Providence Financial Retirement Show with Anthony Saccaro

Here's part 2 of our mini-series focusing on creating a seamless transition between the working years and retirement. Just like any new habit or routine, retirement can take a while to adjust to. Listen in if you, like many, are secretly (or even openly) more scared to retire than you are excited.  >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  LET'S CONNECT Show website: https://www.providencefinancialpodcast...

Retirement is something most of us are going to do only once. It's basically breaking the habit of working, of the same routine we've been doing for 30-40 years. This is what our comfort zone is until we retire. There's a psychology behind breaking a habit, a routine or a comfort zone. In this show and the next, we will go over a few tips about how to make the transition between working years and...

To piggyback on my previous podcast about the possibility of a recession, I'm dedicating this episode to a discussion about what makes a strong economy. Here are 4 points we will consider:  low unemployment rate steady inflation stong consumer confidence healthy GDP growth Listen in.  >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  LET'S CONNECT Show website: https://www.providencefinancialpodcast.com Find us a...

It's been about a year and a half now since talks of recession first started; the economy seems to be doing relatively well and many are wondering if we're out of the woods or if a recession could still be possible. Here are 4 things to consider:  gross domestic product and economic contraction rising unemployment  declining consumer confidence  inverted yield curve  Listen in.  >>>>>>>>>>>>>>>>>>...

If you don't have a plan for retirement, you're undoubtedly going to live your golden years under stress. In this show, I give you 5 reasons why investing for income and planning ahead can keep your retirement stress-free:  1. a steady income stream to count on  2. reduced market risk  3. inflation protection  4. longevity risk mitigation  5. simplicity and focus Listen in. >>>>>>>>>>>>>>>>>>>>>>>...

Many listeners think that in order to invest for income they need to invest more aggressively. In fact, the exact opposite is true. Investing for income is more conservative than being invested for growth - and if you're in retirement, that's a win-win: you need income and you need to protect your portofolio from losses since you're not adding to it anymore like you did in your working years.  Her...

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 benefit is that you get tax deferral on that money...

When someone retires in a household, there's a lot of adjustment needed which can become a new source of stress that the marriage has never experienced before. In this show, I cover 4 issues that couples need to be on the same page about as they plan towards retirement:  1. adjusting to a fixed income  2. disagreement on spending priorities  3. different retirement visions  4. risk tolerance and i...

It's hard to believe that Thanksgiving is just a week away, and as we get closer to the end of the year it's time to be thinking about what we need to do to be tax-efficient. In this show, we cover 5 tax considerations and some of them have deadlines so pay close attention:  harvesting tax losses and gains Required Minimum Distributions (RMDs)  Qualified Charitable Distributions  Roth IRA conversi...

How do you know when it's time to hire a financial advisor? If you know how to diagnose a financial problem but don't know how to handle it, you might consider hiring an advisor. The engineer-types who think they can handle it all may also benefit from considering a second opinion. Interestingly enough, our firm has more engineer clients than any other type of profession. So are you a DIYer or do...

Historically, annuity companies do really well when interest rates are high. At the moment, interest rates are almost at the same level as in 2008. Annuities that are being offered today are much better than those offered 10 or 15 years ago, and for this reason many of our clients have benefited from an annuity upgrade recently. Does an upgrade make sense for your annuity?  We start today's podcas...

When you're headed towards retirement, you have an accumulation plan. Once you retire, you should make the shift towards a distribution plan.  Switching to investing for income can be difficult if all you've been doing for decades is investing for growth.  In this episode, I'm going to use a farming analogy which you might find very helpful in understanding this paradigm shift. Listen in.  >>>>>>>...

When you're uncertain about something, you're going to have stress.  In this show, we'll bring to the table 5 things that can cause more stress than necessary when preparing for retirement.  health care costs inadequate investment planning no retirement income plan longevity  unknown tax implications  Listen in.  >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  LET'S CONNECT Show website: https://www.providencef...

Halloween is just around the corner and I couldn't pass up the chance to talk about 5 real life scary financial stories. These people didn't know they were in trouble and that's precisely what hurt them. Listen in to find out if you might unknowingly be making the same mistakes.  >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  LET'S CONNECT Show website: https://www.providencefinancialpodcast.com Find us at: ht...

New money is money earned while you're still working and saving in your retirement accounts whenever you get paid.  Old money refers to the investments you already have.  One of the biggest mistakes I see as a retirement planner and financial advisor is not differentiating between how one invests new money compared to old money.  Because they should be invested differently. Listen in to find out h...

Are you on the brink of retirement and maybe starting to get a little bit nervous? If so, it's important to know that you're not alone. I just recently spoke with a brand new client of ours that I had met three or four months ago. He decided to become a client based on our communications and the fact that we can help him retire and he's going to be retiring in December. And four months ago when we...

Retiring well is all about having enough income. Here at Providence Financial we focus on investing for a lasting income you can count on, without any worry that it will ever run out. Once in a while we'll get questions about investing in real estate and how that might fit into one's retirement plan. We also get people who want out of the headaches which can come with investing in real estate, suc...

In this show, we talk about 3 mistakes retirees make when setting up a retirement plan or following through with it.  1. they procrastinate too much  2. they make snap decisions about very important issues  3. they look at the bottom line too often Are you making these mistakes? Listen in. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  LET'S CONNECT Show website: https://www.providencefinancialpodcast.com Find...

Here we are, episode #300 today! A special milestone that I wanted to mark by thanking all of you who have been loyal listeners over the past 4 seasons. I hope that you're finding value in this content and are using it to help you navigate your own retirement waters in a less stressful way.  I thought about what I'd like to share in this episode and the one word that came to mind was this: predict...

Depending on your mindset going into retirement, your golden years can be very fulfilling and full of excitement, or they can be stressful and full of anxiety.  In this podcast, I cover 7 points that will help you prepare for retirement so you can actually enjoy it rather than live year by year in fear of running out of money, out of health or both. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  LET'S CONNECT...

As a financial advisor for over two decades, one of my core beliefs is that you need to put yourself in a position to win no matter what phase of life you're in or what cards you're dealt by the economy or the markets. What strategies can you implement to maximize your hard-earned dollars in the three main life phases?  the accumulation phase the pre-retirement phase the distribution phase Listen...

This show is geared towards those of you who are truly concerned about running out of money during retirement. From creating a budget to changing your investment strategy from growth to income, we cover 9 ways for you to maximize your savings to last through retirement. Listen in.  >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  LET'S CONNECT Show website: https://www.providencefinancialpodcast.com Find us at:...

In this show, I'll cover the top 7 mistakes I've seen in my 20+ years of experience working with people of retirement age. Based on some of the chapters of my book, "More Life Than Money - How Not To Outlive Your Savings", here's what we'll talk about:  incorrect IRA conversions missed required minimum distributions not maximizing tax deductions  being invested wrong for the current phase of life...

In this show, I tackle 4 questions received from our listeners:  1. variable annuities  2. reverse mortgages  3. Roth IRA conversions  4. short-term CDs Listen in.  >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  LET'S CONNECT Show website: https://www.providencefinancialpodcast.com Find us at: https://www.providencefinancialinc.com Get to know Anthony: https://anthonysaccaro.com Anthony's book: https://morelif...

"I realize I'm taking a little more out of my portfolio than I'd like, but there's probably enough money to last me through retirement."  "I'm regularly spending a little more than I should but I'm sure it will work out."  These may sound like minor mistakes, but over time they can add up. At 85 or 90 years old, if you make a financial mistake, chances are you will be fine; but if you make that sa...