Smart Money Questions

Weekly investing and financial planning wisdom seeking to provide answers to your financial questions with your host, Matt Hausman.

Should I Take Half of My Ex’s 401k or the Pension?

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Today we’re talking about 401ks versus pensions. Would you rather get a lump sum now or monthly payments over many years? Deb in New Jersey needs our help answering that very question.

 

Read more and get additional financial resources here: https://wp.me/p9B077-NU 

 

What we discuss on this episode:

2:08 – Beneficiaries

8:07 – SECURE Act

12:10 – 401ks and pensions

15:30 – Premature death and pensions

State of Washington’s New Payroll Tax is One to Watch

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On today’s episode we’re talking about a couple conversations we’ve had with clients in Seattle, Wash. and some recent changes that have been put in place. In 2019, the state approved a new payroll tax that is 100% paid by the employee, the first of its kind in the entire country.

 

Read more and get additional financial resources here: https://wp.me/p9B077-NN 

 

What we discuss on this episode: 

2:28 – New Washington tax

5:24 – What’s the benefit?

7:16 – Opt out

8:36 – What are they telling you?

11:48 – The feds

15:40 – Mailbag: Worried about kids

What to Know About President Biden’s Tax Proposal

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Today’s episode is a little different. We’ve started doing recorded webinar workshops on certain topics, and we’re doing a replay on this podcast. Today’s episode is about President Joe Biden’s proposed tax increases.

 

Read more and get additional financial resources here: https://wp.me/p9B077-NH 

 

Watch our webinar replay on Biden's proposed tax increases: https://oldsecuritygroup.wistia.com/medias/wjbs6uts7k

 

What we discuss on this episode: 

5:59 – How to prepare

7:40 – Current tax code

11:30 – Taxing your assets

16:02 – What can we do?

19:05 – Roth conversions

22:01 – Real estate

23:56 – Tax increases

How to Handle an Unplanned Retirement

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We’ve had a couple clients recently who decided to retire earlier than planned. We’ll explain how we helped them, even with very little time to prepare, and how you could handle a similar situation. 

 

Read more and get additional financial resources here: http://smartmoneyquestions.com/podcastposts/episode-148-how-to-handle-an-unplanned-retirement/ 

 

What we discuss on this episode: 

6:12 – Health care

10:18 – Last paycheck

13:18 – Proactive tax planning

18:57 – Investing

20:25 – How you will be paid

Tough Questions About Family Finances

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We’re tackling some tough questions about family finances today. Should you kick your sister out of your deceased mother’s home? What retirement challenges could you face as the parent of a young child? Should you buy your dream home?

 

Read more and get additional financial resources here: https://wp.me/p9B077-Nt 

 

What we discuss on this episode: 

2:35 – Kick sister out?

4:37 – Get a mortgage?

5:48 – Income plan

8:12 – Retirement with young child?

9:22 – Survivorship income planning

12:08 – Life insurance

13:13 – Take out a mortgage?

16:08 – Overall investments and strategy

The Average Client & What Legal Docs You Must Have

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People often ask us, “What’s your average client like?” We’ll share what traits they have and why they are successful. Also, find out what documents you must have and why you should keep them up to date.

 

Read more and get additional resources here: https://wp.me/p9B077-Nn 

 

What we discuss on this episode: 

0:30 – 20-year wedding anniversary

3:30 – Mortality and documents

7:11 – Wills

9:36 – How do I measure up?

13:02 – Gratitude

15:02 – Define your success

15:55 – The Giant Killer

How Much Money Do I Need to Retire?

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Is $1 million enough to retire? That depends on a lot of factors. We’ll explain what they are on this episode.

 

Read more and get additional financial resources here: https://wp.me/p9B077-Ni 

 

What we discuss on this episode: 

4:22 – Yahoo Finance Article

6:13 – Put money to work

8:58 – Your situation

12:58 – Social Security

14:13 – Expenses

15:40 – Moving to lower tax states

17:23 – Risk

21:32 - Variables

Leaving 401k to My Child

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Should I leave my 401k to my child? We get this question a lot so let’s dive into the pros and cons of leaving your children money and what strategies you can use to make sure it benefits everyone.

