Unlocking Your Financial Future

Ben Schrock and Dan Oaklief from B.A. Schrock Financial Group talk about incorporating 403(b)s into your retirement plans in episode 69 of The Unlocking Your Financial Future Podcast.  In this episode, Ben and Dan discuss:  Why most teachers don't know that they have the option of a 403(b). The different options you have to use 403(b)s. How you can enroll in a 403(b).  Why you might want to use a 403(b) and why you might want to avoid it. And more...

Ben Schrock and Dan Oaklief from B.A. Schrock Financial Group talk about 403(b)s in episode 68 of The Unlocking Your Financial Future Podcast.  In this episode, Ben and Dan discuss:  How Dan walked a client through the changes in the pension system and made it possible for her to be able to retire on time. Why 403(b)s are becoming more important. Why 403(b)s are overlooked and why you might want to consider them.   The changes made in the pension system that made 403(b)s more attractive in Ohio. And more...

Ben Schrock and Dan Oaklief from B.A. Schrock Financial Group talk about State Pensions in episode 67 of The Unlocking Your Financial Future Podcast.  In this episode, Ben and Dan discuss:  Why you should be careful when electing your pension. Common misconceptions around pensions.  The different options for pensions and what might make sense depending on your position. And more...

Ben and Kaitlin from the B.A. Schrock Financial Group talk about Social Security in episode 65 of The Unlocking Your Financial Future Podcast.  In this episode, Ben and Kaitlin discuss:  The “elephant in the room”, will Social Security run out? Recent changes to Social Security The potential future changes to Social Security and how they might affect your retirement  And more...

Ben and Kaitlin from the B.A. Schrock Financial Group talk about Biden’s proposed changes to 401(k)s in episode 65 of The Unlocking Your Financial Future Podcast. In this episode, Ben and Kaitlin discuss:  The difference between tax deductions and tax credits Biden’s proposed tax credit How this might change your tax minimization strategies And more...

It’s time to test your financial buzzwords knowledge. You’ve probably heard a lot of this jargon at some point, but do you know what it actually means? Let’s try to provide some clarity on this episode.   Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-64-do-you-know-what-these-financial-buzzwords-mean/  What we discuss on this episode: 2:02 – The inverted yield curve4:59 – Earnings guidance6:51 – Core CPI8:39 – Stop loss10:31 – Mailbag: Roth conversion with a high income?11:36 – Mailbag: Thoughts about annuities and hedge funds

On this episode of Unlocking Your Financial Future with Ben Schrock, we’ll share five important questions you need to know to prepare for retirement. Let’s see how well you know your finances.  Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-63-are-you-prepared-for-retirement-take-this-quiz/  What we discuss on this show:2:37 – Do you know how much you actually have?4:08 – Do you know how much you’re spending?5:33 – Do you know how much risk you actually have?7:23 – Do you know what you’re paying in fees?8:37 – Do you know what your retirement income stream will actually look like?10:08 – Using a financial advisor

You know the saying, “The customer is always right.” Well, that’s not always the case in the financial world. On this episode of Unlocking Your Financial Future, we explain why you should rely on your advisor’s expertise. Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-62-in-the-financial-world-the-customer-isnt-always-right/  What we discuss on this show: 1:26 – Headline: Lawmakers propose 3% Social Security COLA4:23 – Now is the time to get in or out of the market5:57 – This is what I want to invest in. I want you to pick the exact funds.6:53 – I don't need a will, life insurance, long-term care insurance, etc.8:37 – Feelings about fees9:53 – I don’t know if this plan is going to work

No matter how you feel about the 2020 election, it’s best to stay calm when dealing with your financial future. On this episode of Unlocking Your Financial Future, we explain how to handle retirement planning after an election.    Read more and get additional financial planning resources: https://www.baschrock-fg.com/podcast/ep-61-election-update-what-does-it-mean-for-financial-planning/  What we discuss on this show: 1:37 – Questions from clients2:55 – How the market has reacted4:35 – Why the market has been strong 6:41 – Will the market stay solid in 2021?8:05 – Tax implications9:46 – Taxes will go up sooner or later10:54 – Interest rates12:12 – Planning opportunities

On this episode of Unlocking Your Financial Future, we answer your questions about inheritance, investing, income and much more. Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-60-mailbag-answering-your-questions-about-inheritance-investing-and-income/  What we discuss on this show: 2:39 – I’m worried my son will blow this inheritance 4:27 – I heard I can get half of my ex-husband’s Social Security benefit. 5:56 – Is my 401K income estimate accurate? 7:52 – Should I buy a car or invest this money?9:34 – Is $250,000 enough for long-term care insurance?10:54 – I’m worried about the market. Should I move it all to cash?

