Retire With Ryan

Getting laid off is an experience that no one wants to encounter- unfortunately, thousands of men and women across the country are coming face to face with this stark reality. How should you respond to getting laid off? What is the smartest financial course of action when you find yourself having to deal with a layoff? 

As our country deals with COVID 19 and the economic repercussions of the ensuing lockdowns, many people are wringing their hands - trying to find a financially feasible path forward. Don’t let fear and uncertainty rule your decision making - use facts and data! Tune into this episode as I explain how hard-working people like you should respond when faced with a layoff - you don’t want to miss a minute!

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• Taking a hard look at your budget after a layoff? [1:30]
• Stabilizing your health care coverage. [4:00] 
• Using your retirement investments while unemployed. [5:45]
• Getting back into the workforce. [10:00] 

One of the first things you should do when faced with an income shortage or layoff is to re-evaluate your budget. While most people dread this thought, the truth is, you can really locate a lot of unnecessary expenditures by taking a hard look at your budget. From streaming services to subscription boxes and more, reigning in your budget can help you buy some time before you start writing your next chapter. I also encourage people who have just faced a layoff to make sure they secure their connection to health coverage - the last thing you need is healthcare coverage that has lapsed when you are unemployed. 

You’ve heard the saying “To get what you’ve never had, you must do what you’ve never done” this can apply to your financial journey as well. It’s hard for people to imagine getting to where they’ve never been in life or business if they don’t set a goal. If you’ve faced a layoff and you’ve taken the time to evaluate your budget and secure your healthcare - the next step is to make a plan. Is it time to retire and close the door on your time in the workforce? Or is it time to dust off your resume and apply for a position with a new company? Whichever course is the right one to take for your family - this is the episode for you! 

www.MorrisseyWealthManagement.com/contact

Do you own any bonds? Have you ever considered using this investment tool but want more information before you make the purchase? What is the best approach to using bonds as a part of your long-term investment strategy? If you’ve ever wondered about using bonds, this is the episode for you! Should you pick a corporate bond or a municipal bond? Discover the tips and insights you need to make the best decision for you and your family - have pen and paper ready as you listen to this informative episode! 

• What is a bond and how can do you use it as a part of your investment strategy? [1:15]
• How are municipal bonds different from corporate bonds? [7:30] 
• Why buy a municipal bond over a corporate bond? [10:30]
• Is it a good idea to buy a US Savings Bond? [12:30] 
• How to use bonds in your investment strategy. [15:00]
• Risks with using bonds. [17:00] 
• Closing thoughts. [19:30] 

If you are new to exploring the idea of using bonds, don’t worry - I’ve got you covered. When it comes to bonds there are three types that we are going to focus on; corporate bonds, municipal bonds, and US Savings bonds. 

1. Corporate bonds. A corporate bond is a type of debt security that is issued by a firm and sold to investors. The company gets the capital it needs and in return, the investor is paid a pre-established number of interest payments at either a fixed or variable interest rate.
2. Municipal bonds. Municipal bonds are issued by state and local governments. These can be thought of as loans that investors make to local governments, and are used to fund public works such as parks, libraries, bridges & roads, and other infrastructure.
3. US Savings bonds. U.S. savings bonds are a form of government debt issued to American citizens to help fund federal expenditures. Savings bonds are sold at a discount and mature to their full face value, and do not pay regular coupon interest. 

Which bond is the right one for you to invest in? Are you ready to pull the trigger and make it happen? To learn more about each of these types of bonds and how the details impact investors like you, make sure to listen to this episode! 

Are you ready to jump in and see what it would mean for your investment strategy to embrace the use of bonds? While using bonds does force you into a conservative investment strategy, that doesn’t have to be the case across the board. You'll earn interest on the bonds, but they may have rules as to when you can redeem them. Generally, savings accounts are ideal for low-risk, short-term savings and bonds are ideal for low-risk, long-term savings. Explore your investment options and so much more on this powerful episode! 

www.MorrisseyWealthManagement.com/contact

As you prepare for your future and look toward retirement, you might be also considering how you can help your grandchildren take care of college costs. What are the options when it comes to paying for a family member’s college tuition? How do you determine which option is the best fit for your retirement plans? 

While it’s a great privilege to go to college, the truth is most people don’t have the means to get there on their own these days. On this episode, you’ll hear as I break down the common ways that prudent investors like you are using to ensure their grandchildren have help for college - you don’t want to miss a minute of this informative episode! 

