Plan With Dan

You don’t need to be understand the basics behind flying but you’ll need some guidance from a professional to grasp the finer points and nuances to the actual process. Believe it or not, there are a number of parallels between flying and retirement planning and that’s what we plan to tackle on this episode.

Today's rundown:

0:29 – What’s on today’s show.

1:01 – Dan has some news to share about the podcast.   

2:02 – In the News: Trend in the wedding industry where couples are taking out loans for their ceremony.

3:00 – There’s really no correlation between a wonderful ceremony and the amount you spend on it.

6:13 – Introducing the main topic of flying and retirement.

7:01 – The first you do before you fly is you have a flight plan.   

9:44 – Sometimes you have to deal with turbulence along the way.

14:49 – There are times when you need assistance. When you aren’t sure what’s ahead or you just need some navigation help.

18:46 – Getting to know Dan: What job would you be terrible at?

22:44 – Mailbag question: I’m retiring in six months and worried about whether we’ll have a market crash before I get to the finish line. Will I be okay for the next six months?

Get the full show notes and additional resources by clicking here. 

It’s easy to take shots at millennials and joke about many of the stereotypes that follow them around, but that’s not always fair. That younger generation faces many new challenges that weren’t around 15-20 years ago, and it makes it difficult to start saving and planning for retirement. We’ll address those issues in this episode.

Check out the show notes for this episode by clicking here.----more----

Today's rundown:

0:37 – Dan is preparing for his annual trip to Israel.

3:10 – Financial issues that might impact millennials.  

4:15 – Education has changed so much and it’s difficult financially.

6:13 – It’s also harder now to buy a house.  

8:00 – So many overqualified job candidates are underemployed.

9:34 – Many people I meet with are now caring for their aging parents.  

13:26 – Getting to Know You: Who is someone that always makes you laugh.

15:57 – Mailbag question: What kind of annual return should I be seeking on investments in retirement.

When facing the decision to put a loved one into a nursing home, the last thing you want to be concerned about is their safety and security. That’s true of financial and physical health. There are some financial pitfalls that you need to know about so you can protect your family.

Check out the full show notes by clicking here. 

Today's rundown:

0:28 – Dan is celebrating a milestone.

2:36 – Introducing today’s topic of elder abuse.

3:42 – The first thing you need to do with your parents or children if you’re getting older and a nursing home is in your future.

4:10 – It’s important to interview before putting someone in a nursing home.

5:00 – Be aware that some nursing homes offer financial seminars.

5:40 – Another thing that nursing homes might try to ask of you.

6:21 – Some of these facilities even have banks.

7:41 – A recent case Dan read about that had nursing home abuse.

10:51 – Getting to Know You segment: If you didn’t have to sleep, what would you do with that extra time?

13:14 – Mailbag question 1: I’m retired now and need income off my investment. Should I invest in dividend-paying stocks?  

Inheriting a home can be major life change and it bring with it a number of decisions that need to be made. Depending on who else was included in the inheritance, you’ll have to figure out what you want to do with it. Every decision brings a different set of pros and cons so understanding those will help you determine what option is best.

To see the show notes, click here. ----more----

Check out today's rundown below: 

2:55 – The situation that surrounds inheriting a home.

3:45 – When you inherit a home, you essentially have these 3 choices.

4:08 – Capital gains will likely be much lower than you expected.

4:33 – Insurance issue you might face if you don’t plan on occupying the home.

6:37 – Pro and cons to renting the home.

8:17 – Dan shares his own family experience and what decision they made with an inherited home.

9:51 – Estate planning falls under the holistic approach to managing your portfolio.

11:28 – Getting to Know You segment: What hobby would you get into if time and money wasn’t an issue?

14:09 – Mailbag question: Should I capture my recent 401k gains and take the risk off the table or should I continue on?  

One of the most popular retirement plans that people utilize is the 401(k). It’s often the easiest place to start when you begin saving for your future and a many times a employer will offer the option as part of a compensation package. The 401(k) definitely serves its purpose but there are some weaknesses that might make you look to other investment opportunities.

See the show notes by clicking here. ----more----

Take a look at the full rundown of the show below and click the timestamp to skip to a specific portion of the episode.

1:19 – Quote of the Month from Zig Ziglar

4:28 – Get to Know Dan: Any discipline you’re proficient in outside of finance?

7:50 – Mailbag: I thought I’d be in a lower tax bracket after retirement but that’s not the case. What went wrong?

12:11 – Weaknesses in many of the popular investments offered.

12:30 – How administrative fees became common and why you should pay attention to them.

15:06 – Limited assets classes can shrink your options.  

“Financial security” might mean different things to different people, but for nearly everyone, finding financial security is the most important part of their retirement plan. So, how do you define financial security?

Full show notes: http://betzelwealthadvisors.com/2019/07/finding-financial-security/

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• Congress is working on a bill that would raise the RMD (required minimum distributions) age from 70.5 to 72. Would this be a good thing?