Most people have a 401K or other retirement plan, but it’s not as simple as contributing money and collecting it when you retire. There are a lot of decisions you can make about investments, loans, rollovers and more. On this episode of Unlocking Your Financial Future, we answer some frequently asked questions about 401Ks. Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-59-frequently-asked-questions-about-401ks/ What we discuss on this show: 1:51 - Should I accept 401K advice from my company?3:34 - Should I take out a 401K loan?5:47 - Are 401K rollovers a good idea?8:00 - Should I use target date funds?10:40 - Should I take my company match or contribute more?12:06 - Should I do a Roth 401K?

We’re talking specifically to Baby Boomers on this episode. What are the most common challenges, fears and goals of this generation? What are some of the mistakes Boomers often make and how can they be avoided?  Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-58-baby-boomer-common-retirement-mistakes-and-concerns/  What we discuss on this show: 3:04 – Challenges of Baby Boomers5:40 – How often do Baby Boomers have to worry about children living at home?7:35 – Baby Boomers’ fears and concerns9:00 – What mistakes do Baby Boomers make?10:46 – Why don't Baby Boomers take buyouts?

On this episode, we share five commandments that should be written on stone tablets in your retirement plan. Read more and get additional financial planning resources here: https://www.baschrock-fg.com/podcast/ep-57-five-financial-commandments-to-follow/  What we discuss on this show:2:36 – Thou shall not compare your investments to the stock market without the proper context5:13 – Thou shalt not give up before giving your strategy enough time to play out.7:15 – Thou shalt not chase big returns too late in life.9:08 – Thou shalt not ignore costs and fees.10:37 – Thou shalt not overlook the importance of rebalancing and diversifying.

Is $8 million the new target for retirement? We found an article that points to that idea so we’ll share our thoughts about how this impacts planning on today’s podcast.  Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-56-is-8-million-the-new-target-for-retirement/  What we discuss on this show: 1:51 – Financial Samurai blog3:22 – Where did the 4% rule come from?4:47 – Will you need $8 million?6:32 – Balancing your portfolio9:05 – Other ways to supplement income11:11 – Let’s look at some positives13:16 – Mailbag: Will I spend more money in the first few years of retirement?15:02 - Can I overcome a divorce financially in my late 50s?

Financial decisions are a lot easier with the benefit of hindsight. Here are some common mistakes people have made this year and how hindsight could have helped them in 2020. Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-55-hindsight-20-20-five-common-financial-mistakes/  What we discuss on this show:2:09 – Getting out of the market5:20 – Not knowing your risk factor8:39 – Not knowing your social security options11:04 – Not putting money in a Roth IRA12:28 – Retiring too early and going back to work

Just like technologies change and become outdated, so do some retirement planning strategies. Let’s look at five financial strategies that have become obsolete.  Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-54-five-outdated-financial-strategies/  What we discuss on the show: 2:55 – 4% rule4:27 – 10/5/3 rule6:22 – Move money from stocks to bonds as you get older7:44 - $1 million retirement target9:42 – Needing less money in retirement11:52 – Mailbag: Should we invest differently based on the election?14:42 – Mailbag: Should I buy gold coins, gold bars or no gold at all?

Clients often ask us about their house (or houses) and how they fit into retirement plans. From downsizing to rental properties to interest rates, let’s explore some of the top retirement questions as it relates to all things housing. Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-53-common-housing-and-retirement-questions/  What we discuss on this show: 2:15 - Pay off the house early or slowly?5:01 - Downsize to a smaller home at retirement?7:27 - Is rental property a good idea for creating income?10:50 – Complications with real estate legacy plans?12:48 – Mailbag: Redo kitchen or save more for retirement?

How do I handle finances in a second marriage? Should I cash out my old life insurance policies? Is the Rule of 100 a good thing? Let’s dive into the mailbag and answer these and other questions. Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-52-mailbag-second-marriages-life-insurance-and-the-rule-of-100/  What we discuss on this show: 1:37 – Forced into early retirement3:12 – Rule of 1004:29 – Finances in a second marriage5:49 – Which account should I withdraw from first?7:55 – Should I cash out life insurance?9:56 – Can I retire early?

We all want to live a long life, but that can be risky financially. On this week’s episode of Unlocking Your Financial Future, Ben explains the risks and why it’s an awkward conversation to have with clients.  Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-51-why-living-long-can-be-risky-financially/  What we discuss on this episode: 1:51 – Off-topic conversation: 30-year mortgage rates are low4:24 – Living long a bad thing?5:12 – Oldest client5:55 – Longest living person in Ben’s family7:56 – Why is it risky living long?9:27 – How average people address these challenges10:24 – Story about Ben’s client13:00 – Contact Ben

You’ve heard advice about how to improve your finances and prepare for retirement, but what about mistakes? On this week’s episode of Unlocking Your Financial Future, Ben shares five ways you could be ruining your retirement.  Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-50-5-ways-to-ruin-retirement/  What we discuss on this episode: 2:37 - Treating retirement as a destination5:15 - Believing retirement will solve all your problems6:38 - Assuming your monthly spending habits will be same 8:58 - Not staying active in retirement10:23 - Investing like you’re 35 years old

