Old Fashioned Finance

At this point, you may be saying to yourself, “this is good information and all, but I'm not retired, and I won't be for awhile, so what's the point?” If this is you, I would encourage you to keep listening. As I said in a prior episode, you don't just show up to retirement without preparation. And if you do, you are probably not prepared to give generously in retirement. I want to share some ideas for everyone today. The truth is that there are things that we can all do to retire generously, regardless of where we are in the journey.

I've always said that generous people tend to be happier and more successful. But that can be a bit of a chicken and the egg situation. Are generous people happier because they are more successful? Or are they more successful because they are happier? I don't really know for sure, but I do think that there is a strong correlation between the two. I said that we will only dip our toe in the waters of psychology. There are reasons for that. A psychologist I am not. I'm a financial advisor. But you can't deny that the two subjects often crossover.

On today's epiosode we explore some outside the box ideas to help family and friends with two big financial burdens. Medical expenses and tuition expenses. By using direct payments to the provider or institution, you exclude the gift from your gift tax return, which allows you to be more generous in other areas. After all, if you are planning to be charitable in retirement, remember charity begins at home. Someone once said that, and it sounds good to me.

When does it make sense to itemize deductions? Well, if you are far exceeding the standard you'll want to itemize. But you can also look at opportunities to “bunch” charitable donations. Sounds pretty simple, right? We all know that the tax code is anything but simple, so you need to make sure that your tax preparer is totally on board before you employ a bunching strategy. Learn more on today's episode.

We've covered a lot of ground in the first few episodes. We've talked about a couple of different strategies for tax-efficient giving. We talked about ideas that specifically benefit charitable organizations. We talked about ideas that specifically benefit the next generation, likely your children. And today we are going to explore some ways to benefit both. As an added bonus, some of these ideas may be more beneficial to you as well. I'm talking about tax-efficient beneficiary designations. Don't worry, it sounds a lot fancier than it really is. Let's get into the nuts and bolts of it.

Roth conversions can be done systematically as a part of a really effective financial plan. It's a strategy that requires meticulous planning and perfect execution, so you need to proceed with caution. However, if retiring generously includes being generous to the next generation, you can see why this is a worthwhile endeavor.

One of the most effective strategies for the charitably inclined is the use of Qualified Charitable Distributions, or QCDs. That's right, another fun acronym for you to remember. But if you simply remember that QCD is short for tax savings, you'll be fine. The great thing about QCDs is that we aren't re-inventing the wheel here. We're actually talking about doing something that you probably already do. The difference is the order of the steps that we use.

We'll spend our time today talking about the how and why of RMDs, and if you follow along, you'll see the conundrum that they create. In later episodes we'll talk about tax savvy solutions to resolve the conundrum, but for today we first need to understand what we're dealing with. Before we solve the problem, we first have to have a grasp on what the problem actually is. Here we go.

Like most worthwhile endeavors, planning is essential to being wildly generous in retirement. And these 3 milestone ages present planning opportunities to set ourselves up to do just that. We will continue to build the foundation by looking at these milestones ages individually in episodes to come.

Most people have bigger goals in mind than just surviving when they retire. For those folks, retirement is about more than just financial security, it's about service. Service to their family, or their church, or their local non-profit of choice. Retirement becomes an opportunity to be more generous with their time, money and resources. These are the people that I find are most fulfilled in retirement. They have a driving purpose. I've been very fortunate in my career to work with people like this. And what I've found is that there is nothing more fulfilling in my business than helping people utilize their resources to be even more generous. And not only that, but to do so in a tax efficient manner. As it turns out the tax code, even with all of the recent changes, still rewards the charitably inclined. So, if you find yourself in the group of financially independent, with a generous disposition, or you aspire to be in this group one day, keep listening. This podcast may be just for you.

