September 19, 2025 • 38 mins
On this episode of Simply Money presented by Allworth Financial, Bob and Brian share the “financial deep clean” every high-net-worth investor should do. They break down an Ohio company’s surprise move to cut its 401(k) match, and ask if billionaires really follow through on their giving pledges. Plus, they answer your questions.
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Episode Transcript
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Speaker 1 (00:06):
Tonight, the six month ritual that keeps wealth on track
and how to know if you've outgrown your advisor. You're
listening to Simply Money, presented by all Worth Financial on
Bob Sponseller along with Brian James. Well, we're coming up
on the weekend. You've made it through another week and
another FED announcement. But before you fully unplug, we've got
something that's going to give your future self a huge favor.
(00:29):
We're calling it the Deep Clean Weekend. And it's not
something you do every Saturday or Sunday. It's something you
carve out to do maybe twice a year. Brian, I
don't like the sound of this at all. I'm just
gonna tell you when I don't want a deep clean weekend.
I want to sit in my recliner and watch football weekend.
(00:51):
But what are we talking about here? What is a
deep clean weekend?
Speaker 2 (00:55):
Well, you just sound like an absolute dream for Carrie
to have to live with and kind of work around you.
Does she like dust and vacuum around you while you're
being a lump on the couch watching.
Speaker 1 (01:05):
She actually does.
Speaker 2 (01:09):
That?
Speaker 1 (01:09):
Actually happens.
Speaker 2 (01:11):
At least you pick your feet up silently, right, that's
how a marriage can stay, a life live.
Speaker 1 (01:15):
I don't make her bring me food, but that vacuum
cleaner does. And I tell her when are you going
to be done? Because I can't hear the football game?
Speaker 2 (01:22):
But please continue her romantic anyway? So why well why
why the weekend? Well, what's going on here? That's when
that's when your mind clears. You got time to think
about this. So what should we be doing? We're talking
finances right at the end of the day here. So
when when you're you know, when you have the time
to do this. You finally have that quiet period of
time or maybe it's a day off work or whatever.
Rebuild that network statement, understand where all the stuff is,
(01:45):
get current on it, Total up all those assets. That's
your investment accounts, business holdings, real estate, private equity. Subtract
the liabilities. It's not guesswork, it's your baseline. There are
tools out there that will help you automate some of
these things. There are there are tools called aggregation that
will allow you to basically put in your credentials for
all your various accounts. This is financial institutions that have
(02:07):
these kinds of things. If you look deep into the
planning section of your bank, or maybe it's your whoever's
holding your investments or whatever. They have a lot of
tools out there that will allow you to bring a
lot of this in at once and you won't have
to deal with the investment accounts and all the stuff
that is reported daily that you can get pricing on
now your private equity of the real estate, all that
you'll have to do that manually because probably only you
know the values of those things. But anyway, that tells
(02:28):
you where you are at a given point in time,
and if you've after you've been doing this for a while,
you can see it growing over time or going the
other direction obviously and lighting up some red flags if necessary.
So then once you've done that, look at your investment allocation.
Most people nowadays understand that really buying and holding and
never panicking is that that's the best approach.
Speaker 3 (02:49):
Right.
Speaker 2 (02:49):
That doesn't mean never move your money around. There are
definitely portfolios drift out of whack. That's what Andy Stout
and his portfolio management team worries about every day for us.
But your holdings may have drift it, especially if you've
had a good run in a stock market. I'm gonna
go ahead and bet you have too much technology. That
is that's I see that almost every single day when
people bring us portfolios to manage that obviously haven't been
(03:10):
touched in a while. They're all riding at an all
time high. But at the same time, that doesn't mean
that's necessarily where we want to be. Sometimes you got
to walk out of the casino with some chips in
the bucket to still be okay.
Speaker 3 (03:19):
And then with tax planning, that's another thing. Yeah, but
go ahead, Bob, Yeah.
Speaker 1 (03:22):
No, I was going to hit on the tax planning
because you know, we see this with a lot of
do it yourself investors. They're saving well, their wealth is growing,
but they're still investing like it's the nineteen nineties, meaning
there's no tax planning going on whatsoever. Roth conversions aren't
being explored, there's no regular tax loss harvesting happening. Folks
(03:45):
don't even know what a donor advised fund even is.
And this is where wealthy people quietly save six figures
over time or more, oftentimes working with a good fiduciary advisors.
And this has nothing to do with investment rate of return.
It's just being smart from a proactive tax planning standpoint.
But you gotta be proactive, and you got to have people,
(04:08):
you gotta have eyeballs on this, and you've got to
have systems and methods of taking advantage of some of
these opportunities. So walk us through some of the estate
planning updates we should be doing.
Speaker 2 (04:20):
Well, think about it, think about this, Right, has anything
major changed in your life, new kid, new grandkid, maybe
you bought a vacation property. Well, then it's probably time
to update the estate plan. You either have new people
that you need to make sure are included in it,
or new assets that need to be included in the plan,
you know, and also think about what you want in general.
Sometimes that changes, you know. Sometimes, like we said, there's
(04:42):
new people involved, you want to make sure they're covered.
Sometimes there are people in the mix that maybe you
really are concerned about, right, And it's a sad story sometimes,
but sometimes we walk we run into clients who have
now there's a new spouse of one of their children
who they just don't trust, and they want to be
super careful that those assets do not wind up in
the hands of that person, you know. And sometimes that's
(05:05):
a little more benign, such as I just don't trust
this person and their decision making versus I really think
this person could actually come after our assets and try
to do things, try to steal. Basically, that does happen
to people out there. So stop and think is your plan?
Are you protected the way that you think you need
to be from all the risks that you have perceived?
And this is what an advisor can help you do.
(05:26):
If you're working with an advisor, they're going to help
you uncover all the And we have plenty of stories
about how this goes sideways, and we use them all
the time to help people not get impacted. We've seen
way too many six figure mistakes from one of these
missed updates and cash pay attention to cash to talk
to us about that.
Speaker 1 (05:41):
Bob Well Cash and Insurance on it. Speaking of these
risks out there that people don't think about, where is
your idle cash? We still run into people where they
got a bunch of cash sitting there earning point one
zero one percent. That's just a gift to your local
bank or savings alone. You need to be doing better
with that cash and making sure it works smarter. And
(06:04):
then old insurance policies we run into that all the time.
Are these policies that you bought in nineteen eighty two
still align with your current net worth, with your family's
current goals. And if your wealth has grown, sometimes those
old policies or bloated premiums can quietly drain away serious money.
You're listening to simply money presented by all Worth Financial
(06:27):
on Bob Sponseller along with Brian James. After you do
all this stuff that we've just covered, you got to
ask yourself, have I outgrown my advisor? Brian walk through
when it's time to not only evaluate your money, but
evaluate your current advisor.
Speaker 2 (06:45):
Now, yeah, and to do that, I'm going to walk
through this segment. As we've laid it out here. We
just told people to find some time and go think
about all these big issues. Well, if you are someone
who has an advisor and it didn't occur to you
to call them as you're thinking about all this stuff,
I'm going to go ahead and say, yeah, you have
outgrown your advisor. Because if you have a paid professional
assisting you with financial planning and you're not thinking of them,
(07:07):
that means they probably haven't presented themselves in a manner,
a holistic financial planning manner and maybe they're only thinking
about the investment piece for you, or heaven forbid, it's
a financial product sales relationship only. So that's a major
sign right there. And so that first one is you
feel like you're doing more work than they are. You're
the one bringing up the tax ideas, you're the one saying, hey,
I got this thing going on in my estate. These
(07:28):
are red flags because as you're having trusted conversations with
a trusted advisor about very sensitive topics, that advisor better
be picking out things that they know you should be doing.
Think about this, maybe you've ever if you've ever sat
down with your doctor and told them something that's going
on and your doctor picks up on it as a
major red flag where you just thought it was a
little thing. That's what you pay them for. These are
very very important topics. So another one is if you're
(07:50):
in these meetings and they just feel really basic. If
they're just talking about performance charts. Here's what the market
did yesterday, here's what it might do tomorrow, which is
blooney anyway, because nobody knows. They give you a peacef
a pie chart handshake, and a little chuck on the shoulder.
No conversation about more efficient ways to do what you're
already doing. Uh, you know that kind of thing. Then
that that is definitely a sign that maybe they're not
bringing the value that you need.
Speaker 3 (08:11):
Eventually, we do outgrow you know a lot of different things.
Speaker 1 (08:14):
Brian and I have said for years, if not decades,
most financial quote unquote advisors are vastly overpaid for doing
quote unquote money management and vastly underpaid by actually delivering
value and doing comprehensive financial planning. And so many people
out there are just talking about the investment portfolios or
(08:36):
just selling commission based product. The real value ad here
and what folks should be taking advantage of is true
comprehensive financial planning that factors all of these things that
we just covered over the last five or six minutes,
and having regular, proactive conversation conversations covering all of these things.
(08:56):
That's where the true value ad ad comes in. And Brian,
for folks that actually take advantage of that and work
together with their advisor and CPA and attorney, they do
derive tremendous value from a relationship with a good fiduciary advisor.
So you got to take a look at this and
say is this what I'm experiencing today? And if not,
(09:19):
you may want to interview some other advisors.
Speaker 3 (09:21):
That's exactly right.
Speaker 2 (09:22):
And if they dodge it or deflective, or if you
have a sizeable portfolio and they're telling you what they
don't do well, then you have definitely outgrown them, because
a real advisor, the more money that's out there, the
more moving parts there are to your situation. That has
to involve the state planning. It has to involve tax planning.