Today we celebrate the one-year anniversary of the show but bringing on the backbone of the operation, Kaitlin Schrock. What’s it like to work with your spouse? That’s the number one question Ben and Kaitlin get. On this week’s episode of Unlocking Your Financial Future, get to know more about Kaitlin and how she keeps the family business organized and running smoothly. Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-49-ben-kaitlin-schrock-on-marriage-business-and-family-traditions/  What we discuss on this episode: 0:35 – One year since podcast launched2:21 – Meet Kaitlin Schrock4:25 – Our strengths6:24 – Advice for getting into business with a spouse8:20 – Who handles the family finances8:52 – What’s difficult about working with Ben10:32 – What Kaitlin means to the team11:43 – Will their kids get involved in family business?12:20 – Unique family traditions

If you visit a financial advisor, how complex should your plan be? Is a one-page plan too simple? Is a 50- to 100-page plan too much? We’ll explain how much detail you should expect in your financial plan.  Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-48-how-complex-should-your-financial-plan-be/  On today's show: 2:48 – What’s the typical range of a financial plan?4:39 – What’s the ideal length of a plan?6:10 – Does it depend on what the client wants?8:20 – Examples of complicated plans9:52 – Examples of simple plans10:38 – Are long plans a red flag?13:14 – Mailbag: Retiring at 55

When the market crashes, it’s normal to feel panicked. But we’re here to help you build confidence and get through these tough times with a five-step market crash survival guide.  Read more and get additional financial resources here: https://www.baschrock-fg.com/?p=2068&preview=true  On today's show: 1:23 – Poll: Americans want to prioritize financial planning4:37 – Know how much risk you are exposed to6:18 – Protect your gains7:34 – Have appropriate diversification9:47 – Don’t try to time the market12:31 – Don't panic

It’s a somber topic that no one likes to think about, but it’s important to have a financial plan in place if your spouse dies. Our team can help you with those sensitive, difficult conversations so money is the least of your worries if your loved one passes away.  Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-46-handling-finances-after-the-death-of-a-spouse/  On today's show: 2:22 – A somber topic3:08 – A difficult but necessary conversation4:25 – The number one financial question after losing a spouse6:17 – Immediate financial challenges after losing a spouse7:00 – How to handle pensions7:40 – What to know about social security8:39 – How will it affect your taxes?10:06 – Why it’s important to meet with both spouses11:09 – A widow in a tough financial position12:26 – A smooth transition

Meet our team’s newest financial advisor, Dan Oaklief. Find out how he has reenergized and motivated our team and how he’ll be helping our clients.  Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-45-meet-our-new-advisor-dan-oaklief/  On today's show: 3:40 – Meet Dan Oaklief4:30 – Guiding clients through a very rocky financial year6:04 – What will Dan’s role be?6:36 – What are clients’ biggest challenges?7:19 – What is Ben’s vision for Dan?7:56 – Dan cares about people8:43 – Dan’s accreditations10:09 – A getting-to-know-you question for Dan and Ben

If your estate plans include leaving behind a money to your children, should you tell them about it ahead of time or make it a surprise? There are arguments for both sides and we’ll share some of our guidance on that topic. Plus, we’ll cover annuities, retirement income, trusts, and investment strategy on this mailbag edition. Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-44-should-you-tell-children-about-inheritance-plans-other-listener-questions/  Today's show schedule: 0:48 – Mailbag Question #1: I have a variable annuity and just found out the fees are very high. I’d like to move the money but I’d have to pay a penalty to take it out. Is it worth it to avoid the fees?2:26 – Mailbag Question #2: We should be leaving a decent amount of money to our kids. Should we tell them about it now or surprise them with it later?4:51 – Mailbag Question #3: We have big travel plans when we retire, including all seven continents. Do we need to plan having even more income in retirement than we have now.7:06 – Mailbag Question #4: Is it wise to have a trust as part of my financial and estate plan?8:50 – Mailbag Question #5: When should I start focusing less on growing my money and more on protecting it instead? I plan to retire in two years.

Have you ever plugged your financial info to a website and gotten a retirement projection? As technology improves, how much can you trust these bots? Ben tried it for himself and got surprising results. We’ll share those plus talk about how useful these bots can be for planning. Check out The Washington Post bot here: https://www.washingtonpost.com/graphics/2020/business/retirement-planning-bot/  Read more and get additional financial planning resources here: https://www.baschrock-fg.com/podcast/ep-43-financial-bots-are-here/  Today's show schedule: 1:06 – Ben wrote an article for Kiplinger about the topic of technology in the financial world.2:16 – What was Ben’s first impression of this when he went through it.2:48 – Ben got surprising results when he plugged in his info.4:00 – Limitations of these bots.4:58 – Great idea to get a second opinion on these results. 6:05 – How often do these get referenced when clients come in? 7:33 – How much has technology changed since Ben got into the industry?9:12 – What technology does BA Schrock use with clients?

