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Retirement Starts Today

Do you want to spend more money in retirement, while paying less taxes? Great news, you're in the right place! I'll also teach you the benefits of retiring TO something, while most retirees only solve half the equation by retiring FROM something. Tune in every Monday morning - hosted by Benjamin Brandt CFP, RICP. Join my "Every Day is Saturday" weekly newsletter for show notes, free book giveaways and other great retirement content: www.retirementstartstodayradio.com/newsletter
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Now displaying: Page 9
Apr 27, 2020

On this episode of Retirement Starts Today I want to share with you the retirement questions I received through my Friday Office Hours. Office Hours is an online space where I am available to answer any financial questions that come to mind. Over the past 2 weeks, we’ve had a great turn out with about 50 people joining each session. If you want to come to Office Hours make sure you are signed up for my Every Day is Saturday newsletter to get the invite. The next Office Hours session is on Friday, May 1 at 10:30 am CDT. Listen in to hear these retirement questions from my Office Hours session on April 24, 2020.

Outline of This Episode

  • [1:22] The solvency of the PBGC
  • [7:00] Do I still recommend delaying Social Security until age 70?
  • [15:34] How will the new money being pumped into the economy affect inflation?
  • [18:15] Tax diversification
  • [22:14] Should deflation be a worry?

What do I think about the solvency of the PBGC?

The PBGC or the Pension Benefit Guarantee Corporation is a private insurance company that insures pensions. This corporation is a safety net for private pension plans. Many people are choosing to cash out their pensions in favor of a lump sum. The lump-sum payments are artificially high right now due to low interest rates which and this fact has put extra stress on the PBGC. Whether or not the PBGC remains solvent should not affect your decision to take a lump sum or to keep your pension. 

How you should decide whether to take a lump-sum payment or a pension

The solvency of the PBGC shouldn’t play much of a role in your decision to take a lump sum or an annuity, instead, you should first consider other factors. First, consider your lifestyle and then do the math, after you have done both of these things then you can factor in whether you think the PBGC will remain solvent. You should really think about how much flexibility you need with your money. If you need a lot of flexibility the lump sum is the right choice for you. But if you are risk-averse then the annuity is your best bet. You’ll also want to factor in your own longevity and how much you value simplicity. Next, you’ll want to factor in the math. Listen in to hear all the factors that you should consider when making this decision.

How will the new money being pumped into the economy affect inflation?

We have been printing money for years and that should have led to inflation but it hasn’t yet. This also should have led to high gold prices but that hasn’t happened either. None of the things are happening the way the textbooks told us they would. This may be due to technological advances leading to deflation or it could be because the dollar is the reserve currency of the world. Learn how to outgrow inflation by listening in. 

A strategy for tax diversification 

In an ideal world, you would start your retirement with 30% of your assets in a Roth IRA, 30% in tax-deferred accounts like IRAs, and the last 30% in a brokerage account. This would give you a lot of flexibility to live life how you really want. Unfortunately, most of us don’t have our assets perfectly distributed so we need to consider how we can diversify our assets before we reach age 72. It’s important to figure out what your RMD’s will be and planning your taxes. Find out about tax diversification and the answers to many other questions on this episode of Retirement Starts Today. 

Connect with Benjamin Brandt

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Apr 20, 2020

You may have gotten your stimulus check last week, but whether or not you have received the funds you may still have stimulus check questions. On this episode, I’ll answer several common questions surrounding the stimulus checks. I’ll also highlight some positive news for most of us. Positive news is hard to find today so let’s relish it a bit! Listen in to get your stimulus check questions answered and bask in the glow of some happy news. 

Outline of This Episode

  • [0:22] will you be benefitting from auto insurance discounts?
  • [4:45] Did you receive your stimulus check this past week?
  • [6:15] Questions surrounding the stimulus check

Is your car insurance going to give you money?

When I see good news I want to spread it far and wide, especially during these trying times. Since there has been less traffic on the roads there have been fewer car accidents which, in turn, has led to fewer car insurance claims. Many insurance companies have decided to pass their savings back to their policyholders. Listen in to hear whether your insurance company is one of those that are offering discounts or refunds.

We all have stimulus check questions

The Senate passed the stimulus package bill in record time and the treasury started rolling out the money even faster. Our government wanted to get the money in the hands of the citizens as soon as possible. We all have questions about the stimulus checks that we will be receiving soon. So, I thought I would do some digging since there is so much information out there it can be difficult to determine what is true and what is false. 

Will this stimulus check eat into my 2020 tax refund?

One of the biggest questions people have is whether this federal benefit is simply an advance on next year’s tax refund. Thankfully I was able to find a reliable source that could help me answer this question. The answer is no. This is considered a special tax credit and is simply an addition to anything you might have otherwise expected. 

