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Ben Schrock and Dan Oaklief from B.A. Schrock Financial Group talk about incorporating 403(b)s into your retirement plans in episode 69 of The Unlocking Your Financial Future Podcast.  In this episode, Ben and Dan discuss:  Why most teachers don’t know that they have the option of a 403(b). The different options you have to use 403(b)s. How you can enroll in a 403(b).  Why you might want to use a 403(b) and why you might want to avoid it. And more...

Ben Schrock and Dan Oaklief from B.A. Schrock Financial Group talk about 403(b)s in episode 68 of The Unlocking Your Financial Future Podcast.  In this episode, Ben and Dan discuss:  How Dan walked a client through the changes in the pension system and made it possible for her to be able to retire on time. Why 403(b)s are becoming more important. Why 403(b)s are overlooked and why you might want to consider them.   The changes made in the pension system that made 403(b)s more attractive in Ohio. And more...

Ben Schrock and Dan Oaklief from B.A. Schrock Financial Group talk about State Pensions in episode 67 of The Unlocking Your Financial Future Podcast.  In this episode, Ben and Dan discuss:  Why you should be careful when electing your pension. Common misconceptions around pensions.  The different options for pensions and what might make sense depending on your position. And more...

Ben and Kaitlin from the B.A. Schrock Financial Group talk about Social Security in episode 65 of The Unlocking Your Financial Future Podcast.  In this episode, Ben and Kaitlin discuss:  The “elephant in the room”, will Social Security run out? Recent changes to Social Security The potential future changes to Social Security and how they might affect your retirement  And more...

Ben and Kaitlin from the B.A. Schrock Financial Group talk about Biden’s proposed changes to 401(k)s in episode 65 of The Unlocking Your Financial Future Podcast. In this episode, Ben and Kaitlin discuss:  The difference between tax deductions and tax credits Biden’s proposed tax credit How this might change your tax minimization strategies And more...

It’s time to test your financial buzzwords knowledge. You’ve probably heard a lot of this jargon at some point, but do you know what it actually means? Let’s try to provide some clarity on this episode.     Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-64-do-you-know-what-these-financial-buzzwords-mean/    What we discuss on this episode:  2:02 – The inverted yield curve 4:59 – Earnings guidance 6:51 – Core CPI 8:39 – Stop loss 10:31 – Mailbag: Roth conversion with a high income? 11:36 – Mailbag: Thoughts about annuities and hedge funds

On this episode of Unlocking Your Financial Future with Ben Schrock, we’ll share five important questions you need to know to prepare for retirement. Let’s see how well you know your finances.    Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-63-are-you-prepared-for-retirement-take-this-quiz/    What we discuss on this show: 2:37 – Do you know how much you actually have? 4:08 – Do you know how much you’re spending? 5:33 – Do you know how much risk you actually have? 7:23 – Do you know what you’re paying in fees? 8:37 – Do you know what your retirement income stream will actually look like? 10:08 – Using a financial advisor

You know the saying, “The customer is always right.” Well, that’s not always the case in the financial world. On this episode of Unlocking Your Financial Future, we explain why you should rely on your advisor’s expertise.   Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-62-in-the-financial-world-the-customer-isnt-always-right/    What we discuss on this show:  1:26 – Headline: Lawmakers propose 3% Social Security COLA 4:23 – Now is the time to get in or out of the market 5:57 – This is what I want to invest in. I want you to pick the exact funds. 6:53 – I don't need a will, life insurance, long-term care insurance, etc. 8:37 – Feelings about fees 9:53 – I don’t know if this plan is going to work

No matter how you feel about the 2020 election, it’s best to stay calm when dealing with your financial future. On this episode of Unlocking Your Financial Future, we explain how to handle retirement planning after an election.      Read more and get additional financial planning resources: https://www.baschrock-fg.com/podcast/ep-61-election-update-what-does-it-mean-for-financial-planning/    What we discuss on this show:  1:37 – Questions from clients 2:55 – How the market has reacted 4:35 – Why the market has been strong 6:41 – Will the market stay solid in 2021? 8:05 – Tax implications 9:46 – Taxes will go up sooner or later 10:54 – Interest rates 12:12 – Planning opportunities

On this episode of Unlocking Your Financial Future, we answer your questions about inheritance, investing, income and much more.   Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-60-mailbag-answering-your-questions-about-inheritance-investing-and-income/    What we discuss on this show:  2:39 – I’m worried my son will blow this inheritance 4:27 – I heard I can get half of my ex-husband’s Social Security benefit. 5:56 – Is my 401K income estimate accurate? 7:52 – Should I buy a car or invest this money? 9:34 – Is $250,000 enough for long-term care insurance? 10:54 – I’m worried about the market. Should I move it all to cash?

Most people have a 401K or other retirement plan, but it’s not as simple as contributing money and collecting it when you retire. There are a lot of decisions you can make about investments, loans, rollovers and more. On this episode of Unlocking Your Financial Future, we answer some frequently asked questions about 401Ks.   Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-59-frequently-asked-questions-about-401ks/   What we discuss on this show:  1:51 - Should I accept 401K advice from my company? 3:34 - Should I take out a 401K loan? 5:47 - Are 401K rollovers a good idea? 8:00 - Should I use target date funds? 10:40 - Should I take my company match or contribute more? 12:06 - Should I do a Roth 401K?

We’re talking specifically to Baby Boomers on this episode. What are the most common challenges, fears and goals of this generation? What are some of the mistakes Boomers often make and how can they be avoided?   Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-58-baby-boomer-common-retirement-mistakes-and-concerns/    What we discuss on this show:  3:04 – Challenges of Baby Boomers 5:40 – How often do Baby Boomers have to worry about children living at home? 7:35 – Baby Boomers’ fears and concerns 9:00 – What mistakes do Baby Boomers make? 10:46 – Why don't Baby Boomers take buyouts?

On this episode, we share five commandments that should be written on stone tablets in your retirement plan.   Read more and get additional financial planning resources here: https://www.baschrock-fg.com/podcast/ep-57-five-financial-commandments-to-follow/    What we discuss on this show: 2:36 – Thou shall not compare your investments to the stock market without the proper context 5:13 – Thou shalt not give up before giving your strategy enough time to play out. 7:15 – Thou shalt not chase big returns too late in life. 9:08 – Thou shalt not ignore costs and fees. 10:37 – Thou shalt not overlook the importance of rebalancing and diversifying.

Is $8 million the new target for retirement? We found an article that points to that idea so we’ll share our thoughts about how this impacts planning on today’s podcast.    Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-56-is-8-million-the-new-target-for-retirement/    What we discuss on this show:  1:51 – Financial Samurai blog 3:22 – Where did the 4% rule come from? 4:47 – Will you need $8 million? 6:32 – Balancing your portfolio 9:05 – Other ways to supplement income 11:11 – Let’s look at some positives 13:16 – Mailbag: Will I spend more money in the first few years of retirement? 15:02 - Can I overcome a divorce financially in my late 50s?

Financial decisions are a lot easier with the benefit of hindsight. Here are some common mistakes people have made this year and how hindsight could have helped them in 2020.   Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-55-hindsight-20-20-five-common-financial-mistakes/    What we discuss on this show: 2:09 – Getting out of the market 5:20 – Not knowing your risk factor 8:39 – Not knowing your social security options 11:04 – Not putting money in a Roth IRA 12:28 – Retiring too early and going back to work

Just like technologies change and become outdated, so do some retirement planning strategies. Let’s look at five financial strategies that have become obsolete.   Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-54-five-outdated-financial-strategies/    What we discuss on the show:  2:55 – 4% rule 4:27 – 10/5/3 rule 6:22 – Move money from stocks to bonds as you get older 7:44 - $1 million retirement target 9:42 – Needing less money in retirement 11:52 – Mailbag: Should we invest differently based on the election? 14:42 – Mailbag: Should I buy gold coins, gold bars or no gold at all?

Clients often ask us about their house (or houses) and how they fit into retirement plans. From downsizing to rental properties to interest rates, let’s explore some of the top retirement questions as it relates to all things housing.   Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-53-common-housing-and-retirement-questions/    What we discuss on this show:  2:15 - Pay off the house early or slowly?5:01 - Downsize to a smaller home at retirement?7:27 - Is rental property a good idea for creating income?10:50 – Complications with real estate legacy plans?12:48 – Mailbag: Redo kitchen or save more for retirement?

How do I handle finances in a second marriage? Should I cash out my old life insurance policies? Is the Rule of 100 a good thing? Let’s dive into the mailbag and answer these and other questions.   Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-52-mailbag-second-marriages-life-insurance-and-the-rule-of-100/    What we discuss on this show:  1:37 – Forced into early retirement 3:12 – Rule of 100 4:29 – Finances in a second marriage 5:49 – Which account should I withdraw from first? 7:55 – Should I cash out life insurance? 9:56 – Can I retire early?

We all want to live a long life, but that can be risky financially. On this week’s episode of Unlocking Your Financial Future, Ben explains the risks and why it’s an awkward conversation to have with clients.   Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-51-why-living-long-can-be-risky-financially/    What we discuss on this episode:  1:51 – Off-topic conversation: 30-year mortgage rates are low 4:24 – Living long a bad thing? 5:12 – Oldest client 5:55 – Longest living person in Ben’s family 7:56 – Why is it risky living long? 9:27 – How average people address these challenges 10:24 – Story about Ben’s client 13:00 – Contact Ben

You’ve heard advice about how to improve your finances and prepare for retirement, but what about mistakes? On this week’s episode of Unlocking Your Financial Future, Ben shares five ways you could be ruining your retirement.   Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-50-5-ways-to-ruin-retirement/    What we discuss on this episode:  2:37 - Treating retirement as a destination 5:15 - Believing retirement will solve all your problems 6:38 - Assuming your monthly spending habits will be same 8:58 - Not staying active in retirement 10:23 - Investing like you’re 35 years old