Podcast

Secrets And Surprises

Thursday, March 28 2019

“RETIRE WITH INTEGRITY” PODCAST

The Principle:

It’s important to be financially transparent when it comes to your money. Don’t keep secrets. Be honest with your spouse, with your advisor, and even with yourself to avoid surprises when it comes to planning for retirement.

(Click the featured times below to jump forward in the episode)

Honest Takes:

[00:15] – One In Five People Admit To Owning Secret Checking Accounts.

  • They keep them secret from their spouses, and it’s a little awkward when that secret comes out. Don’t keep secrets from one another. Transparency with money is important.

[1:29] – The Difficulties Of Separate Finances.

  • When people separate their money, comprehensive retirement planning can be difficult, especially when a spouse doesn’t know what the other one has in accounts and IRAs. You should know what is in each other’s accounts, even if you don’t manage it.

[6:37] – Many Don’t Know What They’ll Need In Retirement.

  • There are many ways to generate income, and it can be difficult to know the best way to do so. Pensions, dividends, capital gains, IRA distributions, and Social Security can all be used as income. It’s also impossible to plan for the unknown in retirement, so you need to plan for the things you know you can control. Prepare yourself for the surprises.

[11:03] – Your Retirement Is More Than A Number.

  • It’s not about hitting a certain dollar amount for retirement; it depends on your lifestyle. Getting an unbiased decision helps. We create a retirement blueprint which goes through the seven areas of your life you need to go through to understand to determine if you have enough money, if it’s saved in the right place, if you have an estate plan, tax planning, and have investable assets.

Today’s Truth:

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The Host:

Brian Bowen – Contact

Five Key Parts To A Good Retirement Plan

Thursday, March 21 2019

“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.

(Click the featured times below to jump forward in the episode)

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:

Subscribe:

Apple Podcasts  –  Stitcher  –  TuneIn  –  Spotify  –  iHeartRadio

The Host:

Brian Bowen – Contact

Lessons From The 10-Year Bull Market

Thursday, March 14 2019

“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.

(Click the featured times below to jump forward in the episode)

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:

Apple Podcasts  –  Stitcher  –  TuneIn  –  Spotify  –  iHeartRadio

The Host:

Brian Bowen – Contact