By the way, tax planning is different from tax prep.
A lot of people don't think of it that way.
(09:43):
Tax prep is what you got to do by April
fifteenth or so every single year. Tax planning is what
you're going to do after April fifteenth to avoid the
mess you made for yourself for that most recent April
tax planning is about Okay, the year's not over yet,
I got moved to make There's things that at prepare,
your advisor, somebody should be helping you spot the things.
Shining a bright light in every corner of your of
(10:07):
your financial situation and looking for those things that maybe
you haven't done. Perhaps it's a roth conversion. You're not
thinking about, or perhaps there's a technique called megaback dooor
four oh one K roll over there. You might be
able to put seventy thousand dollars away and have the
bulk of it become tax free for you for the
rest of your life. If you're in a situation where
you've got surplus income coming in and your four to
(10:28):
oh one K based on your employer's decisions, offers certain features,
there could be a huge tax opportunity you're missing. These
are the kind of things that a true advisor should
be shining a bright light on to make sure that
you understand what's out there. So and again, portfolio management
is not the same thing as well strategy. Sitting on
an S and P five hundred fund, that's pretty easy, right.
I don't need a human being to tell me that
that's an important part of anybody's portfolio. But helping you
(10:50):
figure out when it's time to sell a business, when
you've got a good offer on the table, reducing capital gains,
how to gift to your kids, and tax smart ways,
that's what you should be getting at this level.
Speaker 3 (11:00):
Brian.
Speaker 1 (11:00):
I'm just curious in the meetings that you have with
folks that come in just to evaluate whether to work
with an advisor. How many times do you have these
conversations with folks that might have had an advisor for fifteen, twenty,
twenty five, thirty years and you start talking about all
the things that are out there that you can do.
How many times do you get that deer in the
(11:22):
headlight's look and say, my advisor's never talk to me
about that?
Speaker 2 (11:26):
Almost every time, Bob. And that's because this person sensed
if somebody is sitting front in front of me who
has an advisor, then they sense they're missing something. They
don't know what it is, but they're at least shopping
around and asking questions. So I would say, every time
I'm in that situation, I got it. Somebody in front
of me who has an advisor, and I'm showing them
things they've never seen. They knew they were missing something,
they just had no idea what because this is not
(11:47):
what they do all day every day. Everybody is an
expert in their own personal situation. But we have advisors.
Speaker 3 (11:53):
I have advisor. I'm not an insurance specialist.
Speaker 2 (11:55):
Fortunately, we have Jody Deutsch here on staff who is
an insurance specialist. So when I run across a situation
where somebody might need an insurance solution.
Speaker 3 (12:02):
It's not me.
Speaker 2 (12:03):
I'm the quarterback. I'm a mile wide and an inch deep.
Jody is a mile deep and an inch wide in
the insurance space. Tack on tax planning and all those
other things, estate planning, all the other things that we do,
and now you've got a team working for you.
Speaker 1 (12:15):
Next, an Ohio company cuts its four O one k match,
Mike Brown's net worth jumps by a billion dollars, And
what new tax laws mean for your year end giving.
You're listening to Simply Money presented by all Worth Financial
on fifty five KRC the talk station. You're listening to
(12:36):
Simply Money presented by all Worth Financial on Bob Sponsller
along with Brian James straight ahead at six forty three.
Why the set it and forget it strategy might fail
you after age sixty. For many employees, the four to
one K match is part of the bedrock of retirement planning.
You contribute, They contribute free money, so to speak, toward
(12:59):
your future. But what happens when the company says we're
suspending our match. That's exactly what Sherwin Williams recently announced
Brian Yep And.
Speaker 2 (13:08):
I got a friend who works for Sherwin Williams, and
I'm going to check in with him just to see
what the what the general reaction has been. But Sherwin
Williams has said that this is the paint company, by
the way, temporarily suspending their match and that's up to
six percent of salary. And what they're citing is, as
you might suspect, deteriorating profits. That's a that's a mix
of weaker housing demand. Right we we've been in high
do a heavy duty housing demand for years now that
(13:31):
is finally slowing down. That means there are you know
that we have fewer people moving into houses where they
hate what the former owners did and they want to
paint it.
Speaker 3 (13:37):
That's not happening as much anymore.
Speaker 2 (13:39):
Of course, inflation just like every other business, global trade,
tear freshers and all that.
Speaker 3 (13:44):
So is this legal? Can they stop this match? Yeah?
Speaker 2 (13:46):
Of course this is mean that it's it's you know,
this is a choice that companies make. They do it
to attract and retain employees, and so this is this
is a This is not something that Sherwin Williams can
just sit there and be greedy and say, you know what,
he he he, We're not going to give you a
match anymore. Well, it's going to cause some people to leave.
This is a this is a heavy, heavy.
Speaker 3 (14:05):
Question or had to make.
Speaker 2 (14:06):
Yeah, there's people are gonna say, you know, I don't
I'm not gonna put up with this. I'll go get
a better opportunity somewhere else.
Speaker 1 (14:12):
Yeah. The point here is to check your plan documents
and just find out ahead of time whether your plan
is a safe harbor plan or under any contract that
requires a minimum match or notice period. If your plan
is a safe harbor plan, there may be a required
notice before the company just you know, announces we're going
(14:32):
to make a change. And then run the numbers, figure
out what that discontinued match costs you over time, What
are you losing today and what compounded growth on those
matching funds would do over a ten, twenty, perhaps thirty
year lifespan. And you might be shocked at what those
numbers are. Brian, I can guarantee you is that the
people that can leave, they're going to look for other opportunities.
(14:55):
This this is you know, this is a kind of
a big deal. You know, when we had a major recession.
You know, several years ago, a lot of companies suspended
their matches. You know, I'm thinking back to the two
thousand and eight you know, housing crisis and all that,
but we were in a deep, deep, deep recession. Almost
every company restored their match. This seems like kind of
(15:16):
a one off situation to me. That should you know,
sound some alarms here.
Speaker 3 (15:21):
It really should.
Speaker 2 (15:22):
And remember that this is kind of interesting because if
you think about it, this is how our society has
moved since the fifties and sixties. Used to be, we
wanted employees forever. So we're going to set you up
for the rest of your life, even maybe the fifteen
years that you could have expected that time after retirement,
we're still going to pay in the form of a pension.
Now we've said, you know what, you're on your own.
Here's a pile of money in the form of a
four oh one K. But that also says people can say,
(15:42):
you know what, you don't You haven't given me any
golden handcuffs.
Speaker 3 (15:45):
So if you're taking the match away, then I'm not
taking me away.
Speaker 1 (15:48):
All right, let's switch gears to football. This just in
Mike Brown just made a notable move up the fours
four hundred list, America's ranking of the four hundred richest individuals.
Twenty twenty four, Forbes estimated mister Brown's net worth to
be at about three point nine billion, and that placed
him at number three thirty eight on the list. Fast
(16:10):
forward to this year, the estimated net worth is now
roughly five billion dollars, pushing him up to number three
oh one on that list, a jump of thirty seven places. Brian,
I have to question mister Brown's worth five billion dollars
and we can't put an offensive line on the field
that keeps Joe Burrow from having a swarm of locusts
(16:33):
around his feet, ankles and knees. We can't keep him
on the field. Gosh, uh, let's break.
Speaker 3 (16:41):
The bus you're talking about too.
Speaker 2 (16:44):
Yeah, all right, so I digress here, talk about what
I agree with you. So where's this coming from. Well,
a lot of it is tied to the increasing valuation
of NFL franchises in general, just a good it's a
good business environment. So a lot of the businesses.
Speaker 3 (16:58):
Out there, you know, are are at are at are at.
Speaker 2 (17:01):
Peak in environments because that's just where we are in
the whole business cycle. So the Browns nearly controlled nearly
all of the Bengals, and so that it's with that
five billion dollar valuation, that's just it's just a it's
just a good business if you happen to own a
chunk of one.
Speaker 3 (17:15):
Congratulations. On the other hand, my God put some big
fat guys in front of him.
Speaker 1 (17:19):
Yeah, Speaking of billionaires, fifteen years ago, Bill Gates and
Warren Buffett launched the Giving Pledge, a public commitment by
billionaires to give away at least half of their fortunes
during their lifetimes or at death. It was supposed to
redefine what it meant to be wealthy in America. I
think it was a noble effort on these guys part.
(17:42):
Give us an update on how that whole Giving Pledge
commitment has actually worked out since then in reality, Brian.
Speaker 2 (17:49):
Yeah, so we're talking about some some of the big guns,
like Bill Gates, Warren Buffett, tens of billions of dollars.
Though even though there's more billionaires than than than there
were back at that time when this first there was
a thing to recap above. Of the fifty seven original pledgers,
thirty two of them are still billionaires. And have collectively
grown two hundred and eighty three percent wealthier since they
(18:10):
signed this. Of the twenty two who are no longer
with us, only eight actually fulfilled those pledges they gave
with again, the pledge was to give.
Speaker 3 (18:17):
Away half or more of their wealth by the time
of their death.
Speaker 2 (18:20):
About eighty percent of charitable giving by these original guys
went to private foundations rather to charities.
Speaker 1 (18:27):
Well, I mean, it depends on what these private foundations do.
They're not all evil, and a lot of the money
does go to charity. But anyway, just very interesting statistics.
