Our 2 Cents

The uncertainty of both Coronavirus and the 2020 presidential election are casting an uneasy shroud across the nation. On today’s show, we discuss the state of the economy and the stock market—and what impact the COVID-19 resurgence and the upcoming presidential election may have on both. For many, questions are lingering… Who will win the election? Will more jobs be lost due to COVID-19? What tax impositions will be enforced if either President Trump or former Vice President Joe Biden are elected?Tune in now to join us for this discussion!

On our special 50th episode-anniversary, we want to send a big THANK YOU to all our loyal listeners for staying by our side. We truly enjoy your questions, comments, and continuous feedback of our show, and we look forward to the next 50 episodes together!ON THIS EXTRA-AWESOME 50th EPISODE:Today we start off with some FUN retirement quotes and some clarifications of our last show based on comments from you, our listeners! For our ‘main course’ of the show, we then cover five financial and retirement no-no’s.Should you compare your investments to the stock market?Have you ever given up on a new financial strategy before you’ve given it enough time to play out?Are you an investor who is chasing big returns too late in life?Are you paying attention to investing costs and fees?Have you procrastinated on making important financial changes?Once again, thanks for joining us!

There are many questions surrounding the inner workings of a 401(k) and the best approach to the ‘do’s and don’ts during your working and retirement years. On this month’s ‘Deep Dive’ we answer questions such as;1. What is dollar cost averaging?2. How much can one contribute on an annual basis?3. What is a target date fund and how can it benefit your retirement?4. Should one rebalance their 401(k), and if so, when?5. What should you invest in, within your 401(k)?After our deep-dive, we come up for a bit of fun! Steve and Gabriel answer more personal questions and fun facts! Discover some cool things you didn’t know about your show hosts!Tune in now to join us for this discussion!

On today’s show, we kick it off with the new tax act you’ve been hearing all about. The new Illinois Gov. J.B. Pritzker (D) has proposed sweeping changes to Illinois’ tax code, advocating a constitutional amendment to permit a graduated-rate income tax and proposing a new rate and bracket structure.After we discuss the details and inner workings of these proposed changes, we dive into the upcoming election and how we think the markets will react after the new President is elected. Listener Questions· How do you feel about the proposed Illinois Fair Income Tax Act? – Ken from Arlington HeightsRelated Articles Student of the Market – August 2020 – Election Year Special [BlackRock] Twelve Things to Know About the Fair Tax for Illinois [The Tax Foundation]Tune in now to join us for this discussion!

We get a lot of questions about how the house (or houses) fit into retirement plans. From downsizing to rental properties to interest rates, today we explore some of the top retirement questions as it relates to all things housing.Should I pay off the house as soon as possible or pay it off slowly?Is it wise to downsize to a smaller home when I retire?Is rental property a good idea to create income in retirement?What are some of the major complications when it comes to handling real estate when it comes to estate and legacy planning?What are the advantages of a reverse mortgage and when should I take one?Listener Questions· I want to renovate my kitchen, but my husband says we need to save more for retirement. We already save a lot… how much is enough? – Samantha, Chicago· I’m getting a big tax refund this year and have for the last several years. It’s nice to get the refund, but am I better off getting the refund or changing my withholdings? - Robert, ChicagoTune in now to join us for this discussion!

Just like your iPhone or computer can become obsolete and need to be replaced, sometimes the way people think about retirement planning and investing is obsolete and needs to be replaced. On today’s show we talk about some outdated financial rules of thumb that people still cling to, and more current, modern alternatives to use instead. The 4% RuleThe 10-5-3 RuleMoving stocks to bonds when you get olderAll you need is $1 million and you're set for retirementThe 80% Retirement Income Rule Tune in now to join us for this discussion!

On Today’s episode we feature another one of our popular ‘Deep-Dives,’ where we spend more time digging through a singular topic on the show! Today, that topic is 7 Steps to a Secure Retirement.What’s the real power of having a plan? Peace of mind, financial security and creating a future for you and your family that you can count on. But to accomplish that, you don’t want to just wing it, you’ve got to take a systematic step-by-step approach. Tune in to discover:What are the 7 Steps to a Secure Retirement?What steps have you accomplished?How committed are you to improving your financial success?What are the 3 core pillars of support from SGL Financial?Don’t miss the episode as we discuss our secret recipe to a happy and secure retirement.Go ahead and start listening today!

