Providence Financial Retirement Show with Anthony Saccaro

When it comes to retirement planning, one of the key questions people often grapple with is whether to keep things simple or embrace a more complex approach. Both strategies have their merits, but the right choice largely depends on your individual circumstances, goals, and comfort level with financial matters. A simple retirement plan typically involves basic strategies such as saving a percentag...

"I have a 401(k) and I'm retiring very soon. What factors should I consider when I think about whether or not to roll it over?" This is a recent question we received from our listener Andrew. A few years ago, it became quite popular for companies to allow in-service withdrawals. There are arguments on both sides and, just like for any other financial decision, there are many factors to consider, t...

This week's podcast is all about annuities. An investment vehicle that's popular with retirees because they're designed to give a steady stream of income that will last for life, annuities are also controversial - some of you hate them, some of you love them. Certain types of annuities have become a lot more popular lately because interest rates have gone up, so these types of annuities will give...

Last week marked 25 years since I got started in the financial planning business, on July 17, 1999. You know what they say about experience, right? It's something you don't get until just after you need it. Fortunately, with 25 years under my belt, I have plenty of it and for this week's show I've picked 5 lessons and 5 client stories to share with you; some of them are quite riveting, so hang on...

I've done quite a few interviews recently and the main questions always seem to be: where are we now when it comes to the economy, where are we going and how can we protect ourselves. My answer usually starts with inflation which has been hot but is finally showing signs of cooling off - not by a lot but we'll take whatever we can get. I explain why we have inflation in the first place and also co...

In today's show we're going to answer a few listener questions:  - Debt in retirement (the goal is to be debt-free, and that includes your mortgage)  - Required Minimum Distributions (how to avoid the largest tax in the IRS tax code)   - Life insurance (do you need it and how much do you need depending on your risk class)  Listen in. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  LET'S CONNECT Show website: ht...

This week's show is a bird's eye view of various sources of income you can take advantage of during retirement as you strive to maximize your savings and make them last as long as you do. We cover:  - Social Security  - investing for contract  - real estate investment trusts  - preferred stocks  - bonds  We also take a few minutes to explain what being an income advisor as a specialty means and wh...

How does Long Term Care insurance work? If you're in the camp that thinks, "I don't need it", you may simply not know enough about it yet, especially when it comes to the newer types of policies available.  Life Insurance on the other hand is thought of by most as a "necessary evil" - but as you'll find out after this show, it's actually a wise piece of the puzzle in any sound financial portfolio....

"What will the Federal Reserve do with interest rates in the near future and how will it affect my retirement?" This seems to be the question on everyone's mind lately, as news reports about the state of the economy come out seemingly weekly. The problem is, the leading authorities are great at spinning these reports in whatever way suits them best.  Apparently, the FED is getting inflation under...

Why is it so important to generate income through interest and dividends rather than through the withdrawal method? In this show, we explain the difference between the income method and the withdrawal method (selling shares). If you've been following our show for any length of time, you can probably guess which method we highly favor over the other. Listen in.  >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  LE...

How do you have a successful retirement? I've been a financial advisor for a quarter of a century and I've met many happy and fulfilled retirees, but also many who are not so happy and are even miserable.  When people retire and they don't have anything to retire for, they frequently end up passing away early. It's because they have nothing much to live for anymore. A successful retirement is not...

As a general rule, being proactive is better than being reactive. While there are certainly situations when waiting is the wise thing to do, there is a difference between that and procrastinating on what we already know we should be doing. That's definitely true about finances and especially as it relates to setting up a proper strategy to invest for and secure your retirement. In this show, we'll...

You may have never given much thought as to how many of your decisions are made based on biases that are mostly unconscious. How you look at life is based on your biases and preconceived ideas that help you form your opinions which in turn lead to your actions.  In this week's show, I cover 10 hidden biases related to your finances and your retirement. Listen in. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> ...

I've been an advisor for 25 years and I'm also an estate planning attorney who's prepared thousands of estate plan portfolios. You've probably heard me say that no financial plan is good without an estate plan.  You can do a great job building up your nest egg during the accumulation phase, then switching to income investing during the retirement phase to make sure you never run out of money. But...

"What if I need my retirement money early?" As a general rule, I recommend that people roll over their 401(k) into an IRA at 59 1/2 or whenever they can; but there are cases in which it may be beneficial to leave the money in the 401(k) or withdraw it early: disability, financial hardship, being called up as a reservist, or even becoming a first-time home buyer or paying for higher education. But...

When should you actually start planning for retirement? If you're 10 years away from it, is it too soon or is it too late? It's not uncommon for someone to call us and say they're retiring within a few months and they don't want to make any mistakes.  Over the last 25 years, we've had two major market crashes at around 50%. We have not had a crash in 15 years. If you wait until the last minute to...

It's all about income on today's show: we're going to talk about ways that you may be wasting money during retirement or may be leaving money on the table through unclaimed benefits you're not taking advantage of or investment strategies you're not aware of.  Some people have actually saved enough money where they can retire with as much income as they need; most of you may not be able to do that...

If I blew out my knee, I certainly wouldn't trust myself to fix it. I'm not a doctor, I'm a financial advisor. I'd try my hardest to find the best doctor who could diagnose and fix my knee.  When you're younger, you can afford to make mistakes because you have more time to overcome them. When you're older, you can't afford to mess up anymore; you may have done a great job of growing your portfolio...

Are you taking too much risk within your investment portfolio depending on the stage of life you find yourself in?  In this week's podcast, we talk about good risk and bad risk and the difference between left and right brain investing (sounds a bit woo-woo but stick with me). Good risk is the risk of volatility. Bad risk is the risk of loss and it usually occurs when you're not diversified enough...

Is permanent life insurance a good investment?  Do I really need long term care and is it a good idea?  What can I do if I'm starting to invest for retirement late in life?  We'll tackle these questions, plus a few more from your listeners, during this show. Listen in.  >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  LET'S CONNECT Show website: https://www.providencefinancialpodcast.com Find us at: https://www....

Our mission for this show is to help you live a stress-free retirement; and few things create more stress and confusion for pre-retirees than Social Security. Since they don't know whom to turn to for advice, they often make hasty decisions that cost them tens of thousands over their lifetime. When should you take Social Security and what is the best way to take it? We'll give answers and strategi...

If you're retired, you may be wondering if mutual funds and ETFs are appropriate for you to invest in retirement. You may also wonder what the difference is between them (hint: there are more similarities than there are differences).  Mutual funds are actively managed by fund managers who make decisions about which assets to buy and sell within the fund. Investors buy shares directly from the fund...

My dad used to often say to me, "It's not what you earn, but what you keep that matters." In this show, we'll talk about several strategies that can help you maximize how much you keep of what you earn.  We'll then go on to discuss potential pitfalls of investing in mutual funds and the benefits of individual bonds, particularly as you approach retirement. We'll also explain the difference between...

It's no secret that inflation has been high - let's talk about which investments can best act as a hedge against it. We'll start with investing for income, then we'll cover bond and bond alternatives, dividend stocks and even real estate.  Our weekly listener questions will feature gold, Bitcoin and TIPS (treasury inflation protected securities).  We end this show with discussing the importance of...

If you have a 401(k) and are wondering whether or not you should leave it there or roll it into an IRA, you're going to want to listen to this show. There are valid points on both sides of the argument and we'll make sure to cover them.  About two decades ago, it became popular for companies to allow in-service withdrawals for working employees over 59 1/2 years old. Since there are benefits for b...