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Today, Shanna and Jon are covering all things social security, including the very important decision of when to begin collecting it.

We look at the options of collecting social security early at 62, waiting until your full retirement age (and figuring out what age that is), or delaying until age 70.

There are also penalties for working after collecting in some cases, the ability to pay back your benefits if you change your mind within 6 months, and even some folks who are not eligible to collect social security.  We explain all of it in today's episode.

Resources:2

Social Security Website - verify earnings, check calculator, and more: https://www.ssa.gov/

Shanna's Contact Info:

Website: https://www.heritagefinancialaz.com/

Call Heritage Financial at: (480) 397-1184

We were hoping that by the time we recorded this episode, a deal on a new stimulus package would have been reached in Washington. But as of our August 13th recording, it hasn't happened yet.

Today we break down where new stimulus legislation is, as well as the executive actions taken by President Trump with regard to the economy.  

The important thing to note is that many of these actions result in deferments, not cuts. In other words, what you don't have to pay now - you very well may need to pay later.  We discuss specifics of student loans, rents/mortgages, and the payroll tax.

Shanna's Contact Info:

Website: https://www.heritagefinancialaz.com/

Call Heritage Financial at: (480) 397-1184

Quite often, investors make bad decisions and kick themselves over it. But it's important to remember that we are all human, and we should look forward, not back.  Even a professional like Shanna Tingom makes mistakes.  Today she tells us about the stock she wishes she'd invested in when she had the chance.

Shanna and Jon also discuss Robin Hood and other apps that let you invest on your own.  There's an advantage to using them, but you need to be very careful. Shanna shares a tragic story of a young man who took his life based on what his app was telling him.

Shanna's Contact Info:

Website: https://www.heritagefinancialaz.com/

Call Heritage Financial at: (480) 397-1184

There's been a lot of talk lately about recessions, depressions, and economic recoveries.  Today, Shanna Tingom and Jon Gay discuss what each of these mean for your investments.

We explain the differences in "Letter" recoveries - what L-shaped, V-shaped, and W-shaped recoveries look like.

We also cover what opportunities may exist for investors at this time.

Shanna's Contact Info:

Website: https://www.heritagefinancialaz.com/

Call Heritage Financial at: (480) 397-1184

Today, Shanna is re-joined by collaborator Amy Walls of Thimbleberry Financial in Portland, Oregon, for a discussion around being "Financial Planning First" advisors.

A Financial Planning First advisor starts with planning and a general understanding of your financial situation, before worrying about your investments.  In the first meeting with Shanna or Amy, you may be asked questions you weren't expecting, in order for your advisor to gain a 360 degree understanding of your world.

A Financial Planning agreement very specifically outlines the responsibility of the client to keep information updated, so that the advisor can keep the plan updated.

There's a common misconception that advisors are either commission based or fee based.  Amy and Shanna are both hybrid advisors, enabling them to offer their clients a wider array of services and products to meet their individual needs.

Shanna's Contact Info:

Website: https://www.heritagefinancialaz.com/

Call Heritage Financial at: (480) 397-1184

Amy's Contact Info:

Website: https://thimbleberryfinancial.com/

Email: [email protected]

Call Thimbleberry Financial at: 503-610-6510

Today, Shanna is joined by collaborator Amy Walls of Thimbleberry Financial Portland, Oregon.  Shanna and Amy met at a conference several years ago and became accountability partners.

They became fast friends, despite a hiccup at the beginning of the relationship that they explain.

First, Shanna and Amy were tasked with creating a "Disaster Recovery Plan" - what to do in the event of a natural disaster.  It ended up being fortunate that they were in different states, to back each other up if one office went offline.

Beyond that, Shanna and Amy created a "Continuity Plan," to work for each other's clients in the event something happened to one of them.  This meant having a shared set of values and approaches to dealing with their clients.

Shanna's Contact Info:

Website: https://www.heritagefinancialaz.com/

Call Heritage Financial at: (480) 397-1184

Amy's Contact Info:

Website: https://thimbleberryfinancial.com/

Email: [email protected]

Call: 503-610-6510

In our previous episode, we spoke about the fresh perspective Coronavirus has given us with regard to insurance.  Sadly, is has also forced us to think about planning for the future if we are not here.

Documents 

Will or trust - what's the difference?

POA - Power of Attorney - for Health Care and Mental Health Issues

HIPPA form - granting others access to your medical information

You should review these forms at least once a year, or any time you encounter a major life event, such as marriage, divorce, or death of a family member.

The "Love Drawer"

All of these documents are important to have - but they are useless if your loved ones can't find - or access them.  Have all of this information in a physical - or digital - place, and make sure the people who will need to access it know where it is, and how to get it. Shanna shares a heartbreaking personal story of how important this is.

Heritage Financial Website

Call Heritage Financial at: (480) 397-1184

The epidemic of COVID-19 has provided us with some sobering perspective about ourselves. Nobody is immune from getting sick, or worse.  Today, we look at the types of insurance that you should be sure to have.

Health Insurance

This is the obvious one. Most Americans have health insurance tied to their jobs. When they lose one, they lose the other.  We examine the different ways to get health insurance if you're out of work.

Life Insurance

This is another big one, often tied to your employer as well.  Many policies don't go with you when you leave a job.  Shanna recommends coverage equal to ten times your annual income - and the different ways to protect yourself.

Short Term and Long Term Disability Insurance

We typically think of disability related to broken bones, car accidents, and the like. Many of us could continue desk jobs with a broken leg. But Coronavirus has taught us that we can become unable to do any job if we get sick. Short term and Long term disability insurance should be something to look into. And for business owners, own occupation and business expense coverage are also great ideas.

Long Term Care Coverage

Nursing home and other long term care facilities are prohibitively expensive. And it's a common misconception that the government picks up these costs.  That's usually not the case.  Long term care coverage can protect you against losing all of the money in your retirement assets.

Umbrella Coverage

This is the catch all - which can cover you above and beyond your other insurance plans.  Shanna explains what this can cover, and why it's so important.

Heritage Financial Website

Call Heritage Financial at: (480) 397-1184