In this episode, we talk about four financial scams to be on the lookout for in 2024. We'll also talk about the #1 financial scam from 2023, according to the FTC. In addition, we'll talk about some basic cybersecurity and common sense steps you can take to protect yourself. We conclude with a discussion of a new financial scam that is on the rise this year.
In this episode, we discuss some important things to gather for your accountant at tax time that go beyond the forms you receive in the mail like 1099's and W-2's. For instance, we discuss the items needed to gather if you make 529 plan contributions, make qualified charitable distributions or make a 60 day IRA rollover. There are many items that simply require you to keep good notes and deliver those to your accountant - no form will arrive to explain it for you. We discuss several of these in this episode.
In this episode, we walk through four prudent steps to take if you receive a inheritance or other financial windfall. Initially, receiving a large sum of money suddenly can be overwhelming. We cover four key steps that include taking time to become mentally comfortable with the money before using it, focusing on pre-existing goals and more. In addition, we discuss why it might be helpful to include a CPA, a financial planner, and a mental health professional on your team as you navigate how best to utilize your newfound assets.
In this episode, Philip walks through the personal example of dealing with a water leak to illustrate the importance and peace of mind that comes with having adequate insurance coverage.
You'll get your investment 1099's by January 31st right? Wrong! In this episode, we discuss common 1099 myths - debunk them - and walk through the different 1099 forms you can expect to receive this tax season and when you'll receive them. Lastly, we'll discover why some investors may be forced to extend their tax filing each year!
In this episode, we discuss an important investing topic: risk. And specifically, an investor's tolerance for risk. In general, each person has a unique tolerance for risk and that should translate to a specific level of risk taken within their investment portfolio. We disucss the three elements of risk: risk appetite, ability to take risk and need to take risk and how they work together. Lastly, we discuss how you can tune in to your risk tolerance without necessarily taking a quiz or questionnaire to find out.
In this episode, we discuss how transferring securities from one brokerage (or custodian) to another works. Back in the 1960s and before, securities trades and transfers were done on paper. This led to a multitude of chaos, confusion, mistakes and investor costs. As a result, several entities were formed to centralize and standardize the settlement and transfer of securities - the more modern versions of which we still use today.
In this episdoe, Philip reviews the provisions of the 2022 SECURE 2.0 Act that take effect in 2024. While many of the provisions took effect in 2023, some were delayed to take effect in 2024. We review those provisions in today's episode, as well as their implications on your financial and tax planning for this year.
In this episode, we discuss the top 3 most downloaded episodes on the podcast in 2023. If you haven't listened to them, check them out!
We discuss episodes on social security, tax penalties, and the differences between investment advisors and brokers.
Check out our website at: https://www.retirementdetective.com/
In this episode, Philip discusses some basic planning documents you can put in place to help children out in emergencies once they become adults. Once a child becomes an adult, they retain adult priveleges for their health information, financial information, data, etc. Putting certain documents in place like powers of attorney, living wills, etc can help you manage your child's affairs in an emergency - even once they're an adult.
The documents discussed in this episode are:
1) Healthcare power of attorney
2) Durable power of attorney
3) Medical directives / Living Wills
4) HIPAA Waivers
5) FERPA Waivers
In this episode, Philip discusses five financial planning moves to make before the end of the year:
1) Tax Planning
2) Portfolio Rebalancing and Tax Loss Harvesting
3) Check Account beneficiaries
4) Review employer benefits
5) Set goals for next year.
In this episode, we pay homage to Charlie Munger, the prolific investor and vice-chairman of Berkshire Hathaway that passed away on November 28, 2023. Philip shares some of his favorite Charlie Munger quotes, and the learning lessons from each.
In this short Thanksgiving episode - I reflect on being thankful, and encourage you to do the same.
In this episode, we'll discuss the so-called "rules of thumb" for withdrawal rates in retirement. These "rules of thumb" can range from 4% withdrawal rates to, most recently, 8%. We'll discuss why such rules-of-thumb are probably not appropriate for most investors. We'll discuss two concepts: sequence of return risk, and the difference between geometric and arithmetic returns in an effort to explain why these rules-of-thumb should be used with caution.
In this episode, we'll walk through 5 signs that you need a new advisor. Most of these would apply to not just financial advisors, but also other professional advisors like attorney's and CPA's. The items we'll cover are: communication, keeping promises, consistent expectations, innovation and keeping you comfortable.
In this episode, we examine donor advised funds. Donor Advised Funds are a vehicle investors can use to donate to charity in a unique way. Donor advised funds hold charitable donations for investors so that they can be invested and donated to charity at later date. This can be advantageous for timing charitable deductions for taxpayers. We'll discuss the pros and cons of donor advised funds in this episode.
Let's Talk Mortgage Rates
Episode 39
As of this recording, the 30 year fixed mortgage rate average in the United States is 8%. Rates have moved upward dramatically over the last 2 years. We offer some scenarios to help you understand exactly how much this will impact your mortgage and also how it may impact the housing market.
Using Pre-Tax Money to Pay for Medical Expenses with HSA's and FSA's
Episode 38
In this episode, we'll talk about Flexible Spending Arrangements (FSA's) and Health Savings Accounts (HSA) and how you can use them to pay for medical expenses with pre-tax dollars. Additionally, HSA accounts present other unique opportunities in retirement that we'll explore.
Alternative Investments Pt. 6: Hedge Funds
Episdoe 37
In this episode we wrap up our series on Alternative Investments by talking about hedge funds. Hedge funds is sort of a catch-all term to include many different strategies like merger arbitrage, market neutral, global macro and other strategies. We'll talk about a few of the more commone ones in this episode.
Alternative Investments Pt. 5: Managed Futures
Episode 36
In this episode, we discuss managed futures, another type of alternative investment strategy. Managed Futures are funds that purchase futures contracts, a type of derivative, to invest in a variety of asset classes - as opposed to actually buying the asset classes. Managed Futures are also typically a momentum or "trend following" strategy whereby they attempt to identify and follow trends in the markets. We'll discuss the pros and cons of Managed Futures in this episode.
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