Retirement 360

FOMO: The fear of missing out.

Whether you are caught up in the endless financial news cycle, or constant watching the stock tickers, it is easy to get swept in the hype of markets, products, and what your neighbor is doing.

If you go down 9% this month, but grew by 239% over the last years, is there need to panic? Just because a talking head on TV is calling for fire and brimstone, the main thing to do is NOT panic and simply call a fiduciary.

This week, MWA advisor Alan Mercurio, and host, Randy Cook, will dive into how to push away from the financial news cycle, how to contribute more to your retirement accounts, and how to avoid having FOMO.

Sometimes, we meet with families and they seem to know exactly when they want to retire - down to the day. While having a target date in mind helps, we still ask, "Are you ready to retire?"

Retiring from work is more than just not going to your full time job every day, and it can involve much more planning than setting up your SSI.

Are you a business owner? How will you transition out of your business?

Have you planned for medical costs? If the medical costs outweigh your structured income, are you ready to go back to work?

Are you keeping track of all the fees associated with your retirement accounts? When was the last time you had them reviewed?

Planning now, so you can retire when you want to, is essential. Looking over all the aspects of retirement - income, insurance, long-term care, wills, estates, and taxes - is all part of our Retirement 360 Game Plan process. The holistic approach to planning your future.

The word "Correction' is circling the news, so what are you doing in case there is a pullback in the market? But other than worrying, learn what actions MWA Advisor Alan recommends in case there is the 10% drop.

If you do not secure your accounts in the event of a correction, you will also want to consider preventing these mistakes at the 2018 tax season approaches. Alan and host, Randy Cook discuss the “6 Whopping Tax Mistakes that can Ruin your Retirement”:

Retirement Tax Mistake #1: Assuming you will pay less taxes in retirement

Retirement Tax Mistake #2: Not Planning for Social Security Taxation

Retirement Tax Mistake #3: Forgetting about Roth IRAs and Roth 401(k)s while you have the chance

And with so many things to think about - making the right choice, choosing the best path, planning for the best outcome - how do you make your retirement a priority? While it may seems easy to push off to the side, saving for retirement is necessary today so you will have something tomorrow.

What is a "Market Pullback" and what action should you consider? MWA Advisor, Alan Mercurio and host, Randy Cook, delve in to the details of what to look for, how to understand the highs and lows, and choices you should consider within your portfolio. Always speak with your trusted fiduciary before making any new plans.

Should you make changes in your portfolio - do you know how the fees are assigned and how much you may pay over a lifetime? If you add up ATMs, checking, savings, IRA, 401k and other investing…the real number is closer to $369,000.00! Does this number surprise you? Alan and Randy tackle fees and how to cut back to put more money back in YOUR pocket.

When it comes to growing your money - should you play offense or defense? MWA advisor, Alan Mercurio and host, Randy Cook, tackle the pros and cons of both. A defense cannot earn more money, you cannot just save your way to wealth. They touch on 3 steps to playing a smart offense for growth:

Set a goal. Determine your financial target.

Income. Who’s got your money? Find where it is so you can get it. Earn it.

Invest. Find something to invest in that will reproduce money.

That said, playing a smart defense and setting up certain protections and insurances, should there be another market correction as seen in past Octobers, like Black Monday in 1987 where the DOW dropped 22% of its value in a single day, could also stave off losses. While you wouldn't necessarily gain anything, you might not lose anything either.

Don't forget - November is approaching and that means Open Enrollment for healthcare. If you are signing up for Medicare for the first time check out THESE FAQs to help get you started.

Selecting the right tools, choosing the best date, making sure your funds are all set up to last and stay protected, making sure your will and estate plans are set....there are a number of items to check on your retirement to-do list. Where do you even start? And who is there to help you make the best decisions for you and your family?

This week on Retirement 360, MWA advisor, Alan and host, Randy Cook, discuss the importance of paying attention to these items. While no two retirements will look the same, everyone should be following a few steps to success. And then once you can retire, the new life ahead will need planning as you adjust from your 9-5 work schedule to your new normal.

Don't forget - November is approaching and that means Open Enrollment for healthcare.

10 years ago this week, the financial markets plummeted and we started the Great Recession. What have we learned? For the young, they learned that the market ebbs and flows. For the senior, they learned the value of preservation and risk management. While there might be a correction on the horizon, lessons can be learned from 2008 and new strategies can be taken to safeguard your wealth.

Not only have strategies to protect your wealth changed - but so have options on how to draw out of those buckets. Is it better to take away from taxable accounts first and then withdraw from your tax-free accounts? Well, it depends. Alan will explain the "Tax Bucket" system and how to use it to your benefit.

Lastly, for the biggest change to the lives of those around you - how will you plan for end of life, and eventual passing? Is it worth the cost to put into Long Term Care insurance? And, what are the key differences between a will and a trust?

Are You Asking Yourself the Right Questions?

Self-reflection is necessary for your planning - but are you asking yourself the right questions?

What do you look forward to the most during retirement?

How long will your retirement last?

How much will retirement cost?

How much will you need to save to reach your retirement goals?

How much of your retirement nest egg can you afford to spend each year?

Answering these items - let alone planning for them can be a daunting task. By working with a financial professional, a trusted advisor can lead you in the right direction. This Sunday, MWA advisor Alan Mercurio, and host, Tony Vanetti tackle these questions - and try to answer the most pressing - How much will I need in retirement? The answer might surprise you.

Having a team of advisors - retirement, investments, taxes, legal - is not just for a select audience. Every day, our advisors answer questions and address the following:

Myth: Financial planning is only for rich people.

Myth: Financial planning costs too much.

Myth: Financial planning can wait until life settles down.

Myth: Get one plan, and you’re set.

Myth: I’ll pay fewer taxes in retirement

Having a team, a whole team, that manage and have your best interests in mind, is part of our Retirement 360 Game Plan. We plan for individuals, couples, and families. We address couples in particular and explain by both parties need to be equally involved in planning and decision making.

This week, MWA advisor, Troy Bolton, and host, Randy Cook, discuss the Guessing Game: When is the Best Time to Retire?

And, that is not an easy question to answer because it is so personal to the individuals and the needs of their home and family. At MWA, we bring all our guests and clients onboard with the Retirement 360 Game Plan. The plan includes the following evaluations:

Complete analysis of your current investment strategy

• Where is your money placed?

• Are you properly diversified?

• Are you at risk of losing if the market takes a turn?

• Are you paying excessive fees?

Income plan review

• What kind of monthly income will your plan generate?

• Is it enough to cover your bills and all the things you want to do in retirement?

1040 Tax review

• Are you missing opportunities to save money in taxes?

• Are you prepared for the upcoming changes in the Trump Tax Reform?

• One of our CPAs will go through that with you

Legacy and Legal document review

• Do you have the proper legal documents in place?

o Power of attorney

o Will

o Trust

o Medical directive

• Are they updated?

• We’ll have one of our affiliate attorneys look them over

This is all free to you as a radio listener. Call us right now at 253-9366 that’s 253-9366 and ask for the Retirement 360 Game-plan.

Find us on line at www.mercurioadvisors.com