Will this money count toward my taxable income for 2020?

The stimulus funds aren’t considered income so the money is not taxable and it won’t affect your tax bracket for 2020. Some people also wonder whether they will still get a stimulus check if they don’t normally receive tax refunds. Eligibility for a refund check is determined by your 2018 or 2019 AGI. If you look at line 8b on your 2018 1040 or line 7 on the 2019 tax return you will see your AGI. You can check the status of your refund on the IRS website. Did you receive your stimulus check this past week? Listen in to hear more questions about the stimulus money answered. 

Resources & People Mentioned

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Apr 13, 2020

We all know that scammers are out there looking for the next opportunity to prey on their targets. The Coronavirus isn’t just a worldwide pandemic, for scammers its an opportunity to try new scams. On this episode of Retirement Starts Today you’ll learn how to spot a Coronavirus scam, stimulus check scam, and a grandparent scam. I also have lots of links to resources for you to learn more about this topic so be sure to scroll down to the bottom of this page when you’re done listening. 

Outline of This Episode

  • [1:02] Thanks for coming to the webinar
  • [6:02] How to Coronavirus scams
  • [13:22] Stimulus check scams
  • [15:07] Grandparent scams

I’m holding office hours

Since we are all experiencing heightened stress and worry during this pandemic I thought I would try something new. On Friday 4/17 at 10:30 am CDT I’m holding office hours so that we can chat and discuss all things retirement. I’ve had many attendees during my recent webinars, but they aren’t very interactive. During this Zoom meeting, you’ll be able to ask questions. If you are nearing retirement and have worries about the virus, the markets, or anything retirement-related this will a great place to bring your questions. So please join me here on Friday 4/17 at 10:30 CDT

The Coronavirus is a great time for scammers

Anytime is a good time for scammers, but people are even more susceptible to scams during times of stress. The Coronavirus has brought stress upon us all so scammers are having a field day. A plethora of new scams have sprung up during the past few months. These scams range the gamut from apps with viruses, phishing emails, Robo phone calls, and so many others. Listen in to hear how to identify a Coronavirus scam and find out what you can do to protect yourself and your loved ones from these tricksters. 

Stimulus payment scams

The thought of $1200 per person has scammers ready to pounce. Your stimulus check is not in the mail. Paper checks won’t arrive until May. If you receive a paper check for more than you were expecting it’s probably a scam. Remember the IRS call, text, or email you to ask you for your bank account information. If you need information about your stimulus check go directly to their website irs.gov/coronavirus

Grandparent scams with a new Coronavirus twist

Grandma, I’m sick in the hospital, please wire money right away! Grandpa, I’m stuck overseas and can’t get home, please send me money! These old scams can pull at the heartstrings even more in these challenging times. You are probably savvy enough not to fall for these types of tricks but maybe someone you know and love could be easy prey. Do them a favor and educate them about these tactics. Listen in to hear about all the different types of Coronavirus scams and what you can do to help the ones you love not fall for them. 

Resources & People Mentioned

Connect with Benjamin Brandt

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Apr 6, 2020

Everyone is talking about buying the dip, but what is the best way to do that? I’m not an investment advisor, but since the stock market has taken a serious downturn, now may be a good time to consider your overall investment strategy. That’s why I’ve invited investing expert, Lawrence Hamtil, co-founder of Fortune Financial Advisors, to chat with me about the ups and downs of investing after the recent stock market collapse. Listen in on this discussion to hear the pros and cons of buying the dip, investment timelines when buying today, and exceptional industries that have stood the tests of time. 

Outline of This Episode

  • [1:22] He does custom portfolios for clients
  • [2:35] What should people look for when buying the dip?
  • [4:18] What kind of timeline should you consider when investing today?
  • [5:44] How to pick and choose?
  • [7:50] How much time should you spend studying the stocks before investing?
  • [11:05] What do some of the exceptional industries have in common?

What should people look for when buying the dip?

Now that the stock market has dropped everyone is talking about buying the dip, but how should an individual investor approach this? Lawrence recommends sticking to your investment strategy. You need to have an idea of how much of your portfolio you want committed to a particular sector. Once you establish that then it is important to stay within the confines of your plan and rebalance as necessary. He points out that sometimes rebalancing can be a challenge, but the best time to rebalance is when your portfolio is off-kilter. Stay within your target allocations rather than focusing on the daily moves of the market.

What kind of timeline should you consider when investing today?

Investing in today’s market can be a bit nerve-wracking, but in the long-term, it can really pay off. The stocks of many large corporations are down 20-80%. But that just means that you are getting more for your money now than just a few months ago. The investment that you make today won’t immediately bear fruit and it could take up to 5-10 years to really pay off. Rather than trying to pick individual winners and losers a better strategy is to make broad sector bets. 

