Episode Transcript
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Speaker 1 (00:05):
Tonight, we are talking about financial moves you're going to
want to consider making before the end of the year.
You're listening to Simply Money, presented by all Worth Financial
Imami Wagner along.
Speaker 2 (00:15):
With Steve Ruby.
Speaker 1 (00:16):
It might feel like we're piling on a bit right now.
Right we're preparing for Thanksgiving meal, there's holiday shopping on
the horizon. You got to get the tree up, you
got to do all the things. And then we're saying, hey,
there's also some financial moves that could make a lot
of sense right now. You might want to take a
few minutes to consider these and maybe do a little research.
Speaker 3 (00:36):
Yeah, time to top off your savings first and foremost.
You know, maybe you change jobs for the year. Maybe
your paycheck deductions weren't high enough in your four to
one K and you have room left to save more.
Now is a good time to do that while we
still have a couple of pay periods left in the year,
because oftentimes it does take a pay period or two
to make that change. So there is an opportunity here
to maybe get a little bit of a lump sum
(00:58):
into your four oh one K quick change to those deductions.
Because remember that you know your IRA contributions. You have
until tax filing the following year to make that contribution
up into the IRS deadline as well. So that's seven
thousand dollars if you're under the age of fifty, eight
thousand dollars if you're fifty year older this year the
(01:18):
four to one K, there's much higher contributions. You can
do twenty three thousand a pre tax and or ROTH.
If you're over fifty, then there's a seventy five hundred
dollars catchup contribution. So there may be some wiggle room
here to get some more money into your four o
one K by the end of the year.
Speaker 1 (01:31):
Yeah, look no further than your pasde ub right. I
think it would makes sense to check it out at
this point of the year and look at how much
you've contributed to your four oh one K. Are you like, oh, actually,
that's not very much. If you feel that way, do
you have any extra money that you can put into
that four oh one K right now? Can you earmark
some of your paycheck for the next few pay periods?
(01:51):
I am shocked. Well, I guess I shouldn't be shocked anymore.
I was just talking to someone about this a few
minutes before we came into the studio. So many people
spend more time planning your vacation then you do your retirement.
Part of this is understanding how much am I putting
into my flour one k every year? What percentage am
I getting the maximum company match? If you have not
(02:14):
done that yet this year, stop everything.
Speaker 3 (02:17):
Please get the free money.
Speaker 1 (02:18):
Put the money in to get the free money. It
doesn't make any sense otherwise, And then figure out what
percentage of your take home pay you are putting aside
for savings for retirement. If you are south of ten percent,
work on then next year, what can I do to
increase that every year moving the needle closer to fifteen percent.
(02:41):
We used to always say twenty percent when I first started
doing the show. If you're putting twenty percent away or
anywhere close to it, man, you are going to think
yourself later.
Speaker 3 (02:49):
Oh yeah, those are the folks that I work with
that have the largest balances. Like hey, I found ways
to make sacrifices if needed, sure to build these assets up.
And with compounding interest on your side and time on
your side, do you have a real opportunity if your
timeframe is long enough to see that wealth balloon. At
the same time, though, we also need to not forget
about our emergency fund, because if you have a habit
(03:10):
of tapping into retirement money, for example, to pay for
unexpected expenses, then you do owe it to yourself to
only get the company match for now, get the free money,
and build up that emergency fund. Most folks say that
three to six months is good while you're while you're working.
Three months for a single or a double income household,
six months for a single income household. And that's money
(03:32):
that's just in the bank. I mean, you could put
it in short term CDEs, highield savings account, money market,
just liquid cash that you can access in the event
that some kind of an emergency comes your way, so
that you don't have to tap into retirement money.
Speaker 1 (03:47):
We're coming out of an interesting time right now where
you could have had that emergency cash stashed in a
high yield savings account where you were making four.
Speaker 2 (03:58):
Four and a half at some points five percent on it.
Speaker 1 (04:01):
And I think there was a lot of investors who
were like, wait a second, why am I taking the
risk of the stock market, you know? And I think
this is where you have to figure out how much
do I need in cash, and understand it doesn't need
market exposure right and times when the market's on a tear.
And also the money that you need for long term
shouldn't be sitting in short term positions in cash. So
(04:21):
how much do I really need for emergencies? And if
you don't have an emergency fund, the problem is I
see people going to two different places, and both of
them are really bad. One of them is you're taking
money out of your four o one K. The other
thing is you're racking up a balance on your credit
card and then you're going to have to pay what
twenty twenty five percent in addition to pay that off.
(04:42):
It's going to take you months years to dig out
of that debt. If you have this emergency money sitting
there when something inevitably does happen, you're not putting it
on your credit card. You're not pulling money out of
that four oh one K. That money that was just
sitting there on the sidelines making close to nothing is
worth a while, a whole lot more to you at
that point.
Speaker 3 (05:01):
Yeah, which, by the way, we started by talking about,
you know, topping off your savings in your four own K.
But I would argue that you know, making sure you
have that solid emergency fund before going above and beyond
the company match is important. Don't forget don't forget about taxes,
tax planning, that should be top of mind here at
the end of the year. You know, there's an IRS
tax Withholding estimator online that you can use. You plug
(05:22):
in all your numbers, of course, and it gives you
details about what kind of withholdings you should have on
your W four. Not the most fun activity, but at
the same time, you need to look at it through
the lens of are you giving Uncle Sam an interest
free loan every year? Meaning are you getting a large
sum back when you file your taxes. It's actually not
a good thing for that to happen, because if it is,
(05:44):
then you are doing Uncle Sam a favor.
Speaker 2 (05:46):
If Sam is regifting your money back.
Speaker 3 (05:49):
To you without interest, right, ideally I would rather oh,
three hundred and then get back six thousand. And that
might sound silly, but that means I had the opportunity
to get my six thousand dollars working in some other
way during that year.
Speaker 1 (06:03):
You're listening to Simply Money presented by all Worth Financial
and Mami Wagner along with Steve Ruby. We're getting towards
the end of the year when it comes to your money,
what are some things you should be thinking through. So
if you were just talking about making sure you're getting
your withholdings right for your taxes, for anyone who has
had any kind of major change in income this year,
Like I'm thinking about a client I have who retired
mid year, has a pension and a supplemental pension, right,
(06:26):
one of the rare people lucky enough to have those things,
and then went several months where nothing was being withheld right,
And it's like, wait a second, figure this out, Because
in a year that you have a major financial change,
you also don't want a major financial surprise in the
form of a really large tax bill.
Speaker 3 (06:45):
Yeah, exactly. I mean there's plenty of opportunities for tax
planning towards the end of the year. You know, doesn't
make sense to do a wrath conversion, for example, that
is something you have to do in the calendar year.
And maybe you're in a lower tax bracket now and
you have an opportunity to fill up a particular tax bracket.
Maybe this is the year that you retired and you
have incredible income this year and it wouldn't make any
(07:05):
sense at all to do roth conversion. Maybe it makes
more sense to wait until next year when your income
goes down.
Speaker 1 (07:11):
Another thing to think about, and I think people do
this time of year charitable giving. Right toward the end
of the year. You're thinking about certain charities that are
near and dear to your heart. While you can do
this in a way that it makes a lot of
sense tax wise, maybe you're bunching donations and putting money
into a donor advised fund. You're getting that tax break.
Now you can make the decision later on where that
(07:31):
money goes, Right. We just talked about this earlier this week,
But there's lots of options for charitable giving that also
can be incredibly tax efficient, incredibly tax smart to think through.
So this is a great time of year to also
start thinking through those kind of strategies.
Speaker 3 (07:45):
Yeah. The idea again is if you are taking the
standard deduction and you want to do a donor advice fund,
then you would want to put enough money in it
so that you could itemize to capitalize on the benefits
of actually front loading those contributions that you're going to
be giving to charities over the next seven years rm ds.
You know, we have until the end of the year.
If you're seventy three or older, you have until the
(08:05):
end of the year to take your rm D. If
it's your first time taking an rm D, technically you
have until April the following year to do it, just
to be clear. But for everyone else, the deadline is
December thirty. First, this is Uncle Sam trying to squeeze
some tax dollars out of you while you're still alive.
Speaker 2 (08:20):
That's the tax deferred money has been in there long enough. Yeah, okay,
the piper.
Speaker 3 (08:24):
And that also means that you haven't paid taxes on
those dollars yet because this is only pre tax money
that you actually have to do rm ds on. So
you got a deduction when you made the contribution. All
the money grew tax free, but all the growth that
you got as well as what you contributed, and even
if there's company match in there from you know, an
old four oh one K for example, then that's tax
as well. So you got to remember your rm ds.
And if you don't need the money, this is where
(08:47):
we talk about a qualified charitable distribution.
Speaker 2 (08:49):
Yeah, back to that charitable giving, right, Yeah.
Speaker 3 (08:51):
Does it make sense to give your RMD directly to
a charity, in which case you will not actually have
to pay taxes on that distribution, but it's capped. Remember
twenty four at one hundred thousand dollars.
Speaker 1 (09:03):
I'm gonna throw something else onto this list. Now it's
going to sound self serving, but I really don't mean
it to be. If you have been going it alone financially, right,
you've been putting your money into a year four O
one K and it's in a target date fund, and
it's gonna, you know, get a little more conservative the
closer you get to retirement, understand that that likely is
(09:23):
not serving you the best that it possibly could long term,
and maybe twenty twenty five is the year that you
find a financial advisor that you can trust, and maybe
you start doing your research on that.