Being mentally ready to retire and financially ready are two completely different things. You might be prepared to call it a career but does your financial situation match your readiness? Let’s look at four milestones that might indicate you’re in a position to retire. Have you hit all these yet? Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-42-4-milestones-for-retirement/  Today's show schedule: 2:33 – The topic today.3:00 – 1st milestone: You can budget confidently. 4:00 – 2nd milestone: Having control over your spending.6:17 – 3rd milestone: Having an emergency fund.8:20 – 4th milestone: Having no revolving debt.9:58 – If you hit these four milestones, how ready are you for retirement?

The turbulence of 2020 might have you questioning just how close you are to retirement. That’s a common feeling for many people but today we’ll share a story about a client that came in without much confidence in retiring and left with the plan to quit working in three months.  Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-40-retirement-projections-diversification-other-mailbag-questions-2/  Today's show schedule: 1:20 – BA Schrock just moved into a new office.3:36 – Are clients having more doubts about retirement after everything we’ve been through in 2020?5:24 – How often are you meeting with people that don’t see a path to retirement?7:33 – The software our office uses to help you see your portfolio in different scenarios. 9:30 – Ben shares a time a client didn’t feel good about retiring but he was able to show them they were better off than they thought and could retire soon.12:46 – How much second guessing do clients have?13:53 – What to do if you have doubts.

It’s time to answer your questions once again on the podcast. Today we’ll cover, retirement projections, proper diversification, how much you’ll need for retirement, a surprise inheritance, and working while earning Social Security. Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-40-retirement-projections-diversification-other-mailbag-questions/  Today's show schedule: 0:59 – Mailbag Question #1: An online calculator says I’m going to need over $700,000 for retirement. How accurate do you think this is?2:27 – Mailbag Question #2: I have almost $150,000 sitting in my savings account. I’m tired of getting virtually no interest but also too scared to invest right now. Should I just leave it in the bank?3:27 – How Ben feels about the state of the market right now.4:13 – Mailbag Question #3: I counted out the mutual funds in my IRA and it appears that I have 33 different funds. Is this adequate diversification?5:40 – Mailbag Question #4: I’m 55 and I have about $300K saved for retirement but I feel like I’m really behind where I should be compared to most people I know. Am I in trouble?7:12 – Mailbag Question #5: Can you clarify whether I start my Social Security benefit and still earn an income or not?8:38 – Mailbag Question #6: I just inherited a very large sum of money from my dad that I wasn’t expecting. What’s the most responsible way to handle it?

If you’re like most people, you probably have some financial accounts that you haven’t paid much attention to recently. The statements are just collecting dust in your file cabinet, but they might actually be hidden gems that could be put to much better use. We’re going to talk about ways to re-purpose those old accounts for better returns. Read more and get additional financial resources: https://www.baschrock-fg.com/podcast/ep-39-potential-hidden-gems-in-your-financial-portfolio/  Today's show schedule: 0:51 – Getting to Know Ben - Do you have any superstitions?2:55 – A free webinar up on the website now. 3:54 – Beginning the main discussion on hidden gems.4:32 – Old 401k accounts5:43 – Are companies charging fees to hold your investments in an old account?7:04 – Old life insurance policies8:54 – Savings account/Money Market account10:10 – Pensions12:03 – Ben’s team helps clients find these hidden gems.

Dave Ramsey has become one of the leading names and brands in finance and for good reason. The advice he gives benefits a lot of people across the country but is all that guidance applicable to you? Let’s look at his most popular teachings and determine how much we agree with. Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-38-should-you-be-wary-of-dave-ramseys-advice/  Today's show schedule: 1:11 – We’re in the process of moving into a new office.2:40 – They’ve posted a free webinar to the website.3:22 – What we’re talking about today.4:57 – The Debt Snowball6:27 – His investment advice dealing with mutual funds.  8:39 – Unrealistic expectations with returns and spending in retirement10:49 – A good idea to stop contributing to retirement accounts until debt is paid off.12:33 – This one-size-fits-all approach goes against the benefits of an advisor.15:09 – The more awareness on finances the better.

We spend most of the time on this show talking about financial planning topics, but we thought it would be beneficial for a lot of people if we talked about how everyone has been doing. From our own office to the clients we’ve been keeping in touch with, find out how others are dealing with quarantine and what they’ve been doing to keep busy.  Read more and get additional financial resources: https://www.baschrock-fg.com/podcast/ep-37-a-coronavirus-update-on-our-clients-our-office/  Today's show schedule: 0:40 – Today we want to get an update from Ben on how his clients and people in our community have been handling COVID-19. 1:49 – How to access Ben’s new webinar, Keep Calm and Retire On. 3:40 – What’s the latest on Ohio opening back up?4:24 – How have our clients been impacted so far?5:57 – How is everyone doing emotionally right now? 7:04 – Are clients able to stay busy and active?8:08 – Has anyone had employment issues? Are you having those conversations? 9:16 – Working from home vs going into an office.10:22 – What is the business doing to assist clients during this pandemic?11:38 – Are people optimistic overall or worried about long this will last? 13:01 - We’re taking precautions in the office.

