Learn how to have a rock solid plan to generate income and understand where you should take income from first and when to trigger pensions and social security. Main Questions Asked:

• Where should you take income from first?
• When should you trigger your pension?
• When should you trigger social security?

Key Lessons Learned:

How to Make Your Money Last and Work for You in Retirement

• Get the most out of your social security benefits. Have a plan. Social security is a piece of retirement, and when you should take your withdrawal depends on your individual situation.
• Get the most out of your pension benefits. Make the right call when it comes to spousal benefit options. Think through the survival option. Taking control with a buyout option may be a better plan.
• Reduce your taxes. Keep more of your money. Over the course of a lifetime $6000 a year in tax savings is well over $100,000. When you are retired, you have more control over the taxes you pay by manipulating income strategies.
• Know exactly how you are going to withdraw money from retirement accounts. Turning one income stream on at a time might give you higher income and lower taxes. You need to plan where you decide where to take your money from and in what order.
• Use different investment options for income. Mutual funds may not have the best tax efficiencies and fee schedules. You can look at ETFs, individual stocks or bonds, life insurance with tax free income, and some annuities may be appropriate. Get involved in different investments that create income.

Links To Resources Mentioned

Money Map Retirement Review

1-800-757-0436

Thank you for listening!

Learn about the forgotten little things or hidden gems in your life and financial life. Along with understanding what your biggest assets are and how to weave them into your financial plan.

Main Questions Asked:

• What are some of the overlooked financial hidden gems in your life?
• What are your biggest assets?

Key Lessons Learned:

Your Biggest Assets

• A bunch of little assets added all together. Someone could have a 401k, along with a bunch of smaller accounts. When you add them up they might be bigger than your existing 401k or a significant amount of money. We simplify accounts and get them all into one place.
• It’s your future savings potential. The younger you are the more important this situation is. Your biggest asset can be your future earning potential. This is why disability insurance is so important. This is a type of insurance that protects your ability to go out and earn an income. Your future saving potential could be huge. Future savings may be your biggest asset.
• Social Security. For some people this is their biggest asset. I have been on Channel 3 news talking about this. People don’t think of the value over their life expectancy. For me, it is well over $400,000 for my age and life expectancy. It is so important to look at it as an asset over the course of your lifetime. Put thought into claiming benefits and treat it like a valuable asset.
• The house, especially if it is paid off. For people thinking about downsizing or moving they can pocket money to make an equal move out of state. This is a significant asset. This is something to consider as part of a financial plan. This could be a large asset.
• Your 401k. A lot of people aren’t paying the attention to their 401k that they should. If you are picking the best performing funds over a certain amount of time, you are almost guaranteed they will become the worst performers. You have to treat it like a big asset and build an investment plan. Don’t choose the cheapest funds or for the short term.

Hidden Gems

• Pension Fund. This could be a valuable piece of your retirement puzzle. This money could be sitting in a lump sum somewhere. If you can roll it out to another account you would be better off. This could be a great opportunity right now to roll it into an IRA and take control of the money.
• CDs, savings accounts, and money market accounts. A lot of people have money sitting on the sidelines. Prudent investors know they don’t want to invest at the top of the market. I wouldn’t have it all at the bank earning zero interest. Banks are for emergency savings. Money can pile up and become cash that is collecting dust without a proper plan.
• Life insurance. An older policy that you have had for years could be a powerful asset. You can take a cash value of a policy and turn it into a 5 or 10 year income. Many times the income interest rates you can get from old whole life or cash value policies are much higher than you can currently get today, because of the old actuarial tables. Don’t ignore old life insurance policies.
• Old 401Ks. It makes sense to take this money with you when you leave the company. Roll it over into your own IRA and take control of it. You might have flexibility even if you are still with the company. You need a good advisor that will help you make the best decisions.

Links To Resources Mentioned

Money Map Retirement Review

1-800-757-0436

Thank you for listening!

You may think you are holding some of the highest rated funds, but in reality they could be total dogs. 88% of 5 star rated funds by Morningstar were underperformers. Learn the steps you should take right now to make the most out of your mutual funds.

Main Questions Asked:

• Do you have any mutual funds whether it’s 401k, IRA, 403b, etc. in your investment fund portfolio?
• How are your mutual funds really performing?
• What are the steps that you should take right now to make the most of your mutual funds?

