Unlocking Your Financial Future

We spend most of the time on this show talking about financial planning topics, but we thought it would be beneficial for a lot of people if we talked about how everyone has been doing. From our own office to the clients we’ve been keeping in touch with, find out how others are dealing with quarantine and what they’ve been doing to keep busy.

Read more and get additional financial resources: https://www.baschrock-fg.com/podcast/ep-37-a-coronavirus-update-on-our-clients-our-office/ 

Today's show schedule: 

0:40 – Today we want to get an update from Ben on how his clients and people in our community have been handling COVID-19.

1:49 – How to access Ben’s new webinar, Keep Calm and Retire On.

3:40 – What’s the latest on Ohio opening back up?

4:24 – How have our clients been impacted so far?

5:57 – How is everyone doing emotionally right now?

7:04 – Are clients able to stay busy and active?

8:08 – Has anyone had employment issues? Are you having those conversations?

9:16 – Working from home vs going into an office.

10:22 – What is the business doing to assist clients during this pandemic?

11:38 – Are people optimistic overall or worried about long this will last?

13:01 - We’re taking precautions in the office.

Your nest egg means everything to your retirement and you want to protect it through the difficult times. On this mailbag edition of the show, we address concerns about navigating turbulent times while protecting what you have, how much to be saving, is $1 million enough in retirement, and more.

Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-36-protecting-your-nest-egg-mailbag-questions/ 

Today's show schedule: 

1:55 – Mailbag Question #1: I’m a younger worker with a tiny nest egg with decades of working ahead of me. Given the recent tumult in the global economy, what can I do to protect the little egg that I have but also to continue growing?

3:14 – How much do you worry about someone’s risk tolerance when they are a younger worker?

4:08 – Mailbag Question #2: I’m tired of having five rental properties, so I’m going to sell at least three, and maybe all five. I have quite a bit of equity in these properties, so the question is how should I invest this money after I sell?

6:05 – Mailbag Question #3: I haven’t wanted to pay off my house because it’s one of the few tax deductions I have left. But I do have the money to just pay it off—should I?

7:05 - Mailbag Question #4: I retired two years ago with more than a million dollars in my IRA, which I thought at the time would be more than enough to give me the retirement lifestyle that I want. But it makes me nervous every time I withdraw money from that account because I don’t want to live too long and run out of money. And the recent downturn makes it worse. Am I worrying too much?

8:51 – Mailbag Question #5: I’ve heard that I should be saving 10% of my income toward retirement. Does that sound accurate? I’m in my 50s, so I need to be sure I’m doing this right.

10:17 – Mailbag Question #6: I make too much money to contribute to an IRA or a Roth. What’s the best way for me to save for retirement?

11:50 – Mailbag Question #7: My financial advisor is older than me. Should I move to someone else who won’t retire before I do?

Sometimes events happen in life that make it really important for you to carefully assess your financial situation. Today we’ll look at five major life changes and explain why it’s a good reason for a financial review.

Read more and get additional resources: https://www.baschrock-fg.com/podcast/ep-35-life-events-that-can-change-your-financial-plans/ 

Today's show schedule: 

3:07 – Moving to a job that you planned for.

5:06 – Getting fired or getting laid off.

6:52 – How much money should you have in your emergency fund?

7:56 – Receiving an inheritance.

10:04 - Facing a serious medical condition.

11:40 – The death of a spouse. 

Seeking out financial advice is something we all do at some point but is the source of that information always providing good advice? Let’s explore four common outlets we use for guidance and why, despite having the best intentions, the advice might ultimately be ill-suited for you.

Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-34-good-intentions-dont-always-lead-to-good-advice/ 

Today's show schedule: 

2:45 – What’s the one thing you want to do again when everything opens back up.

4:17 – Getting advice from family. What could be the problem?

5:43 – What about when we reach out to friends for advice?

7:58 – When you talk to us, you’re looking at the full picture.

9:00 - How about your CPA?

10:48 – The relationship with CPAs

11:50 - The final place we get advice from is the media and financial experts. 

As we begin the third month of the health crisis, Ben gives us an update on what he’s seen from the market in recent weeks, the provisions of the CARES Act clients are paying attention to, and what he thinks about volatility moving forward.

Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-33-coronavirus-market-update-cares-act-rmds-volatility/ 

Today's show schedule: 

3:40 – Everything we’re doing is still virtual right now.

4:16 – Will clients be more inclined to meet virtually after this is all done?

4:55 – Other businesses might end up changing operations as well.

6:06 – Update us on what you’ve seen over the last month from the market.

7:34 - Ben explains what the VIX measurement is.

9:06 – What adjustments are being made to plans right now?

10:30 - The CARES Act allowing people to pull money out of retirement accounts without penalty.

12:02 - Are many clients considering this option right now?

12:48 - RMDs being waved for 2020 and this is a big deal for our clients.

13:55 - Do you expect any other individual relief to come down?

15:04 - Ben’s team is actively communicating with clients as things change. 

A busy few months has generated a lot of curiosity from listeners so we’ll answer a bunch of financial questions on this show. From investing during the coronavirus to student loan dilemmas to long-term care coverage, we’ll cover a wide range of topics.

Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-32-mailbag-edition-student-loans-gold-investing-more/ 

Today's show rundown: 

1:50 – Mailbag Question #1: We had kids later in life than most people so they’ll still be in college when we’re ready to retire. Should we make them take out student loans rather than trying to take out money from our accounts when we’re retired?