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• Common ways most people help their family members pay for college [1:15]
• What is a Coverdell education savings account? [8:00] 
• How 529 plans work and how to understand them. [12:30]
• Choosing the right plan for you. [14:00] 
• Closing thoughts [17:00] 

Chances are, you didn’t have much help from your grandparents when it came to paying for college - why are things different today? While there are a ton of answers to that question - the fact remains that most people need some type of assistance when it comes to paying for college in 2020. I’ve taken the time to collect the common ways most people help their grandchildren pay for college so you can see them in one place and make the right decision for your family. 

1. Pay your grandchild’s tuition directly. 
2. Offer your grandchild a loan. 
3. Pay off your grandchild’s loan after they graduate. 
4. Buy a U.S. savings bond. 
5. Set up an irrevocable education trust. 
6. Set up or contribute to a custodial account. 
7. Contribute to a Coverdell education savings account
8. Open a 529 plan in your name. 
9. Contribute to a 529 plan that has already been set up. 

Which option is best for your family? What route are you more inclined to take? Have you learned about options that you’ve never heard of before? Make sure to check out the link in the resources section so you can go even further with this important topic! 

There are some great options that are covered in my 9 ways to help your grandchild pay for college but I want to stress the fact that I like the options that use a 529 plan. Each person has to make the right decision for their family and their goals when it comes to their investments but I know that savvy consumers like you will use this information wisely. To learn more about helping your grandchild pay for college and to hear my expanded take on each of the ways mentioned, make sure to tune into this episode!

• www.savingforcollege.com

www.MorrisseyWealthManagement.com/contact

Have you noticed ads for annuities showing up in your area or online? Are you thinking of using an annuity as a tool in your retirement portfolio? How do you know if purchasing an annuity is the right decision for you and your family? 

When interest rates are low, it usually means that annuities become a popular commodity that people try to sell. The real money for the insurance agencies comes when they don’t have to pay out the full amount of benefits when an annuity holder passes away. 

To help you make the most of your finances as you plan for, enter, and enjoy retirement - I’ve come up with a helpful overview of how annuities work and how you can use them to their maximum potential. You don’t want to miss a minute of this episode! 

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• What are the different types of annuities available? [1:40]
• The benefit of purchasing an annuity. [3:00]
• Understanding how a fixed annuity works.[6:00]
• How to use an indexed annuity. [9:15]
• Is a variable annuity right for you? [11:45]
• How death benefits and living benefits with annuities work. [15:30] 
• My take on using annuities wisely. [18:00]
• Closing thoughts [20:00]

Let’s face it, most people don’t have an idea of what an annuity is or how it works. Even people who purchase an annuity find that they don't’ really understand how it works a year after they’ve purchased one! As you begin the process of investigating if an annuity is the right decision for you and your family - here an overview of the four common annuities. 

1. SIPA or a single premium immediate annuity is set up where you pay an insurance company a sum of money upfront and they promise to pay you a certain amount of money periodically (monthly, for instance) for the rest of your life.
2. A fixed annuity is where an insurance company promises to pay the buyer a specific, guaranteed interest rate on their contributions to the account. 
3. An indexed annuity or a fixed index annuity is a type of annuity whose income payments are tied to a stock index, such as the S&P 500. Indexed annuities perform well when the financial markets perform well.
4. A variable annuity is an option that allows you to choose from a selection of investments, and then pays you a level of income in retirement that is determined by the performance of the investments you choose. 

Which type of annuity are you the most familiar with? Are you ready to learn more about this important and helpful topic? Make sure to tune in to this episode as I expand on each of these types of annuities and so much more! 

What is my “Take” when it comes to annuities? I encourage the people that I serve to consider using a different approach when it comes to using annuities. I recommend looking into a withdrawal strategy that optimizes the use of annuities without looking up too much of your money for the long-run. You can learn more about my withdrawal strategies and how they work when it comes to using an annuity by listening to the second episode of this podcast linked in the resources section at the end of this post. 

• Retire with Ryan Episode #2
• The Guyton Guardrail Strategy

www.MorrisseyWealthManagement.com/contact

Have you ever thought about buying a second home? What is it about owning a second home that interests you? Are you in it for the special getaway that it provides you and your spouse? Or maybe it’s for you and your grandchildren to make memories. Whatever your reason for buying a second home, I’m sure you have a ton of questions. 

