Early Retirement Account Withdrawals
Providence Financial Retirement Show with Anthony Saccaro
Release Date: 05/06/2024
The Income Method v. the Withdrawal Method
Providence Financial Retirement Show with Anthony Saccaro
Why is it so important to generate income through interest and dividends rather than through the withdrawal method? In this show, we explain the difference between the income method and the withdrawal method (selling shares). If you've been following our show for any length of time, you can probably guess which method we highly favor over the other. Listen in. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> LET’S CONNECT Show website: https://www.providencefinancialpodcast.com Find us at:...
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3 Tips for Thriving in Retirement
Providence Financial Retirement Show with Anthony Saccaro
How do you have a successful retirement? I've been a financial advisor for a quarter of a century and I've met many happy and fulfilled retirees, but also many who are not so happy and are even miserable. When people retire and they don't have anything to retire for, they frequently end up passing away early. It's because they have nothing much to live for anymore. A successful retirement is not just defined by how much money you have saved; but by the goals you have set for yourself as you enter this new phase of life. We retire to live, not to die. What if you live another 30...
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The Perils of Procrastination: Why Delaying Retirement Planning Can Sabotage Your Future
Providence Financial Retirement Show with Anthony Saccaro
As a general rule, being proactive is better than being reactive. While there are certainly situations when waiting is the wise thing to do, there is a difference between that and procrastinating on what we already know we should be doing. That's definitely true about finances and especially as it relates to setting up a proper strategy to invest for and secure your retirement. In this show, we'll talk about different areas where people tend to procrastinate in when it comes to retirement planning. Some of these can be quite costly, so listen in. ...
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Behind the Bias - A Closer Look at Financial Advice
Providence Financial Retirement Show with Anthony Saccaro
You may have never given much thought as to how many of your decisions are made based on biases that are mostly unconscious. How you look at life is based on your biases and preconceived ideas that help you form your opinions which in turn lead to your actions. In this week's show, I cover 10 hidden biases related to your finances and your retirement. Listen in. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> LET’S CONNECT Show website: https://www.providencefinancialpodcast.com Find us at:...
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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. ...
info_outline"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 topic. Listen in.
LET’S CONNECT
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