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Make Retirement Work
19 minutes | Sep 9, 2021
Ep 29: Spotting Red Flags In Your Finances
Today we’re sharing some potential red flags you should be aware of in your finances. How would you answer these questions? Can you name all of the investments in your portfolio? It’s not a red flag if you can’t name them all, but you should know generally what you own. If you can name them all, you might not be very well diversified. If you don’t know how your money is invested, maybe you’re not diversified enough or maybe you’re taking too much risk or not enough. You have to pay attention to how your money is invested. How often do you meet with your financial advisor? You’re paying someone to give you advice, so you need to be in touch with them regularly. Meetings don’t always have to be long and detailed. Sometimes a 15-minute conversation is all you need to check in. Are your account balances constantly moving up and down? Most people are OK with volatility when they’re trying to accumulate funds. It can be to your advantage because you can buy when the market drops. Retirees, on the other hand, don’t like the ups and downs of the market. You need to meet with your advisor and know more about your investments and the big picture. How much income will you need in retirement? If you are close to retirement and you don’t know how much you’ll need in retirement, that’s probably a red flag. Everyone spends different amounts, but you need to know, generally speaking, how much money you need in your bank account each month. Listen to the entire episode or click on the timestamps below to skip ahead to a particular question. 3:12 – Name your investments 5:26 – Meeting with your advisor 7:31 – Account balances 10:14 – How much income you’ll need 12:40 – Retirement plan Read more and get additional resources here: https://makeretirementwork.com/make-retirement-work/podcast.html
19 minutes | Aug 12, 2021
Ep 28: Test Your Financial Knowledge
Marc is on the hot seat with this financial and retirement quiz. Play along and see how you do as well. Read more and get additional financial resources here: https://makeretirementwork.com/1399/ep-28-test-your-financial-knowledge/ What we discuss on this episode: 2:30 – Scary retirement 4:22 – Scary coming year 9:10 – Tax bracket 11:24 – Money in retirement 14:16 – Wish you had more
23 minutes | Jul 15, 2021
Ep 27: Just a Joke: Lessons From Financial Planning Jokes
We’re changing it up today with some funny financial planning jokes and what we can learn from the humor. Read more and get additional financial resources here: https://makeretirementwork.com/podcasts/ What we discuss on this episode: 1:57 – Credit cards 4:52 – Buying bonds 8:02 – Check my balance 11:23 – Long-term investment 13:27 – Stock market crash 17:07 – Retire at 64
20 minutes | Jun 10, 2021
Ep 26: Learning Through Uncommon Sense
Common sense is actually quite uncommon, especially when it comes to financial planning. Here are some common sense money approaches you need to know. Read more and get additional financial resources here: https://makeretirementwork.com/1372/ep-26-learning-through-uncommon-sense/ What we discuss on this episode: 1:43 – Buy low, sell high 5:36 – Don’t pay more in taxes than you have to 8:47 – Keep costs low 11:11 – Don’t put eggs in one basket 14:06 – Marketing timing
18 minutes | May 13, 2021
Ep 25: Do You Really Need Life Insurance?
People often have questions about life insurance. It’s not a sexy topic, but it is an important one. We’ll explain why. Read more and get additional financial resources here: https://makeretirementwork.com/1350/ep-25-do-you-really-need-life-insurance/ What we discuss on this episode: 1:50 – Dirty word 3:33 – Do you need it? 4:48 – How much? 7:50 – Strategic uses 11:54 – Term, whole and universal
18 minutes | Apr 8, 2021
Ep 24: What Basketball Teaches Us About Retirement
On this episode of Make Retirement Work with Marc Werkmeister, we’ll explain how financial planning is like basketball. You might be surprised how much they have in common. Read more and get additional financial resources here: https://makeretirementwork.com/1331/ep-24-what-basketball-teaches-us-about-retirement/ What we discuss on this episode: 2:54 – Shot clock 6:08 – Double dribble 9:37 – Personal fouls 13:24 – Coaching
20 minutes | Mar 11, 2021
Ep 23: Mailbag - 401ks, Mutual Funds and Inflation
Today, we’re answering your most pressing financial questions about 401ks, mutual funds and inflation. Let’s jump into the mailbag. Read more and get additional financial resources here: https://makeretirementwork.com/1321/ep-23-mailbag-401ks-mutual-funds-and-inflation/ What we discuss on this episode: 2:41 – Can I leave 401k to son? 6:57 – Worry about inflation? 10:30 – Mutual funds 15:13 – Rental property
23 minutes | Feb 11, 2021
Ep 22: Are Alternative Investments Right for You?
