Unlocking Your Financial Future

Ep 12: How Will the 2020 Election Impact Investing?

We’re only a year away from the 2020 presidential election and that’s making some investors anxious. How will the election affect finance? What about the candidates and their platforms? We get Ben’s thoughts on this topic plus two other recent headlines that all relate to retirement planning.
 
Full Show Notes: https://www.baschrock-fg.com/podcast/ep-12-how-will-the-2020-election-impact-investing/
 
Today's Rundown: 
0:32 – Ben’s office just wrapped up their first-ever Schrocktoberfest. 
1:22 – On today’s show, we’re reacting to recent news headlines.
2:08 – Looking at the 2020 election, at what point will that begin to play a role in the way we behave as investors?
3:55 – Democratic candidate Andrew Yang wants to give every family a $1,000 ‘freedom dividend’ every month. What would his family do with the money?
4:55 – Could this plan work and how do we pay for it?
7:11 – A new study shows 37% of households are ‘free and clear.’ Is that higher or lower than you expected?
7:56 – How many of Ben’s clients go into retirement without a mortgage?
9:17 – Our final headline is about a new trend in the wedding industry to loan young couples money to pay for their ceremony and reception. 
11:25 – Wedding days go by so quickly and it’s more important to remember the people and the moments than the things.

Ep 11: Awkward Conversations With Your Financial Advisor – Part 2

No one enjoys having to take part in those difficult conversations but it’s a necessary part of building a comprehensive retirement plan. Let’s finish up our two-part series with three additional topics that you might not enjoy discussing but your financial advisor needs to be asking these questions.   
 
Show Notes: https://www.baschrock-fg.com/podcast/ep-11-awkward-conversations-with-your-financial-advisor-part-2/
 
Today's Rundown: 
0:38 – Here’s what we’re talking about in part two of our series.
1:28 – Thanksgiving traditions for Ben and his family.
3:00 – Awkward conversation: Do your children understand your estate and legacy plan?
5:06 – The cleanest way to pass on your estate is by working with an attorney.  
5:47 – Awkward conversation: Do we need to keep working longer than we’d planned?
7:35 – Sometimes that conversation turns out to be great for the client.
8:25 – Awkward conversation: Separating from an advisor that isn’t a great fit for you.
9:40 – How often do you speak/communicate with your clients?

Ep 10: Awkward Conversations With Your Financial Advisor – Part 1

No one enjoys having to take part in those difficult conversations but it’s a necessary part of building a comprehensive retirement plan. Let’s explore two of those awkward conversations every good financial advisor should be bringing up with you. In part one of this series, we’ll look at how the death of a spouse and the possibility of nursing home care can affect your plan.
 
Show Notes: https://www.baschrock-fg.com/podcast/ep-10-awkward-conversations-with-your-financial-advisor-part-1/
 
Today's Rundown: 
0:34 – We’re beginning a new series on awkward conversations.
1:05 – Let’s get an update on how Ben’s wife is doing and how the pregnancy is going.
2:28 – Beginning the discussion on awkward conversations and what we mean with that.
3:03 – First difficult conversation: the death of a spouse.
4:31 – What BA-Schrock discusses in terms of life insurance with clients.
5:39 – Do you know all the account information for your family’s accounts?
8:08 – Second difficult conversation: Nursing home care later in life.
9:03 – Here’s how much nursing home care could cost you.
11:42 – These conversations aren’t easy but having these candid discussions can be very helpful.  
 

Ep 9: The Risks Savers Face: Not Spending Enough - Part 4

On the final installment on our series about the missteps that savers make along the way, we turn our attention to something most people love to do: spending. Savers aren’t the best at this because it’s a complete shift in mindset, but there will come a time when you need to spend the money you’ve been working so hard to accumulate.
 
Show Notes: https://www.baschrock-fg.com/podcast/ep-9-the-risks-savers-face-not-spending-enough-part-4/
 
Today's rundown: 
1:01 – Welcome Ben and Keith.  
1:24 – We love the success stories from our clients  
2:34 – Getting to Know Ben: What’s the most universally well-known movie that you’ve never seen before?
4:58 – Let’s move to our main conversation on savers.
5:41 – It’s a different mindset for savers when they move into retirement.
6:58 – How does that process work with clients when they want to know what they can spend?
8:33 – Client story about someone that’s spent their money.
9:29 – Life happens so take advantage of your chance to enjoy your retirement.
10:59 – We also see people that love spending money and sometimes we have to slow them down.

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/