Buying a second home can provide you with a ton of helpful options when it comes to planning and preparing for your retirement years. To help you get a good handle on this critical topic, I’ve laid out some important factors for you to consider as you gather your information. Make sure you pay close attention to this informative episode - you don’t want to miss it!

• Can you afford a second home? [1:30] 
• The advantage of buying a second home used as a rental property [5:30]
• Anticipating repairs and maintenance. [8:30]
• Why your location is so critical [10:00]
• Do you really want to be a landlord? [12:15] 
• Purchase options for your second home purchase [13:45]
• Closing thoughts [16:00] 

Sure, the idea of spreading out and having a vacation home or a rental property sounds great but can you really afford it? Are there any hidden costs that you should be aware of before you get too far down this path? 

Start by identifying a particular house in the location you are interested in. What are the property taxes for that house? Is it in an association that has rules you need to factor into your decision making? Make sure you are aware of any special insurance policies that you might need to acquire for the location and condition of your new home. Next, you need to determine if you are going to pay in cash or through a mortgage - which one is better for your financial state? To learn more about this important topic and so much more, make sure to listen to this episode!

It’s not easy trying to plan out how you want the next phase of your journey to go - there are so many questions! If you feel like you need more information before you make a big decision like purchasing a second home, you are not alone. I’ve had many of my clients approach me about this very topic and I’m always excited to share the options and opportunities! Before you decide if buying a second home is right for you and your family - consider your goals - where do you want to be during this next stage of life? Are you willing to go through the headache of being a landlord? Get more helpful insight into what it takes to buy a second home on this episode! 

• Retire with Ryan Episode #5

• www.MorrisseyWealthManagement.com/contact

What is the best route to protect your hard-earned money and invest it wisely? Is it still a good idea to place your money in a 401K that is matched through your employer or is there a better option out there? 

As you look to the future, you want to ensure that your money will be protected in the best possible way. There are those who are questioning if it is a good idea to continue with 401K investing and I wanted to go on the record to let you know where I stand on this topic. Drawing on my experience in the industry and by following the data, I do believe that 401K’s are still worth the investment. Tune into this episode as I break down some helpful tips that will empower people like you to make the most of your 401K! 

• Does it still make sense to use a 401K plan? [1:15]
• Take full advantage of your employer’s matching program [2:30]
• When you should max out your 401K plan [3:40]
• Understand the fees you are paying with your 401K [5:30]
• Why you should consider using index funds [7:00]
• Be wary of target day funds [8:30]
• What is NUA? [12:00]
• Taking money out of your 401K without a penalty [15:00]
• Closing thoughts [16:30]

If you’ve come this far, you know that the best way to protect your money is to be smart with your money. Too many people live their lives ignorantly spending themselves out of house and home! One of the all-too-common ways that people miss easy investing opportunities is by failing to max out the match that their employer provides when it comes to their 401K. Have you maxed out your matching program at work? What are you waiting for? Learn more about using your employer’s 401K matching program so you don’t leave money on the table by listening to this helpful episode! 

To help action-taking people like you, I’ve compiled a helpful list of the top tips that will help you make the most of your 401K. Make sure to have pen and paper ready to jot down some notes - you are going to need it! 

1. Make sure you are contributing enough to get the full match from your employer. 
2. If you are close to retiring, max out your 401K program. 
3. Understand the fees you are paying with your 401K. 
4. Consider using index funds. 
5. Be wary of target day funds. 
6. Have an asset allocation plan and stick with it. 
7. Understand how Net Unrealiazed Apprication (NUA) works with your 401K program. 
8. Take money out with out getting penelized. 

Those are my tips for making the most of your 401K investing strategy. What tip stood out the most to you? Where do you need to get started to ensure you are investing wisley? If you have any 401K tips, I’d love to hear those too - make sure to leave a comment! 

• https://www.bloomberg.com/opinion/articles/2020-07-21/401-k-plans-no-longer-make-much-sense-for-savers?sref=2o0rZsF1

www.MorrisseyWealthManagement.com/contact

Let’s face it, no one likes to get the wool pulled over their eyes. When it comes to investing your money, you’ve got to make sure you are partnering with someone who is trustworthy and honorable. Over the years, I’ve heard horror story after horror story from clients who have learned the hard way. What if you could learn from their mistakes and avoid similar situations? 

