On a Break Until the 4th Quarter
Powering Your Retirement Radio
Exciting things are coming in the 4th Quarter of 2023. Until then, the show will be in hiatus as I build new tools to help you - my listener. Got questions or want to take one of my Summer webinars? Email
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How long should I keep my documents?
Powering Your Retirement Radio
Welcome to "Powering Your Retirement Radio"! Today, I want to address one of the most frequently asked questions about the documents you should keep hard copies of and for how long. It doesn't matter if it's your tax return or investment statements; fortunately, digital copies are acceptable for many of these documents now. But you may have a concern about what happens if the drive fails. Many people still have banker's boxes or a filing cabinet hiding somewhere. And if you are like many people, it is overdue to be cleaned out. I will go over Tax, Healthcare, Legal, Asset and Debt, and Other...
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Edward F. Sanders - Financial Strategist
Powering Your Retirement Radio
Welcome back to Powering Your Retirement Radio. I am Dan Leonard, your host. Today I am joined by Ed Sanders. Ed Sanders is a financial strategist with over 19 years of experience in the finance industry. Originally from Akron, Ohio, Ed attended the University of Arizona before moving to the Bay Area to work for Wells Fargo after graduation. In 2004, Ed made the decision to leave the corporate world behind and pursue his passion for helping people achieve financial freedom. As a financial strategist, Ed specializes in college planning, risk reduction, creating tax-free income sources, and...
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What to do on your worst day
Powering Your Retirement Radio
Hello, and welcome back to Powering Your Retirement Radio. Today's episode is not uplifting, but still worth a listen. We will all likely face this event once or twice in our lifetimes. Unfortunately, like most emotional and personal things, you learn by doing it and never really share it with anyone. So, here is an outline of things to consider when your spouse or a loved one passes away. 1 Notify Friends and Family, designate the family members who can help with some of the necessary tasks 2 Contact a funeral home, medical school crematorium according to the deceased wishes ...
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Treasury Bills and SVB
Powering Your Retirement Radio
Hello, and welcome back to Powering Your Retirement Radio. In today’s episode, I want to discuss the most often question I get these days: "Should I buy Treasury Bills?” I also want to discuss what happened with Silicon Valley Bank (SVB). It seems like several times each week. Someone calls to ask what I think about buying Treasury Bills. I first want to know why they want to buy them. Is it because they have extra money languishing in the bank, or do they want to move money from their current investments to something guaranteed? Either way, you can make a case for it, but you need to...
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Long Term Care Basics
Powering Your Retirement Radio
Welcome back to Powering Your Retirement Radio. I want to discuss Long Term Care or Extended Care. This is insurance and not an investment. Insurance, in the long run, is better to have and not need, than to need and not have. It is also better to buy it before there is a need because, at that point, it is either very expensive or not available. So why do you need Extended Care Insurance? You need it because of the unknowable circumstances around your future health, not just yours but, if you are married, your spouse as well. As counterintuitive as this sounds, Extended Care Insurance is...
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How to Save $1,000,000 in your 401K
Powering Your Retirement Radio
How can you save $1,000,000 in your 401k between the ages of 30 and 60? We'll cover strategies for maximizing your contributions, making smart investment decisions, and taking advantage of employer matching programs in this episode. Maximizing Contributions The first step in saving $1,000,000 in your 401k is to maximize your contributions. If you're 30 years old, you have 30 years to save, so the earlier you start, the more you can save. The contribution limit for a 401k is $19,000 in 2022, with an additional $6,500 catch-up contribution for those over 50. Consider increasing your contribution...
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Saving for Retirement
Powering Your Retirement Radio
How much should I save for Retirement Annually? The amount you should save for retirement annually depends on several factors, including your age, income, current savings, and retirement goals. Generally speaking, financial experts recommend saving 10-15% of your income each year for retirement. However, it's important to remember that this is just a guideline, and you should adjust your savings rate based on your own individual needs. How much do I need to save to be able to retire? The amount you need to save to be able to retire comfortably depends on several factors, including your...
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Long Term Perspective
Powering Your Retirement Radio
Welcome to Powering Your Retirement Radio. Having a long-term perspective when investing is important because it allows you to ride out short-term market fluctuations and focus on the underlying fundamentals of your chosen investments. It also gives your investments time to compound and grow, which can lead to greater returns over the long run. Additionally, it can help you avoid making impulsive and emotional decisions based on short-term market movements, which can be detrimental to your investment portfolio. For more information, visit the podcast website:
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2023 Tax Numbers to Know
Powering Your Retirement Radio
Welcome back to Powering Your Retirement Radio. Here are some key tax numbers for 2023 to keep in mind: The standard deduction for individuals is $12,550 and $25,100 for married couples filing jointly. The personal exemption has been suspended. The top marginal tax rate for individuals is 37%. The income threshold for the 37% tax bracket is $518,400 for single filers and $622,050 for married couples filing jointly. The long-term capital gains tax rate for individuals in the top bracket is 20%. The annual contribution limit for 401(k) plans is $19,000 for those under 50 and $25,000 for those...
info_outlineHello, and welcome back to Powering Your Retirement Radio. Today's episode is not uplifting, but still worth a listen. We will all likely face this event once or twice in our lifetimes. Unfortunately, like most emotional and personal things, you learn by doing it and never really share it with anyone. So, here is an outline of things to consider when your spouse or a loved one passes away.
| 1 | Notify Friends and Family, designate the family members who can help with some of the necessary tasks | ||||||
| 2 | Contact a funeral home, medical school crematorium according to the deceased wishes | ||||||
| 3 | If the deceased was religious, contact their place of worship to arrange for services and other customs. Flowers, Picture Boards, Videos, Memorial Cards, Readings, etc... | ||||||
| 4 | Write the obituary, and send it to the local paper and funeral home. Name, age, city of Residence, date of death, birthplace and year, parent's name, biographic information, survivors, details of the service (Funeral home can help. | ||||||
| 5 | Update Social Media after the immediate family has been notified | ||||||
| 6 | Notify employers | ||||||
| 7 | Notify children's schools | ||||||
| 8 | Notify Social Security | ||||||
| 9 | Notify the Professional team, Attorney, advisors, tax professional, executor | ||||||
| 10 | Locate wills and Trust | ||||||
| 11 | Order 10 to 20 Death Certificates - Funeral home or Health Department | ||||||
| 12 | Set up a spreadsheet or notebook to keep track of food, gift cards, letters, phone calls & help provided so you can thank people later. | ||||||
| 13 | Make a list of people you can lean on for help and emergencies. | ||||||
| 14 | Call DMV - Car registration Expiration, cancel DL, is Auto Insurance still valid? Varies by state. | ||||||
| 15 | Rely on supportive people | ||||||
| 16 | Accept whatever help is offered | ||||||
| 17 | Allow the emotions to come; it will be a rollercoaster | ||||||
| 18 | Be honest with children, and allow them to participate to the extent they wish | ||||||
| 19 | Do judge people's reactions. Everyone grieves differently | ||||||
| 20 | Collect Veterans benefits | ||||||
| 21 | Determine recurring bills to be paid and or canceled | ||||||
| 22 | If the deceased was in a rental, determine the turnover of the property time frame | ||||||
| 23 | Create a calendar to keep track of important dates | ||||||
| 24 | Prepare to go through deceased possessions. | ||||||
| 25 | Practice good self-care | ||||||
For more information, please visit the podcast website: https://poweringyourretirement.com/2023/04/14/what-to-do-on-your-worst-day/