Your nest egg means everything to your retirement and you want to protect it through the difficult times. On this mailbag edition of the show, we address concerns about navigating turbulent times while protecting what you have, how much to be saving, is $1 million enough in retirement, and more.  Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-36-protecting-your-nest-egg-mailbag-questions/  Today's show schedule: 1:55 – Mailbag Question #1: I’m a younger worker with a tiny nest egg with decades of working ahead of me. Given the recent tumult in the global economy, what can I do to protect the little egg that I have but also to continue growing?3:14 – How much do you worry about someone’s risk tolerance when they are a younger worker?4:08 – Mailbag Question #2: I’m tired of having five rental properties, so I’m going to sell at least three, and maybe all five. I have quite a bit of equity in these properties, so the question is how should I invest this money after I sell?6:05 – Mailbag Question #3: I haven’t wanted to pay off my house because it’s one of the few tax deductions I have left. But I do have the money to just pay it off—should I?7:05 - Mailbag Question #4: I retired two years ago with more than a million dollars in my IRA, which I thought at the time would be more than enough to give me the retirement lifestyle that I want. But it makes me nervous every time I withdraw money from that account because I don’t want to live too long and run out of money. And the recent downturn makes it worse. Am I worrying too much?8:51 – Mailbag Question #5: I’ve heard that I should be saving 10% of my income toward retirement. Does that sound accurate? I’m in my 50s, so I need to be sure I’m doing this right.10:17 – Mailbag Question #6: I make too much money to contribute to an IRA or a Roth. What’s the best way for me to save for retirement?11:50 – Mailbag Question #7: My financial advisor is older than me. Should I move to someone else who won’t retire before I do?

Sometimes events happen in life that make it really important for you to carefully assess your financial situation. Today we’ll look at five major life changes and explain why it’s a good reason for a financial review.  Read more and get additional resources: https://www.baschrock-fg.com/podcast/ep-35-life-events-that-can-change-your-financial-plans/  Today's show schedule: 3:07 – Moving to a job that you planned for.5:06 – Getting fired or getting laid off.6:52 – How much money should you have in your emergency fund?7:56 – Receiving an inheritance.10:04 - Facing a serious medical condition.11:40 – The death of a spouse. 

Seeking out financial advice is something we all do at some point but is the source of that information always providing good advice? Let’s explore four common outlets we use for guidance and why, despite having the best intentions, the advice might ultimately be ill-suited for you. Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-34-good-intentions-dont-always-lead-to-good-advice/  Today's show schedule: 2:45 – What’s the one thing you want to do again when everything opens back up.4:17 – Getting advice from family. What could be the problem?5:43 – What about when we reach out to friends for advice?7:58 – When you talk to us, you’re looking at the full picture.9:00 - How about your CPA?10:48 – The relationship with CPAs11:50 - The final place we get advice from is the media and financial experts. 

As we begin the third month of the health crisis, Ben gives us an update on what he’s seen from the market in recent weeks, the provisions of the CARES Act clients are paying attention to, and what he thinks about volatility moving forward. Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-33-coronavirus-market-update-cares-act-rmds-volatility/  Today's show schedule: 3:40 – Everything we’re doing is still virtual right now.4:16 – Will clients be more inclined to meet virtually after this is all done?4:55 – Other businesses might end up changing operations as well.6:06 – Update us on what you’ve seen over the last month from the market.7:34 - Ben explains what the VIX measurement is.9:06 – What adjustments are being made to plans right now?10:30 - The CARES Act allowing people to pull money out of retirement accounts without penalty.12:02 - Are many clients considering this option right now?12:48 - RMDs being waved for 2020 and this is a big deal for our clients.13:55 - Do you expect any other individual relief to come down?15:04 - Ben’s team is actively communicating with clients as things change. 

A busy few months has generated a lot of curiosity from listeners so we’ll answer a bunch of financial questions on this show. From investing during the coronavirus to student loan dilemmas to long-term care coverage, we’ll cover a wide range of topics. Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-32-mailbag-edition-student-loans-gold-investing-more/  Today's show rundown: 1:50 – Mailbag Question #1: We had kids later in life than most people so they’ll still be in college when we’re ready to retire. Should we make them take out student loans rather than trying to take out money from our accounts when we’re retired?3:31 – Mailbag Question #2: Is it wise for me to own gold in my portfolio and what percentage would be appropriate?4:23 – Mailbag Question #3: The coronavirus scare has me convinced the market will keep crashing again and again. I’m ready to move everything to cash. Should I wait?6:22 – Mailbag Question #4: We’re both 63 and haven’t saved much for retirement. We’re about to sell our farm and that will net around $1 million. What should we do with that money?   7:46– Mailbag Question #5: How much long-term care coverage is recommended? It seems there are hundreds of different options.9:30 – Mailbag Question #6: I’ve had the same advisor for 20 years but it seems like he’s phasing out and passing things on to a younger advisor. Should I stick with them or find someone new? 