Alternative investments like SPACS, crypto, and others have become very popular in recent years. Should you ignore them or jump on them? We’ll shed some light on what they are, how they work and whether they’re worth your time. Read more and get additional financial resources here: https://makeretirementwork.com/1283/ep-22-are-alternative-investments-right-for-you/ What we discuss on this episode: 2:50 – What are alternative investments? 4:00 – Cryptocurrency 9:02 – SPACs 11:48 – Real estate 15:40 – Private debt or direct lending 20:00 – Angel investing
22 minutes | Jan 14, 2021
Ep 21: What are the 3 Qualities of Money?
If you don’t know the answer to the question, then this episode is for you. On this episode, we’ll explore the three qualities of money, discuss whether you can achieve them in a single investment, and how to put the right emphasis on the different qualities. It’s really quite basic, but understanding these fundamentals can make an enormous difference in your financial life. Read more and get additional financial resources here: https://makeretirementwork.com/498/ep-21-what-are-the-3-qualities-of-money/ What we discuss on this episode: 0:58 – Starting the new year 2:49 – What are the three qualities of money? 4:14 – Can one single investment achieve all three? 5:36 – Qualities of cash 7:28 – Qualities of stocks, bonds and mutual funds 9:51 – Qualities of annuities 14:11 – Do people put an emphasis on one quality over the others?
14 minutes | Nov 5, 2020
Ep 20: Is Diversification for Suckers?
The idea of diversification is pretty common within financial planning, but how effective is the average investor at executing that strategy? Today we’ll talk all about diversification, what it means, and where the biggest issues arise. Read more and get additional financial resources here: http://makeretirementwork.com/466/ep-20-is-diversification-for-suckers/ What we discuss on this episode: 1:29 – A quote about diversification 2:09 – How does the average person define diversification 3:11 – How does Marc define it 6:07 – Do investors put enough emphasis on diversifying 7:36 – Can you be too diversified? 9:05 – Target Date Funds
20 minutes | Oct 8, 2020
Ep 19: Answering the Top 401K FAQs
Do you know all you need to know about your 401(k)? Find out in today’s episode of the podcast as we unpack some frequently asked questions. Read more and get additional financial resources here: http://makeretirementwork.com/462/ep-19-answering-the-top-401k-faqs/ What we discuss on this show: 1:17 - Is it a good idea to take advantage of free advice? 5:46 - Are 401(k) loans good or bad? 8:20 - When do 401(k) rollovers make sense? 10:36 - Should you do target date funds? 13:53 - Should you just get the match or max it out? 15:42 - Which is better: Roth vs. traditional 401(k)?
18 minutes | Oct 2, 2020
Ep 18: Challenges Facing Baby Boomers in Retirement
We’re all facing financial challenges in 2020 but the generation impacted the most might be the Baby Boomers because millions are entering retirement or already there. Today we’ll share the biggest financial concerns we’re hearing from clients and other people in that generation as they get ready to retire. Read more and get additional financial resources here: http://makeretirementwork.com/458/ep-18-challenges-facing-baby-boomers-in-retirement/ What we discuss on the show: 1:40 – The uncertainty of everything around us. 6:55 – Is your client base made up by a majority of that generation? 9:46 – Specific financial fears we’ve seen from Baby Boomers 12:08 – Tax liabilities in retirement 15:18 – Time horizons are getting shorter so take action.
19 minutes | Sep 24, 2020
Ep 17: Answering Your Financial Questions
This episode is all about you and the questions you have about finance. Join us as we go into the mailbag and talk about retirement spending, financial fallout from divorce, the upcoming election, taxes, and how much retirement savings you need. Read more and get additional financial resources here: http://makeretirementwork.com/452/ep-17-answering-your-financial-questions/ What we discuss on this show: 2:52 – Mailbag Question #1: I’m thinking I’ll spend a lot of money during the first few years of retirement and then not so much after five years or so. Is this normally how it works? 4:50 – Mailbag Question #2: I’m in my late 50s and recently divorced. I’m worried about what retirement is going to look like with one Social Security benefit and half the assets. Can you overcome divorce this late in life? 7:13 – Mailbag Question #3: Should I be investing differently with an election on the horizon? 12:14 – Mailbag Question #4: I’m getting a big tax return this year and have for a few years. Am I better keeping more money throughout the year? 14:49 – Mailbag Question #5: My husband and I always argue because I want to redo the kitchen and he wants to save more for retirement. How much is enough?
