Unlocking Your Financial Future

Ep 8: The Risks Savers Face: The Tax Time Bomb - Part 3

Part 3 of our series on savers and the missteps they can make in planning, we turn to the dreaded topic of taxes. As you save and invest for your future, are you considering the tax time bomb that could be looming down the road? What about strategies that can help lessen your tax burden? Let’s discuss the options that you have to save yourself money in taxes.
On this episode: 
0:43 – Today we’re talking taxes.
1:50 – That tax time bomb is looming so keep that in mind as you’re saving.
2:15 – When we pump a lot of money into a 401(k) to lessen taxes now, we make sure people realize that burden will come later.
3:18 – We believe taxes are going up. Here’s a story we heard years ago that applies to your tax decisions.
5:10 – What are your options if you want to move your existing money into a Roth?
6:23 – The Roth conversion can ultimately lower your Required Minimum Distribution.
7:15 – If you’ve maxed out your Roth, what’s another investment option that can lessen taxes?
9:04 – What should we be considering when it comes time to withdraw your money?
11:28 – There are also a lot of options within your 401(k) plan like a Roth 401(k).
12:35 – Mailbag question: I own my own business and haven’t paid much into Social Security over the years even though I’ve earned a nice income. Is this going to be a problem for me in retirement?
For full show notes and additional resources, visit here: https://www.baschrock-fg.com/podcast/ep-8-the-risks-savers-face-the-tax-time-bomb-part-3/

Ep 7: The Risks Savers Face: Being Too Aggressive - Part 2

We continue our discussion on savers and some of the missteps they can make along the way. Saving is key to retirement success but are you getting the best return on your money? Today we look at risk and how it can impact your portfolio negatively if you don’t put a plan in place to deal with downturns. 
On this episode:
2:03 – Today’s main topic is part 2 of our Risks Savers Face series. 
2:18 – Why is risk so important to understand when setting up your portfolio. 
3:23 – What are some examples of riskier investment products?
4:55 – We have software that can analyze your risk tolerance. 
6:27 – What kind of reactions do you get from clients when they learn their risk number?
7:38 – The highest risk number we’ve seen is 98.
8:27 – How we help clients understand risk and prepare their portfolio to handle it. 
10:56 – We like boring in our office.
12:04 – Mailbag question: My wife bought an annuity several years ago. She has the option at 60 to take money now but for a third less than if she waited until 65. What do you usually see clients do in this situation?
Show notes: https://www.baschrock-fg.com/podcast/ep-7-the-risks-savers-face-being-too-aggressive-part-2/

Ep 6: The Risks That Savers Face: Too Much Cash - Part 1

Even the best savers make mistakes when planning for retirement and we’re launching a new series that will go in-depth on that topic. Part 1 of The Risks that Savers Face will discuss cash and why becoming so enamored with it can end up costing you money over the long run.
On today's show: 
1:04 –  Introducing our guest today, Keith Lockwood
1:21 –  We are beginning a new series on ‘The Risks That Savers Face’ 
2:27 – Today we focus on cash and why you shouldn’t be so enamored with it. 
2:40 – What percentage of cash do you recommend clients carry in their portfolio
4:19 – We talk about it in our office that there’s a war on savers.
5:24 – What inflation rate we use for planning.
5:38 – Is there anything you can invest your cash in that will beat inflation?
6:22 – What times are okay for keeping more cash on hand?
7:15 – Do clients struggle with this issue of having too much cash?
9:03 – Don’t be afraid to have that conversation with an advisor to find out what options are available to you for investing your cash.
9:56 – Mailbag time
10:22 - Mailbag question: I’m retiring in six months. What happens if we have a market crash before I get to the finish line. Will I be ok?
12:00– There’s software available to our team that can run thousands of simulations to show you how your portfolio will do in different scenarios.
Get the full show notes and additional resources by clicking here: https://www.baschrock-fg.com/podcast/ep-6-the-risks-t…much-cash-part-1/

Ep 5: Shifting from Stocks to Bonds Removes the Volatility – Busting Financial Myths, Part 5

