Financial Insanity w-Scott McLean

This is Financial Insanity w-Scott McLean.  Today's show is retirement risks to avoid.  The biggest difference between yesterday’s retiree vs. today’s is the diminished defined benefit or pension plan replaced by defined contribution plans..Studies have shown tpensions have been rapidly replaced.As retirees underestimate their longevity, as well as stock market volatility, the probability that they’ll outlast their savings will keep dropping.  But, proper adjustments need to be made.  Scott will provide you with the seven easy to avoid retirement risks.  Plus, he can help keep your money safe from the traps and pitfalls of financial planning.  That's why he wrote the book 'Three Blind Mice'.  Learn the tools you need to keep your key consultants like financial advisor, accountant and estate attorney connected and operating on the same financial game plan.  Your financial future depends on it. 

This is Financial Insanity w-Scott McLean.  Today's show is the power of annuities.  It's an in depth look at the four annuities and where to begin.  Which annuities are good, bad and ugly?  For certain, it's not a one size fits all plan.  So you will need assisrance deciphering the types.  Plus, there are seven easy to avoid retirement risks. Longevity, long term care and debt can create havoc on your retirement.  There are a lot of things retirees don't realize before entering retirement.  But, it's possible to avoid these risks.

This is Financial Insanity w-Scott McLean.  Today's show is retirement planning for widowers.  Women are statistically outliving men and that means many will be taking over the finances for what may be the first time in their life.  It could be confusing and scary for anyone.  Having too little money is a reality when there's a loss of income from the spouse that passed away and the other is dealing with the same bills.   But, there are useful inancial tips to help widowers in retirement.  It starts getting the right support, applying for proper benefits and reviewing overall budget and spending.

This is Financial Insanity w-Scott McLean.  Today's show is post tax day strategies.  Learn the simple steps that can help preserve your money when the market takes a dive.  Plus with so much excitement preparing for your upcoming retirement, it could come with big changes.  You might need to downsize.  Maybe you have too much clutter, maybe your home is too big or maybe you need to downsize in your spending habits.  Financial Insanity is here to offer tips so you can be prepared for the next phase of life.

This is Financial Insanity w-Scott McLean.  Today's show is growing your wealth.  Scott will be discussing preserving your wealth and how to retire rich.  The wealthy have a knack for not just getting rich but also staying rich. Many people start out with a lot more money than the average person, but growing and protecting money over time can be a challenge.  You don’t have to already be rich to benefit from these strategies. Anyone looking to make their money last can apply practices to their own financial situation.  Plus, Financial Insanity is time traveling back to 2008, the markets along with a history lesson. 

This is Financial Insanity w-Scott McLean.  Today's show is protecting yourself from scams.  There are always risks to retirement. The Wall Street Journal says the biggest financial risk is cognitive decline.  Scary risk can rob you of your best judgement and sometimes it can go unoticed.  It's a look at the top five scams you should be aware of.   Plus, don't count your chickens before they hatch.  Find out what this means when it comes to finances and how to keep from counting chickens in our nest egg.

This is Financial Insanity w-Scott McLean. Today's show is estate planning.  Dave Connolly is today's guest to talk about love and legacy.  Estate planning involves determining how an individual's assets will be preserved, managed and distributed.  It also looks at the management of an individuals' properties and financial obligations in the event they become incapacitated.  Dave focuses on domestic partnership with unmarried couples and securing your future together, protecting assets and avoiding tax pitfalls.  There are key considerations: healthcare, childcare and assets.  The biggest takeaway is act now because making sound long-term decisions will give you peace of mind and ensure financial stability

This is Financial Insanity w-Scott McLean.  Today's show is preserving wealth.  You've built wealth.  Now, it's time to preserve it.   There are simple steps to safeguard the assets you've worked so hard to get and also plan for the future.  Plus, a look at something that could change the way you think about retirement.  You could play less in taxes while still making more money.   There is a plan to do that and Scott is the man with the plan.

This is Financial Insanity w-Scott McLean.  Today's show is income vs. growth.  Scott is helping people navigate their financial portfolio.  Income vs. growth is important.  It's great to grow money over time, but there is a shift when you're in retirement because you don't have those paychecks to rely on monthly.  Investing for income and investing for growth are two different things.  How do both work and which one is right for you?  Plus, seniors are making a big mistake with income vs growth.  What is this mistake?  It's critical to realize you shouldn't turn off the faucet of growth investing and turn on to income investing in retirement.  

