164 episodes

When considering retirement, do you wonder what financial opportunities you may be missing? Busy lives take over and years pass without taking advantage. In this retirement podcast, Chad Smith and Mike Eklund unveil financial opportunities, to help you balance enjoying today so you are ready to retire later. By day, they are fiduciary fee-only financial advisors who answer questions about tax savings, investment decisions, and how to save more. If you’ve been putting off your financial to-do list or are just not sure what you’ve been missing, subscribe to the show and learn more at www.financialsymmetry.com. Financial Symmetry is a Raleigh Financial Advisor, proudly serving clients in the Triangle of North Carolina for over 20 years.

Financial Symmetry: Balancing Today with Retirement Chad Smith, CFP® and Mike Eklund, CFP®

    • Business
    • 4.8 • 40 Ratings

When considering retirement, do you wonder what financial opportunities you may be missing? Busy lives take over and years pass without taking advantage. In this retirement podcast, Chad Smith and Mike Eklund unveil financial opportunities, to help you balance enjoying today so you are ready to retire later. By day, they are fiduciary fee-only financial advisors who answer questions about tax savings, investment decisions, and how to save more. If you’ve been putting off your financial to-do list or are just not sure what you’ve been missing, subscribe to the show and learn more at www.financialsymmetry.com. Financial Symmetry is a Raleigh Financial Advisor, proudly serving clients in the Triangle of North Carolina for over 20 years.

    Your Game Plan for Volatile Markets, Ep #164

    Your Game Plan for Volatile Markets, Ep #164

    Stocks are now in a bear market. Rising interest rates mean bonds are having a horrible year. Inflation reached a 40-year high.  Headlines like these makes it tough to have confidence in your investment strategy.
    Youtube video: https://youtu.be/dNb2jmLW_OU
    This is why today, we are reviewing how to create a retirement plan that provides peace of mind through an investment roller coaster. If you are worried about the future of your money, our goal this week is to provide you a game plan for volatile markets.
    Press play to listen in or check out the video with the slideshow on our YouTube channel.
    Outline of This Episode [2:42] The current economic situation [6:25] What history can teach us [13:20] Is this time different? [14:50] What should you do? [19:05] The media can cause you to think you can time the market [22:30] Tax-loss harvesting can help you save on taxes [24:22] Today’s progress principle Resources & People Mentioned Episode 105 - Retirement Regrets  Financial Symmetry YouTube channel Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts > Stitcher > Google Play

    • 27 min
    10 Tax Surprises to Watch Out For

    10 Tax Surprises to Watch Out For

    If you recently filed your tax return you may have noticed some unexpected surprises.
    Video recap: https://youtu.be/G9q8k5fRNdQ
    Since tax planning and preparation is an important part of what we do at Financial Symmetry, we wanted to make you all aware of the top 10 tax surprises that we see in our office. Listen in to hear if you are familiar with any of these tax prep surprises. 
    Outline of This Episode [2:58] Inheritances [6:55] Credit card reward points [7:56] Advanced child tax credit [10:30] Cryptocurrencies and NFTs [13:20] 1099K through Venmo or other cash apps [14:58] Underwithholding on W4s [16:39] It got lost in the mail [18:38] Double taxation on backdoor Roth [22:18] What to do if you receive a K1 Resources & People Mentioned Episode 95 - The Dreaded IRS Letter: Dealing with a CP2000 Connect With Chad and Allison https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts > Stitcher > Google Play

    • 29 min
    What are the Best Retirement Strategies for Me?

    What are the Best Retirement Strategies for Me?

    Deciding to retire is just the beginning of your retirement decision-making. From tax planning to Social Security decisions, finding the best strategies for you requires regular analysis.
    Video recap: https://youtu.be/TleOZ8CwYXw
    Today’s question comes from a client who recently read an article from Rethinking 65 titled Why Trying to Quantify Roth Conversions Is Futile. After reading the article the client wanted to know if they should take advantage of Roth conversions. As we explore this question today, you’ll learn how you can decide whether Roth conversions would be a good fit for your retirement situation.
    Outline of This Episode Cameron’s thoughts on the article [1:42] When to take the income [3:48] Look at other areas of your life when considering a Roth conversion [7:48] Longevity risks that come with retirement [13:38] How taking Roth conversions could affect Social Security [16:58] Today’s progress principle [22:20] Resources & People Mentioned Rethinking 65 article - Why Trying to Quantify Roth Conversions Is Futile  Episode 140 - Choosing the Right Investment Vehicles to Save for Retirement  Episode 101 - Solving the Social Security Tax Bubble Mystery Episode 104 - How an IRMAA Appeal Can Save You Thousands of Dollars in Medicare Premiums Connect With Chad and Cameron https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts > Stitcher > Google Play

