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The post-Coronavirus world is a new world we’re entering. That doesn’t mean you don’t need to plan for your retirement anymore. But there are some things you need to be wary of.What are the most dangerous words in investing you should avoid during the current market crash? Bob and I talk about that today including the steps to planning your post-Coronavirus retirement plan.For our spotlight segment, Payne Capital Financial Advisor, Jennifer Angell tells us about helping a couple who never ran a financial plan by increasing their income to over $50,000 a year.What else are you waiting for? It’s time to plan, so don’t miss this episode on the No Payne, No Gain podcast! Financial Propaganda of the Week There’s so much going on in the financial media, and we want to make sure you’re making good financial decisions. Like sponges, we read everything. Here is the news we’ve heard.[04:13] – Billionaire fund managers do the exact opposite of what they tell you to do. They’re not helping you, but using you instead for their own benefit.[06:08] – Things are going to cost more in the future and at a rapid pace because of the inflation we’ll be seeing as a result of our government printing a lot of money.[06:56] – According to economist Jeremy Siegel, the big bull market is coming to an end, and we won’t see rates as low again.[07:21] – Don’t get bond funds. The economy will bounce back. When that happens and interest rates go up, bond prices go down.[08:27] – Invest in your portfolio based on the future and not what’s happening today.[09:57] – The post-Coronavirus strategy is going to be different from what we did the last 10 years. The 4 Most Dangerous Words in InvestingThe entire economy is at a standstill. We’ve just had the fastest market crash in history. In the famous words of investor and philanthropist Sir John Templeton, “This time is different.” [14:02] – We’ve had declines before, some bigger than now. But we’ve also had speedy recoveries.[14:41] – The economy and the market do not have a one-to-one correlation. Economic news is backward looking while the market is forward looking. [14:59] – We’re actually seeing things get better now.[15:26] – If we look at your entire lifetime, the economy has grown despite taking some temporary hits. [15:56] – People have always been resourceful and adapted to the new world. [16:31] – The Federal Reserve stepped in during our previous declines, and the Feds are doing it again to create a cushion for us to get to the other side when the economy and ingenuity kicks in.[17:37] – In 1-2 years, we might be back to some sort of normalcy. You will still need your retirement plan then. Making decisions today will either have a positive or negative impact on your future.[18:38] – Getting 1-1.5% on your money market fund won’t be enough to hit your long-term goals in retirement. You need to put yourself in a position to win. Retool Your Post-Coronavirus PortfolioLike it or not, we’re entering the post-Coronavirus world. So old assumptions about retirement planning are going to be out-of-date. It’s time to tweak your portfolio to make sure that you’re still on track to hit your retirement goals. We’ll go over how you do that here. [23:36] – Your plan should be customized to you based on your family and financial goals. [24:01] – The first step is to have an income plan in place. It’s critical to figure out how you can get 100% of the income you need today in retirement. [24:33] – With really low interest rates in bonds, certificates of deposits, and savings accounts, what you earn won’t be enough to live off your portfolio.[25:19] – You need to build a diversified portfolio right now that can generate a lot of current income to cover your expenses.[25:43] – An analysis is key to figure out what’s the perfect portfolio for you. [26:02] – The next step is to do a reallocation as you most likely need more income and more growth.[26:55] – Make sure you have an inflation hedge or cost of living hedge in your portfolio because your expenses are going to go up each year.[27:38] – It’s sometimes better to pay the tax on your stocks now while the values are low. Then put that money into a Roth IRA where it’ll be tax-free for the rest of your life.[28:40] – Money you take out of your IRA is taxable. But we get a reprieve this year, so you can still do those Roth conversions. [28:57] – Next is to harvest tax losses so that you can get the government to pay for some of your losses.[29:34] – Think about using those losses to offset the taxes on your gains later. It can also be applied in real estate. The MailbagThe path to financial freedom may not be clear for some. This is why we answer questions from our listeners on anything about the market, the economy, or investing. We’d love to share our thoughts, so send them over to us via email at questions@bebullish.com.[36:35] - Question #1: “I’m nervous about how much money I have in the stock market. What is the right amount for me to have invested in my late 50s?”[38:38] - Question #2: “I have enough cash in the bank that I could get by without taking any IRA withdrawals this year. I could live off of my social security and just spend down my bank account. Would that be a good idea?” Spotlight SegmentToday, we have Financial Advisor, Jen Angell. We find out how she helped a couple who never ran a financial plan, had random investments everything, and were sitting in cash.[47:00] – A couple in their 60s came in, and they have never run a financial plan. Most of their assets were in cash or different cash instruments with different taxable investments all over the place.[48:17] – Sitting in cash is not a good game plan now with the market having had a big decline. [48:55] – It makes sense to sit down with a financial advisor and figure out where to invest your money to allow you to live off your income from your portfolio.[49:25] – Jen was able to increase their cash flow to over $50,000 a year. This will let them live comfortably without touching their principal.[49:56] – Having a lot of very expensive investments spread out in small accounts and in cash is not a good financial decision.[50:09] – By consolidating everything under one advisor, you get to enjoy some discounts and not get charged a premium on everything.[50:33] – A hodgepodge of random stocks is not a stock portfolio. It means that you’re not diversified. [51:58] – Coronavirus or not, if you have a plan then you’ll still have income. “The money I saved in taxes is just as green as the money I make in the stock market. ” —Bob Payne To download our Coronavirus Portfolio Survival Guide, text BULLISH to 555888.If you have saved over $500,000 for retirement and need a plan based on your retirement goals, Bob and Ryan will create a 360 Financial Portal just for you! Text or call 844-752-6692 to check out the 360 Financial Portal with no strings attached.Do you need a game plan for these volatile times? We’ll make sure you’re making the right decisions for your retirement plan. Schedule a call with one of us at https://paynecm.com/game-plan-call/