Don't be spooked by money issues--tune in for lots of treats!!
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Investment Advisor Greg Hammer joins the show to provide advice about Medicare Open Enrollment period, which is open until December 7th. We also cover questions about REITs, consolidating investment accounts and Roth conversions!
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I recently traveled to the site of ancient Lydia (now part of Turkey) where it is believed that the first coins made of precious metals were created in the fifth century--how fitting!
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Mark is in London, I am in Turkey and we're still answering your financial questions, from wherever you are!
Thanks to everyone who participated this week, especially Mark, the Best Producer in the World. Here's how to contact us:
Instead of hanging with the Royals, the Best Producer in the World is toiling on our behalf from the U.K.!
Thanks to everyone who participated this week, especially Mark, the Best Producer in the World. Here's how to contact us:
Since her last appearance on the show, I have been saving your Social Security questions for nationally recognized SS expert, Mary Beth Franklin. Mary Beth is a contributing editor at Investment News and writes regularly about the latest research and thought leadership on retirement income planning. You can follow her on Twitter here and download her book, “Maximizing Your Social Security Benefits” here.
Thank goodness for Mary Beth, because it is so difficult to wade through the SS system’s 2,800 rules! The part of the program was devoted to the strategies around claiming SS benefits on the record of an ex-spouse.
The basic rule is that you must have been married for at least 10 years before you got divorced and you must be currently single, which also could include being widowed from a subsequent spouse. We fielded a lot of questions about making the claim retroactively, but Mary Beth notes that you must be at or beyond full retirement age (FRA), the maximum retroactive benefit is six months.
There were a lot of questions about whether an ex can claim as early as 62. The answer is yes, with a caveat. You can claim on your ex, but other SS rules apply, so you would have to claim a reduced benefit on your own record and then if ½ of your ex’s benefit is greater than your own, you can collect the difference.
Here’s an example: Jack (67) and Jill (62) were married for 20 years and then divorced. Jill would be entitled to $1,000 per month, if she were to wait until her FRA, but instead, she claims at 62, which reduces her monthly benefit to $750—remember, if you claim early, the reduction is permanent! Let’s assume that Jack has claimed his $2500/month benefit at his FRA. If Jill had waited until her own FRA, she would have been entitled to half of his benefit, which would be $1250/month. BUT, because she is claiming at 62, her share of his benefit is also reduced, so she would only be entitled to $875/month. From the perspective of SS, Jill would be entitled to two benefits at age 62: her $750 + $125 from her ex-husband, for a total of $875.
Mary Beth also covered survivor benefits; how to execute a Social Security “Do-Over”; some of the rules around SSDI; the two rules that may limit your Social Security benefits: the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO); and of course, Mary Beth’s GOLDEN RULE FOR SOCIAL SECURITY!
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Have the recent market swings freaked you out? Listen to the wisdom of CPA and CFP Michael Goodman and you will likely feel a lot better. Michael is the President of Wealthstream Advisors and began his career in financial services as a CPA, before opening the doors to his own financial planning and investment management firm.
When those white-knuckle market gyrations occur, Michael says go back to the basics and remind yourself why you are investing and what your long terms goals are. He also makes the case that some people do not need advisors and can go it on their own.
Allison's husband is in the market for disability insurance, but when we were able to dive into the details of their lives, it became clear that there were many more issues than DI!
Brian needed advice about how to maximize his retirement plan contributions and Paul asked about consolidating retirement accounts.
Thanks to everyone who participated this week, especially Mark, the Best Producer in the World. Here's how to contact us:
There are big changes afoot in the credit reporting industry-credit expert John Ulzheimer joins the show to explain what consumers need to know! While we had him, John provided identity theft protection tips, which are especially important as we look towards the holiday season frenzy!
John (aka "the Credit Czar") explained the new credit reporting changes that will help consumers, why it is important to check your credit report (only 4 percent do it!), how medical debt will be handled in the future and how we can be the best stewards of our personal information. As John said, there is "NO SUCH THING AS SECURE DATA!"
