All Episodes - The Retirement Trainer
The Retirement Trainer with Ed Siddell: A podcast about helping you find ways to become financially fit for your future, no matter what kind of shape you’re in now.
View Podcast Details87 Episodes
104: Tariffs and Market Volatility: Short-Term Pain for Long-Term Gain
With the most recent developments on reciprocal tariffs and huge losses in the stock markets, the concerns are reaching a tipping point for Americans about what this means for their portfolio, retirement, and purchasing power. In this episode, Ed and LeAnne Siddell take a smooth and steady approach to break down the economic realities behind tariffs and how these policies impact consumers, businesses, and the economy. Drawing from current events, economic data, and historical context, Ed sheds light on the reality of the current situation and why he feels the tariffs are necessary to combat trade deficits, even if he might not necessarily agree with the overall strategy at times. If you're one of the many who are concerned about rising prices or the long-term direction of tariffs and the economy, this episode should provide reasons for some cautious optimism. In this podcast interview, you’ll learn: Why the administration’s policy on tariffs is necessary to resolve global trade deficits. How tax cuts and deregulation have historically been great methods to supercharge the economy The importance of a diversified portfolio, especially during volatile market conditions. Investors can’t time the market, but dollar-cost averaging is a great way to ensure your portfolio recovers. How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
103: Tariffs, Inflation and the Debt Bubble: Examining Market Trends in 2025
Market uncertainty continues to dominate headlines in 2025. With inflation, rising debt, tariffs, and economic policies creating a ripple effect, how will these factors shape the financial future for investors and retirees? In this episode, Ed and LeAnne Siddell break down the latest market trends, including the disconnect between Wall Street and Main Street, the impact of tariffs, and the role of interest rates in shaping economic stability. They also discuss what investors should expect for the rest of the year and how to prepare for potential volatility. In this podcast interview, you’ll learn: Why market volatility is increasing and how it affects everyday investors. The impact of tariffs and trade policies on the U.S. economy. Why inflation numbers may not reflect the full economic reality. The debt bubble and its long-term implications for financial stability. How deregulation and tax policies could shape economic growth in the coming months. Strategies to preserve wealth and take advantage of market corrections. How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
087: Inflation, Deflation and Overspending: What's Next?
The more things change, the more they stay the same. We’re still dealing with high inflation and interest rates and the silent recession continues with the average household still feeling the pinch at the grocery stores and gas pumps. And now, the Federal Government says that we’re in a deflationary period while adding $1 trillion to the national debt every quarter. Which begs the question: What’s next? In today’s episode, we discuss the importance of being disciplined with your spending and sticking to your budget. We’ll also explain why interest rate drops that may be on the horizon might actually limit your ability to borrow money to cover your expenses in the future. In this podcast interview, you’ll learn: How quantitative easing works and the US dollar and the national debt is no longer backed by gold. How decreasing the Federal balance sheet will impact the average American and their businesses ability to borrow funds. Why interest rate drops will have a negative effect on inflation. The importance of budgeting your money with the current interest rate environment. How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
086: The Silent Recession
With 30-year mortgage rates at 7.5%, inflation continuing to impact our spending power, and gas pushing almost $4 a gallon, we’re seeing higher bankruptcy rates and hearing talk of a lost decade. So what do we do to keep our financial plan as healthy as possible? In today’s episode, we’re talking about what’s going on in America–and the silent recession that is affecting everyone except those on Wall Street. You’ll learn why all this so-called “good economic news” proves to only be good for executives and investors, why interest rates might finally start dropping soon, and how to hedge your bets to protect yourself (and your money) when the economy won’t do it for you. In this podcast interview, you’ll learn: Why the finance industry is behaving like things are just fine while everyday Americans are struggling more than ever to make ends meet. How last year’s interest rate increases are affecting us now. How to reposition your finances as prices and interest rates start to stabilize again. Why you need to get clear about your financial goals to leave a legacy and make lasting memories. To get access to today's show notes, including links to all the resources mentioned, visit EGSIFinancial.com How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
085: Good News Equals Bad News Economy
“We’re overspending $5.1 billion a day more than we’re bringing in because of interest rates.” - Ed Siddell Today, we're talking about how good news can actually lead to bad news when it comes to the economy. When something looks good, it usually comes at a cost. We’ve all lived through a whole lot of craziness since 2020, and we’ve experienced major shifts in employment and the housing market–and inflation has played a huge role in that. In today’s episode, we explore how we got here, how overspending in government hurts us all, and when we might see some stability after what can feel like total chaos–and what to do with your money (and your financial plans) in the meantime. In this podcast interview, you’ll learn: How the Fed backed itself into a corner with interest rates–and why our booming economy led to such extreme inflation. Why we think interest rates might freeze by next summer. Why debt is at unbelievable highs–and the economic factors that might make things even worse very soon. Things you can do right now to create economic leverage across your own accounts. To get access to today's show notes, including links to all the resources mentioned, visit EGSIFinancial.com How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
084: Legacy Planning: Mistakes to Avoid to Secure Your Wealth
There are things that are within our control and some that are not. Time doesn’t stop, and everybody gets older, but one thing that is within our control is to take action before it’s too late to secure your legacy and avoid headaches like probate. For anyone who has been able to put money away and generate enough wealth to leave assets behind, we all need to determine who will take care of us and those assets toward the end of our lives–whether that’s our kids or someone we hire. With that in mind, today’s episode is about what it means to leave a legacy behind for the people you care about. We discuss how to best prepare your family to inherit what you leave behind, the small mistakes that can have huge consequences when we’re gone, and the critical components of a legacy plan that we ensure every client has. In this podcast interview, you’ll learn: Why legacy is about memories and money–not just one or the other. How to keep your assets out of probate court. Why it’s so important to review your benefits annually. What to do if you have gaps in your legacy planning. To get access to today's show notes, including links to all the resources mentioned, visit EGSIFinancial.com How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
083: Market Volatility: What the Markets Are Telling Us
Fear of missing out is a real thing. Everyone is looking for 15-20% returns and this can prompt people to make risky decisions–especially when it comes to retirement. Right now, we have a bull market in the S&P, volatility is low and tech is back on the rise. So, is it time to go all-in, or should investors beware? Today, we’re talking about why our markets seem so crazy, the resurgence of big tech in the wake of AI, and why all of this reaffirms the importance of having a solid financial plan at every stage of life. In this podcast interview, you’ll learn: The importance of understanding how market volatility impacts your investment decisions. Why some investment products make sense for some and don’t for others. The importance of having a solid investment plan, especially in retirement. To get access to today's show notes, including links to all the resources mentioned, visit EGSIFinancial.com How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
082: Consumer Credit and Rising Debt: Managing Your Spending in Today’s Economy
Consumer credit is at an all-time high. Credit card debt is pushing $1.25 trillion and headed upwards. Inflation’s high, consumer spending is high, and employers are cutting good jobs with benefits. Even if you’re steadily employed or running a healthy business and your personal debts are manageable, these macroeconomic factors can still affect you. In today’s episode, we walk through why other people’s spending impacts our overall quality of life, how to get the best possible deals when you make a big purchase in this economy, and what to do about any lingering debt you need to get rid of. In this podcast interview, you’ll learn: Why consumer spending is at an all-time high–and where the money’s coming from. Why last year’s interest rate hikes are just now starting to impact us. How solid financial planning makes it easy to rein in spending and eliminate your debts. Why you should always pay off your credit cards in full. How to address the challenges of skyrocketing costs for basic things like utilities and groceries as you approach (or are in) retirement. To get access to today's show notes, including links to all the resources mentioned, visit EGSIFinancial.com How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
081: Saving with Pretax Contributions or Roth Accounts and Minimizing Your Tax Liabilities
After a brief hiatus, we’re back with a timely episode to answer a popular question: Is it better to save with pretax dollars or a Roth? Inflation continues to be an issue in today’s economy, which is why it’s so important to make every dollar count. Everything is more expensive now, and saving for retirement is not a one-size-fits-all plan because everyone’s situation is different. In today’s episode, we’ll explain the difference between saving with pretax contributions or a Roth, how using your savings for vacations or emergencies can impact your income at tax time, and why making the wrong decisions early on can have significant consequences on your income taxes in retirement. In this podcast interview, you’ll learn: How inflation is essentially a hidden tax that impacts your savings. The biggest difference between savings pretax or in a Roth. Reasons why having your savings all in pretax dollars could be an issue later. Why Roth accounts are still highly recommended for young investors. To get access to today's show notes, including links to all the resources mentioned, visit EGSIFinancial.com How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
080: Making Sense of The Debt Bubble and Rising Default Rates
Between inflation, a possible recession, and bank failures, our economy feels chaotic right now. However, that doesn’t mean that now’s the time to panic. Instead, this is your opportunity to get a better understanding of these complex situations and make sure you’re doing everything you can to keep your individual financial plan strong and healthy. In today’s episode, we talk through how we arrived at this truly crazy moment in our economy, the consequences of untenable debt and years of bad fiscal policy, and how to approach your own finances when our leadership is asleep at the wheel. In this podcast interview, you’ll learn: Why this economic moment is the consequence of a failure in leadership. How record-high debt leaves every part of our economy at greater risk of default. How the Silicon Valley Bank collapse proves that CFOs of hugely successful companies don’t understand the limits of banking. How to take a long-term approach to your finances in chaotic times. To get access to today's show notes, including links to all the resources mentioned, visit EGSIFinancial.com How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
079: What Is Your Plan as a Retiree?
You worked hard. You built a life, had a career, and hit some milestones along the way–and now you’re retired. So what are you going to do? Now that you’ve got all this free time, what’s your plan or purpose now? Today’s episode is all about answering one of the toughest questions we get asked: “What do I do now?” We dig into how it feels to retire, the power of feeling uncomfortable, and how to live your life with purpose and intention in the years and decades to come. In this podcast interview, you’ll learn: Why almost no one who retires enjoys being sedentary for long. Why men struggle so much more with the concept of retirement than women. The value of scheduling one thing to do every single day. Why financial, physical, and mental fitness are so interlinked. How to ensure your retirement plan will keep you able to do the things you love for as long as possible. To get access to today's show notes, including links to all the resources mentioned, visit EGSIFinancial.com How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
078: Hedging with Precious Metals: Buyer Beware
Ads for gold, silver, and other precious metals are everywhere. But even with the dollar coming off its high and inflation pushing over 7%, are they a good hedge? If so, what are you supposed to buy, and what should you avoid? We’ve had lots of people asking us where they can purchase gold and silver. With that in mind, today’s episode is all about precious metals–and why the buyer should almost always beware. We discuss common precious metals scams, whether these assets should be a part of your portfolio, and safer ways to make these investments if you’re interested. In this podcast interview, you’ll learn: Why the dollar is losing value right now. Why individual investors are almost always paying premiums when investing in gold, silver, or other metals. Why precious metals aren’t a perfect fit for everyone. What to watch out for when investing in precious metals–and why you should avoid almost anything that comes in a fancy box. To get access to today's show notes, including links to all the resources mentioned, visit EGSIFinancial.com How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
077: Action Steps to Account for Inflation in Your Financial Plan
When everything we buy costs more, every dollar in our pocket and our bank account is worth less. You can cut back on unnecessary expenses here and there, but there’s only so much you can do to cut back on groceries or gas. That’s why factoring inflation into your retirement plan is so important right now. In today’s episode, we walk you through how to create an action plan to get you through this period of inflation, whether we’re officially in a recession or not. In this podcast interview, you’ll learn: Why the Fed is likely to crush the economy if they raise rates to 2%. How we’ve set ourselves up for high costs, exhausted resources, and an ever-growing debt bubble with international impacts. Why we started taking huge positions in cash to address an overleveraged market. How to build risk tolerance into your financial plan and portfolio. Why now’s the time to figure out where your money is being spent–and simple things you can do to curtail inefficient spending. To get access to today's show notes, including links to all the resources mentioned, visit EGSIFinancial.com How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
076: The Survivor Checklist for Your Estate Planning Needs
Let’s face it, everyone has to face their own mortality at some point. But if you’ve planned ahead, your family and beneficiaries will thank you because settling an estate can be stressful when you’re starting from scratch. Today’s episode is all about how to make legacy planning as simple as possible. We’ll walk you through what needs to be done to ensure that your family is looked after and cared for when that day comes. Even though you can’t plan for everything, you can give them a great head start–which can make a world of difference when everything feels overwhelming. In this podcast interview, you’ll learn: Why it’s so important to put together a basic estate plan and review it often. How dictating who gets what takes stress off of families and eliminates conflict. How to communicate the details of your plan with your beneficiaries. How to make the details of your digital life part of your estate plan. Who to talk to in order to build out a plan for your survivors–and how to get help if you need it. To get access to today's show notes, including links to all the resources mentioned, visit EGSIFinancial.com How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
075: Managing Your Debts with a Personal Debt Plan
As inflation soars, more and more people are dipping into their savings–or going into debt–to make ends meet. While it may not be an emergency (yet!), it may be time to take a step back and assess your situation. With that in mind, today’s episode is all about how to make sure that your money lasts. We’re talking about why it’s so easy to accidentally take on debt, how to put together a personal debt plan to eliminate the bad debt you may hold right now, and what you can do from here on out to avoid a bad financial situation in the years to come. In this podcast interview, you’ll learn: The impacts of consumer debt being at an all-time high. The difference between good debt and bad debt. How to get a grip on your finances if everything feels out of control. Courses you can take to get a better sense of your financial education. To get access to today's show notes, including links to all the resources mentioned, visit EGSIFinancial.com How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
074: The Retirement Checklist for Your Financial Plan
No matter what financial shape you’re in right now, it’s never too late to find new ways to do better in the years to come. If you’re thinking about retiring (or trying to figure out if you still can retire), concerned about today’s economy, or simply want to make sure that everything is in place before you make that decision, this episode is for you. Today, we dig into pensions, Social Security, insurance coverage, and much more. You’ll learn about when to start working with a financial planner, how to do the math, and how to get access to the retirement checklist so you can get a clear sense of what you’ve achieved–and what you still have left to figure out. In this podcast interview, you’ll learn: Why so many people go over budget so easily. How to start reviewing what your assets actually look like as you prepare to retire–and assess your financial health. How to do a dry run and start picturing retirement well before it’s time to retire. To get access to today's show notes, including links to all the resources mentioned, visit EGSIFinancial.com How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
073: How to Avoid Drinking the Market Rally Kool-Aid
If you’ve been watching the markets over the last few weeks, you probably have questions. Is the current market rally evidence that we’re experiencing a rebound, or are we still in a bear market? Pundits love to share good news; they don’t love to talk about the underlying pressures that make markets act the way they do. This means that if you’re nearing retirement and keeping up with financial news, you may not have all the information or tools you need to make sure your retirement plan is in the best shape possible. Today, we’re discussing what market rallies really mean, how they affect your portfolio, and how you can protect yourself in market upturns and downturns alike. In this podcast interview, you’ll learn: Why this rally is unlikely to take us out of a bear market. What the Philly Fed is, why it matters, and why it says we’re headed in the wrong direction. Why inflation has changed your budget–whether you’ve adjusted it or not. How increased taxes of all kinds will inevitably push higher costs onto consumers. Why now’s the time to get your financial plan in order. To get access to today's show notes, including links to all the resources mentioned, visit EGSIFinancial.com How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
072: How to Avoid FOMO When Markets Are Volatile
Our economy feels like a pretty uncertain place right now–especially if you’re approaching retirement age (or recently retired). Whether you’re reading the headlines or not, you’re probably feeling the effects of inflation and market volatility every single day. And if you’re of retirement age, you were there for the hyperinflation of the 1970s, the dot-com bust of the 2000s, and the Great Recession, but that doesn’t mean that your portfolio is currently suited to the moment at hand. In today’s episode, we’re talking about the countless financial products and options out there right now, how to avoid making emotional investing decisions in tough times, and how to make sure that you’re taking on the right amount of risk in every stage of life. In this podcast interview, you’ll learn: What makes bear market rallies so complicated. The difference between financial advice and “hot stock tips.” How being overinvested in the market can set you up for constant losses and punishing tax bills. How to build a financial plan that ensures you won’t outlive your money. To get access to today's show notes, including links to all the resources mentioned, visit EGSIFinancial.com/72 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
071: How Comprehensive Financial Planning Protects Your Lifestyle
On June 15th, the Federal Reserve decided to raise interest rates by 75 basis points. Understandably, this leads to a lot of questions: how is this going to affect bonds and the stock markets? How will this impact the economy and employment? Will there be a recession? No matter what happens, a comprehensive financial plan is your best defense in uncertain times. In today’s episode, we discuss the impacts of the Fed’s decision, how to create a risk budget and reserves to prevent needing to sell at a loss, and how to create a plan that’ll ensure you have enough income, no matter what. In this podcast interview, you’ll learn: Why our economy is in a perfect storm of fear, uncertainty, and doubt. Why there’s no way to time the market, especially right now. The importance of understanding your finances at every age. How to take advantage of charitable contributions in retirement planning. How to get a second look at your retirement plan or portfolio. To get access to today's show notes, including links to all the resources mentioned, visit EGSIFinancial.com/71 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
070: How to Make Your Retirement Plan Recession-Proof
It's difficult to prepare for every worst-case scenario. When the most likely scenarios are considered, it can help avoid panic and overwhelm when the rough days rise to the surface. Imagine that you're on your way to an important business meeting or picking your spouse up from the airport when one of your tires suddenly goes flat. If you have a spare, you'll be a little late. If you don't, your entire day could be derailed. As we all know, life can be unpredictable. And if you're taking too many risks with your investment portfolio, or if you've simply failed to prepare, changing market conditions can be more than a flat tire–they can put your nest egg in jeopardy and wreak havoc on your retirement. It's impossible to predict how the market will be performing when we retire, which is why today's episode is all about what to do when you retire in a market downturn. We'll dig into why our current economic situation is so complicated, why it shouldn't impact whether or not you retire, and how to take emotion out of your financial planning and live your life to the fullest. In this podcast interview, you’ll learn: Why we’re likely in or on the verge of a recession. How recessions can negatively impact your retirement portfolio. Why it’s important to review your portfolio as often as quarterly when markets are volatile. The questions you and your financial advisor should be asking as you look over your financial plan. To get access to today's show notes, including links to all the resources mentioned, visit EGSIFinancial.com/70 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
069: The Market Roller Coaster Ride: Preparing for the Unexpected
In case you haven’t noticed, we’re all on a roller coaster ride this year. As investors, it’s virtually impossible to predict what’s going to happen when it comes to leverage, supply chains, and rampant inflation. However, we can do our research, ask questions, and do our best to make sense of what’s going on so we can best expect the unexpected. In today’s episode, we explore the history of market volatility (and where it comes from), what makes our current economic moment unique, and how to ensure your plan will carry you through this ride that we’re all on. In this podcast interview, you’ll learn: Why there’s a correlation between stock market leverage and consumer debt. How investing on margin can set you up to lose more than you actually have. What happened to the market when different bubbles popped over the course of history–and why we’re at a tipping point right now. Why crypto, gold, and silver are more correlated to leverage than their evangelists would like you to believe. How a good financial plan takes emotion out of decision making. Several strategies you can use to position yourself advantageously throughout corrections and downturns. To get access to today's show notes, including links to all the resources mentioned, visit EGSIFinancial.com/69 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
068: Will Inflation Lead to a Recession? (Part 2)
Rampant inflation seems like it’s here to stay for at least a while longer. Everyone’s feeling it at the grocery store, the gas pump, and seemingly everywhere else. In part one of this two-part series, we’ll discuss why it’s happening and dive into how to make sure your retirement plan can sustain your lifestyle, even if costs continue to go up. We’ll help you make sense of why the markets seem to be changing at the drop of a hat, why emotional investing is all but guaranteed to hurt you, and how a custom retirement plan suited to your unique needs is critical in tough times. In this podcast interview, you’ll learn: What makes inflation so uniquely inescapable right now. Why you need a solid financial plan now more than ever. What to consider investing in when US companies like Netflix, Meta and others continue to prove that they have been overvalued. How crypto continues to prove to be correlated to the market. Why you don’t want to liquidate what you have at a loss to cover your living expenses–and how to prevent this from happening. To get access to today's show notes, including links to all the resources mentioned, visit EGSIFinancial.com/68 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
067: Will Inflation Lead to a Recession? (Part 1)
Inflation’s constantly in the news, and it’s easy to see why. When everything we buy costs more, each dollar in our pocket is worth less. And while it’s easy to cut back on some unnecessary expenses, no one wants to make severe changes to their lifestyle to cover simple costs like gas and groceries. That’s why it’s so important to factor inflation into your retirement plan. While you can hope for the best, it certainly doesn’t hurt to prepare for the worst so that you’re prepared for a potential recession. In today’s episode, we’re talking about what you can do about high inflation, how to create a plan of action, and ensure that your retirement plan will protect you even in the event of an economic downturn. In this podcast interview, you’ll learn: Why inflation is starting to slow down the economy. This impact that inflation has on most people. Why quantitative easing and the 2008 bailouts kicked the can down the road, setting the stage for the economic problems we’re having right now. How economic sanctions are hurting the value of the dollar internationally. Why sitting with cash is the worst thing you can do right now. To get access to today's show notes, including links to all the resources mentioned, visit EGSIFinancial.com/67 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
066: How To Avoid Letting an Energy Crisis Become a Wealth Crisis
No one who was there remembers the lineups at the gas pumps in the 1970s with any fondness. And though we’re not seeing long gas lines yet, we are seeing extremely high gas prices, rampant inflation, and extremely volatile markets–what we not-so-fondly refer to as stagflation. However, an energy or economic crisis doesn’t have to become a wealth crisis, and you can create a plan that helps you no matter where you are or what your future holds. In this episode, we’re talking about how to prepare–and protect–yourself from massive energy bills, bear markets, and how to deal with that little voice in your head telling you to cash out without thinking about the consequences. In this podcast interview, you’ll learn: Why gas prices go up fast, but don’t come down that quickly. How to make sense of markets going up 200 or down 500 points in the same hour. How a financial plan prevents you from needing to liquidate your holdings at a loss to maintain your lifestyle. What not to do when the market drops and people start panicking. To get access to today's show notes, including links to all the resources mentioned, visit EGSIFinancial.com/66 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
065: Why Stagflation Makes Financial Planning More Important Than Ever
Back in the 1970s, we experienced a combination of economic stagnation and inflation. Energy prices were high and the stock market went up and down like a roller coaster, very similarly to what we’re experiencing right now. Back then, it was called stagflation–and we’re hearing that word more and more in 2022. Unfortunately, stagflation can have real impacts on your finances, especially if you’re retired or about to retire, and we’re likely to see high inflation for some time to come. In today’s episode, we discuss why our current economy is directly tied to Russia’s invasion of Ukraine, how media fear-mongering is making the situation worse, and why it’s more important than ever to have a strong financial plan in place. In this podcast interview, you’ll learn: What stagflation is, and why this term is being used to describe our economic environment. Why your dollar is buying you less and less. How the media makes bad economic situations worse. How a solid financial plan stops you from making emotional decisions when it comes to your finances. To get access to today's show notes, including links to all the resources mentioned, visit EGSIFinancial.com/65 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
064: Why Tax Time is the Perfect Time to Review Your Retirement Plan
Tax season is about much more than just how much money you owe the IRS each year. It’s also a golden opportunity to review your investment strategy, your estate plan, and what your taxes will look like in the years to come. With the April 18th due date coming ever closer, the national debt ballooning, and inflation continuing to rise, today’s episode is all about how to take a holistic look at your tax and retirement plans together. You’ll learn why taxes are all but certain to go up soon–and what you can do right now to position yourself to save the most on your tax bill not just this year, but for years to come. In this podcast interview, you’ll learn: Why people in retirement still have to worry about taxes. How you save determines whether you owe money on your Social Security.\What retirees can do to minimize their tax. Why taxes are all but guaranteed to go up in the near future. To get access to today's show notes, including links to all the resources mentioned, visit EGSIFinancial.com/64 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
063: Weathering Market Downturns and the Future of Cryptocurrencies
If you’re watching the financial news every day, you’re probably feeling a little unsettled. We’re in the midst of 40-year high inflation over 7% year-over-year. The Fed has announced three rate hikes when major firms are saying we need at least five to seven. Cryptocurrency has gone through a series of even more extreme ups and downs, with investors experiencing swings from anywhere between 500 and 1,000 points. All of this can be extremely daunting, especially if you’re on the verge of retirement (or recently retired). You want your portfolio to be able to keep you afloat no matter what happens in the market, and you need to be able to look at your accounts without making any rash decisions. Today’s episode is all about how to do exactly that. You’ll learn how to make sure your portfolio can withstand volatile markets, get a grip on what you’re really spending each month, and how to take emotion out of your decision-making process. From there, we then expand on the basics of cryptocurrency and discuss Project Hamilton, the collaboration between MIT and the Federal Reserve Bank of Boston to develop a hypothetical central bank digital currency. In this podcast interview, you’ll learn: Why you simply cannot be emotional when it comes to investing. The importance of understanding your expenses–and why you need to be able to adjust your budget to account for massive inflation right now. The do’s and don’ts of basic risk budgeting and financial planning. What Project Hamilton could mean for the future of cryptocurrency. To get access to today's show notes, including links to all the resources mentioned, visit EGSIFinancial.com/63 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
062: The Pros and Cons of Investing in Cryptocurrency
Cryptocurrency is in the news every day. We hear stories all the time of people making big money with crypto. Billionaires like Elon Musk can affect its value with a single tweet, and potential regulation could change the field very soon. Having said that, the questions that we hear from our clients are still the same. “Should I invest in crypto? And what are the downsides?” Today, we’re answering some of our most common client questions about cryptocurrencies including Bitcoin, Ethereum, and Dogecoin. By the end of this episode, you’ll have a better understanding of what cryptocurrencies are, how they’re taxed, and why there are just as many downsides as there are upsides to these investments. In this podcast interview, you’ll learn: What makes cryptocurrencies so popular. Why regulation and taxation are likely coming to this space soon. The reasons why adding Bitcoin to your 401(k) could be a risky strategy.. The unique uses of different cryptocurrencies. Why crypto is not a good investment for everyone–and why you need to be prepared to lose it all. To get access to today's show notes, including links to all the resources mentioned, visit EGSIFinancial.com/62 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
061: Preparing for Volatility in Unpredictable Times
If there is one thing that is very obvious about the near future, it’s that we’re living in very unpredictable times. Who would’ve thought we would still be in the middle of a pandemic? And who could’ve imagined interest rates to still be as low as they are now? Simply put, you can’t always know what’s going to happen–and you need to be able to be prepared, no matter what comes your way. In today’s episode, we talk about what’s going on with a market that’s constantly up and down, why you still shouldn’t try to time the market, and how to build a risk budget that provides you and your loved ones with the financial safety you’ll need in retirement. In this podcast interview, you’ll learn: Even without a crystal ball to predict the future, we can predict periods of volatility. Why the inflation numbers might be higher than what is being reported. Why having a bond portfolio right now could have more risk than a stock portfolio. The impact that volatile markets can have on investors who are nearing retirement. To get access to today's show notes, including links to all the resources mentioned, visit EGSIFinancial.com/61 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
060: Wrapping Up 2021 and Planning for the Future
If you think back to where you were a year ago, you were probably excited for life to get back to some kind of normal. As we have come to find out, this year proved to be full of surprises with ongoing labor shortages, disrupted supply chains, and high inflation. With that in mind, we know we can’t predict the future–but we can help you create a plan to weather the coming storm and achieve your goals, no matter what happens in the world. Today’s episode is all about what needs to go on your financial checklist by December 31st, 2021, and what to look out for going into the new year. In this podcast interview, you’ll learn: Why simply having some investments or assets is not a financial plan. The questions retirees and the soon-to-be-retired should be asking themselves right now. How to prepare for the upcoming changes to income taxes. The core components of a successful financial plan. What to consider to max out your Social Security. To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/60 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
059: Creating a Year-End Checklist for Your Financial Plan
We’re all busy this time of year–not just with holiday parties and shopping for gifts, but with a number of major financial deadlines. On top of that, it’s also time to look back at how you did financially in 2021 and create a plan to take you into 2022 and beyond. Whether you’re giving to charity, making contributions to retirement accounts, or preparing for inflation to best protect your wealth, today’s episode is for you. We’re talking about what your year-end financial checklist should look like and how to craft a retirement strategy suited to your needs. In this podcast interview, you’ll learn: Things you can do (or have to do) before December 31 pertaining to your retirement accounts. Why this might be the last year for backdoor Roth conversions. How to protect yourself against a potential economic downturn in the face of the Omicron COVID variant, supply chain disruptions, labor shortages, and inflation. How the changes to the SECURE Act will impact distributions from an inherited IRA. What to do right now if you don’t have a plan. To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/59 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
058: Building a Budget that Benefits You
It’s the holidays–and that means we’re gearing up for Black Friday deals, Christmas gifts, and more. Giving (and receiving) gifts can be a whole lot of fun–but it’s also one of the easiest times of the year to overspend, rack up credit card debt, and make financial decisions that feel better in the moment than they do in the long run. With that in mind, today’s episode is all about how to set an effective budget. We’re talking about why budgeting gets so contentious, how to eliminate conflict through budgeting, and tools you can use to know where your money’s really going–and start saving lots of it. In this podcast interview, you’ll learn: Why it’s more important than ever before to have a solid budget and revisit it regularly. The value of budgeting early in life. How to create your first real, accurate budget, hold to it, and repeat this process every month. How a budget creates financial freedom, makes it easier to identify and solve problems, and address money issues when they arise. To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/58 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
057: How Epcon Communities Kept People Safe While Running an Essential Business
Nanette Pfister is the VP of Sales for Epcon Communities, a community planning company operating in 29 states across the country. They’re a hugely successful franchise business with over 150 corporate employees, and as a housing provider, they were an essential business over the course of the COVID-19 crisis. Today, Nanette joins the podcast to talk about how they weathered the shutdowns, tips for how to sell homes virtually, and why they’re poised to hit all-time sales records and achievements for 2021. In this podcast interview, you’ll learn: How Epcon Communities rapidly became adept at virtual selling. How the business is dealing with the national labor shortage and continuing to find, recruit, and keep great talent for decades. What Epcon is doing to address supply chain and materials issues. What differentiates Epcon Communities from typical condominiums and HOAs. To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/57 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
056: Why Community Banks Matter with Fred DeBiasi of Valley Central Bank
Today, we’re talking to Fred DeBiasi. He’s the CEO of Valley Central Bank, a community bank here in Ohio. Since the onset of the COVID-19 pandemic, he’s shifted his business model and worked to deliver a different kind of consumer experience in the face of a wide array of challenges. In his words, Valley Central experienced a triple whammy: an intense merger in August 2019, the COVID pandemic, and the PPP lending rush. Throughout all of it, they were able to continue serving their clients and emerged in great shape on the other side. In this conversation, we’re talking about why community banks matter in 2021, how Fred shifted operations to keep his employees safe and his customers afloat, and what he’s doing to keep relationships alive in the era of digital banking with less foot traffic in his lobbies than ever before. In this podcast interview, you’ll learn: How the pandemic drove Fred to reassess how his bank delivers products and services. The biggest challenges Fred’s customers have seen over the course of the pandemic. Fred’s philosophy when it comes to investing–and how he talks to customers about keeping their money safe. How Valley Central kept their corporate culture intact through a merger. The reasons why this is a great time to borrow money. To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/56 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
055: Making Sense of Rising Inflation
We’re all living with inflation. We’re watching prices climb out of control, whether we’re at the grocery store or doing our holiday shopping. It’s everywhere. It’s hard not to notice that gas is up over $1.25 a gallon when you’re filling up the gas tank. So, as you watch your costs balloon, what can you do to protect your finances and best take care of yourself and your family? Today, we’re talking about all the factors at play: what’s causing rampant inflation, how inflation has affected us in the past, and the things you can do to best survive this economically trying time. In this podcast interview, you’ll learn: The root causes of the inflation we’re experiencing every day. The safest ways to keep up with inflation as you approach retirement or build your retirement portfolio. Why the sky isn’t falling–and how a good financial planner can help you navigate this and other economic challenges. To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/55 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
054: A Positive Perspective on Financial Prepping
In the last few years, we’ve all heard about preppers–people who have outfitted their basements with emergency supplies, like food and water. The fact that it’s suddenly become hard to find products like paper towels, toilet paper, and even bottled water has prompted this topic to rear its head all over again. But what if we told you that financial prepping was also hugely important, especially as we enter into our next phase in life and into retirement? In today’s episode, and in the wake of a truly strange time in our economy, we’re talking about how to maintain control of your finances in unprecedented times, how to create a retirement plan that takes that uncertainty into account, and what you can do right now to stop worrying and enjoy your life. In this podcast interview, you’ll learn: Why our supply chains are completely disrupted across almost every industry. How rampant inflation and rising interest rates affect our cash flow. How to build a safety net into your retirement plan–and why you simply need to have time if you want to stay heavily invested in the markets. To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/54 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
053: How to Prepare for Rising Tax Debt and Inflation
Once again, the tax bill is coming–and the biggest asset for so many Americans, with the exception of their real estate, is a pre-tax retirement plan. This could be a 401(k), a 403(b), a thrift savings plan, an IRA, or something else. And no matter what people say, their biggest expense is not healthcare–it’s taxes. Taxes go up as retirees withdraw retirement income, they affect Medicare B, C, and D premiums, and they’re all but inevitably going up. In today’s episode, we discuss a number of issues: how Congress has failed to steward our money, why inflation is all but inevitable (and why it’s so hard to find products right now), and what you can do to protect yourself in the years (and decades) to come. In this podcast interview, you’ll learn: Why so few people are aware of their tax situation until they enter into retirement. How healthcare and taxes go hand in hand to increase retirees’ expenses. Why every American citizen now owes over $470,000 in taxes to address the national debt. Why inflation is out of control right now. Ways to prepare for the coming tax debt, no matter what your retirement plan looks like. To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/53 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
052: 5 Steps to Starting a New Business
Here at The Retirement Trainer, we’ve spent the last few months focused on giving back to small businesses. Along the way, you’ve been asking us two questions more than any other: “What’s most important as a business owner,” and “how can I start a new business of my own?” If you’re a small business owner (or want to launch one), today’s episode is especially for you. We start from the very beginning, walk you through a five-step process, discuss the importance of creating a plan for succession (even if you plan to stay a part of the business for years to come), and how to find the help you need as you get started at any age. In this podcast interview, you’ll learn: The things business owners need to start–or restart–to best position themselves for success. Why there’s no magic bullet when it comes to building a thriving business–and why that’s okay. The importance and power of mentorship. Why you need a written plan to turn your dream into a living, breathing business. How to find balance between your work life and your family life–and why this needs to be part of your initial plan to maintain your sanity. To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/52 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
049: How Scholl’s Landscaping and Design is Navigating the Post-COVID Landscape
Scholl’s Landscaping and Design, located in Columbus, Ohio, was shut down for only a few weeks in March of 2020, but their journey back to any sort of “normal” has been a fascinating one. Despite significant success, they’re now facing issues including labor shortages, supply chain issues, and skyrocketing costs for materials. In today’s episode, we ask business owner Jordan Scholl an important question: with every job taking a little longer and being a little more expensive to complete, what should you do? Jordan walks us through how his business is navigating the post-COVID world–and explains what business owners and consumers can expect as we continue working towards being fully reopened. In this podcast interview, you’ll learn: How Scholl’s Landscaping survived the pandemic as a business that was in massive demand from April 2020 onward. Why the cost of basic supplies, like lumber, are higher than ever before. How Jordan differentiates his business from other landscapers–and how a rebrand for the company in 2013 proved hugely valuable. What Jordan does to handle work-life balance as a father of three children–and why he doesn’t work weekends. Why it’s so hard to hire right now–and what roles in particular have proven all but impossible to find the right talent for. To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/49 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
048: How the Knapp Veterinary Hospital Handled Unprecedented Demand for Pet Care
Over the course of the last year, demand for veterinary care has exploded. No one in the industry can remember being this busy, and this growth has come with plenty of positives, but some very real challenges as well. Knapp Veterinary Hospital, here in Columbus, Ohio, has faced massive demand, but also had to cancel and postpone lots of important visits and procedures. As the world reopens, they continue to handle that demand and the animals in their care, while passionately serving their community and continuing to build their legacy. Today, owner Dr. Robert Knapp joins the podcast to share the story of how he became the third in his family to launch a veterinary practice, take care of his people, and provide incredible care in difficult times. In this podcast interview, you’ll learn: The two major challenges Knapp Veterinary Hospital faced as COVID-19 spread in March of 2020. How the veterinary industry has changed across a multi-generational practice. Why Dr. Knapp’s business hasn’t had to change its marketing at all in the last several years. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/48 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
047: How the Winchester Chiropractic Institute Stayed True to their Patients in 2020
The Winchester Institute of Chiropractic Health and Wellness, here in Dublin, Ohio, stayed open as an essential business–even at the height of the COVID-19 pandemic. With a team of chiropractors, massage therapists and exercise physiologists, they’re able to deliver a combination of supplementation, functional medicine, and rehabilitation for a total wellbeing experience. Dr. Dana Winchester faced many challenges in order to keep her business afloat and her patients safe over the course of 2020. By having all the proper processes and procedures in place, she was able to make it through the year and emerge even stronger on the other side with a team that is dedicated to helping their community achieve wellness and become pain free. Today, Dana joins the podcast to share how she built an authentic practice to serve people in need, how she’s solved problems facing modern business owners, and found a work-life balance in the toughest of times. In this podcast interview, you’ll learn: How Winchester Chiropractic continued to operate safely despite constantly-changing guidelines. Why no one comes out of medical school equipped to run a business–and the unique issues practitioners face as they build and operate their own clinics. What happened when Dana needed to hire a new employee–and how COVID has changed her search and interview processes. How Dana launched a virtual community outreach program. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/47 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
046: Adding The Human Touch at Hand & Stone Massage and Facial Spa with Chris Amatos
When everything shut down due to Covid-19 in March 2020, the uncertainty was crippling for many businesses. In this episode, you’ll hear how Hand & Stone Massage and Facial Spa was able to turn lemons into lemonade thanks to their membership-based business. Located in the Lewis Center in Columbus, Ohio, this outpost of a well-known franchise provides customers with high quality massages and facials at extremely affordable prices. And with the stress and anxiety that a lot of people were dealing with last year, having a business that couldn’t be replaced by internet shopping proved to be very valuable. Today, Chris joins the podcast to share how he became a business owner decades into his working career, why he didn’t lose members (and actually got new ones) in 2020, and what keeps his customers coming back each month. In this podcast interview, you’ll learn: How Chris used his experience as a business reporter to become a business owner himself after getting downsized in 2013. The criteria Chris used to determine what kind of franchise to get involved in. Why franchises are less likely to be failures for first-time business owners–and the important questions Chris asked as he found a franchise to get involved in. How their membership-based business allowed them to weather the storm when everything shut down in March 2020. Why Hand & Stone hasn’t experienced any business slowdown since reopening last May. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/46 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
045: Aquarium Adventure: The Key to Succeeding in Business for 24 Years!
Bill and Sandy Wymard own and operate Aquarium Adventure in Hilliard, Ohio. Guests can see fish from all over the world in their public aquarium, take home fish for their own aquariums, and purchase retail merchandise as well. Aquarium Adventure has carved out a truly unique niche for themselves as a specialty retailer with loyal, long-term customers and employees. When the COVID crisis hit, they needed to stay open, going the extra mile to keep their customers safe as they bought supplies to keep their fish healthy and fed. Today, Bill and Sandy join the podcast to share the story of their 30 years together as a couple and 24 years in business together, what they learned from operating an essential business in the midst of a global pandemic, and how they emerged on the other side with what might be their best year of sales ever. In this podcast interview, you’ll learn: How Bill and Sandy got inspired to start a niche business with an eye-catching retail location that differentiates themselves from their competition. The value of running a business that requires education for customer success–and why it’s so important to train employees well. Why Aquarium Adventure pivoted to digital marketing when COVID hit–and how a year of “staycations” proved to be good for business. Why it can be so hard to get someone who’s truly great at customer service to answer the phone. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/45 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
044: Defying the Odds Through Teamwork & Community with Chris Jones
Iron Pony is one of the largest motorcycle dealerships in the Midwest. They grew from a NAPA auto parts store into a thriving business selling parts, apparel, accessories, vehicles, and more. The company has never stopped evolving, and this proved true again in 2020, when they didn’t just survive, but thrived, over the course of the COVID-19 pandemic. In this episode, Chris joins the podcast to tell the story of how he went from dreaming of owning a business to becoming an entrepreneur, the value of honesty and transparency in everything you do, and how teamwork and community empowered the business to be busier than ever when they reopened. In this podcast interview, you’ll learn: How Chris paid his dues and took Iron Pony from a NAPA auto parts store into one of the largest dealerships in the Midwest. The value of bringing in and retaining great talent to fill in your gaps as an entrepreneur. Why Chris never wanted to sell new motorcycles–and how he ended up innovating in his industry when he ultimately became a dealer. The one major mistake Chris made as the pandemic hit, and how he fixed it. How Chris is working to maintain work-life balance in uncertain times. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/44 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
043: Thriving as a Small Business in a Global Pandemic with Todd Hayes
2020 has been one of the toughest years in history for small businesses. Many companies have needed to pivot, change their entire operational model, and adopt and adapt to new technologies in order to keep the lights on. However, a number of businesses didn’t just survive over the last year - they thrived. One of them is Columbus Car Audio. For over 40 years, they have customized and accessorized motorcycles, cars, boats, and buses. In fact, they even once installed a stereo in a canoe. Today, company president Todd Hays joins the podcast to discuss how he kept going to help fellow small business owners make the most of difficult situations and flourish in the face of big challenges. In this podcast interview, you’ll learn: Why great customer service and creating great employee experiences puts Columbus Car Audio ahead of their competition. How Todd created a survival plan for his company and his employees at the onset of the COVID-19 crisis - and why he chose not to stay open as an essential business when he didn’t feel it was safe to do so. Why empowering an entire team to make high-level decisions contributes to overall growth. How Columbus Car Audio’s marketing director effectively shifted the focus of their operations from radio to online last year. What Todd and Danielle learned as they took over the business 10 years ago - and why it was so important to work with mentors and business coaches. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/43 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
042: Smart Tax Strategies for Individuals Entering Retirement
For years, the conventional wisdom has been to grow your assets tax-deferred while you work, then pay taxes on that money when you’ve entered a lower tax bracket. Unfortunately, that wisdom has gone out the window. Why? It’s simple: America’s massive unfunded liabilities in Social Security, Medicare, Medicaid, and the interest on the national debt. Taxes are all but guaranteed to go up in the years to come, and this makes having a real tax strategy - and not just a tax plan - more important than ever before. In this episode, we discuss strategies for people nearing retirement to help pay fewer (or even no) taxes in retirement, protect themselves from rising taxes, and better understand why our tax code is all but guaranteed to change after 2025. In this podcast interview, you’ll learn: Why the conventional wisdom of growing tax-deferred assets and paying taxes when you’re in a lower bracket has gone out the window. Why interest on our national debt is likely to lead to significant tax increases in the years to come. Why it’s so important to avoid taking the 50% penalty by failing to take your required minimum distributions. How to use Roth conversions between the ages of 59 ½ and 72 to avoid paying extra premiums on Medicare B, C, and D. Why tax preparation and tax planning are not the same thing. What may happen when our current tax laws sunset in 2025 - and why this makes planning right now even more important. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/42 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
041: Women in Retirement
Why is it important for women to have a written income plan? Why is it more important for women than men? It’s simple: 80% of all men die married, while 80% of women are single when they pass away. To make matters worse, 50% of all women die broke. Women need more than someone who charges them a fee to manage their investments. They need someone who can provide them with answers to tough questions, who can help them understand how their spouse’s financial situation applies to them, and how to address problems relating to taxes and inflation. On today’s episode, we’re talking about how an income plan helps tackle these challenges. We explore how women can get the financial education they need, craft a strategy to figure out where their money is coming from, and how to make sure it’s going to last. In this podcast interview, you’ll learn: Why running out of money in retirement is like running out of oxygen while climbing Mount Everest - and why it happens to 50% of women. The added costs women face in retirement when compared to men. The average amount women need to save to cover out of pocket healthcare costs in retirement. What women need to know about Social Security and life transitions, including divorce. The value of Roth conversions. Why you shouldn’t bother looking at the ups and downs of financial news every day. How to build a risk budget. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/41 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
040: Health & Wealth: Why Both Are So Important - Part 2
Staying in shape has a huge impact not just on your physical health, but your mental and financial health as well. If you want to make changes, you probably have some big questions: how do I get in shape? And what’s the connection between health and wealth? Joining us to help answer these questions is Alex White, who is back for round 2 on the podcast! Alex is the co-founder of Peak Human Performance in Columbus, Ohio, where he creates customized private training plans for active people including nutrition coaching, mental performance, Pilates, weightlifting, and small group training. Today, Alex and I are talking about the value of setting health and wealth goals, why it’s never too late to adopt good habits, and simple things you can do right now to have an immediate, dramatic, and positive impact on your life. Sign up to the "7 Golden Nuggets" to Planning Your Physical Fitness - GET ACCESS TODAY! In this podcast interview, you’ll learn: Why our finances and our health go hand-in-hand. The value of tracking and monitoring your physical activity alongside your finances. How regular exercise and cardiovascular activity can boost your immune system and help you recover more quickly from illness. Why failure and loss are such powerful learning tools in business and in life. Easy steps you can take to improve your daily routine and transform your mindset. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/40 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
039: Health & Wealth: Why Both Are So Important
Every new year, people make resolutions to lose weight or just get in shape. So, what does that have to do with retirement? It’s simple: working out can be a stress reliever, can help us get healthier, and allows us to be more productive. And being healthier later in life gives us more time, strength, and energy to do all the things we said we were going to do before we retired. Joining me today to talk about this is Alex White, co-founder of Peak Human Performance. Alex creates personalized, athletic-based approaches to training for people who live active lifestyles. If you want to live a happier, healthy, more active lifestyle, Alex’s training encompasses not just what you do in the gym or when you’re on a hike, but how you manage your sleep, nutrition, stress, and more. In this conversation, we discuss the importance of staying active in retirement, the power of purpose, and the mental and physical changes that happen when retirees (and those on the road to retirement) choose to make fitness an active part of their lifestyle. Sign up to the "7 Golden Nuggets" to Planning Your Physical Fitness - GET ACCESS TODAY! In this podcast interview, you’ll learn: How 2020 rocked the fitness industry - and how retirees are staying active despite gyms and other facilities being closed down all over the world. The value of coaching in fitness (and almost everything). How to find motivation to exercise even if you absolutely hate hitting the gym. The power of setting goals and tracking key performance indicators in your fitness. Why the little things make the biggest differences in our finances and our health. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/39 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
038: Charitable Giving with Pat Puhl - Part 2
In the first part of this series, Pat Puhl joined the podcast to talk about operating a sustainable nonprofit in 2020, what he did to ensure that their entire calendar’s worth of fundraising didn’t need to be scrapped or canceled, and the many potential tax benefits available to you when you give to charity. If you haven’t yet, click here to listen – we highly recommend you do so before you dig into today's. In this episode, Pat and I continue our conversation. We talk about the impact of the Trump tax code and COVID-19 on nonprofits’ finances and donations, and why charitable giving is so incredibly important at this moment in history. In this podcast interview, you’ll learn: Why the Trump tax code led to significant decreases in charitable donations from large donors. What Families For a Cure is doing to ensure that they can keep the promises they made in 2019. The vicious cycles created by poverty. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/38 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
037: Charitable Giving with Pat Puhl - Part 1
Charitable giving is more important now than ever before. The challenges, setbacks, and losses caused by COVID-19 have affected not just families and businesses, but the organizations they support as well. That said, there are a lot of people out there who are rising to the occasion and doing good. One of them is Pat Puhl, who is a co-founder of Families For a Cure, which helps families in need in Columbus, Ohio by supporting cancer research and patient care programs. Today, Pat returns to the podcast to talk about operating a sustainable nonprofit in 2020, what he did to ensure that their entire calendar’s worth of fundraising didn’t need to be scrapped or canceled, and the many potential tax benefits available to you when you give to charity. In this podcast interview, you’ll learn: How Families For a Cure rethought their operations in light of COVID-19. What Families for a Cure did to ensure that they wouldn’t miss major fundraisers for the first time in history. How smart planning helped Families for a Cure give grants and assist patients in need in extraordinarily difficult times. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/37 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
036: How Does a 401k Plan Work?
Business owners have a lot of choices when it comes to providing employee benefits, and one of the biggest benefits available is the 401(k). However, many employers don’t know how they work, what their liability is, or how to protect themselves. If you’ve had a job with benefits, you’ve likely had a 401(k), but implementing one as an employer is another story entirely. Today, we’re walking through everything that you need to know as an employer about how 401(k) plans work, how to implement them, and why it’s so important to have an advisor who’s focused on them in order to help both you and your employees benefit. In this podcast interview, you’ll learn: How a 401(k) advisor can help business owners make sense of planning and implementation. The many different individuals and government organizations involved in 401(k) implementation and administration. Why 401(k)s are not one size fits all plans - and how people accidentally put themselves at risk when dealing with 401(k)s. Why mistakes with 401(k)s can be very expensive - and how to best avoid them. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/36 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
035: How To Protect Your 401(k)
For many people, the 401(k) is one of the biggest parts of their retirement portfolios. In times of great uncertainty, and especially of market volatility, many want to know how to protect their most valuable assets. Especially after the Great Recession of 2008, it’s easy to want to make rash decisions. However, it is a great time to assess your overall risk and understand how best to protect your money - and yourself. Everyone’s situation is different. There’s no one-size-fits-all solution to retirement planning, and every family likely needs to take different approaches and positions to ensure that they will be able to enjoy retirement on their terms. Today, we’re talking about how to invest - or simply defend your portfolio - in times of volatility. You’ll learn about the unique factors that lead to market instability, how to understand your exposure to risk, and the important questions you and your advisor should be discussing as you create a 401(k) to meet your unique needs. In this podcast interview, you’ll learn: How the COVID-19 pandemic, elections, and a wide variety of other factors can create wild market volatility. Why investing is more about how much money you’re willing to lose - and why you don’t benefit from looking at your account every day. Why you can’t make changes to your retirement accounts overnight - and why working proactively with your financial advisor will almost always lead to better outcomes. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/35 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
034: Taxes in Retirement: Part 2
In the previous episode of this podcast, we explored what taxes currently mean for retirees - and why taxes are the most expensive thing in almost every retirement plan. If you save the wrong way, you’ll be penalized for it. If you were so lucky as to live to be 115 years old, you’d be required to withdraw 50% of your pre-tax retirement accounts each year - and no matter what age you are, your required minimum distributions can lead to massive tax spikes. Today, we get at the heart of why your pre-tax investments are so expensive when compared to Roth investments, how to effectively prep your taxes regardless of what happens in this year’s election, and why the health of your investments won’t tell you anything about your spending when it comes to your taxes. In this podcast interview, you’ll learn: Why 59 ½, 70 ½, and 72 are the magic ages when it comes to taxes - and what tax penalties you face when you withdraw from your retirement plan at each age. How retirees can use qualified charitable distributions to minimize Social Security taxes. Tax opportunities created by the CARES Act that may be worth considering. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/34 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
033: Taxes In Retirement: Part 1
Taxes are the single biggest expense that people have in retirement. Everyone wants to have a plan in place to deal with them, but few know how to do it well. When you retire, paying taxes on Social Security and even on ordinary income can be voluntary, but only if you have the right plan in place. With the national debt rapidly rising and no predictable budget set by Congress for several years in a row, personal planning has gotten more important than ever. Today, in the first part of a two-part series, we take a look at the state of taxes for retirees right now, why retirees are proving conventional wisdom about taxes wrong all the time, and what the future may hold. In this podcast interview, you’ll learn: Why most people don’t need less income when they retire - and aren’t in a much lower tax bracket in retirement, contrary to conventional wisdom. Why the low taxes brought into effect in 2018 will likely go away in the event of a Biden win. Why your tax retirement is the most expensive money you can buy - and how to plan accordingly. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/33 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
032: How to Best Utilize Life Insurance
