Saving With Silverman

In the complex world of financial planning, there are countless pitfalls one could fall into as you approach retirement. In this episode, we’ll share some common mistakes we see people make all the time. Avoiding these crucial missteps can have a significant impact on the success of your retirement plan. We'll delve into these key issues and learn how to navigate them effectively when it's your turn to plan for retirement.    Here’s what we’ll discuss on today’s show: Investing at age 59 the same way that you invested at 39 (1:56) Starting Social Security without a plan or strategy (3:03) Focusing on tax preparation, but not tax planning (4:33)   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com admin@silverman-associates.com Phone: 520.512.8832 520.618.5323  

Is there really such a thing as having predictable, guaranteed income in retirement? Maybe the question is really “guaranteed by whom?” In this episode, we’ll discuss some of the retirement income sources that people might view as predictable but really aren’t certain.   On today’s show, we’ll share: Is predictable, guaranteed income in retirement really a thing? (1:35) What are some examples of predictable income? (2:19) Why you need a diversified portfolio. (3:09)   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com admin@silverman-associates.com Phone: 520.512.8832 520.618.5323    

Today’s topic may be a difficult one to consider, but it is a very important one at the same time. If you were to lose your spouse, what steps should you take to manage your finances? In today’s episode, we are going to share some real-life examples and cover the most common questions and challenges we’ve seen clients face after losing a loved one.   On today’s show, we’ll share: What are the main questions people ask after their spouse dies? (1:16) What are the immediate challenges people face after their spouse dies? (2:47) We share a story about a widowed spouse who was left in a difficult position. (4:50)   Want to get in touch with Mark?  Web: https://silverman-associates.com/home Email: mark@silverman-associates.com admin@silverman-associates.com Phone: 520.512.8832 520.618.5323  

Yogi Berra was a sports icon and one of the most quotable people to ever live. And when we look at some of his quotes through the right prism, they can teach us some lessons about financial planning. In today’s episode, we’ll have a little fun with some of these quotes to see what financial wisdom we can pull from them.   On today’s show, we’ll share: I never said most of the things that I said. (2:05) A nickel ain’t worth a dime anymore. (3:39) When you come to a fork in the road, take it. (5:37)   Want to get in touch with Mark?  Web: https://silverman-associates.com/  Phone: 520.512.8832 Email: mark@silverman-associates.com  

When it comes to financial planning, it’s OK to admit that you don’t know the answer to something. The real danger is thinking you know the answer to something when you actually have it all wrong.    Today we’re discussing some of the things people think they know, but in reality they really don’t. Even with all the information that’s available to us everyday, there are still plenty of aspects of finances and retirement planning that can be confusing and hard to process. So let’s try to sort some of that out on this episode and help level up your financial knowledge.   On today’s show, we’ll share: How much income you’ll need in retirement. (2:12) When to jump in or out of the market. (4:14) Whether to have life insurance and how much. (5:26)   Want to get in touch with Mark?  Web: https://silverman-associates.com/  Phone: 520.512.8832 Email: mark@silverman-associates.com

Last year was a rough year in the market, but it’s hard to attribute it to any one particular trend. It was more a confluence of various factors. On today’s show, we’ll review some of the absolute worst days, weeks and years in market history, what caused them and what we learned.   On today’s show, we’ll share: What happened on Black Tuesday? (2:03) How did the Dot Com crash affect us? (2:41) What happened when the markets reopened on Sept. 17, 2001? (3:30)   Want to get in touch with Mark?  Web: https://silverman-associates.com/  Phone: 520.512.8832 Email: mark@silverman-associates.com

It’s time for another mailbag episode, and we have some great topics to discuss. This episode could really help if you’re looking to improve your financial situation and prepare for retirement. We will discuss whether to take expensive trips, how to prevent your children from having hurt feelings over your will and when to pay extra on your mortgage. Listen to hear some of the questions our listeners have, and maybe you’ll gain some valuable knowledge from our answers!   On today’s show, we’ll share: Should I take this expensive trip? (2:12) What’s the best way to keep my kids from having hurt feelings over my will? (4:01) Should I pay extra toward my mortgage? (5:32)   Want to get in touch with Mark?  Web: https://silverman-associates.com/  Phone: 520.512.8832 Email: mark@silverman-associates.com

When you think about the word “generosity,” what comes to mind? Maybe money or time spent helping others. We’ve all known generous people in our lives – and those who didn’t have this trait – but generosity can take many forms.   On today’s show, we’ll share some examples of generosity and how that can work with your overall financial plan.   On today’s show, we’ll share: What does it mean to be generous? (1:36) An example of a naturally generous person. (3:05) Do some people give away too much money? (3:44)   Want to get in touch with Mark?  Web: https://silverman-associates.com/  Phone: 520.512.8832 Email: mark@silverman-associates.com

Almost everyone likes the idea of a healthy bank account. But can there be too much of a good thing?   We’ll explain some of the common reasons people want cash on hand and why it might be counterproductive to have too much in your checking or savings account.   On today’s show, we’ll share: What are some common needs for cash? (0:54) How much cash should I have? (2:17) Why do some people keep so much cash? (2:52)   Want to get in touch with Mark?  Web: https://silverman-associates.com/  Phone: 520.512.8832 Email: mark@silverman-associates.com

