Our 2 Cents

Have you ever noticed certain personality traits in yourself when it comes to your financial matters? In Part 1 of a 2-part series, Steve and Gabriel explore the world of investor personality types and how, as advisors, they've learned to work with and help all kinds of investors.Understanding Investor Personalities:The Burned One: When trusting just doesn't come very easily to you anymore.The Do-It-Yourselfer: When you've got it all handled by yourself and don't need any outside help.The Price Shopper: When finding the best deal at the lowest possible price out there is your top priority.The Over-Analyzer: When "analysis paralysis" tends to take over control of your decision making.The Ostrich: When you catch a case of "hope-itis" and cross your fingers that it will all just work out.

It's the first week of March and we have spring fever on the Our 2 Cents podcast! Today, Steve and Gabriel are sharing some spring cleaning tips for your finances and diving a bit deeper into asset allocation. Plus, we have a couple other fun segments on the show, too! Gabriel's Quote Picks of the Month:"The best way to teach kids about taxes is by eating 30% of their ice cream" - Bill Murray"The world is divided into two groups—the people who do things and the people who get the credit" - Dwight MorrowSpring Cleaning for Your Finances:Budget and cash flow reviewConsolidate financial accountsReview asset allocation to ensure alignmentOrganize insurancesReupdate your overall financial planA Bit More on Asset Allocation:"Vanguard Sees Global Equities Trouncing U.S. Stocks Over Next Decade"An overview of these capital market assumptions and forward looking projectionsThis prediction would mean a major shift in where growth will be coming fromWhy all this makes diversificat

Continuing from last week's conversation about Monte Carlo simulations, we're sharing our preferred income planning techniques and why we feel they provide enhanced benefits, both financially and emotionally. But first, we're flipping the script and starting the show with listener questions! Listener Questions:"I've talked to a financial advisor and I like him a lot. But how do you know if someone is trustworthy or not?" - Wayne"I've been stressed at work for a long time, and honestly would have left years ago. However, each year I receive a sizable retention bonus so then I decide to stick it out until I end up frustrated again, right before my next bonus. It feels like a viscous cycle. When should I walk away from this without feeling stupid?" - LarissaDifferent Income Planning Ideas:How "worst-case scenario planning" and stress-testing sets the table for a good income planThe Bucket Planning ApproachThe Flooring MethodHybrid PlanningWhy we feel these p

Today we're poking holes in a common financial planning strategy called a Monte Carlo and explaining why we don't consider it to be a reliable planning technique. Then, we are giving you 5 ways to keep feeling young throughout your retirement years. This 'Lazy Way' of Financial Planning Should Be Banned:What is a Monte Carlo simulation and how are the results generated?What factors could generate vastly different and unreliable results for the exact same client?Why the "safe" withdrawal rate isn't really safe5 Habits to Feel and Stay Young in Retirement:The importance of creating structure to your dayWhy breaking up the routine is crucial as wellRetiring doesn't mean you should leave your social life behindHealthy eating and exercise are keys to a longer life (and retirement!)Getting involved can help you live a retirement life with purpose

Healthcare in retirement is complex, so on today's episode we're breaking down parts A, B, C and D of Medicare. Plus, the guys are sharing their interpretations of some quotes Steve gathered for us and then answering some "Get to Know Us" questions. Medicare 101 - The A, B, C, D's of it All:Answering key questions about Medicare from signing up, what it covers, and what it costs.What are Parts A, B, C and D?Clearing up some common Medicare misconceptions.What is Medicare Advantage, and are there any disadvantages to this optional plan?Steve's Quote Picks of the Month:"Accomplishing the impossible means only that the boss will add it to your regular duties moving forward" - Doug Larson"Wall Street is the only place that people ride to in a Rolls Royce to get advice from people who take the subway" - Warren BuffettGetting to Know Steve & Gabriel:What habit do you want to break but haven't been able to?Who would you most like to sit beside on a 10-hour f

