Our 2 Cents

We're playing a fun little game show on today's episode of Our 2 Cents. Steve and Gabriel will take sides on pressing retirement issues. Whether you're a perpetual optimist or a wary pessimist, this episode will equip you with perspectives to plan your retirement years with confidence as we ask the longstanding question, "is the glass half full or half empty?"Will a Government Shutdown Hurt Retirees?:A looming potential government shutdown has some retirees wondering if they need to be worried about the impact it could have on their daily lives.Will Social Security, Medicare, or other essential services be shut down?What delays in services could be expected?Retirement Outlook - Is the Glass Half Full or Half Empty?:The stability of Social SecurityHealthcare affordability in the futureTax rates in the next decadeLong-term care options for the futureThe next five to ten years in the stock market

We've all heard various retirement "myths" so let's talk some retirement truths instead. On this new episode of Our 2 Cents, Steve and Gabriel will discuss some universal truths that can guide every retiree. But first, they're sharing an idea to vacation in a new way to see some beautiful sights.Exciting Train Trips:Amtrack Auto Train: Sit back, relax, and pack your car along with you!Rocky Mountaineer Train: Explore the canyons and mountains at three great national parks!Alaska Railroad's Coastal Classic: Head off into the backcountry wilderness!Grand Canyon Railway: Re-create the historic voyage to the Grand Canyon!Uncovering Universal Retirement Truths:Everybody is going to age.Everybody has some form of a plan.Everybody has an advisor.Emotions can be an investors worst enemy.Nobody can consistently time the stock market successfully.Diversification is essential for reducing risk.Nobody knows how long they're going to live.Tax implications matter.

On today's episode of the Our 2 Cents podcast, Steve and Gabriel are talking about the world of Required Minimum Distributions (RMDs). They're here to help you understand the reasons behind the mandatory withdrawals from your retirement savings, strategies to avoid major tax issues, and why it is so important to plan in advance for them.Gabriel's Quotes of the Month:"You're never too old to set another goal or to dream a new dream" - Les Brown"Don't simply retire from something, have something to retire to" - Harry Emerson Fosdick"The person who doesn't know where his next dollar is coming from usually doesn't know where his last dollar went" - UnknownDemystifying RMD's - The Basics:What is an RMD?Is there anything I can do to avoid having to take them?What type of accounts do I have to take them from?At what age do I have to begin taking them?Can I take RMDs from multiple accounts?If I don't need the RMD, what can I do with the money?How can I avoid big tax issues with proper planning?

We're kicking off today's show a little differently with Getting to Know Steve and Gabriel questions first! Then they're discussing some challenges and frustrations they've heard from potential clients regarding their plans or their investments.Getting to Know Steve and Gabriel:What was your favorite TV show as a kid?If you could pick any Olympic sport to participate in, what would you choose?Revealing Retirement Plan Frustrations:My portfolio is still not yet back to breakeven from the prior all-time high of the S&P 500.I won't have enough time to make up for my market losses.The fees I'm paying are too high.I feel like I'm not getting anything for the fees I'm paying.My portfolio has losing funds in it, it should only have winners.

We've got a great show for you this week! Steve and Gabriel share some common estate planning mistakes and what you can do to avoid them. This episode is an important one for anyone who wants to leave a legacy free from regret or legal turmoil. Click a link below to listen in now!No Regrets! Don't Make These Estate Planning Mistakes:Failing to plan for expenses that can be foreseen—especially healthcare.Failing to update beneficiary designations.Failing to update your trust (or not having one at all).Failing to communicate your wishes and intentions.Transferring real estate while still living, instead of at death.Failing to maximize your asset amounts.

Steve and Gabriel are wrapping up their discussion on the kinds of financial stresses couples can face, and how to work your way through them together. Plus, they're sharing some financial tidbits that have been making their way through the headlines recently.Part 2: Financial Tension Between Couples:A deeper dive into some sources of debate among couples.Gabriel and Steve share some of more common ones they come across when meeting with clients, and the ways they've seen couples compromise.How having a solid financial plan in place can actually help put a lot of these stresses to rest for you.Gabriel's 'Quick Hits':Yet another interest rate hike - What possible advantages and risks exist in the current interest rate environment?U.S. debt downgraded - What does that mean? Is it a big deal?"We were wrong" - A top Wall Street strategist admits his forecast of a stock market crash was incorrect.

