The Magic 8 Ball’s Guide to Retirement Planning

Remember the thrill of shaking a Magic 8 Ball to get answers to your childhood questions? Would we ace that math test? Would we be famous someday? Well, today, we're bringing a bit of that magic back. But instead of asking about pop quizzes and playground crushes, we’re turning to the Magic 8 Ball for advice on something much more important: your retirement planning! What would the Magic 8 Ball have to say about these common retirement questions if it had the wisdom of a financial advisor?

 

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Transcript: 

 

Speaker 1:

Do you guys remember the thrill of shaking that magic eight ball that we had when we were kids and we would hopefully get the answers we were looking for and sometimes be disappointed when not? Well, let's have a little fun this week here on Plan with the Tax Man and go with the magic eight ball's guide to retirement planning. Let's get into it.

Speaker 2:

Look up in the sky.

Speaker 3:

It's a bird.

Speaker 4:

It's a plane.

Speaker 5:

No, it's the tax man. He may not be a superhero, but Tony Morrow has saved many retirement plans with his extreme knowledge of tax planning strategies. It's time for Plan with the Tax Man.

Speaker 1:

Hey everybody, welcome into the podcast. Thanks for hanging out with Tony and myself as we talk investing, finance and retirement. And Tony, I'm going to let you break out your magic eight ball and plan some financial stuff with us. I think sometimes people maybe actually approach their finances with this old idea. Sometimes they just don't quite do the things they should be doing, and I thought it'd be kind of fun, be kind of humorous to, I'll ask you some questions. You give us a magic eight ball answer, but then you also obviously elaborate on that for us. What do you think?

Tony Morrow:

I think that's good. Going back to the magic eight ball, I'm old enough to have had one of those. So for those of you that are young listening, you should look it up on the internet and see what kind of toys we had as kids.

Speaker 1:

Well, actually they still make it.

Tony Morrow:

Do they still make it? Oh my goodness.

Speaker 1:

Yeah, they still make it. Yeah. So the idea popped up with one of our producers or writers because they have little ones and they saw it and I was like, oh, well, there you go. I didn't know they still made that thing, but very cool. Yeah, so some of the really cool toys still exist, so that's always good to see, right? They're not all going the way of the Dodo Bird. I don't think Stretch Armstrong exists anymore, but I loved my Stretch Armstrong. Do you remember that?

Tony Morrow:

I remember the Stretch Armstrong. We had that and then we cut him and...

Speaker 1:

To see what was inside it?

Tony Morrow:

We wanted to see what was inside. Yeah, that was...

Speaker 1:

Just sort just some sort of goop?

Tony Morrow:

Yeah, some sort of goop. We liked The Six Million Dollar Man and all that. The bionic eye...

Speaker 1:

Oh, yeah. Six Million Dollar Man and his a little bionic eye. That was so cool.

Tony Morrow:

Yeah. So it didn't take much to entertain us.

Speaker 1:

No, it didn't because we didn't have these stupid phones, which was great. So anyway, let's have a little fun. Let's go back in time here. Tony, let's get it started. Should I start saving for retirement now? What does the magic eight ball say and what does Tony say?

Tony Morrow:

I have to agree with the magic eight ball because it's going to say yes. Definitely right now. It's never too late. And now it doesn't matter where you're at on the spectrum because you're going