website: https://pelletoncapital.com/
Show Notes:
2:01 - Main Topic: Where All My Financial Knowledge Comes From
2:35 - Financial Celebrities
6:39 - Best Financial Books
9:34 - Family Members
10:26 - What Got Charles Into The Financial Realm?
11:38 - Is Technology Helping, Or Hurting?
13:44 - Favorite Economist?
15:46 - Diana Asks If Life Insurance Is A Legitimate Retirement Strategy
There are many more risks to guard against in retirement planning than most people realize. Let’s explore some of the planning risks we all face and how to prepare for them.
Contact:
Phone Number: 480-513-1830
Website: https://pelletoncapital.com/
Show Notes:
1:38 - Main Topic: The Different Types Of Risk
2:17 - Market Risk
3:29 - Inflation Risk
5:01 - Tax Rate Risk
5:44 - Longevity Risk
10:04 - Mailbag: Ellen Asks If She Should Refinance Her Mortgage
15:24 - Getting To Know You: How Did You Decide On Your Children’s Names?
Let’s explore some of the things you should be thinking about and checking on as we wrap up 2020 and begin 2021.
Contact:
Phone Number: 480-513-1830
Website: https://pelletoncapital.com/
Show Notes:
2:40 - Main Topic: End Of Year Planning
2:55 - Should We Be Maxing Out Our Retirement Contributions?
3:48 - Reviewing The CARES Act
5:04 - Tax-Loss Harvesting
5:33 - Evaluating Tax-Deductible Charitable Contributions
7:45 - Roth Conversions
10:05 - What’s A CFP & RIA?
14:07 - Mailbag: What’s Your Opinion On Flipping Houses As An Investment Strategy?
Want to grade your preparedness for retirement? Here are five key questions you need to ask yourself. Your answers will help determine how ready you are for retirement.
Contact:
Phone Number: 480-513-1830
Website: https://pelletoncapital.com/
Show Notes:
1:29 - Main Topic: Retirement Preparedness Quiz
1:58 - Do You Know How Much You Have?
3:46 - Do You Know How Much You Spend?
6:05 - Do You Know How Much Risk You Have?
10:20 - Do You Know What You’re Paying In Fees?
12:44 - Do You Know What Your Retirement Income Streams Will Look Like?
16:30 - Getting To Know You: What’s Something You Look Back On And Say, “What Was I Thinking?”
If you look up quotes about diversification from famous investors, you might come across one from renowned investor Warren Buffet that will certainly raise your eyebrows. It goes, “Diversification is protection against ignorance. It makes little sense if you know what you are doing.” Yet, we’ve always heard about diversification being one of the keys to success for retirement planning. How can these seemingly different ideas both be right?
Contact:
Phone Number: 480-513-1830
Website: https://pelletoncapital.com/
Show Notes:
1:29 - Main Topic: Is Diversification For Suckers?
2:33 - How Does The Average Person Usually Define Diversification?
4:40 - Charles’ Perspective On Diversification
7:00 - How Much Does Charles See The Average Investor Placing An Emphasis On Diversification
8:00 - Is It Possible To Be Too Diversified?
11:58 - Mailbag: Diane Asks About Self-Insuring For Long-Term Care
This episode is all about addressing the most frequently asked questions about 401(k)s.
Contact:
Phone Number: 480-513-1830
Website: https://pelletoncapital.com/
Show Notes:
1:30 - Main Topic: 401(K) FAQs
1:49 - Taking A 401(K) Loan
4:13 - Roth Option
6:15 - Finding The Right Advisor
10:52 - Mailbag: Sally Asks If She Is Eligible For Half Of Her Ex-Husband’s Social Security Benefit
People often overlook the estate planning side of preparing for retirement. There are a lot of misunderstandings about trusts and wills and the roles they play in the equation. On this episode, we’ll explore some of the critical questions you should ask about these strategies as you prepare for retirement.
Contact:
Phone Number: 480-513-1830
Website: https://pelletoncapital.com/
Show Notes:
1:29 - Main Topic: Wills & Trusts
2:03 - Why Are Wills & Trusts Important?
3:52 - How Do You Know If A Will Or Trust Is Right For You?
5:00 - A Will Doesn’t Mean You Won’t Avoid Probate
5:49 - Is A Trust Just For Money?
