Our 2 Cents

We've got a great show for you this week! Steve and Gabriel share some common estate planning mistakes and what you can do to avoid them. This episode is an important one for anyone who wants to leave a legacy free from regret or legal turmoil. Click a link below to listen in now!

1. No Regrets! Don't Make These Estate Planning Mistakes:
   • Failing to plan for expenses that can be foreseen—especially healthcare.
   • Failing to update beneficiary designations.
   • Failing to update your trust (or not having one at all).
   • Failing to communicate your wishes and intentions.
   • Transferring real estate while still living, instead of at death.
   • Failing to maximize your asset amounts.

Steve and Gabriel are wrapping up their discussion on the kinds of financial stresses couples can face, and how to work your way through them together. Plus, they're sharing some financial tidbits that have been making their way through the headlines recently.

1. Part 2: Financial Tension Between Couples:
   • A deeper dive into some sources of debate among couples.
   • Gabriel and Steve share some of more common ones they come across when meeting with clients, and the ways they've seen couples compromise.
   • How having a solid financial plan in place can actually help put a lot of these stresses to rest for you.
2. Gabriel's 'Quick Hits':
   • Yet another interest rate hike - What possible advantages and risks exist in the current interest rate environment?
   • U.S. debt downgraded - What does that mean? Is it a big deal?
   • "We were wrong" - A top Wall Street strategist admits his forecast of a stock market crash was incorrect.

On the show for you today, Steve and Gabriel are discussing sources of financial stress that couples face throughout their lives and, more specifically, in retirement. They'll share ways they've helped clients better communicate and get back on the same wavelength. Then they tackle two questions from our listeners. 

1. Resolving Financial Tension Between Couples:
   • Budgeting - agreeing on how much to spend
   • Risk tolerance - how aggressive or conservative to be with investing
   • Retirement age - when each spouse can or should retire
   • Housing - where to live in retirement
   • Lifestyle - how you plan to spend your time in retirement
   • Inheritances - if you will leave money to your kids 
2. Listener Questions:
   • "I am afraid of a recession happening, so I might stop contributing to my 401(k) for a while. Is that a good or a bad idea?" - Vicki
   • "I've always heard I should have a mortgage when I retire because that will be the only tax deduction I'll have at that point. I've been paying extra on my house to have it paid off by the time I retire, but maybe I should slow down on that plan. What do you think?" - Rick

On today's episode of Our 2 Cents, we're focusing on 5 key steps of income planning in retirement. In order to develop a proper plan for your retirement income, these are some of the first steps to follow to begin taking charge of your retirement cash flow.

1. Mastering Your Retirement Income Planning:
   • Step 1: Accurate budgeting is at the core of income planning
   • Step 2: Visualize your future and how you will live in retirement
   • Step 3: Identify your floor income sources and any shortfalls
   • Step 4: Create "Now," "Soon," and "Later" buckets of money
   • Step 5: Utilize appropriate strategies to generate income from investments

In the spirit of July 4th, we're tackling the concept of Financial Independence on this week's episode of Our 2 Cents. We're sharing what some people strive to be independent from in retirement and how achieving these freedoms can lead to better peace-of-mind during your golden years.

1. Winning Your Financial Independence:
   • Independence from depending on family
   • Independence from creditors and debt
   • Independence from employment or the need to work
   • Independence from worrying about the stock market
   • Independence from the government and excess taxation
2. Gabriel's Quotes of the Month:
   • "A simple fact that is hard to learn is that the time to save money is when you have some." - Joe Moore
   • "If we command our wealth, we shall be rich and free. If our wealth commands us, we are poor indeed." - Edmund Burke

On the Our 2 Cents podcast this week, hosts Steve and Gabriel Lewit are discussing the kind of impact bad money habits can have on someone's financial life. Plus, they're answering some more 'Getting to Know You' questions. Tune in now for the fun!

