Smart Money Questions

As 2020 comes to a close, now’s the time to do some financial planning. Matt has some important topics you should cover with your advisor. We'll also spend talk some about first-time homebuyers and how to approach your mortgage.   Read more and get additional financial resources here: https://wp.me/p9B077-Mo    What we discuss on this show:  2:53 – Maximize 401k 4:55 – CARES Act 6:35 – RMD charitable contribution 9:04 – Deductions on Schedule A 11:25 – Pull money out of the IRA? 13:25 – Tax credits 16:26 – First-time homebuyers 17:58 – Find a good Realtor

After a long year in 2020, many of us want to make sure 2021 starts off right. On this episode of the podcast, Matt answers several questions from listeners and clients when it comes to making wise investment and financial decisions in the new year.   Read more and get additional financial resources here: https://wp.me/p9B077-Mk    What we discuss on this show:  3:36 - How can I avoid market volatility but still save for retirement? 9:32 - Do you understand how Social Security works? 13:27 - Should you refinance when close to retirement? 20:46 - What’s your opinion on flipping houses as an investment strategy? 22:33 - What are the tax implications?

  We’re talking about two important topics today: Are reverse mortgages a bad idea? And how can I help my widowed parent with their finances?   Read more and get additional resources here: https://wp.me/p9B077-Me     Learn more about reverse mortgages: https://smartmoneyquestions.com/podcastposts/episode-93-harlan-accola-behind-the-curtain-of-reverse-mortgages/    What we discuss on this show: 2:56 – Are reverse mortgages a bad idea? 6:35 – Different types of reverse mortgages 9:08 – Can we get kicked out of our home? 13:03 – How to help a widowed parent 14:49 – Look at beneficiaries 16:01 – Do you see any life insurance? 17:46 – Look at parent’s living arrangement 18:36 – Matt talks about is father’s passing 20:04 – Are liabilities joint or just in one parent’s name?

U.S. News & World Report has released its list of the top places to retire in the country. Choosing where to retire is not only a personal decision; it’s also a financial one. We’ll explain why.   Read more and see the full list of cities here: https://wp.me/p9B077-M8    What we discuss on this show:  2:26 – How were places ranked? 3:15 – Top 15 places to retire 4:40 – Consider housing affordability 7:03 – Consider renting before buying 9:50 – Consider changing residency 12:12 – Consider doing a financial exercise 13:43 – Consider the emotional side

This week marks an important milestone in Maggie’s journey with cancer. We’ll give you an update about her health. We’ll also discuss Medicare and help you understand it better.   Read more and get additional financial updates here: https://wp.me/p9B077-LW    What we discuss on this show:  0:41 – Maggie’s 5-year mark after cancer diagnosis 6:45 – What do I need to know about Medicare? 8:16 – Traditional Medicare 11:38 – Medicare Part D 13:39 – Medicare supplements 15:13 – Husband’s health coverage options 17:22 – Obamacare 20:07 – Listener question: Should I give inheritance money to my son? 23:24 – Listener question: How reliable is my 401K income estimate?

There’s no doubt that election concerns are on the mind of many people right now, especially as it relates to their financial portfolio. We’ll start the show by addressing these election cycles worries by looking back at what history has shown us. From there, Matt will talk about a call he had with someone recently that wanted to get their retirement on track. He’ll take you through the essential steps that need to be taken to get your financial house in order.   Read more and get additional financial resources here: https://wp.me/p9B077-LF     What we discuss on this show: 0:44 – Many people worried about the upcoming election cycle. 4:19 – What is going to happen with the market? Here’s what history tells us. 9:44 – The steps we suggest you take if you’re concerned. 11:59 – A conversation we had last week with someone curious about how they were doing financially. 13:12 – 3 parts to building a budget 14:58 – Understanding your debt. 17:59 – Have an emergency fund 20:31 – Financing a home that

We get a lot of questions about the CARES Act and 401k fees. Here's how they work and what you need to know.   Read more and get additional financial resources here: https://wp.me/p9B077-Lx    What we discuss on this show:  2:49 – Questions about CARES Act, 401K fees 5:19 – CARES Act 9:04 – Qualified individual 12:36 – IRA withdraws, RMDs and charitable distributions 15:18 – Roth conversions 18:06 – Qualified charitable distribution 20:23 – Qualified retirement accounts

