Our 2 Cents

Healthcare in retirement is complex, so on today's episode we're breaking down parts A, B, C and D of Medicare. Plus, the guys are sharing their interpretations of some quotes Steve gathered for us and then answering some "Get to Know Us" questions. 

1. Medicare 101 - The A, B, C, D's of it All:
   • Answering key questions about Medicare from signing up, what it covers, and what it costs.
   • What are Parts A, B, C and D?
   • Clearing up some common Medicare misconceptions.
   • What is Medicare Advantage, and are there any disadvantages to this optional plan?
2. Steve's Quote Picks of the Month:
   • "Accomplishing the impossible means only that the boss will add it to your regular duties moving forward" - Doug Larson
   • "Wall Street is the only place that people ride to in a Rolls Royce to get advice from people who take the subway" - Warren Buffett
3. Getting to Know Steve & Gabriel:
   • What habit do you want to break but haven't been able to?
   • Who would you most like to sit beside on a 10-hour flight?

On today's episode of Our 2 Cents, your hosts Steve and Gabriel Lewit are sharing the top 10 states where $1 million in retirement might not last you as long as you need. Then they're discussing the latest IRS scams you'll want to be able to spot so you can protect yourself this tax season.

1. How Long Will $1 Million Last?:
   • Recent data shows retiring with $1 million in certain states might not be enough.
   • What states can you stretch $1 million the furthest?
   • According to a 2021 study, Florida, South Carolina, and Arizona were the most popular states to retire to, do you think they fall on this list?
2. Fighting Back Against IRS Scams:
   • In what ways will the IRS contact you? Will it be by mail, email, or by phone?
   • What are the latest scams you should watch out for this year?
   • Received a call from Taxpayer Advocate Services? Find out if they're a real organization.
   • What is the key way to protect yourself if you believe you might be the target of a scammer?

We have a great retirement planning assessment / checklist for you to kick off the new year on today's podcast episode! But before we dive into that, we're discussing the debt ceiling which was on track to be reached Thursday, and what that can mean for the U.S. economy going forward.

1. The Looming Debt Ceiling:
   • Why the debt is continuing to climb to this limit.
   • Why just raising the debt ceiling is difficult.
   • So why not just do away with the debt limit altogether?
   • And what might happen if this doesn't get resolved?
2. New Year Planning Checklist:
   • Do I need to make changes to my planned income this year?
   • Should I take Social Security in 2023?
   • Do I have a plan to handle market volatility?
   • What's my plan for excess cash this year to help offset the effects of inflation?
   • Should I reassess my core financial priorities?

Welcome to the first episode of the Our 2 Cents podcast for 2023! We're excited to kick off our show with some exciting new topics.

First, we're sharing four numbers to keep in mind as you plan ahead for the new year. Then we're looking at what retiring with $1 million could look like, and we round out the show with a couple listener questions. 

1. 4 Retirement Numbers Savers Should Know:
   • What 25% represents...
   • What happened in the year 1931...
   • What you can do with $22,500...
   • What 41.7 is the average of...
2. 24.5 Million Millionaires:
   • With the cost of living increasing, $1 million is not what it once was.
   • Why people are surprised by what 4% of $1 million is in retirement.
   • Is $3 million the new $1 million?
3. Listener Questions:
   • "I turn 72 this year, so I'll have to start taking money out of my IRA, even though I don't really need it. Can I just take it out and reinvest it right back into something else?" - Ellen
   • "Should I be doing anything besides 529 plans to save for my kids for college or is that still the best option?" - Matt

Tesla stock has received quite a hit this year and we're diving into all the stats. Next, we look back on market forecasts from the start of 2022 to see how right or wrong they were. We wrap up the show with some insight into Secure 2.0 and the ways it will impact retirement planning.

1. The Non-Stop Tanking of TSLA:
   • Staggering stats on Tesla's stock price and YTD performance
   • How activity like this relates to the greater picture of "concentration risk"
   • Is this the bottom for the stock or will we see more declines?
2. Review of 2022 Forecasts: Wrong or Right?:
   • Looking back at Wall Street's 2022 targets for the S&P 500
   • Many unpredictable events happened this year which shows just how hard it is to guess what the market will do
3. Secure 2.0's Retirement-Related Provisions:
   • 401(k) impacts such as changes to enrollment, plan access, "catch-up" contributions, employer match options, and more
   • Age increases for RMDs next year and over time
   • Changes to the use of money in 529 college savings plans
   • Plus more!

You've probably heard these expressions and idioms at some point in your life, perhaps from a wise Grandmother even, but today we're looking at them through a financial lens. But before we do that, we're diving into a bit of a "smorgasbord" of current events in the investing world.

