In the spirit of Halloween, let’s do our own trick-or-treating around the financial industry. Come with us as we take a look at five different products that investors commonly use and decide whether they are tricks or treats. We’ll also dive into the Halloween (mail)bag to answer three great questions on emergency funds, life insurance, and inheritance.   Read more: https://johnsonbrunetti.com/financial-trick-or-treat/    What we discuss on this episode:  0:45 – To acknowledge Halloween, we’ll be talking financial tricks or treats. 1:05 – It’s the 88th anniversary of Al Capone’s sentencing for income tax invasion. 2:05 – In the news: 3 employees at an assisted living facility arrested for running a fight club with elderly residents with dementia. 3:35 – Let’s go trick or treating now. 3:50 – Trick or Treat? Home equity line of credit 5:35 – Trick or Treat? Variable annuity 7:30 – Trick or Treat? The no-load mutual fund 10:01 – Trick or Treat? The no closing cost mortgage 11:08 – Trick or Treat? Life insurance with an accelerated death benefit 12:57 – People need a second opinion when determining whether things are tricks or treats.   14:50 – Mailbag question: I’m told I don’t have enough of an emergency fund in the bank. What’s more important, building that up or maxing out my 401k. 19:29 – Mailbag question: I’m thinking about canceling my expensive whole-life policy and getting a much cheaper term policy. Is there any reason I shouldn’t terminate the policy and use the cash on something else? 20:57 – Mailbag question: My grandmother died recently and left me a lot of money. It’s more than I’ve ever had before so I don’t want to be an idiot with it. What should I do to make sure I’m not mad at myself in 40 years when I want to retire?

Money Wisdom

Financial Planning Trick or Treat

With your house being one of the most valuable assets you own, it’s not surprising that people might consider a number of different decisions that might have a significant financial impact on their retirement. Let’s explore some of the most common scenarios we discuss with clients and how to make the best decision for your future.     Read more and get additional financial resources here: https://johnsonbrunetti.com/podcast-episode-221-housing-scenarios-you-might-face-in-retirement/    What we discuss on this episode:  0:23 – Tax planning in the final quarter of 2021 2:18 – Why Joel is doing a large Roth conversion this year 3:24 – Scenario 1: Considering downsizing to a smaller home 5:12 – Scenario 2: Pay off house if we have the money or not? 6:37 – Scenario 3: Best way to finance a second home 7:57 – Scenario 4: Moving out of state in retirement 9:13 – Scenario 5: Selling the home and begin renting 10:30 – Scenario 6: Moving into a CCRC in retirement

Podcast Episode 221: Housing Scenarios You Might Face in Retirement

With financial information everywhere you look, it can be tough to discern what is accurate and what is actually just a headline used to generate clicks. Today we’ve pulled some of the things you might have heard recently relating to the economy and investing and we’ll look to Joel to explain what is accurate and what’s been exaggerated.   Read more and get additional financial resources here: https://johnsonbrunetti.com/7389-2/   What we discuss on this episode:  0:58 – Getting workers to return to the office   4:38 – Social Security is going broke 6:06 – Debt is out of control and taxes are going through the roof 6:50 – Economy will grind to a halt when interest rates are raised   7:57 – There’s going to be a market crash soon   9:30 – Mailbag question on what to do with TSP account    10:48 – Mailbag question on why you need someone to help manage your money 12:43 – How to start the conversation with us  

Legitimate Financial Concerns or Sensationalism?

 What can we learn in life from those who have come before us? Asking yourself that question frequently is going to keep you in the right mindset to achieve great success in whatever you do throughout life. But we can also apply the thinking specifically to retirement. What can we learn from those who have successfully retired already? What do those folks have in common and can we implement the same strategies and habits? Using Stephen Covey’s The 7 Habits of Highly Effective People as inspiration, Joel has mapped out the 7 Habits Of Highly Successful Retirees for today’s podcast. Listen and see if you’re living out these habits or if you might need to tweak your approach to financial and retirement planning. As part of our summer podcast series, we're going back to the most popular topics of the past year or more and revisiting them once again.    Read more and get additional financial resources here: https://johnsonbrunetti.com/7-habits-of-highly-successful-retirees/    What we discuss on this episode: 1:19 - Having A Great Savings Withdrawal Strategy 2:44 - Diversifying For Everlasting Income 3:30 - Fending Off The Tax Man 4:45 - Leveraging Dividend Stocks 8:25 - Maintaining A Modern Estate Plan 10:15 - Don’t Be Afraid To Take Risks 12:38 - Always Know Where You Stand

