Your Family, Your Finances

What will the impact will a recession have on retirees? How can you make sure your plan is updated and protected from the market, a recession and of course inflation ? Plus, don't forget, RETIREMENT is supposed to be FUN! Let's fill up that fun bucket and get started!  Call John today for an Income X-ray!   

Are we in a recession now? If not – is one coming?  That's the big question as the Fed raises interest rates again to fight 9.1% inflation. John explains what pre-retirees and retirees can do now to prepare for a recession if and when it hits to both protect and grow your income and most importantly not run our money. Find out how John can help you create a customized retirement plan where you can both protect and grow your income and NOT run out of money!    

Do you keep up with your email, or do you fall behind?  I'll bet a lot of things get lost in that email pile!  Can't the same thing happen in retirement planning?  How would you go about cleaning up a client's ‘financial clutter? Clean Up Your Financial Plan with John today!   

If most of your money is in a 401(k), how and when do you access it?  Do you retire and start pulling money as you need it?  Do you wait until the government says you have to take it?  Two retirement and Social Security experts say that a customized tax strategy is very important and can reduce a couple's tax liability by more than 300-thousand dollars.  Is an income plan really complete without a tax plan?   Call John for a Market Protection Plan today! 

The #1 fear is running out of money and #1 question is "have I saved enough?" What if we told you John has tools in his tool box to give you guaranteed income for life?  John explains how he walks his clients through the planning process and more!       

When we mention the word “annuity,” we're talking about an insurance contract designed to pay out invested funds in a fixed income stream in the future.  The thing is, not all financial advisors recommend them.  The reasons they often give are excessive fees, inferior rate-of-return potential, or limited liquidity.  But Morningstar's David Blanchett says failing to discuss annuities as an option is a breach of their fiduciary duty.  In other words, they're not acting in a client's best interests.  Hear John's your stance on annuities and how he can help you NOT run out of money! 

So, when will the soaring prices come back down to earth?  Right now, the market is wondering if the Fed will get it right.  Should we even worry about a correction at this point? The Money financial website advised those nearing retirement not to panic.  Hear John talk about when it's time to panic, what to do NOW to protect and grow your income IN the market and inflation proofing your income plan!  Call John today for a Portfolio Review! 

Sometimes, we talk about the “myths” of retirement.  And Forbes says one of the most common ones is that we'll be in a lower tax bracket, when we quit working.  That certainly seems to make sense – why would it not be true? John talks about helping people get into tax planning now to prepare to have a great tax year and how his strategies can help put MORE money in your pocket and LESS in Uncle Sams! 

The biggest fear of planning retirement is running out of money. Good news is, John has tools and strategies that give you income for life!  Call John today for a Portfolio Review!  

The U.S. Senate is now considering a big bill passed by the House that's designed to help Americans save more for retirement.  It's commonly called “SECURE Act 2.0.”  Longtime wealth advisor James Bogart tells Yahoo Finance that it's a huge step in the right direction. John recaps the major parts of this potential change and explains how for those approaching or are already in retirement how they can prepare!  Call John and begin your financial journey today! 

Former NFL wide receiver and potential Olympic athlete Willie Gault joins John on today show for a great conversation about legacy, playing defense on the field and offense for his retirement and MORE!    Call John today for a Comprehensive Retirement Review!   

You know the saying, "Two things are certain in life, death and taxes!" Yes, taxes will even plague you in retirement and can even be one of the biggest expenses in retirement if you don't plan right and plan NOW! It's important to be tax efficient while you are working and during retirement. For example, if you're not yet ready to retire, there's a way to get a nice tax break by making extra contributions to your IRA or 401(k).  John explains how this works and discusses other strategies for tax planning.  Then, when we think of a retirement nest egg, Social Security is usually factored into the equation.  But an article on The Motley Fool financial website recommends leaving it out when figuring retirement goals.  And it's not out of fear that benefits will run out.  Rather, it points out that while retirement savings goals are in a person's control, Social Security benefits are not.  John weighs in on this and more!  Call John today for a Complimentary Portfolio Review! 

