Your nest egg means everything to your retirement and you want to protect it through the difficult times. On this mailbag edition of the show, we address concerns about navigating turbulent times while protecting what you have, how much to be saving, is $1 million enough in retirement, and more.  Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-36-protecting-your-nest-egg-mailbag-questions/  Today's show schedule: 1:55 – Mailbag Question #1: I’m a younger worker with a tiny nest egg with decades of working ahead of me. Given the recent tumult in the global economy, what can I do to protect the little egg that I have but also to continue growing?3:14 – How much do you worry about someone’s risk tolerance when they are a younger worker?4:08 – Mailbag Question #2: I’m tired of having five rental properties, so I’m going to sell at least three, and maybe all five. I have quite a bit of equity in these properties, so the question is how should I invest this money after I sell?6:05 – Mailbag Question #3: I haven’t wanted to pay off my house because it’s one of the few tax deductions I have left. But I do have the money to just pay it off—should I?7:05 - Mailbag Question #4: I retired two years ago with more than a million dollars in my IRA, which I thought at the time would be more than enough to give me the retirement lifestyle that I want. But it makes me nervous every time I withdraw money from that account because I don’t want to live too long and run out of money. And the recent downturn makes it worse. Am I worrying too much?8:51 – Mailbag Question #5: I’ve heard that I should be saving 10% of my income toward retirement. Does that sound accurate? I’m in my 50s, so I need to be sure I’m doing this right.10:17 – Mailbag Question #6: I make too much money to contribute to an IRA or a Roth. What’s the best way for me to save for retirement?11:50 – Mailbag Question #7: My financial advisor is older than me. Should I move to someone else who won’t retire before I do?

Unlocking Your Financial Future

Ep 36: Protecting Your Nest Egg + Mailbag Questions

If your estate plans include leaving behind a money to your children, should you tell them about it ahead of time or make it a surprise? There are arguments for both sides and we’ll share some of our guidance on that topic. Plus, we’ll cover annuities, retirement income, trusts, and investment strategy on this mailbag edition. Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-44-should-you-tell-children-about-inheritance-plans-other-listener-questions/  Today's show schedule: 0:48 – Mailbag Question #1: I have a variable annuity and just found out the fees are very high. I’d like to move the money but I’d have to pay a penalty to take it out. Is it worth it to avoid the fees?2:26 – Mailbag Question #2: We should be leaving a decent amount of money to our kids. Should we tell them about it now or surprise them with it later?4:51 – Mailbag Question #3: We have big travel plans when we retire, including all seven continents. Do we need to plan having even more income in retirement than we have now.7:06 – Mailbag Question #4: Is it wise to have a trust as part of my financial and estate plan?8:50 – Mailbag Question #5: When should I start focusing less on growing my money and more on protecting it instead? I plan to retire in two years.

Ep 44: Should You Tell Children About Inheritance Plans + Other Listener Questions

Have you ever plugged your financial info to a website and gotten a retirement projection? As technology improves, how much can you trust these bots? Ben tried it for himself and got surprising results. We’ll share those plus talk about how useful these bots can be for planning. Check out The Washington Post bot here: https://www.washingtonpost.com/graphics/2020/business/retirement-planning-bot/  Read more and get additional financial planning resources here: https://www.baschrock-fg.com/podcast/ep-43-financial-bots-are-here/  Today's show schedule: 1:06 – Ben wrote an article for Kiplinger about the topic of technology in the financial world.2:16 – What was Ben’s first impression of this when he went through it.2:48 – Ben got surprising results when he plugged in his info.4:00 – Limitations of these bots.4:58 – Great idea to get a second opinion on these results. 6:05 – How often do these get referenced when clients come in? 7:33 – How much has technology changed since Ben got into the industry?9:12 – What technology does BA Schrock use with clients?