7 Habits Of Highly Successful Retirees

Many people are hesitant to dive into their finances or make any big decisions because there’s often so much information to sift through. When it comes to planning for retirement, we all need help sorting through our options and simplifying our financial plan. That’s exactly what Joel will help you do on this episode.   As part of our summer podcast series, we're going back to the most popular topics of the past year and revisiting them once again.    Read more and get additional financial resources here: https://johnsonbrunetti.com/podcast-episode-189-simplifying-the-financial-planning-complexities/    What we discuss on this episode:  0:42 – Fun Fact of the Week 3:10 – Beauty of Simplicity and How to Make Financial Structure Less Complicated 6:49 – 3 Areas That Overwhelm People 9:27 – Strategies Joel Uses to Bring Simplicity to Clients 11:42 – Explaining How the Money Map Process Assists in This 14:45 – Mailbag Question on mutual fund returns 16:20 – Mailbag Question on getting spouse involved in finances

Simplifying the Complexities in Financial Planning

Whether you’ve listened to Joel on television or on this podcast, you’ve probably heard him mention The Money Map quite a bit. So what exactly is it? In this episode, we’ll explain the purpose of the book, what topics it covers, and some of the areas you’ll benefit from. Plus, we’ll take a couple of mailbag questions before we go. As part of our summer podcast series, we're going back to the most popular topics of the past year and revisiting them once again.    Read more and get additional financial resources here: https://johnsonbrunetti.com/podcast-episode-188-the-money-map/    What we discuss on this episode:  1:32 – What exactly will we find in The Money Map? 2:20 – Examples of the chapters you’ll find in the book.   2:54 – Culture of greed, entitlement, and arrogance on Wall Street. 3:39 – How to use real estate in your investment portfolio.     4:57 – Biggest mistake most people make in retirement. 6:37 – Listener Question: Do I need to invest some of my pension income to cover my lack of savings in retirement? 8:44 – Listener Question: Should my broker have more urgency about correcting my recent IRA losses since I’m 60-years-old? 10:34 – How to get your complimentary consultation  

Breaking Down The Money Map

Financial planning gets more complicated as you move through life and questions will undoubtedly arise along the way. Today we’ll answer a few of the submissions from pre-retirees and retirees dealing with financial and estate planning issues and provide as much information as we can.   As part of our summer podcast series, we're going back to the most popular topics of the past year and revisiting them once again.    Read more and get additional financial resources here: https://johnsonbrunetti.com/financial-estate-planning-questions-facing-families/    What we discuss on this episode:  0:21 – Mailbag Question 1: I’ve been very blessed and have more than I’ll probably need in my life. Should I start giving away money to my kids and grandkids now so they don’t have to worry as much about estate taxes and probate costs? 2:05 – Mailbag Question 2: I’m thinking about getting married to someone 12 years old than me. I’m worried about what happens if he’s retired and I’m still working. Will this be a problem financially? 4:29 – Mailbag Question 3: I’m in the middle of a divorce after 30 years of marriage. Would I be better off with half of his 401k or half of his pension? 6:11 – Mailbag Question 4: My husband and I argue almost everyday about money because we haven’t done a good job of planning and it’s stressing us out. Is this normal or do we need some serious help? 8:16 – Mailbag Question 5: I’m the executor of my deceased mother’s will and my sister is currently living in mom’s house. I don’t want to kick her out but I think I might need the money from the sale to fund my retirement. How do I figure out if I’m okay with what I have or if I need to kick my sister out? 9:57 – Mailbag Question 6: My dad just died six months ago and I’m a little worried about my mom, who is in her late 70s and is now in charge of handling the investments for the first time in her life. I don’t know much about it myself so what should I tell her to do? 11:45 – How can someone take advantage of the Money Map review process?

Financial & Estate Planning Questions Facing Families

We’re going back to the mailbag and taking questions that specifically deal with concerns from pre-retirees. Let’s look at strategies for building your 401k, how much you might need for retirement, and preparations to make as you approach your retirement date.   As part of our summer podcast series, we're going back to the most popular topics of the past year and revisiting them once again.    Read more and get additional financial resources here: https://johnsonbrunetti.com/7-questions-from-pre-retirees/    What we discuss on this episode:  0:23 – Mailbag Question #1: I’m retiring in three years and I have almost a million in my 401k but I also have about $60K in consumer debt. Is it worth it to take money out of the 401k to pay it off now while I’m working? 2:09 – Mailbag Question #2: I’m retiring later this year and I’ll have about 16 weeks unused vacation and sick leave that they’ll have to pay me. I’m told I can take this all in my final paycheck or continue being paid on my normal schedule every two weeks after I retire. Does it matter which way I do it? 4:02 – Mailbag Question #3: I’m ready to retire but I won’t be old enough for Medicare for another six months. Should I just stick it out until then? 4:50 – Mailbag Question #4: I’m starting a new job with a lower base side but higher commissions. My base salary is too low to contribute to my 401k and pay my bills. Is it ok to just use my commissions for retirement savings? 6:15 – Mailbag Question #5: My company matches my 401k savings but they do it in company stock. I’m not excited about owning a lot of company stock but don’t want to miss out on the match. Should I still try to put in as much as I can? 8:25 – Mailbag Question #6: I’ve heard that you need between 15-20x your annual salary in savings to be able to retire comfortably. Is that accurate? 9:59 – Mailbag Question #7: My husband and I argue everyday about money because we haven’t done a great job saving for retirement and it’s stressing us out. Is this normal? 12:15 – How we can help with all of these things.

