Dollar Wise Podcast HFM Investment Advisors, LLC

Welcome back to the Dollar Wise Podcast. In this episode, Jason Gabrieli and Catherine Allen-Carlozo, both CERTIFIED FINANCIAL PLANNERS at HFM Investment Advisors, discuss the most loaded question they encounter: "How much do I need to retire?" This discussion unpacks the factors that influence the answer to this question, highlighting personal spending, lifestyle choices, and strategic financial planning. By exploring various scenarios and personal anecdotes, they offer a comprehensive look into tailoring retirement planning to individual needs.Tune into this episode to also learn:Why retirement planning is highly personalized and varies significantly from one individual to another.The impact of personal spending and lifestyle choices on retirement needs.Strategic approaches to reduce overhead costs and enhance financial readiness for retirement.
What we discussed[00:01:01] The complexity of determining the necessary retirement savings.[00:03:43] Strategies to reduce overhead and prepare financially for retirement[00:06:22] Implications of early retirement and maintaining lifestyle with reduced income.[00:09:57] The importance of a detailed personal budget or spending plan when planning for retirement.
3 Things To RememberRetirement needs are highly personalized—what works for one might not work for another.Reducing monthly overhead can significantly impact the amount needed for a comfortable retirement.A detailed and realistic spending plan is crucial for effective retirement planning.
Useful Links

Connect with Jason Gabrieli: | LinkedIn

Connect with Catherine Allen-Carlozo | LinkedIn

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Learn more about HFM HERE
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Check out our Financial Wellness Program – HFM Ignite

Welcome back to the Dollar Wise Podcast. In this episode, Jason Gabrielli, a certified financial planner, discusses the current trend of keeping money in cash. With high-yield savings accounts offering around 5%, many investors are unsure whether to invest or leave their money in cash. Jason highlights the importance of understanding historical returns and differentiating between short-term and long-term financial goals. He demonstrates how long-term investments in bonds and stocks have historically outperformed cash, despite recent attractive yields. The episode encourages listeners to align their cash holdings with their financial objectives and offers insights into market trends and behavioral finance.Tune into this episode to also learn:The psychological factors influencing our financial decisions.The historical returns of cash, bonds, and stocks over 30 years.The potential risks of relying on high-yield savings accounts for long-term goals.

What we discussed
[00:01:17] The current trend of keeping money in high-yield savings accounts.[00:04:07] Behavioral finance and the fear of losses over potential gains.[00:07:21] Historical returns of cash, bonds, and stocks over 30 years.[00:10:50] The importance of aligning cash holdings with financial goals.[00:14:40] How to balance short-term and long-term financial objectives.

3 Things To Remember
High-yield savings accounts offer short-term benefits but might not be ideal for long-term goals.Investing in diversified assets, like bonds and stocks, has historically provided better returns over time.Aligning cash holdings with financial objectives is crucial for effective financial planning.

Useful Links

Connect with Jason Gabrieli: jgabrieli@HFMadvisors.com | LinkedIn

Listen to EP.39 “Let’s Talk About Cash” - Apple | Spotify

Like what you’ve heard…
Learn more about HFM HERE
Schedule time to speak with us HERE
Check out our Financial Wellness Program – HFM Ignite

Jason Gabrieli and Tyler Reedman, both CERTIFIED FINANCIAL PLANNERS at HFM Investment Advisors, dispel common misconceptions about 401(k) contributions. They dissect the difference between matching the employer’s contribution and maxing out a 401(k). They discuss contribution limits and strategies to increase contributions incrementally so you can optimize your savings. This episode is a must-listen for anyone looking to take full advantage of their 401(k) potential.
Tune into this episode to also learn:The real meaning of 'maxing out' your 401(k) and common misconceptions.How automatic escalation can effortlessly boost your 401(k) savings.The impact of choosing between Roth and pre-tax contributions on your take-home pay.
What we discussed[00:01:22] Misconceptions about maxing out 401(k) contributions and the actual limits.[00:06:09] Insights from Vanguard's 'How America Saves' report and average saving rates.[00:08:41] The concept of reverse budgeting and its impact on savings habits.[00:11:00] The benefits of automatic escalation in 401(k) contributions.[00:13:32] The importance of focusing on contribution rates over market performance.

3 Things To RememberMaxing out your 401(k) involves understanding and utilizing the actual dollar limits, not just the employer match.Incremental increases in contributions can significantly impact your retirement savings without overwhelming your current finances.Understanding the nuances between Roth and pre-tax contributions can optimize your long-term savings and tax benefits.