All right, every Sunday you'll find our all Worth Advice
in the Cincinnati Inquirer. Here's a preview. Brian lt And
Warren County says, I'd like to give back, So I'm
starting to think about my giving as we approach the
(18:50):
end of the year. Did the recent tax law change
anything as far as how to think about giving toward
the end of the year.
Speaker 3 (18:57):
Yeah, they shouldn't it, he ask, kind of.
Speaker 2 (19:00):
But I mean, I think the things to think about
really haven't changed a ton be aware of. And I
think the easy ones are if you're writing a check
to a church, a charity or whatever, and you also
are sitting on what are called appreciated securities, meaning something
outside of an IRA that you bought and it grew well.
Then look at giving the shares away directly versus selling
them and writing a check. That way, nobody eats the taxes,
(19:21):
So that's not a new thing. That's just I think
before we look at tax laws, we got to understand
the things that are on the books in.
Speaker 3 (19:27):
The first place.
Speaker 1 (19:28):
Coming up next, we'll show you how to make smart
spending moves that secure your financial future in the first
ten years of retirement. You're listening to Simply Money presented
by all Worth Financial on fifty five KRC the talk station.
You're listening to Simply Money presented by all Worth Financial
MPOP sponseller along with Brian James. If you're newly retired
(19:52):
or planning to retire soon, this next segment is for
you because how you spend in the first ten years
of that retirement period can determine how long your money lasts.
And we're talking about something I think a lot of
us have heard about or read about. There's been TV
commercials about it, the retirement red zone. Brian, what is that?
Speaker 2 (20:15):
Well, Bob the retirement red zone is that time that
couple years where you start going, huh, pretty soon, I'm
gonna have to turn on this money machine and make
it work for me so that I can quit getting
out of bed when I don't want to anymore.
Speaker 3 (20:28):
So this is the most vulnerable stretch of your.
Speaker 2 (20:30):
Life, and you're making a transition from saving suspending, and
that is a huge.
Speaker 3 (20:34):
Mental shift, Bob.
Speaker 2 (20:35):
I think that you've seen this too, but a lot
of clients really really struggle with the idea that I
have to rely on my own savings.
Speaker 3 (20:43):
I've never done that before.
Speaker 2 (20:44):
It's a huge psychological hurdle to get over because we
all have ground into our heads over decades. I have
got to save, safe, save. I cannot touch these dollars.
That's not allowed. It's a failure if I tap into
my retirement savings. That is a massive hurdle. We all
tend to hide behind that in terms of I just
got to keep working. Got to keep working. And some
people work well beyond when they could have retired because
(21:05):
they're too scared to tap into those overtireming assets. Again,
that's where I written financial plan comes in.
Speaker 1 (21:11):
Well, and there's another risk all this and and some
people we don't see this a ton, but some people, Brian,
they retire and they're not working. Maybe they're a little bored.
They're fine looking for something to do. So they're like,
all right, we're going to splurge on some things, you know,
three or four big trips, remodel the kitchen, giving money
to kids, and you know what, before long, they've depleted
(21:34):
a lot of money in a very in a very
short amount of time. Again, we don't see that a lot,
you know, often, but it does happen. And sometimes we
got to talk people off the ledge from doing too
much too soon.
Speaker 2 (21:46):
Right, And that's that's an understandable desire. I've been working
my rear end off. If I'm married, my spouse and
I have been both been you know, just just hitting
it so hard, and we're just tired and we want
to celebrate and do some things and we feel like
we've been successful, and that's great, and you should do
that in the last person who should be discouraging you
from doing it is your financial advisor.
Speaker 3 (22:04):
However, all of you.
Speaker 2 (22:05):
Need to agree on this is what we can get
away with, but here's what we can't. And so that's
where this that's where a full projection will come into play.
In other words, taking a look at what your resources are,
which is your streams of income that might be so security,
it could be pensioned, maybe there's an inheritance or some
real estate out there something like that that's spitting out
income for you.
Speaker 3 (22:22):
And then looking at your piles of assets. These are
your iras and your investments.
Speaker 2 (22:27):
You've got piles of money and streams of income, and
then a long discussion about what do we actually need
this to do. That's living expenses, the stuff we have
to deal with the rest of our lives.
Speaker 1 (22:36):
That's perhaps there's.
Speaker 2 (22:37):
Still a mortgage in the mix, or you're supporting kids
or maybe your own parents or whatever. Let's figure out
what these costs are. Now that we have a combination
of the resources and the needs, we can run some projections,
and across those projections we will mix up the rates
of return on the market because there's something called sequence
of returns risk, which simply means that if the market
(22:58):
takes a hit in early in my retirement, that's going
to have a bigger impact than if it happens later.
And this is something that happened to a lot of
people in twenty twenty one, when we went over the
cliffs for a little while in twenty twenty two.
Speaker 1 (23:09):
Yeah, this sequence of return risk is real and it's counterintuitive.
I mean I I was shocked to see the impact
of this when I first started to look at this,
you know, many years ago, and even very experienced, very
intelligent clients have a hard time grasping this at first.
Blush because when you're accumulating money, you know, saving money,
(23:31):
you really don't care what the year by year return is.
Speaker 3 (23:35):
You care about what the average.
Speaker 1 (23:37):
Return is because you're not spending any money from your
four to one K. Once you start to convert this,
you know, mass of accumulated wealth into a paycheck, you know,
to replace your paycheck, volatility matters. And even if your
long term return is identical to what it was when
you were saving and investing, if that if that return
(23:59):
gets volaile in the short term while you're pulling money
out every month or every quarter or every year, that money,
once us pulled out cannot be replaced at all. And
that's why you got to manage this sequence of return risk.
All while what you were starting to talk about in
your example of cash flow planning.
Speaker 2 (24:17):
Yeah, a good financial professional and anybody worth their salt
in this industry is going to help you come up
with a spending strategy where everyone agrees upon here's what
we need and here's where we're gonna get it from.
We're gonna hit the roth ira first, or maybe we're
gonna hit the traditional ira first, or perhaps it's something
else entirely, but we have a plan and if something happens,
as life tends to do, because because God has a
(24:39):
sense of humor, so if something zigs when we wanted
to zag, well then we know how we're going to
handle that. That lessens the stress a lot and it
prevents us from making bad decisions. Taxes play a massive
role in this, Bob, because you know, obviously different things
get taxed differently, and depending on your own situation as
well as the overall situation we've got in the country,
we may want to choose from one account versus another
(25:01):
so that we can maximize the efficiency of those taxable distributions.
Speaker 1 (25:05):
Well, and having that first one to two years of spending,
one to two years of planned spending completely out of
harm's way, you know, in a high yield savings account
or short term bonds or something like that can help
cushion the blow as well, and it's critical that you
developed a strategy to get that in place. Here's the
all Worth advice your early retirement years. Set the pace,
(25:27):
spend smart and your money will last. Next, why automated
investing can fail you when you need it most. You're
listening to Simply Money presented by all Worth Financial on
fifty five KRC the talk station. You're listening to Simply
(25:47):
Money presented by all Worth Financial. I'm Bob Sponsller along
with Brian James. Do you have a financial question you'd
like for us to answer. There's a red button you
can click while you're listening to the show right there
on the good old iHeart app. Simply record your question
and it will come straight to us straight ahead. A
five minute task that could save you from financial fraud.
(26:10):
In the good News, it's totally free. All right. If
you're over sixty and still relying on a set it
and forget it approach with your investments, we need to
talk look target date funds, auto rebalancing and low maintenance portfolios. Brian.
They're all great when you're saving, but once you retire
(26:31):
it can quickly become an entirely different ballgame.
Speaker 3 (26:36):
That's right, Bob.
Speaker 2 (26:36):
And then the reason that happens is because now your
money has a different job description. Your pile of money's
job description for probably thirty, maybe even forty years was
just to grow, just be a bigger pile, and that's
all I need for the first chunk of my life.
But now that we've successfully created that pile and transitioned
into retirement or are transitioning, now, it's about cash flow,
isn't it, Bob. We need more than just a bigger pile,
(26:58):
and so it becomes about which accounts are we going
to hit first, and that triggers certain taxes. Later down
the road, you'll be dealing with required minimum distributions. You
have to work that in, and certain methods that you
follow to simply pay your bills can cause things like
medicare to premiums to spike. That's something called IRMA, which
is OURMAA is one of these fancy acronyms that everybody
(27:19):
learns about once they retire, which simply means that if
two years ago I had a bunch of income, then
I might see a spike in my medicare premiums and
that's never a fun thing. Sometimes it's unavoidable, but it's
better to see things, see these things coming on the horizon.
So what about Social Security, Bob, have you had anybody
with any issues they're getting that settled in?
Speaker 1 (27:37):
Well, we always have to run the number. I mean again,
people always ask, you know, and it's human nature is
for as soon as somebody is willing to write you
a check every month, you know, the default position position
is yep, sign me up. I want to take it,
send me that money. But the point you brought up,
it's important to run some projections on how that's going
(27:57):
to impact your income, taxes, your future medicare premiums, all
that kind of stuff. And that's why it's important to
do some advanced planning. And Brian, I want to get
your take on target date funds because we run into
a lot of folks that come to us, you know,
to hire us to do this kind of planning for them,
and it you know, they're always they always come to us,
(28:19):
are usually come to us with that default you know
position in their four to one K plan a retirement fund.
You and I haven't talked a whole lot and kicked
this back and forth, I'm interested in your thoughts on
the pros and cons of target date funds, especially as
someone enters these retirement years.
Speaker 3 (28:38):
Now.