We also talked to Jeff and Eric, both of whom are in their early fifties and trying to strategize about retirement.
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As Serena Williams tries to make tennis history, tune into the Grand Slam of money shows! We started with Bob, who is 72 years old. Half of his $3 million nest egg is invested in rental real estate: Is that too much?
Michael and his wife are in their late 40's with two teenage boys. Is their asset allocation appropriate or are they too heavily invested in equities? Michael also expressed frustration over finding a fee-only advisor.
Meanwhile, John is trying to decide between using a financial adviser or doing it himself and Felissa wanted to know whether her approach for her non-retirement funds should be similar to that of her retirement account.
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Never let a correction ruin a great radio show! Our listeners did not seem at all spooked by the recent market gyrations, but did have some great questions. Mandy and her husband are accumulating cash and want to know what to do with it and Sharon needed advice for her daughter, who is carrying $200,000 of student loan debt.
We were fortunate to have a very special guest on the show, Tess Vigeland, author of "Leap: Leaving a Job with No Plan B to Find the Career and Life You Really Want". Tess tells her fascinating story and offers advice to those who may only be able to hop, skip or jump...
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Yes, I am on vacation, but never too busy to answer your great financial questions, especially after a volatile week that left the Dow, NASDAQ Composite and Russell 2000 in correction territory!
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Yes, I am on vacation, but never too busy to answer your great financial questions!
Thanks to everyone who participated this week, especially Mark, the Best Producer in the World. Here's how to contact us:
It's hot across much of the country, but we cool down with dreams of retirement. Whether you are thinking about early retirement, tinkering with your asset allocation, considering an annuity, weighing lump sum or stream of income or just starting out, this is the show for you!
Thanks to everyone who participated this week, especially Mark, the Best Producer in the World. Here's how to contact us:
Nationally recognized expert in Social Security Mary Beth Franklin joins the show to celebrate the 80th birthday of Social Security. Mary Beth is a contributing editor at InvestmentNews and writes regularly about the latest research and thought leadership on retirement income planning. You can follow her on Twitter here.
Mary Beth reviewed the roots of Social Security – did you know that one of its main purposes was to get old workers out of the workforce in order to make way for younger ones?
You may have heard people say, “Social Security is broke,” which is just wrong. The SS Trust Fund, which carried surpluses for many years, is going to be depleted by 2034, unless government takes action. At that time, there would be enough workers to pay for about 75 percent of promised benefits. If the country wants to maintain the current system, Mary Beth says that there will probably be a combination of three fixes, which will be phased in over a long period of time:
Mary Beth also outlined some of her favorite SS strategies and highlighted the common SS mistakes that many Americans can avoid.
Our callers also had SS on their minds: John retired last year and has not yet claimed SS, Mike works part time and wonder when he should claim SS.
Robert asked about the Acorns app, which invests spare change from everyday transactions (bug thumbs up!) and Sarah wonders how to protect her savings and investment accounts against hackers.
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Don Cloud, president and founder of Cloud Financial, began his career in financial services industry in the 1990s with a mission to educate and inspire individuals to play an active role in their personal finances. Don discussed what to do if you’re facing an unexpected early retirement; how he manages clients that don't act in their own best interests; and the power of diversification…and he has an awesome accent too!
Can we make dreams come true? That's what Jeannie wants to know! She wants to spend the first few years of retirement in Paris before returning to the US. Can we help make her dream a reality?
The housing market may be recovering, but not enough to help Jeff, who needs advice about selling a house that is underwater. Alex has a question about whether or not to sell a rental property and Chet wants to know about required distributions.
Thanks to everyone who participated this week, especially Mark, the Best Producer in the World. Here's how to contact us:
Sure it's summer, but that doesn't mean you can't spend a little of your time at the beach or the mountains contemplating your retirement, right? In fact, your time off might encourage you to think a little more seriously about how you might spend those non-working years. In addition to dreaming, you'll have to think ahead and get your portfolio in shape for the transition.
