The Financial Answer

Financial planning guidance from West Tennessee’s Nathan O’ Bryant.

Coronavirus Aid - What You Need to Know About the CARES Act

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With stay at home orders continuing for the foreseeable future, the government passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide relief for individuals and businesses. Today we’ll look at the specific items that impact retirement, financial planning, and small businesses.


Read more and get additional resources here: 


Today's rundown: 

1:30 - We’re talking about the CARES Act today and what it means.

3:13 - Let’s start with the retirement portion. No RMDs for 2020.

5:47 - If you need to pull money out of 401k or IRA, there’s no penalty for early withdrawal.

7:43 - Now is an important time to be in touch with an advisor to reassess your plan and see what you can be doing. 

11:03 - Stimulus payments

14:24 - For small businesses, there’s a payment protection program.

15:52 - Who can apply for this relief?

17:05 - Here’s what we do know about this aid for small businesses.

18:26 - Details on what payroll costs consist of.

20:27 - Details on the forgiveness policy on these loans.

22:50 - The stimulus check is a one-time payment right now

24:18 - How long until things get back to normal?

25:34 - What are the conversations like with clients right now?

Coronavirus Market Update + What’s Next

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We’re all dealing with the affects of the coronavirus to financial markets around the globe and it’s a challenge to keep up with all the news updates. We’ll try to bring all the key pieces of information as Nathan together on this episode as we head into the final week of March. Plus we’ll discuss what could be next and what type of rebound we could see. 


Read more and get additional resources: 


Today's rundown: 

2:06- We are doing some in-person meetings but also utilizing technology for virtual meetings.

3:19- Nathan shares an awesome phone call he got this week from a client.

5:55- Despite the rapid market drop, clients have stayed pretty calm through it all so far.

6:33- Selling now is the worst decision you can make.

7:30- Many analysts feel it could be a v-shaped or u-shaped rebound.

9:18- How does the bucket strategy fit into planning right now?

13:45- Nathan tells the story of his friend flying into Nashville this week.

14:55- How do we move forward from this?

16:37- Are they closing in on a cure?

19:35- Nathan says he’s never seen a market bounce like we’re witnessing now.

21:01- It’s so important to have a plan now and moving forward.

22:56 - Are we in a recession?

26:28 - One thing that hasn’t change is companies are still driving to make a profit.

Coronavirus: What Pandemics Often Do To The Market

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Are you worried about how coronavirus might impact the market or your financial plan? Let’s look at several past epidemics to see what the market has done historically.


Read more about the topic and get additional resources: 


Today's show rundown: 

1:25 - All pandemics affect the market.

3:19 - Coronavirus is definitely having an impact on the world right now.

5:00 - SARS caused a drop in the market, but it was back within a few months.

7:09 - Ebola affected the market for about eight months.

11:43 - Swine flu caused a dip on top of the market downturn we were already experiencing in 2009.

13:02 - DOW Jones market data shows that things rebound within six months.

15:20 - The Spanish flu killed millions in 1918, but the market only declined 10 percent.

Inheritance 101: Everything You Need to Know

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Whether you’re trying to build an estate plan or deciding how to invest an inheritance, there are some things you need to be aware of. Let’s look at inheritances from both sides and identify the common mistakes being made, how the SECURE Act changes planning, and Nathan’s own experience with inheritances.


Show notes and additional resources 


Today's rundown: 

1:26 – Fun fact for the show: 90% of Americans live within 10 miles of a Walmart.

2:51 – Today we’re talking Inheritance 101 and how the SECURE Act impacts that.

3:15 – What do people need to know about tax implications of inheritances?

5:01 – What are the major changes in the near future for people inheriting money?

6:16 – With the elimination of the Strech IRA, that really targets the children.

7:04 – Nathan had his own inheritance that was grandfathered in.

8:17 – Roth conversions might be great for some and not for others.

8:48 – What are some common mistakes Nathan sees people make with their estate?

9:51 – Leaving land and farms is a very common thing here and it can cause problems with children.  

11:25 – You need to be having conversations with the family and make plans ahead of time.

12:16 – What are some common mistakes for people on the receiving end of the inheritance?

13:17 – Nathan shares a client story about someone that received a $250K inheritance at 27 and it was gone within the year.

15:22 – If you receive an inheritance, what are the first steps you should take?

17:51 – Email question: My son graduated from college and his grandfather gave him $10,000 for a gift but it can only be used for investing. My son has asked me what he should do with it but I don’t know what to tell him. Thoughts?

How Often Does a Financial Advisor Answer These Questions?

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How often do advisors see certain situations? Are you alone in your questions or are they common scenarios?