1. Investor Smorgasbord
   • What to make of the recent CPI and inflation data
   • What this could mean for the possibility of a recession
   • FTX imploded and the CEO was arrested and charged
   • Why what happened has been called "unsophisticated" and "old-fashioned embezzlement"
2. The Financial Truths in Grandma's Wisdom:
   • "When it rains, it pours"
   • "You never know"
   • "A bad apple spoils the whole barrel"
   • "I heard it straight from the horse's mouth"
   • "If your friends all jumped off a bridge, would you do it too?"
3. Getting to Know Steve and Gabriel:
   • Are you for or against permanent Daylight Saving Time?
   • What is your favorite season of the year?

The year is wrapping up and it's got us thinking about 10 somewhat nerdy, but ultimately important, "end-of-year planning" tasks to put on your radar. Then we're tackling two listener questions about life insurance!

1. Year-End Planning Checklist:
   • Observe the impacts of sequence of returns, if you're taking income
   • Double check your planned retirement date to confirm if it is still realistic
   • Calculate your withdrawal rate percentage
   • Review CARES Act distributions and repayments
   • Have an inherited IRA? You may need to take RMD's
   • Understand the changes to FSA spending rules
   • Consider bunching your charitable giving
   • Review all your various insurance coverages—yes all of them
   • Consider a Roth Conversion
   • Engage in Tax Loss Harvesting
2. Listener Questions:
   • "My husband is 13 years older than me and he's retiring next year. The only life insurance that he has is provided by his job, so he will have none when he retires. Should I take out a policy on him since he is older than me?" - Jane
   • "I have been seeing conflicting answers so I thought I would ask you. What is the better life insurance—term insurance, universal life or whole life?" - Ted

Welcome back to a new episode of the Our 2 Cents podcast! This week, Gabriel puts Steve's retirement knowledge to the test with a fun game of Retirement Fact or Fiction.

Read below for hints at the quiz questions and tune in to see how many Steve gets correct!

1. Retirement Fact or Fiction:
   • An ______ retirement is not realistic for many
   • Relocation is the ______ for retirees
   • It is unlikely you'll be ______ and unable to ______ healthcare in retirement
   • It's normal to feel some ______ about your future
   • It is too late to start ______ in your 50s
   • ______ is key to financial success
   • Retirement is a time of ______ for most people
   • ______ is more valuable than money
   • Retirement is the day you ______ all work ______
   • Retirement lasts a long time and ______ go beyond the ______
   • You'll be better off if you stay ______ and ______
   • Most people need a ______

Inspired by Steve's recent visit to NYC during the New York City Marathon, we're looking at preparing for retirement as one would prepare for a marathon. From all the preparation to do in advance of the race, to maintaining a proper pace, and making it to the finish line, we're covering the entire journey on this week's podcast episode.

1. Preparing for the Retirement Marathon:
   • Things you do ahead of time to set yourself up for peak success during the race.
   • Once the race clock begins, you can't start it over. Why having a plan ahead of time can help you finish the race.
   • You'll undoubtedly face different, and sometimes unexpected, conditions throughout the race. So how can you plan for those?
   • Remember: it's a marathon, not a sprint. Pacing yourself, and your spending, is important.
2. End-of-Marathon Planning:
   • Join us for a quick walkthrough of the important elements of Estate and Long-Term Care Planning.
   • First items you should get in place, e.g. a trust, wills, POAs.
   • Creating a communication plan for your wishes, your intentions, and the documents you've prepared.
   • Should you have LTC insurance? And if you should, what kind is the best to have?

This week's episode of the Our 2 Cents podcast features a thought-provoking topic about making financial decisions and comparing what you're doing to what else might be out there. Then we answer a couple questions from listeners of ours, and Steve and Gabe are answering an interesting "Get to Know Us" question too.

1. Is the Grass Greener?:
   • Should you be doing something different with your portfolio when the market is down?
   • Is there someone out there who knows exactly when to move your money out of the market to avoid losses?
   • Are there ever times when the fence is worth jumping over for greener grass?
2. Listener Questions:
   • "I almost got out of the market before it dropped down recently. Now I'm back to where I was before. Should I get out now?" -Ellen
   • "I had kids later in life and now I am almost 60 with twin boys heading off to college soon. I want to be able to help them financially through college but I also want to retire eventually, too. What should I place a higher priority on - their college education or my retirement?" - Jesse
3. Get to Know Steve and Gabriel:
   • Would you rather have a pause or a rewind button in your life?