Tax Implications of Retirement Accounts
Providence Financial Retirement Show with Anthony Saccaro
Release Date: 11/23/2023
Legacy Matters - Your Guide to Estate Planning
Providence Financial Retirement Show with Anthony Saccaro
I've been an advisor for 25 years and I'm also an estate planning attorney who's prepared thousands of estate plan portfolios. You've probably heard me say that no financial plan is good without an estate plan. You can do a great job building up your nest egg during the accumulation phase, then switching to income investing during the retirement phase to make sure you never run out of money. But if you pass away and leave your estate a big mess for your kids so that a good chunk of it goes to attorney fees and probate - that's not wise. A good part of estate planning is making sure your...
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Early Retirement Account Withdrawals
Providence Financial Retirement Show with Anthony Saccaro
"What if I need my retirement money early?" As a general rule, I recommend that people roll over their 401(k) into an IRA at 59 1/2 or whenever they can; but there are cases in which it may be beneficial to leave the money in the 401(k) or withdraw it early: disability, financial hardship, being called up as a reservist, or even becoming a first-time home buyer or paying for higher education. But a lot of these exceptions need to be used with caution, and that's what we're going to spend our time talking about in this show. We also have several listener questions which are relevant to this...
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The Final Countdown: Pre-Retirement Planning Essentials
Providence Financial Retirement Show with Anthony Saccaro
When should you actually start planning for retirement? If you're 10 years away from it, is it too soon or is it too late? It's not uncommon for someone to call us and say they're retiring within a few months and they don't want to make any mistakes. Over the last 25 years, we've had two major market crashes at around 50%. We have not had a crash in 15 years. If you wait until the last minute to plan your retirement, what happens if the market tanks? Will you be able to retire? If these questions raise more questions for you, you may want to listen in. ...
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Are You Making These Money-Wasting Mistakes in Retirement?
Providence Financial Retirement Show with Anthony Saccaro
It's all about income on today's show: we're going to talk about ways that you may be wasting money during retirement or may be leaving money on the table through unclaimed benefits you're not taking advantage of or investment strategies you're not aware of. Some people have actually saved enough money where they can retire with as much income as they need; most of you may not be able to do that and may have to cut back on expenses a bit. The income equation has two sides: offense and defense. On the offensive side: - are you investing properly and trying to maximize...
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How to Find the Right Financial Advisor
Providence Financial Retirement Show with Anthony Saccaro
If I blew out my knee, I certainly wouldn't trust myself to fix it. I'm not a doctor, I'm a financial advisor. I'd try my hardest to find the best doctor who could diagnose and fix my knee. When you're younger, you can afford to make mistakes because you have more time to overcome them. When you're older, you can't afford to mess up anymore; you may have done a great job of growing your portfolio but, when you get to retirement, the strategy shifts. So if you think you may benefit from the advice of a financial advisor after years of DIY, how can you find one? What should you look...
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Are You Taking Too Much Investment Risk?
Providence Financial Retirement Show with Anthony Saccaro
Are you taking too much risk within your investment portfolio depending on the stage of life you find yourself in? In this week's podcast, we talk about good risk and bad risk and the difference between left and right brain investing (sounds a bit woo-woo but stick with me). Good risk is the risk of volatility. Bad risk is the risk of loss and it usually occurs when you're not diversified enough - not just within an asset class, but among different asset classes. Listen in. ...
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Life Insurance and Long Term Care
Providence Financial Retirement Show with Anthony Saccaro
Is permanent life insurance a good investment? Do I really need long term care and is it a good idea? What can I do if I'm starting to invest for retirement late in life? We'll tackle these questions, plus a few more from your listeners, during this show. Listen in. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> LET’S CONNECT Show website: https://www.providencefinancialpodcast.com Find us at: https://www.providencefinancialinc.com Get to know Anthony: https://anthonysaccaro.com...
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Strategies for Maximizing Your Social Security
Providence Financial Retirement Show with Anthony Saccaro
Our mission for this show is to help you live a stress-free retirement; and few things create more stress and confusion for pre-retirees than Social Security. Since they don't know whom to turn to for advice, they often make hasty decisions that cost them tens of thousands over their lifetime. When should you take Social Security and what is the best way to take it? We'll give answers and strategies in the first part of this show. In the second part, we'll talk about the best ways to invest during your accumulation years, as you're heading towards retirement, versus your retirement years....
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Mutual Funds and ETFs
Providence Financial Retirement Show with Anthony Saccaro
If you're retired, you may be wondering if mutual funds and ETFs are appropriate for you to invest in retirement. You may also wonder what the difference is between them (hint: there are more similarities than there are differences). Mutual funds are actively managed by fund managers who make decisions about which assets to buy and sell within the fund. Investors buy shares directly from the fund company at the end-of-day net asset value. ETFs are passively managed funds that typically track an index or a specific sector. They are traded on exchanges like stocks, and their prices...
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It's not How Much You Earn, but How Much You Keep That Matters
Providence Financial Retirement Show with Anthony Saccaro
My dad used to often say to me, "It's not what you earn, but what you keep that matters." In this show, we'll talk about several strategies that can help you maximize how much you keep of what you earn. We'll then go on to discuss potential pitfalls of investing in mutual funds and the benefits of individual bonds, particularly as you approach retirement. We'll also explain the difference between fee-based and commission-based advisors, with the former being held to a fiduciary standard which requires them to make the best recommendations for their clients. For our weekly listener...
info_outlineRetirement accounts are any IRA, 401(k), 403(b) SEP IRA, simple IRA or other employer-sponsored retirement accounts - any type of pre-tax account.
You put money into them pre-tax and postpone the tax; you save the tax dollars now but have to pay them later when you make your withdrawals. That's the first perceived benefit.
The second perceived benefit is that you get tax deferral on that money until you decide to take it out. Because the money is growing inside of a retirement account, you don't pay any tax on the growth at all. Kind of nice, right? Many of you are putting into retirement accounts as much as possible because you want to save as much money in taxes as possible.
But ultimately - you still have to pay taxes on it. You're just postponing paying it. When you start taking withdrawals later, you're going to be in a smaller tax bracket so you're going to pay fewer taxes - or so you think. But as a retirement planner for decades, I can tell you that's just a theory that doesn't work in practice. When people retire, they're often making more money and are in a higher tax bracket than 15-20 years earlier.
Listen in for more.
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LET’S CONNECT
Show website:
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