Money Wisdom

Many retirees make the decision to move in retirement but should no income tax be the main reason for relocation? While it might save you money in taxes, the move might not benefit you as much as you think. In this episode of the Money Wisdom Podcast, Jake Doser, CFP®, CPWA® and Nick Colantuono, CFP® talk taxes in Massachusetts and Connecticut and the considerations that go into moving to another state in retirement.   Text KIT to 800-757-0436 to get our ‘Are You Ready to Retire?’ Starter Kit Here’s what we discuss in this episode: 0:00 – Intro 0:52 – Reasons people move 2:47 – Ask yourself these things 3:59 – Taxes in Massachusetts 7:20 – Millionaires tax 9:51 – What to think about   Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/ Contact our team: https://johnsonbrunetti.com/contact-us/  Check us out on YouTube: https://bit.ly/3CcAzai

As life gets busy, it’s not uncommon to lose track of old financial accounts, especially if you've switched jobs multiple times. When someone leaves an employer, that old 401k will stay where it is unless you do something with it and it’s easy to forget about. But did you know that rediscovering this "found money" could significantly impact your financial future? In the latest episode of the Money Wisdom podcast, Jake Doser, CFP®, CPWA® and Nick Colantuono, CFP® share guidance to anyone who has ever stumbled upon an old 401k. Here’s what we discuss in this episode: 0:00 – Intro 1:56 – Forgotten 401k 6:08 – The Ultimate 401k Guide 7:07 – Why you might not want to move the money For those looking for more in-depth guidance on managing their 401k, we offer a valuable resource: "The Ultimate 401(k) Guide.” Just text the word GUIDE to 800-757-0436 to get a copy. This guide provides a comprehensive overview of the pros and cons of different retirement account options, helping you make informed decisions about your financial future. Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/ Contact our team: https://johnsonbrunetti.com/contact-us/  Check us out on YouTube: https://bit.ly/3CcAzai  

All of the back and forth is finally over and the election results are in. Donald Trump will take office for a second term and it’s already having a big impact on the market. The news is all over everyone’s feeds and our clients are asking us what this means for them. We know the campaign trail is fraught with promises, empty or otherwise, on both sides. But will the reality be moving forward? How will a new administration impact the economy, taxes, the stock market, future generations, and other areas of planning? Jake Doser, CFP®, CPWA® and Nick Colantuono, CFP® react to the news and discuss what we know and don’t know as we begin thinking through planning decisions.   No matter how you feel about how the election turned out, it’s time to move forward and control what you can. Tax planning will continue to be incredibly important, which is why we will provide you with the booklet  "Are You Paying Too Much in Taxes?" This resource aims to equip listeners with the knowledge and tools needed to navigate their financial future confidently and all you have to do is text OFFER to 800-757-0436. Here’s what we discuss in this episode: 0:00 – Intro 2:33 – Taxes 3:25 – What’s next? 6:53 – Tax planning strategies   Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/ Contact our team: https://johnsonbrunetti.com/contact-us/  Check us out on YouTube: https://bit.ly/3CcAzai

Building a solid income plan is a foundational piece of retirement planning and there are a variety of ways to create those income streams. One product that often comes up during meetings is the annuity because of its ability to produce guaranteed income to replace your paycheck, but is it a good choice for your portfolio? Jake Doser, CFP®, CPWA® and Nick Colantuono, CFP® join the Money Wisdom podcast to dive into a question we received: ​a ​friend ​told ​me ​that ​I ​should ​think ​about ​an ​annuity ​for ​retirement ​income. ​What ​do ​I ​need ​to ​watch ​out ​for ​with ​these ​products ​while ​I'm ​shopping ​around? If you're considering annuities as part of your retirement strategy, this episode is worth watching. Here’s what we discuss in this episode: 0:00 – Intro 1:29 – Today’s question 3:20 – Types of annuities 5:22 – Goals for your money 6:47 – Other considerations   Get a copy of the ‘Are You Ready to Retire?’ starter kit by texting the word KIT to 800-757-0436. Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/ Contact our team: https://johnsonbrunetti.com/contact-us/ 

