With all the information on the internet these days about investing and saving for retirement it can be easy to fall into the trap of overconfidence. However, this type of overconfidence can cause gaps and mishaps in our financial plans. On today’s episode, we are going to be discussing 5 areas in financial planning where people tend to get overconfident and how a financial planner can help mitigate these vulnerabilities.
Read more and get additional information: https://retirementplaybookpodcast.com/retirement-strategy/ep-50-overconfidence-in-financial-planning/1510/
Key Points:
1:00 – October is here!
2:30 – Stock market
5:48 – A million dollars to retire
7:23 – Rule of thumb
9:12 – Our own understanding
12:40 – Our own decision making
Financial gaps will happen without a detailed assessment of your retirement plan, and that can keep you from living confidently in retirement. Let's look at the most common ones we see in plans and what we do to help fill those gaps.
Read more and get additional information: https://retirementplaybookpodcast.com/retirement-strategy/ep-49-mind-the-gap/1502/
Key Points:
0:53 – Catching up with Dale
3:23 – Minding the gap
4:15 – Paycheck gap
5:57 – Social security and Medicare
10:10 – Inflation gap
12:13 – Long term care
14:48 – Widows gap
17:05 – Paying more taxes
Are you missing these financial red flags? Depending on how you answer these questions, this may be your sign to speak to a financial advisor about planning and diversifying your portfolio correctly.
Read more and get additional financial information: https://retirementplaybookpodcast.com/retirement-strategy/ep-48-red-flags-in-your-finances/1496/
Key Points:
2:00 – Can you name all your investments?
4:49 – How often do you meet with your financial advisor?
7:56 – Can you handle account balances moving?
9:51 – How much do you need to maintain your lifestyle?
12:05 – Can you describe your retirement plan?
All that hard work you’re doing isn’t just to earn and save money. There are bigger reasons for retirement and we want to explore that on this episode. What are you living for? Let’s talk about the common motivations we find people have and discuss how we help them reach those goals.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-47-what-retirement-are-you-living-for/1491/
What we discuss on this episode:
1:59 – Spending more time with family
5:42 – Buying stuff
8:00 – Big travel plans
10:21 – Helping grandkids with college
12:13 – Funding a charity
Managing finances create plenty of stress each day so let’s take some time to add a little humor to the conversation. Today we’ll tell a few financial planning jokes and see what lessons we can learn along the way.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/investing/ep-46-its-just-a-joke/1486/
What we discuss on this episode:
2:37 – Credit card debt
5:36 – Bonds
7:25 – Balances
8:40 – Investing
10:17 – Stock market volatility
11:58 – Retiring early
We work with all types of people and personalities, and the way you view money affects the way need to plan. Let’s look through the different types of financial personalities and describe the characteristics you’ll find with each.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/uncategorized/ep-45-the-different-types-of-financial-personalities/1467/
What we discuss on this episode:
1:44 – The victim
2:15 – The over-analyzer
7:35 – The do-it-yourselfer
9:15 – The ostrich
10:43 – The odd couple
12:15 – The gambler
13:23 – The model citizen
The possibility is out there that new amendments could be made to the SECURE Act, which was originally passed in late 2019 and took effect at the beginning of 2020. What changes might be coming and what do you need to be aware of?
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-44-secure-act-2-0-what-to-know/1463/
What we discuss on this episode:
2:01 – RMD age could be raised to 75
5:57 – Employers could auto-enroll people into a 401(k)
7:51 – Catch-up contributions
10:14 – Student loans
13:38 – Database for finding old 401(k) accounts
Every generation’s retirement comes with a new set of challenges but today’s retirees have a lot more on their plate than their parents did. Let’s take a look at the biggest retirement challenges facing people today and how planning has changed because of them.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-43-not-your-fathers-retirement/1452/
What we discuss on this episode:
2:15 – Okay to work beyond 65
5:45 – More expensive to be retired than working
8:28 – Healthcare expenses
9:26 – Many more things to juggle now
12:21 – What clients are asking about
13:42 – Portfolios are much more intricate
At first glance, each of these statements seem like basic common sense that everyone agrees with. But when we look at the way people actually behave with their money, it seems that common sense is actually a bit uncommon…
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/investing/ep-42-learning-through-uncommon-sense/1451/
What we discuss on this episode:
1:29 – Buy low and sell high.
5:59 – Don’t pay more in taxes than you have to.
8:18 – Keeping costs low.
10:19 – Don’t put all your eggs in one basket.
13:26 – Market timing is impossible.
It’s time to open up the email inbox and find out what’s on your mind. Join us as we answer retirement questions about savings, mortgages, emergency funds, and more.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-41-answering-your-retirement-questions/1445/
What we discuss on this episode:
1:58 – Mailbag question on how much you need to save for retirement
4:58 – Mailbag question on buying a dream home
8:42 – Mailbag question on emergency funds
10:47 – Mailbag question on 401K accounts
13:14 – Mailbag question on finances after divorce
Let’s take a look at the world of medicine and see what valuable lessons can be applied to your retirement planning. After all, our goal is to make sure your financial health is on track so you’ll be able to enjoy retirement to its fullest.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-40-listening-to-the-money-doctor/1434/
What we discuss on this episode:
1:40 – Always a good idea to get a check-up
3:30 – How often are check-ups needed?
