Retirement 360

How is monopoly like retirement planning? Is it a game of luck or game of skill? Most people say a little of both. You can’t control what happens with the dice, but you can control what happens next. Alan and Randy take some time on this week's radio show to talk about how a children's board game can teach you a lot about retirement planning if you're thinking about it the right way.

In a trade magazine named "Physician's Practice" they say that doctors think they have an easier time planning for retirement since they're such high earners... but how true is that in reality? Are high earners simply more prepared for retirement? Does this mean low earners won't be able to even plan for their retirement? Alan and Randy discuss this thought process and the truth behind each question.

We hear the age-old investment advice to not put all your eggs into one basket, which makes index funds really attractive for a lot of people since they're already so diversified. Did you know that of all the gains seen in the S&P 500 since March, 30% have all come from only 6 stocks? Alan & Randy talk about what companies have been driving the S&P 500 and how diversification isn't "automatic" when it comes to index funds.

We hear every day about the downsides of COVID-19 and it's effects on the market... but are their positives we're not thinking about? Troy and Randy discuss these easily ignored upsides we've been seeing when it comes to Coronavirus and your retirement. Also, we have talked about how all the Federal stimulus money may lead to tax hikes in the future. But don’t forget state and local governments are hurting too. Do you see a tax “double whammy” in the future?

Where are you getting your education about retirement? It's no secret that the confusing path to retirement lacks a bit of transparency but we're trying to change that. In this episode we talk about the educational content we're creating and how you can access it.

This week we go back in time to some of our favorite segments from the beginning of the year until now. Alan weighs in on some important financial topics and continues his stance on transparency and education when it comes to retirement planning.

Fifty-five years…and counting. The soap opera “Days of Our Lives” is one of the longest-running scripted TV shows in the world! Some things stand the test of time … while others fall by the wayside. What are some common retirement planning beliefs that have not held up very well? Also, according to a Transamerica study, only 1 in 4 workers have taken this essential step before leaving the workforce. That step is…developing a written plan for retirement. The article says you are “flying blind” without this step. Is it that critical and why?

While people were celebrating father's day, hopefully they were tuning in as well! Alan went over some financial advice we all get our fathers and shares some of the best advice he got from his father when it comes to finances. Is retirement planning too complicated? Alan reviews the results to a Harris Poll and the answer might surprise you. Tune in to find out the results!

This week we decided to take some of our favorite clips from recent months and put them together in a "Best Of" series for you all to enjoy! Have a topic you'd like to hear covered on our radio show? Drop us a comment and we'll take it into consideration!

Alan talked with Tony & Dwight live on WHAS this morning about what's going on with the market, how to navigate it and how it relates to the Coronavirus. Tune in to see what he had to see!

Historically, whenever the market goes down, at some point investors rush in and “buy the dip" but could this dip be different? We hear audio from Allianz's Chief Economic Advisor Mohammad El Erian advising caution when trying to time the market. Are people afraid of running out of money? A survey from both Schroders and Schwab both confirm this. The Schroders survey asked people 40 and up. 42% have that fear. The Schwab survey asked people within 5 years of retirement. 72% had that fear. Does it surprise you and what can these people do about it?

The DOW slid almost 13% in one week due to the news of the Coronavirus. When will it stop? Will it continue to slide? Alan and Randy talk about how this recent scare has affected the market and what they expect it to do when comparing it to previous outbreaks. In contrast to the Coronavirus talk, Randy and Alan also talk about a "backdoor Roth IRA" and go through the pros and cons of going into retirement with a Roth IRA. While there are contribution and income limits, there is a strategy called the "Backdoor Roth" you should hear about!

Did you know that even though people 50+ only make up 35% of the population but pay 59% of all federal income taxes?! Alan and Randy talk about this and more in this weeks radio show and talk a bit about how you can opt out of that statistic. Is having your money in a hedge fund the best bet? Alan talks a bit about how Wall Street's most successful hedge fund fell short when compared to most run-of-the-mill investors by breaking even in 2019.

Politics and investing... How are they affecting your portfolio? A new study claims that mutual fund managers tend to invest more money in companies that share their same political beliefs and it could end up costing you. How long do you think you will spend in retirement? For most people, the answer is longer than they expect. Will you live to be 90? 100? Maybe even 150? The more important question is whether or not your money will last as long as you do. How can you build a proper nest egg while not knowing how long it needs to last?

Volatility in the market is causing a lot of retirement savers to pull their money out of the market, but Fidelity thinks they might be over reacting. For instance, what happens if you take your money out and then the market goes up? Then you're just leaving money on the table. Troy talks a bit about this and the risks associated with pulling your money out of the market during volatility. The age-old idea of the 60-40 portfolio (60% stocks & 40% bonds) is the "traditional" portfolio that most investors have stuck with throughout most of their savings history, but Bank of America says that traditional portfolio just isn't cutting it anymore. What's the new mix look like?

So... Is another recession really on the way? If a recession does hit, how is going to effect you if you're in (or nearing) retirement? Alan talks a bit about this and also talks a bit about how your financial plan should have planned for a possible recession. There are some people who aren't planning to retire for a very grim reason...They don't expect to live that long. The truth of the matter is, people are living longer than ever these days and you don't want to live longer than you expect while wishing you would have planned better for your retirement. Among men who are currently in their 50s, a third of them will live to be 90. For women, that number jumps up to half! Listen in to hear more about the importance of planning for retirement well past when you think you might need to.

How much risk is too much risk in retirement? How much risk should you be keeping in your portfolio as you start to exit the work force and enter into retirement? Patrick Kelley, the author of Stress Free Retirement, says it all depends on when you're going to actually need the money that you're investing. Don't tell your lawyer friends, but there's a new phone app that actually lets you draw up a will on your smartphone in around 10 minutes time. While most of their customers are between the ages of 25 and 40, there are a decent amount of their customers within retirement age that are using their phones to draft wills. Alan talks a bit more about this new app called Fabric and how it speaks for the future of estate planning.

Have you heard about Uncle Sam and his retirement plan? Here's a hint - he doesn't retire when you do. Your taxes are essentially Uncle Sam's "retirement plan" and when you retire, you only keep on paying them. Alan talks a bit about paying taxes in retirement and how to factor them in to your anticipated retirement income. Does it make sense to convert your Traditional IRA to a Roth IRA? What are the pros and cons of doing so? Tons of "baby boomers" are at a stage in their financial life where they're considering this but might not be aware of all of the benefits of doing so. Alan talks a bit about the benefits behind converting over to the Roth IRA to help settle this debate once and for all.

What do Bill Belicheck and Warren Buffet have in common? They're planners. While Belicheck might do his planning on the field and Buffet in the bank, both have a set plan for what they're doing and understand every step along the way. This week we talk about how having a game plan for your retirement is incredibly important and how you're leaving money on the table if you're not planning properly. We also talk about the "king" of investing, Warren Buffet, and how he compares retirement to a castle. How are you protecting your "retirement castle?"

If you're still investing in index funds while nearing retirement, a recent Forbes article says you could be making a costly mistake. Many retirees or people closing in on retirement depend heavily on this traditional investment strategy and a recent article says there might be better ways to do so. Even if you haven't taken the time to set up an official state plan, you already have one whether you realize it or not. You either set up your estate plan with an advisor, or a probate judge is going to impose one on your relatives after you're gone. Troy and Randy talk a bit about this topic and what steps you should take to make sure your estate plan is set in stone.