Retire With Ryan

Do you know what is going on with your digital assets? How would you know if someone used your email address to get access to your credit card information? If you don’t have an answer to that question, you’ve come to the right place! On this episode, you’ll hear from my returning guest, Devin Kropp as we continue with part two of our conversation about how to protect your money from hackers. You can click here to catch part one of our conversation. 

For Devin, the topic of hacking and identity theft is personal, she first experienced the shock associated with identity theft as an 11-year-old in 2002. Just before Christmas, hackers stole her father's debit card information and sold it to a thief in Spain, who drained several thousand dollars from the account. 

As a millennial, Devin is a digital native. She started computer classes in elementary school, received her first PC in the fifth grade, and participated in one of the nation's first e-learning experiments equipping students with laptops. Devin is a graduate of Binghamton University (SUNY) where she studied English and journalism, and played wing and scrum-half for the Women's Rugby Club. She joined Horsesmouth in 2013 as an associate editor. Devin lives in Manhattan.

Make sure to have pen and paper handy, you are going to need them as Devin shares some valuable insights that you don’t want to miss!

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• Why you need to know what is going on with your finances [1:30] 
• How hacks and data breaches impact everyday people. [3:00] 
• Why texts and email alerts are so helpful [5:00] 
• Identify theft and dealing with its aftermath [9:00] 
• Protecting your children’s credit. [11:00] 
• Using a credit monitoring service. [14:00] 
• Protecting yourself by fighting your impulses [16:30]
• How to avoid getting blackmailed with your own data [19:00]
• Closing thoughts [21:00] 

If you’ve been following me for very long, you know that I am all about informing and empowering people like you to make the right financial decisions based on the data available. Too often people get overwhelmed about the complexities of personal finance so they’d rather keep it at an arm's length away, often to their own detriment. According to Devin, many people have a similar attitude when it comes to their cybersecurity. Don’t look for a silver bullet - it doesn’t exist! There are a ton of helpful tools and tips that will get you headed in the right direction but at the end of the day, you have to take ownership of your cybersecurity. To hear Devin and continue our conversation on this critical topic, make sure to listen to this episode! 

Did you know that you can actually “Freeze” your credit? It’s true! A credit freeze is a free tool you can use to help protect yourself from credit fraud resulting from identity theft. A credit freeze blocks most companies from accessing your credit report until you lift it, or "thaw" your credit.

When you freeze your credit reports, it makes it harder for criminals who may have stolen your personal credentials (account numbers, passwords, Social Security number, and the like) to commit credit fraud by taking out loans or credit cards in your name. 

While some may think of this step as extreme, the truth is, it is a proactive rather than a reactive approach. Join Devin and me as we expand on this topic and so much more! 

• Book: Hack-Proof Your Life Now - https://www.amazon.com/gp/product/B01LXP4Q7O/ref=dbs_a_def_rwt_hsch_vapi_tkin_p1_i0
• Devin Kropp - Associate Editor - Horsesmouth | LinkedIn - https://www.linkedin.com/in/devin-kropp-50040238/

You are accustomed to hearing me talk about investing your money and making smart decisions with your finances but today is going to be a little different - we will be talking about protecting yourself from hackers. Do you have a safe and secure approach when it comes to your passwords and digital assets? How easy would it be for someone to hack your information? 

Here to share some helpful insights and specifically, three ways to protect your money and digital assets from hackers is my guest, Devin Kropp. 

Devin first experienced the shock associated with identity theft as an 11-year-old in 2002. Just before Christmas, hackers stole her father's debit card information and sold it to a thief in Spain, who drained several thousand dollars from the account. 

As a millennial, she's a digital native. She started computer classes in elementary school, received her first PC in the fifth grade, and participated in one of the nation's first e-learning experiments equipping students with laptops. Devin is a graduate of Binghamton University (SUNY) where she studied English and journalism, and played wing and scrum-half for the Women's Rugby Club. She joined Horsesmouth in 2013 as an associate editor. Devin lives in Manhattan.

I can’t wait for you to hear from Devin’s fascinating insights - you don’t want to miss it! 