How much research should you do before investing?

It is important to understand how a company drives revenue before you purchase their stock. Some important questions to ask are: How do they compete? How does the company react to crises? And how does buying that stock fit into your individual thesis? Don’t just study the company before you invest. It is important to study the behavior of the company while you hold the investment. Listen in to hear what else you can consider when investing in individual stocks.

What do exceptional industries have in common?

We all know that many companies’ valuations have taken a nosedive, but there are some exceptions to note. Tobacco, food, and defense are some examples of industries that are insulated. Some of these are historically undervalued or underappreciated. Think about what can be learned from this downturn. How will this affect your investment strategy going forward? Keep your eyes open to see which companies survive and why. 

Connect with Lawrence Hamtil

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Mar 30, 2020

With the Coronavirus situation bringing so much change into our lives, I decided to bring an abrupt conclusion to the Living Off Your Savings series. Instead, today, we’ll talk about some of the changes that the Coronavirus legislation will bring. Now that President Trump signed the Coronavirus stimulus package into law I wanted to give you an idea of what you can expect from this landmark legislation. Join me on this episode of Retirement Starts Today to discover how the Coronavirus stimulus package affects you. 

Outline of This Episode

  • [3:58] Who is eligible for a stimulus check
  • [8:02] Take advantage of tax-loss harvesting
  • [12:10] RMD’s are waived in 2020
  • [13:43] Waiver of early IRA distribution penalties
  • [15:44] 401K loans have changed
  • [16:40] Charitable deductions have a change
  • [18:10] The COVID19 test and vaccine will be covered by health insurance

Join me for the Living Off Your Savings webinar!

I wanted to make sure to fulfill my promise of having a webinar to cap off the Living Off Your Savings series especially since the series was shorter than expected. You’ll have 2 options to join the webinar. Option A takes place on April 2 at 10:30 AM CDT. Option B is April 2 at 2 PM CDT. This webinar will cover how to turn your accumulated savings into monthly retirement income. We’ll cover case studies, portfolio breakdowns, and how to have an amazing retirement even in the midst of a market meltdown! Sign up soon since we are already at ⅔ capacity. 

What you should know about the Coronavirus stimulus package

Have you filed your taxes yet? If you haven’t, pay attention. If your income was over $150,000 in 2018, but under in 2019 then file immediately. If your income was under $150,000 in 2018 but over in 2019 and you haven’t filed then wait to file. The stimulus checks that are coming are based on your AGI in 2018 or 2019 if you have already filed. 

Those stimulus checks will be $1200 per adult and $500 for each dependent child. If you filed jointly the income threshold is $150,000. The stimulus checks will be directly deposited into the bank account in which you received your 2018 return. Let’s hope that it’s still open!

How a retiree can put their stimulus check to good use

If you are losing sleep at night about the stock market then take this money and put it where it is needed most -- put it in a savings account, checking account, or stash the cash under the mattress. Do whatever will help you sleep at night. If you aren’t having trouble sleeping and you know where your income is coming from, think about making a Roth IRA contribution. If you have the stomach for it and don’t need it for a while, consider using that check for long-term investments. Listen in to hear a great way to teach the grandkids about the power of compound interest. 

How else could the Coronavirus stimulus package affect your retirement

  • You have until July 15th not only to file taxes, but you can also make your 2019 IRA and HSA contributions. 
  • RMDs are waived for 2020
  • The IRA distribution penalty has been waived for 2020 in some cases
  • 401K loans have expanded provisions
  • You can now take charitable deductions of up to $300
  • Tests for the virus and the eventual vaccine will be covered by health insurance

Listen in to hear all the details on how this landmark stimulus package could affect you and your retirement. 

Resources & People Mentioned

Connect with Benjamin Brandt

Subscribe to Retirement Starts Today on

Apple Podcasts,Stitcher,TuneIn,Podbean,Player FM,iHeart, or Spotify

 