I’ve compiled a helpful resource that empowers people like you to make the best decision for their families and their future. These aren’t just some random factors to consider, the financial planning and advising industry is highly regulated and for a good reason. Make sure you have pen and paper handy for this informative episode - you are going to need it! 

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• How to stay away from bad financial advisors [0:45]
• Are there any disclosures or complaints against your financial advisor? [3:00] 
• Why it can be helpful to connect with a financial planning specialist. [8:00]
• Do you know what your financial planner's investment philosophy is? [11:00] 
• Why you should stay in contact with your financial planner. [14:00] 
• Closing thoughts [17:00] 

When you place a lot of pride and effort into your profession you really want to make sure that you are doing your part to ensure that the public has confidence in your industry. Unfortunately, most people only know the financial planners who abused their power by name, those who follow the rules don’t get the publicity and notoriety. I’ve recently seen a few instances of financial fraud committed by peers in my industry so I wanted to make sure there was a helpful resource available to people who are looking to stay informed. 

To equip responsible consumers like you, I’ve created a helpful list that will give you the tools you need to make the right choice when it comes to hiring a financial advisor. 

1. Are you a Fiduciary and a fee-only firm?
2. Do you have any disclosures or complaints?
3. Do you have any specific certifications?
4. Do you have any specialties and what services do you offer?
5. How are you compensated for your services?
6. What other costs will I be charged?
7. What investment philosophy do you follow?
8. Where do you keep my money and how can I see it?
9. How often will we communicate?
10. How long has your longest client been with you and how many clients do you advise?

By no means is this an exhaustive or perfect list, this is merely meant as a tool that will get you started in the right direction. It is my hope that this will help you avoid common mistakes when it comes to assessing which financial advisor to enlist. If you’d like these questions addressed in fuller detail, please make sure to check out the link to my post in the resources section at the end of this post. 

• www.cfp.net
• 10 Interview Questions When Hiring a Financial Advisor

Do you have everything figured out for your estate? What will happen to your assets when you pass away? Who will take care of your children or your animals? If you don’t make a plan - you are planning for disaster! 

I know that estate planning isn’t the sexiest topic in the world but it is vital for protecting your loved ones and making sure they are taken care of after you are gone. I took the time to jump into estate planning so you don’t have to - learn from my leg work and get started today, what are you waiting for? 

• How to get started with estate planning [1:35]
• Legal directives and living wills [5:00]
• Reviewing accounts [7:00] 
• Navigating state laws regarding estate taxes [10:00] 
• Plan to review everything [14:00] 
• Closing thoughts [15:20] 

The best thing you can do when you are faced with a large task is to break it down into steps you can take bit by bit. To take on a task like breaking down estate planning - decided to go with seven steps you can take to get a handle on your estate planning goals. 

1. Take an inventory of your assets. 
2. Create or update your will. 
3. Create or update your legal directives. 
4. Review the beneficiaries on your accounts. 
5. Assess whether you are subject to any estate, inheritance, or federal tax. 
6. Consult with a professional - an estate planning attorney or financial planner. 
7. Periodically update and review your estate as necessary. 

Over the years I have talked to many people who are stuck on step one or never get to step five - I hope that this list helps you make a plan. Consider printing out this list and making notes as you go! 

What will you do first to get started with your estate planning adventure? You don’t have to have everything planned out right away - break it down into manageable chunks and go from there. Too many people make a plan and then forget about it - don’t let that happen to you. If you want to have an effective and smooth estate plan, you need to make sure it stays up to date. Your plan will also do you no good if no one knows where to find it! To hear more helpful tips that will put you in the best position for long term financial success, make sure to listen to this episode! 

• www.legalzoom.com

www.MorrisseyWealthManagement.com/contact

Have you or a family member had to use long term care insurance before? Are you considering acquiring long term care insurance as part of your retirement strategy? Whether you’ve just started looking at long term care or you’ve never heard of it before, this episode is for you!

No one likes the idea of spending the final years of their life in a facility cared for by strangers. What if there was a way to financially plan so you don’t have to worry about leaving the comfort of your own home to receive the care you need? Don’t leave it all up to guesswork and half-answers - get the details you need to make informed and educated deicings for you and your family by listening to this informative episode! 

