The Financial Answer

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

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).

Critical Estate Planning Mistakes You Need to Avoid

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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: 


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:


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: 


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:…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: 


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.

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