Speaker 2 (28:39):
In contrary to the way we kicked off this segment,
I do think there are some times where a set
and forget it approach is okay. If you're a young
person and you're just getting started with that four oh
one k and it's literally got a few hundred, few
thousand dollars in it, a target date fund can be
a perfect solution. However, even in this case, if you
are if that's what you're looking at, look under the
hood and just make sure you know what it owns.
(28:59):
So it may look like a super aggressive fund. It's
targeted for twenty sixty five, forty years from now. I
saw one the other day, Bob, that had twenty percent
bonds in it, and that's not something a twenty year
old needs. Twenty year old needs it. Definitely a set
of forget it an aggressive approach.
Speaker 3 (29:12):
Now.
Speaker 2 (29:12):
On the other hand, when you're on the back end
of this, I kind of I like to use a
golf analogy here, that twenty year old is standing on
the tee of a six hundred yard golf hole, and
there is little debate about which club they need to
pull out of the bag, the big fat one, and
they're gonna swing out of their shoes. It's okay, you're
gonna be in the rough. You're gonna be you know,
you'll miss the fairway from time to time, but you
can recover. Now the closer I get to the green,
(29:33):
when I'm fifty sixty yards out, now I got a choice.
What am I hitting today? Which way is the wind going?
Which club do I hate? Which club do I think?
I do have confidence in. You gotta be more specific
the closer you get to the goal. And so that's
what we're talking about here. Target date funds don't deliver
on that requires for specificity when I get super close
to that to that goal of mine.
Speaker 1 (29:52):
Yeah, I love that golf analogy because it's hitting pretty
close to home. Now you're talking about my golf game, Brian.
I mean, I stand out there on the tee with
a five hundred and some yard par five. I pull
out the driver, well intentioned, but I hit that little
seventy yard worm burner and hack it to the left.
I got no shot of getting to that green anywhere
(30:14):
in regulation and it puts me behind the eight ball
even before I get started. And I think that's a
good analogy to use for your twenty five year old client.
So let's talk about what we do suggest, you know,
when we talk about a withdrawal strategy and the coordination
and everything we're talking about to get people set up
the right way for retirement income.
Speaker 2 (30:35):
Yeah, so I think a lot of this has to
do with what outcome do I want. There are some
people out there, Bob, who are in a situation where,
you know what, I don't really care about taxes.
Speaker 3 (30:45):
Maybe I don't. I don't have kids, and taxes.
Speaker 2 (30:48):
Are going to be what they are. I would rather
live my life. I'm not really worried about tax efficiency.
And that's that's an okay as long as people understand,
you know, what is the tax impact of your various
decisions going to be?
Speaker 3 (30:58):
That is an okay outcome.
Speaker 2 (30:59):
What I would say is not okay is having no
idea what's going to happen and just saying I really
don't care and throwing caution to the wind and kind
of ignoring all of the impacts. But yeah, some people say,
you know what, I'm not worried about taxation all my
require minimum distributions down the road.
Speaker 3 (31:12):
It's just not important to me.
Speaker 2 (31:13):
On the other hand, there are others who will say,
you know what, I just don't. I don't trust this government.
I feel like taxes are going to go up, and
I want to do everything I can to control. So
in that case, you might be you might be a
person who chooses to pull your taxation forward. In other words,
you know a lot of times people will retire in
their sixties and maybe have some savings or some cash
to decide they can live off of, and they are
(31:34):
sitting on you know, some years where they are not
in a bracket at all. They're literally not paying taxes
because there's literally no income, maybe a little bit spit
out from a money market fund or something like that.
To me, that is not something to be celebrated. That
is a missed opportunity because we ought to be filling
the ten, the twenty two, maybe even the twenty four
percent bracket with Wroth conversions.
Speaker 3 (31:53):
And that's what I mean.
Speaker 2 (31:54):
When I say pulling taxation forward, not waiting until I'm
seventy three or seventy five when my require minimum disruy
abution's come in and I got no choice, but rather
converting proactively paying taxes, now spending some of that money
I've got on the sidelines to buy the tax freedom
of my pre tax dollars before I have to pay
the piper.
Speaker 1 (32:13):
Good stuff, Brian. And here's the thing. This doesn't have
to be overly complex. It just has to be intentional.
You don't need twenty different accounts, but you do need
one cohesive plan, and that plan does need to be
built to evolve. Because life after sixty isn't static. Things change,
your money should be flexible enough to change with it.
(32:35):
Here's the all Worth advice. Retirement isn't the finish line.
It's just the next phase and your investments need to
graduate along with you. Next. One of the simplest and
smartest things you can do today to protect yourself and
your family. You're listening to Simply Money, presented by all
Worth Financial on fifty five KRC the talk station. You're
(33:01):
listening to Simply Money presented by all Worth Financial. I'm
Bob Sponseller along with Brian James. Let's talk about something
that could literally take you five minutes but save you
thousands of dollars potentially. And that's freezing your credit, Brian,
This is so simple, it's free to do. This is
the closest thing to a no brainer we're probably gonna
(33:23):
talk about here as far as I know.
Speaker 2 (33:26):
Yeah, freezing your credit simply means ain't nobody gonna open
a credit line.
Speaker 3 (33:30):
In your name, including you.
Speaker 2 (33:32):
So what this means is you're contacting the various credit
bureaus and you were jumping through their hoops to have
your credit frozen, meaning nobody can apply for anything. Obviously,
you don't want to do this right around when you're
if you're gonna be, you know, actually needing your credit,
you're gonna have a mortgage or or something like that.
But the good thing is this is not a permanent decision.
You're simply freezing it for the time being. You also,
(33:52):
of course, have the have the right to unfreeze it
when you do need it. But it is, like you said,
it is a very very easy way to protect yourself
from somebody stealing your right in it.
Speaker 1 (34:00):
Yeah, and let's make sure we separate freezing your credit
from identity theft protection. You know, some service that you
pay for and subscribe to, And we're not saying don't
do that too. What we're saying, is just freezing your
credit if you're in a situation where you just know
you're not gonna need or want to borrow any money
anymore or for the foreseeable future. This again is a
(34:22):
no brainer, because most identity theft starts with a new
credit application. Somebody is trying to impersonate you and borrow
money in your name, and the credit free stops that
at the source. No lender can approve a new line
of credit without your explicit permission to unlock your report. Brian,
(34:44):
I've done this personally, you know, for myself, and it's beautiful.
It's like putting a padlock on your front door. It
doesn't stop people from trying, but it sure does stop
them from, you know, getting in.
Speaker 2 (34:55):
Yeah, and I would throw out there too. Don't think
of just about yourself. Let's not be let's not be selling.
You've got family and people other people you worry about.
So if you've got kids out there, then here's a
way to kill two birds with one stone. First thing,
put them on your put them on as authorized users
on your credit card. That's going to allow them to
start building credit because they're gonna inherit your score when
they become independent. As soon as you've done that, freeze
(35:17):
their credit. Don't just freeze yours, freeze theirs too. Because
they have social Security numbers. They are living beings who
can have credit as well. Their identities get stolen to
and because they're not as connected, of course as the
adults in this situation, a lot of times that can't
surface until it's way too late. Kids will find out
years later when they're applying for you know, sometimes student
loans or a mortgage down the road, that there's been
(35:39):
some debt that's been unpaid forever, and then nobody has
any idea what it is. So that's why it's important
to freeze these things. And Bob I would throw out
there too. Another way that people are stealing identities is
by looking at places where you already have some kind
of a presence. Right if you're a client of a bank,
then you have the ability to do online banking. If
you haven't set it up, that means anyone can do
(36:01):
it who has the right amount of information for you.
I have a lot of clients that will say, you know,
I don't trust the internet. I just don't want to
do these kinds of things, and that's all fine, you
don't have to use it, but I would still suggest
set up the online profile because that way, if somebody
changes the password, you're going to get notified on your
phone in the mail, and you know a lot of
different ways versus if you never set it up at
all and you'll never hear that somebody has done that.
(36:22):
You can also do that with the federal government. They
have a system called id ME. That is another way
that people that is going to be right for you know,
for people stealing identity.
Speaker 3 (36:30):
So own those things.
Speaker 2 (36:31):
You don't have to use them, but I would definitely
own them and get them set up yourself so that
you know that you did it well.
Speaker 1 (36:36):
And from a practical standpoint, again, this is easy to do,
but you do have to go online to do this.
So there are three credit bureaus out there, Equifax, Experience,
and TransUnion, and you do need to take the steps
and it's very quick and it's very free. You got
to freeze your credit at each bureau And Brian, you know,
we talk about the Sandwich generation all the time. This
(36:59):
is a good five to ten minute exercise that we
should sit down with our kids to do. And then
maybe at the same time or in a follow up meetings,
sit down with our parents and do this. People sometimes
in their seventies or eighties, they and for good reason,
they don't know what's real and fake out there. We
counsel them about identity theft all the time. The last
(37:19):
thing somebody in their mid eighties wants to do is
sit down, you know, under their own devices, by themselves,
and navigate through these credit bureau websites. This is a
good thing to do for our parents and for our
kids to just lock everything up at the same time,
it's quick and easy to do.
Speaker 3 (37:36):
Yeah, simple steps.
Speaker 1 (37:37):
There.
Speaker 2 (37:38):
There are a lot of things out there that we
can do that don't require a whole lot of energy,
and this is really an easy one. Pour a cup
of coffee and jump on these three websites and go
lock your credit and that of those you love.
Speaker 3 (37:48):
Here's the all Worth advice.