7 Questions from Pre-Retirees

We meet people every day that either work with or have worked with a financial advisor, and during those conversations we hear many of the same complaints. Let’s dive into the issues facing may pre-retirees and how we address them with our clients.   Read more and get additional financial resources here: https://johnsonbrunetti.com/podcast-episode-214-common-complaints-people-have-about-advisors/    What we discuss on this episode:  1:08 – Peak of the homebuying frenzy? 2:38 – Mailbag question on paying for a swimming pool 5:38 – Complaint: Taking on too much risk 9:21 – Different biases we have 11:03 – How do you determine risk in your portfolio 14:13 – Complaint: My fees are too high 17:20 – Complaint: My account didn’t grow much  18:34 – Complaint: I only hear from my advisor when they want me to buy a stock 19:03 – Mailbag question on investments for grandchildren 20:49 – Mailbag question on investing outside of stocks

Common Complaints People Have About Advisors

Conventional wisdom can be a great guide for investors but general guidance doesn’t always apply to each individual. There are exceptions for every rule and that’s what we want to discuss today.  As part of our summer podcast series, we're going back to the most popular topics of the past year and revisiting them once again.    Read more and get additional financial resources here: https://johnsonbrunetti.com/when-conventional-wisdom-in-retirement-doesnt-always-apply/    What we discuss on this episode:  0:49 – Let’s start with conventional wisdom in retirement planning. 1:06 – “You can’t go wrong with real estate. They aren’t making any more of it.” 2:25 – “There’s good debt and bad debt. Mortgage debt is good debt” 3:40 – “Retirement is a chance to relax after an exhausting career.” 5:00 – “If your current investments are doing well, try something else.” 6:39 – If people need guidance on what to do, how can that happen? 10:11 – Shifting that mindset from accumulating to protecting.

Conventional Wisdom in Retirement Planning

The retirement accounts set up through your employer are powerful saving vehicles but are you managing it properly? Some people obsess over their investments while others set it and forget it. Which strategy works the best and how can an advisor play a key role in your strategy? We’ll tell you about that on this episode. As part of our summer podcast series, we're going back to the most popular topics of the past year and revisiting them once again.    To read more on this topic, visit us online here: https://johnsonbrunetti.com/should-you-review-your-401k/    What we discuss on this episode: 0:28 – The plan for today’s show.   1:52 – What goes wrong when you don’t pay enough attention to your account? 3:10 – What about the people are obsessing over their 401(k)? 5:15 – Joel shares a story about a strategy that a huge company in LA uses. 6:12 – What’s the best way to get help in a 401(k) when it’s set up to do it yourself? 7:50 – How investing has changed in 401(k) accounts.

Should You Review Your 401K?

As part of our summer podcast series, we're going back to the most popular topics of the past year and revisiting them once again.    Financial planning doesn’t just give a sense of security, it also ensures your family is taken care of as well. On this episode, Joel answers nearly a dozen questions from listeners that all pertain to some aspect of family finances.    To read more on this topic, visit us online here: https://johnsonbrunetti.com/family-finances-educational-estate-and-investment-planning/   What we discuss on this episode:  0:19 – Mailbag Question 1: I always assumed I’d send my kids to an in-state college but my daughter is interested in a private school that costs six times as much. It’s hard for me to justify that kind of expense for an education. 4:43 – Mailbag Question 2: This is a second marriage for me and my husband. We file a joint tax return but keep all other financial matters separate. Is that okay or should we be doing something different? 6:53 – Mailbag Question 3: Is there a better way to save for college rather than pumping money into a 529 plan? 8:23 – Mailbag Question 4: My wife is significantly younger than me and I’m guessing she’ll outlive me by at least 10 years. Do I need to get life insurance to take care of her when I’m gone? 10:10 – Mailbag Question 5: I had kids later in life than most people. I’m almost 60 and my twin boys are heading to college in a few months. I want them to finish college without any huge student loans but I’m not sure I can pay for both without hurting myself financially. Which should I place a higher priority on? 11:30 – Mailbag Question 6: I’m thinking about having my mom sign my house over to me in case she goes into the nursing home and runs out of money. Is this a smart move? 12:27 – Mailbag Question 7: My brother tells me I have too much money in the bank. It makes me feel better to have it there in case of emergency. Is that really so bad? 14:14 – Mailbag Question 8: I read recently about a family that set up a complicated set of trusts. Our family is interested in creating some sort of generational wealth. What’s the best way to do it? 16:27 – Mailbag Question 9: I’m about to get married. It’s my second and her third. I want to keep all of our assets separate but how do we plan for retirement that way? 17:40 – Mailbag Question 10: We’ve never lived on a budget and my husband is very resistant to that in retirement. Without a budget, how can we be sure we don’t run out of money? 19:40 – Mailbag Question 11: I’m retired and my husband needs to retire but he refuses to walk away from work. Any suggestions to convince him that we’ll be fine?