This is Financial Insanity w-Scott McLean.  Today's show is yay or nay while working in retirement. There is a lot to think about when you're heading into retirement. One of those things is whether or not you should continue working.  A survey indicting nearly 8 out of 10 people would rather be semi-retired.  Just what are the pros and cons to being semi-retired.  There are some challenges which could affect your golden years.  Plus, the market has been hot and cold, up and down like a roller coaster.  What should retirees during this time and how violate is the market impacting your portfolio?

This is Financial Insanity w-Scott McLean.   Today's show is three blind mice.  Scott is the man with the plan to help you keep your money safe from the traps and pitfalls of financial planning.  He dives into his book to explain the process for a more secure financial future.  Plus, Qtip trusts are a unique estate planning tools.  Learn how it works, when to use one in your estate plan and unlocking its potential.

This is Financial Insanity w-Scott McLean.  Today's show is Scott talks annuities. Annuities come in many types. There are four basic annuities.  So, what does that mean about the way we fund retirement? It's essential to build a nest egg that lasts a lifetime. You want a long and fulfilling life in retirement. Any annuity purchase should be discussed with a financial advisor.  Plus, what are the five common mistakes retirees make before entering retirement.   The biggest one is not having a fully mapped out strategy. 

This is Financial Insanity w-Scott McLean.  Today's show is could you still work while in retirement. When planning for retirement, are you confident you aren't making the common mistakes?  Would you like to know more now so you don't have a painful lesson in the future?  Learn about the five mistakes people make before entering retirement.  It all starts with a fully mapped out strategy.  Scott has a unique retirement plan for retirement.  Plus, Scott breaks down the complex world of annuities.  It's informative to help decide which ones are right for your financial portfolio. 

This is Financial Insanity w-Scott McLean.  Today's show is estate and legacy planning.  A lot of people have a misconception of estate and legacy planning.  It's not just for the lifestyle of the rich and famous. Estate planning is actually about preparing for life's curveballs. Make sure you preserve your wishes and having a plan for you and your loved ones no matter your bank account size.  Plus, Scott explains what the true cost of retirement could be and ways to preserve the lifestyle you've earned.

 This is Financial Insanity w-Scott McLean.  Today's show is veteran's benefits.   There are plenty of benefits that can help former veterans in retirement.  They offer education opportunities and rehabilitation services disabilities related to military service.   These benefits can be a life saver financially.  Plus, it's a look at the biggest issues to watch in 2025.  With a new administration and the long expected end of federal pandemic aid, there's uncertainty in the financial market: medicaid, changes to taxes, the stock market and inflation.  What does this mean for your financial portfolio?

This is Financial Insanity w-Scott McLean.  Today's show is latest political news and time machine to 1990.  2025 means a new year, new challenges and new opportunities.  It means volatiliy in the stock market which could affect your financial portfolio.  Inflation and social security can be affected too.  Scott looks back at 1990: the value of home prices, stock market and economics.

This is Financial Insanity w-Scott McLean.  Today's show is 401k and IRA decisions.  Are our portfolios as safe as we think or are we riding a risk rollercoaster?  Scott will take the chaos of the financial market and turn it into a clear path for retirement.  Plus, every year taxes are due.  It can be overwhelming and complicated.  But there is a proactive approach pre-retirees and retirees should take.  There is a difference between getting taxes prepared and taxes planning.   Learn more about the tax process and how to prevent unnecessary taxes in the future.

This is Financial Insanity w-Scott McLean.  Today's show is what about annuities.  It's a look at the world of annuities.  What are annuities and are they good or bad for your finances?  Scott explains which ones could be best suited for your situation.   Plus, there isn't a number of how much you need to save in your retirement.  It's not a one size fits all retirement plan.  But there are some common questions to help individuals plan for retirement.

This is Financial Insanity w-Scott McLean.  Today's show is what trumps around, goes around.  Buckle up, because the new government administration could change your retirement in many ways.  If you're a retiree or have a 401k or IRA retirement account and you're wondering what all this means, you're not alone.  Find out how the next four years affect your financial future.   Then later, Scott dives into why it's a necessity to work with a financial advisor to help navigate the complex legal and tax landscape.  Whatever your age, you may need to rethink your retirement strategy.

