Unlocking Your Financial Future

Ep 57: Five Financial Commandments to Follow

On this episode, we share five commandments that should be written on stone tablets in your retirement plan.
 
Read more and get additional financial planning resources here: https://www.baschrock-fg.com/podcast/ep-57-five-financial-commandments-to-follow/ 
 
What we discuss on this show:
2:36 – Thou shall not compare your investments to the stock market without the proper context
5:13 – Thou shalt not give up before giving your strategy enough time to play out.
7:15 – Thou shalt not chase big returns too late in life.
9:08 – Thou shalt not ignore costs and fees.
10:37 – Thou shalt not overlook the importance of rebalancing and diversifying.

Ep 56: Is $8 Million the New Target for Retirement?

Is $8 million the new target for retirement? We found an article that points to that idea so we’ll share our thoughts about how this impacts planning on today’s podcast. 
 
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-56-is-8-million-the-new-target-for-retirement/ 
 
What we discuss on this show: 
1:51 – Financial Samurai blog
3:22 – Where did the 4% rule come from?
4:47 – Will you need $8 million?
6:32 – Balancing your portfolio
9:05 – Other ways to supplement income
11:11 – Let’s look at some positives
13:16 – Mailbag: Will I spend more money in the first few years of retirement?
15:02 - Can I overcome a divorce financially in my late 50s?

Ep 55: Hindsight 20/20 - Five Common Financial Mistakes

Financial decisions are a lot easier with the benefit of hindsight. Here are some common mistakes people have made this year and how hindsight could have helped them in 2020.
 
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-55-hindsight-20-20-five-common-financial-mistakes/ 
 
What we discuss on this show:
2:09 – Getting out of the market
5:20 – Not knowing your risk factor
8:39 – Not knowing your social security options
11:04 – Not putting money in a Roth IRA
12:28 – Retiring too early and going back to work

Ep 54: Five Outdated Financial Strategies

Just like technologies change and become outdated, so do some retirement planning strategies. Let’s look at five financial strategies that have become obsolete.
 
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-54-five-outdated-financial-strategies/ 
 
What we discuss on the show: 
2:55 – 4% rule
4:27 – 10/5/3 rule
6:22 – Move money from stocks to bonds as you get older
7:44 - $1 million retirement target
9:42 – Needing less money in retirement
11:52 – Mailbag: Should we invest differently based on the election?
14:42 – Mailbag: Should I buy gold coins, gold bars or no gold at all?

Ep 53: Common Housing and Retirement Questions

Clients often ask us about their house (or houses) and how they fit into retirement plans. From downsizing to rental properties to interest rates, let’s explore some of the top retirement questions as it relates to all things housing.
 
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-53-common-housing-and-retirement-questions/ 
 
What we discuss on this show: 
2:15 - Pay off the house early or slowly?5:01 - Downsize to a smaller home at retirement?7:27 - Is rental property a good idea for creating income?10:50 – Complications with real estate legacy plans?12:48 – Mailbag: Redo kitchen or save more for retirement?

Ep 52: Mailbag: Second Marriages, Life Insurance and the Rule of 100

How do I handle finances in a second marriage? Should I cash out my old life insurance policies? Is the Rule of 100 a good thing? Let’s dive into the mailbag and answer these and other questions.
 
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-52-mailbag-second-marriages-life-insurance-and-the-rule-of-100/ 
 
What we discuss on this show: 
1:37 – Forced into early retirement
3:12 – Rule of 100
4:29 – Finances in a second marriage
5:49 – Which account should I withdraw from first?
7:55 – Should I cash out life insurance?
9:56 – Can I retire early?

Ep 51: Why Living Long Can Be Risky Financially

We all want to live a long life, but that can be risky financially. On this week’s episode of Unlocking Your Financial Future, Ben explains the risks and why it’s an awkward conversation to have with clients.
 
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-51-why-living-long-can-be-risky-financially/ 
 
What we discuss on this episode: 
1:51 – Off-topic conversation: 30-year mortgage rates are low
4:24 – Living long a bad thing?
5:12 – Oldest client
5:55 – Longest living person in Ben’s family
7:56 – Why is it risky living long?
9:27 – How average people address these challenges
10:24 – Story about Ben’s client
13:00 – Contact Ben

Ep 50: 5 Ways to Ruin Retirement

You’ve heard advice about how to improve your finances and prepare for retirement, but what about mistakes? On this week’s episode of Unlocking Your Financial Future, Ben shares five ways you could be ruining your retirement.
 
Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-50-5-ways-to-ruin-retirement/ 
 
What we discuss on this episode: 
2:37 - Treating retirement as a destination
5:15 - Believing retirement will solve all your problems
6:38 - Assuming your monthly spending habits will be same
8:58 - Not staying active in retirement
10:23 - Investing like you’re 35 years old