As we come to the end of 2022, we reflect on some of our favorite reads and podcasts that we have highlighted in our monthly newsletter. If you’d like to check out what we’ve been reading or listening to on a more regular basis, sign up for our monthly newsletter to get the information delivered straight to your inbox.
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📬 Actionable tips each month to help you reach your Ideal Retirement. Subscribe here are get a free copy of a Pre-Retirement Checklist ebook!
🎥 WATCH video recaps of the show here
📰 DOWNLOAD our Investing Principles Guide
🎯 Subscribe to not miss future episodes here
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How often do you go back and question your retirement and investment decisions?
🎥 WATCH a video recap of the show here
When thinking through your personal financial decisions, it is common to be swayed by emotions rather than rational thoughts. However, your emotions could derail your wealth-building journey.
Today, we explore five of the most common behavioral financial biases and ways to combat them. If you are ready to get serious about making better financial decisions to build wealth, you won’t want to miss this episode.
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📬 Actionable tips each month to help you reach your Ideal Retirement. Subscribe here are get a free copy of a Pre-Retirement Checklist ebook!
📰 DOWNLOAD our Investing Principles Guide
📬 Tips each month to help you reach your Ideal Retirement. Subscribe to the Financial Symmetry newsletter and receive a free Mega-backdoor Roth guide.
What if one of these ten tax tools could be the tax opportunity that you’ve been missing?
If you are looking to increase your wealth over your lifetime, you’ll want to ensure that you have the best tax planning strategies in place for long-term success.
Paying more taxes now to lower your lifetime tax rate may seem unconventional, but if you are serious about building wealth, this episode could include steps to help you get there.
From donor-advised funds, QCDs to Roth conversions and more. See if any of these 10 could benefit you.
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📰 See the full show notes here
🎥 See latest video of podcast recap here
🎯 Subscribe to not miss future episodes here
📬 Tips each month to help you reach Your Ideal Retirement. Subscribe to the Financial Symmetry newsletter & receive a free guide with 5 questions to ask your financial advisor!
So many conversations today are tied to the news. Hard to not find someone talking about the troubled economy, inflation, and the tumbling stock market.
How should you change your investments in light of all these issues? You may be wondering if you are invested too aggressively, or you might even be considering pulling out of the market and waiting out the storm.
Before you rush in to change your investment tactics, listen to this episode to compare our 10 investing principles to your investing blueprint.
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🎥 WATCH video recap of the show here
📰 DOWNLOAD the General Investing Principles Guide
🎯 Subscribe to not miss future episodes here
None of us know how long we will live, so it is important to prepare for the inevitable. Unfortunately, all that we have earned in this life won’t transfer into the next, so it is important that we have our wishes laid out appropriately.
An estate plan is a critical component of the retirement planning journey.
Estate attorney, Adam Tarsitano joins the Financial Symmetry podcast again today to discuss spooky estate planning tales from the crypt that he has seen in his experience.
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📬 Tips each month to help you reach your Ideal Retirement. Subscribe to the Financial Symmetry newsletter!
📰 DOWNLOAD the ESTATE PLANNING CHECKLIST
Have scary markets made you second guess your retirement plan?
For those of you who are near, or already in retirement, you may feel like this year is a part of some retirement horror story.
🎥Watch the video here: https://youtu.be/bPmWBKTM-yg
Which reminded us of a common retirement tale from one of Halloween’s favorite fictitious characters, Michael Myers.
After 40+ years of scaring audiences, the Halloween movie franchise is coming to an end. Now that Michael has reached 65, we thought it fitting to envision that everyone’s favorite murderer is finally done chasing victims and is ready to settle down into retirement.
Has he prepared well enough or did he chase returns the way he chased his victims? Listen in to hear the retirement horror story of Micheal Myers.
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📬 Tips each month to help you reach your Ideal Retirement. Subscribe to the Financial Symmetry newsletter!