• What’s the most physical danger Dan’s ever been in?

• Angie in Pataskala says she hasn’t found a long-term care policy that she likes. Are they all this expensive?

• Dan looks at five elements to put together an approach to build financial security.

• You want to make sure you have the right documents in place for your family members to make decisions.

• This is the biggest reason most people come to see Dan and it’s the solution that provides the most financial security for folks. There are a lot of variables but going through a process to be clear on your budget will give you confidence.

• More often, people aren’t retiring FROM something but are retiring TO something else.

• When you retire, make sure your debt is paid off and have a good cash cushion.

• Check out Dan's YouTube Channel

It seems that people have different definitions of “safe money” as it relates to their savings. Let’s discuss some of those varying explanations of the term and why it’s an important conversation for any retiree or pre-retiree to have.

Check out the full show notes for this episode: http://betzelwealthadvisors.com/2019/06/the-real-definition-of-safe-money/

2:09 How do people define safe money?

• This term makes Dan think about insurers trying to sell annuities or those “education” steak dinners that you might have even been invited to attend in the past. It’s an important phrase to understand, but the way it is marketed and utilized is problematic.

• Enough cash reserves to sleep at night.

4:06 Do most people understand how much risk or safety they have?

• Most people have almost no idea when they first come to Dan how much risk they’re taking.

 6:40 A client example

• Dan shares a story about a young couple who had an aggressive portfolio.

10:33 IRA and 401(k) contribution limit increasing

• The IRS announced that they are increasing the contribution limit for IRAs and 401(k)s. Should you increase your savings to the new threshold?

12:59 Summer plans

• After years of listening to Celtic music, Dan and his wife will get to experience it in person in Ireland while celebrating their 35th wedding anniversary.

• Check out Dan's YouTube Channel

Just click the picture to get your free retirement toolkit now!

• Apple Podcasts

Dan Betzel - Contact - Retirement Trailblazer Guide - Retirement Rescue Toolkit - Call: 614-472-4510

Hopefully your famous last words in life won’t be “Hey y’all, watch this!” And in the financial world, there’s quite a few phrases that you don’t want to be your famous last words either… Dan talks through some common financial phrases that certainly aren’t words to live by.

Check out the full show notes: http://betzelwealthadvisors.com/2019/06/famous-last-words-you-dont-want-to-say-in-retirement

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2:58 “I want to get out of the market and stay out (after 2008)”

• Dan says this is not the kind of person who would be his client.

5:00 “I like the security of cash”

• Dan spends time convincing several clients to keep money in cash to cover emergency funds or upcoming life events.

6:33 “I’m not planning to live a long time”

• This one is self-explanatory, right?

7:33 “I’ll never go to the nursing home”

• Statistically, you are more likely to go into a nursing home than not.

9:26 “I can always go back to work”

• It all depends on whether you are physically, cognitively, and emotionally able.

13:18 Mind Over Money: Handling Risk

• Between the trade war and tension with the president and congress, Dan gets a lot of clients calling about their portfolio.

17:09 Mailbag: Inherited Stocks  

• Gretchen inherited a lot of stocks and mutual funds from a relative, and a friend told her she would have to pay a ton of taxes on the gains. Does this sound right?

19:39 Getting to Know You: Favorite Movie

• Do you have a favorite movie that you could re-watch over and over?

• Check out Dan's YouTube Channel

Book link: https://www.amazon.com/Your-Money-Brain-Science-Neuroeconomics/dp/0743276698

Step-up in basis: https://www.investopedia.com/terms/s/stepupinbasis.asp

Just click the picture to get your free retirement toolkit now!

• Apple Podcasts

Dan Betzel - Contact - Retirement Trailblazer Guide - Retirement Rescue Toolkit - Call: 614-472-4510

These five questions are quite common. They're deceptively simple, and depending on your situation, they can be quite complex to answer. Beyond a simple “yes” or “no” answer, let’s hear what Dan has to say about these important retirement questions. 

Click the link to receive your FREE Retirement Rescue Toolkit: https://bv341.infusionsoft.com/app/page/taxfree-kit

Click the link to read more from Dan's Blog: http://betzelwealthadvisors.com/2019/05/5-simple-retirement-questions-that-are-hard-to-answer/

Decision-making can be tough, and it's often tempting not to make any decision at all. As you research a decision, you're often hit with a barrage of information, and if you're not careful, you can find yourself stuck. However, there comes a time when we all need to fish or cut bait as the saying goes. Discover the importance of decisiveness and the dangers of  analysis paralysis. 

Click the link to receive your FREE Retirement Rescue Toolkit: https://bv341.infusionsoft.com/app/page/taxfree-kit

Click the link to read more from Dan's Blog: http://betzelwealthadvisors.com/2019/05/to-fish-or-cut-bait/