Saving With Silverman

On today’s Saving With Silverman podcast, Mark Silverman CFP® explains some of the different types of financial risks that people have in their portfolios and how to be on the lookout for it.   Read more and get additional financial resources here:    What we discuss on this episode:  0:52 – Market risk 2:05 – Interest rate risk 2:58 – Inflation risk 3:57 – Health care risk 5:26 – Longevity risk

Some people don’t care about leaving a financial legacy to their family, but for those who do, it’s important to eliminate some of the common estate planning mistakes. We’ll explain what they are.   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-30-dont-make-these-estate-planning-mistakes    What we discuss on this episode:  2:35 – Failing to plan for expenses 3:49 – Failing to update beneficiaries 5:12 – Failing to avoid conflict and litigation 6:37 – Transferring real estate 8:06 - Taxes

On today’s Saving With Silverman podcast, Mark Silverman CFP® explains why your 401k is far from perfect as a retirement savings tool. This also applies to your 403b, TSP or 457 plans.   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-29-watch-out-for-these-weaknesses-in-your-401k-plan    What we discuss on this episode:  1:00 – Administrative costs 2:10 – Mutual funds 3:34 – Limited asset classes 4:25 – Subpar conservative investments

The final decade of your working life is crucial to your success in retirement. We’ll explain why you need to know your numbers and how flexibility is key to winning with money.   Read more and get additional financial resources: https://silverman-associates.com/saving-with-silverman-podcast/ep-28-5-financial-tips-for-your-final-decade-of-work    What we discuss on this episode:  1:19 – What’s important? 2:44 – Knowing your numbers 4:40 – Estimate your income streams 6:37 – Health care 8:40 – Be flexible

Fewer and fewer companies are providing pensions these days. Unless you work for the government or a university, most people don’t have pensions. We’ll explain why they’re no longer very popular.   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-27-what-are-pensions-and-why-are-they-not-as-popular    What we discuss on this episode: 0:31 – Fewer companies providing pensions 1:21 – Lack of a pension 2:35 – Pension buyout 3:30 – Planning for inflation

Mutual funds have long been the most popular way for people to invest, but that landscape is changing. We’ll explain what mutual funds are and the different types.    Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-26-mutual-funds-what-are-they-and-how-do-they-work    What we discuss on this episode:  1:22 – Clients with mutual funds 2:06 – Expense ratios 3:20 – Loaded mutual funds 5:20 – Tax issues 6:23 – Should mutual funds be eliminated? 7:23 – How often does Mark use mutual funds?

There’s a lot of confusion out there about annuities, probably because there are different types that do different things. We’ll explain what they are and how they work.   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-25-what-are-annuities-and-how-do-they-work    What we discuss on this episode:  1:55 – Immediate annuity 3:25 – Fixed annuity 4:01 – Variable annuity 5:15 – Fixed index annuity 6:53 – Annuities Mark uses 8:03 – Using annuities to meet financial goals

This show is all about planning for retirement and making sure you’re doing it the right way so you can have the kind of retirement lifestyle you always dreamed of. Today we’ll share what the stages are.   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-24-stages-of-retirement-planning    What we discuss on this episode:  1:30 – 15 years before retirement 3:13 – 10 years before retirement 5:16 – 5 years before retirement 7:21 – The day you retire 9:45 – 5-10 years after retirement

How much do you know about taxes in retirement? It’s an important topic that can make a major difference in your finances.   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-23-what-to-know-about-taxes-in-retirement    What we discuss on this episode:  1:39 – Assuming taxes will be lower 2:52 – Strategies to improve taxes down the road 4:51 – Bad tax mistakes 6:02 – A tax planning strategy that made a difference

Does your financial advisor look at your tax returns? What about the fees in your investments? We’ll explain how your advisor should be helping you.   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-22-things-your-financial-advisor-should-be-doing-for-you    What we discuss on this episode: 0:57 – Reviewing tax returns 2:49 – Evaluating fees and costs in investments 4:00 – Discussing and planning retirement income 6:02 – Clarify target and goal for invested dollars 7:32 – Reviewing family goals and legacy plans

