The Financial Answer

All In One Basket: Financial Diversification

Are you guilty of putting all your eggs in one financial basket? The latest episode of our podcast delves into the critical topic of investment diversification. We discuss everything from common mistakes Nathan sees to historic examples of when the financial bubble burst. What does true diversification look like and how can you achieve it in your portfolio?
 
Here’s some of what we discuss in this episode:
The dangers of having everything in one basket.
Misconceptions about mutual funds.
Trying to diversify with different financial advisors.
The importance of transparency and communication.
 
For more, visit us online: http://thefinancialanswer.com  

Explaining Penalty Relief for Inherited Withdrawals

While the stretch IRA has been gone for a few years now, a new tweak in the rules has added some confusion. On today’s episode, we discuss what this may mean for inherited IRAs and look at a recent article from CNBC to break it down. Currently, there is a 10-year rule to withdraw from an inherited IRA account, but the IRS is allowing a penalty relief in 2024 to certain heirs considered “non-eligible designated beneficiaries” as they work to figure it out.
 
Here’s some of what we discuss in this episode:
What the IRS did in 2024 about inherited withdrawals.
What the tax implications could be in the future.
If you should get a Roth conversion.
 
CNBC article: https://www.cnbc.com/2024/04/19/irs-waives-required-withdrawals-from-some-inherited-ira-for-2024.html
For more, visit us online: http://thefinancialanswer.com  

Retirement Expectations vs. Reality

Are you ready for a reality check when it comes to retirement? Today we wade through the myths and truths of post-career life, where the expectations of endless cruises clash with the reality of budgeting for healthcare. Learn why setting realistic goals and being adaptable are the keys to a successful retirement.
 
Here’s some of what we discuss in this episode:
Life happens. Be ready to adjust.
Know where your money goes.
Don't be too proud to get some help with retirement planning.
Make sure when you go to talk with an advisor, you're getting the right expectations.
 
For more, visit us online: http://thefinancialanswer.com  
 

Winning the Financial Triple Crown: Strategies from the Kentucky Derby

It’s almost derby time! But what does it take to take home the crown? On today’s show, we talk about the things you’ll want to keep in mind to win big when it comes to your financial plan. From training for the moment in the best way to understanding the kinds of bets you’re making, what financial lessons can be learned from such a famous horse race? 
 
Here’s some of what we discuss in this episode:
You’ve got to train for the big moment.
It takes a team to get to the winner’s circle.
Consider what risk you need to insure against.
The hats are all unique, just like the people.
 
For more, visit us online: http://thefinancialanswer.com  

Retirement Questions That Every Generation Is Asking, Part 1

No matter what generation you’re in, you likely have questions when it comes to retirement. In this multi-part series we will discuss the different questions common among different generations. Today we talk through how to best prepare for that life transition if you are a Baby Boomer.
 
Here’s some of what we discuss in this episode:
What are the big retirement questions Baby Boomers are asking?
How do I manage the risks of the market?
How do I get my money in retirement?
What can be done to address healthcare costs?
What’s the best way to pass on wealth to my heirs?
How can I maximize my Social Security benefits?
Should I downsize or relocate?
 
For more, visit us online: http://thefinancialanswer.com  

How Is Technology Redefining Retirement Planning?

Sometimes technology and innovation can help simplify and streamline things, but other times it can cause more of a headache than before. Today, we talk about what can become more complex and what is improved when you introduce technology into your financial planning.
 
Here’s some of what we discuss in this episode:
Can you Google it?
When should you use robo-advisors?
Online calculators are everywhere but do they give an accurate view?
Are educational webinars useful?
Is personal finance software helpful?
Mobile banking apps have changed how many people do banking.
Are online wills effective?
 
For more, visit us online: http://thefinancialanswer.com 

Is Retirement Planning Harder Than It Used to Be? Part 2

How have things changed since when your grandparents were planning for retirement? So many things have gone up in cost! Instead of pretending things are still like they used to be or avoiding the topic, it’s important to face some of these facts head-on. Listen in as we wrap up our conversation about how retirement planning can be harder than it used to be.  
 
Here’s some of what we discuss in this episode:
Healthcare costs have heavy premiums.
The sandwich generation is more prevalent.
There were shorter life expectancies.
Back in the day, there were more contributors to Social Security.
It’s easier to achieve financial literacy today.
 
For more, visit us online: http://thefinancialanswer.com 

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.
 
For more, visit us online: http://thefinancialanswer.com 

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.
 
For more, visit us online: http://thefinancialanswer.com 

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?
 
For more, visit us online: http://thefinancialanswer.com