 

Read more and get additional financial resources here: https://wp.me/p9B077-N8 

 

What we discuss on this episode:

4:13 – Leave 401k to son?

11:53 – Should I rent or sell my aunt’s house?

Should You Take Advice From Financial Gurus?

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Should you follow the advice of well-known financial gurus, such as Dave Ramsey and Suze Orman? A lot of people have asked me that question over the years. Find out what I tell them.

 

Read more and get additional financial resources here: https://wp.me/p9B077-N0 

 

What we discuss on this episode: 

4:11 – No credit cards

7:19 – Car financing

12:47 – Good debt

15:43 – Guru talk and preaching

18:53 – Will the advice work for you?

Why Business Owners Need an Exit Strategy

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Today we’re talking about business owners and retirement plans. Even if you’re not a business owner, there’s something you can learn from this.

 

Read more and get additional financial resources here: https://wp.me/p9B077-MU 

 

What we discuss on this episode: 

2:25 – Discussions with business owners

5:28 – Selling your business

8:04 – Your family situation

13:00 – The tax man cometh

14:05 – Question about Roth 401k

18:19 – Question about HSA

Should You Pay Off Mortgage or Buy Investment Property

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What’s the better investment strategy – pay off your primary home sooner or save up for a rental property? We’ll share the pros and cons.  

 

Read more and get additional financial resources here: https://wp.me/p9B077-MO 

 

What we discuss on this episode: 

3:33 – Pay off home or save for rental property

7:27 – What’s your budget?

9:09 – Strategy for paying off house or investing

11:55 – Real estate has become a hot, new topic

15:47 – How to help someone who is struggling financially

19:36 – Traditional savings account

20:42 – How much money are you talking about?

Planning For Long-Term Care Event

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Long-term care is a subject many people don’t want to discuss, but it’s crucial that you have a plan in place. Find out why and learn about hybrid policies and paying premiums

 

Read more and get additional financial resources here: https://wp.me/p9B077-MJ 

 

What we discuss on this episode: 

3:10 – The subject no one wants to talk about

8:48 – Hybrids

12:25 – Paying a premium

14:47 – Expense policy

15:50 – Self-insured

17:13 – Premiums won’t stay stagnant

What to Know About Legacy and Estate Planning

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When making your legacy and estate plan, it’s crucial to know how taxes will affect that plan. Matt explains why you want to be careful and shares some real-life examples.

 

Read more and get additional financial resources here: https://wp.me/p9B077-MD 

 

What we discuss on this episode: 

2:28 – Charities and individuals

6:00 – How much money should go to each?

9:50 – Moving to a new state

13:46 – Additional properties

16:35 – Question: What is a reasonable amount to leave as a legacy?

What to Know About the Latest COVID Stimulus Package

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At the end of 2020, Congress passed a $900 billion Covid relief package. We’ll go over some highlights and what you should understand moving forward.

 

Read more and get additional financial resources here: https://wp.me/p9B077-Mu 

 

What we discuss on this episode: 

2:56 - $600 payments

6:51 – PPP loans

8:19 – Unemployment

9:08 – Social Security

10:54 – Qualifying medical expenses

13:05 – Charitable contribution benefits

14:40 – Meal expense deductions

15:32 – Student loans

16:58 – Flexible spending account

18:08 – What’s not in the stimulus package

19:35 – More on student loans

Year-End Financial Planning Tips

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As 2020 comes to a close, now’s the time to do some financial planning. Matt has some important topics you should cover with your advisor. We'll also spend talk some about first-time homebuyers and how to approach your mortgage.

 

Read more and get additional financial resources here: https://wp.me/p9B077-Mo 

 

What we discuss on this show: 

2:53 – Maximize 401k

4:55 – CARES Act

6:35 – RMD charitable contribution

9:04 – Deductions on Schedule A

11:25 – Pull money out of the IRA?