On today's episode of Our 2 Cents, your hosts Steve and Gabriel Lewit are sharing the top 10 states where $1 million in retirement might not last you as long as you need. Then they're discussing the latest IRS scams you'll want to be able to spot so you can protect yourself this tax season.How Long Will $1 Million Last?:Recent data shows retiring with $1 million in certain states might not be enough.What states can you stretch $1 million the furthest?According to a 2021 study, Florida, South Carolina, and Arizona were the most popular states to retire to, do you think they fall on this list?Fighting Back Against IRS Scams:In what ways will the IRS contact you? Will it be by mail, email, or by phone?What are the latest scams you should watch out for this year?Received a call from Taxpayer Advocate Services? Find out if they're a real organization.What is the key way to protect yourself if you believe you might be the target of a scammer?

We have a great retirement planning assessment / checklist for you to kick off the new year on today's podcast episode! But before we dive into that, we're discussing the debt ceiling which was on track to be reached Thursday, and what that can mean for the U.S. economy going forward.The Looming Debt Ceiling:Why the debt is continuing to climb to this limit.Why just raising the debt ceiling is difficult.So why not just do away with the debt limit altogether?And what might happen if this doesn't get resolved?New Year Planning Checklist:Do I need to make changes to my planned income this year?Should I take Social Security in 2023?Do I have a plan to handle market volatility?What's my plan for excess cash this year to help offset the effects of inflation?Should I reassess my core financial priorities?

Welcome to the first episode of the Our 2 Cents podcast for 2023! We're excited to kick off our show with some exciting new topics.First, we're sharing four numbers to keep in mind as you plan ahead for the new year. Then we're looking at what retiring with $1 million could look like, and we round out the show with a couple listener questions. 4 Retirement Numbers Savers Should Know:What 25% represents...What happened in the year 1931...What you can do with $22,500...What 41.7 is the average of...24.5 Million Millionaires:With the cost of living increasing, $1 million is not what it once was.Why people are surprised by what 4% of $1 million is in retirement.Is $3 million the new $1 million?Listener Questions:"I turn 72 this year, so I'll have to start taking money out of my IRA, even though I don't really need it. Can I just take it out and reinvest it right back into something else?" - Ellen"Should I be doing anything besides 529 plans to save for my kids for college o

Tesla stock has received quite a hit this year and we're diving into all the stats. Next, we look back on market forecasts from the start of 2022 to see how right or wrong they were. We wrap up the show with some insight into Secure 2.0 and the ways it will impact retirement planning.The Non-Stop Tanking of TSLA:Staggering stats on Tesla's stock price and YTD performanceHow activity like this relates to the greater picture of "concentration risk"Is this the bottom for the stock or will we see more declines?Review of 2022 Forecasts: Wrong or Right?:Looking back at Wall Street's 2022 targets for the S&P 500Many unpredictable events happened this year which shows just how hard it is to guess what the market will doSecure 2.0's Retirement-Related Provisions:401(k) impacts such as changes to enrollment, plan access, "catch-up" contributions, employer match options, and moreAge increases for RMDs next year and over timeChanges to the use of money in 529 college savings pl

You've probably heard these expressions and idioms at some point in your life, perhaps from a wise Grandmother even, but today we're looking at them through a financial lens. But before we do that, we're diving into a bit of a "smorgasbord" of current events in the investing world.Investor SmorgasbordWhat to make of the recent CPI and inflation dataWhat this could mean for the possibility of a recessionFTX imploded and the CEO was arrested and chargedWhy what happened has been called "unsophisticated" and "old-fashioned embezzlement"The Financial Truths in Grandma's Wisdom:"When it rains, it pours""You never know""A bad apple spoils the whole barrel""I heard it straight from the horse's mouth""If your friends all jumped off a bridge, would you do it too?"Getting to Know Steve and Gabriel:Are you for or against permanent Daylight Saving Time?What is your favorite season of the year?