On the show for you today, Steve and Gabriel are discussing sources of financial stress that couples face throughout their lives and, more specifically, in retirement. They'll share ways they've helped clients better communicate and get back on the same wavelength. Then they tackle two questions from our listeners. Resolving Financial Tension Between Couples:Budgeting - agreeing on how much to spendRisk tolerance - how aggressive or conservative to be with investingRetirement age - when each spouse can or should retireHousing - where to live in retirementLifestyle - how you plan to spend your time in retirementInheritances - if you will leave money to your kids Listener Questions:"I am afraid of a recession happening, so I might stop contributing to my 401(k) for a while. Is that a good or a bad idea?" - Vicki"I've always heard I should have a mortgage when I retire because that will be the only tax deduction I'll have at that point. I've been paying extra on my house to have it paid off by the time I retire, but maybe I should slow down on that plan. What do you think?" - Rick

On today's episode of Our 2 Cents, we're focusing on 5 key steps of income planning in retirement. In order to develop a proper plan for your retirement income, these are some of the first steps to follow to begin taking charge of your retirement cash flow.Mastering Your Retirement Income Planning:Step 1: Accurate budgeting is at the core of income planningStep 2: Visualize your future and how you will live in retirementStep 3: Identify your floor income sources and any shortfallsStep 4: Create "Now," "Soon," and "Later" buckets of moneyStep 5: Utilize appropriate strategies to generate income from investments

In the spirit of July 4th, we're tackling the concept of Financial Independence on this week's episode of Our 2 Cents. We're sharing what some people strive to be independent from in retirement and how achieving these freedoms can lead to better peace-of-mind during your golden years.Winning Your Financial Independence:Independence from depending on familyIndependence from creditors and debtIndependence from employment or the need to workIndependence from worrying about the stock marketIndependence from the government and excess taxationGabriel's Quotes of the Month:"A simple fact that is hard to learn is that the time to save money is when you have some." - Joe Moore"If we command our wealth, we shall be rich and free. If our wealth commands us, we are poor indeed." - Edmund Burke

On the Our 2 Cents podcast this week, hosts Steve and Gabriel Lewit are discussing the kind of impact bad money habits can have on someone's financial life. Plus, they're answering some more 'Getting to Know You' questions. Tune in now for the fun!Bad Money Habits:Procrastinating financial decisions that need to be made.Investing emotionally instead of analytically.Living beyond your means and not willing to cut back.Pretending like the nursing home is something that will only happen to other people, not you.Constant over-saving, never spending and enjoying.Inadequately diversifying your portfolio.Getting to Know Steve and Gabriel:What is your go-to dance move?Does your family have any traditions that seem normal to you but would be weird to everybody else?What's the worst movie you've ever seen?

Money habits tend to differ with each generation, and it seems Gen X is having a more difficult time planning for retirement than their elders. Steve and Gabriel are breaking down some retirement statistics about Gen X, talking about the debt ceiling bill, and much more on Our 2 Cents.Debt Crisis Averted:A quick rundown of the bill that was signed by President Biden.The concessions made by both sides to get the votes needed.A Retirement Burden for Gen X:With retirement on the horizon, 46% of Gen Xers say they won't have enough savings to be comfortable. What steps can they take now?Why the majority of Gen X may work in retirement. Saving with no strategy? Why Gen Xers need to start creating a retirement plan now.Credit Report Complaints:Complaints sharply rose against credit reporting agencies from 2021 to 2022.What you should do to spot incorrect information on your credit report, and file a complaint if you find something wrong.

