Smart Money Questions

Difference Between W2 and 1099 Workers in Retirement

If you decide to scale back your work or keep working during retirement, what kind of employee should you be? We’ll explain the differences between W2 and 1099 workers and how that could affect your finances.
 
Key Topics on This Episode: 
4:50 – Scaling back workload
6:24 – W2 vs. 1099 worker
9:39 – Contributions
11:38 – Payroll taxes
13:48 – Buying real estate
16:18 – Property management
17:22 – Where to buy
18:50 – Long-term investment
 
Want to learn more about financial planning? Visit us online ---> http://smartmoneyquestions.com  

Client Money Questions - 401ks, Risk and Rate of Return

Today we’re sharing questions and scenarios we’re hearing in our office, on the phone and on zoom calls with clients. We’ll also share some planning we did for a client four or five years ago and where they are today in retirement.
 
Key topics on this show:
4:43 – Aggressive 401ks
7:59 – Other options
11:00 – Know where your money is
13:51 – Risk
15:29 – Rate of return
16:27 – COLA
 
Want to learn more about financial planning? Visit us online ---> http://smartmoneyquestions.com  

Mid-Year Financial Review Checklist

It’s hard to believe, we’re already halfway through 2022. Before you know it, it’s going to be Thanksgiving and then the end of the year. Now is a good time to be considering your finances and planning for your taxes.
 
Key topics on this episode: 
2:42 – Roth conversions
6:13 – Personal changes
8:19 – Review investments
10:11 – Tax diversified
11:09 – Review debt
12:59 – Budget
14:02 – Emergency funds
14:32 – Legal documents
 
Get additional resources online: http://smartmoneyquestions.com 

What Opportunities Are Available When Markets Are Down?

The markets have been heading down, but this is one of the most critical times for investors to stay disciplined. Markets will go up and they will drop, and we’ll explain why you have to be prepared to stay the course and find opportunities.
 
Read more and get additional financial resources here: http://smartmoneyquestions.com 
 
What we discuss in this episode:
3:35 -  Don’t panic
4:14 – Tax-loss harvesting
5:51 – Tax buckets
8:46 – Roth
12:00 – Your investment mix

Target-Date Funds and Leasing vs. Buying A Car

Is your 401k invested using target-date funds? If so, you could be getting hit harder during these tough economic times. We’ll explain why. We’re also talking cars in this episode and our thoughts on leasing versus buying a new or used car.
 
Read more and get additional financial resources here: http://smartmoneyquestions.com 
 
What we discuss in this episode: 
3:20 – Wall Street Journal
9:38 – Investment options
12:14 – Leasing vs. buying cars
13:32 – Coming to the end of a lease
16:32 – Buying a car

Retirement Statistics: How Do You Measure Up?

A recent study found that the average American needs to save $1.04 million for a comfortable retirement. That’s one of the many fascinating statistics shared in the study. Join us as we share more of the findings and talk about how most retirees stack up.
 
See the statistics: https://www.annuity.org/retirement/retirement-statistics/ 
 
Read more and get additional resources here: http://smartmoneyquestions.com 
 
Listen for these key topics: 
2:37 – Savings expectations
7:15 – Delaying retirement
9:41 – Increasing savings
10:16 – Social Security
14:07 – Health care
15:26 – Where will you live?

Should You Pay Off Debt With a 401k Loan?

Should you take out a 401k loan to pay off your debt? And does it matter what the kind of debt is? Today we’re going to tackle this common question and more to help you figure out your finances. 
 
Read more and get additional financial resources here: http://smartmoneyquestions.com 
 
Listen for these key points: 
2:20 – 401k loans
5:16 – Exhaust other options
10:05 – Selling property

Spending More Money in Retirement Than You Make

If you’re getting close to retirement, you may be envisioning what that next chapter will look like. A question that always comes up is how much money will you need to make? Some people feel like they should be bringing in more money during retirement, but is that smart? Let’s dive into that discussion on today's episode.
 
What we discuss on this episode:
2:27 – Bucket list years
5:40 – Where’s the money?
6:57 – After bucket list years
8:39 – Go through the process
9:15 – Medicare
 
Read more and get additional financial resources here: http://smartmoneyquestions.com 
 

Answering Your Life Insurance and Business Questions

Today we’re answering a few of your questions about financial planning. Should a dentist sell his building and his business? What should you do with life insurance money? We’ll discuss these topics on the show.   
 
Read more and get additional financial resources here: http://smartmoneyquestions.com 
 
What we discuss in this episode: 
3:24 – Renting building
6:29 – Investing cash
9:43 – Life insurance
12:53 – Moving forward

Murky Areas of Retirement Planning

We came across an article about murky areas people don’t have clarity on when it comes to retirement planning. We’ll explain what those are and how to make sure you understand your retirement plan.
 
Read more and get additional financial resources here: http://smartmoneyquestions.com 
 
What we discuss in this episode: 
3:02 – USA Today article
4:13 – Inflation
6:55 – Social Security
9:00 – Withdrawal rate
13:21 – $1 million
14:43 – More murky areas
16:56 – Long-term care
19:48 – 401k investment options