Dollar Wise Podcast

Welcome back to the Dollar Wise Podcast. In this episode, Jason Gabrieli, a certified financial planner at HFM Investment Advisors, discusses the increasing interest in multi-year guaranteed annuities as interest rates rise. With more clients and insurance agents inquiring about these products, Jason dives into the pros and cons, potential pitfalls, and considerations to make before adding them to your financial plan. If you're curious about annuities or have received pitches recently, this episode will provide you with essential information to help you make informed decisions.

Tune into this episode to also learn:

• How higher interest rates impact financial products like annuities.
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• The differences between various types of annuities and their specific uses.
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• Key considerations for incorporating multi-year guaranteed annuities into your financial plan.
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• Potential disadvantages of annuities, including tax implications and reinvestment rate risks. 

What we discussed

• [00:00:30] Introduction to the episode and topic of multi-year guaranteed annuities.
• [00:01:32] Overview of how rising interest rates impact savings and investment products.
• [00:02:37] Explanation of multi-year guaranteed annuities and their function compared to CDs.
• [00:05:32] Pros and cons of multi-year guaranteed annuities, including principal protection and fixed rate benefits.
• [00:08:30] Tax implications of annuities and how they differ from other investment vehicles.
• [00:09:32] Inflexibility and surrender charges associated with early withdrawals from annuities.
• [00:10:35] Reinvestment rate risk and considerations for long-term financial planning.
• [00:11:40] Determining if an annuity fits into your financial plan based on the purpose of the money.
• [00:13:30] Final thoughts on choosing financial products that align with your financial goals.

3 Things To Remember

1. Annuities can provide principal protection and fixed returns but are not always the best fit for long-term investments.
2. Understand the tax implications of annuities, especially when withdrawing growth before principal.
3. Evaluate your financial plan carefully to ensure the products you choose align with your short-term and long-term goals.

Useful Links

Connect with Jason Gabrieli: [email protected] | LinkedIn 

Like what you’ve heard…

Learn more about HFM HERE

Schedule time to speak with us HERE

Check out our Financial Wellness Program – HFM Ignite

Welcome to this episode of the Dollar Wise Podcast. In this episode, Jason Gabrieli discusses the growing concern around election outcomes and their potential impact on investments. With the media heightening fear and uncertainty, Jason offers insight into why emotions can mislead investors and how focusing on long-term goals is essential. He also explains how historical data shows a limited correlation between presidential elections and stock market performance. Jason reminds us to control what we can and stay disciplined in our investment strategy.

Tune into this episode to also learn:

• How to stay disciplined with your investments during election cycles.
• The limited impact of politics on stock market performance.
• How media coverage heightens election anxiety.
• The importance of focusing on long-term goals instead of short-term fears.

What we discussed

• [00:01:35] Why election outcomes create anxiety and how media stirs fear.
• [00:04:50] The limited impact of presidents and politicians on stock market trends.
• [00:07:45] Why diversification remains key, no matter the political climate.
• [00:09:55] The role of the 24-hour news cycle in compounding fears.
• [00:12:30] Focusing on what you can control, like staying disciplined with your strategy.

3 Things To Remember

1. The impact of elections on the stock market is often overstated; long-term trends tend to rise despite political shifts.
2. Staying disciplined with a well-diversified investment strategy is key during times of uncertainty.
3. Media-driven fear can distort reality; control your exposure to news and focus on your long-term financial goals.

Useful Links

Connect with Jason Gabrieli: [email protected]

Like what you’ve heard…

Learn more about HFM HERE

Schedule time to speak with us HERE

Welcome back to the Dollar Wise Podcast. Jason Gabrieli is joined by Andrew Barnhardt from the HFM team as they explore tax strategies related to charitable giving, focusing on the benefits of Qualified Charitable Distributions (QCDs) from IRAs. The discussion covers how changes in the tax code impact charitable deductions, who can benefit from QCDs, and key considerations when planning your charitable contributions. This episode is designed to help listeners optimize their charitable giving while maximizing tax benefits.

Tune into this episode to also learn:

• How changes in the standard deduction impact your charitable contributions.
• The eligibility criteria and benefits of making a Qualified Charitable Distribution.
• Strategic planning for minimizing required minimum distributions (RMDs) through charitable giving.
• Common pitfalls and best practices when executing QCDs.

What we discussed

• [00:02:00] The impact of the Tax Cuts and Jobs Act of 2017 on charitable contributions and tax deductions.
• [00:03:00] Introduction to Qualified Charitable Distributions (QCDs) and their benefits.
• [00:05:00] Eligibility for QCDs and the age requirements for taking RMDs.
• [00:07:38] How QCDs can satisfy RMDs and reduce taxable income.
• [00:09:00] Planning strategies for using QCDs to reduce future RMDs.
• [00:11:16] Important considerations and limitations when using QCDs.