Life happens, things change, goals shift, and as a result, so should your financial plan. On today’s episode we expand on our topic from last week about why it’s so important to have your Mid-Year Plan Review and precisely what you should be including in that review. After that we dive into a detailed discussion of Longevity Risk, or what’s also known as the “Multiplier of Other Financial Risks.” While living a long time is generally never a bad thing, it’s certainly something that you must be financially ready for! Oh, and psst!…make sure you stay until the end for some more fun facts and personal tidbits about Gabriel & Steve Lewit!Tune in now to join us for this discussion!

Should you be stuffing the ole’ mattress with cash? Whether in the mattress or in your checking account, today we give some insight on alternatives to keeping your money in cash—where it earns 0%... zip, zero, nada. Additionally, we dive into some headlines and Gabriel & Steve give advice on how to avoid being a victim to scams such as “Hackers seize popular Celebrity Twitter accounts for giant bitcoin scam,” and other common schemes. We conclude with a light discussion on why Mid-Year Reviews are so important and how they can benefit your overall plan performance.Tune in now to join us for this discussion!

On today’s episode we discuss the value and benefits of having a financial advisor and, if you’re unused to paying a fee for advice, overcoming what may feel like fee ‘sticker shock’ when hiring a financial advisor (and why it’s still very much worth it!). We’ll also discuss whether to pay those pesky capital gains in your portfolio and diversify, or just keep the holdings and avoid paying the tax.After that we answer a couple of great questions from our listeners!“I recently had a REIT proposed to me as an investment I should consider. What are your thoughts on these?”– Julie from South Barrington“My husband wants to pay off either our house or our rental property, just so that we’ll have something paid off. We have enough in our money market account to pay off one of them, but I prefer seeing a lot of money in that account, just in case we need it for something. Who’s right?”– Cheryl from Arlington HeightsTune in now to join us for this discussion!

There are two classic planning blunders to avoid at all costs. The first blunder is confusing tax preparation with tax planning. You may think that your CPA is providing "tax planning" for you, but the reality is he/she is probably not! The second blunder is taking on too much risk to make up for lost time. Have you ever wanted to "double-down" to make up for lost time? Doing so can be quite risky… and what happens if this strategy backfires on you? Let’s find out!

We’ve got a really fun show lined up for you this week!With the upcoming November election just four months away, what "money-moves" should you be making today to best be prepared? Also, what in the world is a ‘Corona Purchase?’ On today’s show we discuss a range of great topics, and even more importantly, we give you, our listeners, an opportunity to hear some fun and quirky facts about your hosts, Steve & Gabriel Lewit. Listen now! SHOW HIGHLIGHTS & TOPICS:Financial Planning After the Pandemic?According to a recent poll, 72% of Americans say that they’ll prioritize financial planning once the pandemic is over. What percent do you think actually will? What’s a Corona Purchase?A new term has emerged in the world, dubbed the “Corona Purchase.” Due to boredom, extra savings, or some other reason, people are using this time to make large purchases. Boats, new cars, pools, house projects, etc… Do you think it’s OK if people splurge a little during this time, or should we embrace financial di

There’s a formula for everything, even knowing when you’re ready to retire. Here’s five question to ask yourself: Do you have confidence in your budget? Can you control your spending? Do you have a solid emergency fund? Have you paid your debts? Do you have ‘enough’ to retire?Setting your retirement date can be exciting but being prepared for retirement is even MORE exciting so you can have peace of mind. Having the roadmap is the key to the worry-free retirement you’ve worked your whole life for.Tune in now to join us for this discussion!Today’s Topics· How to know when the right time to retire is?· 25% of Americans are dipping into their retirement accounts due to setbacks from COVID-19· Jason from Wheeling: “I have a variable annuity and I just found that the fees are very high. I’d like to move the money somewhere else, but I’d have to pay a penalty to take it out. Is it worth the penalty to get away from the high fees?”· Samantha from Northbrook: “We want to travel to all seven continents when we retire.

