The Financial Answer with Nathan O’Bryant

Catching Up As A Late Bloomer In Retirement

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: https://thefinancialanswer.com/podcasts/catching-up-as-a-late-bloomer-in-retirement/ 
 
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).

Critical Estate Planning Mistakes You Need to Avoid

When it comes to leaving behind a financial legacy, not everyone makes it a priority. Those that do, however, need to put an estate plan in place that ensures their assets transfer to the people they choose. Eliminating these common mistakes is an important step in making that happen.
 
Show notes: https://thefinancialanswer.com/podcasts/critical-estate-planning-mistakes-you-need-to-avoid/ 
 
On This Episode: 
0:44 – Recapping the Thanksgiving holiday.
1:28 – In the News: The market dipping some over a French digital tax. Here’s Nathan’s reaction.
3:57 – Confidence Corner – let’s talk about estate planning mistakes.
5:36 – We don’t plan for the foreseen expenses – like healthcare.
7:25 – Here’s how these expenses can really impact your estate.
8:28 – Update your beneficiary designations upon the ‘Five Ds’
11:07 – Many people transfer real estate while they’re still alive but that can cause some issues.
14:49 – We often overlook the tax implications that we’ll leave behind.

Turkey Day Special with Listener Questions

We’re gearing up for one of the great holidays of the year by whetting your appetite with some Thanksgiving fun facts and trivia. In between those holiday nuggets we’ll take listener questions about investment options, Social Security, and tax returns.  
 
Show Notes: https://thefinancialanswer.com/podcasts/turkey-day-special-with-listener-questions/
 
On This Episode:  
0:38 – We’re ready to celebrate Thanksgiving.
1:54 – A little Thanksgiving history
3:09 – Listener question: I’ve been paying off debt aggressively recently and I’ve almost paid off everything. Once I do, I’ll have nearly $5,000 each month to invest and I want to be aggressive to catch up on retirement. What should I do?
5:02 – Should he consider being conservative with that money?
7:23 – Thanksgiving trivia time!
10:39 – Listener question: I retired last month and started my state pension and Social Security. I’d like to work part-time but heard it might mess up my Social Security. Should I work or no?
12:40 – Thanksgiving fun fact: What’s the most common alternative to turkey on Thanksgiving?
15:17 – Thanksgiving fun fact: How much is spent annually on turkeys alone?
16:24 – Listener question: My husband and I have been separated for almost 3 years but haven’t gotten around to a divorce. It’s nice that we’ve been able to file a joint tax return. Any reason to not keep doing what we’re doing?

What Mistakes Do Bad Investors Make?

Whether you’ve been investing for decades or just starting out, there are things you shouldn’t do if you want to be successful. Let’s take a look at the mistakes you’ll commonly find the worst investors making.
 
Show Notes and Additional Resources: https://thefinancialanswer.com/podcasts/what-mistakes-do-bad-investors-make/ 
 
On This Episode: 
1:59 – In the News: What do you think about Elizabeth Warren’s billion dollar tax plan?
6:35 – Confidence Corner time
7:20 – Let’s talk about the worst investors starting with trying to get rich quick.  
9:17 – Operating without a cohesive plan leads to bad investing.  
11:16 – Following the herd mentality rather than thinking independently.
13:09 – A lot of times bad investors focus on the short term rather than long term.
14:26 – Focusing on the areas you CAN’T control.

Welcome to Retirement, Now Don’t Screw It Up

It takes a lot of hard work and dedication to finally be able to step away from working and retire. But the journey isn’t over. You’re just transitioning to the next chapter of life, which is where your mindset completely changes financially. Let’s explore the ways people commonly mess up early in retirement.
 
Show Notes: https://thefinancialanswer.com/podcasts/welcome-to-retir…dont-screw-it-up/ 
 
On This Episode: 
0:38- Getting ready for Thanksgiving.
2:32- Welcome to retirement, don’t mess it up!
3:09- Don’t make any sudden decisions.
4:40- Don’t jump into investments that you don’t understand.
6:41- Work with a professional even after retiring.
8:33- It’s a different mindset once you get into retirement.
11:16- History lesson: 219 years ago Congress met for the first time in the Capitol Building in Washington.

The Final Decade Before Retirement

In the final 10 years before you retire, what do you need to do in order to make sure you’re ready? Do you know the answers to all of these questions?
 
