Retirement Planning - Money Not Math

Would you intentionally golf with only a driver and a putter? Then why are you doing it in your financial plan? Money Not Math 65 Hopefully this golf analogy brings you and your future financial planning value. 

The CARES Act allows workers to borrow up to $100,000 from their 401(k) and what you need to know about 401(k) loans before you take one. Money Not Math 64 - $100k or 100% of “Vested” balance - Repaying the loan -  Interest payments - Caveats to borrowing from your group retirement account - Borrowing from an Old Group Retirement Account - Using your loan wisely - Late repayment may be costly...

The short- and long-term effects of the $2T stimulus bill to help us through the COVID19 Chaos. Money Not Math 63. Do you believe the government will need more money in the future? If they need more money in the future, do you think they will need a lot more? And if they need a lot more money in the future, where do you think they will get it from? How are you going to adjust your wealth accumulat...

How to Calculate Roth 401(k) Withholding. Money Not Math 62. Roth vs. Traditional retirement account contributions and what they can mean for you Employer Matching Contributions Tax Effects of Roth withholding Maximum contribution limits YouTube: https://youtu.be/QYePHhUgUbs Link to the article: https://budgeting.thenest.com/calculate-roth-401k-withholding-24124.html

We are Open and we are here to help if we can. Money Not Math 60

4 Retirement-Planning Tips in the Time of Coronavirus. Money Not Math 59 1) Be flexible 2) Keep extra money liquid 3) Focus on the future 4) Don’t dump your stocks Youtube: https://youtu.be/7WGK3Nx5Fi8 https://www.fool.com/retirement/2020/03/16/4-retirement-planning-tips-in-the-time-of-coronavi.aspx

5 Tax Breaks Parents Deserve to Know About! Money Not Math 58 1) Child Tax Credit 2) Adoption Tax Credit 3) American Opportunity Tax Credit (Helping pay for kids’ college) 4) Lifetime Learning Credit (Paying for your own postsecondary education) 5) Child and Dependent Care Tax Credit (Paying for Childcare so you can work) YouTube: https://youtu.be/IOhsVXEKOk0 https://www.fool.com/taxes/2020/02/08/...

Is contributing to a Traditional or Roth account better for you? Money Not Math 57 Have you considered the pros and cons of contributing to tax-deferred (Traditional) and after-tax (Roth plus some other options) accounts to your retirement planning? Or, are you just contributing to whatever your employer automatically enrolled you in? Are you aware of the Retirement Tax Consequences there may be i...

Will the Coronavirus affect your retirement plans? Money Not Math 56 Youtube: https://youtu.be/cTw68zYw4TI https://www.cnbc.com/2020/03/02/heres-why-the-coronavirus-may-clobber-your-retirement-plans.html

Compounding vs Amortizing Interest using $300k mortgage examples. Money Not Math 55. Are you debating paying off your debts faster vs. saving more for the future? These examples will hopefully help you out. YouTube: https://youtu.be/DVsdnL5hr_0

Top Hedge Fund Manager says investors should prepare for “soberingly low” returns over the next 5 to 10 years. Money Not Math 54. Are you prepared to potentially only get 2.4% Real Return over the next 5-10 years? Youtube: https://youtu.be/pcKlpWMfelU Link to the article I read: https://www.marketwatch.com/story/heres-how-a-top-hedge-fund-manager-says-investors-should-prepare-for-soberingly-low-re...

Mind the Gap! Are you minding the potential gaps of your retirement plan? Money Not Math 52 1) Retirement is likely to be longer than you think. 2) You may live longer than you are planning, and your employer has likely shifted the risk of your retirement onto you. 3) Social gaps and social connection are a big issue. Youtube: https://youtu.be/QsZOuS44e_Q https://www.forbes.com/sites/josephcoughli...

9 ways IRAs and Group Retirement Accounts are different. Money Not Math 51 1) IRAs are easier to obtain 2) Group Retirement Accounts may offer an employer match 3) IRAs offer more investment options 4) IRAs may require some investment knowledge 5) Group retirement accounts offer higher contribution limits 6) Traditional group retirement account contributions are always tax-deductible (Not Roth) 7)...

1) Spouses and delayed benefits. 2) Survivors benefits. 3) You must enroll in Medicare Part A. 4) Qualify for both retirement and survivors’ benefits. 5) Taxable income in retirement can force your social security to be (double) taxed! YouTube: https://youtu.be/yYXfX8yAeT8 usatoday.com/story/money/columnist/powell/2020/02/10/social-security-4-quirky-rules-you-should-know-benefits/4692382002/

“My husband wants me to retire with him, but he’s 10 years older with no life insurance. What should I do?”- Marie from Scottsdale, Arizona. Money Not Math 49. This is a great example of how to combat an all too common problem where there is an age and/or financial planning gap between spouses. YouTube: https://youtu.be/BYKMONNhGNs https://www.usatoday.com/story/money/2020/02/09/retirement-plannin...

Retirement Planning Tips for five or less years before retirement… and everyone else that wants to retire someday. Money Not Math 48. Plus, an example of the power of compounding $ over time. YouTube: https://youtu.be/eQdJX8C9RZo https://www.cleveland.com/business/2020/02/retirement-guide-tips-for-planning-5-years-2-years-and-1-year-before-retirement.html

Questions to ask yourself to determine if it makes sense to talk to a financial planner you trust. Money Not Math 47. YouTube: https://youtu.be/MPtXZyfO9BQ

What are the top 3 financial planning related things you can do today that your future self will thank you for? Money Not Math 46. Do you agree or would you say something else? Let me know. YouTube: https://youtu.be/yPZ6OpGMg-g

You may not have as much in your retirement accounts as you think. Money Not Math 45. Are you aware of how the SECURE Act is affecting your retirement and legacy planning? Are you confident your retirement accounts will provide enough income for you in retirement without running out? Did you know there are other and sometimes more efficient ways to create income in retirement than standard 401k ty...

Building a Retirement Income Plan Sooner is Better than Later. Money Not Math 44 Planning for a 21st century retirement- https://www.investmentnews.com/planning-21st-century-retirement-186978 YouTube: https://youtu.be/fhvrDd7pBGY

3 Retirement Planning Blunders That May Cost You a Fortune- Katie Brockman. Money Not Math 43 1. Forgetting about how taxes will affect your retirement income 2. Not considering how much you're paying in retirement account fees 3. Choosing the wrong financial advisor https://www.fool.com/retirement/2020/01/23/3-retirement-planning-blunders-that-may-cost-you-a.aspx Youtube: https://youtu.be/RI9IzqQ...

There is no such thing as financial planning do-overs. Instead, focus on small improvements towards reaching your goals so you don't one day wish you had a do-over. Money Not Math 42 https://finance.yahoo.com/news/baby-boomers-only-slightly-ahead-152200412.html Youtube: https://youtu.be/AErTQdrsazs

Kelsey Brateng and Kristine Oslund's definition of success and how best to contact them or learn more- Kindred North Connection. Money Not Math 41-4 https://www.kindrednorthconnection.com/ https://youtu.be/_vsMbZyBy94

What are the financial lessons Kelsey Brateng and Kristine Oslund have learned from their experiences in life? - Kindred North Connection. Money Not Math 41-3 Make yourself uncomfortable and try to improve one step at a time. Youtube: https://youtu.be/XdFMulzmLVk

The businesses and people Kelsey Brateng and Kristine Oslund believe they can bring the most value to- Kindred North Connection. Money Not Math 41-2 Youtube: https://youtu.be/JAUwJOS9TG8