Smart Money Questions

There are many misconceptions that surround the idea of downsizing your house in retirement. Many people think that they will be able to make a huge profit if they downsize, but that is not always the case. We will guide you through some other considerations to keep in mind before you make the big sale. We also discuss reevaluating an old life insurance policy, how much company stock you should invest in, and deciding whether to move your money into cash, or to keep investing.   Show Notes   2:45- Should you look to downsize when you retire? 5:15- The issues with downsizing and the importance of understanding the real estate market. 7:40- What you need to consider before making the move. 8:30- Matt breaks down what needs to be taken care of in order to have an early retirement.  13:25- What to do with old policies and how to use the asset properly. 15:22 Matt answers a listeners question on how much company stock should you hold in your portfolio. 18:45- Matt explains deciding on moving to cash or c

Most people like to think that they always make decisions based on logic and facts, but the truth is that emotions usually play a role for all of us in the decision-making process. Matt will share examples he has seen where emotions have influenced the thought process of individuals. Understanding the emotions that come from financial planning and putting the right strategies in place leads to making the best decisions.   Show Notes:   1:26- Peoples concerns are often times driven by emotion. Matt will break down the good and bad behind emotions in financial planning.  3:34- Matt explains the different types of emotions people have when dealing with money.  4:53- The emotion of fear is always around us. It is key to be cautious of fear and not let it take hold how we make decisions.  8:54- Greed is an important emotion to identify and ensure it is not negatively affecting your financial planning.  12:00- Loyalty to companies and family is an emotion Matt encounters that can has led people to make poor

Recently, there was a COLA increase of 1.6% for Social Security benefits. Matt will give his thoughts on the long term benefit of having a COLA increase, even though the percentage may not seem impressive at first. We will also discuss why working past age 65 is not so uncommon anymore and the importance of mapping out a plan with how you would like to spend your time in retirement. Show Notes and Additional Resources: Working Past 65 Article: https://www.cnbc.com/2019/12/30/why-retiring-at-65-could-become-a-thing-of-the-past.html Retiring Abroad Article: https://www.foxnews.com/real-estate/12-affordable-places-retire   2:57- Learn how the COLA increase has a better long term benefit than you think. 5:00- Collecting Social Security early and how the increased income threshold could affect you.  7:03- The IRS changed the contribution limits to qualified retirement accounts.  9:44- The SECURE was passed and significant changes were made that will affect retirement planning.  11:28- The implementation o

Today's episode will look at how you could possibly establish residency in a different state as part of your tax planning. We will also answer questions regarding what to do when you have a pension with no survivor benefit and how to consolidate your retirement accounts. Show Notes and Additional Resources:     Today's Rundown: 0:28- Bring on the new year and take us back to Y2K. 4:11- A women in California died but was still enrolled in a cable contract leaving the early termination fee to her kids.  5:30- President Trump changed his residency from New York to Florida which raises the question, should you consider this too? 6:20- Lets look at how tax planning can help determine where you should establish residency.  7:23- How does income and estate tax factor into the planing? 10:15- What other factors should be considered before making the move? 11:07- The importance of sponsorship planning.  12:30- What do when you will be receiving a pension.  14:05- What can be done after a pension plan has

You’ve likely carried an auto and homeowners policy for many years and don’t think too much about it, but your property and casualty insurance is your protection from major financial disaster. We talk with an insurance specialist to get a better understanding of these policies and what we should be paying attention to.   Show Notes and Additional Resources: http://smartmoneyquestions.com/podcastposts/episode-113-understanding-property-and-casualty-insurance-with-ted-wolfer/    Today's Rundown:  0:21 – Today we’re talking property and casualty insurance with Ted Wolfer 1:31 – Start by helping us understand what this insurance is? 2:09 – Understanding auto insurance and the requirements vs the add-ons. 5:34 – Are there minimums that are required for vehicles you lease or have a loan on? 6:30 – Understanding the liability minimums you might have seen on your policy. 8:55 – Here are the recommendations Ted and his office makes. 10:40 – The difference in premiums is usually very small. 11:29 – Somethin

You never know what kind of questions or scenarios you’ll come across when working with clients. But that’s what makes planning exciting. Today we’ll pull three great questions that we’ve heard recently involving 401k rollovers, investing rental property proceeds, and the challenge of spending in retirement. We’ll go in-depth on each answer to show you how we approach each situation.   Full Show Notes: http://smartmoneyquestions.com/podcastposts/episode-112-3-listener-questions-about-investing-401k-and-retirement/    On This Episode:  0:34 – The plan for today’s show. 3:07 – Question: I’m selling one of my rental properties in the next month or two and I don’t have any plans to buy another one. What’s the best thing to do with the money from that sale? 4:08 – The first thing to consider is your tax obligation when selling the property? 5:19 – What the IRS is looking at when calculating your taxes. 6:26 – Now what to do with that money. Here are some options.   8:00 – This question reminds Matt of a

