Retirement Answers Today with Jim Martin

Should I invest when the market is going down?

On this weeks retirement podcast, Financial Advisor Jim Martin, discusses if investors should invest while the market is going down?  Should investors roll over their 401k or wait for a better time? Visit our website at:  www.retirementanswerstoday.com

What should I do with my old 401k, 403b, or IRA? [Episode 19]

What should you do with that old retirement plan you forgot you had or from that job you just left? Should you use it to pay off bills? Leave it alone? Do you have to listen to that letter telling you to move your account if you stop contributing to it?

 

In today’s episode we’re talking about options for those old retirement accounts that you may have forgotten about or you’re just not sure what to do with them. I share 4 options you can handle this with, including leaving it where it is, rolling it over to a new/existing 401k, transferring it to a traditional or ROTH IRA, and using it to pay things off. I dive into each option into these options providing some of the positives of doing this. As always make sure you’re discussing your choices with a CPA, attorney, or financial adviser.

 

[2:00] Option A: Leave it alone

 

[3:25] Option B: Roll it over to another 401k

 

[4:00] Option C: Roll it over to an IRA

 

[4:21] Option D: Spend it/Pay off things

 

[4:40] Option A’s Pros and Cons

 

[6:53] Option B’s Pros and Cons

 

[9:21] Option C’s Pros and Cons

 

[13:25] Option D’s Pros and Cons

 

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Working while you are retired. How to make it work. [Episode 18]

How do You Work and be Retired at the Same Time

 

There are a lot of people who want to retire after 20, 30, or 40 years of being at a particular job want to retire, take a step back, and start a job with a lot less stress, that they enjoy, or a job with less hours. Sound insane? Well not so much. This is a goal for a lot of people these days. So how do you do that? How do we retire and continue to work?

 

In this episode, I share the key points of retiring and continuing to work. Maybe you want to still continue to keep your mind busy but without the added stress and physicality of working 40+ hours a week. Staying “plugged in” may be a key factor to life that you wish to continue to work, but perhaps with a little less commitment. There are others that really get a kick out of staying in a particular field that has defined you for so long. Perhaps you didn’t save enough money or want a certain lifestyle that requires some additional cash. But, for others, there is just no reason why they want to relax. They want to keep grinding and stay with it for as long as they can.

While there are many reasons to retire and keep on working, there are many things that need to be considered with and without your financial adviser prior to leaving your job for a part timer down at your local grocery store. I mean, does that even sound like something you’d want to do? In today’s episode we are going to talk about the things you should be thinking about when planning to retire and go back to work.

 

Episode Outline

 

[3:00] Hybrid Retirement

 

[3:30] Reasons to Keep Working

 

[6:30] Retirement Planning while Staying Engaged

 

[7:35] Retirement Lifestyle and Keeping Engaged

 

[8:00] Taking a Vacation and then Re-entering the Workforce

 

[8:40] Working Part-time

 

[9:30] Core Things to Consider

 

[10:35] Taking the Leap Smartly

 

[11:40] Have Something Lined Up

 

[12:15] Work for the Right Reasons

 

[12:30] Consider Starting a Business

 

[13:10] Pick a Schedule for You

 

[13:30] Approach Your Employer and See if They’ll Work with You

 

[14:20] Conclusion and Website

 

Retirement Failure Factors: Ways to eliminate common retirement mistakes [Episode 17]

People may not be able to guarantee success in a retirement plan, but they can eliminate failure factors. What is a failure factor? Failure factors are mistakes that people make time and time again. It is imperative that you identify these because they could be derailing your retirement and all the hard work you’ve put in over your lifetime.

 

In this episode, I share the top 5 failure factors that I see investors making. I will give you real examples of clients I have seen that exhibited one or more of these problematic patterns. I will explain why these failure factors sabotage retirement and how you can address and remove these areas that can cause you to fail.

 

There is no guarantee in retirement, but eliminating failure factors is a possible pathway to ensuring a better, more successful retirement. My mission in delivering this information is that you will stop any of these behaviors you may be engaging in and make smarter financial decisions that will make a prosperous retirement more likely.

 

Episode Outline

[00:27] What is a Failure Factor?

[03:41] Failure Factor #5: Not diversifying where you invest

[07:45] Failure Factor #4: Ignoring future taxes and inflation

[10:58] Failure Factor #3: Not planning for long term care insurance

[13:28] Failure Factor #2: Believing you are smarter than the stock market

[17:11] Failure Factor #3: Not having a financial plan

[22:00] Recap

 

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What is a Roth IRA and do you need one? [Episode 16]

A Roth IRA can be a great tool to help you get to where you want to be, come retirement. Many people do the bare minimum when planning for retirement, but there are so many options to consider when deciding where to put your retirement savings. A Roth IRA can be a great asset in your retirement plan by offering you a plethora of benefits.

Roth IRAs are the vehicle to help you invest the money you save for retirement. However, what makes Roth IRAs so incredible is that your earnings grow tax-free, which is a great benefit.

In this episode, I lay out and discuss the key features of the Roth IRA and how each of these factors can help you plan for your financial future. I talk about the different aspects of a Roth IRA and pose the pros and cons of a Roth IRA in potential scenarios that you may face in the future.  

