Unlocking Your Financial Future

Let’s wrap up our four-part series on Social Security misunderstandings by talking about the dreaded ‘T’ word. After years of paying the government, you might not think that you have to send more money their way when you start claiming your benefits. We’re going to clear up that subject today by explaining how taxes are calculated for an individual’s Social Security and how we work with our clients to lessen that burden.

Show Notes and Additional Resources: https://www.baschrock-fg.com/podcast/ep-17-do-you-have-to-pay-taxes-on-social-security-benefits/ 

Today's Rundown: 

0:35 – What goal has Ben set for 2020?

1:59 – Previewing our discussion on taxes.

2:26 – In the News: Charles Schwab announced they’ll soon allow clients to buy and sell fractions of stocks. Why would a person want to do this instead of buying an entire share?

4:05 – In the News: A Pennsylvania couple is facing felony charges after their bank accidentally put $120K into their account and they went out and spent it all.

6:25 – On to the main topic on Social Security. The misunderstanding is that you don’t have to pay taxes on Social Security benefits. 

6:48 – Anywhere from 0-85% of your benefits can be viewed as taxable income.

7:28 – So how can we determine what our personalf tax obligations are going to be?

10:00 – Not every state taxes Social Security. Ohio is one of those states.

10:25 – What are some ways we can offset taxes to decrease the amount we’ll pay?

Are you nearing retirement and thinking about how and when you’ll claim Social Security? It can be as simple as visiting your local Social Security Administration office and filling out the paperwork, but can they also help you decide which strategy to use? That’s the next topic in a four-part series on the top misunderstandings with Social Security.

Show Notes and Additional Resources: https://www.baschrock-fg.com/podcast/ep-16-choosing-the-best-social-security-claiming-strategy/ 

On This Episode: 

1:52 – Here’s what’s in store for part 3 of our Social Security series.  

2:40 – Can the Social Security Administration help you choose the best claiming strategy for yourself?

4:16 – What will the SSA actually do for you when you go down to the office?

6:04 – What are some of the key strategies you consider when working with clients on Social Security?

7:40 – Here’s how the process of claiming works in our office.

8:33 – Remember that everyone is different so the SSA won’t know your complete picture. That’s where an advisor can help.

10:09 – Getting to Know Ben: What’s the furthest you’ve ever been from home?

Our four-part series on Social Security misunderstandings continues with a discussion on the age you should target for claiming your benefits. Some people will tell you that claiming benefits as early as possible is your best option while others will insist on waiting as long as possible. So which is it? Let’s discuss the factors that go into the decision.

Show Notes and Additional Resources: https://www.baschrock-fg.com/podcast/ep-15-what-age-should-you-claim-social-security/ 

On This Episode: 

2:23 – The first misunderstanding is starting your Social Security as early as possible is your best option.

4:04 – Others say waiting as long as possible to take the money is your best bet.

5:29 – What does the process look like at B.A. Schrock when you work with a client on this topic?

6:43 – If you decide to go back to work after claiming, how does that factor into your benefits?

8:00 – We offer an in-depth Social Security analysis for clients at no cost.

11:16 – Mailbag Question: I’m selling one of my rental properties in a month or two. What’s the best thing to do with the money from that sale?        

13:08 – Mailbag Question: Are there really no tax implications for rolling over my 401k?

As we begin a four-part series on Social Security misunderstandings, we begin with one that’s been on the minds of many retirees and pre-retirees. That’s the idea that Social Security is going broke and there’s a chance that benefits could disappear at some point. Should you be worried? We explain on this episode.

Show Notes and Additional Resources: https://www.baschrock-fg.com/podcast/ep-14-is-social-security-going-broke/ 

On This Episode: 

0:50 – Ben and Kaitlin welcomed their second baby boy since last episode.

2:11 – Ben’s reaction to the SSA announcing a 1.6% cost of living adjustment for 2020?

3:45 – Let’s move into our main topic and being our series on Social Security Misunderstandings.

4:39 – Do your clients have a lot of concern about Social Security going broke?

5:58 – What’s going to keep Social Security from going broke?

8:35 – Beyond the Baby Boomer generation, should there be a concern about it going broke?

11:03 – If you’re worried about Social Security benefits going away, here’s how you can plan for it. 

We’ve been hearing from a number of listeners who have sent in questions on a wide range of topics so we decided to dedicate an entire episode to answering as many as we can. From rental properties to fees and commissions to 401k company investing and more, we cover a lot of ground on this episode.

Full Show Notes: https://www.baschrock-fg.com/podcast/ep-13-401k-investing-and-ira-volatility-other-listener-questions/ 

Today's Rundown: 

0:43 – Does Ben get into Black Friday?

1:45 – Today we spending the entire episode answering listener questions.

2:20 – Question from Charlie: It seems counterintuitive to move out of a house I’ve paid off to move into a townhouse rental. But I don’t want to worry about repairs. Is that a good idea?

3:17 – This could be an idea that more and more people begin to embrace for multiple reasons.

4:00 – Question from Sally: Are fees and commissions the same thing in the financial world or are they different?

4:51 – Here’s Ben’s perspective on fees vs commissions.

5:54 – Question from Lucy: How often should I be meeting with or talking to my financial advisor. I get a birthday card every year but that’s about it.

6:55 – We meet with first-year retirees 6-8 times over that year and here’s why.

7:41 – Ben encourages clients to reach out as frequently as they feel necessary.

8:06 – Question from Kevin: My company is going to stop matching 401k contributions because of rising healthcare costs. Should I stop contributing to my 401k and invest somewhere else?

9:46 – Question from Annie: Most of my 401k is invested in company stock. Is that bad?