Speaker 2 (09:35):
Now. I find that in January our.
Speaker 1 (09:38):
Schedules are booked because there's so many people over the holidays.
You've spent and spent. It's like when you go on
a diet. Right in January, Inevitably you're like, I've eaten
so much. I also often feel like I've spent so much.
I have to get spending under control. Twenty twenty five
can be a great year. Then to go ahead and
figure out who do I need to work with long term,
(09:58):
because it's not just about growing those assets. It's about
tax planning, it's about estate planning, legacy planning, all of
those things. Insurance right become a part of it. What
is your financial plan call for? How can we get
really investments in that four one K and outside of
it that are really going to help power you not
only from where you are now, from where you want
to get.
Speaker 2 (10:18):
To the future. And if you want to get serious.
Speaker 1 (10:21):
About that, start doing your research now figuring out you know,
where your best fit would be. Get an appointment on
the calendar for early twenty twenty five. Again, our calendars
are going to be pretty crazy, so you're going to
want to get on there now. Now is the time
to start doing that research and maybe thinking in that direction.
Speaker 3 (10:36):
Yeah, I mean you bring up a good point. I
want to go back to that target date retirement fund.
If if you've been doing a good job saving all
these years and you have like a twenty twenty target
date retirement fund in your four oh one K, then
eventually that things are going to pivot to just a
retired fund. Yea and oftentimes the asset allocation in those
things is a little wonky. I'm talking about ultra conservative,
(10:57):
and now everybody needs ultraconservative. When you work with the
financial planner and you build a financial plan that looks
at not just your investments, but but your cash flow needs,
any debt obligations, you might have insurance, estate planning, uh,
charitable giving strategies, and you tie it all together, it's
going to help on help you understand that the exact
(11:17):
level of risk that you need to take with your
investments that you can afford to take based on your
financial situation. And then obviously there's a risk tolerance tied
into that where oftentimes you you're going to get off
that bus. The target date retirement fund is like taking
a bus to retirement, and you're going to get.
Speaker 2 (11:32):
Into a really big bus with a lot of people
on it.
Speaker 3 (11:35):
Yeah, and then you're going to get into like an
uber or something where the path can deviate depending on
where you're going and and you know, maybe traffic in
front of you. So that there's that's a good point
because sitting down and working with an advisor obviously is
going to help you address some of these things that
we've talked about.
Speaker 1 (11:51):
It's going to help you tailor your financial situation to
you right to your goals and your needs. Here's the
all Worth advice. There is still time right to your
financial picture and lower your tax burden before the end
of the year. Coming up next, Ohioans might actually fear
better than others if a recession were to hit. We'll
tell you why, plus news about a former guest of
(12:13):
our show who is now well worth billions. You're listening
to Simply Money, presented by all Worth Financial here on
fifty five KRC, the talk station. You're listening to Simply
Money presented by all Worth Financial. I mean you Wagner
along with Steve Ruby. If you can't listen to our
show every night, you don't have to miss a thing.
We've a daily podcast for you. Just search Simply Money.
(12:36):
It's right there on the iheartapp or wherever you get
your podcasts. Straight Headed six forty three. Everyone's Favorites retirement
fact or fiction. Okay, there has been some chatter recently,
as there always is, by the way, about the possibility
of a recession. Why well, because one is always possible, one.
Speaker 2 (12:53):
Is always coming.
Speaker 3 (12:54):
Because it's been a little while yeah, it's.
Speaker 2 (12:56):
A healthy part of the cycle.
Speaker 1 (12:57):
We don't know when it's coming, but we know that
one will if it happens.
Speaker 2 (13:01):
How will you fare? Will you be Okay?
Speaker 1 (13:02):
Well, it turns out if you live in Ohio, you'll
probably be better off than other people.
Speaker 3 (13:08):
Yeah, I mean I live in Ohio, so I'm in Kentucky.
I know, I know, bummer. So this is based on
financial people over at MarketWatch guides. It analyze various economic
factors such as average salary, retirement savings, disposable income, inflation,
consumer debt to determine the best states for financial wellness,
and Ohio actually place second on the list, scoring a
(13:31):
six point seven of a possible score of ten. This
is because apparently, Ohio residents have less debt than other states,
averaging about seventy five thousand dollars per consumer in twenty
twenty three. Homeowners in the state also spends sixteen percent
of their household income on monthly payments, which is lower
than the national average of seventeen percent. So there's some
(13:51):
positives here that would lead apparently, and this is a
blanket statement, so that you know, I don't always agree
with this. For every single person in Ohio. But when
this one particular study shines light on it, Ohio is
a pretty good place to find yourself in for weathering
any challenges on the horizon from a potential recession.
Speaker 2 (14:09):
You know why Ohio is in such good shape, don't you?
Speaker 3 (14:11):
Why is Ohio in such good shape because.
Speaker 2 (14:13):
Our shows here and people listen.
Speaker 3 (14:15):
Hey, look at that. The people listen in Kentucky and
Indiana too, they do, and people.
Speaker 1 (14:20):
In those pockets you give us really well off in
those pockets, well, right, Northern Kentucky, Indiana.
Speaker 2 (14:27):
Yes, But yeah, I think there's something to this.
Speaker 1 (14:30):
I think there's just kind of a Midwestern sensibility that
we tend to have here, and it plays out well
in times when there's a major downturn. We're now going
to talk about the opposite of a major downturn. The
guy who started Jersey Mike's a little bit wealthier tonight.
Why are we talking about him? Well, he's been on
our show, Peter can Crow. And the cool thing about
(14:52):
Peter cank Crow is Steve Sprovac, who you and I
both worked with, retired earlier this year. He grew up
on the Jersey Shore in Point Pleasant, which is by
the way, where Jersey Mike started.
Speaker 2 (15:03):
In fact, he worked for a man named Peter Kankrow.
Speaker 1 (15:06):
Who bought a little sub shop.
Speaker 2 (15:08):
With a little bit of financial help from his former
football coach. And he was on the show. You know,
he talked about things like.
Speaker 1 (15:17):
Making some good decisions, having a little bit of luck
along the way, but that luck those good decisions ended
with a.
Speaker 2 (15:25):
Major paycheck for him.
Speaker 3 (15:27):
Yeah. I mean he's selling his firm to the private
equity for not his firm, but the company to a
private equity firm, Blackstone, And you know he's going to
maintain a minority stake in the company. But it's an
eight billion dollar with a bee.
Speaker 1 (15:40):
Everyone a bee, yes, And so you know, it's just
a really cool story. I mentioned he came on our show.
He spoke to Steve and I about his story.
Speaker 2 (15:50):
Listen to what he said.
Speaker 4 (15:51):
You know, we started franchising in eighty seven and really
took off, and he started opening stores and Ocean of
Mamma's County, New Jersey and seve As. You know, we
went out to Cincinnati and then we went to Tennessee
and we found out, wow, we're winning the best sub
award in these markets with one store and people just
loved the product and that's how they came in and
started and wanted to grow. And then ninety one we
(16:13):
went down hard with the recession. Then banks went out
of business in the Northeast. No one was lending money,
and boy, we really saw a tough time. You know,
you expand and you spend all of your money to grow,
and then when hard time sit, you don't have any capital.
A good lesson for an entrepreneur starting out, you know,
make sure you have a little bit of a business
(16:35):
plan with funds put away. So after that we recovered.
It took several years and started growing again. But no,
it was just really just working it. North Carolina happened
and that economy really boomed and we boomed with it,
and then certain markets and certain area directors really fueled
the growth. So over the years we started opening more
(16:58):
stores each year progression, and you know today now it's
really growing. But it's funny, I never really had any
mentor a person that could kind of guide me. I
just learn kind of the old fashioned way, making mistakes
and growth. But you don't have to make mistakes and
fail to be successful, you know, I've said that all along.
(17:22):
It's you know, you can grow and get in touch
with people today and listen and be capitalized. You don't
have to fail. But no, the lessons would be just
have a plan, be a little bit more capitalized, don't
spend all your money when you're growing, and just you know,
look at how your growth and where you think you'll be.
That's the biggest cause for people failing, is that capital
(17:46):
then the capital reserves.
Speaker 1 (17:48):
Recipe for success right right there from Peter Kankrow. I
mean he talked about it, and I appreciate how open
he was with us talking about kind of the ups
and downs all. They almost didn't make it. I mean,
you know, open your own business. It is not for
the feint of heart.
Speaker 2 (18:03):
Right. They weathered some amazing.
Speaker 1 (18:05):
Storms through the years, but also made some great decisions
along the way. As the result an eight billion with
a b dollar paycheck. By the way, of course, Steve Sprovac,
who is retired now playing baseball somewhere in Florida as
we speak, texted me earlier this week and said, you
know what, I reached out and texted Peter and said, congratulations.
I mean, congratulations from all of us. You love to
(18:28):
hear when someone believes in an idea and they build
something off of it. For every story like this, there's
one hundred others that don't make it, but certainly a
really cool story. Every Sunday you're going to find our
all Worth Advice in the Cincinnati Inquirer. We'd like to
give you a preview on our Friday show. This is
from Chase and Zenya and Norwood. On's a good time
to refinance. We've got a seven percent rate on a
(18:49):
thirty year mortgage with twenty eight years left.
Speaker 3 (18:52):
I mean, typically it makes the most sense when you're
your rate will be about one percent life lower or more.
You know, we would need to see probably a six
percent and then this is a general statement here, but
you don't want to refinance when you're not going to
get that good of a deal out of it.
