Saving With Silverman

On today’s Saving With Silverman podcast, Mark shares some of his favorite and not-so-favorite financial stocking stuffers.   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-21-would-you-like-these-financial-stocking-stuffers    What we discuss on this show:  0:45 – Variable annuity 2:02 – Apple stock 2:43 – High yield bonds 3:30 – Whole life insurance policy 5:08 – S&P 500 Index ETF 5:50 – Indexed annuity 7:40 – Long-term care insurance

On today’s Saving With Silverman podcast, Mark explains how to pick the right financial advisor. Find out why you should invest time in this crucial process.   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-20-how-to-pick-the-right-financial-advisor    What we discuss on this show: 1:52 – How to find the right advisor 4:37 - Warning signs 5:53 - When an advisor doesn’t fit you anymore 7:29 – Sticking with the wrong advisor for too long 9:12 - What to look for when choosing an advisor

On average, women outlive men and often have more financial struggles later in life. On today’s show we’ll talk about what challenges women face and how to improve their finances.   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-19-financial-challenges-for-women    What we discuss on this show:  1:15 – How involved are women with retirement planning? 3:50 – Why do so many retired women have financial problems? 4:44 – Challenges faced by widowed women 6:10 – Recommendations for husbands 7:41 – Mark shares personal stories

Just like technology changes and becomes outdated, so does some retirement planning strategies. Let’s look at five financial strategies that have become obsolete.   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-18-five-outdated-financial-strategies    What we discuss on this show: 1:21 - The 4% rule 2:04 - The 10/5/3 rule 2:49 - Move money from stocks to bonds as you get older 4:15 - $1 million retirement target 5:14 - You’ll need less money in retirement

As life spans continue to increase, so does the need for more money later in life. Find out how to plan financially for a long life.   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-17-can-you-afford-to-live-a-long-life    What we discuss on this show:  1:48 – Our oldest client 2:50 – Why do we talk about longevity as a risk? 4:22 – Why most people haven’t addressed the issue 5:30 – How to help someone worried about running out of money 6:48 – Our 5-step financial planning process

Are 401K loans a good idea? What about rollovers? How much should I contribute? Get answers to these and other common 401K questions.   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-16-answers-to-common-401k-questions    What we discuss on the show:  0:40 – 401K advice from company reps 1:47 – 401K loans 2:46 – 401K rollovers 3:49 – Target date funds 4:39 – How much should I contribute? 5:54 – Roth vs. Traditional 7:06 – Contact Mark

Let’s talk about tax planning. The subject seems to get ignored by a lot of advisors. We explain why it’s an important conversation to have.    Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-15-the-importance-of-tax-planning    What we discuss on the show:  2:42 – Roth conversions 3:41 – Social security 5:00 - Required minimum distributions 5:57 – National debt 6:59 – Higher taxes are inevitable 7:52 – Get in touch with Mark

Different accounts have different types of tax consequences. We’ll explain the advantages and disadvantages of the accounts and how you use them.   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-14-what-are-the-tax-consequences-of-different-accounts   What we discuss on this episode:  0:49 – Tax-deferred accounts 1:53 – Tax-free accounts 2:46 – Taxable accounts 3:42 – CDs 4:21 – Life insurance 5:11 – Meet with Mark

What will it take to keep up with your lifestyle and goals in retirement? Income! What are some sources of predictable retirement income and what should you do with it? Let’s explore a topic that everyone feels strongly about.   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-13-creating-predictable-income-in-retirement    On today's show:  1:12 - What retirement incomes do people assume are predictable? 2:43 - Is there really such a thing as “guaranteed income”? 3:45 - What does it look like when you rely too much on the stock market? 4:39 - What do you do with inflation?       5:39 - How is a reliable income possible to achieve?

Maybe it’s too many months of quarantine, too much cable news or too much social media, but people have a lot of anxiety right now. Mark explains why you should just calm down.   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-12-everybody-just-calm-down    On today's show:  0:46 – Question 1: Money in the bank? 2:36 – Question 2: Money in the market? 3:51 – Question 3: Pay more for a vacation? 5:50 – Question 4: Buy gold? 6:55 – Question 5: Collect social security?

While it’s easier to pretend you won’t have to worry about it, one day you or your spouse will pass away. What happens to your financial plan and assets when it does?    Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-11-what-happens-with-your-money-after-the-death-of-a-spouse    Today's show schedule:  0:46 - What is someone most concerned about financially after losing a spouse? 2:52 - What are the immediate challenges after one spouse passes away? 3:52 - You may have a major reduction in income. 5:47 - What does it look like to be in a bad position after a spouse dies? 7:07 - What’s an example of someone who was left in a good place financially?

Do you understand the ins and outs of these financial terms that have been circulating due to the impact of coronavirus? How might your own financial plan need to shift as a result?   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-10-financial-vocabulary-to-know-during-coronavirus   Today's show schedule:  1:05 - What’s the difference between a recession and a depression? 1:56 - What is the VIX? 3:39 - Have you heard of tax loss harvesting? 5:42 - Do index funds help? 6:20 - How often should you rebalance?