Hey there! This is Caleb Frankart, Financial Advisor and Enrolled Agent at Blue Jay Financial Group in Defiance OH. Today, I'm excited to introduce a new podcast called “Retiring Generously.” Coming to a platform near you, this November 28th. We'll talk through tax-efficient strategies to be more effective with charitable giving in retirement, and how to best prepare for a generous retirement. Be sure to subscribe on Apple Podcasts, Spotify, or wherever you listen to podcasts. “Retiring Generously”, a podcast for the charitably inclined.

The Drink: Old Fashioned The Topic: What To Take Away From OFF On this 112th and final episode, we are closing out the tab. We'll share what we've learned throughout the life of OFF, and what you, the listener, can take away from it. Thank you from the bottom of our hearts and our glasses, for your continued support along the way. We are truly humbled by your love and dedication for our little podcast. Cheers!

The Drink: Mexican Firing Squad The Topic: Common Misconceptions This week Caleb and Jason are playing myth busters! Listen in as they debunk commonly accepted misconceptions about personal finance topics.

The Drink: Jockey Club The Topic: 4 Phases of Retirement Jason is back from the NAPFA Conference in San Diego! On this week's episode, he's sharing some insights from one of the keynote speakers, Dr. Riley Moynes. Tune in and find out how to find real purpose and fulfillment in retirement. Be sure to check out the Ted Talk below: The 4 phases of retirement | Dr. Riley Moynes | TEDxSurrey https://www.youtube.com/watch?v=DMHMOQ_054U

The Drink: The Left Hand The Topic: Hustle vs. Hustle This week Caleb and Jason are talking about the get rich quick mentality that seems to be making a comeback in our culture. What's the difference between a “hustle” and hustle? Is there such a thing as a shortcut? Listen in and find out more!

The Drink: Reverse Martini The Topic: How To know If You Should Hire An Advisor When should you go it alone, and when should you seek professional guidance? On this week's episode, Caleb and Jason talk about benefits as well as pitfalls of DIY financial planning. Tune in for a candid conversation about hiring an advisor.

The Drink: Monte Carlo The Topic: Is It Possible to Over-Diversify? This week Caleb and Jason discuss diversification. They'll talk about how to diversify and how not to, and explain the dangers of “over-diversifying” if that's even possible.

The Drink: Cooperstown The Topic: Money Lessons from Baseball Description: On this week's episode, Caleb and Jason are talkin' baseball! More specifically they share money lessons from America's pastime including examples from “Moneyball” and quotes from Warren Buffet.

The Drink: The Churchill The Topic: Morally Responsible vs. ESG Description: Morally responsible investing is often confused with socially responsible investing. In many cases investors who are trying to be mindful with their investments, end up supporting the companies they seek to avoid. On today's episode, Caleb and Jason discuss the merits of morally responsible investing, and how to go about it if you are unsure.

The Drink: The Chrysanthemum The Topic: Property and Casualty Insurance Today, Caleb and Jason talk about the “Great Flood of 2023” and why it's important to understand your P&C insurance. How do you know if your agent is working for you? How do you know if your coverage is adequate? How do you know if you are getting a good deal? Find out on this week's episode!

The Drink: E.H. Taylor Small Batch The Topic: Retiring With Business Equity We had such a great response from our recent “Retire Creatively” episode that we had to do a small business edition. Small Business, Small Batch is back baby! On this week's episode we will explore some creative ways to use your small business as a retirement asset.

The Drink: Irish Buck The Topic: Interest Rates It's been a long time since fixed rates were attractive, but as the Fed continues to raise rates, many are being tempted to chase yields. On this week's episode, Caleb and Jason discuss the folly of being too nearsighted when it comes to fixed rates.

The Drink: Dirty Shirley The Topic: How Does A Bank Failure Happen? You may be wondering how in the world a bank failure can happen in this day and age. As it turns out, they are more common than you may think. On this week's episode, Caleb and Jason talk about the recent failure of Silicon Valley Bank. How did it happen? What triggered the collapse? Are we in trouble? Listen in to find out!