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• Cybersecurity dangers and solutions with Devin Kropp [1:15] 
• How one man hacked his friend’s bank account with information found online [4:00] 
• Securing your password from hackers [6:15] 
• An identity theft horror story with Gmail [9:00] 
• Two-factor authentication [11:00] 
• The value of using a password manager [13:00] 
• Is free public Wi-Fi secure? What about a VPN? [15:00] 

Is your password safe? Unfortunately, too many people assume that no one would be able to guess their password when in reality, they are using a common one that is easy to guess. According to NordPass, the top five most common passwords in 2020 were:

1. 123456
2. 123456789
3. picture1
4. password
5. 12345678

If your password is on the list, it's probably time to make a change.

Try to avoid using dictionary words, predictable number combinations, or strings of adjacent keyboard combinations. And this should go without saying -- but under no circumstances should you use a password-based on any personal details like your phone number, birth date, or name. To hear more from Devin about passwords and additional steps you can take to protect yourself from hackers, make sure to listen to this episode. 

If you are ready to really take control of your digital security, Devin suggests taking the next step and start using a password manager. There are a ton of helpful services out there that will help you manage your passwords for free or for a small fee - Devin also suggests opting for the paid version of these programs. While you are taking extra steps to safeguard your privacy, you should reconsider your faith in public Wi-Fi networks as they are often a hotbed for hackers. To hear Devin expand on VPNs, password managers, and so much more - tune into this episode! 

• Book: Hack-Proof Your Life Now!
• Devin Kropp - Associate Editor - Horsesmouth | LinkedIn

www.MorrisseyWealthManagement.com/contact

Is a 401K the only way to invest your money with the help of your employer? What if there was an easy way to invest your money and plan for your health care expense at the same time? All the way back in episode one, I discussed the value of using a health savings account or HSA. 

In short, an HSA helps pay for out-of-pocket medical costs but is also a good retirement savings vehicle too. While it is true that investing in a 401(k) or other workplace-defined contribution plans is the best way to start saving for retirement, they are by no means the only option! 

Join me on this episode as I share some helpful tips regarding health care savings accounts, who some of the top providers are, and much more. Don’t miss a minute of this informative episode! 

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• What a health savings account (HSA) is and how it works [1:00] 
• The top HSA providers on the marketplace [4:00] 
• Breaking down the difference between providers for spenders & investors [6:00]
• Why Fidelity is ranked as the best provider for investors [9:30] 
• Don’t miss this great opportunity to invest your money [11:00] 

Morningstar reviewed eleven HSA providers and created a helpful report that examines the benefits of using each one. That review covered Fidelity, Lively, Health Equity, the HSA Authority, Fifth Third, HSA Bank, Optum, Bend, Bank of America, Further, and Health Savings. They divided each of these providers into one of two categories, providers appropriate for spenders and providers that were appropriate for investors. 

Those later in life will want to take more of a spender approach so you can start spending down the balance in your HSA. Those who want to invest are typically those who are younger and have fewer health care costs currently. Make sure to check out the link in the resources section to get access to the Morningstar report. 

Where are you at when it comes to HSA options in your plan? Have you maxed out your investment options? If you don't have a health savings account and you qualify for one or maybe you just don't put very much into it - then you should really think about fully funding that up to the maximum amount possible. I also want to stress that an HSA is a great way to save money as it allows you a triple tax-free benefit. To learn more about HSA accounts and how to utilize them to their fullest potential, make sure to listen to this episode! 

• How To Make The Most of Your Health Savings Account Ep #1
• https://www.morningstar.com/lp/hsa-landscape

www.MorrisseyWealthManagement.com/contact

Is there a difference between social security survivor benefits and spousal benefits? Should you wait until you have reached retirement age until you start drawing from your survivor benefits? If you find yourself lost in the weeds when it comes to navigating social security and all the ins and outs, you’ve come to the right place! An essential part of planning for your future is making sure that you have your finances covered so you don’t have to worry and stress about it when the time comes. I’ve spent time researching and studying social security, retirement strategies, and so much more so savvy business professionals like you can get the head start that they need. So what are you waiting for? Grab pen and paper and make sure to pay close attention to this informative episode! 

