The Financial Answer

Is Retirement Planning Harder Than It Used to Be? Part 1

We’ve all heard our parents or older generations say, “Well, back in my day…” Some things that were harder in the past have been eased with technology and other advances. But other things have become overcomplicated or more difficult. Today, we talk about the ways retirement planning has changed and potentially gotten more challenging than it used to be.  
 
Here’s some of what we discuss in this episode:
Career patterns have changed with job stability and company loyalty.
We have to rely on personal savings.
The housing market has not been as stable.
Simplicity in investing is lacking.  
Higher interest rates at the moment.
 
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The Power of Delayed Gratification

We’re living in a fast-food world, but sometimes it’s worth waiting for the good stuff. Making financial sacrifices can be hard, but today we talk about when the delayed gratification is worth it. From saving for your future to having what you need in retirement, you’ll want to be strategic about your money.
 
Here’s some of what we discuss in this episode:
Passing on the 401(k) match.
Leveraging your Roth.
Once you’re retired, do you need an emergency fund?
Cashing out a retirement plan.
 
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Inheritance FAQ

More and more people are getting an inheritance these days. In today's show, we answer some of the common questions people face when receiving, or planning on one day receiving, an inheritance. Hearing these questions may help you prepare ahead of time for a smooth transition of assets when the time comes.
 
Here are some of the questions we discuss in this episode:
Should mom sign the house over to me when she dies?
What is a step-up in basis?
Can I update my late spouse’s beneficiary to be me instead of his ex?
What do I do if I’m the only family member who wants to keep the land inherited?
 
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Financial Stocking Stuffers

As we near the holidays, you might be scrambling for last-minute gifts and preparing for a festive celebration. For many of us, the gifts in the stocking cover a range of everything from practical to absurd. Today, we talk through some of the fun financial things you might want to stuff in your metaphorical (or literal!) stocking.
 
Here’s some of what we discuss in this episode:
What about cryptocurrency?
What about stocks in the stocking?
What practical financial item should you consider?
What does everyone need but nobody wants in their financial stocking?
 
For more, visit us online: http://thefinancialanswer.com 

Financial Planning with Classic Christmas Songs

‘Tis the season for a bit of holiday cheer! What can we learn about financial planning from some classic Christmas songs? These tunes we sing along to every year carry some great metaphors and lessons if you know where to look. For instance, we all know Rudolph the red-nosed reindeer was made fun of and overlooked, but turned out to be a great asset on Christmas Eve. What kind of financial decisions and products are more valuable than some people realize at first glance?  
 
Here’s some of what we discuss in this episode:
The real cost behind “The 12 Days of Christmas.”
The power of compound interest.
The benefit of an undervalued asset like “Rudolph the Red-Nosed Reindeer.”
 When “Grandma Got Run Over by a Reindeer” what happened to her spouse?
 
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How To Successfully Climb The Retirement Mountain

Ready for an adventure? Sometimes climbing a mountain is full of adventure, and sometimes it’s more about being prepared. You have to get the proper gear, get used to using it, and practice before you summit a major mountain. Doing something step by step over time may be boring at times, but it helps you get to the goal. The same is true with saving for retirement.
 
Here’s some of what we discuss in this episode:
How are you getting ready for retirement?
What should you be doing now?
What decisions are crucial once you reach retirement?
What do you need to manage in retirement?
 
For more, visit us online: http://thefinancialanswer.com 

The Financial Cereal Bowl

What can we learn about retirement planning from browsing the cereal aisle at the grocery store? We love finding relatable ways to teach about financial topics, so let’s scoop up a few bites of financial understanding on today’s show.
 
Here’s some of what we discuss in this episode:
What in the financial world is hard to resist but not all that good for you?
What seems good on the surface but isn’t as good as it appears?
What is boring but hard to swallow?
What does Nathan think is important to know?
 
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How to Avoid Money Mistakes You’ll Regret

It’s always better to learn from the mistakes of others so you don’t have to make them yourself. In this episode, we talk through some common financial mistakes people make and share what you can do to avoid them. Remember, thinking through these situations now can help you steer clear of costly problems down the line!
 
Here's what we discuss in this episode:
Taking an early IRA withdrawal.
Spending too much money in peak earning years.
Paid kids’ tuition and ruining the retirement fund.
Retiring early proves to be too costly.
Forgetting to investigate opportunities for tax efficiencies.
 
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Retirement Planning’s “Hidden” Questions

Let’s look at some of the hidden questions that come up when retirement planning. Whether you have put them off to the side or would rather focus on something else, all of these things are important components of your retirement plan. Talking through these questions with a financial advisor can help better position yourself in the long-run and cover you for what you need.
 
Here are the questions we uncover today:
 
How much will tax-deferred savings cost me?
How much can I withdraw from my savings?
Should I still have life insurance after I retire?
What kind of medical coverage do I need?
How much am I really paying in hidden fees?
 
For more, visit us online: http://thefinancialanswer.com 

Discussing Dave Ramsey’s Advice

Radio talk show host turned TikTok user, Dave Ramsey, is known for doling out financial advice to a wide audience. Today, we talk through some quotes from Ramsey to see what Nathan thinks as a financial advisor. Be it investing from a place of knowledge to relying on delayed gratification to make decisions, there’s a lot we can learn from him. Ultimately though, you have to have a strategy and a plan that works for you in order to meet your financial goals. Working with a qualified financial professional to create that plan will be better than simply generic advice for the masses.
Here are the quotes we discuss today:
• “Don’t invest in anything if you can’t tell me how it works…” • “If you’re not careful, you make short-term decisions which keep you in short-term situations…”• “People that retire wealthy, it wasn’t an accident…”
 
For more, visit us online: http://thefinancialanswer.com