Unlocking Your Financial Future

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.

Ep 25: Understanding the Basics of Roth Conversions

Have you heard about Roth conversions but wondered how they work and whether they’d benefit your situation? To understand them, you first need to know about a Roth and what its features are. We’ll do that today as well as lay out all the other basics that will give you a firm grasp on Roth conversions.
 
Get the full show notes and additional resources here: https://www.baschrock-fg.com/podcast/ep-25-understanding-the-basics-of-roth-conversions/ 
 
Today's rundown: 
1:10 – Ben is staying busy at the office with it being tax season.
2:17 – In the News: A survey found CEOs and CFOs are pessimistic about the economy while consumers are optimistic. Who’s correct?
4:35 – Let’s move into the conversation on Roth conversions.  
5:01 – Ben explains what a Roth IRA is.   
6:00 – Ben explains the Roth conversion and how it works.  
7:11 – Many people aren’t familiar with a Roth and how it can benefit you.
7:55 – Why have Roth conversions become a popular strategy in recent years?
9:01 – The SECURE Act also plays a part in the growth of Roth conversions.
9:49 – If a client wants to do a Roth conversion, what does that process look like?
11:17 – When you make the conversion, can you take the money out of your existing money or do you have to pay taxes after the fact?
12:50 – Here are the common mistakes people are making with Roth conversions.
14:13 – Check to see if your company offers a Roth option within their retirement accounts.

Ep 24: Lies You Might Hear from a Financial Professional

A lot of financial professionals aren’t always completely honest. It’s not that they intentionally want to mislead you, but there are talking points many brokers are given that aren’t completely true. Sometimes they might even believe these sentiments, but let’s discuss four statements that you need to be cautious about if you ever hear them from an advisor.
 
Show notes and additional resources: https://www.baschrock-fg.com/podcast/ep-24-lies-you-might-hear-from-a-financial-professional/ 
 
Today's rundown: 
1:19 – Getting to Know Ben: Outside of your family, who is someone that’s had a significant impact on your life?
3:47 – Now let’s talk about lies!
4:17 – Let’s being with the difference between a broker and what we do.  
5:21 – Statement #1: ‘We have experts that can accurately predict market movement.’
7:24 – Statement #2: ‘Just look at our past investment returns and you can see we have a system that works in all markets.’
8:27 – Statement #3: ‘Your tax rate will be much lower in retirement.’
9:41 – Are there certain situations where your taxes could be lower?
11:06 – Statement #4: ‘It’s just a paper loss. Hang in there and you’re going to be just fine.’

Ep 23: Mailbag Time! Life Insurance, Company Stock, & Retiring Early

It’s another mailbag edition of the show and we’re covering five different topics that you’ve been asking about. From company stock to old life insurance policies to hitting seven figures in your portfolio, it’s a wide range of retirement conversations but we’re hitting them all today.
 
Show notes and additional resources: https://www.baschrock-fg.com/podcast/ep-23-mailbag-time-life-insurance-company-stock-retiring-early/ 
 
Today's rundown: 
1:32 – Talking with clients and listeners allows you to get a feel for what’s on everyone’s mind regarding planning.
2:18 – Question #1: I can sell my house for $500,000 and I only owe about $100,000. I’m only 57 but I’m thinking about selling it now, buying a smaller place, and using the cash to retire now. Is that a bad idea?
2:43 – Each state has different tax laws so that’s important to consider.
3:15 – How are you planning to invest that money?
3:55 – We talk with a lot of clients that are considering a similar move.
5:11 – Question #2: Unless my entire board of directors gets in trouble, I feel really confident about our future potential and growth. How much is too much company stock to own in my 401k?
7:02 – Even great companies can take a steep drop as we’ve seen in the past.
7:22 – Question #3: I’d really like to meet with a financial advisor but my husband wants to handle investments ourselves. Is that okay to do without help?
8:24 – Do you see many couples that come with completely different opinions on using an advisor?
9:41 – Question #4: I have about $50,000 in an old life insurance policy. I don’t need it anymore so should I cash out and invest it elsewhere?
11:41 – Question #5: I always told myself that once I hit one million dollars in my portfolio I’d move it all to cash. Now that I’m there, I think I can get to $1.2 million. What do you think?
13:29 – Where does that million dollar number come from? Is that more than enough for your retirement?