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• Who gets a Social Security Survivor benefit? [1:20] 
• Why waiting to collect your benefits can be helpful [3:30] 
• Collecting a survivor benefit. [8:00] 
• How survivor benefits work with minor children involved [10:00]
• Why survivor benefits are more helpful than spousal benefits. [13:00]
• Closing thoughts [15:00] 

In the past, I’ve touched on social security spousal benefits (linked below) but I wanted to take some time to go through social security survivor benefits as they are a bit different. Did you know that more than 5.9 million people were receiving Social Security survivor benefits in May 2020? It’s true! These monthly payments typically go to the spouse, former spouse, or children of someone who was receiving or eligible for Social Security benefits. 

Most of the time, social security survivor benefits are based on the amount the deceased was receiving from Social Security at their time of death (or was entitled to receive if he or she died before filing for benefits). You can apply by phone at 800-772-1213 or by visiting their website (linked below.) 

About two-thirds of social security survivor recipients are widows and widowers. They can collect survivor benefits from age 60 (50 if they are disabled), at rates ranging from 71.5 percent to 100 percent of the late spouse’s Social Security benefit, depending on the survivor’s age. There is an exception if you are caring for a child of the deceased who is under 16 or disabled; in this case, there is no minimum age and the survivor benefit is 75 percent of the deceased’s Social Security payment.

When is the right time to jump in and collect your social security survivor benefits? Don’t assume you have all the right information before you take the plunge! For example, If you are already drawing Social Security on your work record, you will receive social security survivor benefits only if they exceed your own payment. Social Security will pay the higher of the two benefit amounts. Widowed spouses and former spouses who remarry before age 60 (50 if they are disabled) cannot collect survivor benefits. Eligibility resumes if the later marriage ends. There is no effect on eligibility if you remarry at 60 or older (50 or older if disabled). 

Other than the remarriage issue and the age parameters for children, there is no time limit on survivor benefits — they are payable for life. I know that this is a lot to take in and a lot to plan for! I hope you have found the information you need to get started in the right direction. If you have any questions or if I can help in any way, make sure to chime in the comments section below - we’d also love to hear your feedback and reviews! 

• Collect Social Security Now or Wait? Ep #4
• How To Apply For Social Security Benefits #38
• Collecting Divorced Social Security Benefits #41
• Are You Eligible For A Social Security Spousal Benefit? #42
• www.ssa.gov

www.MorrisseyWealthManagement.com/contact

Are you worried about what your financial situation will look like in your retirement years? Will your spouse who had a limited work history receive any Social Security benefits? If you are looking for answers to help you make the right financial decisions as you approach retirement, you’ve come to the right place! From spousal benefits eligibility to extra options for those born before 1954, I’ve done the research so you can have all the information you need in one place! Join me as we explore the options available for couples as they plan and prepare for a post-work phase of life, you don’t want to miss it! 

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• Social Security benefits that are available for married individuals [0:50]
• Spousal benefits eligibility [5:00] 
• You have to be proactive - Social Security won’t do it for you [8:00] 
• Additional options for those born before January 2nd, 1954 [10:15]
• Closing thoughts [13:00] 

You might assume that since either you or your spouse did not have a significant work history (30+ years) that you would not be eligible for spousal benefits through social security - not so fast! 

When an individual files for retirement benefits, their spouse may be eligible for a benefit based on their earnings. Another requirement is that the spouse must be at least age 62 or have a qualifying child in her/his care. By a qualifying child, the Social Security Administration means a child who is under age 16 or who receives Social Security disability benefits.

The spousal benefit can be as much as half of the individual's "primary insurance amount," depending on the spouse's age at retirement. If the spouse begins receiving benefits before "normal (or full) retirement age," the spouse will receive a reduced benefit. However, if a spouse is caring for a qualifying child, the spousal benefit is not reduced.

If a spouse is eligible for a retirement benefit based on his or her own earnings, and if that benefit is higher than the spousal benefit, then the Social Security Administration pays the retirement benefit. Otherwise, they pay the spousal benefit.