Show notes and additional resources: 


Today's rundown: 

2:25 - In the News: Former Wells Fargo CEO John Stumpf to pay millions in fines.

3:38 - How we respond to the market recently taking a bit of a dip, in part with the Coronavirus.

5:16 - How often do people ask, “Can I retire tomorrow?”

6:20 - How often do clients go against the advisor’s advice?

9:16 - It’s good to challenge advisors to understand the reasons for their financial advice.

9:49 - How often does a client cry?

11:23 - How often does a client say they need a million dollars before retiring?

13:48 - Mailbag: Should I sell my rental properties to pay off debt?

Understanding The SECURE Act

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Are you right on the edge of taking RMDs and wondering what the recent changes due to the SECURE Act mean for you? We’ll explore the difference a few months could mean when it comes to taking RMDs under the new SECURE Act.


Show notes and additional resources: 


Today's rundown: 

1:35 - The SECURE Act passed but is still a bit confusing when it comes to RMDs.

2:21 - Let’s play: This or That?

3:19 - What’s the difference between being born at the beginning of the year and the second half of 1949 for RMDs?

7:07 - Fun fact: IRA and 401(k) rules were started in 1974, the same time Billy Joel and Bruce Springsteen started their careers.

8:43 - Make sure you check with your advisor to avoid the penalty of being wrong on your RMD age.

11:46 - Upcoming class: Retirement Planning Today will be held on February 4th and 11th.

5 Biggest Storylines of 2020: Will They Matter Financially?

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We’re already off to a busy start for 2020 and it doesn’t appear like the news will slow down anytime soon. Let’s look at the biggest anticipated storylines for this year and find out whether or not they will matter when it comes to your retirement planning.


Show notes and additional resources: 


Today's rundown: 

1:11 – The Dow has surpassed 29,000.

2:27 – How much will the headlines and storylines of 2020 impact the market?

2:58 – The 2020 election

4:36 – What does history tell us about election years?

6:31 – Depending on who gets elected, taxes could be impacted.

7:44 – Does it matter: Stock market returns over the next 12 months?

9:24 – Always be investing based on your time horizon.  

10:24 – The trade war with China: how much will it matter?

12:26 – The health insurance marketplace: does it matter?

14:27 – The final one: the future of Social Security.

New Year Financial Checklist for 2020

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You’ve made it through the holidays, laid out your new year resolutions, and now it’s time to check in on your retirement plan. January presents another opportunity to get your finances in order and we have a checklist of items to look into for 2020.


Show notes and additional resources:


Today's Rundown: 

2:48 – Let’s talk about a checklist of items to be thinking about as the new year begins.  

3:34 – Figure out how the SECURE Act affects you.

5:53 – The Stretch IRA

7:55 – What else do you see from the SECURE Act that people need to be aware of?

8:31 – Another big change is annuities inside 401(k)s.

10:24 – What about the new W4 form?

11:28 – Any changes to contributions? This is the time of the year to be looking at these.

12:24 – It’s the time of the year to start getting all your tax info together.

14:01 – Really it’s just paying attention to your overall financial health.

Are You Sabotaging Your Own Retirement With These Mistakes?

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There are so many aspects of our financial life that we can’t control so why would we fail to take care of the things we can? Today we’re going to look at the mistakes people make that hurt their financial health and explain what you can do to avoid them.


Show Notes and Additional Resources:


Today's Rundown: 

0:38 – We’re getting ready for the holidays.  

2:32 – The market rebounded to over 28,000. What news is impacting the market?

5:11 – Today we’re talking about self-sabotaging our retirement.  

6:05 – First thing we do is obsess over the short term ups and downs of the market.

9:58 – Taking Social Security as early as possible could cost you a lot of money.

11:41 – We look at Social Security on its own but determine what claim works best for you.

12:54 – Pretending like long-term care or nursing home care isn’t going to impact you.

15:41 – We don’t honestly evaluate how much money we need for the lifestyle we want to have in retirement.

17:10 – The last thing we do is assume we’ll always love our job and nothing will change that.

Catching Up As A Late Bloomer In Retirement

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What can you do if you feel a bit behind the curve when it comes to retirement planning? Is there still time for your retirement funds to blossom into the future you’re hoping for?


Show Notes and Additional Resources: 


Today's Rundown: 

0:54 - What it means to be a late bloomer.

3:03 - Catch-up contributions allow you to save more once you turn 50.

4:38 - Take the adult kids off the family payroll.

7:35 - Disappearing debt can help lighten the load.

9:56 - Downsizing the home will free up funds (and time).

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