Family Finances: Educational, Estate, and Investment Planning

Real estate can be a huge piece of a financial plan, especially now that mortgage rates are at historic lows. We’ve gotten a lot of question for the show about this topic and today we’re running through nine different mailbag submissions that all tie into real estate.  As part of our summer podcast series, we're going back to the most popular topics of the past year and revisiting them once again.    To read more on this topic, visit us online here: https://johnsonbrunetti.com/answering-questions-about-real-estate-planning/    What we discuss on this episode: 0:20 – Mailbag Question #1: My house is already paid off but I’m about to sell it to downsize in a condo that’s about $100,000 cheaper. Should I put the money I make into the market? 1:54 – Mailbag Question #2: I want to start a business and make an addition to my house that will give me the space to do that. Should I take the money from IRAs or take out a business loan? 3:00 – Mailbag Question #3: I’m thinking about having my mom sign her house over to me in case she goes into a nursing home and runs out of money. 3:57 – Mailbag Question #4: I have two rental properties that have mortgages on them. I have enough in investments to pay off the mortgages but rent covers the mortgages right now. Do I even need to pay them off? 5:04 – Mailbag Question #5: I know that I need an emergency fund, but instead of keeping money in a savings account, can I use my home equity line if I need money in a pinch? 6:54 – Mailbag Question #6: We don’t have much saved but we’re about to sell our farm for just over $1 million. We’ve never really invested in the market so where do we start with this money? 8:28 – Mailbag Question #7: I wasn’t planning to move but my dream home came on the market. My current home is paid off but I’d have to take out a mortgage on this new one. I’m getting close to retirement so is it a bad idea to carry a mortgage into retirement? 9:51 – Mailbag Question #8: I’m the executor of my deceased mother’s will. My sister is currently living in mom’s house and I don’t want to kick her out. But I’m worried I’ll need the money from the home’s sell for retirement. How can I figure out if I have enough or if I need to kick her out? 11:34 – How we can help you work through any of these planning issues.

Answering Questions About Real Estate Planning

Everyone wants to know where they stand as it relates to retirement savings. Will you have enough or are you falling behind? Today we’ll tell you how we arrive at that number and we’ll answer another listener question about capital gains taxes.   Read more and get additional financial resources here: https://johnsonbrunetti.com/podcast-episode-209-do-your-retirement-savings-measure-up/    What we discuss on this episode:  0:18 – Mailbag question on retirement savings 1:49 – Where do you stand? 3:19 – Fact of the week 5:48 – Mailbag question on capital gains taxes

Do Your Retirement Savings Measure Up?

The SECURE Act was first introduced at the beginning of 2020 with a handful of new retirement planning changes included, but there could be additional amendments added in the near future. What could the new changes include? We’ll share six key proposals that are on the table and find out what Joel makes of each one.   Read more and get additional financial resources here: https://johnsonbrunetti.com/podcast-episode-208-secure-act-2-0-what-to-know/    What we discuss on this episode:  1:00 – Housing market update   4:19 – Raising RMD age to 75 6:32 – Auto-enrolled into 401(k)   7:46 – Increasing catch-up contributions 8:53 – Student loan payments for employer match 10:39 – Finding old 401(k) accounts more easily 12:29 – Tax reduction planning

SECURE Act 2.0 – What to Know

Listen to Johnson Brunetti's Money Wisdom with Joel Johnson CFP®, host of Better Money Television program and Forbes Contributor. Gain true financial wisdom and advice aimed at educating you about all of your financial options when it comes to retirement so you can make the best decisions for you and your family. Get information and education that can bring you peace of mind with your savings and retirement. Whether it’s your 401k account, IRA, or an underperforming asset, Joel Johnson can answer your questions and make you more aware of issues that may affect you.

hubhopper

Money Wisdom

hubhopper