This is Financial Insanity w-Scott McLean.  Today's show is what trumps around, goes around.  How will the current government impact your finances?  Inflation, the economy, tax cuts and your financial future   Why is it important to work with a financial advisor to help navigate the complex legal and tax landscape?  Plus, important information about veteran's benefits.  Veterans don't want to miss out on this benefit.

This is Financial Insanity w-Scott McLean.  Today's show is three blind mice.  You recieve investment advice from a financial advisor, have your tax returns prepated by an accountant and have your will and estate plan written by an attorney.   When was the last time these three key consultants got together to discuss your overall financial game plan?  You might think you've taken the right steps, but the trap has been set.  Scott explains his book and the tools you need to keep your key consultants connected and operating on the same financial game plan and help you avoid common retirement mistakes.   Plus, how much income do you need in retirement?  It's not a one size fits all plan.  There are six common questions for how much money you will need.   It's important to start with how much are you currently spending.

This is Financial Insanity w-Scott McLean.  Today's show is corporate bonds and listener mailbag.  There are different financial tools to keep your portfolio on track.  Hear the difference between corporate bonds and mutual fund bonds. Bonds are powerful and can be attractive to investors. Plus, where do you plan to live in retirement.  Are you going to stay in your current home or will you downsize?  What about inheritance?  These are big questions that will affect your future.

This is Financial Insanity w-Scott McLean.  Today's show is creating a lasting legacy.  It's a basic look at creating a lasting legacy for your family.  Legacy planning, often intertwined with estate planning, is a crucial process for arranging the transfer of your assets and wealth to heirs, often family, after passing away. It also uniquely incorporates the transmission of personal values and narratives to future generations, emphasizing the importance of working with legacy advisors or financial professionals specilaizing in wealth management.  Plus, what are biggest of the biggest regrets people have in their retirement.  Hint: it starts with saving. 

This is Financial Insanity w-Scott McLean.  Today's show is common retirement mistakes to avoid.  It's a walk through of some of the biggest regrets people have in their retirement.  You've spent a lifetime planning for your retirement goals, contributing to 401k plan and investing additional assets in an individual retirement account or other accounts.  Many retirees claim their social security benefits as soon as they are eligible, but waiting until full retirement age or even later can significantly increase the monthly benefit.   What's the biggest regret?  Not saving enough.  Plus, Scott will tell you retirement risks to avoid and answer some mailbag questions from listeners.

This is Financial Insanity w-Scott McLean.  Today's show is boomers up to bat for retirement.   Retirement starts now for the boomers generation and gen x is on deck and that means the needs to start planning for their future.  It's a big impact with people leaving the workforce.  Plus, there's a new administration in office.  What does this mean for your retirement and financial future?  Scott will tell you how to take control of your finances in these uncertain times.

This is Financial Insanity w-Scott McLean.  Today's show is new year, new government.  It's a complete look ahead to the rest of 2025.  What is the impact of the new government regime on your retirement plan?  It would affect your finances.  Plus, filing taxes can be overwhelming.  But, there is a proactive approach that pre-retirees should take.  There is a difference between getting taxes prepared and tax planning.  There are plenty of codes and fees with tax payers having to follow the guidelines.  Scott is here to help to prevent paying those future uncessary taxes and will help get the biggest bang for your buck.

This is Financial Insanity w-Scott McLean.  Today's show is planning for the worst.  The key to financially preparing for the unexpected is to hope for the best and plan for the worst.  How this is done is by sacificing some of your income today and putting aside money.  So how can you hope for the best and plan for the worst with your every day income, social security and today's ever rising inflation?  Plus are you retire to ready and have you saved enough?

This is Financial Insanity w-Scott McLean.  Today's show is what are QTIP trusts.  They are very important because under this trust, income is paid to a surviving spouse until that spouse's death.  Then, the balance of the funds is paid to beneficiaries.  It can be a useful tool in estate planning and is especially helpful when the trust grantor has surviving children.  Learn the tax advantages, the benefits and the requirements.  Plus, learn everything about brics.  It can change the way countries play the money game and how can it affect you.

