Golfing, RV life, fishing, board games (of course), and a cushy portfolio… what else is there to retirement? It turns out: there’s still a bunch! Not to worry though, today we’re throwing our special guest out into the rain and instead delivering a feature-length discussion on every little thing you need to consider BEFORE retirement.
Plus, what’s going on with the national coin shortage we’ve been hearing about everywhere? And why are financial advisors reporting having a hard time selling software? During our headlines we’ll cover how social distancing has caused a coin shortage across the country, and also exposed how advisors may be approaching their business with the wrong focus.
Plus in our Haven Life Line, Mat’s employer is stopping the 401k match. Mat is thinking about taking that money and moving it over to an IRA for more flexibility, do we have any thoughts on this? Turns out… Joe and OG have a few different ideas than Mat expected for his money.
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Some advisors are saying social distancing is hurting their practice… but we think there’s another factor in play.
- Social distancing weighs on advice business: Survey (InvestmentNews)
- Some advisors (especially the salesman-advisor), rely on aggressive, old-school sales tactics to make their paycheck. With social distancing putting the power in the hands of the virtual consumer, salespeople in seemingly every industry are finding out that high pressure sales aren’t working online. Be it car sellers or advisors… you can’t put sales pressure on someone behind a screen.
- At the end of the day, it shouldn’t be about selling products to people, but providing personal solutions that allow people to save for retirement.
- Here are the Ric Edelman links Joe promised during the show:
Kroger has stopped giving out coin change among a national coin shortage. Supply issue… or something more?
- Kroger stops giving coin change as coronavirus drives shortage: report (Fox Business)
- Before we start getting angry emails about this one, this headline was a lot of fun. Watch our Stackers… before you know it, we’ll all be sending our nephews and nieces bitcoin chips for their birthdays instead of those awesome birthday Jacksons. Down with the coins!
Our Featured Piece: 10 Things To Consider Before Retirement
Financial media LOVES to cover new investing strategies, big money stories, and the latest and greatest in fintech… (guilty), but we don’t always give enough focus to the fundamentals of retirement. While we certainly touch on the financials here, we’re also asking the bigger questions that we finance lovers tend to miss: what type of legacy are you leaving behind for your children? What difference have you made in your family and community? If you’re depending on your children helping you in retirement… what is your back-up plan if that doesn’t work?
This is a nice deep-dive on a topic we normally don’t get enough time to cover. You can read the whole list below:
- Who is the richest female supermodel of all time?
Haven Life Line
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- Mat’s employer won’t be giving him the 401k match next year. He currently contributes 15% to his 401k and another percent to his HSA. With the employer match being gone, Mat wants to get more flexibility by using that cash to max out his HSA and put the rest into an IRA. Thoughts?
- OG’s take: While there are some differences here, the big idea comes down to the tax component. Instead of completely switching the cash “buckets” around, how about finding some more cash to invest and starting another account? IF Mat doesn’t already have some diversification as it relates to taxes, it might make sense to split the two and go from there.
- Joe’s take: Joe agrees with tax diversification being important. Don’t be overloaded with one type of fund in retirement. Joe finishes off with a challenge for Mat: make this different bucket by saving more money. Don’t withdraw it all from the 401k, don’t simply do nothing… save more!
Want the guys to answer your question? You can call into the Haven Life Line and get your question answered on-air HERE.
Join Us Wednesday!
We’re going strong on our retirement week… this Wednesday we’ll be joined by Anne Basting, who’s bringing a new approach to the field of Elder Care.
Written by: Richie Rutter-Reese