The Drink: The Old Fashioned (Of Course) The Topic: Q&A With Caleb and Jason This week marks the 100th episode of Old Fashioned Finance! Listen in as Caleb and Jason ask and answer candid questions about cocktails, finance, and life. If you thought you knew your hosts, you'll certainly know them better after listening to this one. Thank you to all of our listeners who make this show possible!

The Drink: Tootsie Roll The Topic: Deductions vs. Credits Caleb and Jason get into some nitty gritty tax talk on this week's episode. They discuss deductions vs. credits, above the line vs. below the line, and refundable vs. non-refundable. Why? To maximize refunds of course!

The Drink: Buckeye Hot Chocolate The Topic: Tax Law Updates Tax season is upon us! This week Caleb and Jason are talking about the recent passing of SECURE Act 2.0. This legislation affects retirement savings plans for businesses and individuals. Listen in to find out what it means for you!

The Drink: Hellfire The Topic: Simplifying Financial Planning On this week's episode, Caleb and Jason talk about simplifying your financial plan to a page on a yellow pad or the back of a napkin. Drawing on inspiration from “The One Page Financial Plan” by Carl Richards, they'll talk about clearly defining goals by focusing on the “Why” rather than the “How”.

The Drink: Brandy Old Fashioned The Topic: Different Approaches to Retirement This week Caleb and Jason talk about retiring creatively. Listen in as they explore some alternative approaches to traditional retirement philosophies. Don't retire, REWIRE!

The Drink: Royal Tea The Topic: Allocating Retirement $$ Description: On this week's episode, Caleb and Jason will discuss which retirement “buckets” to fill and the order in which to fill them. They'll walk through a couple of examples in both the public and private sectors, exploring countless options. If you think you've maxed out your accounts, chances are there's still work to do!

The Drink: Tom Bullock's Stinger The Topic: Are You Saving Enough For Retirement This week, Caleb and Jason talk about what is considered “normal” for retirement savings. They'll discuss why being “normal” is probably not enough, and why the 15% rule makes so much sense.

The Drink: Mexican Manhattan The Topic: Retirement Savings Update On today's episode, Caleb and Jason talk about yet another resolution you can keep for the new year. They share updated contribution limits for IRAs and employer sponsored retirement plans and targets for how much you should be saving.

The Drink: 100 Year Old Cigar The Topic: Saving Strategies Continuing the theme of New Year's resolutions you can keep, Caleb and Jason dive into developing and updating your personal savings plan. If you don't have a plan, you're not going to succeed. Listen in as the boys talk strategies for saving more and with more purpose.

The Drink: Kentucky Coffee The Topic: Budgeting This week Caleb and Jason follow up on a New Year's resolution you can keep, specifically budgeting. They share some of the best free online tools, and walk through the process of completing a budget from scratch. If you've never had a budget or haven't updated yours in awhile, this is for you.

The Drink: Gin Caruso The Topic: Financial Resolutions Happy New Year! On this first episode of 2023, Caleb and Jason talk about how to keep your financial New Year's resolutions. Listen in as they share practical and attainable goals to start off strong.

The Drink: Tom & Jerry The Topic: The Year In Review It was a year full of headlines, some good and some bad. On today's episode, the last of the year, Caleb and Jason recap a very eventful 2022. Happy New Year!

The Drink: Smoking Bishop Punch The Topic: Money Lessons From “A Christmas Carol” This week Caleb and Jason are pulling money lessons from Charles Dickens' timeless novel, “A Christmas Carol”. Not to mention the many film adaptations of the classic book. Learn from ghosts of Christmas finance past, present and future, and God bless us, everyone!

The Drink: It's A Wonderful Life The Topic: Economics of “It's A Wonderful Life” This week Caleb and Jason talk about one of their all-time favorite Christmas movies, “It's A Wonderful Life”. Listen in a s they discuss the significant financial and economic events occurring throughout the movie. Hot dog! This is going to be a good one!