In a world where financial stability is paramount, many individuals are seeking ways to make their savings work harder without compromising on safety and liquidity. That’s why we want to tackle today from someone trying to generate greater yield: how can I earn more interest on $120,000 sitting in a bank account while maintaining safety and liquidity? Jake Doser, CFP®, CPWA® and Nick Colantuono, CFP® join the Money Wisdom podcast to discuss various options, such as money market funds, short-term CDs, and fixed annuities, and emphasize the importance of aligning financial decisions with personal goals and overarching plans. Here’s what we discuss in this episode: 0:00 – Intro 1:20 – Today’s question 2:30 – The why 3:22 – Goals for this money 4:55 – What options do you have? 7:06 – Tax considerations Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/ Contact our team: https://johnsonbrunetti.com/contact-us/  Watch the show on YouTube: 

Retirement is a significant milestone in life, and preparing for it requires careful planning and strategic financial management. Knowing when to dial back the risk in your portfolio can help protect your portfolio and keep you on track in retirement. In the latest episode of the Money Wisdom podcast, financial planners Jake Doser, CFP®, CPWA® and Nick Colantuono, CFP® answer a question about when to adjust your investment strategy as you approach retirement. Here’s some of what we discuss in this episode: The ​differences ​between ​investing ​and ​saving ​for ​retirement ​versus ​investing ​and ​saving ​in ​retirement. What ​sort ​of ​qualities ​do ​your ​investments ​need ​to ​hold ​in ​retirement? Structuring plans ​from ​an ​investment ​standpoint based on risk tolerance. Planning can help you identify how much risk you need to take and determine whether you can dial it back. Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/ Contact our team: https://johnsonbrunetti.com/contact-us/ 

The one constant in financial planning is change, especially when it comes to tax laws. The government is always adjusting tax laws and they’ve recently made some changes to the rules around retirement accounts. For people that have been saving for retirement, it’s important know how these changes will affect you and your family. In this episode of the Money Wisdom podcast, Jake Doser, CFP®, CPWA® and Nick Colantuono, CFP® tackle the intricate subject of inherited IRAs and the ever-evolving tax laws that accompany them. As tax regulations change, it's crucial to stay informed and prepared to handle the financial implications that arise when inheriting retirement accounts. Here’s some of what we discuss in this episode: The changes made to the stretch IRA that will force you to pay taxes on that money much sooner. Why does Uncle Sam require a minimum distribution on inherited IRAs? How this changes the legacy planning portion of our conversation with clients? Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/ Contact our team: https://johnsonbrunetti.com/contact-us/     

Nearly everyone we talk to wants to know when is the ideal time to take Social Security, and that’s a natural question because they’ve been paying into it for a very long time. Clients not only want to start getting that money out but want to do it in the most efficient way so they can maximize their benefit. Making the decision about when to start taking Social Security benefits is one of the most crucial financial choices you’ll face as you approach retirement. In this episode of the Money Wisdom podcast, Jake Doser, CFP®, CPWA® and Nick Colantuono, CFP® take you through the process for making this decision and how we approach it with our clients.   Here’s some of what we discuss in this episode: The key ages for Social Security. The viability of the system and the benefits. One of the biggest questions we get asked is about break-even points. Why taking them sooner might allow you to enjoy the money and continue to grow your assets for your heirs. The other factors that play into your decision.   To aid in this decision-making process, Johnson Brunetti offers a helpful booklet on Social Security decisions. You can get your hands on this resource by texting the word "social" to 800-757-0436. This booklet can provide you with the information you need to make an educated choice about when to start taking your benefits.   Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/ Contact our team: https://johnsonbrunetti.com/contact-us/ 

Most of the content we focus on for the podcast is stuff that can benefit people anytime they listen, but this week we want to focus more on the present and the pressing financial topics that everyone is thinking about. To help you better understand what is worth paying attention over the next four to six months, Nicholas Colantuono, CFP® joined the Money Wisdom podcast to discuss current economic trends.   Here’s some of what we discuss in this episode: The stock market continues to be volatile but will things change as we get to the election and past it. The conversations we’re having with clients about interest rates and what to expect. The world we live in has gotten more and more expensive and it has led to personal debt soaring. What is happening in the job market?   Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/ Contact our team: https://johnsonbrunetti.com/contact-us/ 