The first quarter of 2020 was enough to make anyone reevaluate their finances but with so much information out there, what should you believe? Regardless of where you are in the retirement planning process, there are five financial truths that you can always rely on. We’ll share those on this episode. Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-31-5-financial-truths-to-rely-on/  Today's rundown: 0:53 – How is Ben and the family handling quarantine?2:32 – Today we’re talking financial truths and we’ll begin with this: TV can be your biggest enemy.4:06 – Second truth: Emotions will rarely be your friend when making decisions.6:07 – Third truth: The market will always move in cycles.7:22 – Fourth truth: You aren’t as risk tolerant as you believe you are.8:52 – Fifth truth: There’s no magic bullet in retirement planning. 10:02 – How we utilize the L.O.C.K process to build a plan.

It’s a mailbag edition of the podcast and Ben answers five questions from listeners covering a wide array of financial and retirement topics, including company stock, real estate investing, Social Security benefits, mutual funds, marijuana stocks and more. Get the full show notes and additional resources here: https://www.baschrock-fg.com/podcast/ep-28-mailbag-time-contribution-limits-social-security-marijuana-stocks/  Today's rundown: 0:39 – We’re opening up the mailbag to take a number of questions today.2:20 – Mailbag question #1: It appears that I’m now able to contribute more to my 401k this year than I was allowed to last year. Should I go ahead and put in the extra amount?3:56 – Mailbag question #2: I have several thousand dollars of company stock I’d like to cash in to make a down payment on some land where I’ll eventually build a vacation home. Is there any reason I shouldn’t do that?5:08 – Do you have a lot of clients looking move money from their retirement accounts into real estate?5:52 – Mailbag question #3: I’ve worked with a couple of different financial advisors over the years and I like them both. Do I need to pick just one or the other, or is it ok to work with a couple of different people?7:08 – Would Ben recommend his clients stick with one advisor?8:12 – Mailbag question #4: I just looked at my Social Security estimate that shows how much I’ll get if I started at ages 62, 66, and 70. I’m blown away by how much more I’d get at 70, so I’m inclined to just wait until then to start it, even though I’ll probably retire around 66 or 67. I’m assuming that putting it off like this is the best course of action for someone like me?10:00 – We offer a Social Security guide on the website that will help you with a number of things.11:03 – Mailbag question #5: I rolled over a 401k to an advisor a couple of years ago and he put all of the money into something called American Funds. Is that ok, or should I be invested in other things too?12:41 – Mailbag question #6: How do you avoid investing in things that you view as immoral? Take marijuana as an example. I’m in several mutual funds, but I don’t know what stocks they’re using. Could I be profiting off of the marijuana industry by accident? I don’t want to do that. How do you help navigate people through the investment world while respecting certain morals and religious beliefs?14:18 – Are many people interested in marijuana stocks?

How good do you feel about your retirement plan? How close are you to putting together the perfect plan? It’s out there and within reach but there’s a lot that goes into it. Let’s find out what it takes to get all of the pieces in place for the perfect retirement plan and the areas where people usually fall short. Check out the show notes and get additional resources here: https://www.baschrock-fg.com/podcast/ep-27-is-it-possible-to-build-a-perfect-retirement-plan/  Today's show rundown: 2:52 – Does the perfect plan exist?3:48 – When someone comes in for a second opinion on their plan, these are the questions we ask them.  4:55 – When we see someone with a great plan, here’s what they’re doing that other people aren’t.5:50 – Is long-term care a spot where people are often lacking?6:54 – If I don’t feel great about having the perfect plan, am I in the majority?7:54 – There’s so many different pieces to a complete retirement plan.9:38 – What’s a realistic timeframe for the start of the planning process to having a complete plan in place?11:14 – Just because you have a perfect plan now doesn’t mean it will always be that way.

It’s hard to imagine anyone avoiding losses over the last month due to the coronavirus fallout, but there are steps you can take to rebound when the market begins bouncing back. Today we’ll look at the opportunity in stocks, explain the importance of trusting your advisor in times like these, and talk about the next steps you should be considering with your retirement plan. Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-28-coronavirus-fallout-what-financial-steps-should-you-take-next/  Today's rundown: 2:16 – Ben talks about the rapid selloff of stocks and what led to it.5:03 – What are some signals you can look for that might mean the market is bouncing back?6:54 – Buy over time rather jumping all back in at once.7:57 – What are some things current clients or people working with an advisor can do right now?9:31 – What has been the reaction from clients over the last few weeks?10:43 – How about the people that haven’t put a plan in place, what are their next steps to recover?12:33 – Does your risk tolerance match your portfolio?13:17 – We can determine a client’s risk number to give them scenarios for their plan.