Ep 43: Financial Bots are Here

Being mentally ready to retire and financially ready are two completely different things. You might be prepared to call it a career but does your financial situation match your readiness? Let’s look at four milestones that might indicate you’re in a position to retire. Have you hit all these yet? Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-42-4-milestones-for-retirement/  Today's show schedule: 2:33 – The topic today.3:00 – 1st milestone: You can budget confidently. 4:00 – 2nd milestone: Having control over your spending.6:17 – 3rd milestone: Having an emergency fund.8:20 – 4th milestone: Having no revolving debt.9:58 – If you hit these four milestones, how ready are you for retirement?

Ep 42: 4 Milestones for Retirement

The turbulence of 2020 might have you questioning just how close you are to retirement. That’s a common feeling for many people but today we’ll share a story about a client that came in without much confidence in retiring and left with the plan to quit working in three months.  Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-40-retirement-projections-diversification-other-mailbag-questions-2/  Today's show schedule: 1:20 – BA Schrock just moved into a new office.3:36 – Are clients having more doubts about retirement after everything we’ve been through in 2020?5:24 – How often are you meeting with people that don’t see a path to retirement?7:33 – The software our office uses to help you see your portfolio in different scenarios. 9:30 – Ben shares a time a client didn’t feel good about retiring but he was able to show them they were better off than they thought and could retire soon.12:56 – How much second guessing do clients have?14:03 – What to do if you have doubts.

Ep 41: Do You Lack Confidence to Retire?

It’s time to answer your questions once again on the podcast. Today we’ll cover, retirement projections, proper diversification, how much you’ll need for retirement, a surprise inheritance, and working while earning Social Security. Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-40-retirement-projections-diversification-other-mailbag-questions/  Today's show schedule: 0:59 – Mailbag Question #1: An online calculator says I’m going to need over $700,000 for retirement. How accurate do you think this is?2:27 – Mailbag Question #2: I have almost $150,000 sitting in my savings account. I’m tired of getting virtually no interest but also too scared to invest right now. Should I just leave it in the bank?3:27 – How Ben feels about the state of the market right now.4:13 – Mailbag Question #3: I counted out the mutual funds in my IRA and it appears that I have 33 different funds. Is this adequate diversification?5:40 – Mailbag Question #4: I’m 55 and I have about $300K saved for retirement but I feel like I’m really behind where I should be compared to most people I know. Am I in trouble?7:12 – Mailbag Question #5: Can you clarify whether I start my Social Security benefit and still earn an income or not?8:38 – Mailbag Question #6: I just inherited a very large sum of money from my dad that I wasn’t expecting. What’s the most responsible way to handle it?

Ep 40: Retirement Projections, Diversification & Other Mailbag Questions

If you’re like most people, you probably have some financial accounts that you haven’t paid much attention to recently. The statements are just collecting dust in your file cabinet, but they might actually be hidden gems that could be put to much better use. We’re going to talk about ways to re-purpose those old accounts for better returns. Read more and get additional financial resources: https://www.baschrock-fg.com/podcast/ep-39-potential-hidden-gems-in-your-financial-portfolio/  Today's show schedule: 0:51 – Getting to Know Ben - Do you have any superstitions?2:55 – A free webinar up on the website now. 3:54 – Beginning the main discussion on hidden gems.4:32 – Old 401k accounts5:43 – Are companies charging fees to hold your investments in an old account?7:04 – Old life insurance policies8:54 – Savings account/Money Market account10:10 – Pensions12:03 – Ben’s team helps clients find these hidden gems.

Ep 39: Potential Hidden Gems in Your Financial Portfolio

Dave Ramsey has become one of the leading names and brands in finance and for good reason. The advice he gives benefits a lot of people across the country but is all that guidance applicable to you? Let’s look at his most popular teachings and determine how much we agree with. Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-38-should-you-be-wary-of-dave-ramseys-advice/  Today's show schedule: 1:11 – We’re in the process of moving into a new office.2:40 – They’ve posted a free webinar to the website.3:22 – What we’re talking about today.4:57 – The Debt Snowball6:27 – His investment advice dealing with mutual funds.  8:39 – Unrealistic expectations with returns and spending in retirement10:49 – A good idea to stop contributing to retirement accounts until debt is paid off.12:33 – This one-size-fits-all approach goes against the benefits of an advisor.15:09 – The more awareness on finances the better.