Speaker 1 (37:49):
A credit freeze is one of the easiest, smartest ways
to guard your identity. Do it and do it today.
Thanks for listening. You've been listening to Simply Money presented
by All Words Financial on fifty five KRC, the talk
station
Tonight, the six month ritual that keeps wealth on track
and how to know if you've outgrown your advisor. You're
listening to Simply Money, presented by all Worth Financial on
Bob Sponseller along with Brian James. Well, we're coming up
on the weekend. You've made it through another week and
another FED announcement. But before you fully unplug, we've got
something that's going to give your future self a huge favor.
(00:29):
We're calling it the Deep Clean Weekend. And it's not
something you do every Saturday or Sunday. It's something you
carve out to do maybe twice a year. Brian, I
don't like the sound of this at all. I'm just
gonna tell you when I don't want a deep clean weekend.
I want to sit in my recliner and watch football weekend.
(00:51):
But what are we talking about here? What is a
deep clean weekend?
Speaker 2 (00:55):
Well, you just sound like an absolute dream for Carrie
to have to live with and kind of work around you.
Does she like dust and vacuum around you while you're
being a lump on the couch watching.
Speaker 1 (01:05):
She actually does.
Speaker 2 (01:09):
That?
Speaker 1 (01:09):
Actually happens.
Speaker 2 (01:11):
At least you pick your feet up silently, right, that's
how a marriage can stay, a life live.
Speaker 1 (01:15):
I don't make her bring me food, but that vacuum
cleaner does. And I tell her when are you going
to be done? Because I can't hear the football game?
Speaker 2 (01:22):
But please continue her romantic anyway? So why well why
why the weekend? Well, what's going on here? That's when
that's when your mind clears. You got time to think
about this. So what should we be doing? We're talking
finances right at the end of the day here. So
when when you're you know, when you have the time
to do this. You finally have that quiet period of
time or maybe it's a day off work or whatever.
Rebuild that network statement, understand where all the stuff is,
(01:45):
get current on it, Total up all those assets. That's
your investment accounts, business holdings, real estate, private equity. Subtract
the liabilities. It's not guesswork, it's your baseline. There are
tools out there that will help you automate some of
these things. There are there are tools called aggregation that
will allow you to basically put in your credentials for
all your various accounts. This is financial institutions that have
(02:07):
these kinds of things. If you look deep into the
planning section of your bank, or maybe it's your whoever's
holding your investments or whatever. They have a lot of
tools out there that will allow you to bring a
lot of this in at once and you won't have
to deal with the investment accounts and all the stuff
that is reported daily that you can get pricing on
now your private equity of the real estate, all that
you'll have to do that manually because probably only you
know the values of those things. But anyway, that tells
(02:28):
you where you are at a given point in time,
and if you've after you've been doing this for a while,
you can see it growing over time or going the
other direction obviously and lighting up some red flags if necessary.
So then once you've done that, look at your investment allocation.
Most people nowadays understand that really buying and holding and
never panicking is that that's the best approach.
Speaker 3 (02:49):
Right.
Speaker 2 (02:49):
That doesn't mean never move your money around. There are
definitely portfolios drift out of whack. That's what Andy Stout
and his portfolio management team worries about every day for us.
But your holdings may have drift it, especially if you've
had a good run in a stock market. I'm gonna
go ahead and bet you have too much technology. That
is that's I see that almost every single day when
people bring us portfolios to manage that obviously haven't been
(03:10):
touched in a while. They're all riding at an all
time high. But at the same time, that doesn't mean
that's necessarily where we want to be. Sometimes you got
to walk out of the casino with some chips in
the bucket to still be okay.
Speaker 3 (03:19):
And then with tax planning, that's another thing. Yeah, but
go ahead, Bob, Yeah.
Speaker 1 (03:22):
No, I was going to hit on the tax planning
because you know, we see this with a lot of
do it yourself investors. They're saving well, their wealth is growing,
but they're still investing like it's the nineteen nineties, meaning
there's no tax planning going on whatsoever. Roth conversions aren't
being explored, there's no regular tax loss harvesting happening. Folks
(03:45):
don't even know what a donor advised fund even is.
And this is where wealthy people quietly save six figures
over time or more, oftentimes working with a good fiduciary advisors.
And this has nothing to do with investment rate of return.
It's just being smart from a proactive tax planning standpoint.
But you gotta be proactive, and you got to have people,
(04:08):
you gotta have eyeballs on this, and you've got to
have systems and methods of taking advantage of some of
these opportunities. So walk us through some of the estate
planning updates we should be doing.
Speaker 2 (04:20):
Well, think about it, think about this, Right, has anything
major changed in your life, new kid, new grandkid, maybe
you bought a vacation property. Well, then it's probably time
to update the estate plan. You either have new people
that you need to make sure are included in it,
or new assets that need to be included in the plan,
you know, and also think about what you want in general.
Sometimes that changes, you know. Sometimes, like we said, there's
(04:42):
new people involved, you want to make sure they're covered.
Sometimes there are people in the mix that maybe you
really are concerned about, right, And it's a sad story sometimes,
but sometimes we walk we run into clients who have
now there's a new spouse of one of their children
who they just don't trust, and they want to be
super careful that those assets do not wind up in
the hands of that person, you know. And sometimes that's
(05:05):
a little more benign, such as I just don't trust
this person and their decision making versus I really think
this person could actually come after our assets and try
to do things, try to steal. Basically, that does happen
to people out there. So stop and think is your plan?
Are you protected the way that you think you need
to be from all the risks that you have perceived?
And this is what an advisor can help you do.
(05:26):
If you're working with an advisor, they're going to help
you uncover all the And we have plenty of stories
about how this goes sideways, and we use them all
the time to help people not get impacted. We've seen
way too many six figure mistakes from one of these
missed updates and cash pay attention to cash to talk
to us about that.
Speaker 1 (05:41):
Bob Well Cash and Insurance on it. Speaking of these
risks out there that people don't think about, where is
your idle cash? We still run into people where they
got a bunch of cash sitting there earning point one
zero one percent. That's just a gift to your local
bank or savings alone. You need to be doing better
with that cash and making sure it works smarter. And
(06:04):
then old insurance policies we run into that all the time.
Are these policies that you bought in nineteen eighty two
still align with your current net worth, with your family's
current goals. And if your wealth has grown, sometimes those
old policies or bloated premiums can quietly drain away serious money.
You're listening to simply money presented by all Worth Financial
(06:27):
on Bob Sponseller along with Brian James. After you do
all this stuff that we've just covered, you got to
ask yourself, have I outgrown my advisor? Brian walk through
when it's time to not only evaluate your money, but
evaluate your current advisor.
Speaker 2 (06:45):
Now, yeah, and to do that, I'm going to walk
through this segment. As we've laid it out here. We
just told people to find some time and go think
about all these big issues. Well, if you are someone
who has an advisor and it didn't occur to you
to call them as you're thinking about all this stuff,
I'm going to go ahead and say, yeah, you have
outgrown your advisor. Because if you have a paid professional
assisting you with financial planning and you're not thinking of them,
(07:07):
that means they probably haven't presented themselves in a manner,
a holistic financial planning manner and maybe they're only thinking
about the investment piece for you, or heaven forbid, it's
a financial product sales relationship only. So that's a major
sign right there. And so that first one is you
feel like you're doing more work than they are. You're
the one bringing up the tax ideas, you're the one saying, hey,
I got this thing going on in my estate. These
(07:28):
are red flags because as you're having trusted conversations with
a trusted advisor about very sensitive topics, that advisor better
be picking out things that they know you should be doing.
Think about this, maybe you've ever if you've ever sat
down with your doctor and told them something that's going
on and your doctor picks up on it as a
major red flag where you just thought it was a
little thing. That's what you pay them for. These are
very very important topics. So another one is if you're
(07:50):
in these meetings and they just feel really basic. If
they're just talking about performance charts. Here's what the market
did yesterday, here's what it might do tomorrow, which is
blooney anyway, because nobody knows. They give you a peacef
a pie chart handshake, and a little chuck on the shoulder.
No conversation about more efficient ways to do what you're
already doing. Uh, you know that kind of thing. Then
that that is definitely a sign that maybe they're not
bringing the value that you need.
Speaker 3 (08:11):
Eventually, we do outgrow you know a lot of different things.
Speaker 1 (08:14):
Brian and I have said for years, if not decades,
most financial quote unquote advisors are vastly overpaid for doing
quote unquote money management and vastly underpaid by actually delivering
value and doing comprehensive financial planning. And so many people
out there are just talking about the investment portfolios or
(08:36):
just selling commission based product. The real value ad here
and what folks should be taking advantage of is true
comprehensive financial planning that factors all of these things that
we just covered over the last five or six minutes,
and having regular, proactive conversation conversations covering all of these things.
(08:56):
That's where the true value ad ad comes in. And Brian,
for folks that actually take advantage of that and work
together with their advisor and CPA and attorney, they do
derive tremendous value from a relationship with a good fiduciary advisor.
So you got to take a look at this and
say is this what I'm experiencing today? And if not,
(09:19):
you may want to interview some other advisors.
Speaker 3 (09:21):
That's exactly right.
Speaker 2 (09:22):
And if they dodge it or deflective, or if you
have a sizeable portfolio and they're telling you what they
don't do well, then you have definitely outgrown them, because
a real advisor, the more money that's out there, the
more moving parts there are to your situation. That has
to involve the state planning. It has to involve tax planning.
By the way, tax planning is different from tax prep.
A lot of people don't think of it that way.
(09:43):
Tax prep is what you got to do by April
fifteenth or so every single year. Tax planning is what
you're going to do after April fifteenth to avoid the
mess you made for yourself for that most recent April
tax planning is about Okay, the year's not over yet,
I got moved to make There's things that at prepare,
your advisor, somebody should be helping you spot the things.
Shining a bright light in every corner of your of
(10:07):
your financial situation and looking for those things that maybe
you haven't done. Perhaps it's a roth conversion. You're not
thinking about, or perhaps there's a technique called megaback dooor
four oh one K roll over there. You might be
able to put seventy thousand dollars away and have the
bulk of it become tax free for you for the
rest of your life. If you're in a situation where
you've got surplus income coming in and your four to
(10:28):
oh one K based on your employer's decisions, offers certain features,
there could be a huge tax opportunity you're missing. These
are the kind of things that a true advisor should
be shining a bright light on to make sure that
you understand what's out there. So and again, portfolio management
is not the same thing as well strategy. Sitting on
an S and P five hundred fund, that's pretty easy, right.
I don't need a human being to tell me that
that's an important part of anybody's portfolio. But helping you
(10:50):
figure out when it's time to sell a business, when
you've got a good offer on the table, reducing capital gains,
how to gift to your kids, and tax smart ways,
that's what you should be getting at this level.
Speaker 3 (11:00):
Brian.
Speaker 1 (11:00):
I'm just curious in the meetings that you have with
folks that come in just to evaluate whether to work
with an advisor. How many times do you have these
conversations with folks that might have had an advisor for fifteen, twenty,
twenty five, thirty years and you start talking about all
the things that are out there that you can do.
How many times do you get that deer in the
(11:22):
headlight's look and say, my advisor's never talk to me
about that?
Speaker 2 (11:26):
Almost every time, Bob. And that's because this person sensed
if somebody is sitting front in front of me who
has an advisor, then they sense they're missing something. They
don't know what it is, but they're at least shopping
around and asking questions. So I would say, every time
I'm in that situation, I got it. Somebody in front
of me who has an advisor, and I'm showing them
things they've never seen. They knew they were missing something,
they just had no idea what because this is not
(11:47):
what they do all day every day. Everybody is an
expert in their own personal situation. But we have advisors.
Speaker 3 (11:53):
I have advisor. I'm not an insurance specialist.
Speaker 2 (11:55):
Fortunately, we have Jody Deutsch here on staff who is
an insurance specialist. So when I run across a situation
where somebody might need an insurance solution.
Speaker 3 (12:02):
It's not me.
Speaker 2 (12:03):
I'm the quarterback. I'm a mile wide and an inch deep.
Jody is a mile deep and an inch wide in
the insurance space. Tack on tax planning and all those
other things, estate planning, all the other things that we do,
and now you've got a team working for you.
Speaker 1 (12:15):
Next, an Ohio company cuts its four O one k match,
Mike Brown's net worth jumps by a billion dollars, And
what new tax laws mean for your year end giving.
You're listening to Simply Money presented by all Worth Financial
on fifty five KRC the talk station. You're listening to
(12:36):
Simply Money presented by all Worth Financial on Bob Sponsller
along with Brian James straight ahead at six forty three.
Why the set it and forget it strategy might fail
you after age sixty. For many employees, the four to
one K match is part of the bedrock of retirement planning.
You contribute, They contribute free money, so to speak, toward
(12:59):
your future. But what happens when the company says we're
suspending our match. That's exactly what Sherwin Williams recently announced
Brian Yep And.
Speaker 2 (13:08):
I got a friend who works for Sherwin Williams, and
I'm going to check in with him just to see
what the what the general reaction has been. But Sherwin
Williams has said that this is the paint company, by
the way, temporarily suspending their match and that's up to
six percent of salary. And what they're citing is, as
you might suspect, deteriorating profits. That's a that's a mix
of weaker housing demand. Right we we've been in high
do a heavy duty housing demand for years now that
(13:31):
is finally slowing down. That means there are you know
that we have fewer people moving into houses where they
hate what the former owners did and they want to
paint it.
Speaker 3 (13:37):
That's not happening as much anymore.
Speaker 2 (13:39):
Of course, inflation just like every other business, global trade,
tear freshers and all that.
Speaker 3 (13:44):
So is this legal? Can they stop this match? Yeah?
Speaker 2 (13:46):
Of course this is mean that it's it's you know,
this is a choice that companies make. They do it
to attract and retain employees, and so this is this
is a This is not something that Sherwin Williams can
just sit there and be greedy and say, you know what,
he he he, We're not going to give you a
match anymore. Well, it's going to cause some people to leave.
This is a this is a heavy, heavy.
Speaker 3 (14:05):
Question or had to make.
Speaker 2 (14:06):
Yeah, there's people are gonna say, you know, I don't
I'm not gonna put up with this. I'll go get
a better opportunity somewhere else.
Speaker 1 (14:12):
Yeah. The point here is to check your plan documents
and just find out ahead of time whether your plan
is a safe harbor plan or under any contract that
requires a minimum match or notice period. If your plan
is a safe harbor plan, there may be a required
notice before the company just you know, announces we're going
(14:32):
to make a change. And then run the numbers, figure
out what that discontinued match costs you over time, What
are you losing today and what compounded growth on those
matching funds would do over a ten, twenty, perhaps thirty
year lifespan. And you might be shocked at what those
numbers are. Brian, I can guarantee you is that the
people that can leave, they're going to look for other opportunities.
(14:55):
This this is you know, this is a kind of
a big deal. You know, when we had a major recession.
You know, several years ago, a lot of companies suspended
their matches. You know, I'm thinking back to the two
thousand and eight you know, housing crisis and all that,
but we were in a deep, deep, deep recession. Almost
every company restored their match. This seems like kind of
(15:16):
a one off situation to me. That should you know,
sound some alarms here.
Speaker 3 (15:21):
It really should.
Speaker 2 (15:22):
And remember that this is kind of interesting because if
you think about it, this is how our society has
moved since the fifties and sixties. Used to be, we
wanted employees forever. So we're going to set you up
for the rest of your life, even maybe the fifteen
years that you could have expected that time after retirement,
we're still going to pay in the form of a pension.
Now we've said, you know what, you're on your own.
Here's a pile of money in the form of a
four oh one K. But that also says people can say,
(15:42):
you know what, you don't You haven't given me any
golden handcuffs.
Speaker 3 (15:45):
So if you're taking the match away, then I'm not
taking me away.
Speaker 1 (15:48):
All right, let's switch gears to football. This just in
Mike Brown just made a notable move up the fours
four hundred list, America's ranking of the four hundred richest individuals.
Twenty twenty four, Forbes estimated mister Brown's net worth to
be at about three point nine billion, and that placed
him at number three thirty eight on the list. Fast
(16:10):
forward to this year, the estimated net worth is now
roughly five billion dollars, pushing him up to number three
oh one on that list, a jump of thirty seven places. Brian,
I have to question mister Brown's worth five billion dollars
and we can't put an offensive line on the field
that keeps Joe Burrow from having a swarm of locusts
(16:33):
around his feet, ankles and knees. We can't keep him
on the field. Gosh, uh, let's break.
Speaker 3 (16:41):
The bus you're talking about too.
Speaker 2 (16:44):
Yeah, all right, so I digress here, talk about what
I agree with you. So where's this coming from. Well,
a lot of it is tied to the increasing valuation
of NFL franchises in general, just a good it's a
good business environment. So a lot of the businesses.
Speaker 3 (16:58):
Out there, you know, are are at are at are at.
Speaker 2 (17:01):
Peak in environments because that's just where we are in
the whole business cycle. So the Browns nearly controlled nearly
all of the Bengals, and so that it's with that
five billion dollar valuation, that's just it's just a it's
just a good business if you happen to own a
chunk of one.
Speaker 3 (17:15):
Congratulations. On the other hand, my God put some big
fat guys in front of him.
Speaker 1 (17:19):
Yeah, Speaking of billionaires, fifteen years ago, Bill Gates and
Warren Buffett launched the Giving Pledge, a public commitment by
billionaires to give away at least half of their fortunes
during their lifetimes or at death. It was supposed to
redefine what it meant to be wealthy in America. I
think it was a noble effort on these guys part.
(17:42):
Give us an update on how that whole Giving Pledge
commitment has actually worked out since then in reality, Brian.
Speaker 2 (17:49):
Yeah, so we're talking about some some of the big guns,
like Bill Gates, Warren Buffett, tens of billions of dollars.
Though even though there's more billionaires than than than there
were back at that time when this first there was
a thing to recap above. Of the fifty seven original pledgers,
thirty two of them are still billionaires. And have collectively
grown two hundred and eighty three percent wealthier since they
(18:10):
signed this. Of the twenty two who are no longer
with us, only eight actually fulfilled those pledges they gave
with again, the pledge was to give.
Speaker 3 (18:17):
Away half or more of their wealth by the time
of their death.
Speaker 2 (18:20):
About eighty percent of charitable giving by these original guys
went to private foundations rather to charities.
Speaker 1 (18:27):
Well, I mean, it depends on what these private foundations do.
They're not all evil, and a lot of the money
does go to charity. But anyway, just very interesting statistics.
All right, every Sunday you'll find our all Worth Advice
in the Cincinnati Inquirer. Here's a preview. Brian lt And
Warren County says, I'd like to give back, So I'm
starting to think about my giving as we approach the
(18:50):
end of the year. Did the recent tax law change
anything as far as how to think about giving toward
the end of the year.
