Retire With Ryan

How do you feel about your retirement plans? Do you feel like you’ve explored and considered all the options available to you? If you are looking for helpful resources to get started on your journey toward retirement, you’ve come to the right place! Join me on this episode as I discuss an answer to another listener's submitted question - this week’s topic covers retirement planning for new Connecticut teachers. If you are interested in getting a question answered on one of my upcoming episodes, make sure to submit a question by clicking here!

• Retirement planning for new Connecticut teachers [0:50]
• 403B providers [6:30]
• Maxing out your retirement options [11:00]
• Why you need a will and other legal documents as you plan for retirement [13:00]
• Closing thoughts [15:30]

There are a ton of questions out there about retirement and how it works for those who are quickly approaching retirement and for those who are just laying the groundwork. To specifically address 403b accounts, I tackled a few questions about this topic a while back. 

Listener, John asked about his wife who is a teacher in Connecticut schools but wanted to know if they could purchase credits for the time she worked as a preschool teaching assistant. Unfortunately, the information I found did not indicate that John’s wife could purchase these credits for that time served but could moving forward as a teacher in the Connecticut school system. 

Following my episode regarding 403b accounts, I learned of another option available to educators that is worth considering, NEA (National Education Association) Direct Invest. NEA Members who feel confident enough and wish to make their own retirement planning decisions, there's an online way to invest in the NEA Retirement Program. DirectInvest offers a convenient way to invest through a secure Internet connection.

NEA Direct Invest is part of the overall NEA Retirement Program and is a voluntary retirement savings and investment program designed for educators. 

To learn more about this topic and how to enter retirement with confidence, make sure to listen to this episode - you don’t want to miss it! 

• https://portal.ct.gov/TRB
• https://www.nearetirementprogram.com/nea-directinvest
• https://neafundperformance.com/
• https://portal.ct.gov/TRB/Content/Active-and-Inactive/Active-and-Inactive-Menu/Retirement-Information/Early-Retirement

www.MorrisseyWealthManagement.com/contact

How are you feeling about the future of Social Security? Do you feel confident that the program will be there for you and your family as you enter retirement? Have you been reading rumblings about the program going broke in just a decade or so? If you want to know what is going on with the Social Security program, you’ve come to the right place! On this episode, we’ll take a look at the 2021 Social Security Trustees report and what it means for the future of the valuable public program. 

• Understanding the Social Security Trustees 2021 report [0:50]
• Some proposed solutions for “Fixing” Social Security [3:30]
• Why the Social Security program needs to be addressed [7:30]
• Closing thoughts [9:00]

When you think of retirement, you think of social security - for many Americans, this is just a matter of fact. But can you really count on Social Security to be there when the time comes for you and your family? Recently, the SSA released an Annual Trustees Report for 2021- these reports provide estimates of the financial status of the program. From the report; 

“Social Security and Medicare both face long-term financing shortfalls under currently scheduled benefits and financing. Both programs will experience cost growth substantially in excess of GDP growth through the mid-2030s due to rapid population aging….the data and projections presented include the Trustees' best estimates of the effects of the COVID-19 pandemic and the 2020 recession, which were not reflected in last year's reports. The finances of both programs have been significantly affected by the pandemic and the recession of 2020.” 

While the report does strike a sober note, it doesn’t really tell us anything new. The program has been in need of a substantial fix for a long time, the impact of COVID-19 has only exasperated what was already present. Yes, there are some important things that need to be addressed when it comes to Social Security but I don’t think it is time to panic, there are some smart people with good solutions out there. 

Join me on this episode as we expand on some other important findings in the annual report and so much more, you don’t want to miss it! 

• https://www.ssa.gov/OACT/solvency/provisions/
• https://www.aarp.org/politics-society/government-elections/info-2021/social-security-trust-funds.html
• https://www.cnbc.com/2019/12/08/this-is-what-experts-really-want-to-see-happen-to-fix-social-security.html

www.MorrisseyWealthManagement.com/contact

Is it a good idea to lease a car or finance the purchase of a car? Does this equation change when you factor in retirement? What are the drawbacks of leasing a car? If you’ve ever wondered if leasing a car is the right decision for you at this point in your life, you’ve come to the right place! On this episode, I am joined by my special guest and brother-in-law, David Fernandez. David has years of experience as an auto broker in the New York metropolitan area and he’s eager to share his valuable insights. Make sure to have pen and paper close by for this informative episode, you don’t want to miss it! 