This is Financial Insanity w-Scott McLean.  Today's show is key retirement questions.  Inflation, higher taxes and uncertainty are affecting many baby boomers.  How can you afford retirement, avoid more losses in your 401k and what other income options are available.  Plus, why it's important to discuss retirement's complex legal and tax issues with an advisor.

This is Financial Insanity w-Scott McLean.  Today's show is critical retirement decisions.  Scott has been helping people retire smarter since 1983.  You'll hear why working with a financial advisor can mean so much for you. I could be the difference of an extra one million dollars.  Plus, how the new presidential administration could affect investments, taxes and estate plans.   You want to make the most of these critical changes.

This is Financiall Insanity w-Scott McLean.  Today's show is financial resolutions.  It's that time of year again when oeople break their new year's resolutions quickly after making them.  But an important new year's resolution you should keep is financial related.  Learn how to be financially smart with setting goals like refinancing or consolidating your debt, how to stay on a budget or living below your financial means, maximizing your retirement contributions and using a cash back credit card for most purchases.  Plus, important goals when nearing retirement.

This is Financial Insanity w-Scott McLean.  Today's show is financial resolutions.  It's that time of year again when people break their new year's resolutions quickly after making them.  But an important new year's resolution you should keep is financial related.  Learn how to be financially smart with setting goals like refinancing or consolidating your debt, how to stay on a budget or living below your financial means, maximizing your retirement contributions and using a cash back credit card for most purchases.  Plus, important goals when nearing retirement.

This is Financial Insanity w-Scott McLean.  Today's show is 3 blind mice.  Scott's main reason for writing this book is helping others avoid the daunting disaster of probate, ensuring unnecessary chaos and family squabbles when the crows and clowns show up to the funeral and protecting assets and helping those pay less taxes.

This is Financial Insanity w-Scott McLean.  Today's show is estate and legacy planning with special guest Dave Connolley.  Dave has been a lawyer for over 40 years and is a consultant for Elizabeth Apollo.   The focus is domestic partnership with unmarried couples and securing your future together, protecting assets and avoiding tax pitfalls.  There are key considerations: healthcare, childcare and assets.  Beneficiaries should be designated and the biggest takeaway is act now because making sound long-term decisions will give you peace of mind and ensure financial stability. 

This is Financial insanity w-Scott McLean.  Today's show is growing income in retirement.  2025 is here and it's time to prepare for your financial future.  How well do you know about your investment choices?  You'll be surprised most don't understand the difference between investing for income versus investing for growth.  It can be significant.  Plus, there is an income shift when in retirement.  Scott gets you ready financially, so you can be prepared.

This is Financial insanity w-Scott McLean.  Today's show is growing income in retirement.  Scott is helping people navigate their investment choices.   Most don't know about investing for income versus investing for growth.  You'll heat the differences.  Plus, there is an income shift when in retirement.  It's a big lifiestyle adjustment, but financially you can get be prepared pre-retirement.

This is Financial Insanity w-Scott McLean.  Today's show is top retirement missteps to avoid.  When planning for retirement, are you confident you aren't making any retirement mistakes?  Scott can help you by identifying the five common mistakes when entering into retirement.  Plus, could our country be facing a retirement savings crisis?  But, there is a better way to take control of your financial future.

This is Financial Insanity w-Scott McLean.  Today's show is top taboo topics about retirement.  There is a new study that paints a bleak picture of retirement savings.  But, it's not all doom and gloom. Learn how to take better control of your financial future.  Plus, ways to build up your income toolbox into a successful one, one tool at a time. 

This is Financial Insanity w-Scott McLean.  Today's show is veteran's benefits.   Scott and Robert educate on the important benefits and services veterans and their families can access such as health care, disability and more.  There's a special aid and attention benefit.  How does it work?  This and many benefit packages are unique and can prevent future health problems, improve your ability to function and enhance quality of life.  Plus, are you ready to retire and have you saved enough for retirement? 

This is Financial Insanity w-Scott McLean.  Today's show is what are QTIP trusts.   QTIp trust is a unique and powerful estate financial planning tool.  It's a way to clean up your estate plan.  There are tax advantages to a QTIP trust and some requirements are needed.  How do you protect all assets and income?  Plus only 33 percent of Americans have a solid financial plan for the future.  Most are doing the wing it plan.  Scott will let you know how to break a bad habit of living without a budget.