Are you worried that your child is accumulating too many things? Do you wonder if you’re spoiling your child? John Lanza, author of The Art of Allowance, joins the show to give us an overview of his Money Mammals empowerment kit that teaches children how to share, save and spend. This is a great place to start if you want to lay a foundation for money management for your child.   Show Notes: http://smartmoneyquestions.com/podcastposts/episode-111-teaching-children-lessons-about-money-with-john-lanza/   Today's Rundown:  0:29 – Introducing today’s guest, John Lanza. 1:10 – Give us the background on how you got this all started. 3:31 – How young can children be to start learning these smart money basics.   5:12 – Has the teaching process changed at all as we move further and further away from physical money? 6:57 – It’s important to children to see the transaction happen with the money in your hand so they can see that money has to go in.   7:38 – At what age should an allowance start and does it stil

Have you ever stopped to think about what your financial advisor invests in? You get a lot of advice and guidance but do they actually follow their own suggestions? We’re going to pull back the curtain and tell you how we manage our entire portfolio for the three businesses.   Show Notes: http://smartmoneyquestions.com/podcastposts/want-to-know-how-were-investing-our-money/   Today's Rundown:  0:34 – What we’re doing on today’s show. 1:10 – In the news: Local Pennsylvania couple facing a felony charge after spending more than $100,000 that was accidentally deposited into their bank account. 1:59 – This came up in my office recently from a client: I read an article that suggested I ask my advisor what they invest in. 2:47 – So today, I want to go through this question and discuss everything we are involved with in our office. 5:56 – Where is our emergency fund. 6:44 – Our tax money is also sitting in another bank account. 7:17 – We also have money invested in our three companies.   8:54 – Let’s tal

So much of our focus during retirement planning is saving money to protect ourselves and provide for our family, but there’s such a great opportunity to improve our lives even more by giving to others. Not only does it improve the lives of others but it also creates financial benefits for your portfolio. Arlene Cogen, a philanthropic leadership consultant and author, joins us to discuss this important topic. On this episode: 0:26 – Today we have a special guest on the show, Arlene Cogen. 1:21 – Arlene shares her background on how she got into Philanthropic Leadership 3:55 – She wrote the book ‘Give to Live’ 5:19 – When people think about giving, many feel they can’t incorporate that into their retirement. 5:53 – The idea of giving while you’re living. 6:49 – There are studies that show philanthropy provides real joy to our lives. 10:16 – What are the strategies to consider if you want to give while you’re living? 12:18 – Advantages to having a charity listed as a beneficiary.   13:54 – Some states h

With 50 percent of marriages ending in divorce, there’s a good chance you or someone you know is going to face the choice later in life to remarry or stay single. Many things will factor into that decision but understanding how your finances will be impacted is a significant part of that discussion. These are the questions you need to be asking.   Today's rundown: 1:03 – The backstory behind today’s main topic. 4:31 – Here’s the question I was asked last week. 5:40 – These are the initial questions that I asked her to get a grasp on all the assets and expenses. 8:00 – For those that don’t know, I’ve been through this same situation. 9:17 – Here are some of the reasons you would not get remarried. 12:06 – A very important thing you have to figure out is what debt situation am I walking into and will I be assuming responsibility for this debt. 12:39 – Let’s talk about the idea of estate planning. Each option results in distinct differences. 15:31 – Let’s talk specifically about where your assets are –

It’s a question we get a lot from clients. Everyone has enjoyed the long run upwards in the stock market but now we’ve moved into the stage of worry and pessimism. But it’s not your fault. Headlines always make you fear the worst, and that’s why we’re going to address the elephant in the room and how to be prepared for the worst. On this episode:  0:36 – We’ve been getting questions about the next market crash for a little while now. 3:17 – Question from Elizabeth: I’m retiring in 6 months and I’m worried about what will happen if we have a market crash before I reach the finish line.     4:03 – When is the next market crash going to happen? 5:14 – A way to take advantage of long-term market returns is to have different buckets of risk.   5:43 – My recommendation on when you should start looking and planning your retirement income. 7:24 – Seems like 8 out of 10 people want to know when the next crash is coming. 8:25 – What history tells us.    9:45 – You have to be prepared for it by structuring your

