Unlocking Your Financial Future

Ep 33: Coronavirus Market Update - CARES Act, RMDs, & Volatility

As we begin the third month of the health crisis, Ben gives us an update on what he’s seen from the market in recent weeks, the provisions of the CARES Act clients are paying attention to, and what he thinks about volatility moving forward.
 
Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-33-coronavirus-market-update-cares-act-rmds-volatility/ 
 
Today's show schedule: 
3:40 – Everything we’re doing is still virtual right now.
4:16 – Will clients be more inclined to meet virtually after this is all done?
4:55 – Other businesses might end up changing operations as well.
6:06 – Update us on what you’ve seen over the last month from the market.
7:34 - Ben explains what the VIX measurement is.
9:06 – What adjustments are being made to plans right now?
10:30 - The CARES Act allowing people to pull money out of retirement accounts without penalty.
12:02 - Are many clients considering this option right now?
12:48 - RMDs being waved for 2020 and this is a big deal for our clients.
13:55 - Do you expect any other individual relief to come down?
15:04 - Ben’s team is actively communicating with clients as things change. 

Ep 32: Mailbag Edition - Student Loans, Gold, Investing & More

A busy few months has generated a lot of curiosity from listeners so we’ll answer a bunch of financial questions on this show. From investing during the coronavirus to student loan dilemmas to long-term care coverage, we’ll cover a wide range of topics.
 
Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-32-mailbag-edition-student-loans-gold-investing-more/ 
 
Today's show rundown: 
1:50 – Mailbag Question #1: We had kids later in life than most people so they’ll still be in college when we’re ready to retire. Should we make them take out student loans rather than trying to take out money from our accounts when we’re retired?
3:31 – Mailbag Question #2: Is it wise for me to own gold in my portfolio and what percentage would be appropriate?
4:23 – Mailbag Question #3: The coronavirus scare has me convinced the market will keep crashing again and again. I’m ready to move everything to cash. Should I wait?
6:22 – Mailbag Question #4: We’re both 63 and haven’t saved much for retirement. We’re about to sell our farm and that will net around $1 million. What should we do with that money?   
7:46– Mailbag Question #5: How much long-term care coverage is recommended? It seems there are hundreds of different options.
9:30 – Mailbag Question #6: I’ve had the same advisor for 20 years but it seems like he’s phasing out and passing things on to a younger advisor. Should I stick with them or find someone new?
 

Ep 31: 5 Financial Truths to Rely On

The first quarter of 2020 was enough to make anyone reevaluate their finances but with so much information out there, what should you believe? Regardless of where you are in the retirement planning process, there are five financial truths that you can always rely on. We’ll share those on this episode.
 
Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-31-5-financial-truths-to-rely-on/ 
 
Today's rundown: 
0:53 – How is Ben and the family handling quarantine?
2:32 – Today we’re talking financial truths and we’ll begin with this: TV can be your biggest enemy.
4:06 – Second truth: Emotions will rarely be your friend when making decisions.
6:07 – Third truth: The market will always move in cycles.
7:22 – Fourth truth: You aren’t as risk tolerant as you believe you are.
8:52 – Fifth truth: There’s no magic bullet in retirement planning. 
10:02 – How we utilize the L.O.C.K process to build a plan.

Ep 30: Mailbag Time - Contribution Limits, Social Security, & Marijuana Stocks

It’s a mailbag edition of the podcast and Ben answers five questions from listeners covering a wide array of financial and retirement topics, including company stock, real estate investing, Social Security benefits, mutual funds, marijuana stocks and more.
 
Get the full show notes and additional resources here: https://www.baschrock-fg.com/podcast/ep-28-mailbag-time-contribution-limits-social-security-marijuana-stocks/ 
 
Today's rundown: 
0:39 – We’re opening up the mailbag to take a number of questions today.
2:20 – Mailbag question #1: It appears that I’m now able to contribute more to my 401k this year than I was allowed to last year. Should I go ahead and put in the extra amount?
3:56 – Mailbag question #2: I have several thousand dollars of company stock I’d like to cash in to make a down payment on some land where I’ll eventually build a vacation home. Is there any reason I shouldn’t do that?
5:08 – Do you have a lot of clients looking move money from their retirement accounts into real estate?
5:52 – Mailbag question #3: I’ve worked with a couple of different financial advisors over the years and I like them both. Do I need to pick just one or the other, or is it ok to work with a couple of different people?
7:08 – Would Ben recommend his clients stick with one advisor?
8:12 – Mailbag question #4: I just looked at my Social Security estimate that shows how much I’ll get if I started at ages 62, 66, and 70. I’m blown away by how much more I’d get at 70, so I’m inclined to just wait until then to start it, even though I’ll probably retire around 66 or 67. I’m assuming that putting it off like this is the best course of action for someone like me?
10:00 – We offer a Social Security guide on the website that will help you with a number of things.
11:03 – Mailbag question #5: I rolled over a 401k to an advisor a couple of years ago and he put all of the money into something called American Funds. Is that ok, or should I be invested in other things too?
12:41 – Mailbag question #6: How do you avoid investing in things that you view as immoral? Take marijuana as an example. I’m in several mutual funds, but I don’t know what stocks they’re using. Could I be profiting off of the marijuana industry by accident? I don’t want to do that. How do you help navigate people through the investment world while respecting certain morals and religious beliefs?
14:18 – Are many people interested in marijuana stocks?

