Providence Financial Retirement Show with Anthony Saccaro

We get a lot of questions lately about precious metals and whether or not it's better to invest in them vs. stocks in order to keep ahead of inflation. The good news is that inflation has come down recently for the first time in over a year, but the inflation that has already happened is here to stay.  What should we do to fight it? Are #gold and #silver better #inflation hedges than stocks? We st...

Are we back into a bull market or do we have a recession looming around the corner? There are many experts on each side of the coin. If we do face a recession in the coming years, how do we best prepare for it? Here are 8 steps to take:  1. diversifying (not just within an asset class, but among asset classes)  2. maintaining an emergency fund  3. focusing on investing for income  4. staying flexi...

Estate planning goes hand in hand with financial planning as part of a well-rounded strategy to ensure your golden years are as stress-free as possible. As an attorney specializing in estate planning, I often get questions on this topic from listeners and in this show we answer two of them.   1. Carl wrote in asking, "my Advanced Health Care Directive is over 20 years old, should I have it redone?...

We usually talk about must-do's in this show but today we'll list 3 negatives when it comes to #retirementplanning. Here they are:  - procrastinating and waiting until last minute to prepare for retirement - making snap decisions about important issues  - focusing on the bottom line Are you making any of these #retirementmistakes, and if you are, how do you fix them? Listen in to find out more.  >...

How do bond values and interest rates correlate with each other? In this episode, we answer this question in detail:  why #bonds go up when interest rates go down  what is the difference between direct and indirect ownership of a bond how does income #investing work why you can still count on the #income from your #investments when bond values are down  Listen in to find out more.  >>>>>>>>>>>>>>>...

Stocks, bonds and cash - how do you recession-proof your #portfolio against the recession which many expect? There's no guarantee that we will in fact go through a recession, but many experts believe we will. It's common for an economy to go up and down. A #recession is a slowdown in economic growth, where GDP is less than zero for a couple of quarters. Inflation ultimately will come down because...

If you have a Long Term Care insurance policy, how do you go on claim and access the benefits you've been paying for? What are the qualifications you need to meet in order to start claiming these benefits?  We'll start this podcast with a brief overview of #LongTermCare insurance. LTC is the #1 killer of a retirement plan because it's extremely costly. If you need to go into a convalescent facilit...

Are you highly confident in the retirement plan you have set up? If you're like most of the people we run across, you're probably a low or medium on the confidence scale. Some people don't even have any plan set up at all! Here are 4 questions you have to answer positively in order to be able to say that you're confident with your #retirementplan:  1. have you thought about how you'll practice you...

If you make too much money to contribute to a deductible #IRA or even a #Roth IRA, this episode may be of interest to you as we explain what a back door Roth conversion is and how it works.  Let's start with the definition: back door Roth conversion =  contributing non-deductible money to a traditional IRA and then converting it into a Roth IRA; when you do this in the same year, as long as you me...

In this show, we answer 3 questions that seem to come up frequently from listeners in recent weeks: 1. the US economy, China and what happens if the dollar becomes worthless 2. Social Security and the spousal benefit 3. if you inherit an IRA and a Roth IRA, do you have to take distributions Listen in for the answers.  >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  LET'S CONNECT Show website: https://www.provid...

The title of this podcast must be a rhetorical question, right?  Well, not necessarily. We recently met with an individual who has been following this podcast, and he has $10M in stock with $5.5M of it in UPS stock. He used to work for UPS, he loves UPS, he never wants to sell the UPS stock. The question is, if the market tanks, will his beloved UPS stock remain unchanged, or will is lose value li...

A stressful retirement is certainly nobody's goal, and in today's show we cover 3 reasons why retirement is harder for you than it was for your parents. There are many more pieces to the puzzle today, you have to make more choices and have the opportunity to make more mistakes; and this alone creates more stress.  Reason #1: Social Security; your parents only had one choice - to retire at 65 and t...