Ep 38: Should You Be Wary of Dave Ramsey’s Advice?

We spend most of the time on this show talking about financial planning topics, but we thought it would be beneficial for a lot of people if we talked about how everyone has been doing. From our own office to the clients we’ve been keeping in touch with, find out how others are dealing with quarantine and what they’ve been doing to keep busy.  Read more and get additional financial resources: https://www.baschrock-fg.com/podcast/ep-37-a-coronavirus-update-on-our-clients-our-office/  Today's show schedule: 0:40 – Today we want to get an update from Ben on how his clients and people in our community have been handling COVID-19. 1:49 – How to access Ben’s new webinar, Keep Calm and Retire On. 3:40 – What’s the latest on Ohio opening back up?4:24 – How have our clients been impacted so far?5:57 – How is everyone doing emotionally right now? 7:04 – Are clients able to stay busy and active?8:08 – Has anyone had employment issues? Are you having those conversations? 9:16 – Working from home vs going into an office.10:22 – What is the business doing to assist clients during this pandemic?11:38 – Are people optimistic overall or worried about long this will last? 13:01 - We’re taking precautions in the office.

Ep 37: An Update on Our Clients & Our Office

Sometimes events happen in life that make it really important for you to carefully assess your financial situation. Today we’ll look at five major life changes and explain why it’s a good reason for a financial review.  Read more and get additional resources: https://www.baschrock-fg.com/podcast/ep-35-life-events-that-can-change-your-financial-plans/  Today's show schedule: 3:07 – Moving to a job that you planned for.5:06 – Getting fired or getting laid off.6:52 – How much money should you have in your emergency fund?7:56 – Receiving an inheritance.10:04 - Facing a serious medical condition.11:40 – The death of a spouse. 

Ep 35: Life Events That Can Change Your Financial Plans

Seeking out financial advice is something we all do at some point but is the source of that information always providing good advice? Let’s explore four common outlets we use for guidance and why, despite having the best intentions, the advice might ultimately be ill-suited for you. Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-34-good-intentions-dont-always-lead-to-good-advice/  Today's show schedule: 2:45 – What’s the one thing you want to do again when everything opens back up.4:17 – Getting advice from family. What could be the problem?5:43 – What about when we reach out to friends for advice?7:58 – When you talk to us, you’re looking at the full picture.9:00 - How about your CPA?10:48 – The relationship with CPAs11:50 - The final place we get advice from is the media and financial experts. 

Ep 34: Good Intentions Don’t Always Lead to Good Advice

As we begin the third month of the health crisis, Ben gives us an update on what he’s seen from the market in recent weeks, the provisions of the CARES Act clients are paying attention to, and what he thinks about volatility moving forward. Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-33-coronavirus-market-update-cares-act-rmds-volatility/  Today's show schedule: 3:40 – Everything we’re doing is still virtual right now.4:16 – Will clients be more inclined to meet virtually after this is all done?4:55 – Other businesses might end up changing operations as well.6:06 – Update us on what you’ve seen over the last month from the market.7:34 - Ben explains what the VIX measurement is.9:06 – What adjustments are being made to plans right now?10:30 - The CARES Act allowing people to pull money out of retirement accounts without penalty.12:02 - Are many clients considering this option right now?12:48 - RMDs being waved for 2020 and this is a big deal for our clients.13:55 - Do you expect any other individual relief to come down?15:04 - Ben’s team is actively communicating with clients as things change. 