Ep 29: Is it Possible to Build a Perfect Retirement Plan?

How good do you feel about your retirement plan? How close are you to putting together the perfect plan? It’s out there and within reach but there’s a lot that goes into it. Let’s find out what it takes to get all of the pieces in place for the perfect retirement plan and the areas where people usually fall short.
 
Check out the show notes and get additional resources here: https://www.baschrock-fg.com/podcast/ep-27-is-it-possible-to-build-a-perfect-retirement-plan/ 
 
Today's show rundown: 
2:52 – Does the perfect plan exist?
3:48 – When someone comes in for a second opinion on their plan, these are the questions we ask them.  
4:55 – When we see someone with a great plan, here’s what they’re doing that other people aren’t.
5:50 – Is long-term care a spot where people are often lacking?
6:54 – If I don’t feel great about having the perfect plan, am I in the majority?
7:54 – There’s so many different pieces to a complete retirement plan.
9:38 – What’s a realistic timeframe for the start of the planning process to having a complete plan in place?
11:14 – Just because you have a perfect plan now doesn’t mean it will always be that way.

Ep 28: Coronavirus Fallout: What Financial Steps Should You Take Next?

It’s hard to imagine anyone avoiding losses over the last month due to the coronavirus fallout, but there are steps you can take to rebound when the market begins bouncing back. Today we’ll look at the opportunity in stocks, explain the importance of trusting your advisor in times like these, and talk about the next steps you should be considering with your retirement plan.
 
Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-28-coronavirus-fallout-what-financial-steps-should-you-take-next/ 
 
Today's rundown: 
2:16 – Ben talks about the rapid selloff of stocks and what led to it.
5:03 – What are some signals you can look for that might mean the market is bouncing back?
6:54 – Buy over time rather jumping all back in at once.
7:57 – What are some things current clients or people working with an advisor can do right now?
9:31 – What has been the reaction from clients over the last few weeks?
10:43 – How about the people that haven’t put a plan in place, what are their next steps to recover?
12:33 – Does your risk tolerance match your portfolio?
13:17 – We can determine a client’s risk number to give them scenarios for their plan.

Ep 27: Coronavirus Impact on Financial Markets

The coronavirus has affected people around the globe and forced us to all change many aspects of our day-to-day lives. Maybe the biggest impact we’ve seen in the US has come on the financial side. The market collapse we’ve seen over such a short period of time is unprecedented and has many people concerned. We turn to Ben for perspective on what we’re seeing and reassurance that retirement planning is a long-term play.
 
Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-27-coronavirus-impact-on-the-market/ 
 
Today's rundown: 
0:48 – Coronavirus news has been changing rapidly.
1:38 – The second week of March was a turning point and Ohio has been out in front of things.
3:16 – Ben hasn’t seen anything like what happened to the market over a week period.
4:26 – What has the conversation been like with clients?
6:10 – Will the volatility last for a while or will we stabilize soon?
7:28 – The market has priced in the virus quite a bit so we might not see a big drop when earnings come.
8:58 – The goal is to position consumers to be ready to spend again once the virus has slowed.
9:46 – Now is the worst time to act emotionally and sell.
10:55 - Looking at your statement and your balance obsessively causes unnecessary panic.
12:15 - What do the interest rate drops mean to investors?
13:33 - Will Ben’s team be working in office or spending more time meeting virtually?

Ep 26: Should You Do a Roth Conversion?

Last episode we provided a basic understanding of Roth conversions. Now it’s time to take it a step further and look at the option from a strategic point of view. Is this something you should be considering for your retirement plan? We discuss who would and wouldn’t benefit and share the conversation we have with clients to help them make the decision.
 
Get the show notes and additional resources here: https://www.baschrock-fg.com/podcast/ep-26-should-you-do-a-roth-conversion/ 
 
Today's rundown: 
1:40 – Getting to Know Ben: What is your favorite sport?
3:54 – A quick summary on what a Roth conversion is.  
4:44 – How does the conversation go with clients to determine whether a Roth conversion might work for them?
5:55 – What type of person would benefit from a Roth conversion?
7:23 – Who probably shouldn’t look at the Roth conversion?
8:35 – There will be tax implications. Here’s what we’re looking at.
10:01 – Contributions versus conversions. Here’s the difference.
11:39 – We consider conversions on a year-by-year basis with clients.