Plan With Dan

How Does Flying Relate to Retirement Planning?

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.

Today's rundown:

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. 

Challenges That Millennials Face in Financial Planning

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 »

Potential Financial Pitfalls for Someone Entering a Nursing Home

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. 

Today's rundown:

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?  

Things You Should Consider When Inheriting a Home

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 »

Weaknesses in 401k Retirement Plans

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 »

Finding Financial Security

“Financial security” might mean different things to different people, but for nearly everyone, finding financial security is the most important part of their retirement plan. So, how do you define financial security?

Full show notes: http://betzelwealthadvisors.com/2019/07/finding-financial-security/

Read the rest of this entry »

The Real Definition Of “Safe Money”

Today's Objective...

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/

Tactical Points:

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.

Additional Resources:

 

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Dan Betzel - Contact - Retirement Trailblazer Guide - Retirement Rescue Toolkit - Call: 614-472-4510

Famous Last Words (You Don’t Want to Say!) In Retirement

Hopefully your famous last words in life won’t be “Hey y’all, watch this!” And in the financial world, there’s quite a few phrases that you don’t want to be your famous last words either… Dan talks through some common financial phrases that certainly aren’t words to live by.

Check out the full show notes: http://betzelwealthadvisors.com/2019/06/famous-last-words-you-dont-want-to-say-in-retirement

Read the rest of this entry »

5 Simple Retirement Questions (That Are Hard to Answer)

These five questions are quite common. They're deceptively simple, and depending on your situation, they can be quite complex to answer. Beyond a simple “yes” or “no” answer, let’s hear what Dan has to say about these important retirement questions. 

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/2019/05/5-simple-retirement-questions-that-are-hard-to-answer/

To Fish Or Cut Bait?

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/

Conventional Wisdom Isn’t Always So Wise

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.

When Is It “Safe” For You To Retire?

Do you have enough money to retire? At what age or dollar amount will you get there? How can you be sure? These are all questions we’ll talk about in today’s podcast.

Visit http://betzelwealthadvisors.com/2019/04/when-is-it-"safe"-for-you-to-retire? to view the full show notes of today's episode and related resources and links.

The 5 Most Common Pain Points In Your Financial Life

When it comes to financial planning, everyone has some kind of pain point. They're different for each client, but everyone has something that bothers them. Dan explains how he helps his clients to alleviate their "pain points."

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/2019/03/the-5-most-common-pain-points-in-your-financial-life/

The 6 Things Wasting Away In Your Financial Junk Drawer

You probably have a junk drawer at home. It's filled with knick knacks like rubber bands, clothespins, and ink pens, and highlighters. While you might not realize it, you probably have a financial junk drawer as well. Discover six things you could be giving a better purpose.

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/2019/03/the-6-things-wasting-away-in-your-financial-junk-drawer/

Episode #76: Watch Out For These Financial Mistakes

Join us as we outline some of the crucial financial mistakes we see our clients making. Don't worry, we'll outline how to avoid them as well.

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/2019/02/episode-76-financial-mistakes/

Episode #75: Little Missed Details

The little missed details in your financial plan could be costing you. Pay attention to the fine print, and cover the little things in your retirement plan.

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/2019/02/episode-75-little-missed-details/

Episode #74: Mark Twain’s Financial Wisdom Part 02

There's a lot to be learned from the wit and wisdom of Mark Twain. Join us as we dive into part two of our series on his famous sayings.

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/2019/01/episode-74-mark-twains-financial-wisdom/

Episode #73: Mark Twain’s Financial Wisdom Part 01

There's a lot to be learned from the wit and wisdom of Mark Twain. Join us as we discover what he might have to say about our finances.

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/2019/01/episode-73-mark-twains-financial-wisdom/

Episode #72: You’ve Lost That Financial Feeling

Financial planning is more than math and logic. There are times when it's important to consider your emotions. Dan helps us tap into that financial feeling.

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/2018/12/episode-72-financial-feeling/

Episode #71: Defining Risk Tolerance

Risk tolerance is a buzzword that gets used in many financial conversations, but what is it, and how does it affect your retirement plan? Dan explains.

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/2018/12/episode-71-defining-risk-tolerance/

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