📰 DOWNLOAD the free EBOOK Your Game Plan for Market Volatility ebook
🎥 See other videos of podcast recaps here
🎯 Subscribe to not miss future episodes here
Have you ever been offered a non-qualified deferred compensation plan as part of your benefits package?
In this episode, you’ll learn who non-qualified deferred compensation plans were created for, what they are, the pros and cons, and their potential for helping you reduce your lifetime tax bill.
Find out if this additional savings tool could be a difference maker for your retirement withdrawal strategy.
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📬 Tips each month to help you reach your Ideal Retirement. Subscribe to the Financial Symmetry newsletter!
📰 DOWNLOAD the free EBOOK Your Game Plan for Market Volatility ebook
We all have visions of our ideal retirement, and none of them include a terminal illness. However, sometimes life has other plans.
Today, we discuss the top concerns that are often overlooked for those facing a terminal diagnosis.
This is a difficult, yet important, subject to address. Investment strategies, tax strategies, and estate planning may not be at the forefront of your mind during this challenging time period, however, doing the legwork now will set your loved ones up for success after your passing.
You won’t want to miss this episode if you or a loved one has recently experienced a terminal diagnosis.
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📬 Tips each month to help you reach your Ideal Retirement. Subscribe to the Financial Symmetry newsletter!
📰 See the full show notes here [including a Terminal Illness Checklist]
🎥 See latest video of podcast recap here
🎯 Subscribe to not miss future episodes here
Retirement rules of thumb can give you a false sense of security.
▶️ Watch a short recap on Youtube
Today you’ll learn why you should second guess these 4 commonly referenced retirement rules.
In this episode, we'll discuss:
Our expanded pre-retirement checklist is packed with common questions asked by our clients. Our new guide answers the 4 questions you should ask about Social Security, includes common tax planning tools used by retirees, and examines how your investing may change in retirement.
Download this newly revised and expanded checklist to help you best prepare for your retirement.
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📗 Download the expanded Retire On Purpose Guide
🎯 Subscribe to not miss future episodes here
📬 Tips each month to help you reach your Ideal Retirement. Subscribe to the Financial Symmetry newsletter!
What if you could take action now so that you have significantly more tax-free savings to utilize in retirement?
On this episode of Financial Symmetry, we’ll take a look at an often misunderstood tax planning opportunity.
The Roth conversion is a tool that can benefit you throughout different stages of your retirement saving journey. Today you’ll learn how to take advantage of Roth conversions during various periods of life. Listen in to learn the opportunities and pitfalls of Roth conversions.
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📗 Download the expanded Retire On Purpose Guide
🎯 Subscribe to not miss future episodes here
📬 Tips each month to help you reach your Ideal Retirement. Subscribe to the Financial Symmetry newsletter!
Have you ever wondered how your retirement preparations compare with others?
Short video recap: https://youtu.be/mNYvWKgO3MM
This is a common question that we hear as financial advisors. On this episode, we’ll take a look at data from a recent study about the 4 types of retirement journeys that people take. You’ll also hear about the risks and opportunities that stem from these 4 retirement paths.
People’s circumstances, attitudes, and ambitions can greatly affect their retirement experience. So, if you are on the cusp of retirement you may be wondering what type of retirement you will have. You can think of retirement as a Choose Your Own Adventure book. Each path has its own opportunities and lessons to learn. Which retirement adventure will you choose?
Which retirement stage are you in? Spoiler alert: the stages begin before you are retired. You'll also be surprised by some of the stats we uncover as we dissect findings in the latest Age Wave study on retirement.
Video Recap: https://youtu.be/8YeA6nSCenY
We've had the pleasure of working with hundreds of families as they have planned and transitioned into retirement. Let’s dive in to this episode to explore how you can maximize these 4 phases of retirement through financial planning.
How do you deal with a major financial transitions?
Video recap: https://youtu.be/2tWrduVAS14
When this happens there can be many choices that you need to make. Without the right decision-making framework, navigating these choices can lead to analysis paralysis.
