Retire With Ryan

How do you decide which direction to invest your money? Do you flip a coin, do in-depth research, hire someone to do it for you, or something else? Over my years as a financial advisor, I’ve seen the range of people who come in with all types of methods and approaches when it comes to investing their money. 

From my vantage point, I’ve been fortunate to observe some critical mistakes that men and women like you have made in their attempt to invest wisely. While I can’t make your financial decisions for you, I can give you the best information available so that you have the power to make the best decision for you and your family. I hope you pay close attention to this informative and in-depth episode that you can use to make the best financial investment decisions going forward - you don’t want to miss it! 

• Setting the right investment expectations and goals. [1:00]
• Make sure to diversify your investments! [3:00]
• Why it’s a good idea to refrain from trading too much. [5:00] 
• Make sure to get good financial advice, not through the media. [8:00] 
• Don’t try to predict market trends. [10:30] 
• Conduct due diligence! [12:00] 
• Closing thoughts [15:00] 

Most people don’t realize it, but the truth is, you have the power to make wise financial investments. You don’t need to know all the in’s and out’s of the financial world to make smart decisions, a great way to start is by avoiding some common mistakes! I’ve spent many years meeting with men and women like you who are just looking for a way to make smart decisions for their future. Here is a brief rundown of several mistakes to avoid when it comes to financial investments. 

• Set the right expectations, don’t set yourself up for early disappointment. 
• Don’t put all of your eggs in one basket, make sure to diversify! 
• Don’t take trading and into your own hands. 
• Listen to experts not just the talking heads on TV. 
• Don’t try to predict market trends. 
• Make sure to do your research.

These are just a few of the mistakes to avoid and tips to follow when it comes to making financial decisions for your future. What mistake to avoid stands out to you? What would you add to the list? Make sure to join the conversation, I want to hear from you and where you are on your journey!

Seriously, what are waiting for? It’s never too early to start investing in your future! While investing may seem intimidating, I hope you will stick around and learn just how easy it can be to get your financial house in order. You don’t have to have a perfect plan in place to get started, you just need to get started. From resources and links to advice on tax changes and so much more, this is the space you want to watch in 2021 - make sure to subscribe, you don’t want to miss a single episode! 

• https://brokercheck.finra.org/
• https://adviserinfo.sec.gov/
• https://morrisseywealthmanagement.com/blog/2020/5/8/top-10-interview-questions-when-hiring-a-financial-advisor

www.MorrisseyWealthManagement.com/contact

If you were a farmer preparing for their year ahead, would you rather pay the tax on the seed you plant or on the harvest of your yield from your labor? Most people will quickly look at this example and jump at the chance to pay tax on the seed rather than the whole harvest - is that really the best route to take? In many ways, this example works when it comes to comparing a Roth IRA and a Traditional IRA - while it might seem like a good idea to tax the smaller amount, it’s not always that black and white. 

I know that the financial sector of the internet is full of confusing jargon and terms that only insiders really seem to understand. I don’t want hard-working men and women like you left to cobble a strategy together and figure out the best path to take all on your own. Tune into this episode as we dive into the details about Roth and Traditional IRA’s, you don’t want to miss a minute of this informative episode! 

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• Which is better, Roth IRA or Traditional IRA. [1:00] 
• Comparing the two options. [3:30] 
• Using a “Backdoor” Roth IRA. [5:30] 
• How you can roll your IRA into a 401K. [8:30]
• Qualifying contributions. [10:00]
• Closing thoughts [12:00]

What is a Traditional IRA? A traditional IRA is a way to save for retirement that gives you tax advantages. Contributions you make to a traditional IRA may be fully or partially deductible, depending on your filing status and income. If you’ve never heard the term Roth IRA, simply put, a Roth IRA is an IRA that, except as explained below, is subject to the rules that apply to a traditional IRA.