13:25 – Tax credits

16:26 – First-time homebuyers

17:58 – Find a good Realtor

Investment Decisions Going into 2021

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After a long year in 2020, many of us want to make sure 2021 starts off right. On this episode of the podcast, Matt answers several questions from listeners and clients when it comes to making wise investment and financial decisions in the new year.

 

Read more and get additional financial resources here: https://wp.me/p9B077-Mk 

 

What we discuss on this show: 

3:36 - How can I avoid market volatility but still save for retirement?

9:32 - Do you understand how Social Security works?

13:27 - Should you refinance when close to retirement?

20:46 - What’s your opinion on flipping houses as an investment strategy?

22:33 - What are the tax implications?

Listener Questions - Reverse Mortgages and Helping a Widowed Parent

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We’re talking about two important topics today: Are reverse mortgages a bad idea? And how can I help my widowed parent with their finances?

 

Read more and get additional resources here: https://wp.me/p9B077-Me  

 

Learn more about reverse mortgages: https://smartmoneyquestions.com/podcastposts/episode-93-harlan-accola-behind-the-curtain-of-reverse-mortgages/ 

 

What we discuss on this show:

2:56 – Are reverse mortgages a bad idea?

6:35 – Different types of reverse mortgages

9:08 – Can we get kicked out of our home?

13:03 – How to help a widowed parent

14:49 – Look at beneficiaries

16:01 – Do you see any life insurance?

17:46 – Look at parent’s living arrangement

18:36 – Matt talks about is father’s passing

20:04 – Are liabilities joint or just in one parent’s name?

Top Places to Retire and How They Affect You Financially

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U.S. News & World Report has released its list of the top places to retire in the country. Choosing where to retire is not only a personal decision; it’s also a financial one. We’ll explain why.

 

Read more and see the full list of cities here: https://wp.me/p9B077-M8 

 

What we discuss on this show: 

2:26 – How were places ranked?

3:15 – Top 15 places to retire

4:40 – Consider housing affordability

7:03 – Consider renting before buying

9:50 – Consider changing residency

12:12 – Consider doing a financial exercise

13:43 – Consider the emotional side

An Update on Maggie’s Health and What to Know About Medicare

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This week marks an important milestone in Maggie’s journey with cancer. We’ll give you an update about her health. We’ll also discuss Medicare and help you understand it better.

 

Read more and get additional financial updates here: https://wp.me/p9B077-LW 

 

What we discuss on this show: 

0:41 – Maggie’s 5-year mark after cancer diagnosis

6:45 – What do I need to know about Medicare?

8:16 – Traditional Medicare

11:38 – Medicare Part D

13:39 – Medicare supplements

15:13 – Husband’s health coverage options

17:22 – Obamacare

20:07 – Listener question: Should I give inheritance money to my son?

23:24 – Listener question: How reliable is my 401K income estimate?

Election Worries & Steps to Saving for Retirement

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There’s no doubt that election concerns are on the mind of many people right now, especially as it relates to their financial portfolio. We’ll start the show by addressing these election cycles worries by looking back at what history has shown us. From there, Matt will talk about a call he had with someone recently that wanted to get their retirement on track. He’ll take you through the essential steps that need to be taken to get your financial house in order.

 

Read more and get additional financial resources here: https://wp.me/p9B077-LF  

 

What we discuss on this show:

0:44 – Many people worried about the upcoming election cycle.

4:19 – What is going to happen with the market? Here’s what history tells us.

9:44 – The steps we suggest you take if you’re concerned.

11:59 – A conversation we had last week with someone curious about how they were doing financially.

13:12 – 3 parts to building a budget

14:58 – Understanding your debt.

17:59 – Have an emergency fund

20:31 – Financing a home that you hope to buy

22:07 – Investment options

25:38 – Real estate investing

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