Between the coronavirus, market swings and upcoming election, people have been calling our office with all kinds of investment and retirement questions and fears. Let’s talk about some of these common concerns.    Read more and get additional financial resources here: https://wp.me/p9B077-Ln    What we discuss on this episode:  3:00 – Get serious about financial planning 8:22 – Don’t make emotional, fearful decisions 12:03 – How are you going to pay for health care? 15:22 – Which account should I withdraw from first? 19:44 – Where are we putting our investment monies? 21:44 – How to contact us

Did you know that more than 80% of all first-time homebuyers last year put less than 20% down on their homes? Mortgage expert Lindsey Johnson tells us about private mortgage insurance and what changes the mortgage and real estate industries may see.   For more information, visit https://www.lowdownpaymentfacts.com/ and http://www.usmi.org/.   Read more and get additional resources here: https://wp.me/p9B077-Lh    About our guest: http://www.usmi.org/lindsey-johnson-usmi-president/    On today's show:  0:29 – Meet Lindsey 1:20 – Her background 2:32 – What is private mortgage insurance and how does it work? 4:47 – Is PMI part of the complicated mortgage process? 9:37 – Does PMI automatically come off at 20%? 14:18 – Should buyers be speaking to multiple lenders? 15:49 – How will COVID-19 impact real estate, mortgage and insurance industries? 21:35 – Will rates go up as fast as they came down? 23:30 – Are any changes coming in the real estate and mortgage industry? 34:03 – Should there be under

You may recognize his voice. Now, get to know more about Walter Storholt, our friend and former co-host who runs Third Wheel Media. How has the pandemic affected his business? What is the future of podcasting and media? And what is his dream job?   Read more and get additional financial resources here: https://wp.me/p9B077-L7    About our guest: https://www.thirdwheelmedia.com/    On today's show:  0:29 – Introducing special guest Walter Storholt 2:20 – What is Third Wheel Media? 3:18 – Why working from home has worked out well 6:00 – The story of Walter’s house purchase and renovations 10:44 – How locals are embracing working from home 12:00 – What business owners think about remote work 18:56 – Does Third Wheel Media do TV? 22:16 – The future of media 24:15 – A diversity of voices 26:43 – Local versus national media 29:55 – Social interaction during a pandemic 32:52 – Businesses doing more regional work and Walter’s dream of reading an audio book

Are you feeling stuck in an annuity? Do you have big plans to travel in retirement? Matt answers these questions and two others on today’s podcast.     Read more and get additional financial resources here: https://wp.me/p9B077-L0    Today's show schedule:  1:01 - We’ll talk about four questions today. 2:56 - If a variable annuity has high fees but a high penalty to get out, what should you do? 8:25 - With travel plans in retirement, do you need more income than in your working years? 13:38 - Should your advisor be talking about life insurance, Social Security, and legacy plans? 15:28 - What kind of planning does Matt do? 18:44 - Should you pay off the house or rental property with a money market account?

Are you looking at the mortgage rates right now and considering making a home purchase or refinancing your home? If so, what do you need to know beforehand? Matt will also tackle a discussion of whether you should have a Health Savings Account. Show Notes, Resources & Contact Info: https://smartmoneyquestions.com/ Timestamps: 1:22 - Today we’re going over mortgages and HSAs. 4:17 - Mortgage rates have dropped to historic lows. 8:18 - What is a cash out refinance and rate and term refinance? 9:30 - What requirements are in your loan? 11:11 - How does a variable rate work? 12:27 - What are the closing costs? 15:55 - Are you eligible for any discounts? 17:20 - Make sure you understand what you are getting into. 20:01 - How is the bank expecting you to pay back a home equity line? 20:40 - A home equity line of credit can be very valuable when needed. 21:42 - What is a Health Savings Account? 23:31 - Qualified medical expenses can be paid out in the future, tax-free. 24:49 - How does Matt use h

Are you considering working as a consultant or independent contractor? What does that mean for your finances and what should you prepare for ahead of time? We’ll answer those questions plus talk about trusts on today’s episode   Read more and get additional financial resources here: https://wp.me/p9B077-KL    Today's show schedule:  0:30 - Matt shares his excitement for the hope of reopening when the time comes. 1:40 - What would it look like to come back to work as a consultant? 5:17 - Does it make sense to go from being retired to becoming a consultant? 6:31 - What expenses will you incur? 8:03 - What kind of expenses could be considered a write-off? 9:04 - How will you be paid? 10:09 - Does it make sense to set up an LLC or corporation? 11:47 - What kind of liability are you subjected to? 15:04 - Mailbag: Is it wise to have a trust as a part of a financial and estate plan?