In 1994,the 4% rule was created. The idea was with a 50/50 mix of stocks and bonds, you could pull 4% out to live on and not run out of money over a 30-year retirement.  You can still find that rule on the internet today.  But does it take into account today's huge inflation rate, or should we just throw out the concept altogether? John weighs in on the 4% rule and his planning process!  Contact John today for a Complimentary Portfolio Review!  

Do you get your 401(k) through a big employer or a smaller company?  The difference could be what you pay in fees.  An article on the Morningstar financial website says plans offered by large companies tend to contain more low-fee investment options.  Workers at employers with smaller plans - who are saving just as much - could have around 10% less in assets at retirement because of higher fees.  John explains how using different tools and strategies can help avoid these fees!  Perhaps the biggest fear many retirees have is, “Will I outlive my savings?”  An article in Kiplinger magazine says recent changes in the law now make it easier to include an annuity in a retirement plan.  In other words, you're converting a portion of your money into a vehicle that provides guaranteed income.  John shares other benefits of annuity payments!  Call John for a Complimentary Income Review!   

Going FROM the working world TO retirement is a huge transition. What are you planning to do when you retire? Has the pandemic changed the way many baby boomers answer that question? John weighs in on this and the idea that people are “scaling back” in retirement out of choice, or out of necessity.  Then, its known as the "silent killer," INFLATION! We're feeling it at the pump, in the stores and even with utility bills - what does the next 20 years look like for inflation and how can John help you create an "inflation proof" income plan?     Contact John today for a Complimentary Portfolio Review!      

A new poll finds 71% say they're using “life hacks” – or short cuts - more now than they did before the pandemic, especially in the kitchen.  A story in The Motley Fool points to three life hacks that can help maximize your money in later years, hear John breakdown these hacks and what he would add to the list! 

When you work with John, you will not only build a strong relationship and a partnership when it comes to putting together your income plan, you will also see how John treats your money as if it were his own!  Then, it's human nature to put off a dental visit or an oil change when things are going along just fine.  But neglecting basic maintenance can have a price.  The stock market has been going along well.  What sort of “portfolio maintenance” could we be doing now that will have us saying “glad I did that” if the market turns?

A new survey finds more Americans would like their employers to offer a component of guaranteed income in company-sponsored retirement plans.  The study by the Alliance for Lifetime Income indicates more than four in five would like to have the option of substituting annuities in place of bonds.  Hear what John thinks about this - is this a good idea?  Want to get a lesson on spending?  Then listen to the story of billionaire Warren Buffett.  The sixth richest man in the world ($104 billion net worth) enjoys a simple, frugal life.  Buffett still lives in the same starter home he bought in 1958.  He begins the day with a McDonald's breakfast and even clips coupons.  And Buffett doesn't splurge on expensive hobbies.  In fact, he told CBS Sunday Morning that he plays bridge about 8 hours a week. How important is it for retirees to stay frugal as they spend their nest egg?  

I ran across a question from The Motley Fool: “Should the average retirement saver buy an annuity?”  Their answer?  “It depends.”  Not very helpful, right?  So, what does it depend on?  Hear John explain the pros and cons of an annuity, and how to determine if its a fit for you. Remember, nothing is cookie cutter about retirement, that's why it's important to meet with a professional like John to determine what's best for you and your specific situation. 

Do you remember how old you were when you really began to appreciate the value of money?  A new survey finds the average American experiences a “financial awakening” around the age of 33.  So, I'm wondering if there might be a second financial awakening.  Is there a general age at which you see people start to appreciate the complexities of planning for retirement? Is it a good idea to set a solid retirement age?  Or should you be more flexible as your nest egg grows? Actor/Comedian Kevin Hart says he definitely has a date in mind.  Here's what he recently told Bryan Cranston on his Peacock show “Hart to Heart.” What do you tell your clients when it comes to setting their own “end” date?  What are the factors you walk them through? 

