When it comes to your financial plan, are your plans based on financial expertise or your assumptions? It’s hard to recognize our own weaknesses or deficiencies, but in reality, there are many key areas where people trip up. Read more and get additional resources here: https://fortune-financial.org/ep-21-things-people-think-they-know-but-dont/  Today's rundown: 1:11 - How much income do I truly need in retirement?3:15 - How much investment risk should we be taking?5:44 - How do I address possible long-term care expenses?7:15 - Won’t I pay less in taxes in retirement?

Financial Forum Podcast

Ep 21: Things People Think They Know (But Don’t!)

Building a retirement plan takes time, but your focus should start to narrow as you move closer to that big day. On this episode, we’re going to look at the different stages of planning from 15 years out all the way until that transition into retirement. Find out what you should be doing at each stage along the way. Read more and get additional resources here: https://fortune-financial.org/ep-20-the-different-stages-of-retirement-planning/  Today's rundown: 0:18 – Let’s talk about the different stages of retirement.1:07 – What should you be thinking about around 50 when you’re 15 years out?3:30 – Now you’re 10 years out. What should you be considering?5:37 – This is the time you want to start thinking about your potential retirement age.7:39 – 5 years away from retirement. This is maybe the most crucial period.10:10 – Keep in mind that inflation and taxes need to be a part of your retirement plan.   11:56 – It’s now your retirement day. Here’s what has to be done.13:46 – Is planning over now that we’ve retired?

Ep 20: The Different Stages of Retirement Planning

We all like to check our bank account and see a healthy number staring back at us, but at what point do you have too much cash on hand? Today we want to focus on the benefits of having cold, hard cash but also why it’s important to understand that too much cash will bring your portfolio down over time. Read more and get additional resources here: https://fortune-financial.org/ep-19-how-much-cash-should-you-keep-in-your-portfolio/  Today's rundown: 0:44 – What are the most common needs for cash that requires you keeping it in your bank account?2:43 – Then what’s the problem with having too much cash?3:59 – How do you help clients determine how much cash they need?6:37 – What makes people obsess over a certain amount of cash?8:03 – In what ways can clients invest cash but keep it out of the market to avoid the volatility?8:49 – Fixed index annuities might be an option.

Ep 19: Cold Hard Cash

Mutual funds have long been a popular investment choice for people everywhere for a number of reasons, but is the landscape changing? We’ll explore the basics of mutual funds by explaining the key terminology associated with the investment and talk about the future of funds as a part of retirement strategy. Show notes and additional resources: https://fortune-financial.org/ep-18-understanding-the-ins-and-outs-of-mutual-funds/  Today's rundown: 0:41 – What percentage of our clients have mutual funds when they first meet us?1:37 – Tell us what ‘expense rations’ means and why is it important?3:31 – What about a ‘loaded’ mutual fund? What’s the difference between frontloaded and backloaded?6:13 – Are there any tax issues that mutual funds can create for an investor?7:40 – ETFs are becoming more popular. Here’s how they’re different than mutual funds.  9:31 – How often does Chris utilize mutual funds in client portfolios?

Ep 18: Mutual Funds 101

Depending on who you ask, 2020 could be quite eventful. The year has already gotten off to busy start both nationally and globally, and we’ve gotten questions from people wondering how their retirement portfolios will be affected by the events around us. Let’s look at the top headlines for this year and whether they matter for your finances. Show notes and additional resources: https://fortune-financial.org/ep-17-do-these-current-events-matter-for-retirement-planning/  Today's rundown: 0:17 – Does it matter? That’s our focus today.0:45 – How much should we be worried about the upcoming election?2:48 – The health insurance marketplace.4:25 – The trade war with China.6:16 – Social Security and the uncertain future.8:01 – The future of the market.

Ep 17: Do These Current Events Matter for Retirement Planning?

When it comes to money, there are so many things that we have no control over. So why would we not take care of the things that are within our control? Today we talk about the ways people sabotage their own retirement and what you can do to avoid making the same mistakes. Show Notes and Additional Resources: https://fortune-financial.org/ep-16-are-you-sabotaging-your-own-retirement/  Today's Rundown: 0:17 – We’re talking about self-sabotage and how we get in our own way.1:00 – First thing we do is obsess over the short term ups and downs of the market.  3:33 – Social Security is another major one. We sabotage ourselves by turning it on at the wrong time.5:21 – We don’t think we’ll need nursing home care or feel it’s too far down the road.  7:01 – You assume you’ll love your job forever just because it’s great now.9:32 – Final one is not identifying how much you’ll need to spend in retirement to maintain your desired lifestyle.

Ep 16: Are You Sabotaging Your Own Retirement?

Retirement will look and feel different for everyone because each of us have different variables to consider. These variables make it a little more difficult to plan but that what makes the process more fun. On today’s show, we’ll explain why answers to these critical retirement questions vary from person to person.   Show Notes and Additional Resources: https://fortune-financial.org/ep-15-5-variables-that-shape-your-retirement-plan/  Today's Rundown: 0:17 – Let’s talk about retirement variables today.0:43 – Variable No. 1: How much income do I need?2:53 – Variable No. 2: How much will we have to pay in taxes?5:01 – Variable No. 3: How long should we expect to live?6:46 – Variable No. 4: When should I start Social Security?8:12 – Variable No. 5: How much money should I have at risk in retirement?