Where is your retirement money saved? Will it benefit you more now or later? On this episode of Smart Money Questions, Matt answers several FAQs when it comes to your retirement accounts as well as another question about inheritance plans.    Read more and get additional resources here: https://wp.me/p9B077-KD    Today's show schedule:  0:30 - Philadelphia is moving into the next phase of reopening. 1:54 - “Suppose you were an idiot and suppose you were a member of Congress…” 5:05 - What is a qualified retirement account? 7:18 - What is a Roth IRA or Roth 401(k)? 9:34 - What happens if the tax rate gets raised? 11:36 - What are the contribution limits? 13:12 - What is a Roth conversion? 17:29 - Mailbag: Should the anticipated sum of an inheritance be talked about or a surprise?

In today’s episode of Smart Money Questions, Matt answers a number of questions from listeners. From saving enough for retirement to claiming Social Security, we will talk through several scenarios listeners are currently facing.   Read more and get additional financial resources here: https://wp.me/p9B077-Ku    Today's show schedule:  0:38 - We’re about to kick off summer with the holiday weekend. 4:48 - Mailbag: I have 33 different funds, is that adequate diversification? 8:20 - What is your underlying asset class? 10:29 - Mailbag: Based on my age, am I saving enough? 15:18 - Mailbag: Can I start my Social Security benefits and still earn an income? 18:37 - Mailbag: I just inherited a large unexpected sum of money, what should I do?

Have you heard of some of the latest frauds? The more you know, the better you can keep safe from being fooled by a fraud. We'll also talk about staying positive and maintaining your well-being before addressing some inheritance questions.    Read more and get additional financial resources here: https://wp.me/p9B077-Kp    Today's show schedule:  0:33 - How is everyone making the best of the last six weeks?  4:22 - How can you have a glass half full mentality? 9:09 - Make sure to be aware of the frauds happening right now. 12:57 - Be extra diligent with communication in regards to your stimulus check. 14:11 - Are your emails from credible sources? 16:23 - Navigating the complications of an inheritance takes a team of professionals.

Are you wondering what the CARES Act is all about and how it might benefit you? What rules should you be aware of? Matt will share the key elements you should be aware of when it comes to the CARES Act in times of coronavirus.   Read more and get additional resources here: https://wp.me/p9B077-Ki    Today's show rundown:  3:09 - What is the CARES Act doing with RMDs? 5:52 - Can you still make qualified charitable distributions? 7:24 - What does it mean for charitable contributions? 9:07 - If you are under 59 and a half, what happens if you want to take money out of your retirement account? 12:58 - Who gets a stimulus check?

Coronavirus has already impacted all of our lives, be it through social distancing or through the stock market. How can you think strategically and stay level-headed financially?   Read more and get additional resources here: https://wp.me/p9B077-Ka    Today's rundown:  1:13 - What is our new normal going to look like? 3:58 - What’s happening in the market? 8:06 - Everyone wants to know, am I reacting the way everyone else is reacting? 11:25 - Where are you in your financial life? 17:03 - If you are contributing into a retirement plan, do not stop! 18:18 - What if you haven’t done any planning? 22:23 - Do not take your financial advice from the media.

It is no secret that college tuition is expensive and many parents want to help out their children pay for a higher education. But is it worth risking your retirement? Today we will look at the factors that parents should consider when paying for their child's education. Especially for those parents that are near, or in retirement. We also answer a question from a listener who is looking to sell their farm for a little under a million dollars and does not know where to invest the money.   3:25- What do you do when your ready to retire and the kids need to pay for college. 5:53- How to prioritize saving for retirement and paying for college. 7:59- Matt gives a tip to save money for college.  10:00- What to look for when picking a school. 15:30- What you need to analyze before entering retirement.  19:48- How much long term care coverage is recommended. 26:28- Is the benefit payout an expense or an indemnity benefit? How will this affect retirement. 

The outbreak and spread of the coronavirus has caused a bit of a panic in the market in recent weeks. We'll talk about how these events should affect your investments, short-term and long-term. We'll also take a look into some important strategies for protecting your assets from the state if you were to move into a nursing home.   2:40- How the market has reacted to the coronavirus and the history behind similar events. 3:39- There is going to be increased volatility during this time in the market, Matt explains how your investments are affected. 6:40- Markets go down, but it is important to not let fear drive financial decisions.  9:02- What needs to be done to protect assets for long term care.  9:58- Tings to consider before finding care and protecting assets. 12:15- Not all financial assets are the same, which means they need to be protected in different ways. 16:43- Matt explains the look back period the government uses when you start moving assets to other vehicles of ownership.