Key Lessons Learned:

The Ugly Truth About Mutual Funds - Past Performance Is No Guarantee of Future Performance

• Risk is a big issue. Most people are taking more risks than they know. You may see better returns with lower risk. Your underlying securities are the key to your retirement. If you don’t have the right mix you could pay a heavy price.
• Diversification and asset allocation. When we look at actual portfolios we are finding that these important concepts aren’t being paid attention to. We find that there was no analysis and a solid plan with projections was never made. Asset allocation is spreading investments over different asset classes.
• Are mutual funds even right for you? When you get to a certain amount of money individual securities might be right for you. It’s very important that you understand what you own and have a plan that is right for you.
• You could be holding some underperforming funds in your portfolio. When is the last time you rebalanced the funds in your account? Is it possible that you are holding underperforming funds that are costing you money every single year?
• How are you going to minimize investment fees and expense? Mutual funds have embedded taxes. Most people don’t realize the fees that they are paying, because trading fees aren’t disclosed in the expense ratio. Minimizing investment fees and expenses is the fastest way to improve your rate of return.
• How there can be a 2% to 3% or more cost to hold a mutual fund. If the market goes up 8% your fund may not. Funds that trade more often generate more fees on the backend.
• Nobody cares more about your well being than you do. The bottom line is this. You have to get engaged in your financial game plan. Make sure that your plan takes into account your appetite for risk. If you have an advisor that isn’t listening to you, get a new one. Get an advisor that you trust and create a comprehensive plan that takes into account your individual situation.
• How people who don’t have a lot of wealth sabotage themselves. Wealthy people hire someone else to give them help. Don’t just wing it. Find someone who you can trust to help create a plan that includes health care, long-term care, taxes, investments, income, and everything that you own.

Links To Resources Mentioned

Money Map Retirement Review

1-800-757-0436

The Morningstar Mirage

Thank you for listening!

Learn the four overlooked risks that could blind you in retirement. These are things you need to be aware of even if you are retired. I talk about how some of these things affected my family.

Main Questions Asked:

• What could bring your retirement to a screeching halt?
• What could cause family issues or a feeling of loss of control?
• How to address these potential risks now?

Key Lessons Learned:

Four Overlooked Risks That Could Affect Your Retirement

• Needing to care for your parents or support your kids longer than anticipated. This is a common concern. Caring for parents could be a big burden. My aunt and uncle had to build an inlaw apartment for my grandma. It was a burden financially and emotionally. It’s not just the money. It’s also the emotional component. Think this through before you are back against the wall. Set aside an estate plan or help with financial decisions.
• The risk that you will live a lot longer than you think. When social security was created the average life expectancy was 63 years old. Now we are living longer. The last thing you want to be is 80 years old and full of life, but flat broke. Life expectancy is 85 or so now and increasing. You need to give yourself 3% raises each year in retirement. This requires a real retirement strategy.
• Having too much wealth tied up in your house. A lot of people have a lot of net worth tied up in their houses. Selling a second house can help you put more cash into income producing investments. You need a strong plan to figure out options when wealth is tied into your home. It is not a liquid asset and needs to be part of the analysis for projecting your retirement income.
• Relying on traditional go to income options. Successful retirements are not built on assets. They are built on the ability to generate income and give yourself raises. We have to figure out a way to generate more income for you. You need to be able to take income from different sources. I recommend cautions with reverse mortgages, but it can be an option for some people. We have to fully analyze your total income picture and then build an investment plan.

Links To Resources Mentioned

Money Map Retirement Review

1-800-757-0436

Thank you for listening!

Learn the eight essential questions that you must answer before you can retire. These are the questions that every person or couple should answer before retiring. If you are already retired, they are even more critical.

Main Questions Asked:

• What questions do you need to think about and answer before retiring?
• If you are already retired, what questions are even more critical?

Key Lessons Learned:

8 Questions to Answer Before You Retire

• How are you going to generate income? Successful retirements are not about the pile of money you have saved, it’s about your ability to generate income during retirement.
• How are you going to pay for healthcare and long term care? 70% of people who live to age 65 will require some type of long term care before they die.
• How can you pay fewer taxes in retirement? Once you retire, you have more control over the taxes you pay. This is one of the overlooked areas of investing, and consulting with an advisor is critical.
• How to get the most out of your social security benefits? The average benefit is about $400,000. That is a significant asset.
• How and when you claim your benefits impacts how much your recieve and your tax liability. There is also your spouse's benefits to consider.
• What is your appetite for risk, and how well does your portfolio reflect that? Many people are taking too much risk. Asset allocation and diversification are key components to a retirement plan.
• How to stay one step ahead of inflation? 1% to 3% may not seem like much, but if you add it up over 20 or 30 years, you may need double or triple your savings and income. Ignoring inflation could mean the difference between enjoying your dreams and barely getting by.
• How are you going to minimize investment fees and expenses? People often have no idea what their investment fees are or what amount they are actually paying. It’s important to understand and minimize the fees and get value for what you do pay for.
• What is the most cost efficient way to pass your estate to the people that you love? It’s important to know how to pass money on in a tax efficient way, and in a way that is protected from creditors, future marriages, and other things that may come up.