The idea of a Roth conversion is intriguing to a lot of people. For some, it can be a great strategy to enact, but others might not know what it is. Today we’ll share what a Roth conversion is, why it’s worth considering and some common mistakes we see people make with them.   On today’s show, we’ll share: What is a Roth conversion? (2:17) Why is a conversion helpful for people who make a lot of money? (5:11) What common mistakes do people make with Roth conversions? (6:13)   Want to get in touch with Mark?  Web: https://silverman-associates.com/  Phone: 520.512.8832 Email: mark@silverman-associates.com

Today we’re chatting about the characteristics of financial advisors. Everyone has different personalities, but what should you look for in an advisor? How much should likeability and listening skills play into the person you choose? How much emphasis do you place on things like trust, areas of expertise, and the ability to solve problems? You want to find someone who resonates with you and can help you build a strong financial future. On today’s show, we’ll share: How do you develop trust with a financial advisor? (0:54) How much should likeability and rapport play into the relationship? (2:19) What kind of credentials should you look for when choosing an advisor? (3:49) For more, visit us online: https://silverman-associates.com/ 

Today’s show combines two fun topics – finances and football. Believe it or not, planning for your financial future has some similarities to the sport of football. In retirement planning, some people try to be successful without having a coach at all. Others keep the same coach that they’ve had for years, even though things aren’t working out with him.  We’ll explain why you need to design a portfolio that puts you in victory formation.   On this episode, we’ll share: Why mistakes in the financial red zone are so costly. (2:17) Why the hurry-up offense is a bad idea for your finances. (4:45) Why you need to stop worrying about the victory formation with your money. (6:22)   For more, visit us online: https://silverman-associates.com/ 

We’re opening up the mailbag today to answer your questions. We got a lot of good feedback, including questions about taxes in retirement, using investments to pay for a car and more.   If you have a question, you can submit it on our website. There’s a high likelihood you’ll hear your question answered on air. We’d love to hear from you.   On today’s show, we’ll share: Do you have to pay taxes in retirement? (0:37) Can I take money from investments to pay for a car? (1:45) Is Social Security going bankrupt? (4:01)   For more, visit us online: https://silverman-associates.com/ 

If you have a financial advisor or are thinking about getting one, you might be wondering how we are paid. There are several different ways that financial advisors can be paid, but which way is the best for you?   Other than fees paid to an advisor, what are some of the other costs that you might encounter in the financial world? We’ll explain some of the things you need to know about finances and your financial advisor.   On today’s show, we’ll share: How are financial advisors paid? (2:03) What are the pros and cons to paying advisors? (3:24) Other than fees, what are some other costs? (5:34)   For more, visit us online: https://silverman-associates.com/ 

The doctor is in, and we’re here to share some common financial diseases and how they can affect you. From “Inflation-itis” to “Old Fogey’s Disease,” we can spot the trouble areas in your financial life.   Whether you suffer from “Acute Portfolio Riskopathy” or “Nursing Home-Atosis,” we are here to help.   On today’s show, we’ll share: What the causes of Acute Portfolio Riskopathy are and why you need to understand your goals. (2:07) What the cure for Old Fogey’s Disease is and why you need to plan for the future so you’re not a burden to your family. (3:58)   For more, visit us online: https://silverman-associates.com/ 

What can the game of golf teach us about retirement planning? How does hitting a hole-in-one correlate to your finances? And how is a caddy like a financial planner?   We’ll answer these and other questions on today’s show. If you love golf and getting your money and retirement in order, today’s show is for you.   On today’s show, we’ll share: Why a hole-in-one is not what you want to shoot for in your finances. (1:55) Why having a lot of clubs in your bag is like having different financial investments. (3:19) Why you should listen to your caddy, just like you should listen to a good financial advisor. (4:35)   For more, visit us online: https://silverman-associates.com/ 

If you take a close look at most folks’ financial situations, you’ll find that it’s almost scandalous how badly their financial matters have been handled. Let’s talk about the steps you should take to create a scandal-free retirement.   From consumer debt to leaky budgets, we’ll explain what you can change to have a scandal-free retirement.   On today’s show, we’ll share: Why you need to impeach consumer debt, such as credit cards. (1:48) How to find the leaks in your spending plan and stop them. (2:57) How to obstruct catastrophic market losses, which can be deadly to your finances. (3:54)   For more, visit us online: https://silverman-associates.com/ 

Some people are nervous about the idea of meeting with a financial advisor because they don’t know what to expect.   Will they be sold something they don’t need? Will they be chastised for not handling their money well enough up to that point? We’ll take some of the mystery out of that first visit on this episode.   On today’s show, we’ll share: How to get prepared for your first visit with a financial advisor. (1:37) Do financial advisors ever have to be stern with their clients? (3:09) The questions advisors ask clients that they didn’t expect. (4:20)   For more, visit us online: https://silverman-associates.com/ 

Let’s talk about some of the areas of your financial life where you might be flirting with disaster and don’t even know it. Disaster and retirement are not two words you want to be associated with each other.    Key topics on this episode:  2:41 – Widowed spouse out of the loop 5:40 – Market crash forces work 7:37 – Family legacies and long-term care 9:16 – Social Security   For more, visit us online: https://silverman-associates.com/ 

Cognitive biases are fascinating, especially as it relates to money. Find out what these biases are and how to implement more rational thinking into your financial life.   Key topics on this episode:  0:58 – Self-serving bias 3:05 – Curse of knowledge 4:27 – Dunning-Kruger effect 6:52 – Naïve realism 8:25 – Confirmation bias   For more, visit us online: https://silverman-associates.com/saving-with-silverman-podcast