Let’s talk about some of the common mistakes that we see being made time and time again by retirees and pre-retirees.
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?
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.
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.
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
There are many "it depends" situations in financial and retirement planning. On today's show we look at some truths we can state with confidence.
2:07 - Financial Truths
3:17 - TV Can Be A Big Enemy
5:49 - The Market Moves In Cycles
8:10 - There’s No Magic Bullet
9:30 - Why Diversification Is Important
13:04 Mailbag Tim asks “My advisor is retiring and passing on the business. Should I Find A New Advisor?"
On today's episode Charles explains why people who give investment advice without a securities license are bugging him. We also talk about how past epidemics have affected the stock market and we answer a couple email questions that have come in.
1:46 - What's Bugging Charles?
6:25 - How Past Epidemics Have Affected The Stock Market
7:46 - You Need A Plan To Help During These Pullbacks
9:35 - Mailbag Question from Conner: "How To Pay For College In Retirement?'
13:07 - Mailbag Question from Denver: "How Much Long Term Care Is Recommended?"
With the national elections in November, the parties have VERY different opinions regarding who should be paying their fair share of income taxes. But do we really know who pays what? You certainly can’t rely on either political party to give you the straight information. We also dive into a discussion on how to reasonably incorporate emotions into your financial plan.
1:32 - Who Pays Income Tax?
2:20 - Income Tax Statistics From 2016
5:12 - Top Wage Earners
7:01 - Emotions In Financial Planning
7:29 - Fear And Greed
9:59 - Invest For The Long Term
10:55 - Using Emotions For A Good Cause
12:23 - Taking Clients' Emotions Into Consideration
16:49 - Mailbag Question from Frank: "My 401 (k) got rolled over into American Funds, is this a good thing?"
After it simmered in Congress for a year, the SECURE Act is now law. If you have a retirement account of any kind, or will one day inherit a retirement account, this will affect you. Matt will hit the main points of this new bill and how it will change retirement planning.
0:58 - The SECURE Act
1:23 - Death Of The Stretch IRA
2:14 - Small Businesses And Retirement Plans
2:48 - Required Minimum Distribution Change
3:38 - 10 Year Window Eliminated
5:36 - Multiple Beneficiaries
6:41 - Trusts Cannot Be A Contingent Beneficiary For An IRA
8:49 - Life Insurance As An Alternative Solution
14:17 - Mailbag Question from Emily: "Did 401 (k) Contributions Go Up?"
While there are some factors that are different for everyone in retirement planning (variables), there are also constants that affect everyone, no matter the specifics of your situation. How do we plan around these constants?
2:13 - Retirement Constants That Affect Everyone
2:34 - Retirement Constant #1: Inflation
4:45 - Retirement Constant #2: Rising Taxes
6:37 - Retirement Constant #3: Market Volatility
9:15 - Retirement Constant #4: Healthcare
11:54 - Mailbag Question from Sally: "Are fees and commissions the same thing?"
13:48 - Mailbag Question from Lucy: "How often should I meet with my advisor?"
15:59 - Getting To Know Charles: What is your favorite movie genre?
There are some important lessons that flying can teach us about retirement planning. So check your luggage, strap into your seat and let's take a trip with Charles.
0:56 - What Flying Teaches Us About Retirement
2:11 - Lesson #1: Flight Plan
4:26 - Lesson #2: Turbulence
7:31 - Lesson #3: Air Traffic Control
11:13 - Mailbag Question from Tom: Term vs. Whole Life Insurance
13:41 - Getting To Know Charles: What job would you be terrible at?
Even for people who have been very responsible with their money over the years, entering retirement can
still be a challenge because it’s such a different stage of life. Let’s talk about some of the missteps that
even responsible savers can make…
1:16 - In The News: Wedding Loans
3:53 - Even Responsible Savers Make Mistakes
4:24 - Mistake #1: Don't Get Too Enamored With Cash
5:57 - Mistake #2: Don't Take Too Much Risk
7:27 - Mistake #3: Don't Forget About The Tax Time Bomb
9:09 - Mistake #4: Live A Little
11:06 - Mailbag Question from Raymond: "I haven't paid much into Social Security..."
Very often, we find that people wil stick with a broker or financial advisor who's doing a less than stellar job, and there's usually a handful of reasons why. Charles will poke some holes in those excuses, and give you a healthier picture of what your financial advisor should be doing for you if he or she is truly a good fit. We'll also take a look at some recent news items related to the student loan debt crisis.
1:45 - In The News: Proposed solutions to student loan debt crisis
5:41 - Why Are You Making Excuses For Sticking With The Wrong Advisor?
7:42 - Common Excuses: "I get confused when there's a meeting."
11:16 - Mailbag Question from Alex: Should I take risk off the table with my 401(k)?
Some people (in fact, probably most people) find it easy to procrastinate when it comes to financial planning issues. But let’s talk about some scenarios that might cause people to have a bit more sense of urgency.
1:43 - Mailbag Question from Blair: Why am I not in a lower tax bracket in retirement?
5:45 - Sense of Urgency: Scenario 1 - Loss of a job
7:09 - Sense of Urgency: Scenario 2 - Receiving a retirement buyout offer
8:39 - Sense of Urgency: Scenario 3 - Procrastination in planning for retirement
11:20 - Sense of Urgency: Scenario 4 - Death of a spouse
13:07 - Sense of Urgency: Scenario 5 - Market takes a dip
15:07 - Charles makes an important announcement about financial education
17:25 - Getting to know Charles - What area is Charles an expert in outside the financial world?
Your 401k can be your most powerful retirement savings tool. But it’s not perfect. Let’s talk about some of the weaknesses that you should be aware of in your 401k (or 403b, or TSP, or 457 plan).
1:24 - News headline about the SECURE Act
4:33 - Exposing 401(k) weaknesses
7:43 - Charles shares a tip on moving 401(k) plans outside your company
10:36 - Mailbag Question from Angie: Are all long-term care policies this expensive?
Of course, saving money on taxes is important. But when tax advantages are being pitched as the primary benefit of an investment, should we be concerned? Charles will help us tackle the pros and cons on this week's episode. We'll also answer a question from Roberta about investing a large amount of her 401k in company stock.
2:00 - Mailbag question from Roberta: Is it okay to have a majority of my 401k in company stock since I know the company well?
7:14 - Are tax advantages in investments overrated?
13:06 - Getting to know Charles: Did you ever get into any trouble when you were younger?
The term “fake news” has become synonymous with the political climate of the past few years. But the phenomenon has spread to other parts of our culture as well. What about fake news in the financial space? We’ll look at some recent news headlines to see if they qualify to be labeled as “fake news”.
0:28 - Say "Hi" to new co-host, Marc.
2:05 - Quote of the Week from Pablo Picasso.
4:50 - Financial Fake News #1: Social Security is going broke.
8:18 - Financial Fake News #2: The crash of the dollar is imminent, so buy gold now.
10:52 - Mailbag Question from Jim: Is it OK to start Social Security while still working?
Hopefully your famous last words in life won’t be “Hey y’all, watch this!” And in the financial world, there’s quite a few phrases that you don’t want to be your famous last words either…
Some of retirement planning’s most important questions seem so simple at first. They can be asked in just 4-5 words and give the impression the answers are a simple “yes” or “no”. But it’s tricky because many of these questions can become overwhelming to answer. Let’s cover some of the important retirement questions that are harder to answer than you might think.
Charles tackles the impending debt crisis facing college students and their parents.
Not everything in financial planning is black and white. In fact, most things aren’t black and white — there’s usually a lot of gray area. Let’s identify some of the issues that usually require a nuanced discussion…