Links To Resources Mentioned

Money Map Retirement Review

1-800-757-0436

Thank you for listening!

Learn the answers to the eight most common questions people have about social security and some little known strategies to help you get the most out of your benefits.

Main Questions Asked:

• How to get the most out of your social security?
• How to create a plan to avoid social security mistakes?

Key Lessons Learned:

The Eight Most Common Questions About Social Security

• When am I eligible? Age 62, you have to at age 70. Widows and widowers at age 60.
• Additional benefits? Social security disability.
• Will the Social Security Administration help me claim my benefits? They won’t offer you advice on how to maximize your benefits. They are forbidden to give personal advice on strategies.
• Is it better to delay? This depends. What are your other assets? If you have to turn on an income stream social security may be an option. Short life expectancy then claim unless you are maximizing survivor benefits. Not everyone should wait until they are 70.
• Do I have to pay taxes on social security benefits? Maybe maybe not. Some people pay zero, some 50 to 85%. This has to do with your other income that shows up on your return. It can be from an inefficient investment portfolio.
• What happens to benefits when one spouse dies? The smaller check will go away and the surviving spouse will get the larger check, but not the smaller one.
• If I work in retirement can I still collect benefits? You could pay an earnings penalty if you earn over $16,000 before full retirement age. After full retirement age, there is no limit on income you can earn.
• Is social security going broke? Joel doesn’t think it will go away for anyone over 55. For younger people the system may not last in it’s present form.

Links To Resources Mentioned

Money Map Retirement Review

1-800-757-0436

Thank you for listening!

Learn how “it’s different this time” are the four most dangerous words in the stock market world and how to get ready for the next market correction.

Main Questions Asked:

• Are we on the verge of the biggest market correction?
• How to get ready for the next market correction?

Key Lessons Learned:

The Seven Surprising Lessons from the 2008 Financial Crisis That Can Help You No Matter What Is Next for the Stock Market:

• Asset allocation and diversification remains as one of the pillars of retirement planning. A properly diversified portfolio that mirrors your appetite for risk can get you through any market changes.
• You have to manage your risks. Risk has many different faces like longevity, taxes, inflation, health care, long-term care, interest rate risk, and sequence of withdrawal risk. When saving money, gains are amplified and losses are diminished. Assets need to be positioned about 5 years before retirement.
• Expect the unexpected. Job loss, early retirement, health issues, caring for parents of kids. There are all kinds of unexpected things that happen to us when preparing for retirement. Have 6 to 12 months of living expenses in reserve.
• You have to have a strategy to withdraw money from retirement accounts. The sequence of your returns and forced distributions could force you to withdraw when the market is down. A strategy needs to be created early before you retire.
• A future crisis is a buying opportunity and time for tax law harvesting. If you have a balanced portfolio and stocks drop it might be time to rebalance and buy more. It’s also a good time to take advantage of tax laws and sell losers.
• Government officials and financial experts don’t know everything. Older strategies may not work. It takes a creative and smart strategy to send you monthly checks while the market is down.
• It’s important to hire a financial advisor to create a comprehensive overall financial plan. Insurance, debt, emergencies and all of this are included in a plan. The plan is about many things working together including social security, long-term care, taxes, and more.

Links To Resources Mentioned

Money Map Retirement Review

1-800-757-0436

Thank you for listening!

Learn the basic decisions you need to make when planning for retirement from getting outside help to who to choose for that help.

Main Questions Asked:

• Should you get outside help when making decisions about and planning your retirement?
• Who can you trust and who can you choose for that outside retirement planning help?

