Providence Financial Retirement Show with Anthony Saccaro

In this episode, we answer a few questions that some of you have called in with.  First, we'll talk about the best way to handle #RothIRA conversions so that the income from your portfolio pays the tax due.  Second, we cover the best investments that will be able to keep pace with #inflation.  Finally, are #annuities good for #retirement? Listen in to find out.  >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  L...

Inflation is currently at 6.4% and the FED has made it clear that they're going to do what it takes to fight it and get it down to 2%. Personally I think this will take a couple of years and in the short run we can still expect high #inflation. How do you keep pace with it in the short run, and in the long run?  In the short run, the answer is simple: you don't. There's no #investment out there th...

I recently had one of the longest client meetings in my career (almost 3 hours long) with a couple whom we'll call "Joe and Shirley". Throughout their entire life they had shrunk down their goals little by little to meet their income until they had completely lost their dreams. I spent almost the entire meeting showing them how they can build their dreams back up again because as it turns out they...

In this show, I'm going to put #retirement in a different perspective than maybe you've thought about. When you're in your 20s or 30s, it's all about the money. "We're never going to die" is the thought, so we're not giving time much thought. On the other hand, if you're over 65 and on the brink of retirement, is it more about the money or about the time? How many more go-go years do you have left...

Recently, I had the opportunity to be invited to participate in ringing the #ClosingBell at the New York Stock Exchange. Even though it was a big honor, I couldn't help but make the mental comparison between #stockbrokers and cheerleaders. When you think about cheerleaders, they root for their team no matter how the team is performing. They may be being clubbered by halftime but the cheerleaders k...

If you're selling shares every month to pay the bills, does a #stockmarket drop hurt you or help you? It hurts, of course. If the market is down by 50%, you now have to sell twice as many shares as before and you're cannibalizing your portfolio even faster. Dollar cost averaging is a one way street. When the market is down 50% and you're buying stock, that works in your favor; but when you're sell...

Having the right mindset when it comes to saving for #retirement is critical. For decades, you may have been focused on #investment growth with little regard for the possibility of losses. As you hedge closer to retirement, that can be a deadly strategy that you just can't get away with anymore.  The absolute key to security in retirement is #income. A steady, month after month, market-proof incom...

As a #retirementincome specialist, I talk often about why #investing for income is a winning strategy when it comes to planning for #retirement. What exactly is investing for income, and why is it superior to investing for growth - especially when the #stockmarket is in a downward trend and accounts are losing value?  When you're invested for growth, it's all about the share price; if your balance...

For the last year, the number 1 concern on people's minds has been #inflation. It's important that an economy has some inflation, but you don't want it to be too high. However, you don't want it to be too low either. Somewhere around 2%-3% is good. But inflation has crept up to the mid 6% which is way too high. In this economic environment, I often get asked these 2 questions:  - should I sell my...

Since short-term CD rates are pretty attractive right now, some of you have called to ask if it's a good idea to buy a CD. In this show, we'll talk about why you may not want to give in to that temptation.  So, if short-term CDs are not a good idea, what's a good alternative? To answer this, we need to talk about interest rates and where they're headed. Listen in.  Show website: https://www.provid...

Got your thinking caps ready? Time for some investment math: Total Return = Income + Growth When you invest for growth, it's all about capital appreciation and your entire goal is to buy low and sell high. You could make a lot of money, but you could also lose a lot of money. When you invest for income, the value of your portfolio doesn't matter. You're investing for the interest and dividends tha...

In today's show, we're airing a recent podcast I was interviewed on for Money Life with Chuck Jaffe . As a former Senior Columnist for MarketWatch for 14 years, Chuck is the host of a daily daily financial talk show focusing on investing, handling, managing, planning for and protecting your money. In our conversation, we addressed topics such as the number one concern of retirees and how do you kn...