The year is wrapping up and it's got us thinking about 10 somewhat nerdy, but ultimately important, "end-of-year planning" tasks to put on your radar. Then we're tackling two listener questions about life insurance!Year-End Planning Checklist:Observe the impacts of sequence of returns, if you're taking incomeDouble check your planned retirement date to confirm if it is still realisticCalculate your withdrawal rate percentageReview CARES Act distributions and repaymentsHave an inherited IRA? You may need to take RMD'sUnderstand the changes to FSA spending rulesConsider bunching your charitable givingReview all your various insurance coverages—yes all of themConsider a Roth ConversionEngage in Tax Loss HarvestingListener Questions:"My husband is 13 years older than me and he's retiring next year. The only life insurance that he has is provided by his job, so he will have none when he retires. Should I take out a policy on him since he is older than me?" - Jane"I

Welcome back to a new episode of the Our 2 Cents podcast! This week, Gabriel puts Steve's retirement knowledge to the test with a fun game of Retirement Fact or Fiction.Read below for hints at the quiz questions and tune in to see how many Steve gets correct!Retirement Fact or Fiction:An ______ retirement is not realistic for manyRelocation is the ______ for retireesIt is unlikely you'll be ______ and unable to ______ healthcare in retirementIt's normal to feel some ______ about your futureIt is too late to start ______ in your 50s______ is key to financial successRetirement is a time of ______ for most people______ is more valuable than moneyRetirement is the day you ______ all work ______Retirement lasts a long time and ______ go beyond the ______You'll be better off if you stay ______ and ______Most people need a ______

Inspired by Steve's recent visit to NYC during the New York City Marathon, we're looking at preparing for retirement as one would prepare for a marathon. From all the preparation to do in advance of the race, to maintaining a proper pace, and making it to the finish line, we're covering the entire journey on this week's podcast episode.Preparing for the Retirement Marathon:Things you do ahead of time to set yourself up for peak success during the race.Once the race clock begins, you can't start it over. Why having a plan ahead of time can help you finish the race.You'll undoubtedly face different, and sometimes unexpected, conditions throughout the race. So how can you plan for those?Remember: it's a marathon, not a sprint. Pacing yourself, and your spending, is important.End-of-Marathon Planning:Join us for a quick walkthrough of the important elements of Estate and Long-Term Care Planning.First items you should get in place, e.g. a trust, wills, POAs.Creating a communicati

This week's episode of the Our 2 Cents podcast features a thought-provoking topic about making financial decisions and comparing what you're doing to what else might be out there. Then we answer a couple questions from listeners of ours, and Steve and Gabe are answering an interesting "Get to Know Us" question too.Is the Grass Greener?:Should you be doing something different with your portfolio when the market is down?Is there someone out there who knows exactly when to move your money out of the market to avoid losses?Are there ever times when the fence is worth jumping over for greener grass?Listener Questions:"I almost got out of the market before it dropped down recently. Now I'm back to where I was before. Should I get out now?" -Ellen"I had kids later in life and now I am almost 60 with twin boys heading off to college soon. I want to be able to help them financially through college but I also want to retire eventually, too. What should I place a higher priority o

Like the lights that pop up on your car's dashboard to tell you something is wrong, there are warning signs that can indicate potential trouble in your financial life too. On today's episode, Steve and Gabriel are discussing things to watch for to spot potential problems ahead. Plus, they're sharing some quick hits and answering a listener question. Gabriel's 'Quick Hits': Social Security COLA for 2023 is the most since 1981Increased 401(k) and IRA contribution limits for 2023Tax bracket adjustments & standard deduction increasesAverage college tuition costs have declined  Financial Warning Indicators: No idea what your budget is for your retirement yearsOnly focusing on the "retirement number"Not having sources of tax-free income in retirement  Listener Question: "I've always been a more aggressive investor. I like seeing my money grow. At what age should I begin getting more conservative?" - Art