Mar 23, 2020
Before you retire you’ll need to think about how to turn your assets into retirement income. Today I’ll share with you my 2 favorite ways to turn your assets into retirement income. You’ll hear about the pros and cons of the 4% rule. I’ll also teach you about the guardrail strategy. After listening, you’ll be […]
Mar 16, 2020
I promise I did not crash the market just to give you guys an example of a bear market for this episode! But I guess this episode is releasing at the right time. As of this recording, we are not in a bear market yet, but it looks like we’re heading there. It doesn’t really […]
Mar 9, 2020
Now you know what your spending in retirement will be, but how do you know where and when to withdraw money? Welcome back to the second episode in the Living Off Your Savings series. Last week we established how much you needed to retire and you learned how to create a retirement budget. Today we’ll […]
Mar 2, 2020
Have you created a retirement budget? That’s what we’re going to cover this week on Retirement Starts Today. The month of March brings a change in format for us. We are going to try a monthly series format. The theme of this month’s series is Living Off of Your savings. For the entire 5 week […]
Feb 24, 2020
Last year 14 million Americans paid for tax prep that they could have had for free. Are you one of those people? Today, we’ll take a look at why people are spending money they don’t need to and how to rectify that. I’ll also answer some insightful listener questions concerning legal documents for retirees, the […]
Feb 17, 2020
I’m sure you’ve seen Tesla all over the news lately, today we’ll think about what we can learn from its parabolic trajectory. We’ll also cover additional questions about the SECURE Act and I make a correction about something I said about the SECURE Act as it pertains to minor beneficiaries. Then we’ll cap off the […]
Feb 10, 2020
Do you know how to avoid penalties on early retirement withdrawals? Is the 4% rule confusing to you? On this episode of Retirement Starts Today 2 astute listeners have some fantastic questions for me to answer today. You’ll want to listen in to hear 3 tips on how to take early retirement without the early […]
Feb 3, 2020
Welcome back to another episode of Retirement Starts Today. On this episode, I review the questions that were asked in both sessions of the SECURE Act webinar. You’ll want to listen even if you attended a webinar session since you didn’t hear the questions that were asked in the other session. I really enjoyed teaching […]
Jan 27, 2020
Now that the SECURE Act is the law, we need to rethink our estate planning strategies since it has effectively killed the stretch IRA. With the death of the stretch IRA, many people are scrambling to figure out what the best way is to leave their heirs their IRA’s. Fortunately, estate attorney and host of […]
Jan 20, 2020
You know that you need to have a diversified portfolio with both stocks and bonds, but do you know how bonds work? On this episode of Retirement Starts Today we have 2 fantastic listener questions that deserve detailed responses. John wants to know how bonds work before he begins investing in them and George has […]
Jan 18, 2020
Webinar #1 sign up – 11AM CST, January 23rd Webinar #2 signup – 3:30PM CST January 23rd The recently passed Secure Act brought about the most significant changes to retirement planning in a decade. In this free live training, you’ll learn the key points that could affect your retirement plans, your parent’s retirement accounts, and […]
Jan 13, 2020
Webinar #1 sign up – 11AM CST, January 23rd Webinar #2 signup – 3:30PM CST January 23rd The recently passed Secure Act brought about the most significant changes to retirement planning in a decade. On this episode, you’ll learn the key points that could affect your retirement plans. Make sure to listen to the end […]
Jan 6, 2020
Welcome back to Retirement Starts Today and welcome to 2020! The New Year is a time when many of us consider setting goals or resolutions and focus on self-improvement. I don’t have any new goals for 2020. Instead, I am looking to improve where I failed in 2019. Rather than feeling defeated by my resolution […]
Dec 30, 2019
Originally broadcast June 2019. I recently had 2 fantastic questions about retirement strategies come to my inbox. Both questions require thoughtful, detailed answers. So on today’s episode of Retirement Starts Today, I focus on carefully answering both of these questions. On this episode, you’ll learn how to tweak an already fantastic retirement plan and turn […]
Dec 23, 2019
Originally broadcast June 2018 We all work hard to plan for retirement. In any such endeavor, it’s good to learn from other people’s triumphs and mistakes, so I’d like to share six retirement mistakes I see all too frequently. The best part is, they’re easily avoidable!
Dec 16, 2019
Originally broadcast in May of 2019 Do you have a retirement planning process? Do you know how much you need to retire? Have you thought about what the purpose of your money is? Jason Parker from Sound Retirement Radio is my guest today and is here to discuss the steps you need to take to […]
Dec 9, 2019
Originally broadcast April 2018. While becoming a 401k millionaire may seem like a crazy, out-of-reach goal, it’s not that hard to become a 401(k) millionaire if you have the self-discipline to stick with a long-term plan.
Dec 2, 2019
Podcasts! I love them (and I’m guessing you do too). This week I’m sharing my favorite retirement podcasts that will educate and entertain you all the way to your ideal retirement.
Nov 25, 2019
Are bonds worth buying as a way to help keep a balanced portfolio in retirement? You may have read in the news lately about negative yield bonds. One listener has, and he is concerned that if they aren’t paying much interest then maybe they aren’t worth buying. I’ll tell you my thoughts on bonds as […]
Nov 18, 2019
We make financial choices harder than they need to be. That’s why Peter Lazaroff wrote the book, Making Money Simple. He joins me today to discuss the theme of his book. We reflect on why we make money decisions so complicated when the beauty of finance lies in simplicity. You’ll be interested to hear why […]
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