On today’s Saving With Silverman podcast, Mark shares some of his favorite and not-so-favorite financial stocking stuffers.   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-21-would-you-like-these-financial-stocking-stuffers    What we discuss on this show:  0:45 – Variable annuity 2:02 – Apple stock 2:43 – High yield bonds 3:30 – Whole life insurance policy 5:08 – S&P 500 Index ETF 5:50 – Indexed annuity 7:40 – Long-term care insurance

On today’s Saving With Silverman podcast, Mark explains how to pick the right financial advisor. Find out why you should invest time in this crucial process.   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-20-how-to-pick-the-right-financial-advisor    What we discuss on this show: 1:52 – How to find the right advisor 4:37 - Warning signs 5:53 - When an advisor doesn’t fit you anymore 7:29 – Sticking with the wrong advisor for too long 9:12 - What to look for when choosing an advisor

On average, women outlive men and often have more financial struggles later in life. On today’s show we’ll talk about what challenges women face and how to improve their finances.   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-19-financial-challenges-for-women    What we discuss on this show:  1:15 – How involved are women with retirement planning? 3:50 – Why do so many retired women have financial problems? 4:44 – Challenges faced by widowed women 6:10 – Recommendations for husbands 7:41 – Mark shares personal stories

Just like technology changes and becomes outdated, so does some retirement planning strategies. Let’s look at five financial strategies that have become obsolete.   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-18-five-outdated-financial-strategies    What we discuss on this show: 1:21 - The 4% rule 2:04 - The 10/5/3 rule 2:49 - Move money from stocks to bonds as you get older 4:15 - $1 million retirement target 5:14 - You’ll need less money in retirement

As life spans continue to increase, so does the need for more money later in life. Find out how to plan financially for a long life.   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-17-can-you-afford-to-live-a-long-life    What we discuss on this show:  1:48 – Our oldest client 2:50 – Why do we talk about longevity as a risk? 4:22 – Why most people haven’t addressed the issue 5:30 – How to help someone worried about running out of money 6:48 – Our 5-step financial planning process

Are 401K loans a good idea? What about rollovers? How much should I contribute? Get answers to these and other common 401K questions.   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-16-answers-to-common-401k-questions    What we discuss on the show:  0:40 – 401K advice from company reps 1:47 – 401K loans 2:46 – 401K rollovers 3:49 – Target date funds 4:39 – How much should I contribute? 5:54 – Roth vs. Traditional 7:06 – Contact Mark

Let’s talk about tax planning. The subject seems to get ignored by a lot of advisors. We explain why it’s an important conversation to have.    Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-15-the-importance-of-tax-planning    What we discuss on the show:  2:42 – Roth conversions 3:41 – Social security 5:00 - Required minimum distributions 5:57 – National debt 6:59 – Higher taxes are inevitable 7:52 – Get in touch with Mark

Different accounts have different types of tax consequences. We’ll explain the advantages and disadvantages of the accounts and how you use them.   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-14-what-are-the-tax-consequences-of-different-accounts   What we discuss on this episode:  0:49 – Tax-deferred accounts 1:53 – Tax-free accounts 2:46 – Taxable accounts 3:42 – CDs 4:21 – Life insurance 5:11 – Meet with Mark

What will it take to keep up with your lifestyle and goals in retirement? Income! What are some sources of predictable retirement income and what should you do with it? Let’s explore a topic that everyone feels strongly about.   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-13-creating-predictable-income-in-retirement    On today's show:  1:12 - What retirement incomes do people assume are predictable? 2:43 - Is there really such a thing as “guaranteed income”? 3:45 - What does it look like when you rely too much on the stock market? 4:39 - What do you do with inflation?       5:39 - How is a reliable income possible to achieve?

Maybe it’s too many months of quarantine, too much cable news or too much social media, but people have a lot of anxiety right now. Mark explains why you should just calm down.   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-12-everybody-just-calm-down    On today's show:  0:46 – Question 1: Money in the bank? 2:36 – Question 2: Money in the market? 3:51 – Question 3: Pay more for a vacation? 5:50 – Question 4: Buy gold? 6:55 – Question 5: Collect social security?