Smart Money Questions

Is It Worth Getting Out of An Annuity With High Fees?

Are you feeling stuck in an annuity? Do you have big plans to travel in retirement? Matt answers these questions and two others on today’s podcast.  
 
Read more and get additional financial resources here: https://wp.me/p9B077-L0 
 
Today's show schedule: 
1:01 - We’ll talk about four questions today.
2:56 - If a variable annuity has high fees but a high penalty to get out, what should you do?
8:25 - With travel plans in retirement, do you need more income than in your working years?
13:38 - Should your advisor be talking about life insurance, Social Security, and legacy plans?
15:28 - What kind of planning does Matt do?
18:44 - Should you pay off the house or rental property with a money market account?

Mortgage Rates and HSAs

Are you looking at the mortgage rates right now and considering making a home purchase or refinancing your home? If so, what do you need to know beforehand? Matt will also tackle a discussion of whether you should have a Health Savings Account.
Show Notes, Resources & Contact Info:
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Timestamps:
1:22 - Today we’re going over mortgages and HSAs.
4:17 - Mortgage rates have dropped to historic lows.
8:18 - What is a cash out refinance and rate and term refinance?
9:30 - What requirements are in your loan?
11:11 - How does a variable rate work?
12:27 - What are the closing costs?
15:55 - Are you eligible for any discounts?
17:20 - Make sure you understand what you are getting into.
20:01 - How is the bank expecting you to pay back a home equity line?
20:40 - A home equity line of credit can be very valuable when needed.
21:42 - What is a Health Savings Account?
23:31 - Qualified medical expenses can be paid out in the future, tax-free.
24:49 - How does Matt use his HSA?
26:15 - What are the drawbacks?

What To Know About Becoming a Consultant

Are you considering working as a consultant or independent contractor? What does that mean for your finances and what should you prepare for ahead of time? We’ll answer those questions plus talk about trusts on today’s episode
 
Read more and get additional financial resources here: https://wp.me/p9B077-KL 
 
Today's show schedule: 
0:30 - Matt shares his excitement for the hope of reopening when the time comes.
1:40 - What would it look like to come back to work as a consultant?
5:17 - Does it make sense to go from being retired to becoming a consultant?
6:31 - What expenses will you incur?
8:03 - What kind of expenses could be considered a write-off?
9:04 - How will you be paid?
10:09 - Does it make sense to set up an LLC or corporation?
11:47 - What kind of liability are you subjected to?
15:04 - Mailbag: Is it wise to have a trust as a part of a financial and estate plan?

Mark Twain, Traditional IRA vs. Roth and Other FAQs

Where is your retirement money saved? Will it benefit you more now or later? On this episode of Smart Money Questions, Matt answers several FAQs when it comes to your retirement accounts as well as another question about inheritance plans. 
 
Read more and get additional resources here: https://wp.me/p9B077-KD 
 
Today's show schedule: 
0:30 - Philadelphia is moving into the next phase of reopening.
1:54 - “Suppose you were an idiot and suppose you were a member of Congress…”
5:05 - What is a qualified retirement account?
7:18 - What is a Roth IRA or Roth 401(k)?
9:34 - What happens if the tax rate gets raised?
11:36 - What are the contribution limits?
13:12 - What is a Roth conversion?
17:29 - Mailbag: Should the anticipated sum of an inheritance be talked about or a surprise?

Listener Questions: Diversification, Retirement Savings & More

In today’s episode of Smart Money Questions, Matt answers a number of questions from listeners. From saving enough for retirement to claiming Social Security, we will talk through several scenarios listeners are currently facing.
 
Read more and get additional financial resources here: https://wp.me/p9B077-Ku 
 
Today's show schedule: 
0:38 - We’re about to kick off summer with the holiday weekend.
4:48 - Mailbag: I have 33 different funds, is that adequate diversification?
8:20 - What is your underlying asset class?
10:29 - Mailbag: Based on my age, am I saving enough?
15:18 - Mailbag: Can I start my Social Security benefits and still earn an income?
18:37 - Mailbag: I just inherited a large unexpected sum of money, what should I do?

Be Aware of the Latest Frauds

Have you heard of some of the latest frauds? The more you know, the better you can keep safe from being fooled by a fraud. We'll also talk about staying positive and maintaining your well-being before addressing some inheritance questions. 
 
Read more and get additional financial resources here: https://wp.me/p9B077-Kp 
 
Today's show schedule: 
0:33 - How is everyone making the best of the last six weeks? 
4:22 - How can you have a glass half full mentality?
9:09 - Make sure to be aware of the frauds happening right now.
12:57 - Be extra diligent with communication in regards to your stimulus check.
14:11 - Are your emails from credible sources?
16:23 - Navigating the complications of an inheritance takes a team of professionals.

What You Need to Know About the CARES Act

Are you wondering what the CARES Act is all about and how it might benefit you? What rules should you be aware of? Matt will share the key elements you should be aware of when it comes to the CARES Act in times of coronavirus.
 
Read more and get additional resources here: https://wp.me/p9B077-Ki 
 
Today's show rundown: 
3:09 - What is the CARES Act doing with RMDs?
5:52 - Can you still make qualified charitable distributions?
7:24 - What does it mean for charitable contributions?
9:07 - If you are under 59 and a half, what happens if you want to take money out of your retirement account?
12:58 - Who gets a stimulus check?

Staying Financially Sane During This Crisis

Coronavirus has already impacted all of our lives, be it through social distancing or through the stock market. How can you think strategically and stay level-headed financially?
 
Read more and get additional resources here: https://wp.me/p9B077-Ka 
 
Today's rundown: 
1:13 - What is our new normal going to look like?
3:58 - What’s happening in the market?
8:06 - Everyone wants to know, am I reacting the way everyone else is reacting?
11:25 - Where are you in your financial life?
17:03 - If you are contributing into a retirement plan, do not stop!
18:18 - What if you haven’t done any planning?
22:23 - Do not take your financial advice from the media.

Paying For College In Retirement

It is no secret that college tuition is expensive and many parents want to help out their children pay for a higher education. But is it worth risking your retirement? Today we will look at the factors that parents should consider when paying for their child's education. Especially for those parents that are near, or in retirement. We also answer a question from a listener who is looking to sell their farm for a little under a million dollars and does not know where to invest the money.
 
3:25- What do you do when your ready to retire and the kids need to pay for college.
5:53- How to prioritize saving for retirement and paying for college.
7:59- Matt gives a tip to save money for college. 
10:00- What to look for when picking a school.
15:30- What you need to analyze before entering retirement. 
19:48- How much long term care coverage is recommended.
26:28- Is the benefit payout an expense or an indemnity benefit? How will this affect retirement. 

Coronavirus and Protection Of Assets For Long Term Care

The outbreak and spread of the coronavirus has caused a bit of a panic in the market in recent weeks. We'll talk about how these events should affect your investments, short-term and long-term. We'll also take a look into some important strategies for protecting your assets from the state if you were to move into a nursing home.
 
2:40- How the market has reacted to the coronavirus and the history behind similar events.
3:39- There is going to be increased volatility during this time in the market, Matt explains how your investments are affected.
6:40- Markets go down, but it is important to not let fear drive financial decisions. 
9:02- What needs to be done to protect assets for long term care. 
9:58- Tings to consider before finding care and protecting assets.
12:15- Not all financial assets are the same, which means they need to be protected in different ways.
16:43- Matt explains the look back period the government uses when you start moving assets to other vehicles of ownership.