• You cannot deduct contributions to a Roth IRA.
• If you satisfy the requirements, qualified distributions are tax-free.
• You can make contributions to your Roth IRA after you reach age 70 ½.
• You can leave amounts in your Roth IRA as long as you live.
• The account or annuity must be designated as a Roth IRA when it is set up.
• The same combined contribution limit applies to all of your Roth and traditional IRAs.

Going back to our example of the farmer, when it comes to Roth and Traditional IRA’s, the Roth IRA is like paying taxes on the seed and the Traditional IRA is like paying taxes on the harvest. If we knew what future tax rates were going to be, it would be really easy to point you to the better option, the truth is, we don’t know what the future holds, you just have to decide which risk is worth it to you and your situation. 

• https://www.investopedia.com/how-to-set-up-a-backdoor-roth-ira-4584775

• https://www.tdameritrade.com/retirement-planning/ira-guide/roth-vs-traditional-ira.page

www.MorrisseyWealthManagement.com/contact 

When it comes to planning for retirement, most people can rely on some type of plan through their employer - but what about people who are self-employed? How do small business owners, contractors, and everyone in between make sure they are planning for their retirement? Believe it or not, there are several options for self-employed people when it comes to setting up a retirement plan. I don’t want to leave hardworking men and women like you without a guide when it comes to retirement. Make sure to pay close attention to this informative episode, you don’t want to miss it! 

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• How much should you be saving for retirement? [1:20] 
• Setting up a ROTH IRA or a Traditional IRA. [2:30]
• What is a Solo 401k? [4:30] 
• Creating a SEP IRA, pros, and cons. [9:45] 
• How to use a Simple IRA. [11:00] 
• The defined benefit plan or pension plan. [12:30]

Most people are unaware that there are specific options available when it comes to retirement planning for self-employed people. Did you know the options that are available on the marketplace? Here is a brief overview of the five retirement options that are available for the self-employed. 

1. Traditional or Roth IRA (individual retirement arrangement). A Roth IRA allows qualified withdrawals on a tax-free basis provided certain conditions are satisfied. Roth IRAs are similar to traditional IRAs, with the biggest distinction between the two being how they’re taxed.
2. Individual or Solo 401k. You can make significant contributions toward your retirement with an Individual 401(k) plan. It’s easy to administer and has many of the same benefits as a traditional 401(k). Best of all, you direct how your contributions are invested.
3. SEP (Simplified Employee Pension Plan) IRA. A SEP plan allows employers to contribute to traditional IRAs (SEP-IRAs) set up for employees. A business of any size, even self-employed, can establish a SEP.
4. Simple IRA (Savings Incentive Match Plan for Employees). This option allows employees and employers to contribute to traditional IRAs set up for employees. It is ideally suited as a start-up retirement savings plan for small employers not currently sponsoring a retirement plan.
5. Defined benefit plan. A defined benefit plan is a qualified employer-sponsored retirement plan. This means they are qualified to receive certain tax benefits under the law, like tax-deferred investment growth or tax deductions for contributions.

Which plan do you suspect is the right one for your retirement strategy? When was the last time you re-evaluated your goals and objectives? Learn more about this critical topic by listening to this episode! 

With the New Year just around the corner, it’s a good excuse as any to make sure you have your financial plans in order. Sure, you might not have enough in your budget to save and plan as you’d like but starting is half the battle! If you are serious about setting yourself and your family up for long-term financial success, you’ve come to the right place. As we look ahead to the new year, I am excited to continue to bring you accurate, and valuable financial insights that will help you thrive!

• https://www.nerdwallet.com/investing/retirement-calculator
• https://www.aarp.org/work/retirement-planning/self-employed-401k-calculator.html
• https://scs.fidelity.com/products/mobile/sepMobile.shtml

www.MorrisseyWealthManagement.com/contact

Have you ever received an inheritance? Are you planning on leaving some money or possessions to your friends or family if something happens to you? What does it take to use an inheritance wisely? Too often, well-intentioned men and women find themselves with an unexpected win-fall of inheritance with no idea on how to proceed. In many ways, an inheritance is like winning an unexpected sum of money - no one knows how they’ll react until they have the opportunity. We’ve all read stories of people who squander their financial inheritances - what does it take to avoid becoming one of those stories?

