What is a Home Equity Conversion Mortgage for Purchase? This financial tool, often referred to as a reverse mortgage, is designed to help you leverage the equity in your home to enhance your retirement strategy. Today's episode is all about HECMs, and John will break down how they work and when they might be worth considering.

So, what exactly is a HECM? Simply put, it's a mortgage you don't have to pay back during your lifetime. Instead of making monthly mortgage payments, the loan is repaid when you sell the home or pass away. This can be a game-changer for retirees looking to improve their cash flow and preserve their savings. Join John to have all your questions about HECMs answered, and find out how you might use them in your retirement plan.

Here's some of what we discuss in this episode:

0:00 – Intro

1:22 – What is a HECM?

5:57 – Appraisals

7:25 - HECM in retirement planning

9:10 – Downsides

11:30 – Long-term care

13:37 - Mailbag

Get in touch:

Phone: 661-775-3704

Book an appointment with us: https://mearsmoneymanagement.as.me/schedule.php

Get in touch with us: https://mearsmoney.com/

Watch the Podcast on YouTube: https://bit.ly/3PmcOPM

Paying for college has become increasingly harder with rising costs. Starting early for your child's or grandchild's education can make a big difference and reduce the need for excessive borrowing later. In this episode, we'll cover the key aspects of college financial planning from the grandparent perspective.

Join us as we discuss saving strategies, the importance of starting early, and answer your pressing questions. From 529 plans to Coverdell IRAs, and even gifting appreciated stock, John breaks down various strategies and their tax implications. With the right strategies, you can make a significant impact on your grandchildren's future without jeopardizing your own financial security.

Here's some of what we discuss in this episode:

0:00 – Intro

2:15 – Average annual tuition and fees

3:28 – First steps

6:50 – 529 plan

8:00 – Tax implications

11:09 – Helping multiple grandchildren

15:40 – Coverdell IRA

16:52 – What if it's not used for college

19:00 – Roth as a college tool

Get in touch:

Phone: 661-775-3704

Book an appointment with us: https://mearsmoneymanagement.as.me/schedule.php

Get in touch with us: https://mearsmoney.com/

Watch the Podcast on YouTube: https://bit.ly/3PmcOPM

One of the more exciting parts of the retirement planning process is dreaming about the lifestyle you want to enjoy. For many retirees, travel is a big part of that vision. However, budgeting for trips in retirement isn't quite the same as when you're working and can count on regular paychecks to replenish your bank account.

So, how do we factor in your dream vacations when crafting a retirement plan? We'll "pack" all that great information into this episode and even share a few tips for making the most of your travel budget!

Whether you are looking to visit children, grandchildren, or embark on a global adventure, join John as he guides you through some of what you should be looking out for as you plan it all.

Here's some of what we discuss in this episode:

0:00 – Intro

1:50 – Start the conversation early

4:00 – Making the actual plans

5:40 – Saving for travel plans

8:00 – Accounting for extra travel expenses

11:27 – Considering additional travel insurance

17:05 – Mailbag

Get in touch:

Phone: 661-775-3704

Book an appointment with us: https://mearsmoneymanagement.as.me/schedule.php

Get in touch with us: https://mearsmoney.com/

Watch the Podcast on YouTube: https://bit.ly/3PmcOPM

Former New York Yankees great Yogi Berra might be better known for what he said rather than how he played, and these humorous yet insightful "Yogi-isms" have stood the test of time. But did you know that these sayings can also offer valuable lessons for retirement planning?

Here's what we discuss in this episode:

0:00 – Intro

2:30 – A nickel ain't worth a dime anymore

4:10 – If you don't know where you're going, you might end up someplace else

6:10 – When you come to a fork in the road, take it

9:48 – The future ain't what it used to be

13:40 – It's like déjà vu all over again

17:00 – Mailbag

Get in touch:

Phone: 661-775-3704

Book an appointment with us: https://mearsmoneymanagement.as.me/schedule.php

Get in touch with us: https://mearsmoney.com/

Watch the Podcast on YouTube: https://bit.ly/3PmcOPM

While you dream about the leisurely days ahead of you in retirement, it's also important to think about some of the less glamorous items, including insurance. In this new season of life, your old policies may no longer suit your needs or may come to an end.

So, what types of coverage should you be considering for your golden years? What do you need to keep in mind as you prep for the transition? We're back to walk you through the fundamentals in this two-part episode, as we chat about long-term care insurance and life insurance in part 2.

At the end of the episode, John answers a question from a listener, Travis, who asks if he should use a forthcoming settlement from a medical malpractice lawsuit to pay off existing credit card debt or invest it instead.

Here's some of what we discuss in this episode:

0:00 – Intro

1:24 – The reality of long-term care

3:01 – The "why" behind long-term care insurance

7:38 – Lessening the burden on your loved ones

13:27 – Do you need life insurance in retirement?

17:37 – Listener question

Get in touch:

Phone: 661-775-3704

Book an appointment with us: https://mearsmoneymanagement.as.me/schedule.php

Get in touch with us: https://mearsmoney.com/

Watch the Podcast on YouTube: https://bit.ly/3PmcOPM

While you dream about the leisurely days ahead of you in retirement, it's also important to think about some of the less glamorous items, including insurance. In this new season of life, your old policies may no longer suit your needs or may come to an end.

So, what types of coverage should you be considering for your golden years? What do you need to keep in mind as you prep for the transition? We're going to walk you through the fundamentals in this two-part episode, covering health insurance, long-term care insurance, life insurance, and more.

