Preparing for a Professional Pivot, Ep #119
Financial Symmetry: Balancing Today with Retirement
Release Date: 09/07/2020
How to Prepare for the Retirement Danger Zone, Ep #214
Financial Symmetry: Balancing Today with Retirement
If you are retiring soon, you've most likely wondered if your asset allocation is too risky. Some have called the period just before and after retirement the Retirement danger zone as it's a time where understanding how you should be invested matters for your long-term financial success. After years of great returns in tech and large cap US stocks, many retirees could have bigger risks present in their allocations than they realize. In today's episode, you'll learn why sequence of return risk has been called the retirement danger zone and how to prepare for it within the context of your...
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Be Ready For These 10 Tax Surprises, Ep #213
Financial Symmetry: Balancing Today with Retirement
So many of us will be hoping for no tax surprises when preparing our tax returns this year. This is why we want to provide you with a list of common tax surprises to watch for. After working with hundreds of clients to prepare their tax returns, we’re sharing the latest tax surprises we see that could be helpful to know when completing your tax return this year. Outline of This Episode [0:42] The Slott Report [2:39] Inheritance surprises [6:51] Credit card rewards [8:10] Interest income increases [10:54] Income earned in different states [12:32] 1099Ks [14:14] Underwithholding from...
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How to Handle a Forced Early Retirement, Ep #212
Financial Symmetry: Balancing Today with Retirement
Retirement can hit us with numerous curveballs. One of those could happen right out of the gate–being forced with an early retirement. We all know that layoffs are part of the corporate landscape. While they are commonplace, when you are faced with one later in your career it can cause you to reevaluate your financial situation. In this episode, we discuss your options if you are laid off and how they fit in with your financial plan, your tax plan, and your 401K. **** 📬 Get our . 📰 See the 🌐 Explore the
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Tools for Making Better Financial Decisions, Ep #211
Financial Symmetry: Balancing Today with Retirement
While most of our listeners are in or on the cusp of retirement, many have loved ones who are earlier in their careers. Often we get questions on how our listeners and clients can help their younger family members make better financial decisions. As we celebrate International Women's Day with this episode, you’ll meet our newest CFP, Niamh Douglas. Niamh and Allison discuss some tools and strategies to help young people who are just starting out get off on the right financial foot. Resources & People Mentioned Episode 189 - BOOK - by Nick Murray BOOK - by Laura Redfern ...
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Turn Your ‘What Ifs’ into 'What's Next' with Retirement Stepping Stones, Ep #210
Financial Symmetry: Balancing Today with Retirement
Many who approach retirement view it as the ultimate goal, but you could have 30+ years to experience the retirement you've worked to build. While much of retirement planning is focused on the numbers, people often fail to intentionally plan out how they'll spend their time. In this episode, we explore some common retirement pitfalls and then ten stepping stones to help us overcome challenges you might encounter. **** 📬 Sign up for the and receive our Pre-Retirement Checklist. 🎯 Article - 📰 See the 🌐 Explore the
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5 Reasons to Consider Investing in More Than the S&P 500, Ep #209
Financial Symmetry: Balancing Today with Retirement
Many investors have been tempted to invest more, if not all, of their portfolios in the S&P 500 given the incredible run it’s had over the last decade. But today we are talking through five reasons why you should consider not making a concentrated investment only in the S&P 500. Don't let recency bias rule your decision-making on the road to your ideal retirement. **** 📬 Sign up for the and receive our Pre-Retirement Checklist. 🎯 Article - 📰 See the 🌐 Explore the
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The Challenges with Divorce in Retirement with Lesli Doares, Ep #208
Financial Symmetry: Balancing Today with Retirement
One of the biggest financial disasters that people can experience in retirement is divorce. On this episode of Financial Symmetry, Grace Kvantas chats with licensed marriage and family therapist, Lesli Doares. Lesli shares warning signs to look out for, misconceptions about keeping finances separate, and why couples should seek marriage counseling in retirement. Your marriage affects every aspect of your life. Listen in to learn how you can improve it. **** 📬 Sign up for the and receive our Pre-Retirement Checklist. 🎯 Article - by David Booth 📰 See the 🌐 Explore...