On the podcast this week, Steve and Gabriel share some home items that are worth the splurge and others that are a waste of money. Then, keeping with the theme of your home, they're discussing how everyday household tasks can serve as reminders of successful financial planning. Splurge-Worthy: Yay or Nay?:Big savers to big spenders, what's your spending personality? Are we giving a 'Yay' or a 'Nay' to these home item splurges?Instances where the upfront splurge will actually save you more money overtime.Cleaning Up Your Portfolio:Taking out the investment "trash" in your portfolio.Cleaning out the "closet" in your financial life.Periodic maintenance of your finances and portfolio.Don't procrastinate "scrubbing the bathrooms" of your investment portfolio.

Welcome back to another episode of Our 2 Cents! This week we're discussing the 33rd Annual Retirement Confidence Survey to give you a better understanding of how your peers are feeling about various aspects of retirement. Then we're sharing some tips for planning upcoming summer vacations.The 2023 Retirement Confidence Survey:The huge gap between when workers expect to retire and when retirees say they actually did.How much has America's confidence in a comfortable retirement dropped over the years?What do people feel are the most valuable improvements to retirement savings plans?How confident are people in knowing how much to withdraw from their savings in retirement?The ways you can plan in order to have realistic expectations about retirement.Summer Travel Planning:15 top U.S. vacation destinations for 2023.The steps you should take to appropriately budget for and plan your summer vacation.Getting to Know Steve and Gabriel:Where's the funniest place you've fallen asleep?What's the best part of your day?

During this week's episode of Our 2 Cents, we dive into the complex world of financial decision-making during some of life's most pivotal moments. From exciting times to challenging ones, we share tips to help you make informed decisions during these different ages and stages of life.Financial Decisions Through the Ages & Stages:Marriage and RemarriageCombining finances or keeping them separateNew living arrangements and setting up new budgetsDivorceTurning a joint plan into new separate onesDividing assets and liabilities Job ChangesPlan changes due to unexpected layoffs and forced early retirementAssessing new job offers or increased income or benefitsBirth or AdoptionBudget changes for new expensesNeeds for life insurance, wills, trusts, guardianship plansWinning the LotterySudden windfalls of money require new ways to manage assetsWhere to put an influx of cashRetirementThe time you've been planning for all this time is finally hereHow to ensure you're putting that plan to work efficientlySevere Medical Issue or DisabilityWhat an unexpected diagnosis can do to a planImportant updates to documents and policiesDeath of a SpouseReevaluating plans, goals and budgetsWhat to do if the one who passes was the one who handled the finances

Another bank failure doesn't mean a failure of the banking system. But we are talking about the very real implications that it does have. Plus, we're sharing a listener-suggested article about how heart health should be top-of-mind as you plan for retirement.Gabriel's Quote Picks of the Month:"It's good to have money and the things that money can buy, but it's also good to check up once in a while and make sure that you haven't lost the things that money can't buy." - George Lorimer"When a man retires and time is no longer a matter of urgent importance, his colleagues generally present him with a watch, for some reason." - RC SherriffMore Unrest in the Banking Industry:At the end of last year, First Republic was the nation's 14th-largest bank. As of May 1, the bank had failed.How did the collapse of Silicon Valley Bank lead to a 97% plunge in First Republic's stock?With some larger banks attempting to save First Republic by infusing billions of dollars into it, how did it still fail?Biggest takeaway of the current uncertainty in the banking sector: diversification of deposits.A Heart-Healthy Retirement:Although a highly-prevalent cause of death in the U.S., why is heart disease under-discussed in the media?What makes retirees within a year of transitioning from work 40% more likely to have a heart attack?How having "a well-written retirement plan equals better health and wealth."

Our 2 Cents is back this week with a discussion about what's in store for Social Security in the years ahead. Plus, we're taking a closer look at Bed, Bath and Beyond's demise and lessons to learn from what happened to the once beloved retail chain.The Future of Social Security:The recent negative headlines about Social Security have some people worried about their preparedness for retirement. What are some possible solutions to ensure the fund's solvency for the long-term?How any changes made to the Social Security program could impact your claiming strategies.What risks are involved with some of the possible changes?Bed, Bath & Gone:After a long struggle to stay in business, Bed, Bath & Beyond declared bankruptcy and will be closing all its stores.What ultimately lead to the company's downward spiral?The reasons why this is another prime example of the challenges that come with picking individual stocks.