5:44 – Need a prescription
7:17 – Specialists
10:18 – Getting a second opinion
Could you retire off a million dollars? Yahoo! released a survey about how long that much money would last in different cities around the country. Let’s discuss the statistics and explain the process for determining how much money you’ll need for retirement.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-39-how-long-will-a-million-dollars-last/1427/
What we discuss on this episode:
1:01 – Yahoo! Finance survey results
2:48 – How much do you need?
3:54 – Living in LA and other big cities
8:19 – Mid-size to small cities
9:16 – Determining what your amount is
10:16 – Income is essential
11:11 – Convincing a client to enjoy a trip and spend
12:15 – Changing your mindset in retirement
14:12 – How to make sure your money lasts
Is the pension becoming a thing of the past? More and more people are having to create income plans that don’t include a pension and it can present a different set of challenges. Today we’ll discuss the state of the American pension plan and what you need to know with and without one.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-37-state-of-the-american-pension-plan/1414/
What we discuss on this episode:
1:13 – How many Minnesota companies still offer a pension?
2:05 – Lack of pensions impacts planning
3:18 – Does pensions put you in a better position?
4:40 – Buyout or lump sum?
7:07 – Planning for inflation
8:04 – Having a plan for the pension
8:44 – Final thoughts on pensions
As people prepare for retirement, there are some common assumptions that get made. The problem is these assumptions can often lead you astray and underprepared financially. Today we’ll look address these misconceptions and explain why it’s important to never assume.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-36-this-is-why-you-never-assume/1408/
What we discuss on this episode:
1:23 – Puppy update
3:11 – You’re going to spend less in retirement
5:32 – Taxes will be lower when you retire
8:38 – You have to prioritize your child’s college over your retirement
11:23 – Assuming you won’t be able to retire
Business owners are particularly vulnerable to some misconceptions and false assumptions about their retirement. Today we’ll talk about the areas where Dale sees the biggest trouble areas when it comes to planning.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/uncategorized/ep-35-retirement-planning-for-business-owners/1402/
What we discuss on this episode:
1:42 – If the business plan works, then retirement will work out
5:43 – Selling your business will fund retirement
7:55 – Keeping the business in the family
11:34 – Having your business affairs in order
Whether you follow the market closely or not, you’ve probably seen the headlines about Gamestop stock. Join us as we get Dale’s perspective on what’s happening, what’s next, and what lessons we can take from this.
Read more and get additional financial planning resources here: https://retirementplaybookpodcast.com/investing/ep-34-gamestop-stock-mania/1396/
What we discuss on this episode:
1:37 – Gamestop stock
3:15 – Dale’s view of what’s happening
6:24 – People chasing gains
9:13 – What we’ve seen from clients
10:51 – Lessons we can learn from this
Is it okay to start Social Security before you retire? What about life insurance as a way to generate retirement income? We answer these questions plus a couple more that listeners have sent into the show.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/investing/ep-33-mailbag-social-security-life-insurance-legacy-the-market/1390/
What we discuss on this episode:
3:00 – Mailbag question about when to start Social Security
6:13 – Mailbag question on life insurance
8:18 – Mailbag question on leaving money for kids
11:37 – Mailbag question about the stock market
The goal for your money is to help you reach retirement and utilizing it correctly will acheive that. Before making any financial decisions, it’s important to understand the three different qualities of money and which investments best align with your goals.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/investing/ep-32-understanding-the-3-qualities-of-money/1384/
What we discuss on this show:
2:03 – Financial literacy is on the menu today
2:53 – What are the 3 qualities of money?
3:37 – Can you achieve all three in one investment?
5:13 – Cash
5:57 – Stocks, bonds, and mutual funds
7:08 – Annuities
8:34 – Real Estate
10:05 – Diversifying your portfolio
We’re all ready to put an end to 2020 and turn the calendar to a new year, but first things first. Let’s look at the end of year planning conversations you should be having with your advisor before January 1.
Read more and get additional financial resources here: https://retirementplaybookpodcast.com/retirement-strategy/ep-31-end-of-year-financial-checklist/1374/
What we discuss on this show:
2:34 – Item 1: Should we max out contributions?
4:10 – Item 2: Reviewing CARES Act and RMDs
5:35 – Tax considerations for waiting on RMDs
6:51 – Item 3: Exploring Tax-Loss Harvesting
7:57 – Item 4: Charitable contributions
9:48 – Item 5: Purchases that would give you a tax credit
12:08 – Item 6: Roth Conversion Conversation
16:03 – Thanks for a great 2020