Matt will be speaking at an event on the topic of empowering women in financial planning and it got him thinking a lot about examples in his personal and professional life that tie into the topic. This episode will run through statistics you need to know and the most important investment items you need to have in order.  Click here to see the full show notes.----more---- Today's rundown: 0:52 – Busy next year coming for Matt. 1:51 – What got me thinking about this topic.    5:14 – How to contact me with questions. 5:46 – Question from Lonnie: I’m planning on selling some property to do some different investment for retiring but I just discovered how much tax I’ll owe. Should I just hold onto it?   9:32 – Things that have happened in my personal life to make me want to do these workshops. 11:22 – Statistics that you need to know. 12:15 – What I’m talking about at the event and why it’s important.  12:31 – Understanding Social Security and pension planning. 13:07 – Understanding estate and legacy pla

We’ve already rolled into the third quarter of the year and that presents us with a great opportunity to evaluate our portfolio. Giving your plan a check-up will help keep it on track headed towards your goals so use this checklist focus on the most important questions. Check out the full show notes by clicking here.----more---- Today's rundown:  0:35 – Introducing today’s topic. 2:30 – Understanding where we’re putting our money in a company plan. 3:15 – Ask if your company has a Roth 401(k) option.   4:41 – First thing we’re taking a look at.   4:57 – How Matt is investing right now based on current tax code.  5:21 – The difference in a Roth IRA vs Roth 401(k) 6:34 – Second thing to check: what allocation options are available to you and what are you currently in. Is your risk level where it should be? 7:46 – Next item: Is it time to rebalance the portfolio? 9:15 – Next item: What is your tax return going to look like at this point? 11:05 – Another thing: Is there opportunity for Roth conversion

A recent tax bill was signed into law in July 2019 and it serves as a reminder that understanding taxes is an important aspect to planning your retirement. Knowing how much of your money will be yours when you decide to access it will determine how much you actually need. On this episode, we discuss this tax law and answer a few questions sent to us. Check out the full show notes by click here.----more---- Take a look at the full rundown below: 0:26 – Matt discovers goat yoga. 3:30 – On July 1, the Taxpayer First Act was signed. How did we get here? 4:09 – What the act does for you? 5:18 – No one is talking about this but it’s huge.   5:45 – Listener question: Just heard a presentation on oil well investing and I’m ready to jump right in. I want to make sure I’m not making a mistake.   8:10 – Client question: Am I going to be okay when I retire in seven years? 10:18 – The other common questions we get when someone is preparing for retirement, 13:53 – Why keeping up on tax laws is so important for in

Do you ever wonder what you might not even know to ask about? For instance, do you know what a stretch IRA is and how it works? Or how to designate beneficiaries and joint ownership over your accounts appropriately? Matt talks through the ins and outs of these things, answering your questions before you ask them. See the full show notes here. ----more---- Take a look at the full rundown below:  0:38 – Episode overview about making sure you do what you are supposed to with your retirement accounts. 3:39 – If you are still working after 70.5 and contributing to your company 401(k), do you have to take RMDs on it? 7:31 – The SECURE Act is looking to raise the RMD age. 8:01 – What is a stretch IRA? 11:40 – Current plans are to eliminate and condense the stretch IRA in Congress. 12:40 – The importance of designated beneficiaries on your account. 14:29 – Can you add your spouse to an IRA? 16:42 – Creating joint ownership on after-tax accounts like cars, real estate, and bank accounts.

We've got a few listener questions on the docket for today. First up, we'll discuss Abe's question about being forced into an early retirement. Should he get another job? What items should he address before he is no longer receiving a paycheck? We'll also answer Blair's question about tax brackets in retirement. What is the real outlook on future tax rates, and how should we prepare? Finally, we'll take a look at how you can define financial security for yourself.

This week we speak with special guest Adam Quiney, an executive leadership coach, about how your relationship with money can define your experiences as an investor and as a retiree. We'll delve into how that relationship is formed and how it then influences your thoughts and decisions throughout each phase of your life.

At the end of May, Congress passed the SECURE Act, which will create some major changes to qualified retirement accounts. We'll look into what those changes will be, as well as possible future implications. And later, Matt shares a story about a client that highlights the importance of understanding the difference between gifting and inheriting.

We received quite a few responses from listeners after the last episode, so we'll be following up on last weeks's topic by discussing Roth IRA conversions. We'll also talk about what to do if you inherit a piece of property that you don't want, and we'll learn about Stretch IRAs.

This week, we'll delve into some listener questions about retirement accounts. Matt will clear up the difference between the tax characterization of different types of accounts, as well as whether they should be invested differently. He'll also discuss what happens if you overfund a Roth IRA, how your Social Security is taxed, and more.