Smart Money Questions

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

Q&A About Long-Term Care, Car Leases and Social Security

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Today we’re answering your questions about long-term care options, leasing a car and Social Security. If you or anyone you know is struggling with decisions about these topics or just wants to learn more, today’s show is for you. 

 

Read more and get additional financial resources here: http://smartmoneyquestions.com/podcastposts/episode-157-qa-about-long-term-care-car-leases-and-social-security/ 

 

What we discuss in this episode:

2:54 – Long-term care

11:05 – Car lease

15:37 – Social Security

Paying off a Mortgage, Emergency Funds and Surviving Spouse

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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

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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

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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

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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?

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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?

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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

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