One of the benefits of working with an experienced financial advisor is being able to lean on their years of working with retirees to help you avoid the same mistakes that many other people have made. We shared five of the most common planning missteps on our latest episode of Money Wisdom with Nicholas J. Colantuono, CFP®.   Here’s some of what we discuss in this episode: Why you can’t ignore the future tax implications of your retirement savings. What considerations you need to make before you decide when to take Social Security. Don’t focus on returns rather than income during retirement. Why you shouldn’t be taking financial advice from your friends and family. People will swing way too far one way or the other when it comes to risk.   Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/ Contact our team: https://johnsonbrunetti.com/contact-us/ 

Hopefully all business owners enjoy the day when they can cash out on their hard work and spend time however they choose. If you’re fortunate enough to be in the position to sell your business for a nice lump sum, let’s make sure that money turns into sustainable income for your retirement. In the latest episode of the Money Wisdom podcast, Jake Doser, CFP®, CPWA® answers a question we received from a business owner who wants to know the best way to do that.   Here’s some of what we discuss in this episode: The challenges facing business owners (or anyone) when they receive a big pile of money. Investment strategies should focus on three primary characteristics. What you need to consider before you build an investment strategy. How to be as tax-efficient as possible with your planning.   Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/ Contact our team: https://johnsonbrunetti.com/contact-us/ 

Most people are focused on their family when it comes to planning, and there are some primary issues that need to be addressed ahead of time. In the latest episode of the Money Wisdom podcast, Jake Doser, CFP®, CPWA® joins the show to tackle critical issues head-on. This episode offers a wealth of knowledge on managing finances in challenging times and ensuring a secure financial future for your loved ones.   Here’s some of what we discuss in this episode: The financial problems people face when they lose their spouse. How planning today can help solve the income gap problem you might face in the future. Many people overlook taxes when planning for kids and grandkids.   Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/ Contact our team: https://johnsonbrunetti.com/contact-us/   

It might seem a bit counterintuitive to hear reasons why you shouldn’t be putting money into your 401k, but there are times when it makes more sense to allocate that money elsewhere. In our latest episode of the Money Wisdom podcast, Jake Doser, CFP®, CPWA® will explore scenarios where a 401K might not be the optimal choice.   Here’s some of what we discuss in this episode: Build up your emergency fund before you focus on locking money away in a retirement account. How are you addressing each potential financial pitfall and doing it in a healthy, holistic way? If your employer doesn’t match your 401k, you might have better investment options outside of it. Future tax rates might make you rethink tax-deferred contributions. Why you might not want to leave money in a 401k when you change employers.   Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/ Contact our team: https://johnsonbrunetti.com/contact-us/ 

We’ve seen some turbulence in the market recently and that’s a time when fear begins to drive some investor decisions. It’s natural to let emotions creep in, but proper planning should help you maintain the right perspective on your investments. Even with the right planning, we’ll still hear from some clients who have questions or concerns. In our latest episode of the Money Wisdom podcast, Jake Doser, CFP®, CPWA® joined the show to share some of the responses we get from clients during volatile times and discuss our approach to navigating the ups and downs.   Here’s some of what we discuss in this episode: The responses we typically get from clients when the market is up and down. When we might make changes to your investments in times of volatility. Our role when someone feels like they can’t handle a bad week or bad month. Should you pull back on 401k contributions when the market is down? Is there ever a time to panic?   Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/ Contact our team: https://johnsonbrunetti.com/contact-us/   