Speaker 3 (18:57):
Yeah, they shouldn't it, he ask, kind of.
Speaker 2 (19:00):
But I mean, I think the things to think about
really haven't changed a ton be aware of. And I
think the easy ones are if you're writing a check
to a church, a charity or whatever, and you also
are sitting on what are called appreciated securities, meaning something
outside of an IRA that you bought and it grew well.
Then look at giving the shares away directly versus selling
them and writing a check. That way, nobody eats the taxes,
(19:21):
So that's not a new thing. That's just I think
before we look at tax laws, we got to understand
the things that are on the books in.
Speaker 3 (19:27):
The first place.
Speaker 1 (19:28):
Coming up next, we'll show you how to make smart
spending moves that secure your financial future in the first
ten years of retirement. You're listening to Simply Money presented
by all Worth Financial on fifty five KRC the talk station.
You're listening to Simply Money presented by all Worth Financial
MPOP sponseller along with Brian James. If you're newly retired
(19:52):
or planning to retire soon, this next segment is for
you because how you spend in the first ten years
of that retirement period can determine how long your money lasts.
And we're talking about something I think a lot of
us have heard about or read about. There's been TV
commercials about it, the retirement red zone. Brian, what is that?
Speaker 2 (20:15):
Well, Bob the retirement red zone is that time that
couple years where you start going, huh, pretty soon, I'm
gonna have to turn on this money machine and make
it work for me so that I can quit getting
out of bed when I don't want to anymore.
Speaker 3 (20:28):
So this is the most vulnerable stretch of your.
Speaker 2 (20:30):
Life, and you're making a transition from saving suspending, and
that is a huge.
Speaker 3 (20:34):
Mental shift, Bob.
Speaker 2 (20:35):
I think that you've seen this too, but a lot
of clients really really struggle with the idea that I
have to rely on my own savings.
Speaker 3 (20:43):
I've never done that before.
Speaker 2 (20:44):
It's a huge psychological hurdle to get over because we
all have ground into our heads over decades. I have
got to save, safe, save. I cannot touch these dollars.
That's not allowed. It's a failure if I tap into
my retirement savings. That is a massive hurdle. We all
tend to hide behind that in terms of I just
got to keep working. Got to keep working. And some
people work well beyond when they could have retired because
(21:05):
they're too scared to tap into those overtireming assets. Again,
that's where I written financial plan comes in.
Speaker 1 (21:11):
Well, and there's another risk all this and and some
people we don't see this a ton, but some people, Brian,
they retire and they're not working. Maybe they're a little bored.
They're fine looking for something to do. So they're like,
all right, we're going to splurge on some things, you know,
three or four big trips, remodel the kitchen, giving money
to kids, and you know what, before long, they've depleted
(21:34):
a lot of money in a very in a very
short amount of time. Again, we don't see that a lot,
you know, often, but it does happen. And sometimes we
got to talk people off the ledge from doing too
much too soon.
Speaker 2 (21:46):
Right, And that's that's an understandable desire. I've been working
my rear end off. If I'm married, my spouse and
I have been both been you know, just just hitting
it so hard, and we're just tired and we want
to celebrate and do some things and we feel like
we've been successful, and that's great, and you should do
that in the last person who should be discouraging you
from doing it is your financial advisor.
Speaker 3 (22:04):
However, all of you.
Speaker 2 (22:05):
Need to agree on this is what we can get
away with, but here's what we can't. And so that's
where this that's where a full projection will come into play.
In other words, taking a look at what your resources are,
which is your streams of income that might be so security,
it could be pensioned, maybe there's an inheritance or some
real estate out there something like that that's spitting out
income for you.
Speaker 3 (22:22):
And then looking at your piles of assets. These are
your iras and your investments.
Speaker 2 (22:27):
You've got piles of money and streams of income, and
then a long discussion about what do we actually need
this to do. That's living expenses, the stuff we have
to deal with the rest of our lives.
Speaker 1 (22:36):
That's perhaps there's.
Speaker 2 (22:37):
Still a mortgage in the mix, or you're supporting kids
or maybe your own parents or whatever. Let's figure out
what these costs are. Now that we have a combination
of the resources and the needs, we can run some projections,
and across those projections we will mix up the rates
of return on the market because there's something called sequence
of returns risk, which simply means that if the market
(22:58):
takes a hit in early in my retirement, that's going
to have a bigger impact than if it happens later.
And this is something that happened to a lot of
people in twenty twenty one, when we went over the
cliffs for a little while in twenty twenty two.
Speaker 1 (23:09):
Yeah, this sequence of return risk is real and it's counterintuitive.
I mean I I was shocked to see the impact
of this when I first started to look at this,
you know, many years ago, and even very experienced, very
intelligent clients have a hard time grasping this at first.
Blush because when you're accumulating money, you know, saving money,
(23:31):
you really don't care what the year by year return is.
Speaker 3 (23:35):
You care about what the average.
Speaker 1 (23:37):
Return is because you're not spending any money from your
four to one K. Once you start to convert this,
you know, mass of accumulated wealth into a paycheck, you know,
to replace your paycheck, volatility matters. And even if your
long term return is identical to what it was when
you were saving and investing, if that if that return
(23:59):
gets volaile in the short term while you're pulling money
out every month or every quarter or every year, that money,
once us pulled out cannot be replaced at all. And
that's why you got to manage this sequence of return risk.
All while what you were starting to talk about in
your example of cash flow planning.
Speaker 2 (24:17):
Yeah, a good financial professional and anybody worth their salt
in this industry is going to help you come up
with a spending strategy where everyone agrees upon here's what
we need and here's where we're gonna get it from.
We're gonna hit the roth ira first, or maybe we're
gonna hit the traditional ira first, or perhaps it's something
else entirely, but we have a plan and if something happens,
as life tends to do, because because God has a
(24:39):
sense of humor, so if something zigs when we wanted
to zag, well then we know how we're going to
handle that. That lessens the stress a lot and it
prevents us from making bad decisions. Taxes play a massive
role in this, Bob, because you know, obviously different things
get taxed differently, and depending on your own situation as
well as the overall situation we've got in the country,
we may want to choose from one account versus another
(25:01):
so that we can maximize the efficiency of those taxable distributions.
Speaker 1 (25:05):
Well, and having that first one to two years of spending,
one to two years of planned spending completely out of
harm's way, you know, in a high yield savings account
or short term bonds or something like that can help
cushion the blow as well, and it's critical that you
developed a strategy to get that in place. Here's the
all Worth advice your early retirement years. Set the pace,
(25:27):
spend smart and your money will last. Next, why automated
investing can fail you when you need it most. You're
listening to Simply Money presented by all Worth Financial on
fifty five KRC the talk station. You're listening to Simply
(25:47):
Money presented by all Worth Financial. I'm Bob Sponsller along
with Brian James. Do you have a financial question you'd
like for us to answer. There's a red button you
can click while you're listening to the show right there
on the good old iHeart app. Simply record your question
and it will come straight to us straight ahead. A
five minute task that could save you from financial fraud.
(26:10):
In the good News, it's totally free. All right. If
you're over sixty and still relying on a set it
and forget it approach with your investments, we need to
talk look target date funds, auto rebalancing and low maintenance portfolios. Brian.
They're all great when you're saving, but once you retire
(26:31):
it can quickly become an entirely different ballgame.
Speaker 3 (26:36):
That's right, Bob.
Speaker 2 (26:36):
And then the reason that happens is because now your
money has a different job description. Your pile of money's
job description for probably thirty, maybe even forty years was
just to grow, just be a bigger pile, and that's
all I need for the first chunk of my life.
But now that we've successfully created that pile and transitioned
into retirement or are transitioning, now, it's about cash flow,
isn't it, Bob. We need more than just a bigger pile,
(26:58):
and so it becomes about which accounts are we going
to hit first, and that triggers certain taxes. Later down
the road, you'll be dealing with required minimum distributions. You
have to work that in, and certain methods that you
follow to simply pay your bills can cause things like
medicare to premiums to spike. That's something called IRMA, which
is OURMAA is one of these fancy acronyms that everybody
(27:19):
learns about once they retire, which simply means that if
two years ago I had a bunch of income, then
I might see a spike in my medicare premiums and
that's never a fun thing. Sometimes it's unavoidable, but it's
better to see things, see these things coming on the horizon.
So what about Social Security, Bob, have you had anybody
with any issues they're getting that settled in?
Speaker 1 (27:37):
Well, we always have to run the number. I mean again,
people always ask, you know, and it's human nature is
for as soon as somebody is willing to write you
a check every month, you know, the default position position
is yep, sign me up. I want to take it,
send me that money. But the point you brought up,
it's important to run some projections on how that's going
(27:57):
to impact your income, taxes, your future medicare premiums, all
that kind of stuff. And that's why it's important to
do some advanced planning. And Brian, I want to get
your take on target date funds because we run into
a lot of folks that come to us, you know,
to hire us to do this kind of planning for them,
and it you know, they're always they always come to us,
(28:19):
are usually come to us with that default you know
position in their four to one K plan a retirement fund.
You and I haven't talked a whole lot and kicked
this back and forth, I'm interested in your thoughts on
the pros and cons of target date funds, especially as
someone enters these retirement years.
Speaker 3 (28:38):
Now.
Speaker 2 (28:39):
In contrary to the way we kicked off this segment,
I do think there are some times where a set
and forget it approach is okay. If you're a young
person and you're just getting started with that four oh
one k and it's literally got a few hundred, few
thousand dollars in it, a target date fund can be
a perfect solution. However, even in this case, if you
are if that's what you're looking at, look under the
hood and just make sure you know what it owns.
