Providence Financial Retirement Show with Anthony Saccaro

You may have never given much thought as to how many of your decisions are made based on biases that are mostly unconscious. How you look at life is based on your biases and preconceived ideas that help you form your opinions which in turn lead to your actions. 

In this week's show, I cover 10 hidden biases related to your finances and your retirement. Listen in.

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I've been an advisor for 25 years and I'm also an estate planning attorney who's prepared thousands of estate plan portfolios. You've probably heard me say that no financial plan is good without an estate plan. 

You can do a great job building up your nest egg during the accumulation phase, then switching to income investing during the retirement phase to make sure you never run out of money. But if you pass away and leave your est...

"What if I need my retirement money early?"

As a general rule, I recommend that people roll over their 401(k) into an IRA at 59 1/2 or whenever they can; but there are cases in which it may be beneficial to leave the money in the 401(k) or withdraw it early: disability, financial hardship, being called up as a reservist, or even becoming a first-time home buyer or paying for higher education. But a lot of these exceptions need to b...

When should you actually start planning for retirement? If you're 10 years away from it, is it too soon or is it too late? It's not uncommon for someone to call us and say they're retiring within a few months and they don't want to make any mistakes. 

Over the last 25 years, we've had two major market crashes at around 50%. We have not had a crash in 15 years. If you wait until the last minute to plan your retirement, what happens ...

It's all about income on today's show: we're going to talk about ways that you may be wasting money during retirement or may be leaving money on the table through unclaimed benefits you're not taking advantage of or investment strategies you're not aware of. 

Some people have actually saved enough money where they can retire with as much income as they need; most of you may not be able to do that and may have to cut back on expense...

If I blew out my knee, I certainly wouldn't trust myself to fix it. I'm not a doctor, I'm a financial advisor. I'd try my hardest to find the best doctor who could diagnose and fix my knee. 

When you're younger, you can afford to make mistakes because you have more time to overcome them. When you're older, you can't afford to mess up anymore; you may have done a great job of growing your portfolio but, when you get to retirement, t...

Are you taking too much risk within your investment portfolio depending on the stage of life you find yourself in? 

In this week's podcast, we talk about good risk and bad risk and the difference between left and right brain investing (sounds a bit woo-woo but stick with me). Good risk is the risk of volatility. Bad risk is the risk of loss and it usually occurs when you're not diversified enough - not just within an asset class, b...

Is permanent life insurance a good investment? 

Do I really need long term care and is it a good idea? 

What can I do if I'm starting to invest for retirement late in life? 

We'll tackle these questions, plus a few more from your listeners, during this show. Listen in. 

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LET’S CONNECT

Show website:

https://www.providencefinancialpodcast.com

Find us at:

https://www.providencefinancialinc.com

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Our mission for this show is to help you live a stress-free retirement; and few things create more stress and confusion for pre-retirees than Social Security. Since they don't know whom to turn to for advice, they often make hasty decisions that cost them tens of thousands over their lifetime. When should you take Social Security and what is the best way to take it? We'll give answers and strategies in the first part of this show.

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If you're retired, you may be wondering if mutual funds and ETFs are appropriate for you to invest in retirement. You may also wonder what the difference is between them (hint: there are more similarities than there are differences). 

Mutual funds are actively managed by fund managers who make decisions about which assets to buy and sell within the fund. Investors buy shares directly from the fund company at the end-of-day net asse...

My dad used to often say to me, "It's not what you earn, but what you keep that matters." In this show, we'll talk about several strategies that can help you maximize how much you keep of what you earn. 

We'll then go on to discuss potential pitfalls of investing in mutual funds and the benefits of individual bonds, particularly as you approach retirement.

We'll also explain the difference between fee-based and commission-based adv...

It's no secret that inflation has been high - let's talk about which investments can best act as a hedge against it. We'll start with investing for income, then we'll cover bond and bond alternatives, dividend stocks and even real estate. 

Our weekly listener questions will feature gold, Bitcoin and TIPS (treasury inflation protected securities). 

We end this show with discussing the importance of a purpose-driven investment strate...

If you have a 401(k) and are wondering whether or not you should leave it there or roll it into an IRA, you're going to want to listen to this show. There are valid points on both sides of the argument and we'll make sure to cover them. 

About two decades ago, it became popular for companies to allow in-service withdrawals for working employees over 59 1/2 years old. Since there are benefits for both options, it can be a controvers...

What should you keep in mind about if you're considering Bonds as an investment option? 
How can you use them as a capital appreciation play? 
What are some alternatives if you think bonds might be too conservative for you? 
These are the 3 points of interest we'll focus on during this show.
 
For our weekly listener questions segment, we'll talk about how to use an annuity for income and we'll explain the difference between saving...

Today we're diving into a timely topic: how your retirement investments may perform in this election year, when many investors find themselves wondering how political changes might impact their portfolios. Will the outcome of the election send markets soaring or plummeting? What strategies should retirees consider to safeguard their financial future amidst the political uncertainty?

Election years can indeed be volatile for the mar...

In this episode, we'll cover the three main reasons to invest for income. The first one is quite obvious - you need income from your portfolio. The other two may surprise you, so listen in. 

What if you don't need income from your portfolio because you have enough income from other sources? We'll answer this question in the second part of the show. 

We'll also touch on value stocks and growth stocks and uncover some of the differen...

"Where are interest rates going to go from here and how will they affect my investments?" 
This is one of the most common questions I've been receiving since the beginning of the year. 

There's no shortage of news when it comes to interest rates and this is what networks seem to talk about almost every time I'm asked to do an interview.

The FED has been given two mandates: to control unemployment (the labor market); and to control ...

The choice between a Traditional IRA (Individual Retirement Account) and a Roth IRA depends on your financial goals, current tax situation, and future expectations. Here are some key differences we'll touch on during this show: 

- Tax Treatment:
Traditional IRA: Contributions are often tax-deductible, meaning you can reduce your taxable income in the year you make the contribution. However, withdrawals in retirement are taxed as or...

Welcome to this week's show - you'll notice it's twice as long as usual. With recent topics requiring more air time, rather than breaking up the topic into two shows, we're switching to one weekly podcast which will be released every Monday at 5 AM PST. Reach out to info@providencefinancialinc.com and let us know what you think about this change. We hope you find it helpful. 

And now - on with this week's podcast. Did you know ther...