The Retirement Show: Your Life, Your Money with Scott Sierens

Between the war in Ukraine, gas prices, and inflation going up, the news has been pretty bleak lately. More people are talking about corrections, bear markets, and recessions. Today we'll talk about those topics and what they mean to you and your money.

What we discuss in this episode:

2:49 – Correction

9:34 – Bear market

15:43 – Recessions

19:53 – What does this mean for you?

24:02 – If your portfolio drops

27:34 – Opportunities

31:09 – Bull markets

Read more and get additional financial resources here: http://lifemoneyshow.com

Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

On this episode, we'll breakdown a CNBC article that analyzes a recent Morningstar study. The study found that most of us have at least one money bias, some of us more than one, and that those biases are very possibly costing us money in our checking, savings, investing and retirement accounts. Listen to see if you might be impacted by a specific money bias and for strategies to get it back under control.

What we discuss in this episode:

5:26 – Different attitudes about money

9:02 – Present bias

12:31 – Base rate neglect

17:35 – Overconfidence

21:30 – Loss aversion

23:34 – Better financial health

27:00 – Money priorities

30:05 – What we see

Read more and get additional financial resources here: http://lifemoneyshow.com

Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

A common question we get is, "Where should I keep my cash? Where should I put my rainy day fund, my emergency fund?" Today we'll share three places you can keep your cash to get a better rate of return.

What we discuss in this episode:

2:11 – Fed raising rates

9:56 – Where to keep cash

10:16 – Inflation

11:17 – The right amount of cash

13:06 – Too much cash?

14:46 – Online savings account

19:10 – CDs

21:20 – Series I savings bonds

Read more and get additional financial resources here: http://lifemoneyshow.com

Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

There are some things in life you can't predict, but you can try to plan for them. For example, when is the next market crash going to happen? We don't know, but here's how you can prepare for this and other things in your financial life.

What we discuss in this episode:

1:15 – Inflation articles

5:58 – Market crash

11:02 – Lifestyle

17:04 – Health care

23:56 – Taxes

28:46 – Life expectancy

31:34 – Mailbag: Too much money in bank?

Read more and get additional financial resources here: http://lifemoneyshow.com

Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

Today we're answering some of your excellent financial questions. How much should you spend in retirement? When's the best time to take Social Security? We'll answer these questions and more on today's show.

What we discuss in this episode:

1:42 – IRS backlog article

5:32 – Retirement income

10:38 – One stock

15:35 – Social Security

20:18 – Life insurance

Read more and get additional financial resources here: http://lifemoneyshow.com

Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

Prices are on the rise and people are being impacted in their day-to-day lives, so let's talk about how to beat retirement's nemesis – inflation. Listen to this show to find out what you can do to secure your financial future.

What we discuss in this episode:

1:08 – Going up in price

4:05 – How big of a threat?

6:53 – CNBC and NYTimes articles

10:54 – The number one concern

12:57 – How to plan for inflation

14:55 – How to beat inflation

20:08 – Social Security

21:38 – Understanding expenses

24:51 – Keep perspective

Read more and get additional financial resources here: http://lifemoneyshow.com

Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

Today we're talking about why we see volatility in the stock market. We'll also share what you should and should not focus on when this happens and how to plan and prepare no matter which direction the market goes.

What we discuss in this episode:

1:28 – Stock market drops

2:37 – Why the market drops

5:02 – Inflation

7:20 – Covid

7:39 – Russia and Ukraine

8:36 – Statistics

11:52 – Importance of diversification

13:04 – JP Morgan guide to the markets

16:04 – Focus on what you can control

19:26 – Buy during a down market

20:39 – Control our own thoughts

JP Morgan Guide to Markets:

https://am.jpmorgan.com/content/dam/jpm-am-aem/global/en/insights/market-insights/guide-to-the-markets/mi-guide-to-the-markets-us.pdf

Market watch:

https://www.marketwatch.com/

EFA: https://www.ishares.com/us/products/239623/ishares-msci-eafe-etf

EEM: https://www.ishares.com/us/products/239637/ishares-msci-emerging-markets-etf

Read more and get additional financial resources here: http://lifemoneyshow.com

Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

Just like football players don't want to fumble the ball in the red zone, you don't want to fumble your finances as you get close to retirement. We'll explain how to protect your finances during these crucial years on today's episode.

What we discuss in this episode:

3:49 – What is the financial red zone?

5:50 – Planning in retirement

7:24 – Mistakes

12:45 – Work on your plan

15:13 – Don't wait for the red zone

18:28 – Listener question: Am I stuck?

Read more and get additional financial resources here: http://lifemoneyshow.com

Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

Today we're sharing seven signs that you're in good financial health. It's a good checklist to measure where you stand and whether or not you're in a good position for retirement. How do you measure up?

What we discuss in this episode:

3:31 – No depreciating debt

5:03 – Spend less than you make

6:51 – Save and invest

9:15 – How much to save

10:55 – Understand tax implications

13:25 – Retirement income plan

16:07 – Know the plan

19:03 – Long-term care

21:37 – Estate planning

Resources:

https://www.marketwatch.com/story/when-it-comes-to-retirement-security-wereno-17-11631723749

https://www.im.natixis.com/us/research/2021-global-retirement-index

Read more and get additional financial resources here: http://lifemoneyshow.com

Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

What changes should we expect to see with Social Security in 2022? Some of the changes could affect your check or your company paycheck. We'll explain how the cost of living has been adjusted and answer a listener's question about when to collect Social Security.

What we discuss in this episode:

3:12 – Cost-of-living

10:13 – Higher wage cap

12:05 – Higher earnings test limit

14:47 – Higher earnings threshold

17:45 – Mailbag: Work until 70?

Resources: https://www.usatoday.com/story/money/personalfinance/retirement/2021/12/13/social-security-changes-2022/49482083/

Read more and get additional financial resources here: http://lifemoneyshow.com

Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