The Drink: The Ovaltini The Topic: Consumer Spending At Christmas On this week's episode the boys are talking about some of Caleb's favorite Christmas movies: A Christmas Story and Christmas With The Kranks. More specifically they will talk about a common theme, which is consumer spending at Christmas time. Go ahead, listen. We triple dog dare you!

The Drink: Apple Cider Mule The Topic: Financial Advice To Ignore You will probably be spending time with friends and family for the holidays. That means there will be plenty of talk about politics, the markets, and plenty of bad financial advice. On today's episode Caleb and Jason talk about some of the most common, but awful, financial “advice” that gets thrown around at the dinner table. Happy Holidays!

The Drink: Negroni The Topic: The Cost of Thanksgiving Dinner We're celebrating Thanksgiving on this week's episode. Caleb and Jasonl talk about what they are thankful for this year, what Thanksgiving foods are a must, and the effects of inflation on turkey day dinner.

The Drink: Kentucky Flyer The Topic: Lotto Winners In light of the recent record setting Powerball lottery, Caleb and Jason get into the statistics of the lottery system. They'll talk about what you should and shouldn't do if and when you win the big prize. Should be fun!

The Drink: White Negroni The Topic: Estate Planning On this week's episode, Caleb and Jason pick up where they left off with more estate planning mistakes to avoid. They focus on some common issues with POAs and gifting highly appreciated assets. If you think you are too young for estate planning, think again!

The Drink: The Great Pumpkin The Topic: Estate Planning Whether you are in your golden years or just starting out, basic estate planning is an important part of your overall financial plan. On this week's episode, Caleb and Jason share some of the most common mistakes that they see with beneficiary designations.

On today's episode, Caleb and Jason talk about year end capital gains distributions. If you or someone you love owns a mutual fund, you need to listen to this one. They'll explain who is affected, how they are paid out, and why you may owe taxes even when the markets are down.

The Drink: Casino Cocktail The Topic: Behavioral Finance On this week's episode, we dive into Chapter 17 of Morgan Housel's book, “The Psychology of Money”. We'll talk about the allure of pessimism, and how to think differently about the economy and the markets in 2022.

The Drink: The Gypsy Queen The Topic: Bite-Sized Advice on the Markets On this week's episode we share some of our favorite quotes from smarter people who've gone before us. We're serving up bite-sized nuggets of wisdom to help through rough markets and trying times. You won't want to miss this one!

The Drink: Salty Dog The Topic: Advisor Compensation On today's show, we're talking about advisor compensation. Many people are afraid to ask their advisor how they get paid. They feel rude or nosy. We think you should know! We'll discuss commissions vs. fees, suitability vs. fiduciary responsibility and more.

What exactly is a financial plan? The term gets thrown around a lot in our industry. Is it a 100 page document with charts and graphs? Is it just a bunch of projections? On today's episode, Caleb and Jason talk about what a living, breathing financial plan should look like.

The Drink: Nutty Irishman The Topic: Deducible vs. Non-Deductible IRAs On today's insanely practical episode, Caleb and Jason discuss deductible versus non-deductible IRAs, “backdoor” Roth contributions and the “cream in the coffee” rule. The tax code can get pretty murky, so make sure you are doing it right!

The Drink: Suffering Rascal The Topic: Retirement Checklist You've put in the time. You've saved your money. You've mapped out your dream retirement. So now what? On today's episode Caleb and Jason provide a checklist of things you'll need to do next to ensure a smooth transition into retirement.

The Drink: Fog Cutter The Topic: Income Taxation Did you know that various forms of income are taxed differently? Did you know that individuals and trusts/ estates have different tax brackets? On this week's episode, Caleb and Jason cut through the fog of income taxation. Learn more about how taxes impact your financial plan.