The coronavirus has affected people around the globe and forced us to all change many aspects of our day-to-day lives. Maybe the biggest impact we’ve seen in the US has come on the financial side. The market collapse we’ve seen over such a short period of time is unprecedented and has many people concerned. We turn to Ben for perspective on what we’re seeing and reassurance that retirement planning is a long-term play. Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-27-coronavirus-impact-on-the-market/  Today's rundown: 0:48 – Coronavirus news has been changing rapidly.1:38 – The second week of March was a turning point and Ohio has been out in front of things.3:16 – Ben hasn’t seen anything like what happened to the market over a week period.4:26 – What has the conversation been like with clients?6:10 – Will the volatility last for a while or will we stabilize soon?7:28 – The market has priced in the virus quite a bit so we might not see a big drop when earnings come.8:58 – The goal is to position consumers to be ready to spend again once the virus has slowed.9:46 – Now is the worst time to act emotionally and sell.10:55 - Looking at your statement and your balance obsessively causes unnecessary panic.12:15 - What do the interest rate drops mean to investors?13:33 - Will Ben’s team be working in office or spending more time meeting virtually?

Last episode we provided a basic understanding of Roth conversions. Now it’s time to take it a step further and look at the option from a strategic point of view. Is this something you should be considering for your retirement plan? We discuss who would and wouldn’t benefit and share the conversation we have with clients to help them make the decision. Get the show notes and additional resources here: https://www.baschrock-fg.com/podcast/ep-26-should-you-do-a-roth-conversion/  Today's rundown: 1:40 – Getting to Know Ben: What is your favorite sport?3:54 – A quick summary on what a Roth conversion is.  4:44 – How does the conversation go with clients to determine whether a Roth conversion might work for them?5:55 – What type of person would benefit from a Roth conversion?7:23 – Who probably shouldn’t look at the Roth conversion?8:35 – There will be tax implications. Here’s what we’re looking at.10:01 – Contributions versus conversions. Here’s the difference.11:39 – We consider conversions on a year-by-year basis with clients.

Have you heard about Roth conversions but wondered how they work and whether they’d benefit your situation? To understand them, you first need to know about a Roth and what its features are. We’ll do that today as well as lay out all the other basics that will give you a firm grasp on Roth conversions. Get the full show notes and additional resources here: https://www.baschrock-fg.com/podcast/ep-25-understanding-the-basics-of-roth-conversions/  Today's rundown: 1:10 – Ben is staying busy at the office with it being tax season.2:17 – In the News: A survey found CEOs and CFOs are pessimistic about the economy while consumers are optimistic. Who’s correct?4:35 – Let’s move into the conversation on Roth conversions.  5:01 – Ben explains what a Roth IRA is.   6:00 – Ben explains the Roth conversion and how it works.  7:11 – Many people aren’t familiar with a Roth and how it can benefit you.7:55 – Why have Roth conversions become a popular strategy in recent years?9:01 – The SECURE Act also plays a part in the growth of Roth conversions.9:49 – If a client wants to do a Roth conversion, what does that process look like?11:17 – When you make the conversion, can you take the money out of your existing money or do you have to pay taxes after the fact?12:50 – Here are the common mistakes people are making with Roth conversions.14:13 – Check to see if your company offers a Roth option within their retirement accounts.

A lot of financial professionals aren’t always completely honest. It’s not that they intentionally want to mislead you, but there are talking points many brokers are given that aren’t completely true. Sometimes they might even believe these sentiments, but let’s discuss four statements that you need to be cautious about if you ever hear them from an advisor. Show notes and additional resources: https://www.baschrock-fg.com/podcast/ep-24-lies-you-might-hear-from-a-financial-professional/  Today's rundown: 1:19 – Getting to Know Ben: Outside of your family, who is someone that’s had a significant impact on your life?3:47 – Now let’s talk about lies!4:17 – Let’s being with the difference between a broker and what we do.  5:21 – Statement #1: ‘We have experts that can accurately predict market movement.’7:24 – Statement #2: ‘Just look at our past investment returns and you can see we have a system that works in all markets.’8:27 – Statement #3: ‘Your tax rate will be much lower in retirement.’9:41 – Are there certain situations where your taxes could be lower?11:06 – Statement #4: ‘It’s just a paper loss. Hang in there and you’re going to be just fine.’