Paul is 70 and asked about his portfolio as well as his Required Minimum Distribution, Angela from Phoenix is preparing her investments for retirement and Sybil has been advised to combine several of her TSA accounts - should she? Scott MI is just 45, but he is "retiring" from a union job--what should he do with his pension?
Our younger listeners are also thinking ahead to retirement. Jack and his wife are in great shape and want to know what to know how to continue to maximize their cash flow; Amey wants to concentrate on accumulation for the next five years; and Christine from Perth, Australia has about $5-$7K each month that she and her husband are saving for a new home in CA. Should they direct the money into a money market account or should they pay down an existing mortgage?
Thanks to everyone who participated this week, especially Mark, the Best Producer in the World. Here's how to contact us:
Just in time for summer vacation, Emmy-winning investigative reporter and producer, Peter Greenberg joins the show to provide great travel tips. Peter is the travel editor for CBS News and also hosts his own television show, “The Travel Detective with Peter Greenberg,” on public television.
Peter covered a lot of ground, including: Tricks for navigating the consolidating airline industry (conduct research on line but don't give up on the phone yet); why travel agents are on the rise again; why now is a great time to book a cruise; what you need to know about traveling to Cuba; why you should NOT cancel your trip to Greece; and what you need to know about trip cancellation insurance.
We also covered a great question from Jessica, who is looking to make a career change from medicine to financial services. The financial planning industry is poised to grow, so she should check out the CFP Career Center!
Kris wanted to know the basics on Social Security for married couples and Carol weighed in on the Windfall Elimination Provision and the Government Pension Offset.
Thanks to everyone who participated this week, especially Mark, the Best Producer in the World. Here's how to contact us:
Ready to grab hold of your financial life and take control? Level Money's co-founder Jake Fuentes joins the show to tell you! Jake launched the award-winning personal finance app in order to help people spend with confidence, save more and achieve financial balance. The app is a simple tool to automatically analyze your financial picture.
Rich and his wife are getting ready to retire and will have a little more than $1 million. A fiduciary advisor is recommending a fixed annuity, but we're not so sure.
David asked about tapping home equity to purchase another rental property; Jeff had questions about SS, Medicare and retirement planning; and Sarah asked about funneling money into a 529 plan versus a general investment account. Here is an education cost calculator to determine how much to save today in order to cover future tuition bills.
Thanks to everyone who participated this week, especially Mark, the Best Producer in the World. Here's how to contact us:
We're cramming in a summer class on bonds, led by Bond Yoda, Marilyn Cohen. Marilyn founded Envision Capital Management 20 years ago after stints at William O’Neil & Company and Cantor Fitzgerald. Besides her impressive credentials, our favorite fact on her bio is: "In her spare time Marilyn raises service dogs for the disabled and regularly conducts pet therapy sessions at the VA Hospital."
Marilyn covers the differences between bond funds and individual bonds; the costs involved in buying bonds directly and how you can learn more about the mark up and recent trading of bonds at http://www.investinginbonds.com/.
How should you invest your bond portfolio? Marilyn advises that investors keep it US-centric (though not treasuries) and make sure to focus on 3 to 10 year maturities. She also weighs in on whether or not you should consider so-called "bond alternatives", like REITs, dividend stocks, preferred stock.
You can check out Marilyn's e-book about bonds for free at Smashwords.com or for $0.99 at Amazon.com.
I also mentioned a CBS This Morning segment on saving, which you can find here and the New York Times 1% More Calculator.
This Father's Day weekend, we have financial advice for dads, moms and kids. Many of you know that my father, "Big Al" or "Albie", had a big influence on me and I miss him terribly. For those who never heard the show where Dad came on as a guest, you can check out this post. I also wrote about him here.
In this week's show, we spoke to Frank and Camille about annuities, as well as Mike about his asset allocation. Jill wanted advice or ideas about how she could contribute to her household income, perhaps through a small business and Pam asked about the about the Windfall Elimination Provision of Social Security.
Finally, Vinnie wants to retire early…really early -- no later than 57 and as early as 52 if he can make it work...can he?
Thanks to everyone who participated this week, especially Mark, the Best Producer in the World. Here's how to contact us:
