Providence Financial Retirement Show with Anthony Saccaro

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...

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...