If you've been married for any length of time, you know that disagreements come with the territory.  All jokes aside, the Wall Street Journal's Anne Tergesen says that's especially true when it comes to deciding how much risk to take with the family nest egg. Hear how John navigates these tricky waters and can help you and your spouse make sure that both sides are happy, comfortable and ready for retirement!  

We have some breaking news, courtesy of the financial geniuses at Market Watch:  They're reporting that … quote, “Most people have no clue what they pay for their 401(k).”  Hmmm, let's see … where have we heard that before?  Oh yeah, we heard it from you John!  You've been telling us for a long time that a lot of retirement savers are having their returns eaten up by fees … and they don't even realize it!  So, please tell us again, what can we do about that? Then, a story in the Dallas Morning News says, just because you're married, that doesn't mean you automatically get everything when your spouse dies and vice versa.  Is this where good estate planning comes in? Hear John explain! 

The markets have been mostly up and that's been great for our portfolios.  But strategist Julian Emanuel tells CNBC that we're due for a correction. Let's say he's right and we do see a 15 correction, can we assume that it would be short-lived and that we'd all be okay in the long run? John discusses how he advises his clients during a volatile market and what you can expect from the first meeting. 

Uncle Sam is finally acknowledging that people don't seem to understand the fees they're being charged on their retirement accounts.  Hear how John can help you understand what fee's you're paying and WHY and how he can possibly help eliminate some. Kiplinger says one thing all retirees need to understand is something called the “sequence of returns” risk.  That sounds complicated!  John explains what this is and how it can help or hurt you and your income plan. 

Believe it or not, we're already in the fourth quarter of the year!  And Morningstar's Christine Benz says that means it's time to take stock of your investments. Hear how John can do an end of year review with you, positioning you for a better new year when it comes to inflation, taxes and overall income planning!  

BlackRock has started to offer something in certain 401(k)s that's rather new.  The Wall Street Journal reports that five employers have signed up with the investment giant to offer annuities in their plans.  In theory, that would allow workers to receive retirement payments for the rest of their lives.  Could this savings approach turn into a trend?  How do you know if the annuity they're offering is right for you?   Hear how John coaches his clients in making crucial decisions in building their income plan and how he can help YOU design your customized plan today.  

Have you started your holiday shopping yet? A new survey says one in six Americans already have.  Another 14 percent started last month [October] and 28 percent say they'll begin this month [November].  But how many have started their end-of-year financial checklist?  John talks about people not getting caught in a spider web but learn that they are here to help! 

If you're thinking of finally getting an estate plan … and you should be … don't forget that we may see some changes in the tax code.  But I do wonder – would it be to our benefit to draw up an estate plan before any tax changes are made, or should we wait to see what Congress does, then talk to you about what we need? It's usually when we hit our 50's that people start thinking more seriously about retirement.  And CNBC's Sharon Epperson says there are some basic moves you should begin making with your finances, in those last few years before you leave the workforce. Hear what John says should be on your retirement checklist! 

We're all human meaning we all forget things.  We forget someone's name … we forget our email password … we forget old 401(k) accounts.  Wait … what?  Do people really forget about something as big as a retirement account?  You bet they do.  In fact, Market Watch says there are currently 24 million “forgotten” 401(k) accounts!  And collectively, those accounts hold 1-point-3 trillion dollars in assets!  I'm guessing that's not good? There's a term that occasionally pops up in the financial media … “lifetime income.”  Market Watch cited a survey in which one-in-three people believed they could get lifetime income from a mutual fund.  And one-in-five thought it comes from a target date fund.  John explains if there is such a thing as lifetime income and if there is, how does it work?   

Special guest Bill Murray joins the show and shares his favorite financial advice. Plus, John dishes about spending time with Bill and his brothers at a recent event.  PGA Player of the Year Patrick Cantlay won the FedEx Cup and 15 million dollars.  One million of that bonus automatically goes to his retirement fund.  But even Cantlay has said being at the top of the golf world won't last forever and expects earnings to fluctuate year-to-year.  How can someone safeguard their retirement savings for future years when their current income amounts may be uncertain?  Should contributions adjust accordingly, or should you still try to make them steady and consistent?  