7:28 - How Much Do They Cost?
8:31 - What Role Does An Advisor Play When Considering These Options?
10:32 - Mailbag: Ian Asks If His Long-Term Care Policy Has Enough Coverage
Vanguard’s “How America Saves 2020” report is packed with lots of intriguing stats and findings about Americans and how they save for retirement in the crazy year that is 2020 (most of the recent data is technically from 2019 although some figures are current through the Spring of 2020). Let’s look at some of the top takeaways from the study and how you might compare to the “normal” savings behaviors of Americans.
Show Notes:
1:14 - Main Topic: Statistics On How Americans Save
1:47 - 100 Million Americans Use A Defined Contribution Plan
4:00 - Average Number Of Funds Used In These Plans Are 2.4
5:36 - 34% Of Participants Didn’t Contribute Enough To Meet Their Employer’s Match
6:46 - Is There A Reason To Not Meet An Employer Match?
7:56 - 80% Of Participants Still Had Assets With A Previous Employer
9:26 - 96% Of Those Assets Are Able To Be Rolled Over Into Something Else
11:16 - Tristen Has Asks About How Divorcing Later In Life Might Affect Retirement
We get a lot of questions about how the house (or houses) fit into retirement plans. From downsizing to rental properties to interest rates, let’s explore some of the top retirement questions as it relates to all things housing.
Show Notes:
2:03 - Main Topic: This One’s On The House
2:25 - Pay Off The House, Or Enjoy The Low Interest Rates?
3:30 - Is It Wise To Downsize?
5:14 - Is A Rental Property A Good Idea?
7:06 - What Complications Have You Seen When Handling Real Estate In An Estate, Or Legacy Plan?
8:53 - Taking Care Of Our Bodies As We age
9:57 - Life Is About Contribution
12:52 - Shelby Asks If Retirement Spending Starts To Decrease After The First 5 Years
Living a long time isn’t supposed to be a bad thing and it almost seems counterintuitive to categorize it as a risk. But it is. Let’s take a look at how longevity plays a role in a financial plan and have an honest conversation about how deal with the “problem” of living too long.
Show Notes:
1:12 - Main Topic - Longevity Risk
2:25 - How Old Is Your Oldest Client?
2:39 - Oldest Person In Your Family?
3:20 - Who Is The Oldest Person You Have Personally Known?
4:00 - Why Is Living Long Risky?
7:02 - Have People Prepared For Longevity Appropriately?
9:10 - Client Story
11:00 - Starting The Conversation
15:07 - Millie Says She Was Going To Get Serious About Retirement Within The Next Year, But Wants Out Of Her Job Now
Many financial issues impact us all the same. But, of course, other challenges have varying impacts from person to person because our situations are all unique. Let’s take a look at some of the financial and retirement challenges that are unique to women. We also discuss some rules of thumb and get Charles' take on them.
Show Notes:
2:00 - Main Topic - Financial Issues That Are Challenging For Women
3:29 - Level Of Engagement Women Have Throughout Retirement Planning Process
5:00 - Spouse That Handled Money Passes Away First
6:49 - Why Do Some Women Find Themselves In A Difficult Situation?
8:14 - Specific Challenges Faced By A Widowed Woman
9:50 - Piece Of Advice For The Husbands
10:42 - Second Topic - Retirement Rules
11:06 - The 10%, 4%, 25X, & The 80% Rule
13:13 - The Rule Of 72
14:06 - The Rule of 2.67
15:14 - The Rule Of 100
How complex should a financial plan be? On one hand, a single page plan sounds nice and easy to understand. But is that comprehensive enough if it can fit on one page?
Show Notes:
2:07 - Headline: The Market Rebounding
5:44 - Main Topic: Are Complicated Portfolios Necessary?
6:19 - What Do You Typically See When It Comes To The Length Of The Financial Plan?
7:11 - Misconception Between Portfolio And The Plan
8:49 - The Rule Of 11
10:22 - Not Every Advisor Is The Right Fit
13:44 - Mailbag: Nancy Asks If She Should Invest In Her Employer’s Stock
There are some financial planning blunders that are interesting to talk about but are quite rare in reality. On the other hand, there are some financial planning mistakes that happen far too often. Let’s talk about the mistakes so many people have made in the past it has made them “classic”.
