Power of Attorney, Long-Term Care, Retirement Travel and more! Mailbag Episode
Release Date: 10/12/2023
Poetic Planning: Haikus To Guide Couples Through Retirement
Wealthy Habits Podcast
Spouses plan as one. Retirement paths may blur. Clear the way, find peace… Yes, that’s a haiku. In today’s episode, we’re going to help couples get on the same page in their retirement plans with the serenity of poetry. Each haiku contains helpful bits of financial wisdom that will address some of the common ways couples mess up their retirement futures. Dave and Drue will decipher each haiku and explain the nuggets of wisdom that you can pull from each one. Here’s some of what we discuss in this episode: The decisions that need to be made around your pension and why you need...
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Patience Pays: The Power of Delayed Gratification
Wealthy Habits Podcast
Sometimes it’s hard to make financial sacrifices when the reward might not be seen until several years in the future, but that’s a core principle in retirement planning. Many of the decisions you make during the planning process and the strategies you implement are done to put you in a better position when retirement rolls around. Today we'll talk about some of the situations shwere you might be inclined to take the immediate benefit, when you should really consider the delayed rewards. Here’s some of what we discuss in this episode: Contributing to your 401k every month is...
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Why Are Interest Rates Up?
Wealthy Habits Podcast
In this episode, we want to provide an overview of interest rates for those who aren’t quite sure why they move the way they do. It’s a question we get a lot from people, especially with inflation up and interest rates more than doubling over the course of a year. Dave and Drue will explain the Fed’s actions and help you better understand how investing strategies change in a high interest rate environment. Here’s some of what we discuss in this episode: Why the Fed has adjusted the rates so significantly in the last two years? How do they determine when to lower rates again?...
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Money Mistakes You'll Regret and How to Avoid Them
Wealthy Habits Podcast
“Learn from the mistakes of others. You can’t live long enough to make them all yourself.” – Eleanor Roosevelt… Ever wish you could foresee financial missteps before they happen? In today’s episode explore some real-life stories of regret and arm yourself with the essential dos and don'ts to ensure your money works for you, not against you. Stay tuned as Dave and Drue warn against retiring too early without a proper plan, overpaying for your children’s college tuition, overspending in your peak earning years, and more. Whether you're in your 20s or approaching retirement, this...
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Retirement Planning’s “Hidden” Questions
Wealthy Habits Podcast
The retirement planning world is filled with plenty of advice and suggestions, but there are critical questions lurking in the shadows – the unasked, the overlooked. These are the questions that can help define the comfort and security of your retirement future. In this episode, we unearth and tackle these hidden, but essential questions about retirement. How much are your tax deferred savings going to cost you in taxes in retirement? How does where you live or plan to live impact your retirement situation? Listen in as Dave and Drue tackle these commonly overlooked questions so that you can...
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Mailbag: 529 Plans, Finances after Remarriage, Advisor Fees & More
Wealthy Habits Podcast
We’ve got a mailbag edition of the podcast for you today! We’ve received some excellent listener questions recently, and we’re going to dive into a few of them in this episode. We cover a wide variety of topics, ranging from 529 plans to advisor fee structures, so stick around to see what you can learn. Rosemary asks how much is too much to spend on a forever home. Valerie asks Dave and Drue for their thoughts on combining finances after getting remarried. Stay tuned as we explore potential pitfalls and offer practical advice on navigating the complexities of retirement. Here are...
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Navigating Finances After Losing a Spouse: Strategies & Mistakes to Avoid
Wealthy Habits Podcast
Losing a spouse is an unimaginably tough life event, but the financial implications can add another layer of stress to the grieving process. In this episode, we delve deep into the most common financial issues faced by widows and widowers, from dealing with income gaps to navigating tax changes as a single filer. We explore actionable strategies to address these problems, such as the importance of life insurance and the ins and outs of spousal pension continuation. This is the episode for you if you’re concerned with ensuring the financial well-being of your remaining family members and...
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Are There Universal Retirement Truths?
Wealthy Habits Podcast
Retirement is a unique journey for each of us. The thought that there's a one-size-fits-all solution is a myth, but what if we told you there are certain universal truths that can guide every retiree? Dive deep in this episode, where we juxtapose the individuality of retirement plans with the foundational principles that remain consistent across the board. Listen in as Dave and Drue discuss some critical topics, such as the impact of trying to time the stock market, the importance of diversification for risk management, the emotional aspects of investing, and more. Whether you're approaching...
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Understanding RMDs: A Guide For Retirees & The Soon-to-Retire
Wealthy Habits Podcast
Are you over 55 and pondering retirement? Join us as we delve into the realm of Required Minimum Distributions (RMDs). Unfortunately, RMDs can be a tad bit confusing, so in today’s episode, Dave and Drue are here to unravel the mystery and ensure you have a clear understanding of the process. Listen in as we break down the basics of RMDs and explain how they are calculated based on your age and account balance. We’ll also share strategies to potentially avoid them and share the risks of not preparing for them in advance. And for those fortunate to not rely on RMDs for income, we'll explore...
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Can AI Replace Your Financial Advisor?
Wealthy Habits Podcast
Artificial intelligence is a revolutionary tool that is reshaping our world. You've probably heard about ChatGPT and its widespread use for various tasks like information retrieval, content creation, and even test-taking. But can you use AI for retirement planning advice? Stay tuned as we dive into where artificial intelligence is pitted against a real financial advisor. When asked the same questions, how does the financial advice differ? Listen in as we unpack these answers and chat about retirement planning in the digital world. Here’s some of what we discuss in this episode:...
info_outlineWe’re back with another mailbag edition of the podcast today! Listen in as Dave and Drue answer some recent questions they’ve received from listeners like you. From power of attorneys to long-term care and lump sum pension buyouts, we’re covering a wide variety of topics on today’s show.
Catherine asks what she can do to help set up her daughter and grandchild for success financially. Charlie asks what a reasonable amount of money is to spend on travel in retirement. Tune in to hear Dave and Drue’s responses to these questions and many more. Come see what you can learn from today’s show!
Here are a few questions we tackle in today’s show:
- My mom is 85 and because of her dementia, I have power of attorney for her. She has substantial investments, but I have no idea what to do with them. How are you supposed to invest for an 85-year-old?
- I haven't been able to find a long-term care policy that I like. Are they all extremely expensive?
- I have some stock that is now worth more than 10 times what it was when I bought it. Is there any way to sell the stock without giving so much of it to Uncle Sam?
- How much is a reasonable amount to spend on travel and retirement?
- I have a lot of major life changes coming in the next six months that I think will affect how I should be invested. Is it best to just park my money in cash until life settles down and I know what my future will look like?
Contact Dave and Drue:
Web: https://www.truefinancialpartners.com/
Email: [email protected]
Phone: 877-359-8783