Speaker 1 (19:10):
There are costs associated exactly. You want to kind of
run those costs through that lens of how much am
I really saving long term when I also factored these costs.
And also I would say maybe right now, wait.
Speaker 2 (19:22):
A little bit of time.
Speaker 1 (19:23):
We have the Federal Reserve possibly lowering interest rates. We
know that the mortgage rates have been really kind of sticky.
They haven't gone down the way, we would think. So
I would say, hang in there for maybe a few
more months, another year or so. We're not going to
go back to two three percent, but we might get
a little bit lower than where we are now. So
I would say, maybe put a pause button on that
(19:45):
one coming up next, the conversation too many families are
not having. You're listening to Simply Money presented by all
Worth Financial here on fifty five KRC the talk station
listening to Simply Money presented by all Worth Financial. I
mean you Wagnera along with Steve Ruby. One of the
(20:05):
number one questions I like to ask when we have
big workshops and big groups of people together is how
many of you grew up in a family where there
was just an open dialogue, open conversation about money. I'm
telling you, if there's one hundred people in a room,
less than five rcially raise their hands, right. And so
(20:27):
if this is you and you've come from this background
and listen, obviously you're in good company here, You're not alone.
How do you then break that cycle with your children?
Speaker 4 (20:36):
Right?
Speaker 1 (20:37):
We would say, hey, it's time to start having these conversations.
Speaker 3 (20:40):
Yeah, I mean, communication is so important when it comes
to your finances, whether it's with your spouse or your family.
Having those expectations set will make sure that your money
is used in the way that you desire, especially when
we're talking about how it may transition to our loved
ones when we are gone.
Speaker 1 (20:58):
Yeah, and so I think, first, hopefully there's no point
when you're starting to have these awkward conversations, because you've
just been having these conversations all along, so there's nothing
awkward about them. We know research shows that children have
their relationship with money by the time they're seven years old.
If your voice is not being heard in that conversation
(21:19):
as they're starting to figure these things out, right, what
a waste. But say your children are in their early twenties, right,
and you're starting to age and maybe looking at retirement
and kind of later in life. If you've never had
these conversations before, I don't care what stage you're in.
Actually it is time to start. Now, set the stage
(21:40):
for the first conversation.
Speaker 3 (21:42):
If you've never had it can be really difficult to
create this level of transparency, especially if if your household
hasn't had these conversations in the past. But I know
you can do it. I know you can. It's as
easy as this. You ready, I'd like to have an
open discussion about our family finances to ensure we're all
on the same page. Yeah, that's it. Yeah, that's what
starts it.
Speaker 1 (22:02):
Or I'm going to tell you what's up with our money, right,
I mean, it's so easy. And I think if you
start talking about yourself, right, maybe some mistakes that you've
made through the years, just being open about that, and
then where things currently stand. Hey, here's where we are
with retirement, here's what we've started to talk about. As
far as long term care. We either have a long
(22:23):
term care policy or if something happens to one of us,
here's our wishes. You just kind of start down this path.
And I think what will likely happen if you start
being financially transparent with your children is they will start
to open up to you. And I think you might
be really surprised by what you learn about that.
Speaker 3 (22:44):
Yeah, you don't want this to be a monologue. You
bring up a good point. You want this to be
a dialogue, a conversation back and forth, because it's important.
Financial transparency within the family is important. It helps manage expectations,
it helps you plan for future expenses, avoid potential conflicts
of interest. It sets the table to have that dialogue
so that those things don't become problems within your family.
Speaker 1 (23:05):
Well, and yeah, so you're setting kind of the basics
of the financial situation. Like right, here's where we are now.
Maybe we're hoping to pay off the mortgage by the
time we retire, or the mortgage is paid off. Here's
some other debts that we have. Here's what our income
looks like, Here's what our expenses look like. And then
the part of the conversation I don't think anyone likes
to talk about, but this is where I say this
is really an act of love, is talking about your
(23:28):
estate planning and inheritance. I think it's so interesting. From
time to time, someone will come into my office. We'll
be talking about their financial situation and they'll say, I
think I'm going to get an inheritance from my parents.
Speaker 3 (23:38):
I think I'm not sure.
Speaker 1 (23:39):
Yeah, and I think it might be this much based
on a few things that my mom posted on Facebook,
you know, and it's like, wait a second, hold on,
you know, your gleaning information maybe off of social media.
You have no idea, you've never had these conversations, and
then people want to put this into their financial plan.
If you are planning on leaving a legacy to your children,
let them know about that legacy. And I think, you know,
(24:03):
it's an act of love for a number of reasons,
one of them because they know what to plan for.
But secondly, if these conversations are never had and people
are expecting something that isn't exactly what's happening, then when
you're gone. I've seen like terrible things happen in family
dynamics when you know someone's making the decision that they're
(24:23):
the trustee of the estate and they're doing X, y Z,
and it's what one of their siblings didn't think was
going to happen. It's just so much easier to set
the expectations down.
Speaker 3 (24:32):
Yeah, I've come across too many unfortunate stories or people
learn more about family than they ever wanted to. And
this is because proper planning and expectations were It's set
so there can be you know, people that are contesting
a will or going after assets when you're gone. You
don't want that to happen, you know, Setting these proper
(24:53):
expectations around estate planning and inheritance helps people plan accordingly,
removes or helps alleviate the possibility that future conflicts will
come up within the family. It is important to have
these conversations.
Speaker 1 (25:07):
And it's also important if the bank of mom and
dad is still open and continually open, to start having
the conversation about the impacts of doing that. Now, if
you have a money tree in your backyard and money's
coming out of your ears and your retirement is going
to be completely fine, and you're still helping your adult children,
good for you, right, if that's what you want to do.
(25:28):
Good for you. Most people aren't in the situation, so
the bank of mom and dad is open, and that
pulls away from what they're able to do with retirement.
And I've started to make this kind of a normal
part of the conversation that I'm having with people when
I'm working with them, because it is amazing to me
how many people are making these decisions sacrificing for their
(25:50):
adult children, who, by the way, could pay for these
bills themselves or could figure out how to and they
really don't know how they're going to live beyond the
age of seventy because they have like four years of
retirement expenses set aside.
Speaker 3 (26:03):
When I'm meeting with somebody for the first time, this
comes up. Yeah, I do. You know, I ask questions
about family. You know, do you have children, are they
still on the payroll? What does that look like? How
long are they on the payroll? Because that's part of
understanding how your money flows when you're saving for retirement
towards different financial goals, whether it's retirement, supporting adult children.
(26:24):
Obviously we all have competing financial priorities, but having an
understanding of what that looks like so you can set
proper expectations with your children is very important, you know,
saying something like we're happy to support you as as
you transition into full independence. Yeah, and setting because that
comment in and of itself sets the expectation that it's
not going to last forever, because we expect that you
(26:46):
will be financially independent. So let's maybe talk about what
that looks like so we can help you achieve your
financial goals. You know, saying this to your your your
adult children that you're still supporting opens up that dialogue.
Speaker 1 (26:57):
Well, I think speaking of financial and dance, one thing
that you can continually help them with is financial literacy, right,
I mean, you and I are angry a lot of
the time over the fact that, you know, high schools
aren't teaching, aren't making this kind of education mandatory. It's
so frustrating. So you got to control what you can
control in your own home, or even if your adult
(27:18):
children aren't living outside of your home, start having these conversations.
Some of my kids were home from college recently and
one of them has her first credit card and she
was talking about her credit score and the one thing
that's holding her back is the lack of credit history. Right,
we talked through all of that. She understands how the
credit score works. She's starting to invest. We actually moved
(27:41):
some money out of a savings account into exchange traded
funds ETFs over the weekend and it was like, gosh,
all of this stuff moving in the right direction. She's
twenty years old.
Speaker 3 (27:50):
That's awesome, you know, it's fantastic.
Speaker 1 (27:52):
She's understanding these concepts because we talk openly about them.
So imagine when she's twenty five, she will probably be
okay on her own because she understands these things. If
your children are not, because you're not having these conversations,
it's really time to start having this.
Speaker 3 (28:08):
And maybe your children are financially independent at this point,
it is a good idea at some time as they
needed to maybe introduce them to your advisor. Yeah, to
fold your advisor into the conversation. To make sure that
your children understand what looking what it looks like to
work with an advisory, how they've helped you in the past,
and maybe how they could help them moving forwards.
Speaker 1 (28:29):
I always say too to clients that I work with,
I'm happy for your children to come in sometime and
I can just go over some basics. Sure, you know
with them is part of what I'm doing for you
because I think, you know, educating that next generation is
so important. As we talk about, you know, maybe opening
up to the first meeting that you've ever had about
these topics. It's not a one and done situation. So
if you've had this first meeting, hopefully it went well,
(28:52):
and then you kind of set up, you know, maybe
we're going to do this quarterly or twice a year.
Once a year, we're just going to do a check in.
We're going to update you on how things are doing,
and then maybe everyone else can kind of chime in
and then you know, one of the things you can
talk about in those meetings is financial goals for the
next year, you know, and then maybe you can celebrate
those things altogether when someone does kind of reach those goals.
(29:13):
So there's lots of headway I think that you can
make if you've never had these conversations in your family before.
Here's the all Worth advice talking about family finances with
your adult children. This is a vital step and ensuring
both financial security and harmony in your family. Come get next.
We're testing your knowledge and your financial literacy. Learn along
the way as we play Retirement Factor Fiction. You're listening
(29:36):
to Simply Money presented by all Worth Financial. Here in
fifty five KR see the talk station Simply Money presented
by all Worth Financial.