To hear more about using social security benefits strategically as you approach retirement, make sure to listen to this episode - you can also check out the links to previous episodes that touch on similar topics located at the end of this post. 

• Episode #41
• www.ssa.gov

www.MorrisseyWealthManagement.com/contact

As retirement age approaches for many couples, they will find themselves asking who should retire first and what benefits will they get access to? Have you had that discussion with your spouse? What options are available for those who are divorced? Many people are completely unaware that they can collect Social Security benefits from their spouse even if they are divorced! If you are planning on getting a head start on your retirement strategy - you’ve come to the right place! On this episode, you’ll hear as I explain how investors like you can make the best decision when it comes to accessing your Social Security benefits and so much more. 

• Social Security options when you are divorced. [0:55] 
• Eligibility requirements [2:20] 
• Getting the most from Social Security [7:00] 
• Collecting your spousal benefits early [9:30] 
• Helpful examples [13:00] 
• Closing thoughts [15:00] 

If you are currently divorced and you are getting to the point where you are thinking about Social Security and you are approaching retirement, you have two options. 

1. Collect Social Security benefits off of your own benefit.
2. Collect Social Security benefits off of your divorced spouse. 

Your spousal benefit off of your divorced spouse is up to a maximum of 50% if you wait to collect this benefit when you reach your own full retirement age. Your full retirement age is based on your year of birth. If you are born in 1954 or earlier, your full retirement age is 66. 

Who qualifies for spousal benefits through Social Security? Can you collect benefits from a former spouse from a marriage that lasted for a small amount of time like a year? To help men and women like you make the most informed decisions about your retirement, I’ve collected some helpful information regarding eligibility requirements. 

• The marriage lasted 10 years or longer.
• The ex-spouse is unmarried.
• The ex-spouse is age 62 or older.
• The benefit that your ex-spouse is entitled to receive based on their own work is less than the benefit they would receive based on your work.
• You are entitled to Social Security retirement or disability benefits.

To hear me expand on this critical topic and how it can impact your planning as you head into retirement, make sure to tune into this episode, you don’t want to miss it!

• Collect Social Security Now or Wait? Ep #4

www.MorrisseyWealthManagement.com/contact

4 Things To Know Before Doing A 401K Rollover #40

Is it a good idea to rollover your 401K plan? What are the benefits and the drawbacks? Is it too late to rollover your 401K plan from a previous employer? If you want to make sure that your 401K investments are in a good direction, you’ve come to the right place! 

Recently, I’ve seen a lot of advertisements about rolling over your 401K and I wanted to make sure that savvy investors like you have all the information you need to make the best decision. Join me on this episode as I go over some key information regarding 401K rollovers and what it will take to protect your investments. You’ll want to have pen and paper handy for this informative episode - don’t miss it! 

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• What is a 401k rollover? [1:15] 
• Understanding your gains on the stock market [3:00] 
• Don’t pay too much on your 401K rollover! [4:45] 
• The danger of putting all your funds into one stock [8:15] 
• Do you want to continue contributing to your 401K plan? [12:00] 
• Closing thoughts. [13:30] 

A 401k rollover is a transfer of money from an old 401k to an individual retirement account (IRA) or another 401k. Typically the money must go into the new account within 60 days of coming out of the old 401k. 

When employees leave a job that had a company retirement plan, it's customary to roll over the plan's 401k into a traditional IRA. This provides a great way to continue deferring taxes on the account's earnings until you retire and begin taking distributions.

Or it does, at least, for most of the plan's assets. But if your 401k includes publicly held stock in the company you're leaving, you shouldn't automatically roll these assets over to an IRA. It may make more sense to instead move the stock to a brokerage account and pay at least some tax on it immediately.

One of your primary jobs as an informed investor is to protect your money. Too often I see men and women with good intentions who fail to keep a close eye on their investments - I don’t want that to happen to you! When it comes to rolling over your 401k into a new investment vehicle, it is wise to do your research before you make the move. It is important to understand the benefits and limitations of all of your available rollover options with respect to your individual circumstances. 

