Smart Money Questions

Paying off a Mortgage, Emergency Funds and Surviving Spouse

We’ve had many conversations with clients about the subjects we’re talking about today – paying off your mortgage early, emergency funds and how to help a surviving spouse. You’ve probably had similar questions in your own life, so let’s dive into these important topics.
 
Read more and get additional financial resources here:  http://smartmoneyquestions.com/podcastposts/episode-156-paying-off-a-mortgage-emergency-funds-and-surviving-spouse/ 
 
What we discuss on this episode: 
2:10 – Paying off mortgage
5:23 – Emergency funds
8:38 – Surviving spouse

The Fear of Spending Money in Retirement

We read an article recently that made the argument that you need to spend more to have a better retirement. This is something we discuss with clients once they transition from working to retirement. It helps them understand that we’ve done the planning and it’s OK to spend the money. Today, we’ll explain how you can get over the fear of spending. 
 
Read and get additional financial information: https://smartmoneyquestions.com/podcastposts/fear-of-spending-money/
 
What we discuss: 
3:22 – Spend more money
5:17 – The fear
8:43 – Three areas of budgeting
11:39 – Spending years
13:21 – Investments and distribution
 

Q&A: Starting a Business and Dave Ramey’s Advice

Today we’re answering questions we received from listeners and clients. Up first, a woman wants to take out a loan to start a cake business. Where should that money come from? And finally, do we agree with Dave Ramsey’s advice about not investing while in debt?
 
Read more and get additional financial resources here: http://smartmoneyquestions.com/podcastposts/episode-154-qa-starting-a-business-and-dave-rameys-advice/ 
 
What we discuss on this episode: 
3:12 – Starting a business
9:18 – Dave Ramsey advice

What to Know About Accumulation vs Decumulation

On today’s episode we’re talking about accumulation versus decumulation. People are used to saving money for retirement, but are you prepared for what happens when you actually retire?
 
Read more and get additional financial resources here: https://wp.me/p9B077-O6 
 
What we discuss on this episode: 
4:42 – Accumulation vs. decumulation
7:23 - Stocks
10:02 – Budgeting
11:42 – Risk buckets
16:32 – Disability insurance
18:01 – Life happens

Should I Downsize My House in Retirement?

Rick recently wrote in and wanted to know if he should downsize his house. He has an emotional attachment to it, so it’s a tough decision. We’ll walk you through the decision-making process in tough deliberations like this.
 
Read more and get additional financial resources here: http://smartmoneyquestions.com/podcastposts/episode-151-should-i-downsize-my-house-in-retirement/ 
 
What we discuss on this episode:
0:57 – Protecting your personal information
3:54 – Downsize?
7:33 – Own or rent?
8:37 – Client was done with homeownership
10:37 – Taxes
11:50 – Coming to conclusions
14:04 – Answering questions

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

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

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

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

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

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