If you have a retirement account and have been thinking about doing Roth conversions, you may want to listen to today's show as we answer 2 questions:  - should I convert all of my retirement accounts? the answer is No, you probably don't want to convert all of them - are there any reasons why you should not convert to a Roth? the answer is Yes, there are actually 3 reasons - listen in to find out...

This is a rhetorical question, right? Or is it?  Retirement accounts are any IRA, 401(k), 403(b) SEP IRA, simple IRA or other employer-sponsored retirement accounts - any type of pre-tax account.   You put money into them pre-tax and postpone the tax; you save the tax dollars now but have to pay them later when you make your withdrawals. That's the first perceived benefit.  The second perceived be...

We have a special extended edition of the podcast today as we replay our most recent client Q&A webinar. These quarterly webinars are a great opportunity to keep our clients up to date with what's going on with the market, as well as for them to ask the questions that are on their mind.  Here are just a few of the topics we covered in this webinar:  China and whether its currency will take over th...

Retirement can be quite uncertain, and uncertainty creates stress. If you don't have a plan to save for #retirement, or have saved enough money but are afraid to spend it because you fear you'll run out -- that's stressful. We don't know when we're going to die, we don't know how high #taxes are going to go, we don't know where politics are headed or if Social Security will be around much longer....

What is ESG investing? Put simply, it's "socially responsible investing". There are money managers who invest in companies that are deemed "socially responsible" and which do not harm the social environment. But ESG is more than not investing in companies you don't want to support; it has morphed into more of a political investing environment which is being used to push the leftist agenda.  ESG =...

Are you driving the wrong way on a one-way street? Reverse dollar cost averaging is the equivalent of this when it comes to planning for retirement. Why? Because you're going in the wrong direction financially and that can be deadly for your portfolio. What is reverse dollar cost averaging? When you get to retirement, you're not putting money into your portfolio periodically anymore; you're actual...

As an Ed Slott Master Elite IRA Advisor, I was recently asked by his team to write an article comparing annuities and IRAs. We'll start by defining what an IRA is (hint: it's not an investment in itself). We'll then talk about annuities as investment vehicles, and how to use them both inside and outside of an IRA, along with the advantages and disadvantages of both.  Listen in to find out more.  E...

- Long term care  - Losing money in your #investments  - Running out of money  These are the 3 most common fears we hear from clients and listeners as they plan for #retirement. Some of them are fearful and don't know even know it. How is that possible? Listen in for an interesting case story. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  LET'S CONNECT Show website: https://www.providencefinancialpodcast.com...

If you have a #retirement account such as a pre-tax #IRA, #401(k), #403(b) or any other type, and you're normally used to giving to charity, then you'll want to pay attention to this show because it could save you thousands of dollars just by following the one single tip we're going to give you.  So what exactly are Qualified Charitable Distributions (QCDs)? About 10 years ago, Congress enacted a...

What is the single most important thing someone needs to do to make sure they have a successful retirement? Unfortunately, the answer is not as simple as one may hope. There is no silver bullet for a successful #retirement. The best answer I can give is, you have to know how to retire. Just like you need to have the knowledge to be successful in a career, you have to have the knowledge to be able...

Silvergate Bank, Signature Bank and Silicon Valley Bank - they all went bankrupt within a few weeks of each other. Why did that happen? We answer in today's podcast, and we also cover the 4 reasons why your indexed and fixed #annuities are safe despite these recent bank failures:  insurance companies have very high capital reserve requirements compared to banks insurance companies are backed by th...

What are April Fools? They're basically myths or lies which someone gets you to believe for a brief moment but which turn out to be false in the end. They can be funny or the exact opposite - scary. What are some of the myths some people believe when it comes to #investing for income in #retirement? In this show, we cover 3 of them:  Getting a higher average return is better than getting a lower s...

Annuities are insurance products investors often consider when they plan for #retirement. They are tax-deferred savings products but some come with a variety of fees and expenses, such as surrender charges and administrative fees, and different investment risk levels. There are 3 main types of annuities: fixed variable indexed  In this show, we will focus on indexed #annuities as a viable retireme...