Kiplinger says drawing from the right account at the right time can make a huge difference in the amount of taxes you owe over the course of your retirement.  Then, what's the most important thing you need to know about self-planning for retirement? Patrick Kelly, the author of “Stress Free Retirement,” says it's knowing when to ask for help. Hear John explain how he works to help clients be more emotionally detached to make better decisions for their financial future. 

If you knew that you could cheat on your taxes without getting caught, would you do it?  Believe it or not, 94% of the people in a recent survey say it's our civic duty – as Americans – to pay our fair share of taxes.  So, I guess the bigger question is – what constitutes “fair share”?  Hear John explain how using his tools and strategies can help keep more money in your pocket than in Uncle Sams! 

John tells story of helping couple who are tired of working and ready to retire, Poor planning can sabotage your retirement … including your healthcare.  For example, Market Watch warns that decisions you make around age 63 will determine how much you have to pay for your Medicare Part B premiums.  Hear John explain how! 

When the market is doing well – like now – do you tend to get a little complacent?  An NYU finance professor told Business Insider that investors have become “sloppy and lazy.”  He said people think that making money is easy … and he warned that the markets have a way of “fixing” that kind of thinking very quickly.  Is it dangerous to assume that investing in the markets is always the best way to go? Then, RMDs – or required minimum distributions – are back for 2021.  Best-selling retirement author Patrick Kelly says many retirees are surprised to learn that they'll have to withdraw this money from their accounts, whether they want to or not. Okay, for those listeners who don't need that money right now, what are some “tax friendly” options for what they might want to do with it when they take those RMDs?  

We hear a lot about the benefits of a Roth IRA.  But a writer for The Motley Fool says she doesn't want a Roth because… She's not convinced her tax rate will be higher in retirement.  And, She doesn't want to be tempted to withdraw money before she actually retires. What do you think of her reasoning?, One of the big debates in retirement planning is whether … and how much … you should continue to invest in stocks after you've retired.  Morningstar's Christine Benz believes everyone should be in the market and she says the current rise in inflation is a good example of why. Do we keep money in stocks … or is there a better way to deal with that inflation risk? Hear John discuss! 

Have you given much thought to the mechanics of how you're going to get paid, after you retire?  David Blanchett, head of retirement research for Morningstar, says there's actually some disagreement over how that should work.  So, what's the difference between just spending down your nest egg … and using that nest egg to generate income?, So, what about prices today?  Well, the cost of seeing a doctor is 5% higher today than it was this time last year.  The cost of toilet paper is nearly 8% higher.  The price of a bag of oranges is nearly 10% higher … and the cost of filling your gas tank?  That's more than 22% higher than last year!  In other words, our buying power is going backward!  If this trend continues, what could that mean for our buying power in retirement? 

An experienced financial advisor will tell you that the #1 retirement fear is ...? RUNNING OUT OF MONEY!  A report by the Employee Benefit Research Institute (EBRI) found that roughly 10% of baby boomers in the highest income group will run short of money!  And the percentage is even greater for those in the more modest income groups.  So, we clearly have a problem here.  How do we keep that from happening? Hera John explain how he can REPLACE YOUR PAYCHECK! 

We're all familiar with 401(k)s and IRAs, but Business Insider says there are other ways to build a solid retirement.  And one of the ways they mentioned was a “life insurance strategy.”  I thought life insurance served a very specific purpose – can it really be part of a retirement plan, too? John discusses this and how he can replace your paycheck in retirement!  

John had the opportunity to meet and chat with Bill Murray and his brothers (Brian Doyle, Joel, Andy and Johnny) during their 20th "Murray Bros. Caddyshack Charity Golf Tournament" in St. Augustine, FL!  Bill and the brothers discuss what investments they would avoid, who taught them the meaning of charity, and the best financial advice they were given.  

Planning for retirement can be overwhelming and stressful, but it doesn't have to be. Where do you start? What questions should you ask? When should you start planning? These are all natural questions that most if not all people have when they come and meet with John for the first time. Hear how John's process takes you step-by-step and you work together to build YOUR financial plan to give you the retirement you have always dreamed of! 

