Ep. 66 Proper Planning Can Leave You Prepared - Otherwise This Happens

In this Episode of the Red Barn Financial Podcast I get the opportunity to interview Jackson Matheson of the Wood Group of Fairway Mortgage.   He shares his experiences and the reason why he is passionate about the Home Equity Conversion Mortgage (HECM).  Jackson shares why this tool gives you an opportunity to make sure you are financially secure in retirement and opens up one of the largest assets most of us have to use to fund things we need in retirement.

Jackson's contact information:

Some statistics that Jackson shared:

Notable statistics for the Baby Boomer generation:

• 27% have no retirement savings
• 70% will need some form of long-term care
• 39% get divorced
• 75% have debt
• Over 50% of boomers rely on social security either heavily or entirely
• 10,000 baby boomers turn 62 each day (of which 30%-40% will carry a traditional mortgage payment into retirement)

Disclaimer: The information contained herein is not tax, legal or investment advice. Please reach out if you would like to discuss you particular circumstances. If you would like to contact Red Barn Financial please email smoran@redbarnfinancial.com or call 615-619-6919.  To learn more about our firm, visit www.redbarnfinancial.com 

Note:  Red Barn Financial is independent of it's guests and nothing in this podcast should be construed as an endorsement or recommendation to use any of the products or services discussed.  Each person should assess their financial needs with a financial advisor like us.

A recent study by Boston College recommends ending 401(k) and IRA tax benefits in order to use the extra tax revenue to fund Social Security.

I share in this podcast episode why I think that could be a bad idea that would lead to more issues for retirees in the future, which would mean simply transferring the problem to the future.

The Center for Retirement Retirement Research at Boston College said that about $185 billion of more revenue would be collected by the IRS each year if people couldn't deduct their 401(k) or IRA contributions.  

I believe this would result in less savings for the future.  If people choose not to save for retirement because there is no immediate benefit, they are likely to spend that money instead.  

You can learn more about it in this article

Disclaimer:  The informaiton contained in this podcast is not tax, legal or investment advice.  Everyone's circumstances are different. If you would like to discuss your informaiton specifically please contact us at 615-619-6919 or email smoran@redbarnfinancial.com

In this episode of the Red Barn Financial Podcast I have a great conversation with business broker Russell Carriere of First Choice Business Brokers.   Russ is a 30 year entrepreneur who helps business owners understand what their businesses are worth and how to position a business for sale in the near or distant future.

Russ can be contacted here:  

Website:  https://nashville.fcbb.com/

email:  Russell.carriere@fcbb.com 

Phone:  (615) 288-6886

To reach out to Sean Moran at Red Barn financial please call 615-619-6919 or email smoran@redbarnfinancial.com  Learn more about Red Barn Financial on our website www.redbarnfinancial.com

Disclaimer:  The information in this podcast is not tax, legal or financial advice.  Please consult a financial advisor for information on your specific situation.  Opinions expressed by guests are their own.  The appearance on the Red Barn Financial Podcast by any guest does not constitute an endorsement.

Ep. 69 Where you put your money is as important as how much you have.  You want to be tax efficient with your money so the particular account you put different assets in will drive whether they are efficiently taxed or not.  In this episode of the Red Barn Financial Podcast I will share some factors you need to consider when you are choosing where and with what assets to invest.

For example, if you put dividend paying stocks in your brokerage account you will pay taxes on the dividends in the year you earn them.  If you put them in an IRA then you defer the taxes to a future year.   On the other hand you turn capital gains into ordinary income in the IRA.   

With respect to real estate, if you have that in an IRA account, lose the opportunity to depreciate the property, you can't use it personally and you also lose capital gains tax treatment which can be beneficial.   

Disclaimer:  The information contained in this podcast is for informational purposes only and is not financial advice.  Everyone's situation is different, so you should discuss your needs with a financial advisor like me.

Contact information:  Red Barn Financial Sean Moran - smoran@redbarnfinancial.com 615-619-6919   www.redbarnfinancial.com 

Ep. 68 How Much Money You Need To Have Saved For Retirement At Any Age

In this episode of the Red Barn Financial Podcast, I discuss the amounts or ranges you want to save in order to be able to retire comfortably.   If you haven't saved enough money yet to really get to where you want to be, that doesn't mean it's time to give up.  It simply means it's time to start saving more than you have been in the past.

Whether your plan to retire or not, it's important to save as though you do, because sometimes we have to stop working sooner even if we don't want to.

Here are the numbers from T. Rowe Price:

Here are the numbers from Fidelity:

Disclaimer: The information contained herein is not tax, legal or investment advice. Please reach out if you would like to discuss you particular circumstances. If you would like to contact us for our free guide or any other reason, please email smoran@redbarnfinancial.com 

Episode 67 Tax Season Has Started Should You File Right Away?

You can now file your 2023 tax return, but you may have reasons to hold off on filing your return.  In this episode of the Red Barn Financial Podcast I discuss the reasons why you might want to hold off until you have what you need. 

If you are looking for some free resources for filing your 2023 tax returns, you can find them at https://www.redbarnfinancial.com/tax-resources 

Disclaimer: The information contained in this podcast is for informational purposes only and is not financial advice. Everyone's situation is different, so you should discuss your needs with a financial advisor like me.

Ep. 66 Proper Planning Can Leave You Prepared - Otherwise This Happens

All too often we are going through life without the most important things we need for our financial security and the security of the ones we love.  We end up missing these things because we are so busy doing the things that we believe are in our best interest but we aren't doing the basic financial planning that our family needs.

In this episode of the Red Barn Financial Podcast, I discuss the simple things you can do to make sure your protecting your most important assets - your life and your ability to earn a living.

Disclaimer:  The information contained in this podcast is for informational purposes only and is not financial advice.  Everyone's situation is different, so you should discuss your needs with a financial advisor like me.

Contact information:  Sean Moran - smoran@redbarnfinancial.com 615-619-6919   www.redbarnfinancial.com 

In this episode I share the factors to consider when you are thinking about a lump sum payout vs a monthy payment like a pension or annuity.  

Each person's situation is a bit different, so this episode will share with you the different considerations when deciding between an pension/annuity versus a lump sum payout.

Here is the example I go over in the episode:

Year End Recap - You can buy a house with how much down?

In this episode I talk about the new rule that allows people to only put down 5% on purchases of multi-unit dwellings and what my thoughts are on that.  

I also share my top performing YouTube video and my top performing podcast episode. 

I share about my new book I co-authored with my wife called "Leaving a Legacy"   You can buy it on Amazon in paperback or hard cover.

Finally, I shared a Wall Street Journal article that points out that buying a house is more expensive than it's been in a long time and in some cases renting could be a better choice.  https://www.wsj.com/finance/home-ownership-mortgage-interest-rates-122a272f?mod=e2tw 

Disclaimer: The information contained herein is not tax, legal or investment advice. Please reach out if you would like to discuss you particular circumstances. If you would like to contact us for our free guide or any other reason, please email smoran@redbarnfinancial.com

Links to book are affiliate links.

In this episode of the Red Barn Financial Podcast, we go behind the curtain to learn the keys to building business credit without the personal guarantee.  I interview Josh Love and Brittany Winner of J Galt.

They share how you can build your business credit and why it's so much different than personal credit.  

To connect with Josh you can email him at jlove@jgalt.io or find out more on his website at https://www.jgalt.io/jlove

Disclaimer: The information contained herein is not tax, legal or investment advice. Please reach out if you would like to discuss you particular circumstances. If you would like to contact us for our free guide or any other reason, please email smoran@redbarnfinancial.com