Today we look at some quotes from great investors and financial authors and do a retirement reality check.SEGMENT:  QUOTES FROM GREAT INVESTORS“If you’re not willing to have composure during a 50% market decline two or three times a century, you’re not fit to be a stock-holder and you deserve the mediocre result you’re going to get.”   Charlie Munger, Berkshire Hathaway“Fear incites human action far more urgently than does the impressive weight of historical evidence.”   Jeremy Siegel, financial author“The four most dangerous words in investing are: “This time it’s different.”   Sir John Templeton, founder of Templeton Growth Fund“Wall Street sells stocks and bonds, but what it really peddles is hope.”   Jason Zweig, author“The investor’s chief problem—and even his worst enemy—is likely to be himself.”  Benjamin Graham, author“There is no such thing as no risk. There’s only this choice of what to risk and when to risk it.”   Nick Murray, author“The most dangerous people in the world are very smart traders who have never gotten their teeth kicked in.”   Helmut Weymar, author“More people lost money waiting for market corrections and anticipating market corrections than the actual market corrections.”   Peter Lynch, mutual fund managerSEGMENT:  RETIREMENT REALITY CHECKSome people just need a reality check when it comes to understanding their retirement. Here’s a start…1) Manage your expectations.Just because every TV commercial about retirement shows people on a beach or a boat, that doesn’t mean that this is your retirement reality. Understand what reality looks like for you so that you can retire with the proper expectations instead of disappointment.2) Account for your changing expenses.How much have you thought about all the things that will be changing with your monthly expenses once you retire? Some of these changes will add to your monthly expenses, others will decrease your expenses. 3) Be ready to adjust.It’s crucial to have a plan in place for all of the different financial aspects of your retirement. But it’s just as important to have the ability to adjust and make changes as you go, because life happens. 4) You can be brilliant in your field but still need financial planning help.Too many people feel that they should be capable of planning their retirement by themselves so they don’t seek out the help that they should. This can be especially true with people who hold jobs that require significant amounts of education—they feel that they’re smart enough to handle their money without help.  But it’s not how smart you are. It’s more about the fact that you don’t know what you don’t know.

How Money Works Podcast

Quotes From Great Investors, Retirement Reality Check (Originally aired October 16, 2021)

Having a good financial plan can help you resist some of the financial temptations that the average person will face.  Today we talk about some common temptations we often see people fall victim to.We also discuss some income planning essentials to help you become better informed before heading off into retirement.

Financial Temptations, Income Planning Essentials (Originally aired October 2, 2021)

When it comes to retirement planning, it only takes one area where you planned poorly to ruin your entire plan. Today we talk about how a good retirement plan addresses some of these potential pitfalls…1) The possibility of outliving your money2) The threat of a couple of major home repairs in the same year3) The expense of a nursing home stay4) The volatility of the stock market5) The threat of rising taxes

Retirement Pitfalls (Originally aired September 25, 2021)

We&apos;ve  worked with people who have lost their spouse and are concerned about their financial situation.  Some things to consider include:Income gap (loss of Social Security or pension that dies with spouse)Now a single filer instead of joint filer on taxesSpousal continuation option on pensionsLeaving the kids a tax time bombNot communicating your plans in advanceInaccurate beneficiary designationsKids that aren’t prepared to responsibly handle wealth that they inherit

Family Matters, RMDs, Mailbag (Originally aired September 18, 2021)

In many ways, retirement planning was easier back in the good ol’ days. But if you’re retiring now, you face a completely different set of challenges than your parents or grandparents did. Today we talk about why the retirement planning decisions of the past were easier to make…1) More people with pensions2) Shorter life expectancies3) Fewer sandwich generation challenges (taking care of kids and parents simultaneously)4) Lower healthcare costs5) A higher ratio of people paying into Social Security compared to those taking out6) Higher interest rates

The Good Ol' Days (Originally aired September 11, 2021)

Best of How Money Works: Estate Planning with Attorney Susan Hunt (Originally aired June 5, 2021)