(28:59):
So it may look like a super aggressive fund. It's
targeted for twenty sixty five, forty years from now. I
saw one the other day, Bob, that had twenty percent
bonds in it, and that's not something a twenty year
old needs. Twenty year old needs it. Definitely a set
of forget it an aggressive approach.
Speaker 3 (29:12):
Now.
Speaker 2 (29:12):
On the other hand, when you're on the back end
of this, I kind of I like to use a
golf analogy here, that twenty year old is standing on
the tee of a six hundred yard golf hole, and
there is little debate about which club they need to
pull out of the bag, the big fat one, and
they're gonna swing out of their shoes. It's okay, you're
gonna be in the rough. You're gonna be you know,
you'll miss the fairway from time to time, but you
can recover. Now the closer I get to the green,
(29:33):
when I'm fifty sixty yards out, now I got a choice.
What am I hitting today? Which way is the wind going?
Which club do I hate? Which club do I think?
I do have confidence in. You gotta be more specific
the closer you get to the goal. And so that's
what we're talking about here. Target date funds don't deliver
on that requires for specificity when I get super close
to that to that goal of mine.
Speaker 1 (29:52):
Yeah, I love that golf analogy because it's hitting pretty
close to home. Now you're talking about my golf game, Brian.
I mean, I stand out there on the tee with
a five hundred and some yard par five. I pull
out the driver, well intentioned, but I hit that little
seventy yard worm burner and hack it to the left.
I got no shot of getting to that green anywhere
(30:14):
in regulation and it puts me behind the eight ball
even before I get started. And I think that's a
good analogy to use for your twenty five year old client.
So let's talk about what we do suggest, you know,
when we talk about a withdrawal strategy and the coordination
and everything we're talking about to get people set up
the right way for retirement income.
Speaker 2 (30:35):
Yeah, so I think a lot of this has to
do with what outcome do I want. There are some
people out there, Bob, who are in a situation where,
you know what, I don't really care about taxes.
Speaker 3 (30:45):
Maybe I don't. I don't have kids, and taxes.
Speaker 2 (30:48):
Are going to be what they are. I would rather
live my life. I'm not really worried about tax efficiency.
And that's that's an okay as long as people understand,
you know, what is the tax impact of your various
decisions going to be?
Speaker 3 (30:58):
That is an okay outcome.
Speaker 2 (30:59):
What I would say is not okay is having no
idea what's going to happen and just saying I really
don't care and throwing caution to the wind and kind
of ignoring all of the impacts. But yeah, some people say,
you know what, I'm not worried about taxation all my
require minimum distributions down the road.
Speaker 3 (31:12):
It's just not important to me.
Speaker 2 (31:13):
On the other hand, there are others who will say,
you know what, I just don't. I don't trust this government.
I feel like taxes are going to go up, and
I want to do everything I can to control. So
in that case, you might be you might be a
person who chooses to pull your taxation forward. In other words,
you know a lot of times people will retire in
their sixties and maybe have some savings or some cash
to decide they can live off of, and they are
(31:34):
sitting on you know, some years where they are not
in a bracket at all. They're literally not paying taxes
because there's literally no income, maybe a little bit spit
out from a money market fund or something like that.
To me, that is not something to be celebrated. That
is a missed opportunity because we ought to be filling
the ten, the twenty two, maybe even the twenty four
percent bracket with Wroth conversions.
Speaker 3 (31:53):
And that's what I mean.
Speaker 2 (31:54):
When I say pulling taxation forward, not waiting until I'm
seventy three or seventy five when my require minimum disruy
abution's come in and I got no choice, but rather
converting proactively paying taxes, now spending some of that money
I've got on the sidelines to buy the tax freedom
of my pre tax dollars before I have to pay
the piper.
Speaker 1 (32:13):
Good stuff, Brian. And here's the thing. This doesn't have
to be overly complex. It just has to be intentional.
You don't need twenty different accounts, but you do need
one cohesive plan, and that plan does need to be
built to evolve. Because life after sixty isn't static. Things change,
your money should be flexible enough to change with it.
(32:35):
Here's the all Worth advice. Retirement isn't the finish line.
It's just the next phase and your investments need to
graduate along with you. Next. One of the simplest and
smartest things you can do today to protect yourself and
your family. You're listening to Simply Money, presented by all
Worth Financial on fifty five KRC the talk station. You're
(33:01):
listening to Simply Money presented by all Worth Financial. I'm
Bob Sponseller along with Brian James. Let's talk about something
that could literally take you five minutes but save you
thousands of dollars potentially. And that's freezing your credit, Brian,
This is so simple, it's free to do. This is
the closest thing to a no brainer we're probably gonna
(33:23):
talk about here as far as I know.
Speaker 2 (33:26):
Yeah, freezing your credit simply means ain't nobody gonna open
a credit line.
Speaker 3 (33:30):
In your name, including you.
Speaker 2 (33:32):
So what this means is you're contacting the various credit
bureaus and you were jumping through their hoops to have
your credit frozen, meaning nobody can apply for anything. Obviously,
you don't want to do this right around when you're
if you're gonna be, you know, actually needing your credit,
you're gonna have a mortgage or or something like that.
But the good thing is this is not a permanent decision.
You're simply freezing it for the time being. You also,
(33:52):
of course, have the have the right to unfreeze it
when you do need it. But it is, like you said,
it is a very very easy way to protect yourself
from somebody stealing your right in it.
Speaker 1 (34:00):
Yeah, and let's make sure we separate freezing your credit
from identity theft protection. You know, some service that you
pay for and subscribe to, And we're not saying don't
do that too. What we're saying, is just freezing your
credit if you're in a situation where you just know
you're not gonna need or want to borrow any money
anymore or for the foreseeable future. This again is a
(34:22):
no brainer, because most identity theft starts with a new
credit application. Somebody is trying to impersonate you and borrow
money in your name, and the credit free stops that
at the source. No lender can approve a new line
of credit without your explicit permission to unlock your report. Brian,
(34:44):
I've done this personally, you know, for myself, and it's beautiful.
It's like putting a padlock on your front door. It
doesn't stop people from trying, but it sure does stop
them from, you know, getting in.
Speaker 2 (34:55):
Yeah, and I would throw out there too. Don't think
of just about yourself. Let's not be let's not be selling.
You've got family and people other people you worry about.
So if you've got kids out there, then here's a
way to kill two birds with one stone. First thing,
put them on your put them on as authorized users
on your credit card. That's going to allow them to
start building credit because they're gonna inherit your score when
they become independent. As soon as you've done that, freeze
(35:17):
their credit. Don't just freeze yours, freeze theirs too. Because
they have social Security numbers. They are living beings who
can have credit as well. Their identities get stolen to
and because they're not as connected, of course as the
adults in this situation, a lot of times that can't
surface until it's way too late. Kids will find out
years later when they're applying for you know, sometimes student
loans or a mortgage down the road, that there's been
(35:39):
some debt that's been unpaid forever, and then nobody has
any idea what it is. So that's why it's important
to freeze these things. And Bob I would throw out
there too. Another way that people are stealing identities is
by looking at places where you already have some kind
of a presence. Right if you're a client of a bank,
then you have the ability to do online banking. If
you haven't set it up, that means anyone can do
(36:01):
it who has the right amount of information for you.
I have a lot of clients that will say, you know,
I don't trust the internet. I just don't want to
do these kinds of things, and that's all fine, you
don't have to use it, but I would still suggest
set up the online profile because that way, if somebody
changes the password, you're going to get notified on your
phone in the mail, and you know a lot of
different ways versus if you never set it up at
all and you'll never hear that somebody has done that.
(36:22):
You can also do that with the federal government. They
have a system called id ME. That is another way
that people that is going to be right for you know,
for people stealing identity.
Speaker 3 (36:30):
So own those things.
Speaker 2 (36:31):
You don't have to use them, but I would definitely
own them and get them set up yourself so that
you know that you did it well.
Speaker 1 (36:36):
And from a practical standpoint, again, this is easy to do,
but you do have to go online to do this.
So there are three credit bureaus out there, Equifax, Experience,
and TransUnion, and you do need to take the steps
and it's very quick and it's very free. You got
to freeze your credit at each bureau And Brian, you know,
we talk about the Sandwich generation all the time. This
(36:59):
is a good five to ten minute exercise that we
should sit down with our kids to do. And then
maybe at the same time or in a follow up meetings,
sit down with our parents and do this. People sometimes
in their seventies or eighties, they and for good reason,
they don't know what's real and fake out there. We
counsel them about identity theft all the time. The last
(37:19):
thing somebody in their mid eighties wants to do is
sit down, you know, under their own devices, by themselves,
and navigate through these credit bureau websites. This is a
good thing to do for our parents and for our
kids to just lock everything up at the same time,
it's quick and easy to do.
Speaker 3 (37:36):
Yeah, simple steps.
Speaker 1 (37:37):
There.
Speaker 2 (37:38):
There are a lot of things out there that we
can do that don't require a whole lot of energy,
and this is really an easy one. Pour a cup
of coffee and jump on these three websites and go
lock your credit and that of those you love.
Speaker 3 (37:48):
Here's the all Worth advice.
Speaker 1 (37:49):
A credit freeze is one of the easiest, smartest ways
to guard your identity. Do it and do it today.
Thanks for listening. You've been listening to Simply Money presented
by All Words Financial on fifty five KRC, the talk
station
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