• Learning from my guest, David Fernandez [1:15]
• Understanding how an auto broker works [3:00]
• The advantages and disadvantages of leasing a vehicle [5:30]
• How maintenance costs work when leasing a vehicle [11:00]
• Costs that are owed post-lease [13:00]
• How COVID-19 has impacted the automotive sales industry [19:00]
• Closing thoughts [23:00]

We’ve all been on the lot of a car dealership - usually pressure-filled and stressful - what if there was an alternative? For those who are considering leasing a vehicle, connecting with an auto broker in your area might be a smart decision to make. As an auto broker, David has spent years helping hard-working people just like you get into the car that fits their needs. 

According to David, auto brokers know the intricacies of dealerships, financing, and buying in a way that the typical car buyer most likely hasn't learned. Brokers have years or decades of experience in the industry, often on the other side of the desk. Auto Brokers buy in bulk and they leverage this ability to save clients in many cases THOUSANDS of dollars. Tune into this episode to hear more about working with an auto broker and so much more! 

Let’s face it, the idea of having really nice car that you don’t have to worry about when it comes to repairs and maintenance is a pipe dream for most people. The vast majority of people have become accustomed to the idea of purchasing or financing a vehicle - without really considering the other options available to them, namely, leasing a vehicle. 

Here are a few of the benefits of leasing a vehicle; 

• You drive the car during its most trouble-free years.
• You're always driving a late-model vehicle that's usually covered by the manufacturer's new-car warranty.
• The lease may even include free oil changes and other scheduled maintenance.
• You don't have to worry about fluctuations in the car's trade-in value or go through the hassle of selling it when it's time to move on.
• At the end you just drop off the car at the dealer.

Some common drawbacks of leasing a vehicle; 

• In the end, leasing usually costs you more than an equivalent loan because you are paying for the car during the time when it most rapidly depreciates.
• If you lease one car after another, monthly payments go on forever. 
• If you don’t maintain the vehicle in good condition, you’ll have to pay excess wear-and-tear charges when you turn it in.
• If you decide that you don’t like the car or if you can’t afford the payments, it might cost you. 
• You need to bring back the car in “as it left the showroom” condition, minus usual wear and tear, and configured like it was when you leased it.
• You may have to pay a fee when you turn the vehicle in at the end of the lease.

If you are ready to learn more about leasing a vehicle with all the benefits and drawbacks considered then make sure to listen to this episode featuring David! 

• https://www.nobleautoleasing.com/
• https://instagram.com/drivewithdavid?utm_medium=copy_link
• www.nobleautoleasing.com

www.MorrisseyWealthManagement.com/contact

Have you considered purchasing an electric car? Have the cost savings and tax credits piqued your interest in the booming electric car industry? If you are interested in learning more about investing in electric cars, then this is the episode for you! Join me as I give you an overview of my research into electric cars and if they are really worth investing in. You’ll also want to make sure to check out the resources at the end of this post to continue your own research! 

• Making a smart car decision [0:50]
• Understanding how electric car tax credits [2:50] 
• Cars that qualify for the electric car tax credit [6:00] 
• Enjoying a lower car payment with leasing an electric car [8:00] 
• Fuel savings with an electric car [10:30] 
• Closing thoughts [14:30]

If you’ve been looking into getting an electric car, you’ve likely heard of a federal tax credit that comes along with the purchase of most electric vehicles. In short, a buyer of a new electric car can receive a federal tax credit between $2500 and $7500. The specific amount of your tax credit is determined by the capacity of the battery and the size of the vehicle. The expiration of this federal tax credit only comes when more than 200,000 electric cars from each manufacturer have been sold and used the credit - unfortunately - this rules out Tesla from consideration for tax credit purposes. To hear more about using the federal tax credit for electric vehicles to the fullest extent, make sure to listen to this episode! 

When most people think of the financial benefit of switching to an electric vehicle, their minds usually go to one area right away, fuel savings. Let's face it, gasoline prices are something most people would love to no longer be subject to - they fluctuate often and there aren’t many alternatives! So what are the real-world cost savings of switching to electric? According to Consumer Reports, “...a typical EV owner who does most of their fueling at home can expect to save an average of $800 to $1,000 a year on fueling costs over an equivalent gasoline-powered car.”