Useful Links
Connect with Jason Gabrieli: jgabrieli@HFMadvisors.com | LinkedIn

Like what you’ve heard…
Learn more about HFM HERE
Schedule time to speak with us HERE
Check out our Financial Wellness Program – HFM Ignite

When you retire, do you want to stay in New Jersey? Jason delves into the common concerns about retiring in New Jersey, such as the state’s reputation for high taxes and living costs. He also covers recent changes and programs like the Senior Tax Freeze and the Stay NJ program that make New Jersey a more appealing retirement destination. Lastly, he discusses the nuances of property and income taxes, providing valuable insights for those considering retirement in the Garden State.
Tune into this episode to also learn:How recent tax reforms in New Jersey benefit retirees, particularly concerning property taxes.The implications of the Senior Tax Freeze and Stay NJ program for property tax relief.Key facts about New Jersey's income tax exclusions for retirement income.

What we discussed[00:01:00] Debunking myths about retiring in New Jersey due to high costs.[00:02:15] Understanding the Senior Tax Freeze program benefits for retirees.[00:04:23] Introduction to the Stay NJ program and its potential for senior citizens.[00:06:28] Insights into New Jersey's income tax benefits for retirement income.[00:10:02] The significant shift in New Jersey’s estate tax laws and its impact.

3 Things To RememberNew Jersey has made significant strides in becoming a more retirement-friendly state through various tax benefits.Programs like the Senior Tax Freeze and Stay NJ aim to alleviate the property tax burden for seniors.Understanding New Jersey’s unique tax exclusions and laws can benefit retirees financially.

Useful Links
Connect with Jason Gabrieli: jgabrieli@HFMadvisors.com | LinkedIn

Like what you’ve heard…
Learn more about HFM HERE
Schedule time to speak with us HERE
Check out our Financial Wellness Program – HFM Ignite

Home improvements, purchasing electric vehicles, and installing a qualified vehicle refueling and recharging apparatus at your home could entitle you to a tax credit. Jason reviews the different types of credits, their requirements, and the importance of consulting a tax advisor to optimize these opportunities to integrate them into your financial plan.
Tune into this episode to also learn:Specifics of energy-efficient home improvement credits for installations like doors, windows, and HVAC systems.Details of the residential clean energy credit for adding renewable energy sources to your home.Insights into tax credits for purchasing new and used clean vehicles, including EVs and hybrids.Understanding the alternative fuel refueling property tax credit for installing EV charging stations.
What we discussed[00:00:24] Introduction to clean energy tax credits[00:01:39] Home energy improvements and applicable tax credits[00:03:15] Residential clean energy credits for renewable energy installations[00:05:07] Tax credits for purchasing new and used clean vehicles[00:09:26] Credits for installing vehicle refueling and recharging stations
3 Things To RememberClean energy tax credits offer financial incentives for eco-friendly home improvements and vehicle purchases.Understanding the specifics of these credits is crucial for maximizing benefits.Consultation with a tax advisor is essential for integrating these credits into your financial strategy.

Useful Links
Connect with Jason Gabrieli: jgabrieli@HFMadvisors.com | LinkedIn
Like what you’ve heard…
Learn more about HFM HERE
Schedule time to speak with us HERE
Check out our Financial Wellness Program – HFM Ignite

Are you enrolled in a Health Savings Account? (HSA) In addition to being used for immediate medical expenses, it provides tax advantages and can be used as an additional retirement tool. Jason reviews the requirements for an HSA, such as enrolling in a high-deductible health plan and the potential to invest contributions for long-term growth. He also introduces the concept of a Limited Purpose Flexible Spending Account (FSA), which can complement an HSA by covering specific health expenses like dental and vision care.
Tune into this episode to also learn:How HSAs can be strategically used for both immediate and long-term health expensesThe criteria and benefits of enrolling in a high-deductible health plan to qualify for an HSAThe advantages of investing in HSA contributions to build additional retirement savingsUnderstanding the role and benefits of limited-purpose FSAs in conjunction with HSAs, specifically for dental and vision expenses
What we discussed[00:01:14] Eligibility criteria for HSAs[00:02:12] Using HSAs as an investment tool for retirement.[00:03:16] Strategy for utilizing HSAs for future health expenses.[00:05:07] Eligibility and usage of Limited Purpose FSAs
3 Things To RememberHSAs offer tax advantages and can be used for immediate and future health expenses.Investing in HSA contributions can provide additional retirement savings.Limited Purpose FSAs are valuable for covering specific health costs, complementing HSAs.
Useful Links
Connect with Jason Gabrieli: jgabrieli@HFMadvisors.com | LinkedIn
Like what you’ve heard…
Learn more about HFM HERE
Schedule time to speak with us HERE
Check out our Financial Wellness Program – HFM Ignite