 To help proactive and organized individuals, I’ve created this helpful rundown of several tips you can use to make the most of your inheritance. Make sure you have pen and paper handy - you don’t want to miss a minute of this informative episode! 

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• Using your inheritance wisely. [1:25] 
• Different types of inheritances. [3:00] 
• Options for paying taxes on your inheritance. [8:00] 
• How a ROTH IRA can factor into your inheritance plans. [11:00] 
• Why it’s a good idea to park your inheritance money. [15:00] 
• Review your insurance and estate planning needs. [17:00]
• Closing thoughts. [19:00]

Did you know that there are different types of inheritances? It’s true! Whether it’s inheriting a lump of sum, a vehicle, a house, or even jewelry - you’ve got to have a plan. 

• Cash inheritance. 
• Inheriting a house.
• Inheriting a car, antiques, jewelry, and other items

What would be your first move when it comes to an unexpected inheritance? Stick around, I’ve got several helpful tips you can use to make the most out of inheritance should one come your way. Learn more by listening to this helpful episode!

Where can you turn to when you experience a financial situation you’ve never encountered before? Do you have a financial advisor you can turn to that you can trust? Over the years I’ve helped hundreds of professionals just like you understand the inheritance they’ve received and create a plan to use it effectively. Here are six of the top tips that I use to help people make the most of the financial inheritance they’ve received. 

1. Consult with a certified public accountant (CPA) or tax advisor, an insurance agent, an investment professional, an estate planning attorney, a tax attorney, or a real estate agent. 
2. Park your inheritance. Don’t make any major decisions. 
3. Eliminate any debt you are carrying. 
4. Think about your overall financial plans and what your goals are. 
5. Review your insurance and estate planning needs. 
6. Do something fun with the money! 

How will you plan to use your future inheritance? Make sure to pass this on to someone who will find it helpful!

www.MorrisseyWealthManagement.com/contact

Has the recent political season left you anxious and worried about what 2021 will have in store for you and your family? What steps can you take to make sure you are in the best position for long-term financial success? The nation’s eyes rest on the upcoming Senate election in Georgia - where the contest will determine whether two Republican incumbents, Senators David Perdue and Kelly Loeffler, keep their seats. If their Democratic challengers, Jon Ossoff and the Rev. Raphael Warnock, both win, Democrats will claim control of the Senate. While the political future of our country is unclear right now, there are steps you can take to make sure you are putting your best financial foot forward as we enter 2021. 

• Setting your goals and planning for financial success. [1:45] 
• Investment tips that you can use. [4:00] 
• How the political situation impacts financial planning. [8:30]
• Accelerating your income. [11:00]
• Contributing to a 529 plan. [16:45]
• Making the most of your retirement plan. [18:00] 
• Closing thoughts. [20:00]

One of the best ways to future-proof your financial portfolio is to set goals and revisit them. While you can’t predict the future, you can make plans that will protect your investments and put you on sound financial footing. Here are several steps you can take to make sure you are headed in the right direction. 

• Make sure you have an emergency fund set aside (3-6 months of living expenses). 
• Assess your debt and look into refinancing that debt - especially mortgage loans. 
• Keep an eye on your credit score and work on getting it to a healthy number - the higher the better!

What long-term goals have you set already? Are you going to add to those goals in 2021 or are you ready to re-evaluate? To learn more about this critical topic, make sure to listen to this episode - you don’t want to miss it!

How are your investments looking after the chaos of 2020? Have you seen a rise in their value or are you still waiting for those stocks to rebound? To help you make the right decisions when it comes to your investments, I’ve come up with several tips that you can use today. 

• Review your asset allocation and make necessary changes.
• Review your 401K plan and consider your options. 
• Conduct a year-end tax-loss harvesting or tax gain harvesting. 