Everyone loves the idea of tax-free income… what could be better? However, it seems that most people still don’t have a clear picture of whether they should contribute to a traditional IRA or a Roth.More importantly, why do people who say they want tax-free income, avoid taking action to achieve it? We look to investigate these curiosities and discuss the best strategies to get your money out of the tax system.Today’s TopicsWhy is tax-free income so powerful?How high will the tax-rates potentially be in the future?Discussing the difference between a Traditional vs. a Roth IRA, and when the Traditional IRA still makes more senseWhy people (unintentionally) avoid doing Roth ConversionsInvestors who say they want one thing, but do something elseCan Indexed Universal Life Insurance (IUL) be used for tax-free income?

The Coronavirus pandemic has likely led you to hearing a lot more financial buzzwords and it’s possible you aren’t familiar with some of the terms getting thrown around. Let’s take a look at some of the most popular ones and see what we can learn from them.Tune in now to join us for this discussion!Today’s Topics· What to Call What Happened: Bear Market, Downturn, Bubble, meltdown?· Recession vs. Depression: What’s the difference and why?· Types of Recoveries: U-Shaped, V-Shaped, W, Shaped, L Shaped – what does this mean?· VIX: or simply volatility· Tax Loss Harvesting: What is it and can it help?· Index Funds: Are they worth it?· Rebalancing: What does this mean and how often should you rebalance your portfolio?

It’s been quite the ride in the stock market. Gabriel and Steve are back to discuss the market during the COVID-19 pandemic and what you should be doing today with your investments.Tune in now to join us for this discussion!Today’s Topics·What’s happened in the stock market recently?Will volatility continue?Have we reached the bottom of the bear-market?What is SGL recommending to clients?Should you make any changes or reduce your risk?

There is no doubt that we live in a world economy that needs supplies chains, people working, airports open and tourism to continue. But when the Stock Market follows suit, it leaves investors with a sense and feeling of uncertainty. After we discuss the fears and woes of the coronavirus, we answer Max and Scott’s questions on finding the right advisor and preparing for retirement.Tune in now to join us for this discussion!U.S Stocks Set for Further Selling After Quickest Retreat Into Correction in 70 Years (Barron’s)Wall Street is telling clients the coronavirus meltdown could get worse (CBS News)Caller Question: “What questions should I ask a financial advisor?” (Max - Kildeer)Caller Question: “I’m retiring in 6 months, what should I be doing to prepare?” (Scott – Mount Prospect)Fidelity Customers freaked out Wednesday when a tech glitch caused their 401(k) balances to drop to $0 (MarketWatch)Walmart Expects to save $60 million annually on shopping bags (MarketWatch)

Wages are no longer keeping up with the high cost of living. With the costs of home, healthcare and childcare expenses, how can you stay ahead of the curve while maintaining your standard of living? The national debt certainly plays a large part in your cost of living so we can’t underestimate how interest on debt, is a silent killer. Tune in now to join us for this discussion!The Great Affordability Crisis Breaking America (The Atlantic) Alcohol-Free beer helps Heineken to best year in a decade (Yahoo Finance UK)U.S. runs $32.6 billion January budget deficit, Treasury says (MarketWatch)Millions of Americans are missing out on Earned Income Tax Credit (USA TODAY)

Do you like to make money? Because if you do, it all starts with a budget. On today’s episode we’re back with another ‘Deep Dive’ into the world of budgeting and how it can protect you from losing more than you think. Don’t worry, you’ll enjoy this one, even if you don’t enjoy budgeting!Here’s what was covered in this episode:1) Budgeting basics2) Budget Types / Funding Goals3) Biggest budget miscues4) Advanced Budgeting Tune in now to join us for this discussion!Kobe Bryant Shock Death: $500M Estate Plan Gets Complicated Fast (TheWealthAdvisor)

Everyone is curious or concerned about how well the stock market will perform this year. But can you really believe everything you hear? After we discuss the market forecasting myths and mysteries, we revisit the list of tax deductions that have disappeared in preparation for the upcoming tax season! Tune in now!Forget Stock Market Forecasts. They’re Less Than Worthless (The New York Times)12 Tax Deductions That Have Disappeared (Yahoo Finance)How to make self care a priority in 2020 (Chicago Tribune)Renting is more affordable than buying in almost 50% of these housing markets – and they tend to have one thing in common (MarketWatch)Megamansions of Michael Jordan, Richard Marx amount 9 priciest languished listings in Chicagoland – here’s where they stand (Chicago Tribune)