The definition of an “Outlier” is: “A person or thing differing from all other members of a particular group or set.” Our definition of a “Retirement Outlier” is: “Someone who didn’t save using traditional retirement accounts and/or ability to save was thwarted by life events.”
Are you an Outlier? Did you invest your retirement savings in your business? Real estate? Inherited accounts? Government retirement plans? Education plans? Do you have a dependent adult child who will need your assistance indefinitely? Did you have to use your retirement accounts for a personal crisis, which forced you to “start over” later in life? In this episode Dennis Prout and Shea Petaja discuss the Outlier concept and their ideas.
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
The Wall Street Journal just published a great article, "The Biggest Surprises in Retirement," that resonated so deeply with us because these are the real-life stories we hear every week. Listen to this week's show as Dennis Prout and Shea Petaja discuss the surprises in retirement as noted in this article.
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.
Kiplinger keeps knocking it out of the park with its articles on preparing you for tax season. As you know, some forms of income are taxed going in and some while going out, and some get taxed on both ends. Oh, and that moving target called your "tax bracket", which more than likely changed once your retired? Dennis Prout and Shea Petaja talk about these subjects in this weeks podcast.
While some tax deductions are obvious, others aren't. Kiplinger just released its "23 Most Overlooked Tax Deductions" list, and in this episode Dennis Prout and Shea Petaja go through them one by one. Also joining Dennis and Shea in this show is Prout team member, Shelly Osborne, who has experience in tax preparation and will answer many questions.
Using your retirement savings for something other than its specified purpose is possible, but it needs to be done with care. Dennis says, "Most of us don't plan on needing money early, but if we do, how do we draw the funds? How do we avoid penalties involved? What strategies do we employ if we've been let go from a company, have unexpected health issues or college costs? Or what if we need extra income on a monthly basis if one spouse retires early?" Listen as Dennis Prout and Shea Petaja discuss which accounts to draw from and how to draw money early. Whether it's an unexpected emergency or an early retirement, there is, in fact, a method to the madness.
Folks either survived or thrived in 2016. This year we have a new administration in the government, unusually low interest rates and a shocking rise in the stock market toward year-end. The pessimist in all of us says, "What goes up, must come down". The realist in us says, "Get the facts. Information is power." The optimist says, "Regardless of what's going on, I have control". In today's show Dennis Prout and Shea Petaja speak to the inner pessimist, realist and optimist by answering 10 Economic Forecast Questions.
For a business owner most of their investments may be in their business, which could be the single largest asset of their net worth. In today's show, Dennis Prout interviews Tim Cartwright, Partner at Fifth Avenue Advisors in Naples Florida. Tim manages Fifth Avenue's subsidiary business, Compass Advisory Group, which is a mergers and acquisitions consultancy that helps entrepreneurs and families sell their business to create liquidity. As a sell-side advocate, Tim will dispel the fear and mystery in mergers and acquisitions.
In this episode Dennis Prout and Shea Petaja review the Five Year-End Mistakes You Won't Want to Make, along with financial goal setting.
According to MarketWatch, the No. 1 regret of older Americans is not saving early enough for retirement. Their second biggest regret is not saving enough for emergency expenses. In this episode Dennis Prout and Shea Petaja give you strategic tips to motivate you to save more regardless of what age you are.
This show highlights specific regulations that are for the military and Dennis Prout speaks to the immediate economic outlook considering our newly elected President.
This show will discuss the emotional side of estate planning from both the parents and the childrens perspective. Dennis Prout and Shea Petaja will outline parameters that will help you decide more clearly what is in fact, "fair".
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.