Show Notes:
1:13 - Headline: 72% Of American Say They Will Prioritize Financial Planning Once Pandemic Is Over
3:15 - Classic Pre-Retiree Mistakes
4:03 - Mistake #1: Investing Like You’re In Your 20’s
5:09 - Mistake #2: Taking Social Security As Soon As Possible
6:49 - Mistake #3: Focusing On Tax Preparation Rather Than Tax Planning
8:10 - Mistake #4: Assuming The Majority Of Healthcare Expenses Will Be Covered By Medicare
9:15 - Mistake #5: Taking On Additional Risk To Make Up For Lost Time
11:20 - Mailbag: Rork Asks If His Is Getting All The Information He Needs From His Financial Advisor
Step into the classroom and let’s take a look at some financial terms, define them, and find out if they’re important for the typical investor and saver to know about them.
Show Notes:
3:06 - Main Topic: Financial Dictionary
3:35 - Accelerated Death Benefit
4:21 - AGI
5:28 - Fundamental Analysis
6:09 - Margin Account
7:11 - High Yield/Junk Bonds
9:31 - Sammantha Asks, “Should I Let The Kids Know About Our Plans To Leave An Inheritance?”
11:25 - What”s Buggin’ Charles?
It seems that most people don’t have a clear picture of whether they should contribute to a traditional IRA or a Roth. Let’s discuss how to determine what’s best for you.
Show Notes:
1:23 - Headline: More Than 25% Of Americans Are Raiding Their Retirement Accounts Because Of COVID-19
4:16 - Traditional IRA Vs. Roth IRA - The Basic Definitions
5:10 - Why Are So Many In The Traditional Account?
6:11 - Is The Current Tax Environment We’re In A Catalyst For More People Wanting To Do Roth Conversions?
8:04 - Who Should Be Contributing To A Roth?
8:23 - Who Should Not Be Contributing To A Roth?
10:14 - Marshall Wonders If Paying The Penalty To Take Out His Variable Annuity Is Worth Avoiding The High Fees
12:37 - What’s Buggin’ Charles?
Let’s talk about some of the common mistakes that we see being made time and time again by retirees and pre-retirees.
Show Notes:
2:24 - Bonds Are A Safe Investment
5:19 - Avoiding The Idea of Long Term Care Needs
8:43 - Guarding Against Market Declines
10:49 - Categorizing Different Investment Vehicles As Always Good, Or Always Bad
14:03 - Not Having A Plan In Place
16:06 - Beverly Asks If She Has Enough Diversification Between Her 33 Mutual Funds
If you really took inventory of your financial situation, you might find that you’ve been taking for granted some assets that make up a huge piece of your puzzle. Is it possible you should be putting a little more thought into some of these assets?
Show Notes:
1:56 - Are you paying attention to your biggest assets?
2:32 - Should we be putting more thought into these assets?
3:32 - Asset #1: 401(k)
5:45 - Asset #2: House
8:54 - Asset #3: Social Security
11:15 - Asset #4: Smaller Accounts
13:38 - Mailbag: I have a lot of money in savings earning very little interest.
16:53 - Getting To Know Charles: What item would you want to be buried with?
Sometimes events happen in life that make it really important for you to carefully assess your financial situation. Let’s explain why each of these events is usually a good reason for a financial review.
Show Notes:
2:32 - Will Rogers Quote
4:00 - Life Events Can Spark Major Changes
9:50 - Unplanned Events Of Jobs
7:31 - Serious Medical Issue
11:09 - Estate Planning
17:56 - Mailbag Rick Worries About Running Out Of Money With Recent Downturn In The Market
The Coronavirus (COVID-19) is having a dramatic impact on our daily lives and many people are taking a huge financial hit from lost wages, a volatile stock market, and general economic uncertainty. Charles will talk about his thoughts on this situation and we will briefly mention a couple elements of the new CARES Act.
Show Notes:
1:18 - How Business Has Been For Charles
3:27 - Being Able To Help A Client With The New CARES Act
6:03 - RMDs Are Not Required For 2020
8:51 - Taxes Will Have To Go Up, Which Is Why A Roth Conversion Might Be A Good Idea Right
12:00 - Great TP Shortage
13:49 - April Fools Story
15:53 - Mailbag Lucile Wonders What The Best Way To Save For Retirement Since She Cannot Contribute To A Roth