Ep 22: Is Retiring at 65 Still a Realistic Goal?

For as long as we can remember, 65 has been the age that most people are expected to retire. That’s what we were taught at an early age and it’s the number that has guided planning for some time. But is that age a thing of the past? With a that number increasing around the world, should you go ahead and expect to retire at a later date?
 
Show notes and additional resources: https://www.baschrock-fg.com/podcast/ep-22-is-retiring-at-65-still-a-realistic-goal/ 
 
Today's rundown:
1:32 – Today we want to discuss this CNBC article on retirement age increasing around the world.  
1:55 – Getting to Know Ben: What TV channel do you watch most often?
3:27 – Some background on what the article is about.
3:58 – Ben’s initial reaction to the article and the one thing he thought they missed.
5:06 – A great example of this is COBRA. That used to be an outrageous option but not anymore.
6:30 – Is Ben seeing a similar trend in retirement age with people in Ohio?
7:38 – Does Ben think that age will officially move back in the future?
9:47 – The retirement ages by country vary quite a bit.
11:00 – Where does retirement age fit into the conversation with our clients?

Ep 21: SECURE Act Brings Changes to Retirement Accounts

Attention has turned to the new SECURE Act to begin the new year and for good reason. This marks the first significant retirement legislation in years and it’ll be impacting both retirees and pre-retirees. What changes should you be planning for and what other considerations need to be made? That’s what we’ll be discussing on this episode.
 
Show notes and additional resources: https://www.baschrock-fg.com/podcast/ep-21-secure-act-brings-changes-to-retirement-accounts/ 
 
Today's rundown: 
0:32 – Everyone is talking about the SECURE Act to begin 2020.  
1:30 – Getting to Know Ben: What does your morning routine look like?
3:36 – How did the SECURE Act get passed?
4:47 – Ben thinks the RMD age might be the most significant change.  
5:54 – Are Roth conversions going to become a big part of planning now?
6:59 – The Stretch IRA going away is another big change.
8:47 – Do you feel this is a good thing?
10:42 – How do annuities factor in to this legislation?
11:48 – Anything else we need to know about the SECURE Act?
12:49 – It’s always best to read through everything yourself to get a better understanding.

Ep 20: The Pros and Cons of Investing in Mutual Funds

Mutual funds have been a popular investment option for many years, but is the landscape changing? Let’s take a look at the pros and cons of using mutual funds as part of your retirement plan and help you decide whether it needs to be a part of your strategy.
 
Show Notes and Additional Resources: https://www.baschrock-fg.com/podcast/ep-20-the-pros-and-cons-of-investing-in-mutual-funds/ 
 
Today's Rundown: 
1:32 – Getting to Know Ben: What’s something that people would be surprised to learn about you?
3:09 – Today we move into the pros and cons of mutual funds.  
3:29 – How often are we talking with clients about mutual funds?
4:31 – Why are mutual funds so popular for investors?
5:31 – What pros are there for using mutual funds?
7:13 – Mutual funds do allow for customization and smart money managers.
7:53 – On the other side of that, what are some of the cons for investing in mutual funds?
9:57 – Another big negative is it’s difficult to know exactly what you own and you end up carrying many of the same things.
11:20 – Are there any other tax considerations with mutual funds?
12:18 – What is the future of mutual funds? Do they still have a place in our retirement plans?

Ep 19: Understanding the Basics of Mutual Funds

No matter how long you’ve been investing, you’ve probably decided to put some portion of your money into mutual funds. They’ve always been a popular investment option, but how well do you understand the product? Let’s take some time to understand the common terminology, what makes up a mutual fund, and other basics.
 
Show Notes and Additional Resources: https://www.baschrock-fg.com/podcast/ep-19-understanding-the-basics-of-mutual-funds/ 
 
Today's Rundown: 
0:37 – Today we’re talking mutual funds.
3:02 – Explain what a mutual fund is and what is consists of.
4:12 – How many stocks are in a mutual fund?
5:24 – What percentage of our clients are invested in mutual funds or have been at some point?
5:51 – Is the landscape changing at all?
7:07 – Explain the term expense ratio.
9:25 – What about the term ‘loaded’?
10:31 – Are there any other areas that trip people up when it comes to mutual funds?