21 minutes | Sep 17, 2020
Ep 16: Financial Stuff You Should Know
Financial planning can get really deep and detailed but that’s not always necessary for everyone. There are, however, some essential financial items that everyone should be aware of when putting together a plan. Today we’ll list out five of those and tell you what you need to know. Read more and get additional financial resources here: http://makeretirementwork.com/447/ep-16-financial-stuff-you-should-know/ What we discuss on the show: 1:50 – Bonds and the Bond Market 4:44 – Tax Rates 9:25 – Living Benefits or Accelerated Death Benefits 11:35 – Risk 14:39 – Our own emotions get in the way
20 minutes | Sep 10, 2020
Ep 15: Hindsight is 2020 - Reflecting on a Busy Year
Even with a few months left in 2020, we’ve already experienced enough to last us a decade it seems. Along the way, we’ve learned quite a bit and looking back on that is a valuable exercise. Join us today as we reflect on a busy year and share what we know in hindsight. Read more and get additional financial resources here: http://makeretirementwork.com/441/ep-15-hindsight-is-2020-reflecting-on-a-busy-year/ What we discuss on the show: 3:42 – The coronavirus and the stock market 5:57 – Why diversification is important during times like this. 9:40 – Wish we would have known how much risk we had in our portfolio. 12:22 – Social Security options 15:14 – I might have retired too early.
22 minutes | Sep 3, 2020
Ep 14: Eye Opening Stats on How America Saves
How do you compare to the average American when it comes to saving money? Today you’re going to find out as we sort through the statistics from the latest Vanguard report. We’ll also see how the data compares with what Marc sees from clients. Read more and see the full Vanguard report here: http://makeretirementwork.com/435/ep-14-eye-opening-stats-on-how-america-saves/ What we discuss on this episode: 2:06 – Defined contribution plans are now used by 100 million Americans. 3:13 – 15% of plan participants use the catch-up contributions. 4:17 – Only 20% of plan participants use a Roth or after-tax option. 5:24 – Average number of funds offered in a plan is 17.4 but only 2.4 used. 8:00 – Contributions and employer match stats 11:31 – Average rate of return over the past five years. 13:30 – Leaving funds with a previous employer. 15:16 – 76% of participants were deemed to have a balanced strategy.
17 minutes | Aug 27, 2020
Ep 13: Let’s Scrutinize Your IRA
Let’s talk about scrutinizing our IRA. It’s a very popular choice for retirement, but are we being too passive about how we save and invest inside that account? Today we’ll talk about the pros and cons and make sure you’re getting the most out of your investments. Read more and get additional financial resources here: http://makeretirementwork.com/429/ep-13-lets-scrutinize-your-ira/ On today's show: 2:15 – 100% of IRA in the stock market? 4:14 – People don’t always know options, risk 5:54 – Does the same concept apply to 401Ks, 403Bs, etc.? 6:26 – Tax implications of moving investments within IRAs 8:21 – Converting to a Roth 9:00 – Are people still interested in Roths? 10:07 – Another push for Roths later this year? 11:57 – Mailbag: The rule of 100
18 minutes | Aug 20, 2020
Ep 12: How to Build a Strong Financial House
Putting together a financial plan is like building a house. You need a strong foundation to create the walls, roof and finishing touches. On this episode of the Make Retirement Work podcast, we give you step-by-step instructions to create a solid foundation and financial plan. Read more and get additional financial resources here: http://makeretirementwork.com/418/ep-12-how-to-build-a-strong-financial-house/ On today's show: 5:05 - The foundation = Your income plan 7:15 - The walls = Your investment plan 8:49 - The roof = Your insurance protections 11:05 - The finishing touches = Your estate plan 15:05 - Teaching kids about taxes
23 minutes | Aug 13, 2020
Ep 11: Q&A - Bonds, Real Estate and Other Financial Advice
Today’s show is all about you. On this episode of the Make Retirement Work podcast, we take your questions about bonds, real estate investments and other financial queries. Read more and get additional financial resources here: http://makeretirementwork.com/417/ep-11-qa-bonds-real-estate-and-other-financial-advice/ On today's show: 2:47 – Question 1: With so much market uncertainty, how do you feel about bonds? 5:37 – Question 2: What are your thoughts on REITs (Real Estate Investment Trust)? 10:57 – Question 3: Should I talk with my financial advisor about social security, life insurance or my legacy plan? 15:06 – Question 4: I’m 49 and want to retire when I’m 55. What should I do with my money for the next decade?
22 minutes | Aug 6, 2020
Ep 10: A Trivia-Filled History Lesson on U.S. Financial Institutions
From the Federal Reserve to the New York Stock Exchange to the U.S. Department of Treasury, how much do you know about our country’s largest financial institutions? We take you on a trivia-filled history lesson and explain how they impact our lives. Read more and get additional financial resources here: http://makeretirementwork.com/412/ep-10-a-trivia-filled-history-lesson-on-u-s-financial-institutions/ On today's show: 2:04 – What is the Federal Reserve? 6:41 – Most common role the Federal Reserve plays in our lives 8:23 – Trivia: How much U.S. currency is currently in circulation? 8:57 – What is the New York Stock Exchange? 12:08 – What is the S&P 500? 14:30 – What is the U.S. Department of Treasury? 16:40 – How does the Treasury differ from the Fed? 18:02 – Trivia: Why was the IRS created?
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