I know that many of you are worried and nervous as we approach 2021 and all the new changes the new year has in store - rest assured that I’m here to help. I plan to continue to bring you the most up-to-date and relevant financial information that you need to make the most of your earnings. Listen to this episode as I expand on my investment tips for you and so much more!

• The 5 Step Portfolio Process #17
• How to Help Your Grandchild Pay for College Ep #14

www.MorrisseyWealthManagement.com/contact

Do you know how to take full advantage of your company’s non-qualified stock options? How do you factor this financial asset into your financial portfolio? From understanding exactly what non-qualified stock options are to knowing what it takes to put yourself in the best position to succeed - this is the episode you don’t want to miss. What about dealing with the tax implications, I’ve got you covered on that front too! Get your financial information from a source that has your best interests at heart. Make sure you have pen and paper handy - you’ll want to take good notes so you can reference this critical information down the road! 

• What a non-qualified stock option is and how it works. [1:15] 
• How your non-qualified stock option is taxed. [3:30] 
• Breaking down an example of how to utilize non-qualified stock options. [5:00]
• Three strategies you can use to exercise your options. [9:45]
• Helpful questions to ask yourself. [12:30]

Have you ever worked for a company that offered non-qualified stock options (NSO)? How do the options work? If you’ve got the option for NSO at work, you might want to know what those options are. An NSO is a type of employee stock option where you pay ordinary income tax on the difference between the grant price and the price at which you exercise the option. It is important to note that non-qualified stock options require payment of income tax of the grant price minus the price of the exercised option. NSOs might be provided as an alternative form of compensation. In most cases, the prices are often similar to the market value of the shares. Now that you understand what non-qualified stock options are, the important part comes next, how can you use those options? 

To make the most of your company's non-qualified stock options, I’ve got three strategies for you to consider. If you don’t have a place to start when it comes to using your stock options, let this be a starting place for you! 

• Exercise your NSO and sell it immediately with your own cash or through a brokerage.
• Exercise your NSO and hold on to the stock options. 
• Wait toward the very end of when the NSOs are set to expire, exercise, and then sell. 

There is however an additional way to have your NSOs taxed and rather than waiting to exercise them - you can use an 83b election. The 83(b) election is a provision under the Internal Revenue Code (IRC) that gives an employee the option to pay taxes on the total fair market value of the restricted stock at the time of granting. To learn more about NSO and so much more, make sure to tune in to this informative episode!

• www.MorrisseyWealthManagement.com/contact

Who came along and helped you get your finances pointed in the right direction when you were a young adult? Was it a parent who took you aside and explained how to make a budget or prioritize your financial goals? Let’s face it, there are several financial lessons that people need to learn before they really can thrive on their own. 

Do you have someone in your life who could use a push in the right direction? If so, you’ve come to the right place! On this episode, you’ll hear as I walk through nine financial tips that you can use or pass on to someone in your life. Make sure to have pen and paper ready, you don’t want to miss a minute of this informative episode! 

• Why it’s important to create a budget. [2:00] 
• Building an emergency fund. [4:00] 
• Invest in your 401k plan. [5:30] 
• Pay off your credit card debt. [8:30] 
• Take care of student loans and start saving! [11:00] 
• Tackle any other debt you have. [14:30] 
• Make sure you have the proper insurance coverage. [16:00] 
• Create an estate plan. [18:30] 
• Closing thoughts. [20:30]

I’ve heard from many men and women over the years who wish they would have taken financial advice from someone they trusted at a young age. I’ve taken the time to cover nine financial tips that you can use or share with someone in your life.

1. Create a budget. 
2. Build an emergency fund. 
3. Contribute to your 401K plan. 
4. Pay off high-interest credit card debt. 
5. Pay off your student loans. 
6. Start saving. 
7. Take care of any other outstanding debts. 
8. Make sure you have proper insurance coverage.
9. Create an estate plan. 

If you want to go even further as I expand on each one of these tips, make sure to listen to this informative episode - you don’t’ want to miss it! What tips would you add to the list? Which ones have you found the most helpful on your journey? Make sure to share your feedback - I want to hear from you! 