It’s another mailbag edition of the show and we’re covering five different topics that you’ve been asking about. From company stock to old life insurance policies to hitting seven figures in your portfolio, it’s a wide range of retirement conversations but we’re hitting them all today. Show notes and additional resources: https://www.baschrock-fg.com/podcast/ep-23-mailbag-time-life-insurance-company-stock-retiring-early/  Today's rundown: 1:32 – Talking with clients and listeners allows you to get a feel for what’s on everyone’s mind regarding planning.2:18 – Question #1: I can sell my house for $500,000 and I only owe about $100,000. I’m only 57 but I’m thinking about selling it now, buying a smaller place, and using the cash to retire now. Is that a bad idea?2:43 – Each state has different tax laws so that’s important to consider.3:15 – How are you planning to invest that money?3:55 – We talk with a lot of clients that are considering a similar move.5:11 – Question #2: Unless my entire board of directors gets in trouble, I feel really confident about our future potential and growth. How much is too much company stock to own in my 401k?7:02 – Even great companies can take a steep drop as we’ve seen in the past.7:22 – Question #3: I’d really like to meet with a financial advisor but my husband wants to handle investments ourselves. Is that okay to do without help?8:24 – Do you see many couples that come with completely different opinions on using an advisor?9:41 – Question #4: I have about $50,000 in an old life insurance policy. I don’t need it anymore so should I cash out and invest it elsewhere?11:41 – Question #5: I always told myself that once I hit one million dollars in my portfolio I’d move it all to cash. Now that I’m there, I think I can get to $1.2 million. What do you think?13:29 – Where does that million dollar number come from? Is that more than enough for your retirement?

For as long as we can remember, 65 has been the age that most people are expected to retire. That’s what we were taught at an early age and it’s the number that has guided planning for some time. But is that age a thing of the past? With a that number increasing around the world, should you go ahead and expect to retire at a later date? Show notes and additional resources: https://www.baschrock-fg.com/podcast/ep-22-is-retiring-at-65-still-a-realistic-goal/  Today's rundown:1:32 – Today we want to discuss this CNBC article on retirement age increasing around the world.  1:55 – Getting to Know Ben: What TV channel do you watch most often?3:27 – Some background on what the article is about.3:58 – Ben’s initial reaction to the article and the one thing he thought they missed.5:06 – A great example of this is COBRA. That used to be an outrageous option but not anymore.6:30 – Is Ben seeing a similar trend in retirement age with people in Ohio?7:38 – Does Ben think that age will officially move back in the future?9:47 – The retirement ages by country vary quite a bit.11:00 – Where does retirement age fit into the conversation with our clients?

Attention has turned to the new SECURE Act to begin the new year and for good reason. This marks the first significant retirement legislation in years and it’ll be impacting both retirees and pre-retirees. What changes should you be planning for and what other considerations need to be made? That’s what we’ll be discussing on this episode. Show notes and additional resources: https://www.baschrock-fg.com/podcast/ep-21-secure-act-brings-changes-to-retirement-accounts/  Today's rundown: 0:32 – Everyone is talking about the SECURE Act to begin 2020.  1:30 – Getting to Know Ben: What does your morning routine look like?3:36 – How did the SECURE Act get passed?4:47 – Ben thinks the RMD age might be the most significant change.  5:54 – Are Roth conversions going to become a big part of planning now?6:59 – The Stretch IRA going away is another big change.8:47 – Do you feel this is a good thing?10:42 – How do annuities factor in to this legislation?11:48 – Anything else we need to know about the SECURE Act?12:49 – It’s always best to read through everything yourself to get a better understanding.

Mutual funds have been a popular investment option for many years, but is the landscape changing? Let’s take a look at the pros and cons of using mutual funds as part of your retirement plan and help you decide whether it needs to be a part of your strategy. Show Notes and Additional Resources: https://www.baschrock-fg.com/podcast/ep-20-the-pros-and-cons-of-investing-in-mutual-funds/  Today's Rundown: 1:32 – Getting to Know Ben: What’s something that people would be surprised to learn about you?3:09 – Today we move into the pros and cons of mutual funds.  3:29 – How often are we talking with clients about mutual funds?4:31 – Why are mutual funds so popular for investors?5:31 – What pros are there for using mutual funds?7:13 – Mutual funds do allow for customization and smart money managers.7:53 – On the other side of that, what are some of the cons for investing in mutual funds?9:57 – Another big negative is it’s difficult to know exactly what you own and you end up carrying many of the same things.11:20 – Are there any other tax considerations with mutual funds?12:18 – What is the future of mutual funds? Do they still have a place in our retirement plans?

No matter how long you’ve been investing, you’ve probably decided to put some portion of your money into mutual funds. They’ve always been a popular investment option, but how well do you understand the product? Let’s take some time to understand the common terminology, what makes up a mutual fund, and other basics. Show Notes and Additional Resources: https://www.baschrock-fg.com/podcast/ep-19-understanding-the-basics-of-mutual-funds/  Today's Rundown: 0:37 – Today we’re talking mutual funds.3:02 – Explain what a mutual fund is and what is consists of.4:12 – How many stocks are in a mutual fund?5:24 – What percentage of our clients are invested in mutual funds or have been at some point?5:51 – Is the landscape changing at all?7:07 – Explain the term expense ratio.9:25 – What about the term ‘loaded’?10:31 – Are there any other areas that trip people up when it comes to mutual funds?