Unlocking Your Financial Future

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.

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?