Join me on this episode as we touch on the topics of electric-car tax credits, leasing an electric car, fuel savings, and so much more - you don’t want to miss it!

• https://www.edmunds.com/fuel-economy/the-ins-and-outs-of-electric-vehicle-tax-credits.html
• https://www.cnet.com/roadshow/news/ev-tax-credits-congress-tesla-elon-musk/
• https://www.motorbiscuit.com/how-much-does-it-cost-charge-tesla/

www.MorrisseyWealthManagement.com/contact

Are you and your family prepared for the worst-case scenario? Are your home and vehicles properly covered with your insurance plans? If you have any doubt in your mind - this is the episode for you! Join me as I welcome back Matt Dzubin for the third and final week as our returning guest. In our conversation, Matt and I explore the topic of Umbrella Insurance and so much more! 

Matt has over 20 years of experience in the insurance industry and currently works as a Sales Executive at Roland Dumont Agency in South Windsor, Connecticut. Pay close attention, Matt has some valuable insights that you don’t want to miss! 

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• Paying the right amount of insurance for home and auto [1:10]
• Understanding and avoiding higher insurance rates [4:30]
• Umbrella insurance [6:00] 
• Closing thoughts [11:45]

Let’s face it, most people don’t enjoy having to go get the oil in their cars changed their annual trip to get their taxes done, or do many other important but mundane tasks. Responsible and wise individuals take these chores and make them habits. While you may never fully enjoy reviewing your insurance policy each year, the truth is, you should! Not only will it save you money, but it will keep you in the habit of paying attention to your finances. Make sure to tune in to this episode as Matt and I expand on this important topic and so much more! 

If you’ve stayed on top of your insurance policies as they’ve changed over the years - what more can you do? Is there a way to fill the gaps between your insurance policies for home and auto? According to Matt, the best option for many savvy men and women is to consider using Umbrella Insurance. 

Umbrella insurance is a type of personal liability insurance that can be crucial when you find yourself liable for a claim larger than your homeowner's insurance or auto insurance will cover. If you own a boat, umbrella insurance will also pick up where your watercraft's liability insurance leaves off. To learn more about protecting your hard-earned property, make sure to listen to this episode with Matt! 

• Matt’s email: Mdzubin[at]dumontagency.com 
• Matt’s phone: 860-933-0963

www.MorrisseyWealthManagement.com/contact

What should you be on the lookout for when it comes to car insurance as you approach retirement? Do you need to make changes to your coverage? Does it make sense to keep your children on your car insurance? My good friend and guest, Matt Dzubin was kind enough to join me for a second week as we explore the topic of car insurance during retirement and so much more. 

Matt has over 20 years of experience in the insurance industry and currently works as a Sales Executive at Roland Dumont Agency in South Windsor, Connecticut. Pay close attention, Matt has some valuable insights that you don’t want to miss! 

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• Re-evaluating your car insurance coverage in retirement [0:50]
• Features and add-ons that you need to pay attention to [4:00]
• How long should you have your children on your car insurance? [7:00] 
• Why you might need travel insurance [12:00]
• Closing thoughts [18:00]

As with many programs and policies you’ve managed over the years, it is a good idea to re-evaluate your car insurance as you approach retirement. 

In general, what you need is proper coverage so you aren’t left in a financial bind if you end up in an accident. For each person and situation, the right coverage is going to change but if you haven’t evaluated your car insurance recently, make sure to take this opportunity to do so. Learn more about car insurance coverage and much more as Matt and I continue our conversation on this episode! 

Is it a good idea to get travel insurance? You may not need travel insurance for inexpensive trips, but it can provide a sense of security when you prepay for pricey reservations, a big international trip, or travel during the COVID-era, which can be unpredictable. 

According to Matt, when it comes to a more lengthy trip, yes you should get some time of travel insurance. When you’re considering travel insurance for an upcoming trip, you’ll be happy to know that some components of your trip may already be covered. For example, when you book a trip with your credit card, depending on the card you use, you may already receive trip cancellation and interruption coverage.

So when deciding on what level of coverage you need, check to see what you already get with your credit card. I’m speaking from personal experience here, you might already be covered, check it out! Learn more about travel insurance and how to make sure you are protected by listening to this informative episode with Matt.