Being a good advisor isn’t about winning a popularity contest or just saying the same things that everyone else in the industry says. It’s about giving the best advice that you can for each individual situation. Today we discuss some areas where our opinions might not be popular with other people in the financial industry...The appropriate amount of risk for a retiree or pre-retireeAppropriate use of life insuranceHow to handle debtWhether or not to pay off the houseAppropriate use of annuitiesAppropriate use mutual fundsHow much money to have in cash

Best Of How Money Works: Unpopular Opinions (Originally aired April 17, 2021)

Today we discuss some of the red flags you can look out for when shopping for a financial advisor:1) The Guy with the Hammer2) The Oxygen Hog3) The Car Trunk Operator4) The Expensive, But Empty, Suit5) The Non-Answerer5) The “Just Give Us Your Money” Guy

Questionable Advisors (Originally aired August 21, 2021)

We often hear people express similar complaints about their financial situation. Are most of these complaints legitimate, or are people focusing on the wrong things?"My advisor takes too much risk.""My fees are too high.""My account didn&apos;t grow much last year.""I only hear from my advisor when he wants me to buy or sell a stock - I never get any advice on anything else."

Common Complaints (Originally aired August 14, 2021)

There are dozens of mistakes that you can make when it comes to retirement planning. These are the most common ones that we see…1) Ignoring the future tax implications of your retirement savings2) Starting Social Security too early3) Focusing on returns instead of income during retirement4) Taking advice from friends and family on how to invest5) Being too aggressive or too conservative

Common Retirement Planning Mistakes, 401k Conversations, Mailbag (Originally aired August 7, 2021)

On today&apos;s episode, we discuss the main questions a person needs to answer if :You don&apos;t know if you can retire.You think you have enough money to retire.You know you have enough money to retire.

Where do you stand when it comes to retirement planning? (Originally aired July 31, 2021)

With so many people worried about inflation in the coming months and years, let’s talk about some things to keep in mind in an inflationary environment…Remember that Social Security and government pensions are inflation adjusted.  If inflation is extreme, then you’ll see a nice increase in these income streams. But also keep in mind that the metrics that the government uses to calculate cost-of-living adjustments on these benefits exclude the costs of food and fuel, so the government numbers aren’t a true representation of actual inflation.Cash is king but ROI is queen so don’t be a joker, Jack.  It’s important to have enough in the bank for a good emergency fund, but it’s just as important not to have too much in the bank. Even if interest rates increase on CDs, money markets and savings accounts, those rates aren’t going to be rising at the same rate as inflation, so you’re going to constantly be safely losing more and more money if you keep too much in cash.Lock in low rates while you can.  If you haven’t already refinanced your mortgage or consolidated consumer debt to get the lowest interest rate possible, it would be a good idea to do that before inflation really kicks in and rates start to increase.Avoid long term bonds.  If you’re buying long term bonds now, you’re locking yourself into receiving pitiful interest rates for a long time. Then when rates go up, you’ll have to sell your bonds at a loss if you want to get rid of them.Stress test your portfolio now.  A good advisor can help you stress test your current investments to see how they’d fare during a period of great inflation and/or rising interest rates. And while you’re at it, you can find out how your portfolio would behave during a big market crash. Most people will be surprised about the results they’ll see…

Inflation Issues and Universal Truths

Bad Financial Habits, Mailbag (Originally aired July 17, 2021)

RETIREMENT BLIND SPOTSMost retirees and pre-retirees have blind spots in their retirement plan—things that they never knew they needed to be thinking about. Today we take a look at several and explain how each of these blind spots can cause problems.SECURE ACT 2.0The SECURE Act became law at the beginning of 2020 and created some significant differences in how people should plan for retirement. And while it’s not law yet, there’s a SECURE Act 2.0 on the horizon that could very likely become law before the end of the year. 

Retirement Blind Spots, Secure Act 2.0, Mailbag (Originally aired July 10, 2021)

Key Financial Memories-Dot Com Crash, Housing Bubble, Great Depression, etc. (Originally aired July 3, 2021)

Husband and wife team, Craig and Jennifer Moser of Maestro Wealth Advisors discuss crucial tips for planning your successful retirement. Listen for valuable insight from professionals with unique insight and perspective on How Money Works.