You don’t need to be understand the basics behind flying but you’ll need some guidance from a professional to grasp the finer points and nuances to the actual process. Believe it or not, there are a number of parallels between flying and retirement planning and that’s what we plan to tackle on this episode.
0:29 – What’s on today’s show.
1:01 – Dan has some news to share about the podcast.
2:02 – In the News: Trend in the wedding industry where couples are taking out loans for their ceremony.
3:00 – There’s really no correlation between a wonderful ceremony and the amount you spend on it.
6:13 – Introducing the main topic of flying and retirement.
7:01 – The first you do before you fly is you have a flight plan.
9:44 – Sometimes you have to deal with turbulence along the way.
14:49 – There are times when you need assistance. When you aren’t sure what’s ahead or you just need some navigation help.
18:46 – Getting to know Dan: What job would you be terrible at?
22:44 – Mailbag question: I’m retiring in six months and worried about whether we’ll have a market crash before I get to the finish line. Will I be okay for the next six months?
Get the full show notes and additional resources by clicking here.
It’s easy to take shots at millennials and joke about many of the stereotypes that follow them around, but that’s not always fair. That younger generation faces many new challenges that weren’t around 15-20 years ago, and it makes it difficult to start saving and planning for retirement. We’ll address those issues in this episode.
Check out the show notes for this episode by clicking here. Read the rest of this entry »
When facing the decision to put a loved one into a nursing home, the last thing you want to be concerned about is their safety and security. That’s true of financial and physical health. There are some financial pitfalls that you need to know about so you can protect your family.
Check out the full show notes by clicking here.
0:28 – Dan is celebrating a milestone.
2:36 – Introducing today’s topic of elder abuse.
3:42 – The first thing you need to do with your parents or children if you’re getting older and a nursing home is in your future.
4:10 – It’s important to interview before putting someone in a nursing home.
5:00 – Be aware that some nursing homes offer financial seminars.
5:40 – Another thing that nursing homes might try to ask of you.
6:21 – Some of these facilities even have banks.
7:41 – A recent case Dan read about that had nursing home abuse.
10:51 – Getting to Know You segment: If you didn’t have to sleep, what would you do with that extra time?
13:14 – Mailbag question 1: I’m retired now and need income off my investment. Should I invest in dividend-paying stocks?
Inheriting a home can be major life change and it bring with it a number of decisions that need to be made. Depending on who else was included in the inheritance, you’ll have to figure out what you want to do with it. Every decision brings a different set of pros and cons so understanding those will help you determine what option is best.
To see the show notes, click here. Read the rest of this entry »
One of the most popular retirement plans that people utilize is the 401(k). It’s often the easiest place to start when you begin saving for your future and a many times a employer will offer the option as part of a compensation package. The 401(k) definitely serves its purpose but there are some weaknesses that might make you look to other investment opportunities.
See the show notes by clicking here. Read the rest of this entry »
It seems that people have different definitions of “safe money” as it relates to their savings. Let’s discuss some of those varying explanations of the term and why it’s an important conversation for any retiree or pre-retiree to have.
Check out the full show notes for this episode: http://betzelwealthadvisors.com/2019/06/the-real-definition-of-safe-money/
2:09 How do people define safe money?
- This term makes Dan think about insurers trying to sell annuities or those “education” steak dinners that you might have even been invited to attend in the past. It’s an important phrase to understand, but the way it is marketed and utilized is problematic.
- If Dan had his way, he’d call annuities “locked up money” instead.
- Safe money, according to Dan, would be when a client has sufficient cash reserves and only the appropriate amount of money at risk in the market.
- You can break safe money down into three components…
- Enough cash reserves to sleep at night.
- A portfolio maintained in a way that you know exactly how much risk you’re taking.
- Pulling the right amount of funds out of your savings.
4:06 Do most people understand how much risk or safety they have?
- Most people have almost no idea when they first come to Dan how much risk they’re taking.
- Check out a related episode about defining risk tolerance.
- Ask yourself, do you know exactly how much risk you can tolerate? How much money can you afford to lose?
- It’s vital to work with an advisor who gives you a detailed breakdown of how much risk you have.
6:40 A client example
- Dan shares a story about a young couple who had an aggressive portfolio.
- The younger you are, the more risk you can take. But that doesn’t necessarily mean you should be in an aggressive portfolio. There are other factors to consider.
- Dan makes sure he listens carefully to each client to find out what they want long-term.
In The News:
10:33 IRA and 401(k) contribution limit increasing
- The IRS announced that they are increasing the contribution limit for IRAs and 401(k)s. Should you increase your savings to the new threshold?
- If you have a Roth 401(k) or a Roth 403(b) at work, then yes. If you don’t have that option, then open a Roth IRA.
- Because of the tax implications, it’s good to start with the Roth.
- Check out a related episode about why everyone needs to consider the Roth IRA.
- What you don’t want to do is get a tax reduction now and then get a higher tax rate when you pull the money out later.
- Get personalized advice on your financial situation.
Getting To Know Dan:
12:59 Summer plans
- After years of listening to Celtic music, Dan and his wife will get to experience it in person in Ireland while celebrating their 35th wedding anniversary.
Free Retirement Toolkit:
Just click the picture to get your free retirement toolkit now!
Dan Betzel - Contact - Retirement Trailblazer Guide - Retirement Rescue Toolkit - Call: 614-472-4510
Decision-making can be tough, and it's often tempting not to make any decision at all. As you research a decision, you're often hit with a barrage of information, and if you're not careful, you can find yourself stuck. However, there comes a time when we all need to fish or cut bait as the saying goes. Discover the importance of decisiveness and the dangers of analysis paralysis.
Click the link to receive your FREE Retirement Rescue Toolkit: https://bv341.infusionsoft.com/app/page/taxfree-kit
Click the link to read more from Dan's Blog: http://betzelwealthadvisors.com/2019/05/to-fish-or-cut-bait/
Wouldn’t it be great if retirement came with a simple manual we could all follow step-by-step? It would sure make things easier. Unfortunately, there’s no such universal manual and to make matters worse, most of the conventional wisdom about the financial world also tends to lead people astray when they follow the advice blindly.
Check out http://betzelwealthadvisors.com/2019/04/conventional-wisdom-isn’t-always-so-wise for the full blog post, show notes, and related links to this episode.