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• What is long term care? [1:30]
• The different ways to receive long term care. [6:30]
• Why people like the life insurance and long term care combination. [11:00] 
• How much long term care coverage do you need? [13:15]
• When is the best time to purchase a long term care policy & how much is it? [17:00]
• Action steps you can take [20:30] 

Imagine the peace of mind that full auto or home insurance gives you - wouldn’t be great if you had that same sense of security when it comes to your long term care needs? Many people have never even heard of long term care insurance - what is it? 

“Long term care” refers to the help that people with chronic illnesses, disabilities or other conditions need on a daily basis over an extended period of time. The type of help needed can range from assistance with simple activities (such as bathing, dressing and eating) to skilled care that's provided by nurses, therapists or other professionals.

52% of people turning 65 today will need long-term care at some point. Purchasing long-term care insurance can help you have peace of mind. 

Have you factored in government programs that will help you during retirement age for these sorts of services? Don’t make the mistake of believing Medicare will cover long-term care costs. It doesn’t. And while Medicaid—the government program designed for people who truly don’t have any money—will cover long-term care expenses, it should never be your first choice. 

Should you buy long term care insurance early to lock in a low monthly premium? Is it a wise investment to start early or is it better to wait? Based on my research, the best time to buy long term care insurance is between 60 and 65 years of age because the likelihood of you filing a claim before that age is slim. Statistically, 89% of long term care claims are filed for people over age 70.6. Make sure to catch more helpful details about long term care and some helpful action steps you can take by listening to this episode! 

• https://longtermcare.acl.gov/index.html
• https://www.genworth.com/aging-and-you/finances/cost-of-care.html

You’ve done the responsible and smart thing by paying into life insurance over the years but you’ve finally made it to the finish line - retirement! What do you do with your life insurance now? Do you still need it? Is there a better way to use that investment tool? 

At the end of the day, forward-thinking people like you are looking to make the smart and responsible decision - I’ve done the work so you don’t have to go chasing down all the details. 

On this episode, I’ll help you find out if you still need life insurance, what my preferred method of life insurance is, what to do if you don’t need your life insurance policy anymore, and so much more! There is a ton of information you’ll find useful on this episode, don’t miss it!

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• Do you need life insurance? [1:20]
• What type of life insurance policy should you purchase? [4:20]
• Three types of permanent life insurance policies [6:10]
• What if you don’t need a life insurance policy anymore? [8:10]
• What is a “1035 exchange?” [10:30] 
• Closing thoughts and key takeaways. [13:10]

Have you determined if you currently need life insurance? Most people who need life insurance are those who are in their peak income-earning years, people who have non-liquid assets, those who still have minor children, and people who want to leave more money behind than they currently have saved or invested. Just because there are many people out there who decide to use life insurance as a retirement tool, it doesn’t mean you automatically need to do the same! 

Assess your situation and really take a look to see if you need life insurance at this point in time - there might be better options out there for you to invest your money. To learn more about determining if you need life insurance and other helpful insights, make sure to catch this episode! 

If you’ve determined that you still need life insurance, what type of life insurance policy should you get? There are two main types of life insurance policies, term policies, and permanent policies. 

• Term policy - A term policy covers you for a certain period of time - if you die during that term policy then your beneficiaries get the full amount. I encourage people to buy term and invest the difference. 
• Permanent policies - 
• • Whole life insurance policy - the most conservative and the most guaranteed. 
  • Universal life insurance policy - more flexibility but fewer guarantees. 
  • Variable universal life insurance policy - more flexibility - the funds can be invested in stocks for a greater return. 

Each of these types of life insurance policies has their benefits and their drawbacks, I encourage people to really take the time to review their options and revisit their prevision decision to make sure they are on the right track. 

If you’ve come to the point in your financial journey where you don’t need life insurance anymore, what should you do? If you have a term policy that you no longer need, you simply stop paying the monthly premium. If you’ve selected a permanent policy, you’ll want to reach back out to that insurance agency that you set up the policy with and request an in-force illustration. An in-force illustration is a picture of your insurance policy as it stands now. It will show the exact results of what has happened from the initial policy inception to today with future projections based on current assumptions.

After your in-force illustration, if you find that there is no cash value in the policy then you simply walk away. If there is cash value to your policy, you’ll want to find out if it the value is taxable or not. I go into even further detail on this critical topic on this episode, make sure to tune in!