Generation X Retirement Planning: Maximizing 401ks, IRAs, and Securing Your Financial Future
Attention fellow Gen X’ers: are you taking full advantage of your 401(k)s and IRAs? Did you know that contribution limits change once you hit the age of 50? In today’s episode, we’re shining the spotlight on retirement planning specifically for Generation X – those born between 1965 and 1980. We’ll be sharing crucial tips on making sure you’re not leaving any money on the table by fully utilizing contribution limits and understanding how employer-matching contributions work.
Ep 17: Wealth Preservation vs. Income Generation in Retirement + How Much Cash Should I Have?
As we approach retirement, it’s crucial to shift focus from accumulating wealth to preserving it and creating a sustainable income. Determining the monthly income needed to cover your expenses and controlling your withdrawals is essential, but more complicated than it might sound. In this episode, Scott will break down the crucial difference between wealth preservation and income generation and then dive into the ideal amount of cash to have in your savings account.
Ep 16: Social Security Benefits for Spouses – What to Know
Today we’ll break it all down for you and explain everything you need to know about Social Security spousal benefits. You might be able to claim a benefit of up to 50% without cutting into your spouse’s amount, and this is still true if you’ve gone through a divorce, but you need to know the specifics of how this all works.
Ep 15: Will the U.S. Dollar Go Digital?
Buckle up, because today we’re diving into the recent buzz around digital currency in the United States. As you might’ve heard, the Federal Reserve recently announced its openness to experimenting with the development and implementation of a digital U.S. dollar. While this possibility may seem daunting, there’s no need to panic just yet. It’s a multi-faceted issue with many layers to consider, and it is certainly not set to happen anytime soon. However, it’s a topic worth exploring, and that’s exactly what we’re going to do today.
Ep 14: Understanding The Silicon Valley Bank Collapse and FDIC Insurance
Following the collapse of Silicon Valley bank, you have probably heard a lot of talk about America’s banking situation in the last few weeks. Today, we are here to unpack what happened with the Silicon Valley Bank collapse and whether we should be concerned about other banks as well. We will also take a deeper look at banking insurance and discuss what FDIC insurance covers and what it does not cover.
Ep 13: Big Changes on the Table for Social Security
The future of Social Security is a concern on the minds of all Americans. People are constantly wondering whether money will run out before it comes time to claim their benefits. While the worries are justified, there’s a good chance the government will make changes to the program to keep it funded for generations to come.
Ep 12: Empty Nesters – Balancing Financial & Personal Goals
On episode 12 of Your Financial Compass, Scott has some great advice for empty nesters. You might think your budget’s about to open up when the kids move out, but a recent study shows that parents don’t always end up with more money in their pockets. Scott explains the challenges of lifestyle inflation and gives some tips on where to invest those extra dollars if you’re able to stay disciplined.
Ep 11: The Bucket Strategy – A Simple Approach with Powerful Results
On episode 11 of Your Financial Compass, Scott introduces us to a strategy that can help you achieve your financial goals in retirement – The Bucket Strategy. The Bucket Strategy is a simple yet powerful approach to organizing your investments and ensuring that you have a reliable stream of income in retirement. It consists of three “buckets” – Safety, Income, and Growth.
Ep 10: Can Buffer Funds Help During Market Turbulence?
Last year was a very turbulent year in the stock market and many people will look back on 2022 without many good things to say, but some positives emerged out of the turbulence. Today we’ll share one of those for us and that was our exposure to Innovator Funds.
Ep 9: SECURE Act 2.0 – Retirement Changes You Need to Know
Another round of retirement changes are on the way after President Biden signed a spending bill in December 2022 that included the SECURE Act 2.0. Retirees and pre-retirees need to understand what this legislation means, how it might impact you, and what planning opportunities this could open up.