Speaker 2 (29:49):
I mean me wagnerre.
Speaker 1 (29:50):
Along with Stever. But you have a financial question you
just need a little help with. There's a red button
you can click on while you're listening to the show.
It's right there on the iHeart app. Record your question
coming straight to us and straight ahead. How does this sound?
Luxury travel on a budget? We've got tips for you.
Time now to play Retirement Factor Fiction. We like to
(30:11):
have fun with a really serious topic to make sure
that you really kind of know as you're transitioning into retirement,
the truth of things when it comes to your money.
Here's the first one for you, Steve Ruby, fact or fiction.
Your stock, bond, HSA, health savings account investment allocation should
match the allocation mix of all of your other investments.
Speaker 3 (30:32):
I'm going to say fiction. And this is dependent on
your situation and where you are as far as time
frames are concerned, because maybe some of your investments shouldn't
match your other investments. Anyways. Yeah, you know, we have
our short term for just that, especially in high interest
rate environments, our cash is working in high yield savings accounts, CDs, treasuries, whatever,
you know, our intermediate could be doing that, and then
(30:53):
our long term investments, you know, the roth IRA assets.
I've certainly seen folks that are more conservative. Maybe I
have sixty forty with everything else or seventy thirty, but
then they're ninety ten or one hundred percent stock in
the rowthier assets because it's the last money they're ever
going to touch. Your HSA. Ideally, you set it up
where you are not touching those dollars and you're investing
(31:14):
with the account in the long term. If so, you
can take more risk with those dollars if you do
use it to cash flow medical expenses, which we are
not advocates of, but if that's the way the cards
fall and you find yourself needing to do that, then
you have no you should not be aggressive with those assets.
You should be more conservative. So you know, fiction dependent
(31:36):
on your current financial situation.
Speaker 1 (31:39):
Yeah, depends on how you use that health savings account.
To your point, if this is a long term account
that you plan on using in retirement for healthcare expenses,
you can have maybe more stock exposure. And if you
need it and you're using it as you go, right,
then you want less stock exposure there.
Speaker 3 (31:54):
Fact or fiction. You need less of an emergency fund
once you stop working, then you do now fiction.
Speaker 1 (32:01):
And this is a conversation that I have with a
lot of people that I'm working with. When they get
closer to retirement, you know, a lot of them might
still choose to have a lot of stock exposure. Totally
fine if they can still sleep really well at night
if there's a downturn. What this helps with is if
you can have like a full year of expenses maybe
(32:22):
set aside, and the market is down for a year,
you can kind of turn off that spicket of taking
those distributions, so you're not pulling that money out at
a loss. You're living on that emergency fund. You know,
most of the time. History shows us that markets rebound
in a year to a year and a half. Then
you start taking those distributions again once the market has rebounded,
(32:42):
and then hopefully you're not pulling the money out of
that account at a loss. So I like a larger
emergency fund when I really like someone coming to me
maybe in their mid fifties, or we can start planning
ahead for these things and just have them set up
so that that transition into retirement is just a really easy,
breezy one. And one of the things I think that
goes hand in hand in that with that is a
(33:03):
larger emergency Yeah.
Speaker 3 (33:04):
That makes it a lot easier when you plan ahead
of time, and it makes it easier if you already
have it when you transition to retirement, because it buys
you time against market volatility factor.
Speaker 1 (33:13):
Fiction for you. Some retirees regret not contributing to a
roth IRA earlier.
Speaker 3 (33:19):
That's an easy one. Some retire sure, yeah, fact, I
mean the whole diversification of your future cash flow needs
is a huge opportunity when you're planning ahead of time
when you're still in the accumulation phase of retirement planning,
because it gives you options when you are actually retired.
So there are plenty of folks that do have regrets
(33:40):
that they didn't do so ahead of time, and that
doesn't mean there's not an opportunity to get roth assets
in retirement. We've certainly had conversations about wroth conversions. This
is something that you can implement a strategy when when
you transition to retirement, no longer earning what you had
been earning, you can take some of your pre tax
money and move it into wraths. So it's not it's
(34:01):
not something that can't be fixed. You can tackle this regret,
but certainly getting it done ahead of time and having
all those tax free gains, that's something that you that's
where you feel to regret you didn't experience those tax
free gains on that runway up into retirement.
Speaker 1 (34:19):
I think no matter what age or stage of your
life that you're in, it's at least worth doing an
analysis to see, right, should that money be going into
rough assets or traditional tax deferred so quickly.
Speaker 3 (34:30):
Because this one's important factor fiction. If you can max
out your four oh one K for the year, do
it as early as in the year as possible.
Speaker 1 (34:35):
Well, this is fiction, and this is a really know
your four oh one K and the way it's set
up kind of a situation. Some of them have a
sort of a true up feature in them, meaning your
company is going to put in the money throughout the year,
and if you were to get a bonus, say in
January or February, and all that money goes in, then
(34:56):
you are not going to be able to take full
advantage of the entire com company match. So this is
the one where you know, I get really frustrated when
people spend more time planning their vacations and understanding their
floral one case, it's important.
Speaker 3 (35:07):
Under if you don't have a true up and you
hit your limit early, then your contribution shut off. And
if your contribution shut off, then you're not getting any
company match. The true up is money on the table
and then make.
Speaker 1 (35:18):
Your whole Coming up next, how to experience high end
adventures without breaking the bank. You're listening to simply money
presented by all Worth Financial here in fifty five KR
see the talk station you're listening to simply Money presented
by all Worth Financial.
Speaker 2 (35:35):
I mean you Wagner along with Steve Ruby.
Speaker 1 (35:37):
How does this sound traveling on a budget but not
making it feel like that?
Speaker 4 (35:43):
Right?
Speaker 1 (35:43):
How do you take advantage of nicer flights, nicer hotels,
nicer places to eat?
Speaker 4 (35:49):
Right?
Speaker 1 (35:49):
There are ways that you.
Speaker 2 (35:50):
Can do this.
Speaker 1 (35:51):
I think one of the keys starts with planning ahead.
Speaker 3 (35:54):
Yeah, you know, planning ahead specifically is the timing of
your trip. If you visit Europe in late September early October,
for example, you're gonna have less crowds, milder weather, and
oftentimes reduced rates. I can tell you, and I've brought
this up before. My wife and I we took our
honeymoon to Costa Rica, which when we got married at
the time, we did not have much, you know, as
(36:16):
far as means to travel work concerned. Yeah, and if
you know anything about Costa Rica, which you know we
didn't until we started planning. October, my wedding anniversary is
October fifteenth. October is a rainy season. And no, we
did that because you.
Speaker 1 (36:32):
Need on purpose, because it was cheaper, But did it
rate didn't? Did it rain the whole time?
Speaker 3 (36:35):
The whole time. The entire time. It was you know,
I was hoping for a little bit of reprieve. Yeah.
I saw the sun for like an hour and it
was really hot and I almost got sunburned. So you know,
it wasn't that bad. But the fact that our trip
was half off to stay a place right on the ocean,
it was a big deal.
Speaker 2 (36:51):
Yeah.
Speaker 1 (36:51):
Yeah, So you're able to afford something that you couldn't otherwise.
Speaker 3 (36:54):
And we went to the rainforest anyway, so who cares
about rain It's going to.
Speaker 2 (36:56):
Be rained there anyway.
Speaker 1 (36:57):
Absolutely. I love a good track website. So this is
where you can book flights strategically, Scott's Cheap Flights and
the Flight deal can you can set up an alert,
so say you're want to go on a trip in
a few months, you know it's several months out, set
up an alert and it'll let you know, hey, airfares
are cheaper for this weekend or for this particular time
(37:17):
to this place, which is a great thing to do
or listen. I love I use credit cards. I put
everything on credit cards and I use travel rewards. I
pay it off every month, but I book hotel rooms,
we book flights through it.
Speaker 2 (37:30):
And we've had so many.
Speaker 1 (37:32):
Free vacations or substantially cheaper vacations because we use these points.
Speaker 3 (37:37):
Yeah, some other websites worth looking add Secret Escapes, jet Setter,
Luxury Escapes. They offer heavily discounted you know, stays at
different luxury hotels, even Michelin Star restaurants. Sometimes I have
like smaller lunch menus that you can explore and still
have that luxury experience at a fraction of the cost.
Speaker 1 (37:55):
My husband is a super foodie, so that's when we
go to a new city, that's what he's looking at.
And I do love the idea of, hey, we can
still at these really nice restaurants. We're going to be full,
it's going to be amazing food, and then like you know,
you just have like a snack later on at night
and you don't need to eat again. So I think
it's really smart to kind of just plan around these things.
I think the cool thing about travel too is part
(38:16):
of it is planning far out, but then giving yourself
some room for kind of flash deals. Often there's flash
deals that can come up at the last minute.
Speaker 3 (38:24):
There's risk involved with that. There is risk that you
bring up a good point.
Speaker 1 (38:27):
But if you can cancel that hotel twenty four hours
out or forty eight hours out and you can get
a much better deal, it's worth taking advantage of both
things just to kind of hedge your bets. Years ago,
I remember my husband and I went to New York.
We booked actually when we landed, we stayed in the
nicest place in New York that I have ever stayed
in it and it was super cheap. So you know,
the deal is just knowing where to find the deals.
(38:50):
Thanks for listening. You've been listening Disimpla Money presented by
all Worth Financial here on fifty five krs the talk
station
Tonight, we are talking about financial moves you're going to
want to consider making before the end of the year.
You're listening to Simply Money, presented by all Worth Financial
Imami Wagner along.
Speaker 2 (00:15):
With Steve Ruby.
Speaker 1 (00:16):
It might feel like we're piling on a bit right now.
Right we're preparing for Thanksgiving meal, there's holiday shopping on
the horizon. You got to get the tree up, you
got to do all the things. And then we're saying, hey,
there's also some financial moves that could make a lot
of sense right now. You might want to take a
few minutes to consider these and maybe do a little research.
Speaker 3 (00:36):
Yeah, time to top off your savings first and foremost.
You know, maybe you change jobs for the year. Maybe
your paycheck deductions weren't high enough in your four to
one K and you have room left to save more.
Now is a good time to do that while we
still have a couple of pay periods left in the year,
because oftentimes it does take a pay period or two
to make that change. So there is an opportunity here
to maybe get a little bit of a lump sum
(00:58):
into your four oh one K quick change to those deductions.
Because remember that you know your IRA contributions. You have
until tax filing the following year to make that contribution
up into the IRS deadline as well. So that's seven
thousand dollars if you're under the age of fifty, eight
thousand dollars if you're fifty year older this year the
(01:18):
four to one K, there's much higher contributions. You can
do twenty three thousand a pre tax and or ROTH.
If you're over fifty, then there's a seventy five hundred
dollars catchup contribution. So there may be some wiggle room
here to get some more money into your four o
one K by the end of the year.
Speaker 1 (01:31):
Yeah, look no further than your pasde ub right. I
think it would makes sense to check it out at
this point of the year and look at how much
you've contributed to your four oh one K. Are you like, oh, actually,
that's not very much. If you feel that way, do
you have any extra money that you can put into
that four oh one K right now? Can you earmark
some of your paycheck for the next few pay periods?
(01:51):
I am shocked. Well, I guess I shouldn't be shocked anymore.
I was just talking to someone about this a few
minutes before we came into the studio. So many people
spend more time planning your vacation then you do your retirement.
Part of this is understanding how much am I putting
into my flour one k every year? What percentage am
I getting the maximum company match? If you have not
(02:14):
done that yet this year, stop everything.
Speaker 3 (02:17):
Please get the free money.
Speaker 1 (02:18):
Put the money in to get the free money. It
doesn't make any sense otherwise, And then figure out what
percentage of your take home pay you are putting aside
for savings for retirement. If you are south of ten percent,
work on then next year, what can I do to
increase that every year moving the needle closer to fifteen percent.
(02:41):
We used to always say twenty percent when I first started
doing the show. If you're putting twenty percent away or
anywhere close to it, man, you are going to think
yourself later.
Speaker 3 (02:49):
Oh yeah, those are the folks that I work with
that have the largest balances. Like hey, I found ways
to make sacrifices if needed, sure to build these assets up.
And with compounding interest on your side and time on
your side, do you have a real opportunity if your
timeframe is long enough to see that wealth balloon. At
the same time, though, we also need to not forget
about our emergency fund, because if you have a habit
(03:10):
of tapping into retirement money, for example, to pay for
unexpected expenses, then you do owe it to yourself to
only get the company match for now, get the free money,
and build up that emergency fund. Most folks say that
three to six months is good while you're while you're working.
Three months for a single or a double income household,
six months for a single income household. And that's money
(03:32):
that's just in the bank. I mean, you could put
it in short term CDEs, highield savings account, money market,
just liquid cash that you can access in the event
that some kind of an emergency comes your way, so
that you don't have to tap into retirement money.
Speaker 1 (03:47):
We're coming out of an interesting time right now where
you could have had that emergency cash stashed in a
high yield savings account where you were making four.
Speaker 2 (03:58):
Four and a half at some points five percent on it.
Speaker 1 (04:01):
And I think there was a lot of investors who
were like, wait a second, why am I taking the
risk of the stock market, you know? And I think
this is where you have to figure out how much
do I need in cash, and understand it doesn't need
market exposure right and times when the market's on a tear.
And also the money that you need for long term
shouldn't be sitting in short term positions in cash. So
(04:21):
how much do I really need for emergencies? And if
you don't have an emergency fund, the problem is I
see people going to two different places, and both of
them are really bad. One of them is you're taking
money out of your four o one K. The other
thing is you're racking up a balance on your credit
card and then you're going to have to pay what
twenty twenty five percent in addition to pay that off.
(04:42):
It's going to take you months years to dig out
of that debt. If you have this emergency money sitting
there when something inevitably does happen, you're not putting it
on your credit card. You're not pulling money out of
that four oh one K. That money that was just
sitting there on the sidelines making close to nothing is
worth a while, a whole lot more to you at
that point.
Speaker 3 (05:01):
Yeah, which, by the way, we started by talking about,
you know, topping off your savings in your four own K.
But I would argue that you know, making sure you
have that solid emergency fund before going above and beyond
the company match is important. Don't forget don't forget about taxes,
tax planning, that should be top of mind here at
the end of the year. You know, there's an IRS
tax Withholding estimator online that you can use. You plug
(05:22):
in all your numbers, of course, and it gives you
details about what kind of withholdings you should have on
your W four. Not the most fun activity, but at
the same time, you need to look at it through
the lens of are you giving Uncle Sam an interest
free loan every year? Meaning are you getting a large
sum back when you file your taxes. It's actually not
a good thing for that to happen, because if it is,
(05:44):
then you are doing Uncle Sam a favor.
Speaker 2 (05:46):
If Sam is regifting your money back.
Speaker 3 (05:49):
To you without interest, right, ideally I would rather oh,
three hundred and then get back six thousand. And that
might sound silly, but that means I had the opportunity
to get my six thousand dollars working in some other
way during that year.
Speaker 1 (06:03):
You're listening to Simply Money presented by all Worth Financial
and Mami Wagner along with Steve Ruby. We're getting towards
the end of the year when it comes to your money,
what are some things you should be thinking through. So
if you were just talking about making sure you're getting
your withholdings right for your taxes, for anyone who has
had any kind of major change in income this year,
Like I'm thinking about a client I have who retired
mid year, has a pension and a supplemental pension, right,
(06:26):
one of the rare people lucky enough to have those things,
and then went several months where nothing was being withheld right,
And it's like, wait a second, figure this out, Because
in a year that you have a major financial change,
you also don't want a major financial surprise in the
form of a really large tax bill.
Speaker 3 (06:45):
Yeah, exactly. I mean there's plenty of opportunities for tax
planning towards the end of the year. You know, doesn't
make sense to do a wrath conversion, for example, that
is something you have to do in the calendar year.
And maybe you're in a lower tax bracket now and
you have an opportunity to fill up a particular tax bracket.
Maybe this is the year that you retired and you
have incredible income this year and it wouldn't make any
(07:05):
sense at all to do roth conversion. Maybe it makes
more sense to wait until next year when your income
goes down.
Speaker 1 (07:11):
Another thing to think about, and I think people do
this time of year charitable giving. Right toward the end
of the year. You're thinking about certain charities that are
near and dear to your heart. While you can do
this in a way that it makes a lot of
sense tax wise, maybe you're bunching donations and putting money
into a donor advised fund. You're getting that tax break.
Now you can make the decision later on where that
(07:31):
money goes, Right. We just talked about this earlier this week,
But there's lots of options for charitable giving that also
can be incredibly tax efficient, incredibly tax smart to think through.
So this is a great time of year to also
start thinking through those kind of strategies.
Speaker 3 (07:45):
Yeah. The idea again is if you are taking the
standard deduction and you want to do a donor advice fund,
then you would want to put enough money in it
so that you could itemize to capitalize on the benefits
of actually front loading those contributions that you're going to
be giving to charities over the next seven years rm ds.
You know, we have until the end of the year.
If you're seventy three or older, you have until the
(08:05):
end of the year to take your rm D. If
it's your first time taking an rm D, technically you
have until April the following year to do it, just
to be clear. But for everyone else, the deadline is
December thirty. First, this is Uncle Sam trying to squeeze
some tax dollars out of you while you're still alive.
Speaker 2 (08:20):
That's the tax deferred money has been in there long enough. Yeah, okay,
the piper.
Speaker 3 (08:24):
And that also means that you haven't paid taxes on
those dollars yet because this is only pre tax money
that you actually have to do rm ds on. So
you got a deduction when you made the contribution. All
the money grew tax free, but all the growth that
you got as well as what you contributed, and even
if there's company match in there from you know, an
old four oh one K for example, then that's tax
as well. So you got to remember your rm ds.
And if you don't need the money, this is where
(08:47):
we talk about a qualified charitable distribution.
Speaker 2 (08:49):
Yeah, back to that charitable giving, right, Yeah.
Speaker 3 (08:51):
Does it make sense to give your RMD directly to
a charity, in which case you will not actually have
to pay taxes on that distribution, but it's capped. Remember
twenty four at one hundred thousand dollars.
Speaker 1 (09:03):
I'm gonna throw something else onto this list. Now it's
going to sound self serving, but I really don't mean
it to be. If you have been going it alone financially, right,
you've been putting your money into a year four O
one K and it's in a target date fund, and
it's gonna, you know, get a little more conservative the
closer you get to retirement, understand that that likely is
(09:23):
not serving you the best that it possibly could long term,
and maybe twenty twenty five is the year that you
find a financial advisor that you can trust, and maybe
you start doing your research on that.
Speaker 2 (09:35):
Now. I find that in January our.
Speaker 1 (09:38):
Schedules are booked because there's so many people over the holidays.
You've spent and spent. It's like when you go on
a diet. Right in January, Inevitably you're like, I've eaten
so much. I also often feel like I've spent so much.
I have to get spending under control. Twenty twenty five
can be a great year. Then to go ahead and
figure out who do I need to work with long term,
(09:58):
because it's not just about growing those assets. It's about
tax planning, it's about estate planning, legacy planning, all of
those things. Insurance right become a part of it. What
is your financial plan call for? How can we get
really investments in that four one K and outside of
it that are really going to help power you not
only from where you are now, from where you want
to get.
Speaker 2 (10:18):
To the future. And if you want to get serious.
Speaker 1 (10:21):
About that, start doing your research now figuring out you know,
where your best fit would be. Get an appointment on
the calendar for early twenty twenty five. Again, our calendars
are going to be pretty crazy, so you're going to
want to get on there now. Now is the time
to start doing that research and maybe thinking in that direction.
Speaker 3 (10:36):
Yeah, I mean you bring up a good point. I
want to go back to that target date retirement fund.
If if you've been doing a good job saving all
these years and you have like a twenty twenty target
date retirement fund in your four oh one K, then
eventually that things are going to pivot to just a
retired fund. Yea and oftentimes the asset allocation in those
things is a little wonky. I'm talking about ultra conservative,
(10:57):
and now everybody needs ultraconservative. When you work with the
financial planner and you build a financial plan that looks
at not just your investments, but but your cash flow needs,
any debt obligations, you might have insurance, estate planning, uh,
charitable giving strategies, and you tie it all together, it's
going to help on help you understand that the exact
(11:17):
level of risk that you need to take with your
investments that you can afford to take based on your
financial situation. And then obviously there's a risk tolerance tied
into that where oftentimes you you're going to get off
that bus. The target date retirement fund is like taking
a bus to retirement, and you're going to get.
Speaker 2 (11:32):
Into a really big bus with a lot of people
on it.
Speaker 3 (11:35):
Yeah, and then you're going to get into like an
uber or something where the path can deviate depending on
where you're going and and you know, maybe traffic in
front of you. So that there's that's a good point
because sitting down and working with an advisor obviously is
going to help you address some of these things that
we've talked about.
Speaker 1 (11:51):
It's going to help you tailor your financial situation to
you right to your goals and your needs. Here's the
all Worth advice. There is still time right to your
financial picture and lower your tax burden before the end
of the year. Coming up next, Ohioans might actually fear
better than others if a recession were to hit. We'll
tell you why, plus news about a former guest of
(12:13):
our show who is now well worth billions. You're listening
to Simply Money, presented by all Worth Financial here on
fifty five KRC, the talk station. You're listening to Simply
Money presented by all Worth Financial. I mean you Wagner
along with Steve Ruby. If you can't listen to our
show every night, you don't have to miss a thing.
We've a daily podcast for you. Just search Simply Money.
(12:36):
It's right there on the iheartapp or wherever you get
your podcasts. Straight Headed six forty three. Everyone's Favorites retirement
fact or fiction. Okay, there has been some chatter recently,
as there always is, by the way, about the possibility
of a recession. Why well, because one is always possible, one.
Speaker 2 (12:53):
Is always coming.
Speaker 3 (12:54):
Because it's been a little while yeah, it's.
Speaker 2 (12:56):
A healthy part of the cycle.
Speaker 1 (12:57):
We don't know when it's coming, but we know that
one will if it happens.
Speaker 2 (13:01):
How will you fare? Will you be Okay?
Speaker 1 (13:02):
Well, it turns out if you live in Ohio, you'll
probably be better off than other people.
Speaker 3 (13:08):
Yeah, I mean I live in Ohio, so I'm in Kentucky.
I know, I know, bummer. So this is based on
financial people over at MarketWatch guides. It analyze various economic
factors such as average salary, retirement savings, disposable income, inflation,
consumer debt to determine the best states for financial wellness,
and Ohio actually place second on the list, scoring a
(13:31):
six point seven of a possible score of ten. This
is because apparently, Ohio residents have less debt than other states,
averaging about seventy five thousand dollars per consumer in twenty
twenty three. Homeowners in the state also spends sixteen percent
of their household income on monthly payments, which is lower
than the national average of seventeen percent. So there's some
(13:51):
positives here that would lead apparently, and this is a
blanket statement, so that you know, I don't always agree
with this. For every single person in Ohio. But when
this one particular study shines light on it, Ohio is
a pretty good place to find yourself in for weathering
any challenges on the horizon from a potential recession.
Speaker 2 (14:09):
You know why Ohio is in such good shape, don't you?
Speaker 3 (14:11):
Why is Ohio in such good shape because.
Speaker 2 (14:13):
Our shows here and people listen.
Speaker 3 (14:15):
Hey, look at that. The people listen in Kentucky and
Indiana too, they do, and people.
Speaker 1 (14:20):
In those pockets you give us really well off in
those pockets, well, right, Northern Kentucky, Indiana.
Speaker 2 (14:27):
Yes, But yeah, I think there's something to this.
Speaker 1 (14:30):
I think there's just kind of a Midwestern sensibility that
we tend to have here, and it plays out well
in times when there's a major downturn. We're now going
to talk about the opposite of a major downturn. The
guy who started Jersey Mike's a little bit wealthier tonight.
Why are we talking about him? Well, he's been on
our show, Peter can Crow. And the cool thing about
(14:52):
Peter cank Crow is Steve Sprovac, who you and I
both worked with, retired earlier this year. He grew up
on the Jersey Shore in Point Pleasant, which is by
the way, where Jersey Mike started.
Speaker 2 (15:03):
In fact, he worked for a man named Peter Kankrow.
Speaker 1 (15:06):
Who bought a little sub shop.
Speaker 2 (15:08):
With a little bit of financial help from his former
football coach. And he was on the show. You know,
he talked about things like.
Speaker 1 (15:17):
Making some good decisions, having a little bit of luck
along the way, but that luck those good decisions ended
with a.
Speaker 2 (15:25):
Major paycheck for him.
Speaker 3 (15:27):
Yeah. I mean he's selling his firm to the private
equity for not his firm, but the company to a
private equity firm, Blackstone, And you know he's going to
maintain a minority stake in the company. But it's an
eight billion dollar with a bee.
Speaker 1 (15:40):
Everyone a bee, yes, And so you know, it's just
a really cool story. I mentioned he came on our show.
He spoke to Steve and I about his story.
Speaker 2 (15:50):
Listen to what he said.
Speaker 4 (15:51):
You know, we started franchising in eighty seven and really
took off, and he started opening stores and Ocean of
Mamma's County, New Jersey and seve As. You know, we
went out to Cincinnati and then we went to Tennessee
and we found out, wow, we're winning the best sub
award in these markets with one store and people just
loved the product and that's how they came in and
started and wanted to grow. And then ninety one we
(16:13):
went down hard with the recession. Then banks went out
of business in the Northeast. No one was lending money,
and boy, we really saw a tough time. You know,
you expand and you spend all of your money to grow,
and then when hard time sit, you don't have any capital.
A good lesson for an entrepreneur starting out, you know,
make sure you have a little bit of a business
(16:35):
plan with funds put away. So after that we recovered.
It took several years and started growing again. But no,
it was just really just working it. North Carolina happened
and that economy really boomed and we boomed with it,
and then certain markets and certain area directors really fueled
the growth. So over the years we started opening more
(16:58):
stores each year progression, and you know today now it's
really growing. But it's funny, I never really had any
mentor a person that could kind of guide me. I
just learn kind of the old fashioned way, making mistakes
and growth. But you don't have to make mistakes and
fail to be successful, you know, I've said that all along.
(17:22):
It's you know, you can grow and get in touch
with people today and listen and be capitalized. You don't
have to fail. But no, the lessons would be just
have a plan, be a little bit more capitalized, don't
spend all your money when you're growing, and just you know,
look at how your growth and where you think you'll be.
That's the biggest cause for people failing, is that capital
(17:46):
then the capital reserves.
Speaker 1 (17:48):
Recipe for success right right there from Peter Kankrow. I
mean he talked about it, and I appreciate how open
he was with us talking about kind of the ups
and downs all. They almost didn't make it. I mean,
you know, open your own business. It is not for
the feint of heart.
Speaker 2 (18:03):
Right. They weathered some amazing.
Speaker 1 (18:05):
Storms through the years, but also made some great decisions
along the way. As the result an eight billion with
a b dollar paycheck. By the way, of course, Steve Sprovac,
who is retired now playing baseball somewhere in Florida as
we speak, texted me earlier this week and said, you
know what, I reached out and texted Peter and said, congratulations.
I mean, congratulations from all of us. You love to
(18:28):
hear when someone believes in an idea and they build
something off of it. For every story like this, there's
one hundred others that don't make it, but certainly a
really cool story. Every Sunday you're going to find our
all Worth Advice in the Cincinnati Inquirer. We'd like to
give you a preview on our Friday show. This is
from Chase and Zenya and Norwood. On's a good time
to refinance. We've got a seven percent rate on a
(18:49):
thirty year mortgage with twenty eight years left.
Speaker 3 (18:52):
I mean, typically it makes the most sense when you're
your rate will be about one percent life lower or more.
You know, we would need to see probably a six
percent and then this is a general statement here, but
you don't want to refinance when you're not going to
get that good of a deal out of it.