The gross national debt is inching close to an important statutory ceiling and Steve and Gabriel are here to break down what that all means on this new episode of Our 2 Cents.They're also sharing real experiences when their clients' emotions took over the the driver's seat in their financial planning.$31,000,000,000,000 and Counting:Congress has placed a "cap" on how much the government can borrow, and at the start of the fiscal year the debt has reached $31 trillion, and $31.4 trillion is the borrowing limit.However, this year's deficit will decline by an estimated $1.7 trillion.So, what's the difference between the deficit and the debt?What is the impact of all this on consumers and possible future tax ramifications?Sharing Stories: When Emotions Impact Your Planning:It's no secret that your emotions can play into your decisions and reactions across all areas of life.We're sharing stories about some of the more common emotions with regards to investing:GreedFearH

We're back again on the Our 2 Cents podcast! Gabriel and Steve are putting a different spin on talking about recent market behavior by sharing some do's and don'ts when considering your options. Next, they're drawing comparisons between the world of retirement planning and America's favorite sport to watch: Football.The Rollercoaster Ride:What options are available to you as we ride out this rollercoaster market ride?Do nothing?Abandon your plan?Let your emotions drive your decisions?Try to buy the winners and sell the losers?Look at non-market options?There are pros and cons to every approach when handling difficult markets, we'll discuss some main points to consider if you are ready to take action.Calling the Plays - Getting Into Victory Formation:The 'Retirement Red Zone' and why this time is critical that you don't get tackled for a loss.Does the coach make a difference? Why you should find one who fits your needs and your investing philosophy.Victory formation

On today's episode of Our 2 Cents, we're delving in to the world of the fine print, and what hidden or not-so-hidden information you should pay attention to. But before we get to that, we are talking about the interest rate hike we saw last week and the continued efforts to reduce inflation. Three 75-Basis-Point Interest Rate Hikes in a Row:The Fed raised interest rates yet again in another attempt to rein in inflation.What can we expect over the next few months and quarters? Should we anticipate more rate hikes?Are we in a recession right now? And what are the major drivers of a recession we should keep an eye on (e.g. unemployment, mortgage rates)?How does all of this impact the stock market and your investments?What's Hiding in the Fine Print?:Does your traditional Long-Term Care policy have premium rate increases?Are there any hidden fees in that variable annuity?Watch out for mutual funds with a performance history that is "back-tested."Can you ever get your money out of that REI

We're back with a new Our 2 Cents podcast episode. As mentioned last week, we're diving into the world of Maslow's Hierarchy of Needs and discussing how we feel it relates to money and finances. Then, we're giving a quick update on the future of tax filing and rounding out the show with some listener questions.Maslow's Hierarchy of Needs:We're dissecting Maslow's Hierarchy of needs and sharing how it applies to your every day life.What does it have to do with your money?<What are the financial parallels with the pyramid tiers and how do your finances impact you in each level?"Tax Filing Should Be Simple":The Inflation Reduction Act included $15 million for the Treasury Department to study the development of a free federal tax-filing system.What could this mean for the future of tax preparation and filing in our country?Listener Questions:"I'm almost 60 years old and I don't have any money yet in Roth IRAs. Should I start converting some IRA money

Our 2 Cents is back this week with a great episode! Steve and Gabriel are discussing forward-looking assumptions and forecasts for financial planning and then they're diving into the world of "financial satisfaction" as it relates to how you feel personally about your planning. Join in now for this conversation!Capital Market Assumptions - The Experts Predict:What are capital market assumptions and what are the designed to do?How can these forward-looking forecasts help you in your long-term planning?How and why do major investment & research firms like Blackrock, Morningstar, Vanguard, and Research Affiliates change their predictions based on market behavior?We'll share ways these forecasts are used to model portfolios and potential performance.Elements of Satisfaction:The elements to satisfaction in retirement planningWhat, finances aside, are we trying to provide to our clients when building them a plan?Peace-of-mind, confidence to spend, independence: What can you do to accomplish