Did you find something helpful in the list that you can use to get started on your financial goals? Don’t buy the lie that it’s too late to get started - if you want to make a change, start today! What area of your finances needs the most attention? Try writing out the goals you want to accomplish and placing them somewhere you will see it every day. For more helpful tips and to learn more about putting yourself in the best position to succeed financially, make sure to subscribe to this podcast!

• www.nerdwallet.com/blog/finance/budgeting-saving-tools/
• www.daveramsey.com/everydollar
• www.studentaid.gov/resources/pslf-text-only
• www.nerdwallet.com/blog/pay-off-debt/

www.MorrisseyWealthManagement.com/contact

What does Medicare cover? What is Medicare part A? What is Medicare part B? Is there a Medicare X, Y, and Z too? While these programs are designed to help people, the truth is, they are often viewed as this crazy and complex web of governmental agencies. I hate seeing hard-working men and women like you spin their wheels trying to untangle this wild web. 

As a follow-up to last week’s episode, I wanted to take some time to help you understand how Medicare works, and what you need to do to make it work for you. I don’t pretend to have all the answers but I do know how to get you pointed in the right direction with tools you can use to make the best decision for you and your family. Make sure you have pen and paper ready for this informative episode, you don’t want to miss it! 

• Planning to work past the age of 65 [1:00] 
• Understanding the different parts of Medicare [2:20] 
• How to plan for the costs that Medicare doesn’t cover [4:30] 
• What is a Medigap plan? [6:15] 
• How to pick the right plan for you [8:00] 
• Understanding how the enrolment period works [13:00] 
• How to switch plans to get the right coverage [16:00]
• Closing thoughts [18:00]

Are you ready to enroll in Medicare? First of all, you need to be 65 years of age or older. If you are 65 and you aren’t ready to enroll in Medicare because you are still in the workforce, make sure your employer-provided health insurance exempts you from enrolling in Medicare. If your health insurance doesn’t exempt you - you’ll likely want to enroll in Medicare to avoid paying a penalty based on the amount of time that goes by before you enroll - that’s a permanent increase! Don’t miss this episode as I expand on the topic of Medicare enrollment and so much more!

Are there really as many Medicare parts as there are letters in the alphabet? Thankfully, there are just four parts to Medicare today. Which one is the right one for you? Here is a brief review of the four parts of Medicare. There are four parts of Medicare: Part A, Part B, Part C, and Part D.

• Part A provides inpatient/hospital coverage.
• Part B provides outpatient/medical coverage.
• Part C offers an alternate way to receive your Medicare benefits (see below for more information).
• Part D provides prescription drug coverage.

It is important to understand your Medicare coverage choices and to pick your coverage carefully. How you choose to get your benefits and who you get them from can affect your out-of-pocket costs and where you can get your care. Learn more about Medicare and navigating your choices by visiting the resources located at the end of this post. 

• www.medicare.gov
• www.ssa.gov
• www.cms.gov/newsroom/fact-sheets/2021-medicare-parts-b-premiums-and-deductibles
• www.medicare.gov/sign-up-change-plans/how-do-i-get-parts-a-b/when-will-my-coverage-start
• www.medicare.gov/your-medicare-costs/ways-to-pay-part-a-part-b-premiums/medicare-easy-pay
• www.medicare.gov/supplements-other-insurance/how-to-compare-medigap-policies

www.MorrisseyWealthManagement.com/contact

What would you do if you lost your employer-provided health insurance? Would you sign up for the Affordable Care options, would you try a state program, or something different? If you haven’t investigated your options or considered what would happen if you needed to make a change with your health insurance coverage, this is the episode for you! 

A while back I posted a blog article about health care coverage before the age of 65 but I wanted to make sure I updated it to include some critical changes that will impact people like you. I’ve also included some links that I know you will find helpful, they are located in the resources section at the end of this post. 