When you think about the bad habits that could negatively impact your finances, things like credit card debt and overspending your budget come to mind. Those are obvious ones, but we want to shine a spotlight on some of the most common financial bad habits that many people unknowingly practice. These habits, while seemingly minor, can have a significant impact on your financial health and future. Nick Colantuono, CFP® joins the Money Wisdom podcast this week to discuss these habits that we want to help you avoid. Check out the show to learn how to identify and break these habits to ensure a more secure financial future.   Here’s some of what we discuss in this episode: What you need to know about your account statements and why they can be valuable. Emotional decisions will often weigh you down and lead you in the wrong direction. It’s easy to fall back on procrastination when you don’t want to address an area of your finances. Long-term planning gets pushed back because it doesn’t seem necessary today, but it’s essential for protecting everything you’ve worked for.   Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/ Contact our team: https://johnsonbrunetti.com/contact-us/ 

It’s a gold medal edition of the podcast this week as we take a unique approach to financial planning by drawing parallels with the Summer Olympics. Nick Colantuono, CFP® joins the show to share insights that can help you navigate your financial journey with the precision and skill of an Olympic athlete.   Here’s some of what we discuss in this episode: Why a plan has to be built to last for decades rather than years and how you can account for inflation. Planning for financial emergencies. Ways to identify the hidden fees in your portfolio. The foundational elements to building a successful plan.   Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/ Contact our team: https://johnsonbrunetti.com/contact-us/     

We’ve all had an idea that we acted on without giving it much thought. That’s fine when you’re choosing dinner or picking out new socks, but it’s not the best approach to managing your finances. In the latest episode of the Money Wisdom podcast, Matt Pastor, RICP® tackles the topic of "half-baked" financial ideas. These are the types of decisions that might seem clever at first glance but can have significant negative consequences if not thoroughly thought through.   Here’s some of what we discuss in this episode: Why signing your house over to your kid(s) while you’re still alive might not be the best plan. Starting your Social Security as early as possible while you’re still working could cause you to lose some of your benefits. Converting all of your IRA money into a Roth at the same time. Why you might not want to cancel your life insurance once you’re retired. Investing your emergency fund money to get a better return.   Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/ Contact our team: https://johnsonbrunetti.com/contact-us/ 

Inherited IRAs can be a financial lifeline, but they come with their own set of complexities, especially with the rule changes introduced in 2020. If you've recently inherited an IRA or are planning for the future, understanding these changes and how to manage your inheritance effectively is crucial. In our latest episode of Money Wisdom, we sat down with Heath Grossman, CFP® to break down the ins and outs of inherited IRAs and offer strategies to minimize your tax burden.   Here’s some of what we discuss in this episode: An explanation of an inherited IRA and how it’s different than a regular IRA. What changed with the rules around an inherited IRA in early 2020? What it means for Required Minimum Distributions. When would it be logical to withdraw the entire inherited IRA in year one? When would it make sense to wait as long as possible to take the money out?   Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/ Contact our team: https://johnsonbrunetti.com/contact-us/ 

It’s human nature to want to play the comparison game to find out how you stack up, especially when it comes to your finances. All that really matters is that you’re in good shape for the life that you want to create for yourself. But the comparison game is helpful for us to better understand our clients and their needs. In our latest episode of the Money Wisdom podcast, Heather Atkins, CFP® shared some fascinating research focused on the financial planning needs of single women. Heather has spent time meticulously gathering data on 50 of our clients, all of whom are single women—either divorced, widowed, or never married. This episode is packed with insightful revelations that can empower women in similar situations to take control of their financial futures.   Here’s some of what we discuss in this episode: Why Heather did this research on female clients and what she wanted to learn. What does the monthly income look like for this group of women? The exercise Heather does with clients to calculate their expenses. What did we find when it came to homeowners versus renters? Breaking down income and net worth and sharing her findings.   Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/ Contact our team: https://johnsonbrunetti.com/contact-us/ 

Have you ever dreamed of spending your golden years in a country abroad? The idea is becoming increasingly popular, but it comes with its own set of challenges and considerations. Luckily, we have the one and only Eric Hogarth, CFP®, here with us today to talk about some of the practical steps you’ll need to take to make this exciting idea a reality.   Here’s some of what we discuss in this episode: The financial and legal considerations of living in a new country Researching and experiencing the day-to-day living conditions Renting in your desired location for an extended period before committing Having conversations with your partner about what you want to do in retirement   Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/ Contact our team: https://johnsonbrunetti.com/contact-us/