When was the last time you had someone review your insurance policy? Are you confident that you’d be covered for the full value of your property should a disaster strike? How concerned should you be about flood insurance? Here to address some common questions about homeowners insurance and much more is my good friend and guest, Matt Dzubin. 

Matt has over 20 years of experience in the insurance industry and currently works as a Sales Executive at Roland Dumont Agency in South Windsor, Connecticut. Pay close attention, Matt has some valuable insights that you don’t want to miss! 

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• Learning about property insurance [1:30]
• Adjusting for inflation and making sure you are completely covered [4:00] 
• Understanding who needs flood insurance [7:00] 
• What is covered under most homeowners policies [10:45]
• Closing thoughts [16:00]

It is a good idea for all homeowners to review their policy at least on an annual basis. While you might not make it an annual habit, don’t let your insurance policy go too long without getting a fresh set of eyes! Remember, your insurance policy dictates the type of coverage and benefits that you will receive if a loss or claim should happen. 

Over the years, you’ve likely invested in your property and improved it in significant and meaningful ways. It would be almost impossible for many homeowners to try to build back from a disaster if they were only covered for the value of their home at the time they set up their insurance policy! Don’t let that disaster scenario happen to you - tune into this episode to learn more about getting the right homeowner's insurance policy. 

More than 1 million homes and businesses in Louisiana and Mississippi — including all of New Orleans — were left without power as hurricane Ida, one of the most powerful hurricanes ever to hit the U.S. mainland, pushed through on Sunday, August 29th, 2021. 

With this massive weather event occupying the headlines, many people around the county find themselves wondering if they need flood insurance where they live. Has that thought crossed your mind? Do you live in an area that deals with occasional flooding? 

The National Flood Insurance Program (NFIP) is managed by the Federal Emergency Management Agency and is delivered to the public by a network of approximately 60 insurance companies and the NFIP Direct.

Flood insurance is available to anyone living in one of the 23,000 participating NFIP communities. Homes and businesses in high-risk flood areas with mortgages from government-backed lenders are required to have flood insurance.

To hear Matt expand on the topic of flood insurance and so much more, make sure to listen to this episode! 

www.MorrisseyWealthManagement.com/contact

Do you find yourself worrying about the stock market and how the events of the day will impact your investments? Are you looking for an alternative to investing your retirement money in the stock market? If you are someone who is more comfortable with playing it safe and taking a more conservative approach to investing, then this episode is for you! Join me as we dive into the topic of longevity annuities and if they are the right investment - you don’t want to miss it! 

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• Understanding what a longevity annuity is [1:15]
• How to generate retirement income [3:45]
• The benefits of a longevity annuity [6:30]
• Closing thoughts [10:00]

Have you ever heard of a longevity annuity? Is it a good option for long-term investing? What are the benefits and the drawbacks? 

For our purposes, we will focus on a qualified longevity annuity contract (QLAC). This is a type of deferred annuity funded with an investment from a qualified retirement plan or an individual retirement account (IRA).

A QLAC annuity provides guaranteed monthly payments until death and is shielded from downturns in the stock market. As long as the annuity complies with Internal Revenue Service (IRS) requirements, it is exempt from the required minimum distribution (RMD) rules until payouts begin after the specified annuity starting date.

If you are more concerned with keeping a conservative investment portfolio and you need the security of a monthly payment coming to you in retirement, then you should consider a longevity annuity. To hear more about this critical topic and what it can mean for you and your investments, make sure to listen to this episode. 

If you’ve taken the time to learn about longevity annuities and you find that this option is not right for you, that’s great! Part of discovering what you need in your retirement portfolio is identifying the options out there that won’t work for you. Now that you’ve crossed this one off of your list, what is next to investigate? Have you turned over every rock? To find strategies and solutions that work for you and your investment needs, I hope you’ll continue to join me each week! 

A Retirement Income Planning Strategy That Works, Ep #2

Is it a good idea to keep your money for retirement in a CD? What about investing in the stock market? How should you invest your retirement money? If you are wondering if a fixed indexed annuity is the right investment for your retirement portfolio, you’ve come to the right! Join me for this episode as we dive into fixed indexed annuities - we’ll answer some common questions and cover some helpful tips, you don’t want to miss it.

