Financial Choices Matter

The SECURE Act Passed - Now What?

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.
Show Notes:
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?"

The Ins And Outs Of Mutual Funds

Mutual funds have long been the most popular way for people to invest, but is that landscape changing?
Show Notes:
1:45 - Financial Dictionary: Tax Loss Harvesting
5:06 - Ins And Outs Of Mutual Funds
5:19 - Point #1: What Percentage Of Clients Have Mutual Funds When They First Come To See You?
6:24 - Point #2: Expense Ratios
7:58 - Point #3: Front Load, Back Load, No Load
9:20 - Point #4: Tax Issues Mutual Funds Can Create
11:07 - Point #5: Should Mutual Funds Be Eliminated?
12:59 - Mailbag Question from Confused: "How to consolidate multiple investment accounts?"

Your Financial Advisor Must Have These Traits

Trustworthy. Likable. Problem-solving. Good listener. We should be describing your financial advisor or a potential advisor if you’re in the process of finding one. On today’s show, we’ll talk about why it’s so important for your advisor to embrace these kinds of characteristics. That’s the easy part. But we’ll also tackle the harder part and discuss some tangible ways how you can determine if an advisor has these characteristics or not.
Show Notes:
1:38 - Headline: Rand Paul Bill
6:45 - Traits A Financial Advisor Must Have
7:12 - Trait #1: Trust
8:56 - Trait #2: Likability
10:03 - Trait #3: Area Of Expertise
11:17 - Trait #4: Listening Ability
13:00 - Trait #5: Problem Solver
14:58 - Mailbag Question from Norm: "How much risk to take now that I'm in retirement?"

Top 5 Social Security Misunderstandings

Myths, rumors, and misunderstandings are pervasive in the world of Social Security. On this show, we’ll look to clear up the top 5 misunderstandings about Social Security.
Show Notes:
1:33 - Mailbag Question from Randall: "Places to start investing in for retirement."
5:21 - Top 5 Social Security Misunderstandings
5:42 - Misunderstanding #1: Social Security Is Going Broke
6:43 - Misunderstanding #2: You Should Start Social Security As Early As Possible
7:31 - Misunderstanding #3: You Should Start Social Security As Late As Possible
9:25 - Misunderstanding #4: The SSA Can Help You Choose The Best Strategy When You Go And See Them
11:37 - Misunderstanding #5: You Don't Pay Taxes On Social Security Benefits
14:48 - Do You See People Often Overestimating Their Risk Tolerance?

Avoiding Critical Estate Planning Mistakes

There are some people who don’t care at all about leaving a financial legacy, but for those who do, it’s important to eliminate some of the common estate planning mistakes.
Show Notes:
0:56 - In The News: How the stock market might react to the result of the upcoming election
5:27 - Avoiding Critical Estate Planning Mistakes
5:43 - Mistake #1: Not Planning Your Expenses In Retirement
7:17 - Mistake #2: Beneficiary Designations
10:01 - Mistake #3: Not Considering The Tax Implications Of Your Estate
13:25 - Mailbag Question from Helen: "Are there really no tax implications to rolling over the 401 (k)?"

It’s Good To Have Awkward Conversations

Sometimes being a good financial advisor means having uncomfortable conversations. We’ll take a look at how advisors should help clients navigate various tricky situations.
Show Notes:
0:48 - Story Time: Tax Planning
3:48 - It's Good To Have Awkward Conversations
4:30 - Conversation #1: Death Of A Spouse
6:11 - Conversation #2: Nursing Home Care
8:50 - Conversation #3: Working Longer Than Expected
12:01 - Conversation #4: Legacy Planning
15:21 - Mailbag Question from Kevin: "My employer plans to stop matching 401k contributions..."
18:02 - Mailbag Question from Annie: "Most of my 401k is invested in company stock..."

Retirement Constants That Affect Everyone

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?
Show Notes:
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?

What Flying Teaches Us About Retirement

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.
Show Notes:
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 Responsible Savers Make Mistakes

Even for people who have been very responsible with their money over the years, entering retirement canstill be a challenge because it’s such a different stage of life. Let’s talk about some of the missteps thateven responsible savers can make…
Show Notes:
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..."
 
 
 

Busting The Biggest Financial Myths

Today’s episode is simple. We’ll look at some of the most widely believed financial myths and try to bust them wide open. The scary thing is that a lot of people base their financial plans on some of these myths.
Show Notes:
2:17 Helping clients understand how their financial jigsaw puzzle fits together
5:58 Myth 1: Shifting from stocks to bonds removes the volatility from your portfolio
7:32 Myth 2: Once you've retired, life insurance is no longer necessary
9:12 Myth 3: You will need less income when you retire than you do when you're working
10: 26 Myth 4: You will probably be in a lower tax bracket when you retire
11:43 Myth 5: Financial planning is much easier to do without professional help because of all of the technology that is now available
13:40 Email Question: Investing in oil wells