Welcome back to another great Our 2 Cents episode with Steve and Gabriel Lewit! In store for today is a thoughtful conversation about the wisdom that comes with age and experience, and how it impacts your financial planning. Plus, they're sharing fun quotes and big money regrets!Gabriel's Quote Picks of the Month:"If you're shopping for stocks, choose them the way you'd buy groceries, not the way you'd buy perfume." - Benjamin Graham"You can live to be a hundred if you give up all things that make you want to live to be a hundred." - Woody AllenThe Role of Wisdom in Financial Planning:How does age impact wisdom, and wisdom impact your financial planning?Why you should be thinking deeper about your retirement, not just surface level planning.The importance of incorporating your, and other people's, life experiences and lessons into your financial planning.Baby Boomers' Big Money Regrets:From swimming pools and recreational vehicles to lavish weddings and more! Baby Boomers are sharing what purchases they made after retiring that they regret.

Richard Branson's Virgin Orbit (VORB) collapsed last week and Steve and Gabriel are here to discuss what lead to its demise, and the inherent risks involved with picking individual stocks. Plus, they're sharing details on I bonds, answering listener questions, and more on today's show!VORB Goes Bust:Everything has pros and cons and a proper place in your planning, but we like to take a Core + Satellite approach when considering investment options.How does the collapse of VORB showcase the risk of speculative investing?The "Mansion Tax":Los Angeles recently introduced an extra tax on homes sold over $5 Million and $10 Million in the county.We're discussing why making smart tax moves can have a major impact on your wealth.I Bond Updates:I bonds gained popularity last year, but what are they? And how are the interest rates calculated?There's been an update to the fixed rate component of these bonds, what does that mean for investors?There are limits on how much you can buy, we'll share how it works.Listener Questions:"I'm retiring in about five years and I'm currently maxing out my 401(k), but not adding any other savings. Should I be saving anywhere else even if that means putting less in my 401(k)?" - John"I have a REIT that I purchased several years ago and it's done nothing but lose money. I'm told that I can't cash it out but I got a letter from a company offering to buy it from me. Is this worth exploring?" - Amy

The Fed's efforts to curb inflation have continued this week, and that's our first segment on this new episode of Our 2 Cents. Then, Steve and Gabriel are taking a look at some major shifts in the vacation rental industry and wrapping up the show with listener questions.Rate Hike Déjà Vu:What does this latest move by the Fed indicate about the banking industry?What do the continued rising rates mean for consumers?Are there any positive benefits to rising interest rates?"Airbnbust":Vacation rentals are facing new challenges, even as the industry continues to grow.An oversaturated market is hurting individual owners/hosts while short-term rental demand has never been higher.We'll explain what could have caused the run up in costs and the oversupply in the market.Plus, the unique impacts being felt across communities and neighborhoods.Listener Questions: "I just paid my last tuition payment, so my kids are officially off the payroll. Is it safe to cancel my life insurance at this point? - Tom"I'm not retiring for another five years, so I don't feel the need to be ultra-conservative with my money, but my wife keeps insisting that she wants to be more secure. Just how secure do I need to be at this stage?" - Jim

Steve and Gabriel start off today's show by sharing their thoughts on the recent collapse of Silicon Valley Bank and what it could mean for you. Then, they switch gears to wrap up our Part 2 of different investor personalities. Listen in now to this new episode of the Our 2 Cents podcast!The SVB Collapse:The 10-step timeline of events that led up to the SVB failure.Thoughts on what this means for investors and the broader banking industry as a whole.Understanding Investor Personalities - Part 2:The Doomsday Prepper: When you're always concerned that the worst is going to happen.The Odd Couple: When your financial views and goals are misaligned with your partner's.The Trend Follower: When the "fear of missing out" forces you to hop on the bandwagon.The Googler: When you're searching all corners of the internet for information and become overwhelmed.The Model Citizen: When you've diligently saved money all your life but don't spend it or enjoy it.