Common Financial Scams
Friday, May 17 2019
“RETIRE WITH INTEGRITY” PODCAST
The Principle: Picture this. You receive a phone call from an unknown number. Should you answer? You’ve probably received one of billions of robocalls recently. It’s important to look out for common financial scams over the phone and check with your financial advisor when in doubt. Brian shares some common scams to look out for and then shares some information about taxes in retirement.
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Honest Takes: [0:15] Telephone Scams
Americans received an estimated 48 billion robocalls last year. Sometimes, older clients can be taken advantage of, especially widows. Timeshares are a scam. They’re not an asset. Several of the exit strategies are scams. Brian shares an example of a client who incurred a large fee to exit her timeshare. Sometimes saying it out loud to someone else helps you realize it’s too good to be true. Financial advising is not only about investments, but also about being a sounding board. [5:50] Taxes in Retirement
The Motley Fool says the way we withdraw our money during retirement can have a domino effect on our tax bill. Taxes returns are like solving a puzzle while trying to figure out all of the pieces of a person’s life. Brian shares about the Rule of 72 for long-term tax planning. Using an IRA as an example, Brian gives some numbers on what you might pay in taxes. When you’re talking about retirement, you really have to talk about taxes. Ignoring taxes is ignoring retirement planning. Most advisors cannot talk about taxes because the company is afraid of the liability. Today’s Truth: Subscribe: Apple Podcasts – Stitcher – TuneIn – Spotify – iHeartRadio
The Host: Brian Bowen – Contact
How Much Money Should You Invest In The Market?
Thursday, May 9 2019
“RETIRE WITH INTEGRITY” PODCAST
The Principle: A big question when it comes to saving for retirement is, “How much money should you invest in the market?” However, the more important question is “How much risk are you comfortable having in your portfolio?” Brian walks us through a few ways you can play it safe or take on risk when it comes to retirement.
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Honest Takes: [0:15] How Much Money Should You Invest?
You need to think about how much risk you’re taking . You should do an assessment every year to look at what you have. Brian breaks down some of the numbers on what may look safe to some clients. There isn’t a right or wrong answer on how much risk to have, it’s about what you are comfortable with. Brian talks about money markets, annuities, and accounts that are more protected. [5:02] How Much Risk Are You Comfortable Having In Your Portfolio?
Brian shares a client example
of someone who had aggressive accounts but wanted to be more conservative. It’s important to be honest
with yourself. Getting a second opinion can
help when you are dealing with your entire nest egg. Look at what’s best for you. Today’s Truth: Subscribe: Apple Podcasts – Stitcher – TuneIn – Spotify – iHeartRadio
The Host: Brian Bowen – Contact
Is Inflation The Biggest Threat To Your Retirement?
Thursday, May 2 2019
“RETIRE WITH INTEGRITY” PODCAST
The Principle: As you save your hard-earned money for retirement, you need to know the common pitfalls and threats to your wealth. Brian addresses inflation as one of the biggest threats to your retirement and answers a common question about financial planning.
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Honest Takes: [0:15] Biggest Retirement Threat
Economist Torsten Slok on CNBC says inflation is the “mother of all risks.” Brian says the government is not always totally truthful about the real numbers used to calculate inflation. Brian shares an example of how inflation could affect your wealth if you had a million dollars saved. Some factors that could impact inflation later on include spending and taxes. [4:26] How Much Do I Need?
One of the most common
questions about retirement is, “Do I have enough?” There are a lot of variables
that you don’t know. Long-term care can be
extremely costly. Putting a plan in place helps
you see what kind of returns you need to get on your investments. Brian shares about a client
who built his own spreadsheet but was missing big things like taxes or variable
interest rates. Find a financial planner to
give you an unbiased opinion. Today’s Truth: Subscribe: Apple Podcasts – Stitcher – TuneIn – Spotify – iHeartRadio
The Host: Brian Bowen – Contact