Key Lessons Learned:

The Biggest Red Flags That May Signal it Is Time for a New Financial Advisor

• An advisor that talks more than they listen. Your advisor should be focused on you and your dreams and your situation.
• An advisor that promises to beat the market. An advisor who comes across as they are smarter than everyone else or having a special strategy that no one else has.
• If it hasn’t been explained how the advisor gets paid. There is nothing embarrassing about being paid. Good advisors don’t dance around how and what they get paid. Some ways can create a conflict of interest.
• If you feel pressured to buy from a broker. They are more of a salesperson than an advisor. You want someone to help you make decisions in your best interest.
• They can’t give you a cost estimate of a project.
• They make product recommendations to you in the very first meeting. They already know the solution before or when they first meet you. The key word is product. If they are leading with product instead of a plan that is a huge red flag.
• The advisor who only talks to one spouse. The advisor completely ignoring one spouse is a huge problem. They should be talking to and solving the needs of both spouses. Even mediating the differences between the financial attitudes of the two spouse.
• The advisor doesn’t know the answer to any of your questions. If they have to look into everything you ask, that is a red flag. They should be up to date on what is going on and what the couple is going through.
• If the advisor is not a good saver themselves. That is a huge red flag. There are financial advisors out there who are not good with money. They look the part, but if they are living paycheck to paycheck you don’t want them to advise you on your money. 

Links To Resources Mentioned

Money Map Retirement Review

1-800-757-0436

11 Financial Advisor Red Flags That You Should Never Ignore

Thank you for listening!

Seven Things to Avoid to Make Your Money Go Further in Retirement

Learn what successful investors do that unsuccessful investors don’t do. Learn how to follow the example of investment experts to avoid mistakes that can diminish your money in retirement. 

Main Questions Asked:

• What should you avoid doing to make your retirement money go further?
• What are the things that successful investors do that unsuccessful investors don’t do?

Key Lessons Learned:

Seven Things Successful Investors Never Do

• Never claim your social security benefits without a strategy. Successful investors have a strategy for everything they earn. Don’t look at social security as an individual piece, but look at the whole picture. 
• They never invest without a plan. If you are over 50 years old, you should have an investment plan or risk running through your savings far too soon. It’s about many things working together. 
• Never only have one source of retirement income. We need diversified income plans and diversified portfolios. It’s important to be able to turn different sources of income on and off during certain times.
• Never ignore inflation. Life expectancies are in the 90 year range. This means inflation could be a killer to your retirement security. One or two percent over 20 or 30 years can make a difference. 
• Never forget the key role that taxes play in investing. Many times taxes are being ignored when money is being shuffled around. It’s possible to lose 20 to 30 percent to the tax man. Successful people pay a lot of attention to taxes. 
• Never ignore risk. There is a misconception that wealthy people take more risks when the opposite is actually true. People are often taking more risk than they need to. Take as little risk as possible with that core investment egg. 
• They never withdraw money from their retirement accounts without a plan. Contribution is automatic, but withdrawing the money can be riddled with all kinds of traps like taxes. For every dollar you earn the IRS is your partner. Savy people pay much less by having a strategy. 

Links To Resources Mentioned

Money Map Retirement Review

1-800-757-0436

Warren Buffet

Peter Lynch

Carl Icahn

John Bogle

Thank you for listening!

Learn how to make sure that you have the proper mix of stocks, bonds, real estate, and cash in your portfolio. Having the proper mix of these assets or asset allocation is the key to long-term investment success.

Main Questions Asked:

• What should your asset allocation be right now?
• What are the risks of not having a properly diversified portfolio?
• How can you find the optimal balance between stocks, bonds, and cash?

Key Lessons Learned:

Rebalancing Your Portfolio

• Rebalancing your portfolio can’t be oversimplified.
• Your situation is unique, and you shouldn’t be treated like everyone else.
• Many people are taking unnecessary risk or risk that they are not even aware of.
• The challenges in the years to come will be more complicated than anything your parents or grandparents faced.
• You need to have a thorough and thoughtful plan that is reviewed consistently.

Consequences of Not Having Proper Asset Allocation

• The biggest issue is risk. If your portfolio doesn’t match your tolerance for risk, you could lose a ton of money.
• Don’t overestimate the ability to be analytical when fear sets in.
• There is also upside risk when people don’t get back in the market.

Events That Trigger a Need to Rebalance Your Portfolio

• A major shift in the stock market whether it is up or down.
• Age may be a factor. As you age your appetite for risk will change.
• As interest rates begin to rise.
• A change in tax laws.
• A change in inflation.
• If you receive money from an inheritance.
• Early retirement can cause a need for an asset allocation rebalance.

Approaches to Rebalancing Your Portfolio

• Disciplined rebalancing is setting up a date to rebalance your portfolio once a year.
• Trigger-based rebalancing is when a rebalance is triggered when your portfolio gets out of whack by a percentage. Taking some market winnings and moving them to safe money.
• Life stage based rebalancing is when a drastic change in life stages happen. Such as getting married or divorced or the last five years before retirement.

Links To Resources Mentioned

Money Map Retirement Review

1-800-757-0436

When To Rebalance Your Portfolio

Thank you for listening!