Retirement Planning Challenges, Basics of Annuities & Checking the Value of Your Savings Bonds

Welcome to the⁠⁠ @plannedsolutions ⁠⁠Incorporated Podcast. A new AARP study shows that many people in their 50s believe they will never be able to retire as they struggle to pay for day-to-day living needs, much less save for the long-term. This finding highlights the importance of creating a retirement plan as early as possible. However, even those who start retirement planning later in life are often able to get back on track, or at least achieve a better outcome than those who continue to avoid the topic. Also, Some employers are now offering annuity-based investment options as a part of their 401k investment line-up. These investment options are designed to target financially unsophisticated savers by making the process of converting retirement saving to retirement income easy, but they come with higher fees and other risks, such as inflation risk, that may not be properly disclosed. As well, US Savings Bonds were a popular investment in the past when the US Government still issued paper bonds to purchasers. As a result, there are many savings bonds in circulation that have been misplaced or ignored because they are tucked away in a safe place. However, just like any investment, US savings bonds should be managed by reviewing these investments periodically to determine if they should be held or cashed in. https://www.treasurydirect.gov/BC/SBCPrice Plus a look at the Planned Solutions Incorporated Office Bulletin Board - You may have received a form 5498 from an IRA custodian this month. The form 5498 is an IRA Contribution Information report required to be sent out by IRA custodians by May 31st each year. Information on the form can vary by custodian. The basic reason for the form is to track activity in the account (a Traditional IRA, SEP IRA, SIMPLE IRA, or ROTH IRA). Common activity includes an upcoming required minimum distribution (RMD) or a past year's contribution. Oddly enough, the May 31st deadline means we have already accounted for the IRAs during the tax season with the April 15th tax filing deadline. To subscribe to the Personal Finance Review (the written form of all the content we discuss on the podcast) please e-mail ⁠⁠[email protected]⁠⁠ The Personal Finance Review is published and distributed biweekly by Planned Solutions, Inc. for informational purposes only. Please seek the advice of a qualified financial planner before taking any action. Chase Armer's book- Financial Planning Insights is now available at: ⁠⁠⁠https://www.amazon.com/Financial-Planning-Insights-Decades-Planner/dp/1098306279?ref_=ast_author_mpb⁠⁠ Intro 00:00 Retirement Planning Challenges 02:01 Basics of Annuities 12:32 Checking the Value of Your Savings Bonds 22:13 PSI Office Bulletin Board 28:07 Planned Solutions, Inc. ⁠⁠https://www.plannedsolutions.com/⁠