Many people buy the wrong life insurance products. It’s easy to make bad decisions when you don’t have a concrete financial plan in place, and as a result, you may end up purchasing products that don’t cover all your needs. There are no “bad” or “good” types of life insurance products. There are simply insurance products that do or don’t serve you, and a proper financial plan ensures that you and your family have access to the right coverage when you need it. In today’s episode, we walk through the basic types of life insurance products, the key questions to ask when purchasing a life insurance policy, and how to identify potential gaps in your life insurance coverage. In this podcast interview, you’ll learn: What makes term life such a popular option for young families. Why whole life insurance was so popular 15-20 years ago - and why it may (or may not) be a good fit for you and your family. What differentiates whole life from permanent life insurance - and why you need a clear strategy to utilize either. What makes indexed universal life insurance so popular with businesses. How to customize life insurance products to meet your unique needs. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/32 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
031: Target Date Funds & Age-Based Investing
We are all living in one of the craziest, most volatile markets in history. To get through it, you need a plan, and that plan needs to change over the course of your life to ensure you conserve when you need to, have cash flow, and can make transitions with confidence and ease. These are the core concepts of age-based investing - looking at risk as part of your plan to achieve safety, income, and growth. Today, we explore target date funds and how to use them as you age to reduce your risk over time and meet your financial targets, no matter what happens along the way. In this episode, you’ll learn: The three basic places to put your money - and how to think about all of them as you age. How to use target date funds effectively - and how you can use the 2008 financial crisis to understand the common misconceptions surrounding these assets. Why everything in the market has risk. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/31 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
030: Annuities Part 2: The Good, The Bad, and The Ugly
In last week’s episode, we started a deep dive into annuities: what they are, how they work, and why they might (or might not) make sense in your retirement portfolio. If you haven’t yet, we recommend you listen to that episode first, then come back to today’s. More than anything else, you need to remember that whether you’re talking about stocks, bonds, mutual funds, exchange-traded funds, or, yes, annuities, there’s good and bad in everything. You need to make sure that you’re using the right tool for your situation and your family, because the wrong investment can get really, really ugly, no matter how “good” it might seem. Today, we continue our deep dive into why annuities may - or may not - be right for you. You’ll find out what questions we ask in our discovery process as we determine whether a client should leverage annuities, why being able to track and monitor your assets’ performance is so important, and discover the biggest problems facing retirees when it comes to annuities. In this podcast interview, you’ll learn: The four different types of annuities, why a pension is a type of annuity, and why principal is not guaranteed. Why it’s so important that you do the math before purchasing any financial product - and how crunching numbers can save you from financial distress years down the road. Why you want to get any guarantee pertaining to your benefits in writing. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/30 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
029: Annuities: The Good, The Bad, and The Ugly
When many people think of annuities, they say, “Oh my gosh, that’s horrible.” Many people either love or hate them, but this is almost never the right perspective to take. Why is this? It’s simple: many financial planners can’t clearly explain where it makes sense to use annuities or make sense of the complicated industry terms surrounding them. Annuities are one of many investing tools available - just like stocks, bonds, mutual funds, or real estate. You have to have the right tools to get to where you want to go, and you need to understand exactly which tools will better your situation, whether you’re transitioning into retirement or already retired. In today’s episode, we’re breaking down what annuities really are, how they work, and how they might - or might not - make sense as part of your retirement portfolio. You’ll learn the basic terminology surrounding these products, the different types of annuities, and the ways that the financial industry makes this far more complicated than it ought to be. In this podcast interview, you’ll learn: Why so many people have such polarized opinions about annuities - and why either loving or hating annuities is such a flawed approach. Red flags that should always stop you from buying any financial product, including annuities. The four basic types of annuities and the important terminology that defines these products. The major difference between fixed indexed and variable annuities - and how these terms get used interchangeably. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/29 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
028: Reducing Mortgage Debt & Downsizing
As you transition into retirement, you’re likely looking to understand how to reduce mortgage debt and downsize without burning through your savings. There are lots of ways to do it, and lots of important questions to ask along the way. This is more true right now than ever before. With housing markets as hot as they are, it’s become very easy to downsize and end up spending more each month. It’s critical that you do your homework, meet with your advisor and CPA, and determine exactly which tools are best suited to your situation. Today, we walk through some of the most common downsizing tools and strategies, with a focus on the HECM loan (also known as the reverse mortgage). You’ll discover how these loans work, why they aren’t a one-size-fits-all solution, and how they can provide you, under the right circumstances, with a sustainable source of money in retirement. In this podcast interview, you’ll learn: Why it’s so easy to lose money by downsizing. Why money received through a reverse mortgage is not taxable, does not affect your Social Security, and can’t impact means-testing for medicare. What happens to a reverse mortgaged home - and what beneficiaries will receive - when you pass away. How adult children living with you can impact your amount of available equity. Why the HECM loan is both key to a comfortable retirement for so many - and a bad fit for many people who ask about it. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/28 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
027: What You Should Know About Paying For College
If you have kids, no matter what financial shape you and your family are in, you’re probably wondering how you’re going to pay for college. You’re probably wondering what your options are. You may need to know what the FAFSA is, what scholarships are available, and if they’re needs or merit-based. You’re also probably astounded by the cost of college. It has risen eight times more than wages have over the last several decades. Furthermore, with colleges and universities in many parts of the world not able to reopen, many students are trying to figure out what their college experience will look like - and how to get the most out of it given the circumstances. Today, we dig into the costs and benefits of college during this uncertain time, how and when to start your scholarship search, and ways to save for college. All of these things can help you achieve your family’s ultimate goal: your kids embarking on a joyful four years of learning and life experience come September. In this podcast interview, you’ll learn: Why four-year colleges often fail students by leaving them with massive debt, unsustainable monthly payments, and inadequate job opportunities upon graduation. The reason so many people don’t think they qualify for aid based on FAFSA - and how to start finding additional scholarships to take care of tuition costs. Why the scholarship search needs to start when students are sophomores in high school. The most effective ways to start college funds when you have children. How to have blunt conversations with your kids to make sure they’re not disappointed. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/27 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
026: How the CARES Act Impacts Loans & Withdrawals
Over the years, people have been able to take hardship withdrawals and loans against retirement plans to cover emergency medical expenses, tuition, rent, mortgage payments, repairs, funerals, and other sudden and unexpected costs. However, the rules regarding these withdrawals and loans, the amount of money available to you, and the penalties for taking this money are extraordinarily complicated - and the CARES Act has changed many of these terms. You need to be able to take advantage of them the right way to avoid negatively impacting your retirement. Today, we dig into changing rules and regulations when it comes to who qualifies for hardships, what you can do, and how to navigate this extraordinarily tricky situation to come out ahead on the other side. In this podcast interview, you’ll learn: Why it’s so important to work with your CPA, tax attorney, or advisor if you plan to take out a hardship loan. Reasons to put the RMDs you already took out in 2020 back into your retirement account - and why you can do this tax-free. Conditions that may qualify you for hardship loans and withdrawals - and why so few employers know whether their retirement plan allows them. The difference between taking a hardship loan or a hardship withdrawal. Why taking loans for investments is a high risk activity. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/26 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
025: How to Protect Yourself Against Market Volatility in Retirement
Market volatility is real, and we’ve seen it in full force this year. On multiple occasions, we’ve seen markets swing over 6 percent in just one day of trading. Things are changing minute by minute, and the COVID-19 crisis has created a pattern of ongoing economic and political unrest that we’re unlikely to emerge from in the near future. If you have decades left to build wealth and plan your retirement, this may not bother you. However, if you’re in retirement, or about to retire, it’s another story. You’re probably asking, “How can I protect myself and my life savings against these fluctuations?” Today, we’re here to help you answer that question. You’ll learn what makes this moment in economic history so unique, the common traps that investors fall into as they react to bad news, and how to make a plan that will protect you and allow you to live the life you want to live in spite of volatility - even in turbulent times. In this podcast interview, you’ll learn: Why the COVID-19 crisis is an economic disaster in three phases as opposed to the housing crash of 2008 or the tech crash of 2000 - and how political unrest will continue to negatively impact our markets. Why the media constantly tries to shock us with bad news - and how a good plan can prevent your emotions from getting the best of you. How to build a portfolio and financial plan that ensures that you will always have emergency money in retirement in the event of an economic downturn. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/25 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
024: What Do I Do With My Old 401K?