Allison Berger joins me today to share some of what she has learned while studying for the CFT designation (Certified Financial Transitionist). The coursework for this professional title combines financial planning with cutting-edge research in neurology, sociology, and psychology. With her newfound knowledge, Allison will help us learn how to navigate the technical and personal side of major life decisions.
Listen in to learn how to build a framework that can help you navigate major financial decisions.
In a bear market, it can be easy to panic and forget that investor behavior drives results more than choosing the right investments. People tend to be their own worst enemy during these trying times. That’s why it is important to learn from those that have gone before you.
Video Recap: https://www.youtube.com/watch?v=VePid5UlQ1Y
Your Playbook to Market Volatility: https://www.financialsymmetry.com/staying-the-course-even-during-volatile-markets/
Check out this episode to discover the 4 typical investors that we encounter during market declines. As you listen consider who you have been like in the past. Which one are you feeling like now? Which one do you want to be in the future?
Most of us believe we’ll always have more time with our spouse, but when that time is cut short, we’re often left with too many questions and not enough answers.
Video recap: https://youtu.be/2jFmLDB3Xks
On today’s show, we tackle the emotionally challenging subject of losing a spouse.
Between planning a funeral, notifying people, and taking calls, it’s hard to find time to grieve, much less think about the financial consequences and tax changes you have to deal with in the coming weeks. Part of our responsibility during this difficult time is to walk you through the steps of navigating the administrative part of handling a loved one’s resources.
Listen to this episode to learn about the tax changes to consider when dealing with the death of a spouse.
Read more in the show notes here: https://www.financialsymmetry.com/tax-changes-to-consider-after-the-death-of-a-spouse-ep-166/
Do you have an estate plan?
Is it up to date?
Was it prepared by an estate planning professional?
Video link: https://youtu.be/c7XO462BOcg
If you answered "no" to any of these questions, this episode is for you.
On the show this week, we welcome Adam Tarsitano, an estate planning attorney in Raleigh, NC, to discuss why it is so important to have a professionally prepared estate plan in place.
Listen in to hear the difference between a professional estate plan and a DIY estate plan and what could happen to your assets if the state decides what to do with them.
Stocks are now in a bear market. Rising interest rates mean bonds are having a horrible year. Inflation reached a 40-year high. Headlines like these makes it tough to have confidence in your investment strategy.
Youtube video: https://youtu.be/dNb2jmLW_OU
This is why today, we are reviewing how to create a retirement plan that provides peace of mind through an investment roller coaster. If you are worried about the future of your money, our goal this week is to provide you a game plan for volatile markets.
Press play to listen in or check out the video with the slideshow on our YouTube channel.
If you recently filed your tax return you may have noticed some unexpected surprises.
Video recap: https://youtu.be/G9q8k5fRNdQ
Since tax planning and preparation is an important part of what we do at Financial Symmetry, we wanted to make you all aware of the top 10 tax surprises that we see in our office. Listen in to hear if you are familiar with any of these tax prep surprises.
Deciding to retire is just the beginning of your retirement decision-making. From tax planning to Social Security decisions, finding the best strategies for you requires regular analysis.
Video recap: https://youtu.be/TleOZ8CwYXw
Today’s question comes from a client who recently read an article from Rethinking 65 titled Why Trying to Quantify Roth Conversions Is Futile. After reading the article the client wanted to know if they should take advantage of Roth conversions. As we explore this question today, you’ll learn how you can decide whether Roth conversions would be a good fit for your retirement situation.
Many people that listen to retirement podcasts and read financial articles are fantastic savers. If that sounds like you, congratulations!
Video recap: https://youtu.be/pUvfv1815fw
You have done the hard work to accumulate plenty of assets and be on track to reach your financial retirement goals.