Roth IRAs can be a great way to plan well for retirement with numerous benefits and significant growth over time. It’s crucial that you do your research and stay informed to retire awesome!

 Relevant Links:

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Should I take a lump sum or cash out pension benefit? [Episode 15]

Is it a good idea to take a lump sum out to pay off a car or house?

 

If you took your money outside of your pension plan, could its growth do better?

 

On today’s episode of the Retirement Planning Podcast, Jim talks about cash out pensions, otherwise known as lump sum pensions. Pensions are thought to be a thing of the past, but they can be pretty great! Jim explains why companies offer cash out pensions, why they don’t, and he even divulges the top 5 things to consider before making a decision about a pension, including taxes and potential growth.

 

Host:

Jim Martin, Financial Advisor, Dave Ramsey ELP SmartVestor Pro.
Retirement Planning Podcast

 

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How Much Money You Should Save for Retirement [Episode 14]

People talk about the importance of saving money all the time. It’s one of the biggest financial tips parents instill in their children and a recurring investment throughout our lives. But even though we talk about saving for retirement so often, we never really define what that magical number is that we should set as our goal for retirement.

 

 Welcome back to the Retirement Planning Guy Podcast where any and all retirement questions get answered! Today, the big question I answer is, “How much money should I save for retirement?”. This question can be difficult for people to answer because, so often, they don’t know where to begin. So, let me help you break it down so that you can confidently determine what your golden number should be when it comes to saving for retirement.

 

I walk through the different factors that you should look at when trying to figure out how much to save for retirement and layout exactly what steps you should take. I start by explaining how to evaluate where you, and your retirement savings, stand now. I explain the roles that factors, such as age and lifestyle affect your retirement savings goal. I pose the questions you should ask yourself to help you narrow down your retirement savings amount.

 

Saving for retirement can be confusing and challenging. The most important thing to do is to be aware of it and make your money work for you. Do your research and be thorough in your planning—you’ll thank yourself later. Join me to learn how to be smart about your retirement savings at every stage of your life, so that you can effectively prepare for retirement.

 

Relevant Links:

Martin Wealth Solutions
Retirement Planning Guy

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Create Your Own Retirement Checklist [Episode 13]

Planning for retirement can get overwhelming really quickly! Before you get into the weeds of retirement planning, stop, and get organized first.

 

Using a checklist can be a helpful tool to keep you on track, move forward, and accomplish what you need to get done. Implementing a retirement checklist will help you ensure that you and your financial advisors are staying on track and allowing you to plan well and retire happy!

 

I share the ten (or more) key marks that you should definitely have on your retirement planning checklist. I explain why they are important to factor into your retirement plan and how they will save you from trouble in retirement. I speak into the different aspects of each step in your retirement plan and the areas of consideration that will help you plan for retirement in the best ways possible.

 

From income and investments to taxes to setting realistic goals and planning for all scenarios, I cover it all! I want to offer advice and help to those looking to get serious about planning for retirement and making educated and informed decisions about your retirement. My goal is for you to know what bases to cover and how to cover them so that you are confident and secure in your retirement plan.

 

Make sure you plan well and retire happy by using the checklist challenge!

 

Relevant Links:

Checklist Challenge

Martin Wealth Solutions
Retirement Planning Guy

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Do I need life insurance in retirement? [Episode 12]

Let’s talk life insurance! Yes, I said it. Today I’m breaking the silence and we’re talking about the taboo topic of life insurance.

 

So many people ask me about life insurance and want to know whether it’s something they should have, what kind to have, and all the nitty-gritty details. Today on the Retirement Planning Guy podcast, I’m here to answer all your life insurance questions!

 

There are a lot of different types of life insurance, so I walk through all the many types and help clarify what they mean and what they offer you. I offer some advice on what to look for when choosing policies and what the pros and cons are for the kinds of life insurance.

 

I explain the ‘why’ behind life insurance and what it can offer you. I also describe how life insurance works and layout the ways it can work in your benefit.

 

Is life insurance something to invest in after you retire? There are so many options for you and I cover them for you so that you can make an informed decision and figure out what will work best for you and your retirement.

 

 

Relevant Links:

Martin Wealth Solutions
Retirement Planning Guy

Ask Jim

How to teach your kids and grandkids about money. [Episode 11]

Have you taught your kids or grandkids about money? It’s so important to understand money and be comfortable managing your money. Once you understand it, it’s time to teach your children and grandchildren how to handle their money in smart ways, as well.

 

This episode reveals the importance of having a strong familiarity with money and why it is so critical to grasp. Jim goes through the top seven things to help you teach your kids and grandkids how to manage, save, and comprehend money.

 

Jim discusses the value of money. He explains how this can be taught and why it can be beneficial for children to recognize money’s value. He offers simple tips that are easy to follow and helpful to know for kids at any age.

 

Jim’s suggestions go beyond just understanding money. He explains not only how these steps help kids learn about money, but also how they allow them to learn other helpful skills, as well. Jim shares how he teaches his children about money and explains why he believes these lessons are so essential to teach your own children or grandchildren.

 

Teaching children about money can be challenging. However, the key is to keep the conversation going. The lessons about money learned at an early age are things kids will carry with them forever and will become inherent skills later in life.

 

 

Relevant Links:

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