11:00 – How much company stock we typically limit our client to.

11:13 – Question from Beth: My IRA seems like it’s bouncing up and down every single day and it’s driving me crazy. Does that mean it’s time to get out of the market?

11:52 – The question you should be asking yourself if you are seeing a lot of fluctuation

We’re only a year away from the 2020 presidential election and that’s making some investors anxious. How will the election affect finance? What about the candidates and their platforms? We get Ben’s thoughts on this topic plus two other recent headlines that all relate to retirement planning.

Full Show Notes: https://www.baschrock-fg.com/podcast/ep-12-how-will-the-2020-election-impact-investing/

Today's Rundown: 

0:32 – Ben’s office just wrapped up their first-ever Schrocktoberfest. 

1:22 – On today’s show, we’re reacting to recent news headlines.

2:08 – Looking at the 2020 election, at what point will that begin to play a role in the way we behave as investors?

3:55 – Democratic candidate Andrew Yang wants to give every family a $1,000 ‘freedom dividend’ every month. What would his family do with the money?

4:55 – Could this plan work and how do we pay for it?

7:11 – A new study shows 37% of households are ‘free and clear.’ Is that higher or lower than you expected?

7:56 – How many of Ben’s clients go into retirement without a mortgage?

9:17 – Our final headline is about a new trend in the wedding industry to loan young couples money to pay for their ceremony and reception. 

11:25 – Wedding days go by so quickly and it’s more important to remember the people and the moments than the things.

No one enjoys having to take part in those difficult conversations but it’s a necessary part of building a comprehensive retirement plan. Let’s finish up our two-part series with three additional topics that you might not enjoy discussing but your financial advisor needs to be asking these questions.   

Show Notes: https://www.baschrock-fg.com/podcast/ep-11-awkward-conversations-with-your-financial-advisor-part-2/

Today's Rundown: 

0:38 – Here’s what we’re talking about in part two of our series.

1:28 – Thanksgiving traditions for Ben and his family.

3:00 – Awkward conversation: Do your children understand your estate and legacy plan?

5:06 – The cleanest way to pass on your estate is by working with an attorney.  

5:47 – Awkward conversation: Do we need to keep working longer than we’d planned?

7:35 – Sometimes that conversation turns out to be great for the client.

8:25 – Awkward conversation: Separating from an advisor that isn’t a great fit for you.

9:40 – How often do you speak/communicate with your clients?

No one enjoys having to take part in those difficult conversations but it’s a necessary part of building a comprehensive retirement plan. Let’s explore two of those awkward conversations every good financial advisor should be bringing up with you. In part one of this series, we’ll look at how the death of a spouse and the possibility of nursing home care can affect your plan.

Show Notes: https://www.baschrock-fg.com/podcast/ep-10-awkward-conversations-with-your-financial-advisor-part-1/

Today's Rundown: 

0:34 – We’re beginning a new series on awkward conversations.

1:05 – Let’s get an update on how Ben’s wife is doing and how the pregnancy is going.

2:28 – Beginning the discussion on awkward conversations and what we mean with that.

3:03 – First difficult conversation: the death of a spouse.

4:31 – What BA-Schrock discusses in terms of life insurance with clients.

5:39 – Do you know all the account information for your family’s accounts?

8:08 – Second difficult conversation: Nursing home care later in life.

9:03 – Here’s how much nursing home care could cost you.

11:42 – These conversations aren’t easy but having these candid discussions can be very helpful.  

On the final installment on our series about the missteps that savers make along the way, we turn our attention to something most people love to do: spending. Savers aren’t the best at this because it’s a complete shift in mindset, but there will come a time when you need to spend the money you’ve been working so hard to accumulate.

Show Notes: https://www.baschrock-fg.com/podcast/ep-9-the-risks-savers-face-not-spending-enough-part-4/

Today's rundown: 

1:01 – Welcome Ben and Keith.  

1:24 – We love the success stories from our clients  

2:34 – Getting to Know Ben: What’s the most universally well-known movie that you’ve never seen before?

4:58 – Let’s move to our main conversation on savers.

5:41 – It’s a different mindset for savers when they move into retirement.

6:58 – How does that process work with clients when they want to know what they can spend?

8:33 – Client story about someone that’s spent their money.

9:29 – Life happens so take advantage of your chance to enjoy your retirement.

10:59 – We also see people that love spending money and sometimes we have to slow them down.

Part 3 of our series on savers and the missteps they can make in planning, we turn to the dreaded topic of taxes. As you save and invest for your future, are you considering the tax time bomb that could be looming down the road? What about strategies that can help lessen your tax burden? Let’s discuss the options that you have to save yourself money in taxes.

On this episode: 

0:43 – Today we’re talking taxes.

1:50 – That tax time bomb is looming so keep that in mind as you’re saving.

2:15 – When we pump a lot of money into a 401(k) to lessen taxes now, we make sure people realize that burden will come later.

3:18 – We believe taxes are going up. Here’s a story we heard years ago that applies to your tax decisions.

5:10 – What are your options if you want to move your existing money into a Roth?

6:23 – The Roth conversion can ultimately lower your Required Minimum Distribution.

7:15 – If you’ve maxed out your Roth, what’s another investment option that can lessen taxes?

9:04 – What should we be considering when it comes time to withdraw your money?

11:28 – There are also a lot of options within your 401(k) plan like a Roth 401(k).

12:35 – Mailbag question: I own my own business and haven’t paid much into Social Security over the years even though I’ve earned a nice income. Is this going to be a problem for me in retirement?

For full show notes and additional resources, visit here: https://www.baschrock-fg.com/podcast/ep-8-the-risks-savers-face-the-tax-time-bomb-part-3/