However, after a lifetime of accumulation, you may discover that you have a hard time letting go of your assets. I recently came across an article in Barron’s magazine called Retirees Aren’t Spending Enough of Their Nest Eggs. Here's Why. On this episode of Financial Symmetry, Allison Berger and I will discuss the reasons that some retirees are reluctant to spend their savings and explore strategies that you can use to ensure that you have a successful transition into retirement.
Financial planning is a powerful tool that can help you not only anticipate risks and opportunities but also help you envision your future to ensure that you can retire the way you want to retire.
Video recap: https://youtu.be/hKJRvl-_RlM
As Howard Marks says, “You can’t predict but you can prepare.”
As you prepare for retirement it is helpful to stay up to date with the latest retirement trends. This is why we're excited to share our takeaways from the JP Morgan Guide to Retirement with you. You may be curious about how you are doing compared to others in your demographic and guides like this one can help you more deeply understand where you stand in your retirement planning journey.
Video recap: https://youtu.be/4FjSIJw8a6A
Listen in to discover how you can accelerate women’s equality by overcoming or breaking through these biases.
This first bias is simply untrue. Actually, women are more likely to take calculated risks than men. Women are also more likely to hold an appropriate amount of investments when compared with their cash savings.
Men and women are equally fearful at the beginning of their investing journeys. However, since women are more cautious about things that they are unfamiliar with they often become more educated about investing so that they feel more comfortable.
In the long term, women’s investments often outperform those of men. This could be due to women having more intentionality, self-control, and a higher savings rate than men. Since women are often playing catch up with their investing, they are usually excited to get started. Investment and retirement planning is especially important for women since there are so many preconceived notions that surround women and money.
On average, women make about $0.84 to a man’s dollar. This is often due to the way compensation is structured. Women often ask for less, negotiate less, or don’t negotiate at all. This means that women have less to contribute to their retirement savings.
Knowledge is the power to overcome this bias. To improve your salary it is important to understand the average salaries for your area of the country and, specifically, for your field. Use websites like Glassdoor or Salary.com to help you research. Don’t be ashamed to discuss this topic with friends, family, and colleagues to learn more.
Once you’ve done your research, consider your next salary negotiation. Set a range that works well for you and shoot for the top of that range. Remember that you are selling yourself, so consider the value that you have added to your role. Come up with a list of your accomplishments. Listen in to hear all the tips that this bright group of women brings to the table. With a bit of preparation, you may be pleasantly surprised by your next salary negotiation.
We’ve all heard this myth perpetuated; however, spending doesn’t have a gender. Either partner in a relationship can be the big spender, but since women are often the ones buying for the family, it can seem like they spend more than men.
Budgets are an important part of the financial health of any relationship so that both partners understand how much they can safely spend. Typically, one partner is more of a saver and the other is more of a spender, but the ideal is to strike a balance between the two.
Since women have been shut out of the financial conversation for so long, they often don’t know where to begin the conversation. Here at Financial Symmetry, we encourage both partners to come to the table, even if it takes an extra conversation to understand and address all of the issues or concerns.
As you approach International Women’s Day, consider whether any of these financial biases have come up in your life. You can research more biases surrounding women by using the hashtag #BreakTheBias.
From data breaches to text messages, emails, and phone calls, scammers are always looking for new ways to commit fraud.
Video recap: https://youtu.be/_PwxMMqnjNk
Fraud can devastate retirement plans, so it is important to stay one step ahead of scammers and keep your guard up to protect yourself and your retirement.
On this episode, we discuss types of scams to be on the lookout for and how you can protect yourself from the conmen that are constantly devising new ways to ruin people’s lives.
Do you have concentrated stocks in your portfolio?
Video recap: https://youtu.be/g5oDev7Ns84
You may have inherited stocks from a loved one or maybe you receive stock options as part of your pay structure or a compensation package. Whatever the reason you have concentrated stocks, if you own more than you think you should of one company, it is important to understand what you could do with it. You may be surprised to hear all of the options that you have available, so listen in to hear what your choices are.