Speaker 1 (19:10):
There are costs associated exactly. You want to kind of
run those costs through that lens of how much am
I really saving long term when I also factored these costs.
And also I would say maybe right now, wait.
Speaker 2 (19:22):
A little bit of time.
Speaker 1 (19:23):
We have the Federal Reserve possibly lowering interest rates. We
know that the mortgage rates have been really kind of sticky.
They haven't gone down the way, we would think. So
I would say, hang in there for maybe a few
more months, another year or so. We're not going to
go back to two three percent, but we might get
a little bit lower than where we are now. So
I would say, maybe put a pause button on that
(19:45):
one coming up next, the conversation too many families are
not having. You're listening to Simply Money presented by all
Worth Financial here on fifty five KRC the talk station
listening to Simply Money presented by all Worth Financial. I
mean you Wagnera along with Steve Ruby. One of the
(20:05):
number one questions I like to ask when we have
big workshops and big groups of people together is how
many of you grew up in a family where there
was just an open dialogue, open conversation about money. I'm
telling you, if there's one hundred people in a room,
less than five rcially raise their hands, right. And so
(20:27):
if this is you and you've come from this background
and listen, obviously you're in good company here, You're not alone.
How do you then break that cycle with your children?
Speaker 4 (20:36):
Right?
Speaker 1 (20:37):
We would say, hey, it's time to start having these conversations.
Speaker 3 (20:40):
Yeah, I mean, communication is so important when it comes
to your finances, whether it's with your spouse or your family.
Having those expectations set will make sure that your money
is used in the way that you desire, especially when
we're talking about how it may transition to our loved
ones when we are gone.
Speaker 1 (20:58):
Yeah, and so I think, first, hopefully there's no point
when you're starting to have these awkward conversations, because you've
just been having these conversations all along, so there's nothing
awkward about them. We know research shows that children have
their relationship with money by the time they're seven years old.
If your voice is not being heard in that conversation
(21:19):
as they're starting to figure these things out, right, what
a waste. But say your children are in their early twenties, right,
and you're starting to age and maybe looking at retirement
and kind of later in life. If you've never had
these conversations before, I don't care what stage you're in.
Actually it is time to start. Now, set the stage
(21:40):
for the first conversation.
Speaker 3 (21:42):
If you've never had it can be really difficult to
create this level of transparency, especially if if your household
hasn't had these conversations in the past. But I know
you can do it. I know you can. It's as
easy as this. You ready, I'd like to have an
open discussion about our family finances to ensure we're all
on the same page. Yeah, that's it. Yeah, that's what
starts it.
Speaker 1 (22:02):
Or I'm going to tell you what's up with our money, right,
I mean, it's so easy. And I think if you
start talking about yourself, right, maybe some mistakes that you've
made through the years, just being open about that, and
then where things currently stand. Hey, here's where we are
with retirement, here's what we've started to talk about. As
far as long term care. We either have a long
(22:23):
term care policy or if something happens to one of us,
here's our wishes. You just kind of start down this path.
And I think what will likely happen if you start
being financially transparent with your children is they will start
to open up to you. And I think you might
be really surprised by what you learn about that.
Speaker 3 (22:44):
Yeah, you don't want this to be a monologue. You
bring up a good point. You want this to be
a dialogue, a conversation back and forth, because it's important.
Financial transparency within the family is important. It helps manage expectations,
it helps you plan for future expenses, avoid potential conflicts
of interest. It sets the table to have that dialogue
so that those things don't become problems within your family.
Speaker 1 (23:05):
Well, and yeah, so you're setting kind of the basics
of the financial situation. Like right, here's where we are now.
Maybe we're hoping to pay off the mortgage by the
time we retire, or the mortgage is paid off. Here's
some other debts that we have. Here's what our income
looks like, Here's what our expenses look like. And then
the part of the conversation I don't think anyone likes
to talk about, but this is where I say this
is really an act of love, is talking about your
(23:28):
estate planning and inheritance. I think it's so interesting. From
time to time, someone will come into my office. We'll
be talking about their financial situation and they'll say, I
think I'm going to get an inheritance from my parents.
Speaker 3 (23:38):
I think I'm not sure.
Speaker 1 (23:39):
Yeah, and I think it might be this much based
on a few things that my mom posted on Facebook,
you know, and it's like, wait a second, hold on,
you know, your gleaning information maybe off of social media.
You have no idea, you've never had these conversations, and
then people want to put this into their financial plan.
If you are planning on leaving a legacy to your children,
let them know about that legacy. And I think, you know,
(24:03):
it's an act of love for a number of reasons,
one of them because they know what to plan for.
But secondly, if these conversations are never had and people
are expecting something that isn't exactly what's happening, then when
you're gone. I've seen like terrible things happen in family
dynamics when you know someone's making the decision that they're
(24:23):
the trustee of the estate and they're doing X, y Z,
and it's what one of their siblings didn't think was
going to happen. It's just so much easier to set
the expectations down.
Speaker 3 (24:32):
Yeah, I've come across too many unfortunate stories or people
learn more about family than they ever wanted to. And
this is because proper planning and expectations were It's set
so there can be you know, people that are contesting
a will or going after assets when you're gone. You
don't want that to happen, you know, Setting these proper
(24:53):
expectations around estate planning and inheritance helps people plan accordingly,
removes or helps alleviate the possibility that future conflicts will
come up within the family. It is important to have
these conversations.
Speaker 1 (25:07):
And it's also important if the bank of mom and
dad is still open and continually open, to start having
the conversation about the impacts of doing that. Now, if
you have a money tree in your backyard and money's
coming out of your ears and your retirement is going
to be completely fine, and you're still helping your adult children,
good for you, right, if that's what you want to do.
(25:28):
Good for you. Most people aren't in the situation, so
the bank of mom and dad is open, and that
pulls away from what they're able to do with retirement.
And I've started to make this kind of a normal
part of the conversation that I'm having with people when
I'm working with them, because it is amazing to me
how many people are making these decisions sacrificing for their
(25:50):
adult children, who, by the way, could pay for these
bills themselves or could figure out how to and they
really don't know how they're going to live beyond the
age of seventy because they have like four years of
retirement expenses set aside.
Speaker 3 (26:03):
When I'm meeting with somebody for the first time, this
comes up. Yeah, I do. You know, I ask questions
about family. You know, do you have children, are they
still on the payroll? What does that look like? How
long are they on the payroll? Because that's part of
understanding how your money flows when you're saving for retirement
towards different financial goals, whether it's retirement, supporting adult children.
(26:24):
Obviously we all have competing financial priorities, but having an
understanding of what that looks like so you can set
proper expectations with your children is very important, you know,
saying something like we're happy to support you as as
you transition into full independence. Yeah, and setting because that
comment in and of itself sets the expectation that it's
not going to last forever, because we expect that you
(26:46):
will be financially independent. So let's maybe talk about what
that looks like so we can help you achieve your
financial goals. You know, saying this to your your your
adult children that you're still supporting opens up that dialogue.
Speaker 1 (26:57):
Well, I think speaking of financial and dance, one thing
that you can continually help them with is financial literacy, right,
I mean, you and I are angry a lot of
the time over the fact that, you know, high schools
aren't teaching, aren't making this kind of education mandatory. It's
so frustrating. So you got to control what you can
control in your own home, or even if your adult
(27:18):
children aren't living outside of your home, start having these conversations.
Some of my kids were home from college recently and
one of them has her first credit card and she
was talking about her credit score and the one thing
that's holding her back is the lack of credit history. Right,
we talked through all of that. She understands how the
credit score works. She's starting to invest. We actually moved
(27:41):
some money out of a savings account into exchange traded
funds ETFs over the weekend and it was like, gosh,
all of this stuff moving in the right direction. She's
twenty years old.
Speaker 3 (27:50):
That's awesome, you know, it's fantastic.
Speaker 1 (27:52):
She's understanding these concepts because we talk openly about them.
So imagine when she's twenty five, she will probably be
okay on her own because she understands these things. If
your children are not, because you're not having these conversations,
it's really time to start having this.
Speaker 3 (28:08):
And maybe your children are financially independent at this point,
it is a good idea at some time as they
needed to maybe introduce them to your advisor. Yeah, to
fold your advisor into the conversation. To make sure that
your children understand what looking what it looks like to
work with an advisory, how they've helped you in the past,
and maybe how they could help them moving forwards.
Speaker 1 (28:29):
I always say too to clients that I work with,
I'm happy for your children to come in sometime and
I can just go over some basics. Sure, you know
with them is part of what I'm doing for you
because I think, you know, educating that next generation is
so important. As we talk about, you know, maybe opening
up to the first meeting that you've ever had about
these topics. It's not a one and done situation. So
if you've had this first meeting, hopefully it went well,
(28:52):
and then you kind of set up, you know, maybe
we're going to do this quarterly or twice a year.
Once a year, we're just going to do a check in.
We're going to update you on how things are doing,
and then maybe everyone else can kind of chime in
and then you know, one of the things you can
talk about in those meetings is financial goals for the
next year, you know, and then maybe you can celebrate
those things altogether when someone does kind of reach those goals.
(29:13):
So there's lots of headway I think that you can
make if you've never had these conversations in your family before.
Here's the all Worth advice talking about family finances with
your adult children. This is a vital step and ensuring
both financial security and harmony in your family. Come get next.
We're testing your knowledge and your financial literacy. Learn along
the way as we play Retirement Factor Fiction. You're listening
(29:36):
to Simply Money presented by all Worth Financial. Here in
fifty five KR see the talk station Simply Money presented
by all Worth Financial.