When considering a 401(k) rollover, remember that you don’t have to do it by yourself. Many firms offer rollover specialists who can handle the account setup and funds transfer details to help make the process easier. Learn more about 401k rollovers and what you need to do to protect your assets by listening to this episode. 

• Retirement Plan Options For Self Employed People #24
• Avoid Overpaying For Medicare In 2021 and Beyond #31

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Do you have your health insurance figured out for 2021? What are your plans for health insurance as you head into retirement? Health care has been a huge topic in the news especially with the impact that COVID-19 has had on our country and our world. With the recent passage of the American Rescue Plan, Congress has provided some helpful avenues for people to get better coverage when it comes to health insurance. 

The American Rescue Plan is a $1.9 trillion coronavirus rescue package designed to facilitate the United States’ recovery from the devastating economic and health effects of the COVID-19 pandemic. The nearly $2 trillion price tag on this economic rescue legislation makes it one of the most expensive in U.S. history.

You don’t need to follow politics or understand all the ins and outs of legislation to get access to these new programs. Have a pen and paper ready as we dive into several new opportunities for health insurance that you can access before age 65 - you don’t want to miss a minute of this helpful episode! 

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• How does the American Rescue Plan impact you? [1:30] 
• What is a premium tax credit? [2:45]
• How to qualify for the Premium Silver Plan [7:45]
• How COBRA can help people who are unemployed [9:45]
• Forgiveness of excess tax payment [11:20]

Did you know that one of the best ways to save on health care costs is to secure a premium tax credit? While it sounds complex and confusing, a premium tax credit is just a refundable tax credit designed to help eligible individuals and families with low or moderate income afford health insurance purchased through the Exchange. The size of your premium tax credit is based on a sliding scale. Those who have a lower income get a larger credit to help cover the cost of their insurance. To learn more about the premium tax credit and how you can reduce your health care costs, make sure to listen to this episode. 

Another significant way that many Americans use to pay for their health coverage is the COBRA program. Consolidated Omnibus Budget Reconciliation Act (COBRA) gives workers and their families who lose their health benefits the right to choose to continue group health benefits provided by their group health plan for limited periods of time under certain circumstances such as voluntary or involuntary job loss, reduction in the hours worked, transition between jobs, death, divorce, and other life events.

With the passage of the American Rescue Plan, there are new provisions that create a valuable benefit for employees who have lost healthcare coverage due to an involuntary termination or reduction in hours — up to 6 months of free COBRA coverage for the employee and his or her qualified beneficiaries.

Join me on this episode as I expand on COBRA and other helpful resources that people like you can use to get the access you need to critical health care insurance. 

• Health Insurance Coverage Before Age 65 #18
• www.healthcare.gov
• www.accesshealthct.com

• www.MorrisseyWealthManagement.com/contact

Do you have the first idea of how to get started when it comes to applying for Social Security benefits? What documents do you need to have with you when you start the process of signing up for Social Security? Should you draw from your spouse's Social Security as soon as they pass? Let’s face it, Social Security is one of those government programs that everyone knows about but very few people actually understand how it works. 

To help hardworking men and women like you cut through all the complexity, I wanted to spend some time breaking down exactly what it takes to apply for Social Security benefits. As we go through all the requirements and rules, you’ll want to have pen and paper ready. You don’t want to miss a minute of this helpful episode about Social Security and how to get started! 

• Applying for Social Security - when to start [1:00] 
• How to start receiving funds from Social Security [4:00] 
• Can you still earn an income if you are drawing Social Security? [6:00] 
• Survivor benefits [9:30] 
• What you need to have when applying for Social Security [11:30] 
• Documents needed from survivors. [15:00] 
• What is the windfall elimination provision? [18:00]
• Closing thoughts [19:15] 

Should you wait until you retire from your job before you apply for Social Security? Would it be beneficial to get the process started ahead of time? According to my research, applications for Social Security benefits can only be processed a maximum of four months before benefits are scheduled to begin. So the earliest you can apply is age 61 and eight months, and you can expect to receive your first payment five months later—the month after your birthday. 