As you near retirement, you want all of your ducks in a row instead of dealing with the mess caused by these classic financial mistakes. Are you making smart decisions?       Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-9-classic-pre-retiree-mistakes    Today's show schedule:  1:02 - Investing at 59 the same way as at 39 years old. 2:14 - Starting Social Security without a plan. 4:09 - Focusing on tax prep but not tax planning. 5:30 - Assuming healthcare needs will be covered by Medicare. 6:07 - Taking on additional risk to make up for lost time.

Whether you’ve heard his radio show on accident or know his baby steps by heart, you’ve probably heard of Dave Ramsey. But should you heed some of the advice he's giving? Let's take a look at some of the things he promotes.    Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-8-should-you-be-wary-of-dave-ramseys-advice   Today's show schedule:  1:46 - Does Mark agree with the debt snowball? 3:57 - Should you just invest in mutual funds? 6:41 - Can you really expect a 12 percent return on your investments? 8:08 - Should you stop saving for retirement while getting out of debt? 11:59 - What does Dave Ramsey say that is good to follow?

With all of the changes in the market and in the workplace lately, have you avoided making financial decisions? Are you still working toward your financial goals or are you facing a bit of pandemic paralysis?   Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-7-are-you-suffering-from-pandemic-paralysis-with-your-finances    Today's show schedule:  1:10 - “The market has been so volatile; I’ll stop putting money into my 401(k).” 2:47 - “There’s no point in making a financial plan now since everything keeps changing.” 3:57 - Do you want more information about what’s happening with coronavirus and your finances? 4:47 - “I was planning to retire this year, but now I guess it’s pushed back indefinitely.” 5:55 - “I just ignore my accounts altogether.”

Do you know the difference between a traditional IRA or a Roth IRA? More importantly, do you know which one is a better fit for you and your retirement savings? We'll talk about the pros and cons of each on today's show.    Read more and get additional resources here: https://silverman-associates.com/saving-with-silverman-podcast/episode-6-should-you-be-contributing-to-traditional-ira-or-roth-ira     Today's show schedule:  0:58 - What’s best, a traditional IRA or a Roth IRA? 2:54 - Why have more people contributed to traditional IRAs instead of the Roth? 3:56 - Why is a Roth IRA so powerful? 4:38 - Who should contribute to a Roth IRA? 5:13 - Who should contribute to a traditional IRA instead of a Roth?  

As we move through life, some things end of falling through the cracks. That happens with our finances as well because old accounts will often get forgotten about. Digging up an old 401k, life insurance policy, and other accounts can end up turning into hidden gems if you put them back to work. Let’s talk about how to do that.   Read more and get additional resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-5-old-accounts-could-turn-into-hidden-gems   Today's show rundown:  1:12 – Finding an old 401k 2:12 – An old life insurance policy you’ve been playing on. What can you do with this? 3:31 – Savings accounts, money market, or a CD 4:33 – Changing jobs often makes you forget about old pensions.  5:34 – How we’ll help you find these old accounts and put a plan together.

Roth conversions are becoming more and more popular as a retirement planning tool, but how much do you know about them? Today we’ll try to give you all the key information about Roth conversions so you can start determining if it’s a strategy that might work for you.    Read more and get additional resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-4-what-is-a-roth-conversion        Today's rundown:  0:55 – What is a Roth conversion and why is it worth considering? 3:10 – Why might he Roth conversion be especially helpful for people with high incomes? 3:36 – Are there any common mistakes that you see people make with this? 4:10 – Who might benefit from this strategy? 5:20 – What about someone that shouldn’t do a conversion? 6:10 - What else will you discuss with clients alongside Roth conversions?

Building a financial plan can be done on your own, but there’s a much greater chance of making a mistake. Without having a professional to provide you with solutions and help you craft a strategy that fits your needs, you put yourself at risk of following bad advice or overlooking important aspects of a comprehensive retirement plan. Let’s look at four common mistakes we see investors make and what you can do to avoid them.   Get the show notes and additional resources here: https://silverman-associates.com/saving-with-silverman-podcast    Today's show rundown:  0:51 – The first mistake we see is people believe bonds are a completely safe investment.   2:11 – The second mistake is not protecting yourself from long-term care needs. 3:47 – The third mistake is not protecting yourself from market decline. 5:11 – There are many tools and strategies that you can use during the planning process. 6:16 – The fourth mistake is not having a plan at all.

Of course, we all want a healthy bank account. Having a good amount of dollars within easy grasp is helpful in the case of emergencies or for medium-sized purchases where you don’t want to have to liquidate assets. But is it counterproductive to have too much cash on hand? We’ll explore that idea and other pressing questions about the role that cash plays in financial and retirement planning.   Check out the show notes and get additional resources here: https://silverman-associates.com/saving-with-silverman-podcast    Today's show rundown:  1:22 – How much cash do we generally recommend people keep on hand? 3:07 – How do you come up with total for an emergency fund? 4:23 – Why do people typically end up keeping too much money in cash? 5:28 – Here are ways you can invest more efficiently without taking on all the risk of the market. 7:18 – What we talk about with clients during that introductory 20 minute meeting.