Ep 15: 5 Variables that Shape Your Retirement Plan

Think about those fortune cookies you crack open at the end of a Chinese dinner as you await that small bit of wisdom inside. We always apply those fortunes to our life, but what if we took those and used them for financial guidance? Show Notes: https://fortune-financial.org/financial-fortune-cookies/  On This Episode: 0:17 – What we do for lunch around the office and why it relates to our topic.1:48 – First fortune: Crisis is opportunity riding on a dangerous wind.3:47 – Next fortune: A feather in the hand is better than a bird in the air.  5:27 – Next fortune: Accept something that you cannot change and you’ll feel better.6:47 – Next fortune: The greatest danger could be your stupidity.8:10 – Next fortune: A foolish man listens to his heart.9:46 – Next fortune: Hard work pays off in the future. Laziness pays off now.

Ep 14: Financial Fortune Cookies

Even for people who have been very responsible with their money over the years, entering retirement can still be a challenge because it’s such a different stage of life. Let’s discuss some of the areas where savers might make a few missteps so you’ll be better prepared in retirement. Show Notes: https://fortune-financial.org/ep-13-a-message-to-the-good-savers/  On this episode: 0:17 – What we’re talking about on this show and why.1:00 – First mistake: Too much in cash.4:45 – Next mistake: Taking on too much risk.6:43 – Next mistake: Not being prepared for the ticking tax time bomb.9:14 – Final mistake: Savers don’t spend enough.

Ep 13: A Message to the Good Savers

Some of our earliest life lessons came from stories passed down from generation to generation. These classic fables have stood the test of time because the moral of each story can be applied to nearly every aspect of our lives to teach us what’s most important. We’re going to take four classic fables and find out how they apply to financial planning on this episode. Show Notes: https://fortune-financial.org/ep-12-financial-lessons-learned-from-classic-fables/ Today's Rundown: 0:17 – Today we’re taking classic fables and applying them to financial planning.  0:41 – First fable: The Miser and His Gold4:02 – Next fable: The Man and His Two Wives6:46 – Third fable: The Tortoise and the Hare10:26 – Final fable: The Dog and His Shadow

Ep 12: Financial Lessons Learned from Classic Fables

Retirement planning is a lot like a road trip. It takes careful planning, strategy, research, and execution. We’ll explore the similarities between the two and explain what you need to do to reach your final retirement destination on time and as planned. Show Notes: https://fortune-financial.org/ep-11-the-retirement-road-trip/ Today's Rundown: 0:42 – First thing you need to decide is where are you going?2:46 – Next thing is you have to determine what route you want to take to get to your destination.  4:18 – The best way to determine your route is by answering these questions.5:38 – On that road trip, you have to pick out what you want to listen to.8:26 – Last road trip item, are you using cruise control along the way?

Ep 11: The Retirement Road Trip

When it comes to investing, conventional wisdom guides a lot of our decisions and strategies. While it usually benefits it, conventional wisdom isn’t always black and white. Following this advice on real estate, debt, and retirement lifestyle might not be in your best interest. We’ll explain on this episode.On this episode:0:18 – We’re talking conventional wisdom today. 0:34 – Conventional wisdom says you can’t go wrong with real estate. 2:38 – Conventional wisdom says there’s good debt and bad debt to take on. 5:06 – Conventional wisdom is retirement gives us a chance to relax after a long career.8:17 – Conventional wisdom says if your investments aren’t doing well you should change it up.Show notes: https://fortune-financial.org/ep-10-should-we-…irement-planning/

Ep #10: Should We Follow Conventional Wisdom for Retirement Planning?

Chris has been a fan of The Beatles for a long time so we decided to make the connection between the Fab Four and Finance. Join us as we take song titles and explain how they apply to retirement planning.On today's show:0:18 – Let’s stick to the Beatles them we’ve talking about recently.0:51 – Song: The Long and Winding Road2:12 – Song: Taxman4:09 – Song: Tomorrow Never Knows5:55 – Song: When I’m 647:40 – Song: HelpTo get the show notes and additional resources, click here: https://fortune-financial.org/beatles-songs-as…nancial-guidance/

Ep #9: What Financial Wisdom Can We Gain from Beatles Songs?

Everyone wants to feel more informed about their options when they’re making financial decision, but not all information is valuable. Let’s discuss the different types of research people are using to stay informed about retirement planning and whether it’s right for you.  Today's rundown: 0:18 – Let’s talk research on today’s show.  1:08 – Who are the primary media voices that people refer to?3:11 – What are the pros and cons in using the internet for financial research?5:50 – Is it possible to do TOO much research?7:02 – An example of someone that’s been influenced too heavily by their own research.  See the show notes and get additional resources by clicking here. 

Ep #8: Doing the Research Before Making Financial Decisions

Much like chess, retirement planning utilizes multiple strategies to reach an end goal. Think about the way you use each piece and consider how that would compare to your different investments. On today’s episode, we’ll tell you what we think each piece represents in your portfolio.Check out the full show notes by clicking here. ----more----Today's rundown:1:25 – Introducing why retirement chess is our topic this week.2:12 – The Pawn: those monthly contributions you’re adding to your retirement account.4:49 – The Knight: your conservative investments.7:36 – The Queen: your high-risk money.10:05 – The King: retirement income.

Ep #7: Strategy in Chess is Much Like Retirement

Financial and retirement guidance from Chris Scalese of Fortune Financial Group in northeast Pennsylvania. Each show we'll talk about important financial planning topics and tell you great stories about people we've helped to create a prosperous financial future. This is the show to listen to if you want to get ready for retirement.

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Financial Forum Podcast

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