• Getting healthcare coverage before the age of 65. [1:30]
• Investigate individual health insurance plans. [5:30]
• Utilizing the Affordable Care Act. [7:30]
• Breaking down the insurance exchanges and how the process works [12:00]
• Using the open enrolment period and planning ahead [15:30] 
• Closing thoughts [17:15]

When you consider your long-term health insurance coverage, are you basing your decisions on what your employer provides, or are you planning on something different? As you look ahead, remember to factor in the age of 65 - that is the age when you are eligible for Medicare. 

Medicare is a national health insurance program administered by the Centers for Medicare and Medicaid Services (CMS), it primarily provides health insurance for Americans aged 65 and older, but also for some younger people with disability status. 

When it comes to assessing your options, it’s good to start by laying it all out on the table. Looking at all of your reasonable options and weighing the pros and cons can be an effective way of helping you make the right decision for you and your family. As I see it, here are the main options that most people have when it comes to considering health care coverage before the age of 65.

1. Chose to have no health insurance. 
2. You could qualify for your state’s version of Medicare. 
3. Continue your existing health insurance from your employer using COBRA. 
4. Investigate the individual plans that are available. 
5. Purchase a plan through the Affordable Care Act. 

Those are the five options as I see them when it comes to health care coverage before the age of 65. Have you had to rely on any of these options? What has been your experience when it comes to planning ahead for health care coverage? Make sure to tune in and let me know what you think, I love hearing from passionate followers!

• portal.ct.gov/HUSKY/How-to-Qualify
• portal.ct.gov/-/media/HH/PDF/HUSKYAnnualIncomeChart.pdf
• portal.ct.gov/CID/Life-And-Health/Companies-with-Approved-Individual-Health-Insurance-Policies
• www.healthcare.gov/
• www.accesshealthct.com/AHCT/cthix/#/home
• https://www.healthcare.gov/glossary/federal-poverty-level-fpl/
• Episode 1
• Episode 16

www.MorrisseyWealthManagement.com/contact

Do you have a plan in place when it comes to your investment portfolio? What are your primary objectives? Do you have the right investments in place that align with your goals? There are so many different directions you could go when it comes to approaching the portfolio composition process. 

At the heart of my business and professional goals is a desire to help others invest their money wisely so they can make the most of the hand that life dealt them. On this episode, you’ll learn about the portfolio process in five simple steps that can empower people like you to get a good start on investing. Make sure you have pen and paper ready, you are going to need them for this informative episode - don’t miss it! 

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• What is asset allocation? [1:30]
• Understanding your risk tolerance [3:30] 
• The rule of 100 [7:30] 
• How diversified is your portfolio? [9:30]
• Passive or active investment strategies? [12:00]
• What is your rebalancing strategy? Should you get some outside help? [17:00] 
• Closing thoughts. [19:00]

I hate to see hardworking men and women struggle and reach their breaking point when it comes to navigating the process of building and maintaining an investment portfolio. Don’t leave something as crucial as your financial future up to guesswork and chance, get your information from a solid source! Inspired by the work of Dan Goldie, here is the five-step portfolio process. 

1. Asset allocation - diversifying your portfolio across different asset classes. 
2. Diversification - not having all of your money in a few stocks, bonds, or other investments. 
3. Active vs. passive - tracking a certain segment of the market or a more active management approach. 
4. Rebalancing - your strategy for adjusting your investment approach when one portion of your investments change. 
5. Do it yourself - this is the step where you need to decide how much you want to be involved in your financial management. 

I want you to spend some time and really dig into this breakdown of the process. Have you started to explore your options? What stands out to you on the list, where do you need to get started? Make sure to tune in to this episode as I expand on each of these steps and much more!

Do you have a reliable set of financial and investment resources that you can count on? Too often smart business people like you overlook the need to connect with an investment advisor to help you navigate blindspots. From resources and tips to encouragement and positive energy, this podcast is made to empower regular men and women to take control of

• The Investment Answer by Dan Goldie
• www.morningstar.com

• www.MorrisseyWealthManagement.com/contact