Since the summer of 2019, there has been a rising trend among large companies to offer BUYOUTS of pension benefits, which can result in a substantial lump sum to a person on the verge of retirement--maybe you. So, if you're faced with the decision, which is better: Taking the buyout or staying with the pension and hoping the company will never reduce your benefits? In October, General Electric—once a FINANCIAL GIANT in the economy -- became the latest U.S. company to announce major changes to its defined benefit pension plans. GE announced it would be FREEZING benefit accruals for approximately 20,000 active employees! It further said it would be offering lump-sum buyouts to about 100,000 FORMER employees who have not yet begun their pension benefits! You may be shocked to learn what world famous CPA Ed Slott has to say about which is better, the lump sum or the pension? We'll review Mr. Slott's insights and then mortgage expert Mitch Boxberger joins us for the Q & A. Don't miss today's show, MASTERING MONEY is on the air!!!
Over the past century, markets have crashed A DOZEN TIMES, several times by more than fifty percent, leaving people’s finances and dreams in disarray for YEARS. Not only is money lost, but TIME is lost. It takes time to build up a nest egg. No one wants to START OVER in retirement. If you’ve been saving for thirty years for your dream retirement, it makes no sense to go back to where you were ten or fifteen years ago with your money. Can that happen? Well of course, it DID happen.... TWICE... in just the last twenty years! The S & P is soaring like an eagle right now, but won't fly forever. That’s why it's so important to CHANGE your investment focus as you near or enter retirement. Your time horizon shrinks for re-building a portfolio. Today, we'll review the precise steps to take right now for PROTECTING what you have, LOWERING your risk, increasing your income and lowering your fees. Then CPA Nick Stefaniak joins us to help lower your taxes!! A great show you don't want to miss MASTERING MONEY is on the air!
Although the aggregate divorce rate among Americans has fallen in recent decades, there has been a somewhat dramatic increase in the number of divorces for couples over the age of 50, according to the Financial Planning Association. This rise of so-called grey divorces has created a number of uncommon and complex issues for those getting divorced. Some divorces are simple, but others are complicated. Dividing ordinary bank accounts is not so hard, but how does a couple go about splitting a pension, a 401k, 403b, or other tax qualified plan under the ever-watchful eye of the IRS? Answer: very carefully! Today, we'll review what the steps are for you or someone you may know, and then health insurance and medicare expert Shelley Grandidge joins us to help just about everybody! A really interesting show you don't want to miss MASTERING MONEY IS ON THE AIR!!
If you set aside twenty thousand dollars a year for thirty years in a tax deferred account you will have six hundred thousand dollars of principal if you earn zero percent. But if you average six percent, you will have over a million dollars in twenty four years. Do most investors average six percent over time? In depth studies of 401k plans show that most investors average far less than over twenty or thirty years. It all depends on whether you are at the beginning of your career or near the end. Near the end, NOT LOSING is more important than the rate you make. For younger workers, put your head down, go to work, keep getting paid, keep trying to save, and keep stuffing your 401k plan every single year. Today we'll review the rate of return and WHERE to invest to build and protect a million dollars. A fact filled show you don't want to miss MASTERING MONEY IS ON THE AIR!!
Today on Mastering Money...It’s a MOTLEY FOOL MONDAY!! The Motley Fool Money Show is one of the most popular stock market talk shows in America, featuring top market experts and heard by millions of listeners coast to coast—including Saturdays right here on Money Radio! After an update of the markets and today's breaking financial news stories, we'll take you to an exclusive broadcast of the Motley Fool Money Show--plus money-making and money-SAVING ideas from Steve you won't want to miss! -- MASTERING MONEY IS ON THE AIR
If you’re smart, tax planning is a year-round activity. And, if you are even smarter, you will pay attention not only to the ALLOCATION strategy for your investments, but also your LOCATION strategy. Knowing WHERE to locate your various investments inside OR outside of IRAs and Roths is something that is easily done with a little planning upfront. For example, many investors will pay taxes on mutual funds this year even though they never took out a penny from their account. They--and maybe you--will get charged for capital gains that occurred in the fund during the year even though you didn't cash in. Today, we'll point out to avoid unnecessary taxes with your investments and then get some planning insights from CPA Nick Stefaniak. An important show you don't want to miss MASTERING MONEY is on the air!!
Target-date funds — actively managed funds with a pre-determined asset allocation that automatically shifts as an investor ages — are an easy option for the hands-off investor, and their popularity increases every year, according to a new report. But while they have many attractive features, experts advise investors to consider all of their options before committing all their capital. And currently, the risks for a person contemplating or in retirement have never been higher for Target Date Funds. We'll examine the reasons why that statement is true on today's show, with irrefutable logic and simple math. If you want to learn what risks you may be taking that you shouldn't be right now, don't miss today's show....MASTERING MONEY is on the air!!
Most investors, especially in or nearing retirement, seek to reduce risk while growing capital prudently in the stock market. Gains are nice, but large drawdowns are sickening, especially in retirement when you don't have an income stream from a full-time job and time is no longer on your side.
When time IS on your side, and because most bear markets tend to last only six months to two years at the most, you are able to rebuild the value of your account simply by staying put on not rushing for the exit. The only people who lost in 2008 and 2009 were those who sold at the bottom. The market has some room to run according to experts, but we all want to keep a good share of money OUT of harm's way. But are bonds the answer for the safe money side of your plan? Today, we'll examine why Warren Buffett says that bonds are a terrible investment. Then health insurance and Medicare Specialist Shelley Grandidge joins us. You don't want to miss today's show...MASTERING MONEY is on the air!!
With the New Secure Act in place, and the Trump Tax brackets at risk of being blown up when he leaves office one day, many retirement-minded people who can do the math are converting at least some of their IRA money to Roth IRAs, or to cash value life insurance, which when properly structured, may provide tax free retirement income, long term care benefits, and a legacy for heirs all in one asset. But you truly do need to work with an ethical agent to get the right policy, and to get that policy set up right! So, is life insurance a good investment? Well, actually life insurance is not an investment at all, even though it is sometimes sold that way. Today on Mastering Money, Steve and I will break down whole life insurance and index universal life to the basics, making it easy to understand. Then estate planning attorney Libby Banks joins us. A great show you don't want to miss...MASTERING MONEY is on the air!
Today on Mastering Money...It’s a MOTLEY FOOL MONDAY!! The Motley Fool Money Show is one of the most popular stock market talk shows in America, featuring top market experts and heard by millions of listeners coast to coast—including Saturdays right here on Money Radio! After an update of the markets and today's breaking financial news stories, we'll take you to an exclusive broadcast of the Motley Fool Money Show--plus money-making and money-SAVING ideas from Steve you won't want to miss! -- MASTERING MONEY IS ON THE AIR!