3 Things To Remember

1. Qualified Charitable Distributions (QCDs) allow you to give to charity while avoiding the taxes typically associated with IRA withdrawals.
2. QCDs can be used to fulfill required minimum distributions (RMDs) without increasing your taxable income.
3. Always ensure QCDs are sent directly to the qualified charity to satisfy IRS requirements and keep detailed records for tax purposes.

Useful Links

Connect with Jason Gabrieli: [email protected] | LinkedIn

Connect with Andrew Barnhardt: LinkedIn

Like what you’ve heard…

Learn more about HFM HERE

Schedule time to speak with us HERE

Check out our Financial Wellness Program – HFM Ignite

• Key steps to take immediately after a loved one passes away.
• The role of a funeral representative in estate planning.
• Differences between probate and non-probate assets.
• Practical tips for managing estate accounts and distributions.

• [00:02:00] Immediate steps to take after a death, including waiting periods and obtaining death certificates.
• [00:04:13] Essential documents for estate planning: wills, powers of attorney, and HIPAA releases.
• [00:07:56] Differentiating between probate and non-probate assets and their impact on estate administration.
• [00:10:38] Opening an estate account and managing the deceased's assets.
• [00:13:22] Filing inheritance tax returns and handling the estate's financial obligations.
• [00:16:44] Preparing executors for their roles and ensuring open communication with beneficiaries.
• [00:19:22] The importance of updating beneficiary information and having detailed records.

1. Always have essential estate planning documents in place, including a will and powers of attorney.
2. Understand the difference between probate and non-probate assets to streamline the estate process.
3. Open communication with your executor and family members can significantly ease the estate administration process.

Useful Links

Connect with Jason Gabrieli: LinkedIn

Connect with Brittany Tedesco : [email protected]

Like what you’ve heard…

Learn more about HFM HERE

Schedule time to speak with us HERE

Check out our Financial Wellness Program – HFM Ignite

• The critical steps in the probate process and why timely action is crucial.
• How to manage and minimize estate and inheritance taxes.
• The role and responsibilities of an executor in estate management.
• Tips for preparing and organizing financial documents before death.

• [00:01:19] Introduction to the sensitive topic of financial steps after death.
• [00:02:38] The role of an accountant in managing estates.
• [00:06:37] The probate process overview and key documentation needed.
• [00:10:43] Handling ongoing expenses and income after someone passes away.
• [00:16:09] Differences between estate and inheritance taxes.
• [00:24:07] Best practices for preparing and organizing financial documents.

1. Understanding the probate process helps in managing estate complexities efficiently.
2. Proper documentation and early involvement of professionals can save significant tax expenses.
3. Executors must be diligent in their fiduciary responsibilities to ensure fair and legal asset distribution.

Useful Links

Connect with Jason Gabrieli: [email protected] | LinkedIn

Connect with Brian Masessa: LinkedIn

Like what you’ve heard…

Learn more about HFM HERE

Schedule time to speak with us HERE

Check out our Financial Wellness Program – HFM Ignite

• The inspiration and development behind the GravyStack app
• Practical steps for parents to teach their kids about money
• The importance of creating a family mission statement and financial values

• [00:02:27] Financial education and entrepreneurship for kids
• [00:04:29] Teaching kids about money at home vs. school
• [00:06:03] Practical tips: No allowance, earning through chores
• [00:09:11] Integrating GravyStack methodologies into family life
• [00:11:07] Starting financial education early
• [00:12:01] Long-term vision for GravyStack and financial literacy impact
• [00:14:13] Practical steps for parents to get started

1. Kids learn about money through observation and practical experience.
2. Stop giving allowances; instead, offer opportunities to earn.
3. Create a family mission statement and discuss financial values regularly.

Useful Links

Connect with Jason Gabrieli: LinkedIn

Connect with Chad Willardson: LinkedIn

Like what you’ve heard…

Learn more about HFM HERE

Schedule time to speak with us HERE

Check out our Financial Wellness Program – HFM Ignite

• Why retirement planning is highly personalized and varies significantly from one individual to another.
• The impact of personal spending and lifestyle choices on retirement needs.
• Strategic approaches to reduce overhead costs and enhance financial readiness for retirement.

• [00:01:01] The complexity of determining the necessary retirement savings.
• [00:03:43] Strategies to reduce overhead and prepare financially for retirement
• [00:06:22] Implications of early retirement and maintaining lifestyle with reduced income.
• [00:09:57] The importance of a detailed personal budget or spending plan when planning for retirement.

1. Retirement needs are highly personalized—what works for one might not work for another.
2. Reducing monthly overhead can significantly impact the amount needed for a comfortable retirement.
3. A detailed and realistic spending plan is crucial for effective retirement planning.

Useful Links

Connect with Jason Gabrieli: | LinkedIn

Connect with Catherine Allen-Carlozo | LinkedIn

Like what you’ve heard…

Learn more about HFM HERE

Schedule time to speak with us HERE

Check out our Financial Wellness Program – HFM Ignite

• The psychological factors influencing our financial decisions.
• The historical returns of cash, bonds, and stocks over 30 years.
• The potential risks of relying on high-yield savings accounts for long-term goals.

• [00:01:17] The current trend of keeping money in high-yield savings accounts.
• [00:04:07] Behavioral finance and the fear of losses over potential gains.
• [00:07:21] Historical returns of cash, bonds, and stocks over 30 years.
• [00:10:50] The importance of aligning cash holdings with financial goals.
• [00:14:40] How to balance short-term and long-term financial objectives.

1. High-yield savings accounts offer short-term benefits but might not be ideal for long-term goals.
2. Investing in diversified assets, like bonds and stocks, has historically provided better returns over time.
3. Aligning cash holdings with financial objectives is crucial for effective financial planning.

Useful Links

Connect with Jason Gabrieli: [email protected] | LinkedIn

Listen to EP.39 “Let’s Talk About Cash” - Apple | Spotify

Like what you’ve heard…

Learn more about HFM HERE

Schedule time to speak with us HERE

Check out our Financial Wellness Program – HFM Ignite

Jason Gabrieli and Tyler Reedman, both CERTIFIED FINANCIAL PLANNERS at HFM Investment Advisors, dispel common misconceptions about 401(k) contributions. They dissect the difference between matching the employer’s contribution and maxing out a 401(k). They discuss contribution limits and strategies to increase contributions incrementally so you can optimize your savings. This episode is a must-listen for anyone looking to take full advantage of their 401(k) potential.

• The real meaning of 'maxing out' your 401(k) and common misconceptions.
• How automatic escalation can effortlessly boost your 401(k) savings.
• The impact of choosing between Roth and pre-tax contributions on your take-home pay.

• [00:01:22] Misconceptions about maxing out 401(k) contributions and the actual limits.
• [00:06:09] Insights from Vanguard's 'How America Saves' report and average saving rates.
• [00:08:41] The concept of reverse budgeting and its impact on savings habits.
• [00:11:00] The benefits of automatic escalation in 401(k) contributions.
• [00:13:32] The importance of focusing on contribution rates over market performance.

1. Maxing out your 401(k) involves understanding and utilizing the actual dollar limits, not just the employer match.
2. Incremental increases in contributions can significantly impact your retirement savings without overwhelming your current finances.
3. Understanding the nuances between Roth and pre-tax contributions can optimize your long-term savings and tax benefits.

Useful Links

Connect with Jason Gabrieli: [email protected] | LinkedIn

Like what you’ve heard…

Learn more about HFM HERE

Schedule time to speak with us HERE

Check out our Financial Wellness Program – HFM Ignite

When you retire, do you want to stay in New Jersey? Jason delves into the common concerns about retiring in New Jersey, such as the state’s reputation for high taxes and living costs. He also covers recent changes and programs like the Senior Tax Freeze and the Stay NJ program that make New Jersey a more appealing retirement destination. Lastly, he discusses the nuances of property and income taxes, providing valuable insights for those considering retirement in the Garden State.

• How recent tax reforms in New Jersey benefit retirees, particularly concerning property taxes.
• The implications of the Senior Tax Freeze and Stay NJ program for property tax relief.
• Key facts about New Jersey's income tax exclusions for retirement income.

• [00:01:00] Debunking myths about retiring in New Jersey due to high costs.
• [00:02:15] Understanding the Senior Tax Freeze program benefits for retirees.
• [00:04:23] Introduction to the Stay NJ program and its potential for senior citizens.
• [00:06:28] Insights into New Jersey's income tax benefits for retirement income.
• [00:10:02] The significant shift in New Jersey’s estate tax laws and its impact.

1. New Jersey has made significant strides in becoming a more retirement-friendly state through various tax benefits.
2. Programs like the Senior Tax Freeze and Stay NJ aim to alleviate the property tax burden for seniors.
3. Understanding New Jersey’s unique tax exclusions and laws can benefit retirees financially.

Useful Links

Connect with Jason Gabrieli: [email protected] | LinkedIn

Like what you’ve heard…

Learn more about HFM HERE

Schedule time to speak with us HERE

Check out our Financial Wellness Program – HFM Ignite