“RETIRE WITH INTEGRITY” PODCAST

The Principle:

With these five parts to a retirement plan, it’s important to look at them all for what they are now as well as what they will look like in the future. Then later, Brian talks about inheriting an IRA and how to confidently make the right decisions.

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Honest Takes:

[00:15] – Kiplinger’s Five Parts To A Good Retirement Plan:

• Income Plan
• Investments
• Tax Efficiency
• Healthcare
• Financial Legacy

[00:58] – Income Plan. 

• In retirement, a lot of people don’t know when and where this will come from. Know where your reliable income streams are going to come such as pensions, social security, or sometimes even annuities. Know the right questions to ask when you seek out these reliable income sources.

[4:42] – Investments.

• Sometimes people like to try to do a DIY financial investment, but be sure to think about where that will leave your loved ones if something happens to you. Look at potential in your assets and do the right things now.

[5:40] – Tax Efficiency.

• Tax efficiency is the fourth of our five parts to a good retirement plan. It’s not always about reducing taxes now, but how will it work later? Ask what your CPA is doing for you both now and later.

[7:44] – Healthcare And Financial Legacy.

• You don’t know what will happen to you or your loved ones. Do you have a plan in place?

[11:35] – Inheriting An IRA From A Spouse.

• Knowing what to do when you inherit an IRA from a spouse will make you more confident in what you can do. You can add inherited IRA assets to your own IRA and keep it growing. IRAs are individual retirement accounts, but a spouse can be designated as a beneficiary.

[16:29] – You Need To Understand The Rules Of IRAs.

• If you look up Publication 590 to read about IRAs it can so confusing to figure out on your own, which is why you need a teacher.

Today’s Truth:

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The Host:

Brian Bowen – Contact

“RETIRE WITH INTEGRITY” PODCAST

The Principle:

It’s been 10 years since The Great Recession officially ended. Investors have profited immensely from the subsequent bull market, but some are afraid to continue investing. Brian examines what we can learn from the bull market and how to continue investing wisely.

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Honest Takes:

[00:15] – Did You Panic In 2008? If So, You Might Need To Reassess Your Risk Tolerance.

• We’re in the tenth anniversary of the latest bull market, but some investors were afraid to get back in the market after they lost money in 2008. They were driven by fear, and they didn’t have a game plan. If you panicked in 2008, you probably had too much risk in your portfolio.

[2:30] – Determine Your Needs. 

• Your needs in retirement will dictate how much risk you can afford to take in the stock market. If most of your retirement income is guaranteed, you can stand to lose money in a market correction as you won’t need the money that’s invested for a long time. Conversely, if you’re going to be living off of your 401(k) in retirement, you probably need to dial back the risk in your portfolio. Regardless, if you invest wisely, you can take advantage of the bull market.

[3:40] – Everything Carries A Risk.

• Even your safest investments carry a risk. If your money is invested in a CD, you risk losing money to inflation. Inflation can be just as dangerous to your wealth as a market correction.

[5:50] – Don’t Over-Invest In One Stock.

• Brian shares the story of a client who lost everything because most of his wealth was invested in one incredibly volatile stock.

[8:45] – National Debt Is Skyrocketing.

• The national debt is more than $22 trillion. Congress doesn’t seem to be doing anything to curb spending, so we can only assume taxes will rise as a result in the future.

[10:32] – The Dangers Of A Debt Retirement Plan.

• If you have all of your wealth in a pre-tax retirement account, you have a debt retirement plan. You might not think you have debt, but you’re in debt to Uncle Sam. When you withdraw from that account, Uncle Sam is going to tax your pre-tax accounts. Your IRA is an IOU to the IRS, and when you retire, the IRS will hit you with a hefty tax bill. Compound that with the potential for rising tax rates, and you could find yourself in trouble.

[13:04] – The Roth IRA Is A Powerful Tool.

• Dave Ramsey is a financial radio personality out of Nashville. He advocates for the use of Roth IRA accounts as a way to alleviate your tax burden.

Today’s Truth:

Subscribe:

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The Host:

Brian Bowen – Contact

“RETIRE WITH INTEGRITY” PODCAST

The Principle:

Join us as we feature legendary Virginia Tech Football Coach Frank Beamer. He outlines the importance of having a game plan for retirement.

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Honest Takes:

[00:20] – Sometimes, You Have To Adjust Your Game Plan.  

• Beamer shares the importance of having a game plan. However, he stresses the importance of being ready to adjust your game plan.

[1:47] – Plan Ahead. 

• Coach Beamer planned to retire before the 2015 season ever began. This gave his coaching staff ample time to find a replacement. This illustrates the importance of planning ahead for your retirement. Take time to get your finances in order, and when the time comes to retire, do so with peace of mind.

[3:09] – Assemble A Staff To Execute Your Game Plan.

• Beamer had a large coaching staff. It took a team to run his football program effectively, and they had to communicate with one another along the way. In retirement, you might have several moving parts in your financial game plan, and you need a team of experts to help you put everything into place.

[4:00] – How Retirement Is Treating Beamer.

• Beamer shares the latest with his family, and he hints at whether his son might try to coach at Virginia Tech one day.

[6:34] – Coach Beamer Shares Thoughts On The State Of Football.

• College football has become a full-fledged business. Beamer discusses his feelings on current transfer policies for athletes who want out of a program.

[8:39] – Your Life Experiences Shape You.

• Beamer shares how his life didn’t turn out how he thought it would; it turned out better. He discusses the importance of following the Lord’s plan in life instead of holding fast to your own.

[9:52] – Tricky Transfer Situations.

• Some prospects find themselves in a tricky situation when their coach leaves for another program before they ever arrive on campus.  Beamer suggests players should have a chance to reevaluate their situation as circumstances change during the recruiting process.

[11:58] – A Word Of Advice On Pensions.

• Investopedia suggests people who have pensions should do their homework before taking a lump-sum buyout. Pensions are confusing, and some companies don’t even offer them anymore. Lump-sum payouts occur when companies choose to discontinue their pension plans. They offer to write a check to their employees, and they’re able to rid themselves of the liability associated with a pension. The trouble with a lump-sum buyout is that they often don’t pay as well as consistent monthly income. Before you can determine whether you should take a buyout, you need to run the math.

[15:12] – A Note On Survivor Benefits.

• If you have a pension with a company, they’ll ask you to add on a survivor benefit for your spouse. Brian explains house the survivor benefit basically functions as life insurance.

Today’s Truth:

Subscribe:

Apple Podcasts  –  Stitcher  –  TuneIn  –  Spotify  –  iHeartRadio

The Host:

Brian Bowen – Contact