Ep 33: Coronavirus Market Update - CARES Act, RMDs, & Volatility

A busy few months has generated a lot of curiosity from listeners so we’ll answer a bunch of financial questions on this show. From investing during the coronavirus to student loan dilemmas to long-term care coverage, we’ll cover a wide range of topics. Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-32-mailbag-edition-student-loans-gold-investing-more/  Today's show rundown: 1:50 – Mailbag Question #1: We had kids later in life than most people so they’ll still be in college when we’re ready to retire. Should we make them take out student loans rather than trying to take out money from our accounts when we’re retired?3:31 – Mailbag Question #2: Is it wise for me to own gold in my portfolio and what percentage would be appropriate?4:23 – Mailbag Question #3: The coronavirus scare has me convinced the market will keep crashing again and again. I’m ready to move everything to cash. Should I wait?6:22 – Mailbag Question #4: We’re both 63 and haven’t saved much for retirement. We’re about to sell our farm and that will net around $1 million. What should we do with that money?   7:46– Mailbag Question #5: How much long-term care coverage is recommended? It seems there are hundreds of different options.9:30 – Mailbag Question #6: I’ve had the same advisor for 20 years but it seems like he’s phasing out and passing things on to a younger advisor. Should I stick with them or find someone new? 

Ep 32: Mailbag Edition - Student Loans, Gold, Investing & More

The first quarter of 2020 was enough to make anyone reevaluate their finances but with so much information out there, what should you believe? Regardless of where you are in the retirement planning process, there are five financial truths that you can always rely on. We’ll share those on this episode. Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-31-5-financial-truths-to-rely-on/  Today's rundown: 0:53 – How is Ben and the family handling quarantine?2:32 – Today we’re talking financial truths and we’ll begin with this: TV can be your biggest enemy.4:06 – Second truth: Emotions will rarely be your friend when making decisions.6:07 – Third truth: The market will always move in cycles.7:22 – Fourth truth: You aren’t as risk tolerant as you believe you are.8:52 – Fifth truth: There’s no magic bullet in retirement planning. 10:02 – How we utilize the L.O.C.K process to build a plan.

Ep 31: 5 Financial Truths to Rely On

It’s a mailbag edition of the podcast and Ben answers five questions from listeners covering a wide array of financial and retirement topics, including company stock, real estate investing, Social Security benefits, mutual funds, marijuana stocks and more. Get the full show notes and additional resources here: https://www.baschrock-fg.com/podcast/ep-28-mailbag-time-contribution-limits-social-security-marijuana-stocks/  Today's rundown: 0:39 – We’re opening up the mailbag to take a number of questions today.2:20 – Mailbag question #1: It appears that I’m now able to contribute more to my 401k this year than I was allowed to last year. Should I go ahead and put in the extra amount?3:56 – Mailbag question #2: I have several thousand dollars of company stock I’d like to cash in to make a down payment on some land where I’ll eventually build a vacation home. Is there any reason I shouldn’t do that?5:08 – Do you have a lot of clients looking move money from their retirement accounts into real estate?5:52 – Mailbag question #3: I’ve worked with a couple of different financial advisors over the years and I like them both. Do I need to pick just one or the other, or is it ok to work with a couple of different people?7:08 – Would Ben recommend his clients stick with one advisor?8:12 – Mailbag question #4: I just looked at my Social Security estimate that shows how much I’ll get if I started at ages 62, 66, and 70. I’m blown away by how much more I’d get at 70, so I’m inclined to just wait until then to start it, even though I’ll probably retire around 66 or 67. I’m assuming that putting it off like this is the best course of action for someone like me?10:00 – We offer a Social Security guide on the website that will help you with a number of things.11:03 – Mailbag question #5: I rolled over a 401k to an advisor a couple of years ago and he put all of the money into something called American Funds. Is that ok, or should I be invested in other things too?12:41 – Mailbag question #6: How do you avoid investing in things that you view as immoral? Take marijuana as an example. I’m in several mutual funds, but I don’t know what stocks they’re using. Could I be profiting off of the marijuana industry by accident? I don’t want to do that. How do you help navigate people through the investment world while respecting certain morals and religious beliefs?14:18 – Are many people interested in marijuana stocks?

Ep 30: Mailbag Time - Contribution Limits, Social Security, & Marijuana Stocks

Weekly financial and retirement guidance with Ben Schrock of BA Schrock Financial Group in Wadsworth, Ohio. Also serving the Cleveland and Akron areas. This podcast will help you learn important financial concepts that allow you to retire with confidence.

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Ep 36: Protecting Your Nest Egg + Mailbag Questions

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