In light of what is going on with the market today, what's the best way to set up your retirement plan? In this show, we cover 3 steps you must take to ensure your success in retirement and beyond:  strategy preparation execution  Listen in for practical ways to implement these steps, whether you're close to retirement or still have a couple of decades to plan.  Show website: https://www.providenc...

Our biases tell us that we think we know certain things - but our biases are often wrong. In this episode, I share the powerful story of a client whom we'll call "Sharon" who has some tough medical and life issues going on. When I met her a few years ago, her plan was to retire in Alaska, but due to health challenges and lack of care there, that plan is not feasible anymore. The financial componen...

My book, "More Life Than Money - How Not To Outlive Your Savings", is scheduled to hit Amazon and bookshelves nationwide this Tuesday, February 7. This show is a sneak peak into the book and the topics covered, with the goal of helping you prepare for retirement because what you don't know CAN hurt you down the road. Listen in for a preview into the various chapters of the book; my promise is that...

What is a pension? Many people are surprised to find out that it's not a 401k or 403b. A pension is an employer-sponsored plan that is designed to provide an income stream for life - and by definition, that's an annuity. In this episode, we discuss 5 things you need to take into consideration when deciding the best way to take your pension (unless you're a teacher or government worker, in which ca...

Correlation is a concept that refers to how things relate to each other: things that are correlated move in the same direction, and vice versa. Listen to this show to find out how this applies to stocks, bonds and cash and the way their respective values correlate with each other (or don't). You'll learn about what happens to bonds when stocks are doing well, when the best time is to have more mon...

For anything in life, there's a potential range of outcomes - and it's no different with retirement. What you do early on to prepare will determine the outcome. If you're invested properly, you will reap the reward of never having to worry about income after you stop working. Many people however stay invested for growth until after they retire and end up eating their chickens, not the eggs - canni...

The longer you have until you retire, the more you can afford to make mistakes. But if retirement is just around the corner for you, the margin for error is much smaller. In this show, we talk about some common mistakes I see which can turn out to be quite costly in the end, from regularly taking just a little too much money out of your portfolio to relying upon an unrealistically big return on in...

At the beginning of the year, Congress passed the Secure Act 2.0 which brings about some changes regarding IRAs and employer-sponsored retirement plans. Some of these changes are exciting, others - not so much. One of the main changes has to do with using Required Minimum Distributions to fund charitable donations, and the tax ramifications this entails. Listen in if you have an IRA or employer-sp...

401(k), 403b, 457 and other types of retirement accounts usually have either the traditional IRA option or the Roth IRA option. What's the difference between the two? It has to do with when you pay taxes. In a traditional retirement account, you're going to put money into it today without paying any taxes, and you're going to pay taxes on any amount you will withdraw from it at a later point. With...

I often find that the Social Security Spousal Benefit is not only a missed but also a misunderstood benefit. It is often confused with the Widow's Benefit, but the Spousal Benefit is actually available to you while you are still living as long as you have been married for more than 10 years. Little known-fact: even if you are now divorced but you were married for over 10 years, you can still take...

Even the most successful leaders and athletes have a coach. As a matter of fact, the more successful you are, the more likely it is you didn't get there without a coach, and you won't move forward without one. It's no different when it comes to retirement. Many DIY warriors may do ok during the first phase of life (the accumulation phase), but not so great when it's time to move on to the distribu...

When it comes setting goals, it's smart to be SMART about them. What do I mean? If you haven't heard the acronym, here's what you need to aim for when you set your goals, and how each of these features applies to finances and retirement:  - S pecific  - M easurable  - A chievable  - R elevant - T ime-bound  Show website: https://www.providencefinancialpodcast.com Find us at: www.providencefinancia...

Welcome to 2023! Perhaps there's no more fitting topic to start the year with than New Years resolutions. In this show, we discuss the 5 most important resolutions any retiree or preretiree should make as we head into 2023:  1. reasses how much risk you're willing to take  2. reasses the investments in your portfolio ("retirement risk assessment")  3. set personal, specific goals regarding what yo...