In this episode, Dennis Prout and Shea Petaja discuss the cha-cha-changes of 2018 to your Social Security, 401(k) plans and Roth IRAs. They also discuss the contribution limits for all retirement plans. Perhaps this information will give you better parameters for your financial resolutions this year.
Investopedia has created a checklist to consider before making that decision to retire early. In this episode Dennis Prout discusses these list items to include:
1. Your Debts Are Paid Off
2. Your Savings Exceeded Your Retirement Goals
3. Your Retirement Plans Don't Have an Early Withdrawal Penalty
4. You Healthcare is Covered
5. You Can Currently Live on your Retirement Budget
6. You Have a New Plan or Project for Retirement
Join Dennis Prout and Shea Petaja as they discuss another one of Ed Slott's Articles, 10 Things Every Advisor Must Know When a Spouse Inherits and IRA.
Have you heard the story of the twin brothers who ended up in two extremely different places in life? One was wildly successful and the other couldn’t stay out of jail. When the successful brother was asked, How did you become so successful? he replied, With a father like mine, what would you expect? When the troubled brother was asked the same question he replied, With a father like mine, what would you expect? Their father was an abusive alcoholic whose behavior had a lasting impact on the decisions his sons made. What was the difference between the two? What type of person are you? What does this have to do with financial planning? Everything. The ability to persevere in the face of adversity is what makes or breaks us. We live in the tension of having the big-picture dream in one hand while managing the constraints of day-to-day living in the other. Our upbringing influences our beliefs about money and what we deserve in this life. Join Dennis Prout and Shea Petaja as they dig deep into the 7 Qualities that lead to perseverance as written by Forbes contributor Megan Bruneau and how this can help you with financial success and setbacks.
Nationally, 1 in 6 people receive a Social Security check. That’s 60 million people! Without Social Security, 50% of seniors would fall below the poverty line. Is Social Security a BIG DEAL in retirement? YOU BET! Bob Simpson has been with the local Social Security office for 31 years. During his career, the resounding theme has been PLAN! PLAN! PLAN! When most people look at their Social Security payout they say, What? How am I supposed to live on that? Bob’s response is, You’re not supposed to. It’s meant to supplement what you’ve already done to save and invest. He continues by saying, Everyone is an individual, there’s no one right plan for anyone. Dennis Prout and Shea Petaja discuss how Social Security impacts retirement planning and talks with Bob about 10 Social Security Tips you should know.
According to U.S. Census data, the majority of 18-34 year olds are living with their parents (31.5% to be exact). Pew Research discovered that of those aged 25-34 living with parents, a "large majority say they're satisfied with their living arrangement (78%) and upbeat about their finances (77%)". Longevity, shifting job markets and delay in marriage have contributed to these statistics, and they aren't all bad, they're just different. Somewhat unsettling is the dependence of adult children on their aging parents for financial support and housing. Dennis Prout and Shea Petaja discuss an advisor's fiduciary responsibility in caring for clients and their long-term desires. As clients age into retirement, they may face difficult challenges and be forced to face the relationships they have with their children.