Speaker 2 (29:49):
I mean me wagnerre.
Speaker 1 (29:50):
Along with Stever. But you have a financial question you
just need a little help with. There's a red button
you can click on while you're listening to the show.
It's right there on the iHeart app. Record your question
coming straight to us and straight ahead. How does this sound?
Luxury travel on a budget? We've got tips for you.
Time now to play Retirement Factor Fiction. We like to
(30:11):
have fun with a really serious topic to make sure
that you really kind of know as you're transitioning into retirement,
the truth of things when it comes to your money.
Here's the first one for you, Steve Ruby, fact or fiction.
Your stock, bond, HSA, health savings account investment allocation should
match the allocation mix of all of your other investments.
Speaker 3 (30:32):
I'm going to say fiction. And this is dependent on
your situation and where you are as far as time
frames are concerned, because maybe some of your investments shouldn't
match your other investments. Anyways. Yeah, you know, we have
our short term for just that, especially in high interest
rate environments, our cash is working in high yield savings accounts, CDs, treasuries, whatever,
you know, our intermediate could be doing that, and then
(30:53):
our long term investments, you know, the roth IRA assets.
I've certainly seen folks that are more conservative. Maybe I
have sixty forty with everything else or seventy thirty, but
then they're ninety ten or one hundred percent stock in
the rowthier assets because it's the last money they're ever
going to touch. Your HSA. Ideally, you set it up
where you are not touching those dollars and you're investing
(31:14):
with the account in the long term. If so, you
can take more risk with those dollars if you do
use it to cash flow medical expenses, which we are
not advocates of, but if that's the way the cards
fall and you find yourself needing to do that, then
you have no you should not be aggressive with those assets.
You should be more conservative. So you know, fiction dependent
(31:36):
on your current financial situation.
Speaker 1 (31:39):
Yeah, depends on how you use that health savings account.
To your point, if this is a long term account
that you plan on using in retirement for healthcare expenses,
you can have maybe more stock exposure. And if you
need it and you're using it as you go, right,
then you want less stock exposure there.
Speaker 3 (31:54):
Fact or fiction. You need less of an emergency fund
once you stop working, then you do now fiction.
Speaker 1 (32:01):
And this is a conversation that I have with a
lot of people that I'm working with. When they get
closer to retirement, you know, a lot of them might
still choose to have a lot of stock exposure. Totally
fine if they can still sleep really well at night
if there's a downturn. What this helps with is if
you can have like a full year of expenses maybe
(32:22):
set aside, and the market is down for a year,
you can kind of turn off that spicket of taking
those distributions, so you're not pulling that money out at
a loss. You're living on that emergency fund. You know,
most of the time. History shows us that markets rebound
in a year to a year and a half. Then
you start taking those distributions again once the market has rebounded,
(32:42):
and then hopefully you're not pulling the money out of
that account at a loss. So I like a larger
emergency fund when I really like someone coming to me
maybe in their mid fifties, or we can start planning
ahead for these things and just have them set up
so that that transition into retirement is just a really easy,
breezy one. And one of the things I think that
goes hand in hand in that with that is a
(33:03):
larger emergency Yeah.
Speaker 3 (33:04):
That makes it a lot easier when you plan ahead
of time, and it makes it easier if you already
have it when you transition to retirement, because it buys
you time against market volatility factor.
Speaker 1 (33:13):
Fiction for you. Some retirees regret not contributing to a
roth IRA earlier.
Speaker 3 (33:19):
That's an easy one. Some retire sure, yeah, fact, I
mean the whole diversification of your future cash flow needs
is a huge opportunity when you're planning ahead of time
when you're still in the accumulation phase of retirement planning,
because it gives you options when you are actually retired.
So there are plenty of folks that do have regrets
(33:40):
that they didn't do so ahead of time, and that
doesn't mean there's not an opportunity to get roth assets
in retirement. We've certainly had conversations about wroth conversions. This
is something that you can implement a strategy when when
you transition to retirement, no longer earning what you had
been earning, you can take some of your pre tax
money and move it into wraths. So it's not it's
(34:01):
not something that can't be fixed. You can tackle this regret,
but certainly getting it done ahead of time and having
all those tax free gains, that's something that you that's
where you feel to regret you didn't experience those tax
free gains on that runway up into retirement.
Speaker 1 (34:19):
I think no matter what age or stage of your
life that you're in, it's at least worth doing an
analysis to see, right, should that money be going into
rough assets or traditional tax deferred so quickly.
Speaker 3 (34:30):
Because this one's important factor fiction. If you can max
out your four oh one K for the year, do
it as early as in the year as possible.
Speaker 1 (34:35):
Well, this is fiction, and this is a really know
your four oh one K and the way it's set
up kind of a situation. Some of them have a
sort of a true up feature in them, meaning your
company is going to put in the money throughout the year,
and if you were to get a bonus, say in
January or February, and all that money goes in, then
(34:56):
you are not going to be able to take full
advantage of the entire com company match. So this is
the one where you know, I get really frustrated when
people spend more time planning their vacations and understanding their
floral one case, it's important.
Speaker 3 (35:07):
Under if you don't have a true up and you
hit your limit early, then your contribution shut off. And
if your contribution shut off, then you're not getting any
company match. The true up is money on the table
and then make.
Speaker 1 (35:18):
Your whole Coming up next, how to experience high end
adventures without breaking the bank. You're listening to simply money
presented by all Worth Financial here in fifty five KR
see the talk station you're listening to simply Money presented
by all Worth Financial.
Speaker 2 (35:35):
I mean you Wagner along with Steve Ruby.
Speaker 1 (35:37):
How does this sound traveling on a budget but not
making it feel like that?
Speaker 4 (35:43):
Right?
Speaker 1 (35:43):
How do you take advantage of nicer flights, nicer hotels,
nicer places to eat?
Speaker 4 (35:49):
Right?
Speaker 1 (35:49):
There are ways that you.
Speaker 2 (35:50):
Can do this.
Speaker 1 (35:51):
I think one of the keys starts with planning ahead.
Speaker 3 (35:54):
Yeah, you know, planning ahead specifically is the timing of
your trip. If you visit Europe in late September early October,
for example, you're gonna have less crowds, milder weather, and
oftentimes reduced rates. I can tell you, and I've brought
this up before. My wife and I we took our
honeymoon to Costa Rica, which when we got married at
the time, we did not have much, you know, as
(36:16):
far as means to travel work concerned. Yeah, and if
you know anything about Costa Rica, which you know we
didn't until we started planning. October, my wedding anniversary is
October fifteenth. October is a rainy season. And no, we
did that because you.
Speaker 1 (36:32):
Need on purpose, because it was cheaper, But did it
rate didn't? Did it rain the whole time?
Speaker 3 (36:35):
The whole time. The entire time. It was you know,
I was hoping for a little bit of reprieve. Yeah.
I saw the sun for like an hour and it
was really hot and I almost got sunburned. So you know,
it wasn't that bad. But the fact that our trip
was half off to stay a place right on the ocean,
it was a big deal.
Speaker 2 (36:51):
Yeah.
Speaker 1 (36:51):
Yeah, So you're able to afford something that you couldn't otherwise.
Speaker 3 (36:54):
And we went to the rainforest anyway, so who cares
about rain It's going to.
Speaker 2 (36:56):
Be rained there anyway.
Speaker 1 (36:57):
Absolutely. I love a good track website. So this is
where you can book flights strategically, Scott's Cheap Flights and
the Flight deal can you can set up an alert,
so say you're want to go on a trip in
a few months, you know it's several months out, set
up an alert and it'll let you know, hey, airfares
are cheaper for this weekend or for this particular time
(37:17):
to this place, which is a great thing to do
or listen. I love I use credit cards. I put
everything on credit cards and I use travel rewards. I
pay it off every month, but I book hotel rooms,
we book flights through it.
Speaker 2 (37:30):
And we've had so many.
Speaker 1 (37:32):
Free vacations or substantially cheaper vacations because we use these points.
Speaker 3 (37:37):
Yeah, some other websites worth looking add Secret Escapes, jet Setter,
Luxury Escapes. They offer heavily discounted you know, stays at
different luxury hotels, even Michelin Star restaurants. Sometimes I have
like smaller lunch menus that you can explore and still
have that luxury experience at a fraction of the cost.
Speaker 1 (37:55):
My husband is a super foodie, so that's when we
go to a new city, that's what he's looking at.
And I do love the idea of, hey, we can
still at these really nice restaurants. We're going to be full,
it's going to be amazing food, and then like you know,
you just have like a snack later on at night
and you don't need to eat again. So I think
it's really smart to kind of just plan around these things.
I think the cool thing about travel too is part
(38:16):
of it is planning far out, but then giving yourself
some room for kind of flash deals. Often there's flash
deals that can come up at the last minute.
Speaker 3 (38:24):
There's risk involved with that. There is risk that you
bring up a good point.
Speaker 1 (38:27):
But if you can cancel that hotel twenty four hours
out or forty eight hours out and you can get
a much better deal, it's worth taking advantage of both
things just to kind of hedge your bets. Years ago,
I remember my husband and I went to New York.
We booked actually when we landed, we stayed in the
nicest place in New York that I have ever stayed
in it and it was super cheap. So you know,
the deal is just knowing where to find the deals.
(38:50):
Thanks for listening. You've been listening Disimpla Money presented by
all Worth Financial here on fifty five krs the talk
station
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