If you and your spouse have worked multiple jobs over the course of your life, you may have old 401(k) plans with former employers scattered all over the place. In fact, we’ve worked with clients with over a dozen plans sitting around that haven’t been seen, updated, or touched at all in years - or even decades. These zombie 401(k)s can turn into substantial tax bills and IRS penalties if you’re not careful, and there are lots of ways to do serious harm to your retirement fund if you make a wrong move. If you have old 401(k) plans that you need to address, today’s episode is for you. You’ll learn about the five main plans of action you can take, the pros and cons of each, and what to be on the lookout for. More than anything, though, we highly recommend you work with your financial advisor as you navigate this potentially overwhelming situation. In this conversation, you’ll learn: What can happen if you choose to leave a 401(k) with a former employer - and why it’s so easy to forget about old 401(k) plans. How to move an old 401(k) to your current employer - and what you need to ask your HR department before you do so. Why cashing out your old 401(k) may do irreparable harm to your retirement plan. What you need to know about completing an indirect rollover into your IRA - and how to avoid preventable penalties. Why a direct rollover into your IRA is the simplest and most effective way to move an old 401(k) - and why this is not a one-size-fits-all solution. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/24 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
023: What You Need to Know About the COVID-19 Stimulus with Doug Mayr
Our country’s response to the COVID-19 crisis seems to be changing not just day-by-day, but minute-by-minute. Between the CARES Act, the stimulus package, PPP loans, the HEROES Act recently passed in the House, and other forms of financial relief, it’s never been harder to make sense of what’s available - or how to take advantage of it. Helping me navigate the COVID-19 stimulus is Doug Mayr. Doug is a Managing Partner at BHM, a regional CPA firm here in Columbus. We have a number of mutual clients, and I often rely on him as a great resource to better understand what’s going on in the financial world. Whether you’re preparing for retirement, managing investments for your business, or wondering how to give the best advice to your friends, employees, or clients at this time, today’s episode will help you understand what’s been made available and how to make the most of it. In this podcast interview, you’ll learn: Whether your stimulus check was based on your 2018 or 2019 income - and what to do if you didn’t qualify. Forms of financial relief available to individuals who have been laid off or furloughed over the last several months - and how self-employed individuals can apply for CARES Act relief money provided in addition to conventional unemployment. Who the Payroll Protection Program is for, what you may be eligible for, and how business owners claim it. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/23 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
022: Are We in a Recession?
As the COVID-19 pandemic continues all across the world, we’ve seen some of the most discouraging jobs and unemployment reports in recent history. A lot of investors are worried right now, and it’s easy to jump to the worst possible conclusions. While this is certainly a crisis, for many people, it’s also a navigable one - and there are definitely things you should and shouldn’t do over the next few months, no matter how the markets react to news, both good and bad. In today’s episode of the podcast, we discuss what technically defines a recession and the factors that determine if we’re in one. From there, we dive deep into what you can do to survive (and even thrive) in this moment, how to hold on to your plans, and how to deal with risk in a time when no one’s comfortable losing anything. In this podcast interview, you’ll learn: The difference between a recession and a depression - and why we are likely in a recession right now. Why pundits and TV news should be seen as entertainment first and shouldn’t inform your investment strategy. The reasons that now is a great time to talk to your advisor, avoid emotional investing, and hold to the plans you created before this market downturn. Why the markets have been going up despite terrible job reports. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/22 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
021: COVID-19 and What It Means for Your Retirement
After an 11 year bull run, the crisis caused by the COVID-19 has proven to be the real deal from both a health and economic perspective. After over a month of binge watching our favorite TV shows and reading and watching the news, everyone is concerned. There is a lot of weight on our shoulders right now as Americans, and as we oversee financial plans for people transitioning into retirement at this moment, it’s go time. You need a plan to keep you safe, provide you with income, and grow on your terms, and we’re here to help. In today’s podcast, we discuss how this pandemic served as a triggering event to cause a major recession, how not to accidentally become an emotional investor, and what you can do to make sure your financial plan is meeting your unique needs as you prepare for retirement at this tumultuous time. In this podcast interview, you’ll learn: Why it’s so easy to fall prey to the traps of emotional investing - and how to take emotion out of your financial decisions right now. The factors responsible for market volatility - and why the pandemic was a triggering event that ended a long bull run and drastically affected an overpriced market. How to deal with the many unknowns, politically and economically, we’re facing on a daily basis. What you can do to create a plan focused on cash flow and sustainable growth in times of economic downturns. Show Notes To get access to today's show notes, including links to all the resources mentioned, visit TheRetirementTrainer.com/21 How Fit Is Your Retirement Plan? We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com
020: Talking About the SECURE Act with Logan Phillips
Today we're digging in a bit deeper and talking more about The SECURE Act with estate planning attorney, Logan Phillips. The thing that the SECURE Act did was really change retirement planning for people. Logan says it benefits individuals who are saving for retirement, while it kind of hurts the individuals who they plan to leave their retirement to. Those saving for retirement, get to save for longer before they have to start taking those required minimum distributions. Learn more about what this all means and how it impacts you during today's conversation!
019: What You Need to Know about the SECURE Act
The SECURE Act, also known as the Setting Every Community Up for Retirement Enhancement Act of 2019, came into effect on January 1st, 2020. Designed to make it easier for Americans to access tax-advantaged accounts and stop people from outliving their assets, it made another round of sweeping, monumental changes to the tax code. This means that even if you’ve just created what you think is a robust, thoughtful retirement plan, it’s time to review everything again and make sure that you’re taking advantage of all of the available opportunities. Today, we dig into the good, bad, and the ugly of the SECURE Act from a tax and planning perspective to help you make sense of what’s changed and how it can affect you. If you want to play by your game plan and not the federal government’s, tune in and find out how to make the most of our changing tax policies. In this podcast interview, you’ll learn: Why the magic ages in tax planning are now 59 ½ and 72 - and why this is the sweet spot where the most vital tax planning should happen. How the change in the standard deduction has affected charitable organizations. How to use qualified charitable distributions to avoid being taxed on ordinary income. Why pre-tax investments are the most expensive money you can buy. Why generation-skipping stretch IRAs have been eliminated.
[REPLAY] 7 Common Retirement Mistakes That You Can Avoid
How you can the take financial regrets of others, and turn them into a preventative education for you.
![[REPLAY] Can You Avoid Taxes In Retirement - If So, How? thumbnail](https://static.libsyn.com/p/assets/5/0/6/2/5062ebb53575bef1/SiddellEd_PodcastGraphic_S02_TS_1400.png)
[REPLAY] Can You Avoid Taxes In Retirement - If So, How?
What's the deal with the year 2025? And other tips to protect yourself from rising taxes.
![[REPLAY] When Did Retirement Become So Hard? thumbnail](https://static.libsyn.com/p/assets/4/1/a/f/41af929f117623d3/SiddellEd_PodcastGraphic_S02_TS_1400.png)
[REPLAY] When Did Retirement Become So Hard?
It seemed easier for our parents and grandparents. Now, the effort required to prepare for a happy retirement has practically become a second job. How can "uncomplicate" how complicated retirement has become?
A Non-Profit Insider Explains How Your Donated Dollar Is Put To Work
Ed talks with Pat Puhl, President of “Families For A Cure,” about growing from a single golf tournament to licensed nonprofit that’s raised over $1 Million for cancer research and patient care programs.
The $7 BILLION Drop In Donations To Charities, And How You Can Help
Rather than ways to save and keep more of your money, we’re talking about the importance and benefits of giving it away.
You Know You Want To Avoid Probate Court, But Do You Know Why - Legacy Planning, Part 2
Ed chats with attorney Logan Philipps, on ways to better protect yourself, your family and your assets by building a proper estate plan.
Estate Plans Are NOT Just For The Wealthy - Legacy Planning, Part 1
Understanding what you have, who you want to leave those things to, and how you want those things to be received, is as important a plan as figuring out your retirement income, yet most of us neglect this area of planning. How to start thinking ahead about what you want to leave behind.
When Someone You Love Needs Assisted Living
In a candid conversation, Ed chats with Evan DuBro - founder and CEO of Our Family Home and advocate for those affected by Alzheimer’s and Dementia - about personal family struggles with these diseases while also offering valuable information on Long Term Care planning.
70% Of Retirees Will Need This Kind Of Care, Are You Covered
Polices seem expensive and options complicated, but there are new options emerging for Long Term Care. Ed explains some things you need to know.
Should You REALLY Move Into That Smaller House
Retirement Pitfalls: they're different than mistakes. Here's what to keep in mind.
The Portfolio X-Ray: What Is It, Who Needs It, & Why
Uncover the gremlins that could be hiding in your assets!
Can You Avoid Taxes In Retirement - If So, How
What's the deal with the year 2025? And other tips to protect yourself from rising taxes.
5 Key Financial Areas You Should Focus On
The Retirement Fitness Plan™ is a 5-Step plan that Ed designed himself to help you get to, and through, retirement.
How Much Money Will You Need
$500,000…$1 million…$5 MILLION? How can you begin to determine how much you actually need in your nest egg?
7 Common Retirement Mistakes That You Can Avoid
How you can the take financial regrets of others, and turn them into a preventative education for you.
The 4 Biggest Retirement Worries: Part 2
Last week we began the conversation to reduce your anxiety about running out of money, and healthcare costs. This week, we resume the discussion of what’s got you worried about retirement, and what you can do to ease your anxiety.
The 4 Biggest Retirement Worries: Part 1
What are the biggest worries we have about retirement, and how can we ease them? Laying out some simple financial groundwork now, can make a BIG difference in helping you be less stressed later!
When Did Retirement Become So Hard
It seemed easier for our parents and grandparents. Now, the effort required to prepare for a happy retirement has practically become a second job. How can "uncomplicate" how complicated retirement has become?