Providence Financial Retirement Show with Anthony Saccaro

When it comes to retirement, taking a "wait and see and hope for the best" approach is not the smartest way to go. Yet that's what a lot of people do who come to me in the 10th hour, 3 months before retirement, expecting me to basically work magic and "make it all work out". In many cases, that's possible; but it would have been so much better if they had been proactive and started planning ahead...

Why is it so important to get your income from your investments?  There's a formula out there that reads as follows:  TR = I + G  Total Return = Income + Growth  The total return on any investment is a combination of the income you receive from the investment plus its total growth. Some investments only give you growth, whereas others only give you income, and some give you both.  When you invest...

Is 20 or 30 too early to start planning for retirement?  In my opinion, it's never too early to start building a solid foundation when it comes to savings and investments and securing your future retirement. The most important thing you can do in your 20s or 30s is to start now. It takes time for your money to compound and when you're that young, time is on your side. The #1 mistake retirees tell...

Have you heard people say "I don't want dividend stocks, I want growth stocks because I want to grow my portfolio?" Or maybe that's you saying this. If you think dividend investing is just for your grandparents who need to get income from their portfolio - I'm here to try and change your mind.  Dividend investing CAN help during the accumulation phase of life as well, and here are 4 reasons:  1. i...

I've recently been asked by a number of people whether or not they should get out of the market and find a better time to get back in later. From the war in Eastern Europe to the situation with China and Taiwan, high inflation and unemployment, a lot of people have anxiety about what's going to happen in the near future.  Market timing is basically trying to predict the future movements of the mar...

Predicting whether the future holds a recession or recovery remains a challenging task. Let's delve into the key factors influencing this trajectory and explore potential outcomes: - government policies and stimulus: unprecedented stimulus packages, including monetary measures and fiscal support, have provided a lifeline for individuals and businesses. The continued implementation of such policies...

What's the difference between investing for growth and investing for value?  Put simply, when you invest for growth you're investing in companies which have greater potential to grow. They tend to be innovative and are expected to grow at a faster rate. People tend to pay a premium for growth stocks because they have higher price to earnings ratios, which means they cost more compared to their rel...

In this episode we talk about how to manage market volatility during the second half of 2023. This is one of the biggest sources of stress for retirees and investors in general, but if you understand it correctly you can remain calm.  First, we have to define what volatility means - how much your investments can fluctuate in response to what the market does. Market volatility is not the same as in...

All financial advisors are required by law to be subject to one of two standards: suitability or fiduciary. In this show we'll define these two standards and explore the differences between them, which come down to 5 main categories:  duty to the client  scope of responsibility  disclosure requirements  compensation structure  legal remedies  Listen in to find out more.  >>>>>>>>>>>>>>>>>>>>>>>>>>...

In this show, we're going to cover 5 things you need to consider when hiring a financial advisor. We must first start by defining the role of a financial advisor. That's likely to be different for you than it is for your neighbor, since different people want different things from their advisor. The one thing all advisors should have in common though is that they should be the voice of reason who k...

If you've never heard of Fedcoin and FedNow or are confused about what these terms mean, this will be a good tutorial to listen to.  The term "Fedcoin" is derived from the combination of "Federal Reserve" and "coin" to represent a digital version of the US dollar. The concept of Fedcoin has been discussed and explored by economists, researchers, and policymakers as a potential form of central bank...

I had the privilege to attend the US Golf Open in Los Angeles recently and as the game of golf was of course on my mind, I realized that there are quite a few parallels that can be drawn between golf and retirement. Here are 9 similarities between them:  1. transition and preparation 2. enjoyment and leisure 3. skill development and adaptation  4. goal setting and personal growth  5. resiliency 6....

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...