• Are fixed indexed annuities any good? [1:30]
• Understanding how “Point to point” fixed indexed annuities work [3:00]
• How insurance companies make a profit from fixed indexed annuities [6:30]
• Make sure you aren’t getting ripped off by your financial advisor [12:00] 
• Closing thoughts [16:00]

What is a fixed indexed annuity? Is it a good investment for you at this stage in your life? 

An indexed annuity has characteristics of both fixed and variable annuities. Income payments for indexed annuities are tied to a stock index. You’re guaranteed to receive at least 87.5% of your principal back, plus 1 to 3% interest. Annuities are contracts between purchasers and insurance companies. In most cases, the annuity buyer is purchasing a steady income stream to fund retirement.

You need to know that fixed annuities are not going to be for everyone. If you want to get a really good return on your investment, you need to be prepared to let your money stay in a fixed indexed annuity for at least five years. Make sure to tune in to this episode as I expand on fixed indexed annuities and so much more! 

If you’ve been listening to my podcast for a while, you’ve probably heard me say that you need to make sure you understand how your financial advisor is getting paid. I want to stress this important lesson when it comes to indexed annuities as well - make sure you are following the money. How does the person advising you get paid? How does the insurance make money on the product they are selling you? If you can’t get a straight answer to these critical questions, then don’t walk, run away! Learn more about protecting your investments and planning for the future wisely by listening to this episode. 

• How to Avoid Being Ripped Off By Your Financial Advisor, Ep #10

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On the fourth and final episode of our four-part real estate series, I’ve invited my friend and special guest, Bill Hawthorn. 

Bill is the owner of Homes R Us LLC and he’s been hard at work for over 20 years helping new real estate investors get started and helping people who don’t qualify for a mortgage. Bill was kind enough to join me on this episode to share his decades of experience in real estate. Make sure to have pen and paper handy, you don’t want to miss a minute of this informative episode! 

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• How Bill Hawthorn makes a profit from real estate [2:00] 
• What is an option agreement in real estate? [6:30] 
• Getting the word out [17:30]
• Taking over a mortgage payment with a warranty deed of trust [19:00] 
• Bill’s winning formula for making a profit in real estate [22:00]
• How Bill uses the owner financing process [23:45] 
• Why you should check out Bill’s website and podcast [26:00] 

Sure, you’ve heard about flipping houses and becoming a landlord but what if there was a way to have the best of both worlds? Most people have never heard of an option agreement, so how does it work and what are the advantages? According to Bill, using an option agreement is a good way to make a profit in real estate, he’s been using this method for years! 

In short, a real estate purchase option is a contract on a specific piece of real estate that allows the buyer the exclusive right to purchase the property.

Once a buyer has an option to buy a property, the seller cannot sell the property to anyone else. The buyer pays for the option to make this real estate purchase. The option usually includes a predetermined purchase price and is valid for a specified term such as six months to a year. However, the buyer does not have to buy the property, whereas the seller is obligated to sell to the buyer within the terms of the contract. Options have to be bought at an agreed-upon price. If the buyer doesn’t buy within the time frame, the seller keeps the money used to buy the option.

To hear more about using an option agreement to make money in real estate, make sure to listen to this episode as Bill expands on this topic and so much more! 

Having options is great but what do the experts do? How can savvy men and women like you learn from Bill’s years of experience and hard work in real estate? Follow his footsteps! You don’t have to do everything like Bill does it but why try to reinvent the wheel? Bill’s preferred method for selling real estate is known as "Subject-To." Subject-to is a way of purchasing real estate where the real estate investor takes title to the property but the existing loan stays in the name of the seller. In other words, "Subject-To" the existing financing. The investor now controls the property and makes the mortgage payments on the seller's existing mortgage. Properties can be purchased using this method with little cash and no credit. Want to learn more from Bill and his innovative approach to real estate? Make sure to check out the links to his website and podcast in the resources section below! 

• https://offers.flippinghousesforrookies.com/?r_done=1
• http://flippinghousesforrookies.com/podcast/
• 1031 Exchange Rules To Defer Capital Gains Taxes #56
• 7 Things To Know About Investing In Rental Properties #55
• 6 Ways To Make Money From Real Estate #54

www.MorrisseyWealthManagement.com/contact