Today we wrap up the five-part series on Busting the Biggest Financial Myths with a conversation on stocks and bonds. There’s a common belief that shifting to bonds removes all the volatility out of your portfolio, but that not a certainty. To help us explain this idea, we bring on a guest that specializes in building and maintaining client portfolios.
On today's show: 
1:02 – The guest on today’s show is Keith Lockwood, the portfolio manager at BA Schrock.
1:56 – Bringing you up to speed on the series.
2:24 – The myth: You should shift from stocks to bonds to remove volatility.  
2:40 – What does investing in bonds actually mean?
3:27 – So why is this not a true statement?
5:02 – Is there an age where people should be evaluating their risk level and start shifting it?
5:46 – How to structure your portfolio conservatively.
7:25 – We’re evaluating things on a daily basis but individuals should be looking at their portfolio at least once per year.
8:15 – Are there a lot of people having the discussion about stocks to bonds because of fears of a market downturn.
10:34 – Some final thoughts on this topic.
12:19 – Mailbag time
12:33 – Mailbag question: Should I work with a younger advisor with less experience or someone my age that will retire at the same time as me?
Get the full show notes and additional resources by clicking here: https://www.baschrock-fg.com/podcast/shifting-from-stocks-to-bonds-removes-the-volatility/

Ep 4: Financial Planning Can Be Done by Anyone with Technology – Busting Financial Myths, Part 4

On part four of our financial myths series, we take a look at the idea that financial planning today is much easier to do because of technology and it’s something you can easily take on by yourself. While it’s great to have access to everything the internet has to offer, it’s far from a perfect solution for planning your future.
On this episode:
1:35 – Introducing part four of our series.
2:07 – Small business spotlight: What qualities do you look for in an employee?
4:33 – Recapping our Busting the Biggest Financial Myths series
5:10 – Today’s myth: You don’t really need a financial advisor today with all of the technology at our disposal.
6:14 – How do you sift through all of the information that’s available every day.
7:23 – Do you have many clients that come in that had some bad research?
8:12 – You can’t always trust what these online calculators or algorithms are going to produce for you.
9:08 – Research can help you but having that personal relationship is still very important.
10:54 – We offer the LOCK process to get to know more about our clients.
Check out the show notes and additional resources here: https://www.baschrock-fg.com/podcast/ep-4-financial-planning-can-be-done-by-anyone-with-technology-busting-financial-myths-part-4/

Ep 3: You’ll Be in a Lower Tax Bracket When You Retire – Busting Financial Myths, Part 3

Now we move to part three of a five-part series about financial myths and this episode focuses on taxes. Once we finish working, it’s easy to assume that our taxes will drop because we’ll move into a lower tax bracket. Well, that’s not the case. Find out why your taxes might increase and what strategies you can use to offset that.
Today's rundown:
1:10 – What’s in store on today’s show and introducing part 3 of the series.
2:12 – Mailbag question: My retirement accounts have done well recently, but I don’t really know what it should be doing. How do I know if my money is doing what I need to do?
3:30 – What’s a good average rate of return to shoot for in a strong market?
4:20 – Returning to our series on ‘Busting the Biggest Financial Myths’
4:51 – Myth: You’ll probably be in a lower tax bracket once you retire.  
5:42 – We can’t assume taxes are going to get any lower.
7:07 – Strategies you can use to take advantage of lower tax rates now.
8:44 – How Social Security impacts your taxes.
9:57 – How we help clients that want to see how taxes impact retirement planning.
To get the full show notes and see additional resources, click here. 

Ep 2: Will You Need Less Income When You Retire – Busting Financial Myths, Part 2

Today it’s part two of a five-part series about financial myths and this episode focuses on an important one.  The common belief in retirement is that you’ll need less income than you did while you were working. While we all hope this is true, basing your plan off this idea can put you in a difficult situation down the road.   
Click here to see the full show notes.

Ep 1: Do You Need Life Insurance After Retiring – Busting Financial Myths, Part 1

We kick off our five-part series about financial myths with a product that Ben has worked with in his career: life insurance. Many people feel life insurance isn’t needed after retirement, but that’s not the case. We’ll explain life insurance options, why it can be needed after retiring, and how it can become an income source.
Today's rundown:
1:43 – Part 1 of the series focuses on the myth: ‘I don’t need life insurance after I retire.’
1:58 – Getting to Know Ben: What hobby would you take up if money and time weren’t an issue?
3:28 – Introducing the series ‘Busting the Biggest Financial Myths’
4:04 – Ben has experience in life insurance.
4:57 – Explaining the different types of life insurance.
6:08 – What would cause someone to need life insurance after retiring?
7:38 – How do you determine whether life insurance is needed for you personally?
9:14 – Life insurance can be a way to take income in retirement.