December 26, 2019
There’s plenty of misinformation and rumors in the world of Social Security and that might cause a little anxiety when it comes time to claim your benefit. On this show, we’ll look to clear up the top 5 misunderstandings about Social Security.
Show Notes and Additional Resources: https://principalpreservationservices.com/top-5-biggest-social-security-misunderstandings/
1:19 – What goals does Mike have for the company in 2020?
2:22 – Reflecting on 2019
3:30 – In the News: A baggage handler at an airport in Nevada was giving financial advice to more than 900 people and even charging them a fee before the SEC charged him with fraud.
5:36 – Moving into our main topic today on Social Security misunderstandings.
6:05 – No. 1: Social Security is going broke.
8:09 – No. 2 and 3: Some people say you need to start as early as possible while others say delaying as long as possible is the best strategy.
9:52 – No. 4: The Social Security Administration office will help you determine the best strategy for claiming your benefits.
13:07 – No. 5: Assuming that you don’t have to pay any taxes on your Social Security.
15:26 – Getting to Know Mike: What do you do to relax after a long day or a long week of work?
December 19, 2019
Not everything goes as planned when it comes to your financial life, but how will you respond to difficult situations? We’ll look at some negative circumstances that many retirees and pre-retirees face and help you find the silver lining.
Show Notes and Additional Resources: https://principalpreservationservices.com/finding-the-silver-lining-in-4-challenging-financial-situations/
On This Episode:
1:19 – What’s happening around the office during the holiday season.
3:38 – Let’s talk about the difficult situations we sometimes face and how to find the silver lining.
4:01 – First situation: Your company forces you into an early retirement.
7:04 – Second situation: You find out your insurance premiums are going up.
9:34 – Third situation: Your company is doing away with pensions.
11:54 – Fourth situation: Your company gets bought out and you have to get used to new management.
14:28 – Mailbag question: I’m selling one of my rental properties in a month or two and don’t plan to buy another one. What’s the best thing to do with the money from that sale?
17:25 – Mailbag question: Are there really no tax obligations to rolling over my 401k?
December 12, 2019
Not everyone wants to leave a financial legacy behind, but for those that do, it’s important to eliminate the common estate planning mistakes. We’ll identify five key missteps that people make when building and managing an estate plan so that you’ll be able to leave exactly what you want to the people that mean the most to you.
Show Notes and Additional Resources: https://principalpreservationservices.com/5-critical-estate-planning-mistakes-to-avoid/
On This Episode:
1:20 – It’s been a busy but great year.
2:22 – Today our topic is avoiding estate planning mistakes.
2:45 – Mistake 1: Failing to plan for expenses that can be foreseen like healthcare.
4:30 – Mistake 2: Failing to update beneficiary designations.
6:18 – Which accounts should you be starting with when you go back to update beneficiaries.
7:34 – Mistake 3: Failing to take those steps to avoid conflict among heirs and family members.
11:01 – Mistake 4: Transferring your real estate while you’re still living instead of at death.
13:56 – Mistake 5: Not considering the tax implications of your estate.
December 5, 2019
With all of the things in the financial world that you can’t control, why would you sabotage your own retirement by messing up the thing you can control? It’s time to discuss the ways in which people damage their retirement and hurt their long-term financial health.
Show Notes and Additional Resources: https://principalpreservationservices.com/these-mistakes-could-sabotage-your-retirement/
On This Episode:
1:32 – Mike gives us an update on his daughter’s wedding.
2:31 – In the News: Social Security Administration announced a 1.6% cost of living adjustment on their monthly benefits in 2020. Is this a big deal?
4:18 – Our main topic today is sabotaging your own retirement.
4:35 – Obsessing about the short term ups and downs of the market.
6:04 – Choosing to start Social Security at the wrong time.
7:29 – Mike shares a client story about Social Security benefits timing.
8:21 – Not planning for nursing home care.
9:57 – Underestimating how much money you’ll need in retirement to fund the lifestyle you want to have.
12:01 – Not funding your retirement accounts enough.
12:45 – Pulling money out of your retirement accounts early to help your children or grandchildren.