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Should I Roll My IRA into My 401K to Do a Backdoor Roth? Ep #207
Financial Symmetry: Balancing Today with Retirement
If you have rollover IRA accounts and want to make a backdoor Roth IRA contribution, this episode is for you. There are several steps involved to handle this strategy in the right way including understanding how you roll the IRA accounts to your 401k. Today we walk through five considerations you should think through before you implement a strategy to complete your Backdoor Roth contributions. **** 📬 Tips each month to help you Enhance Your Today and Enrich Your Tomorrow. 🎯 📰 See the 🌐 Explore the
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15 Surprising Financial Facts to Round Out 2023, Ep #206
Financial Symmetry: Balancing Today with Retirement
In our usual episodes, we aim to arm you with a particular insight or strategy that can help you inch closer to your ideal retirement. But, with todays show, we want to close the year by providing a list of 15 surprising financial facts about the year that you could share in a conversation with a friend or family member. We also pay tribute to the great investor Charlie Munger, by providing a few of our favorite Mungerisms. As you begin your 2024, we thank you all for listening and sharing our show. We look forward to continuing to provide you with helpful steps on your journey to reach...
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Planning for Health Insurance in Retirement Pre-Medicare, Ep #205
Financial Symmetry: Balancing Today with Retirement
If you are planning on retiring before age 65, there is no doubt that you have had this question. What do you do about health insurance? In the United States, the health insurance landscape is ever-changing and takes quite a bit of planning. Many people even feel anchored to their jobs because of the prohibitive costs of health insurance. However, there are options for healthcare before age 65. Listen in to discover what your options are and what you should be doing to plan for this complicated aspect of early retirement. Outline of This Episode [2:44] COBRA [8:04] Using...
info_outline2020 has been a year of change. The pandemic has given people an opportunity to rethink their lives and many have been rethinking their career.
Video recap: https://youtu.be/0RCME_Y8bdI
Whether you are one of the millions of people that have been forced into a job change or whether you are considering a professional pivot on your own, there is a lot to think about when changing jobs.
On this episode, Grayson Blazek and I will walk you through all the considerations when taking on a new job. If you are rethinking your career listen in to hear how you can take advantage of your human capital.
Think about the total compensation not just the salary
Often when we consider a job offer there is only one number we look at. But there is more to a job than the base salary; it is important to consider the total compensation. The base salary helps you plan your monthly expenses but understanding the bonus and stock compensation is also important.
When thinking about the bonus structure of a potential job you’ll want to consider the target. Ask what the confidence in that target is. You’ll also need to understand how the bonus incentive works. How often does it payout? Is the bonus based on your personal performance or on the performance of the team?
Some other financial considerations are the stock options and the sign-on bonus. That hiring bonus can be enticing, but don’t let it cloud your judgment. Remember a hiring bonus is only a one-time payment.
Consider the benefits package
When comparing job offers you’ll also want to compare the benefits package. Make sure to request an employee benefits brochure if they haven’t given you one. The benefits package is often seen as secondary to the financial compensation but those benefits can add a lot of value to your life.
First of all, you’ll want to consider the healthcare plan. Does the company offer one? How does it compare with your current plan? How much of the plan is covered by the employer? Do they offer an HSA?
Healthcare isn’t the only benefit to consider. What about life insurance and disability? Does the company offer a student loan repayment program? How about a fitness membership. Consider the entire benefits package and how it could add value to your life.
What is the retirement plan like?
In addition to the health benefits and salary, you’ll also want to investigate the retirement plan that comes with this new position. Do they offer a 401K? Will they match your contribution? What are the plan costs? What about vesting, will you actually realize that vesting period? Do they offer other ways to save for retirement?
Your human capital is one of the biggest assets you have and the way you spend it will greatly impact your financial future. So when considering a job transition, there is much more to think about than the base salary. Tune in to this episode to discover all the details you need to consider when evaluating a job change.
Outline of This Episode
- [2:50] Think about the total compensation not just the salary
- [8:30] What is included in the benefits package?
- [13:42] What is the retirement plan like?
- [20:22] Does the position include an employee stock purchase plan?
- [24:31] What about the flexibility factor?
- [27:54] Consider all your details
Resources & People Mentioned
- Episode 97 - How to Make Decisions About Your Equity Compensation Plans
- Episode 47 - Why Do I Need an HSA?
- Episode 91 - Your Retirement Secret Weapon
Connect With Chad and Mike
- https://www.financialsymmetry.com/podcast-archive/
- Connect on Twitter @csmithraleigh@TeamFSINC
- Follow Financial Symmetry on Facebook