1. Bad Money Habits:
   • Procrastinating financial decisions that need to be made.
   • Investing emotionally instead of analytically.
   • Living beyond your means and not willing to cut back.
   • Pretending like the nursing home is something that will only happen to other people, not you.
   • Constant over-saving, never spending and enjoying.
   • Inadequately diversifying your portfolio.
2. Getting to Know Steve and Gabriel:
   • What is your go-to dance move?
   • Does your family have any traditions that seem normal to you but would be weird to everybody else?
   • What's the worst movie you've ever seen?

Money habits tend to differ with each generation, and it seems Gen X is having a more difficult time planning for retirement than their elders. Steve and Gabriel are breaking down some retirement statistics about Gen X, talking about the debt ceiling bill, and much more on Our 2 Cents.

1. Debt Crisis Averted:
   • A quick rundown of the bill that was signed by President Biden.
   • The concessions made by both sides to get the votes needed.
2. A Retirement Burden for Gen X:
   • With retirement on the horizon, 46% of Gen Xers say they won't have enough savings to be comfortable. What steps can they take now?
   • Why the majority of Gen X may work in retirement. 
   • Saving with no strategy? Why Gen Xers need to start creating a retirement plan now.
3. Credit Report Complaints:
   • Complaints sharply rose against credit reporting agencies from 2021 to 2022.
   • What you should do to spot incorrect information on your credit report, and file a complaint if you find something wrong.

On the podcast this week, Steve and Gabriel share some home items that are worth the splurge and others that are a waste of money. Then, keeping with the theme of your home, they're discussing how everyday household tasks can serve as reminders of successful financial planning. 

1. Splurge-Worthy: Yay or Nay?:
   • Big savers to big spenders, what's your spending personality? 
   • Are we giving a 'Yay' or a 'Nay' to these home item splurges?
   • Instances where the upfront splurge will actually save you more money overtime.
2. Cleaning Up Your Portfolio:
   • Taking out the investment "trash" in your portfolio.
   • Cleaning out the "closet" in your financial life.
   • Periodic maintenance of your finances and portfolio.
   • Don't procrastinate "scrubbing the bathrooms" of your investment portfolio.

Welcome back to another episode of Our 2 Cents! This week we're discussing the 33rd Annual Retirement Confidence Survey to give you a better understanding of how your peers are feeling about various aspects of retirement. Then we're sharing some tips for planning upcoming summer vacations.

1. The 2023 Retirement Confidence Survey:
   • The huge gap between when workers expect to retire and when retirees say they actually did.
   • How much has America's confidence in a comfortable retirement dropped over the years?
   • What do people feel are the most valuable improvements to retirement savings plans?
   • How confident are people in knowing how much to withdraw from their savings in retirement?
   • The ways you can plan in order to have realistic expectations about retirement.
2. Summer Travel Planning:
   • 15 top U.S. vacation destinations for 2023.
   • The steps you should take to appropriately budget for and plan your summer vacation.
3. Getting to Know Steve and Gabriel:
   • Where's the funniest place you've fallen asleep?
   • What's the best part of your day?

During this week's episode of Our 2 Cents, we dive into the complex world of financial decision-making during some of life's most pivotal moments. From exciting times to challenging ones, we share tips to help you make informed decisions during these different ages and stages of life.

1. Financial Decisions Through the Ages & Stages:
   • Marriage and Remarriage
     • Combining finances or keeping them separate
     • New living arrangements and setting up new budgets
   • Divorce
     • Turning a joint plan into new separate ones
     • Dividing assets and liabilities 
   • Job Changes
     • Plan changes due to unexpected layoffs and forced early retirement
     • Assessing new job offers or increased income or benefits
   • Birth or Adoption
     • Budget changes for new expenses
     • Needs for life insurance, wills, trusts, guardianship plans
   • Winning the Lottery
     • Sudden windfalls of money require new ways to manage assets
     • Where to put an influx of cash
   • Retirement
     • The time you've been planning for all this time is finally here
     • How to ensure you're putting that plan to work efficiently
   • Severe Medical Issue or Disability
     • What an unexpected diagnosis can do to a plan
     • Important updates to documents and policies
   • Death of a Spouse
     • Reevaluating plans, goals and budgets
     • What to do if the one who passes was the one who handled the finances