Receiving Social Security at age 62 (the earliest age you can receive benefits) means you will receive a reduced payment compared with waiting for full retirement age. For those born in 1960 or later, the reduction is 30%, and all reductions are permanent. If you delay taking your benefits past full retirement age, you receive an 8% increase for each full year you do so, up until you reach 70, at which point the increases stop. To hear more about figuring out the right time to retire based on your retirement strategy, make sure to listen to this episode! 

While many people assume that the government will start sending you everything you need for Social Security once you hit that magical age of 62 - it couldn’t be farther from the truth. You need to make a plan and you need to be proactive, don’t wait until the time comes to get your ducks in a row! 

Sometimes there are requests for documents, including original birth certificates, marriage licenses, and tax returns. Once you have completed your application and supplied all requested information, you are given a receipt for your records and a confirmation number you can use to check the status of your application online after submission. You can also follow up over the phone. Depending on your situation and what documentation may be required, your application may be approved within the same month you apply. To find the resources you need to get started, make sure to check out the links located at the end of this post.

• www.ssa.gov
• Social Security Phone Number: 1800-772-1213

www.MorrisseyWealthManagement.com/contact

The day that no one wants to plan for is the day they will lose the person they love the most. We spend a lot of time planning and preparing for joining our lives together with our spouse but rarely do we devote the same amount of time and energy to plan for life after they are gone. 

With COVID-19 leaving many people reeling with the loss of their spouse, parent, or primary caregiver, I wanted to provide a helpful resource so people like you can start planning and preparing before it's too late. 

From death certificates and Social Security to joint accounts and selling your home, on this episode, you’ll hear some helpful tips that will get you started in the right direction when it comes to planning your future as a widow/widower. Have pen and paper handy, you’ll want to take notes and even share this one with some people in your life. 

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• Why it is a good idea to pause financial decisions after your spouse passes away [2:00] 
• How to start preparing for your new financial future [4:30] 
• What do you do about Social Security? [6:00] 
• Understanding how access life insurance funds or a pension [10:00] 
• Dealing with joint accounts [13:00] 
• What is a required minimum distribution? [14:30] 
• Don’t forget about taxes and setting a new budget [17:00] 
• Update your beneficiaries and estate documents [19:00]
• Is it time to downsize? [21:00] 
• Closing thoughts and resources [23:30] 

Losing someone you’ve joined your life with is unimaginable for many people. You assume that life will be fine and that you’ll handle anything that comes your way together. But what if one of the most challenging moments in your life comes when you lose that person you’ve depended on for so long? 

Days, weeks, and months after the loss of a spouse can be some of the most sensitive and vulnerable times you ever face. The last thing you should be doing in such a vulnerable and turbulent time is making long-lasting financial decisions. 

Just because you received a large life insurance payout or your home suddenly feels very empty, this doesn’t mean it is the right time to lend out money or sell your house. Those decisions can wait until you have a clear head and the grieving process has subsided. 

Many experts recommend waiting between 6 - 12 months before you make any significant financial decisions after the loss of a spouse. My hope is that savvy investors like you will take this critical advice to heart and make sure you have a plan in place to avoid unnecessary financial decisions immediately following the loss of your spouse. 

Avoiding any substantial financial decisions is a crucial first step but what comes after? How do you put the pieces together after you’ve lost someone who means so much to you? 

Over the years, I’ve seen too many men and women who are reeling from the loss of their spouse and fail to take the necessary steps to re-organize their life. While the term “Reorganizing” sounds extreme, the truth is, you need to think broadly when it comes to planning for your future. 

After some time, you’ll need to start contacting entities like life insurance and others to make sure you’ve updated your beneficiaries. Don’t forget to update your will, medical directives, and other documents to reflect the passing of your spouse. Making these simple changes can have a huge impact on your family when they deal with your passing down the line. 

If you want to learn more about planning for your future as a widow or widower, make sure to listen to this episode and check out the resources listed below. 

• My Husband Died, Now What?
• On Your Own

www.MorrisseyWealthManagement.com/contact