Should You Consolidate Your 401(k) Accounts?
Many workers today have switched jobs multiple times over the course of their careers. If that applies to you, you may have several retirement plans from several different companies, and you may be wondering if you should combine them together. First, let’s talk about your options when you leave a job. You can do one […]
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.
Getting Your Mind Right About Money Management
Although the basic idea of setting aside funds for retirement has remained constant over the years, the tools and overall picture are beginning to change. In the past, people were able to depend on pensions and Social Security benefits to carry them through retirement, but now it is equally vital to have a positive attitude […]
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.