How much money would you need to have in your retirement account to feel comfortable saying you'll never have to worry about money again?  Well, consider the case of retired NBA great Dwayne Wade.  He's worth an estimated $120 million, and yet he tells Yahoo Finance he still worries about money. I guess maybe a little fear can be a healthy thing … but shouldn't we reach a point in our lives where we don't sit around worrying about whether we might run out of money? When you leave the 9 to 5, you leave the paycheck, so how do you replace that income? John talks about how he can help replace your paycheck! 

We'd all like to think that we have our retirement planning under control, but The Motley Fool says there's always something that surprises people.  John shares some issues that might catch you off guard and explains how he can help you avoid making mistakes! 

Are you working with a financial advisor, or are you one of those people who tries to handle everything yourself?  CNN came up with a list of situations in which people would benefit from some professional guidance.  Can we go over a few of these, and maybe talk about how you could help? John talks about helping to replace your paycheck! 

Now that the $1.9 trillion stimulus plan is a done deal, there are rumblings that the Biden administration's next move will be a big tax increase.  Morningstar asked IRA expert Ed Slott if it's too soon for us to begin preparing for that possibility and he went on to say that – for some things – you can control your own tax rate.  How do we do that? 

John talks about how he will replace that paycheck when you retire and what he says to the naysayers plus John talks about what makes him passionate about what he does

President Biden has repeatedly told us that – unless we earn more than $400,000 a year – he won't be raising our taxes.  But we know that he's considering an increase in the capital gains tax, how would that would probably affect your retirement investment? 

 When you were in high school, did you ever forget the combination to your locker?  Well, that's kinda what this first story is about – except that the consequences are much more serious:  The New York Times says people who own the digital currency Bitcoin have either forgotten, or lost, the passwords to $140 billion worth of the crypto-currency!  I think about stories like this whenever I see someone using one of those robo-advisors to manage their money.  Do those people have any way of getting that money back?

A new year brings the threat of new problems – created by Congress. With potential BIG tax changes coming our way under the new Biden administration, is there any way to protect our retirement accounts from Congress? 

Kiplinger says there are five more ages that are “special” for retirement planning - we go down the list!  And, RMDs will be back this year.  Fortunately, the age requirement has been raised from the old 70-and-a-half to the new 72.  Hear why you might want to at least consider taking some withdrawals anyway. Then, John talks about being in lower tax bracket in retirement and how you can even have a tax free retirement!   

Planting a garden is like planting and growing your retirement garden. For example, when you start a garden, the first step is to have a foundation - and the foundation of a garden is the soil, right? Then, you have the seeds. Think of the seeds for the garden like the different options for income planning. You may want to plant roses, tulips and then some sunflowers. While planning for your retirement and income for life, you may want a life insurance options, an annuity or an IRA. You see where I'm going with this?  Listen to todays episode and how John explains how planting a garden is like planting, building and planning your income for life.  When you take the time to schedule a meeting with John, he will review your current portfolio, evaluate what is missing and access what he can add to make your plan the best it can possibly be - regardless if you are already IN retirement or if you are approaching that finish line. It all begins with a conversation - Call John today for a complimentary Portfolio Review!   

Usually, we talk about all the things we should be doing to prepare for retirement.  But today, we're going to talk about some things you should not be doing.  The Go-Banking-Rates website came up with a list of common retirement planning mistakes.  John goes down the list - listen now!  Call John today and setup a time for a Complimentary Consultation!  Having No Retirement Plan Not Knowing How Much You Need to Retire Not Taking Your Employer's 401(k) Match Having Incorrect Beneficiary Designations Paying High Retirement Account Fees Relying Only on Social Security Benefits Cashing Out Your 401(k)s Between Jobs Believing You'll Never Retire Not Using a Retirement Account That Offers Tax Benefits Investing Too Conservatively, or Too Aggressively Not Planning for Medical Expenses Not Calculating How Long Your Retirement Will Be Forgetting About Inflation During Retirement