3:31 – Mailbag Question #2: Is it wise for me to own gold in my portfolio and what percentage would be appropriate?

4:23 – Mailbag Question #3: The coronavirus scare has me convinced the market will keep crashing again and again. I’m ready to move everything to cash. Should I wait?

6:22 – Mailbag Question #4: We’re both 63 and haven’t saved much for retirement. We’re about to sell our farm and that will net around $1 million. What should we do with that money?   

7:46– Mailbag Question #5: How much long-term care coverage is recommended? It seems there are hundreds of different options.

9:30 – Mailbag Question #6: I’ve had the same advisor for 20 years but it seems like he’s phasing out and passing things on to a younger advisor. Should I stick with them or find someone new?

The first quarter of 2020 was enough to make anyone reevaluate their finances but with so much information out there, what should you believe? Regardless of where you are in the retirement planning process, there are five financial truths that you can always rely on. We’ll share those on this episode.

Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-31-5-financial-truths-to-rely-on/ 

Today's rundown: 

0:53 – How is Ben and the family handling quarantine?

2:32 – Today we’re talking financial truths and we’ll begin with this: TV can be your biggest enemy.

4:06 – Second truth: Emotions will rarely be your friend when making decisions.

6:07 – Third truth: The market will always move in cycles.

7:22 – Fourth truth: You aren’t as risk tolerant as you believe you are.

8:52 – Fifth truth: There’s no magic bullet in retirement planning. 

10:02 – How we utilize the L.O.C.K process to build a plan.

It’s a mailbag edition of the podcast and Ben answers five questions from listeners covering a wide array of financial and retirement topics, including company stock, real estate investing, Social Security benefits, mutual funds, marijuana stocks and more.

Get the full show notes and additional resources here: https://www.baschrock-fg.com/podcast/ep-28-mailbag-time-contribution-limits-social-security-marijuana-stocks/ 

Today's rundown: 

0:39 – We’re opening up the mailbag to take a number of questions today.

2:20 – Mailbag question #1: It appears that I’m now able to contribute more to my 401k this year than I was allowed to last year. Should I go ahead and put in the extra amount?

3:56 – Mailbag question #2: I have several thousand dollars of company stock I’d like to cash in to make a down payment on some land where I’ll eventually build a vacation home. Is there any reason I shouldn’t do that?

5:08 – Do you have a lot of clients looking move money from their retirement accounts into real estate?

5:52 – Mailbag question #3: I’ve worked with a couple of different financial advisors over the years and I like them both. Do I need to pick just one or the other, or is it ok to work with a couple of different people?

7:08 – Would Ben recommend his clients stick with one advisor?

8:12 – Mailbag question #4: I just looked at my Social Security estimate that shows how much I’ll get if I started at ages 62, 66, and 70. I’m blown away by how much more I’d get at 70, so I’m inclined to just wait until then to start it, even though I’ll probably retire around 66 or 67. I’m assuming that putting it off like this is the best course of action for someone like me?

10:00 – We offer a Social Security guide on the website that will help you with a number of things.

11:03 – Mailbag question #5: I rolled over a 401k to an advisor a couple of years ago and he put all of the money into something called American Funds. Is that ok, or should I be invested in other things too?

12:41 – Mailbag question #6: How do you avoid investing in things that you view as immoral? Take marijuana as an example. I’m in several mutual funds, but I don’t know what stocks they’re using. Could I be profiting off of the marijuana industry by accident? I don’t want to do that. How do you help navigate people through the investment world while respecting certain morals and religious beliefs?

14:18 – Are many people interested in marijuana stocks?

How good do you feel about your retirement plan? How close are you to putting together the perfect plan? It’s out there and within reach but there’s a lot that goes into it. Let’s find out what it takes to get all of the pieces in place for the perfect retirement plan and the areas where people usually fall short.

Check out the show notes and get additional resources here: https://www.baschrock-fg.com/podcast/ep-27-is-it-possible-to-build-a-perfect-retirement-plan/ 

Today's show rundown: 

2:52 – Does the perfect plan exist?

3:48 – When someone comes in for a second opinion on their plan, these are the questions we ask them.  

4:55 – When we see someone with a great plan, here’s what they’re doing that other people aren’t.

5:50 – Is long-term care a spot where people are often lacking?

6:54 – If I don’t feel great about having the perfect plan, am I in the majority?

7:54 – There’s so many different pieces to a complete retirement plan.

9:38 – What’s a realistic timeframe for the start of the planning process to having a complete plan in place?

11:14 – Just because you have a perfect plan now doesn’t mean it will always be that way.

It’s hard to imagine anyone avoiding losses over the last month due to the coronavirus fallout, but there are steps you can take to rebound when the market begins bouncing back. Today we’ll look at the opportunity in stocks, explain the importance of trusting your advisor in times like these, and talk about the next steps you should be considering with your retirement plan.

Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-28-coronavirus-fallout-what-financial-steps-should-you-take-next/ 

Today's rundown: 

2:16 – Ben talks about the rapid selloff of stocks and what led to it.

5:03 – What are some signals you can look for that might mean the market is bouncing back?

6:54 – Buy over time rather jumping all back in at once.

7:57 – What are some things current clients or people working with an advisor can do right now?

9:31 – What has been the reaction from clients over the last few weeks?

10:43 – How about the people that haven’t put a plan in place, what are their next steps to recover?

12:33 – Does your risk tolerance match your portfolio?

13:17 – We can determine a client’s risk number to give them scenarios for their plan.