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

How much of what you know or what you've heard is true when it comes to financial planning? Join us as we play a little game of fact or fiction when it comes to taxes, Social Security and investments.

Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-16-test-your-knowledge-financial-fact-or-fiction/629/

What we discuss on this episode:

2:16 – USA Today article

5:56 – Social Security is taxable?

10:36 – Taxes lower?

17:12 – Term vs. whole life insurance

20:26 – Medicare

23:02 – Stocks to bonds

What is your retirement savings for, and what are you working toward? We'll focus on the non-financial side of retirement and talk about those questions today.

Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-15-what-are-your-money-and-retirement-savings-for/611/

What we discuss on this episode:

1:50 – Morning routines

5:00 – Non-financial side

8:47 – Spending more time with family

12:33 – Buying things

15:17 – Travel

18:19 – Supporting family

21:41 – Charities

25:52 – Question: Downsize our house?

Today we're answering questions about Social Security, emergency funds and more. Find out what advice we give people in these types of situations.

Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-14-social-security-emergency-funds-and-other-questions/600/

What we discuss on this episode:

1:23 – States with lowest and highest savings

3:10 – Social Security

10:07 – Emergency fund

15:43 – Husband's 40k vs. pension

On today's episode, we're talking about the intersection of crisis and opportunity, two words you probably don't think of together. But sometimes a financial crisis can create opportunities for people.

Read more and get additional resources here: https://lifemoneyshow.com/podcast/ep-13-where-financial-crisis-and-opportunity-meet/571/

What we discuss on this episode:

7:44 – Empty nest

10:26 – Market crash

13:53 – Life insurance

16:21 – Laid off

19:53 – Should I take money from 401k?

23:38 – Can I leave 401k to children?

Today we're sharing more financial questions we have received and how they might help you. You might find yourself in a similar situation and need this guidance.

Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-12-listener-questions-combining-401ks-paying-for-weddings-a-stock-selling-catch-22/563/

What we discuss on this episode:

3:09 – Old 401(k)s

9:28 – Saving for weddings

14:15 – Apple stock

21:29 – No plans to retire

Today we're talking about financial questions we have received and how they might help you. You might find yourself in a similar situation so hopefully some of this guidance can benefit you or someone you know.

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

What we discuss on this episode:

5:54 – Max out 401k and Roth IRA?

15:59 – Social Security

22:16 – Family needs help

29:09 – Market crash

On today's episode, we're sharing some things you need to have in place to retire before the age of 65. Here are five areas you need to have covered so you can transition to that next stage of your life.

Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-10-5-areas-to-have-covered-to-retire-by-age-65/540/

What we discuss on this episode:

4:11 – Want to retire before 65?

5:14 – Have enough money

14:53 – Have a plan for health insurance

19:20 – Have a plan for non-retirement accounts

22:40 – Have a plan for Social Security

28:14 – Have a plan for your life

30:15 – Summary

Did you know that nearly a third of near-retirees fail a basic quiz on Social Security? It's such an important piece of your retirement, so we want to make sure you know the answers.

Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-9-can-you-pass-this-social-security-quiz/503/

What we discuss on this episode:

5:33 – About the quiz

11:35 – Benefits based on earnings

14:37 – Spouse's death

16:16 – U.S. citizens

17:13 – Benefits not reduced

18:53 – Still working

23:23 – Dependent children

24:13 – Primary insurance

25:25 – Cost of living

26:44 – Government workers

29:08 – No earnings history

30:34 – Confusion

Saving for retirement is not the same as what your parents and grandparents did. It has become harder in several ways, but we'll explain what you can do to prepare.

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

What we discuss on this episode:

4:44 – Fox Business story

6:55 – Grandparents and parents

9:54 – Pensions

12:11 – Social Security

16:00 – Retirement savings

17:40 – Other reasons

21:07 – Solutions

25:42 – Investments

27:58 – Without a plan

29:19 – Long-term care plan

Should parents involve children in finances? Are there different rules for younger children versus older children? We'll explain what considerations when it comes to sharing with your kids.

Read more and get additional financial resources here: https://lifemoneyshow.com/podcast/ep-7-how-to-teach-your-kids-about-money/464/

What we discuss on this episode here:

3:29 – Should kids be involved with money?

4:25 – Older kids

7:45 – Make children aware of your financial picture

11:50 – Transparency

13:01 – Scott's parents

14:15 – Clients' kids

15:24 – Opening lines of communication