Stay tuned as we cover the basics you must know about retiree health insurance in part one, breaking down the ins and outs of Medicare, Medigap, and Medicare Advantage plans! Then, at the end of the episode, John answers a listener's question about whether or not to roll over an old 401k due to its recent strong performance.

Here's some of what we discuss in this episode:

0:00 – Intro

2:01 – Thinking about the transition

3:39 – Getting ready for Medicare

7:49 – Medigap vs Medicare Advantage plans

11:25 – How common is supplemental coverage?

14:24 – Listener question

Get in touch:

Phone: 661-775-3704

Book an appointment with us: https://mearsmoneymanagement.as.me/schedule.php

Get in touch with us: https://mearsmoney.com/

Watch the Podcast on YouTube: https://bit.ly/3PmcOPM

Retirement is often portrayed as a time when worries and stress fade away. However, psychologists have determined that retirement is one of the most stressful events that some people will experience in life. In this episode, we'll look at some ways to proactively deal with the stress surrounding the retirement process.

While we like to talk about numbers around here (as it's a very important part of the planning process), it's equally essential to address the psychological aspects of this transition. As John has observed with clients, your job likely played a significant role in shaping your identity, and stepping away from it can feel disorienting. Tune in as we share a few tips for embracing this new phase of life with confidence, and remind you that a comprehensive plan should consider more than just numbers.

Here's some of what we discuss in this episode:

0:00 – Intro

1:47 – The lifestyle change

5:42 – Embracing new challenges

6:53 – Keeping your options open

9:56 – Keeping your sense of perspective

12:30 – Finding a good advisor

15:10 – Listener Question

Get in touch:

Phone: 661-775-3704

Book an appointment with us: https://mearsmoneymanagement.as.me/schedule.php

Get in touch with us: https://mearsmoney.com/

Watch the Podcast on YouTube: https://bit.ly/3PmcOPM

Some people just need a reality check when it comes to understanding their retirement. Today, we'll explore why a realistic approach to retirement, inclusive of financial planning and the potential for unexpected challenges, is crucial.

The episode kicks off with a candid conversation about the misconceptions of retirement life. The ads make it look easy, but John reminds us that even in retirement, the lawn still needs mowing, and the trash won't take itself out. This isn't to dampen your spirits, but rather to prepare you for the realities that await and to ensure your retirement plan is robust enough to handle them.

The episode isn't all about cautionary tales, though. John encourages listeners to dream and share their retirement goals with their financial advisors. Whether it's a second home or a kitchen remodel, he believes in finding ways to make these dreams a reality, (within reason, of course). For this week's two-minute warning, Wendy asks if her investment in American Funds was the right move.

Here's some of what we discuss in this episode:

0:00 – Intro

1:34 – Manage your expectations

4:04 – Account for changing expenses

5:30 – Be ready to adjust

7:31 – Do be too proud to get help

10:59 – Sharing your dreams with your advisor

12:33 – Listener Question

Get in touch:

Phone: 661-775-3704

Book an appointment with us: https://mearsmoneymanagement.as.me/schedule.php

Get in touch with us: https://mearsmoney.com/

Watch the Podcast on YouTube: https://bit.ly/3PmcOPM

In today's episode, we're unpacking the toolbox of innovations that promise to redefine the way we approach financial preparation for retirement. From personal finance management software to the abundance of online calculators, there's no shortage of tools aiming to streamline the planning process. But, do they deliver?

Listen in as John and Marc take a critical look at these technological advancements, exploring whether they simplify retirement planning or introduce new complexities. They'll dive into subjects like Google, do-it-yourself trading platforms, social media influencing, and more. Then, for our two-minute warning, John answers a listener's question about whether or not to take out a life insurance policy.

Here's some of what we discuss in this episode:

0:00 – Intro

1:34 – Google is great, but consider the context

3:44 – Robo-advisors can be helpful, but may not provide comprehensive planning

5:58 – Online calculators are only as accurate as the information inputted into them

8:23 – The limitations of do-it-yourself trading platforms

11:18 – The rise of financial social media influencers

15:15 – Listener question about life insurance

Get in touch:

Phone: 661-775-3704

Book an appointment with us: https://mearsmoneymanagement.as.me/schedule.php

Get in touch with us: https://mearsmoney.com/

Watch the Podcast on YouTube: https://bit.ly/3PmcOPM

As much as any other threat, recognizing and avoiding scams has become a necessary skill for today's retirees to develop. From robocalls and texts to emails and websites trying to steal your data, scams are coming at us from all angles. Stay tuned as we explore crucial steps you can take to safeguard your financial well-being against the growing tide of scams and identity theft.

Learn from real-life stories and gain practical advice to keep your finances secure in this digital era, all from the perspective of a seasoned financial professional. And be sure to stay tuned until the end of the episode, where John answers a listener question from Tess, who asks if she should take out a life insurance policy on her soon-to-be ex-husband.

Here's some of what we discuss in this episode:

0:00 – Intro

5:00 – Phishing, vishing, and smishing

8:36 – Government imposters

10:17 – Family and personalized scams

12:31 – How to better recognize the signs of a scam

15:52 – Protections you can put in place to avoid being scammed

20:31 – Listener question about life insurance

Thomson Reuters Article:

https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/senior-citizens-financial-scams/

Get in touch:

Phone: 661-775-3704

Book an appointment with us: https://mearsmoneymanagement.as.me/schedule.php

Get in touch with us: https://mearsmoney.com/

Watch the Podcast on YouTube: https://bit.ly/3PmcOPM