Show Notes: https://thefinancialanswer.com/podcasts/the-final-decade-before-retirement/ 
 
Today's Rundown: 
1:48 - In the News: President Trump changed his residence to Florida for tax reasons.
4:15 - In the ten years leading up to retirement, you need to decide what is important.
6:02 - You need to know your numbers and consider your budget.
9:51 - Get a handle on your healthcare plans for later on. 
12:52 - Understand that your needs will change over time, just like your plan.

Trying To Find The Exception To The Rule When Investing

In anything, there’s always an exception to the rule. With your financial plan, when do you chase that exception and when do you stick with what’s average? Which will be more profitable in the long run?
 
Show Notes: https://thefinancialanswer.com/podcasts/trying-to-find-the-exception-to-the-rule-when-investing/
 
Today's Rundown: 
1:01 - Jim Simons, a mathematician and hedge fund manager figured out a way to have average returns of 66% a year.
4:44 - It’s hard to know how he did so well or to have predicted this success ahead of time.
6:42 - If this was something that could be repeated, everyone would be doing it.
8:04 - Find the advisor that gets you and helps you with your plan.
9:40 - Use your drive and determination to accomplish your goals.
10:58 - Know what to expect in the market.
12:04 - Aim for what you need, before you chase what you think you could get.

Retirement Planning and Halloween

For our final Halloween-themed podcast of 2019 will look at the parallels between the holiday and financial planning. Things like costumes, being scared, and superstitions can all be tied into our retirement plan and that’s exactly what we’ll do on this episode.
 
Show Notes: https://thefinancialanswer.com/podcasts/retirement-planning-and-halloween/
 
Today's rundown: 
1:53 – We’re wrapping up our final Halloween edition with a show on lessons we can take away from the holiday.
2:17 – What’s the best costume Nathan ever wore?
3:11 – The first Halloween concept: When something appears to be something that it isn’t.
4:28 – Does anything scare Nathan on Halloween?
6:41 – When it comes to financial planning, what scares you?
8:48 – Is Nathan or his wife superstitious about anything?
10:06 – Is there anything you see people doing illogically with their money?

Scary Facts About Retirement

In the spirit of Halloween, we take a look at some of the scariest facts about retirement. From savings to the price of healthcare in retirement, these numbers will open your eyes to the realities about retirement and why it can be a challenge for many Americans
On this episode: 
0:52 – Excited for today’s show on scary facts.
3:03 – First scary fact: Congressional tax reform could severely pre-tax contributions to retirement plans.
5:34 – Nathan worries that these changes could hurt individuals because they’ll end up saving less.
6:36 – Another scary fact: A couple expect $275,000 in out-of-pocket medical expenses in retirement.
8:13 – Scary fact No. 3: 68% of Baby Boomers wish they’d saved more for retirement.
10:59 – Scary fact No. 4: 55% of retirees retired earlier than they expected - most of the time due to health issues or a job loss.
12:17 – Scary fact No. 4: 45% of Americans have saved nothing at all.
15:02 – Scary fact No. 5: 20% of Americans with a 401(k) plan take an early withdrawal or a loan against.
16:47 – Email question: Listener only has about $20K left on his vehicle until he is debt free and is considering taking money out of his 401(k) to pay that off. Is that a good idea?
18:48 – Scary fact No. 6: According to Social Security, only 77% of benefits will be promised being in 2034.
21:18 - We have to make sure we have investments that are outpacing inflation in retirement.
Show notes and additional resources: https://thefinancialanswer.com/podcasts/scary-facts-about-retirement/

Halloween Spending and Retirement

Halloween is rapidly approaching and it’s a holiday that generates a lot of spending in our country. We’ll take a look at the numbers behind the holiday and how it impacts our economy. Of course it will all tie back into retirement planning and BOOdgeting budgeting
On this episode: 
0:47 – Nathan is back from vacation.
1:47 – Halloween is approaching so that’ll be the theme for the show.
3:23 – We have seven facts that show how Halloween boosts the economy.  
4:33 – How much we spend on average on Halloween and how much that adds up to.  
5:19 – 2018 we saw fewer people celebrating but a higher average spend.  
5:57 – The average American says they don’t have enough in savings to cover a $500 emergency yet we set aside $100 for Halloween.
7:19 – The top five candies.
8:45 – Make sure you think about your plan when you’re budgeting for holidays.
10:53 – Do you recommend clients practice budgeting for retirement before they get there.
12:28 – You’ll have to adjust your budget in retirement because of inflation and other factors.  
Show notes: https://thefinancialanswer.com/podcasts/halloween-spending-and-retirement/