You may be wondering if any of the stocks that you own would be considered concentrated stocks. Deciding whether you own any is easy. You don’t need to look at the percentage of the stock in your portfolio. It doesn’t matter if that stock is 5%, 10%, or even 50% of your portfolio. What matters is what would happen if that stock went to zero. If that would affect your financial life then you do own a concentrated stock.
You may argue that the richest people in the world gained their wealth through concentrated stocks, but you don’t hear about all those that have lost their wealth from putting all their eggs in one basket.
Individual stocks are volatile. Over a 40 year time period, 40% of individual stocks experienced negative absolute returns. The reason we choose to have a balanced portfolio is to balance the winners with the losers.
There are different reasons that people choose to hold on to stocks for longer than they should. If the stock is from their employer, they may have a bit of bias thinking that they know their company and it will outperform the rest. Some people got into a position early and rode the wave. Others feel an emotional attachment to the stock and are hesitant to let it go.
Whatever the reason you may be hanging on, it is important to analyze your holdings to see if they fit into your overall financial plan. If not, it is time to find a strategy to divest from your position.
Coming up with a strategy that fits into your overall financial plan requires some thought. The easiest thing to do when you aren’t sure of the right choice is to do nothing, but that, of course, is the worst thing you can do.
There are 4 options available to you when you own concentrated stocks: sell, hedge, diversify, or transfer the wealth.
This episode has some advanced strategies to consider, so if you are wondering what you should do with your concentrated stocks you may want to listen twice or take notes as you listen so that you can discover what to do with your concentrated positions and how it could fit into your overall financial plan.
If you still think you need help coming up with a strategy, reach out to us so that we can help you come up with a financial plan that is right for you.
Tis the season to prepare your taxes!
Video recap: https://youtu.be/mWYWaKeP6-o
Whether you do your own taxes or you are gathering information for your tax preparer, you’ll want to make sure that you don’t miss a thing. Listen to this episode to ensure that you think about everything you need to do to prepare this year’s tax documents.
As you start your tax preparation journey by gathering documents and ensuring that you have everything in order, you may end up forgetting the obvious. Did you move in 2021? You’ll need to report the sale of your prior home if that was the case.
Also, if you use tax preparation software, be careful with the autofill feature. If you have used it before, your tax software will automatically fill in the information that you used last year. It is important to type in the correct address so that you don’t miss any communication with the IRS.
If you changed jobs in 2021 you may have multiple W2s. Make sure that you have them all together before you start your tax preparations. You’ll also want to look out for the forms if you made any 401K or Roth rollovers.
For the 2021 tax season, you’ll need to look out for the usual documents like W2s, 1099s, 1098s, or K1s, but you’ll also need to be watching out for the letter from the IRS if you received an advanced child tax credit. If you did receive an advance on your child tax credit, you may or may not receive any more or you may have to pay some of it back depending on your income in 2021.
Once you have all of your documents ready, then it is time to start thinking outside the box. Do you have your receipts or transaction history for charitable donations? What about real estate and property tax forms? Do you have a record of how much you spent on child or dependent care? Make sure to have a record of any crypto transactions and business and rental expenses.
Having this information together will decrease the legwork when the time comes to file your taxes.
Not all financial advisors focus on tax preparation, but at Financial Symmetry, we see tax season as an opportunity to generate ideas to improve your financial situation. Whether it is through improving your tax situation or taking advantage of missed opportunities, tax preparation is something we focus on to enhance your today and enrich your tomorrow.
Our clients have the opportunity to use the document vault in our Client Center portal as a type of digital file cabinet. Keeping documents together like this takes away some of the anxiety surrounding tax season.
Once you get everything you need together, take a step back and reflect. If you haven’t been keeping the best records now is a good time to implement a system to help you stay organized.
Listen in to hear how we can help you prepare for the upcoming tax season and beyond as Financial Symmetry clients. You’ll also hear why it doesn’t always make sense to file early. Learn why sometimes filing for an extension could be a better option.