    • 26 min
    Strategies to Retire More Confidently

    Strategies to Retire More Confidently

    Many people that listen to retirement podcasts and read financial articles are fantastic savers. If that sounds like you, congratulations!
    Video recap: https://youtu.be/pUvfv1815fw
    You have done the hard work to accumulate plenty of assets and be on track to reach your financial retirement goals.
    However, after a lifetime of accumulation, you may discover that you have a hard time letting go of your assets. I recently came across an article in Barron’s magazine called Retirees Aren’t Spending Enough of Their Nest Eggs. Here's Why. On this episode of Financial Symmetry, Allison Berger and I will discuss the reasons that some retirees are reluctant to spend their savings and explore strategies that you can use to ensure that you have a successful transition into retirement.
    Outline of This Episode [1:33] Retirees aren’t spending enough of their nest eggs and here’s why [3:30] Why is there a reluctance to spend in retirement? [6:53] Tactics to spend [10:20] Create a retirement paycheck [12:26] Delay taking Social Security [14:48] Understand the tax tools available to you [19:31] Estate planning is not only about documents [22:05] Today’s progress principle Resources & People Mentioned Retirees Aren’t Spending Enough of Their Nest Eggs. Here's Why The Journal of Financial Planning Connect With Chad and Mike https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts > Stitcher > Google Play

    • 25 min
    Retirement Trends You Should Know About

    Retirement Trends You Should Know About

    Financial planning is a powerful tool that can help you not only anticipate risks and opportunities but also help you envision your future to ensure that you can retire the way you want to retire.
    Video recap: https://youtu.be/hKJRvl-_RlM
    As Howard Marks says, “You can’t predict but you can prepare.”
    As you prepare for retirement it is helpful to stay up to date with the latest retirement trends. This is why we're excited to share our takeaways from the JP Morgan Guide to Retirement with you. You may be curious about how you are doing compared to others in your demographic and guides like this one can help you more deeply understand where you stand in your retirement planning journey.
    Outline of This Episode [2:10] Increased longevity is changing retirement  [5:33] How will you spend your 3rd act? [9:30] Time is a limited resource [13:50] How are retirees spending their money [20:21] The benefits of diversified sources of savings Resources & People Mentioned JP Morgan Guide to Retirement Financial Symmetry Pre-Retirement Checklist FREE Download - https://www.financialsymmetry.com/pre-retirement-checklist/  

    • 29 min
    Retirement Considerations for Women

    Retirement Considerations for Women

    In honor of International Women’s Day on March 8, we're discussing retirement considerations for women that can help them #BreakTheBias surrounding women and money.  Video recap: https://youtu.be/4FjSIJw8a6A
    Listen in to discover how you can accelerate women’s equality by overcoming or breaking through these biases. 
    Bias #1 - Women are afraid of investing This first bias is simply untrue. Actually, women are more likely to take calculated risks than men. Women are also more likely to hold an appropriate amount of investments when compared with their cash savings. 
    Men and women are equally fearful at the beginning of their investing journeys. However, since women are more cautious about things that they are unfamiliar with they often become more educated about investing so that they feel more comfortable. 
    In the long term, women’s investments often outperform those of men. This could be due to women having more intentionality, self-control, and a higher savings rate than men. Since women are often playing catch up with their investing, they are usually excited to get started. Investment and retirement planning is especially important for women since there are so many preconceived notions that surround women and money. 
    Bias #2 - Overcoming compensation bias On average, women make about $0.84 to a man’s dollar. This is often due to the way compensation is structured. Women often ask for less, negotiate less, or don’t negotiate at all. This means that women have less to contribute to their retirement savings. 
    Knowledge is the power to overcome this bias. To improve your salary it is important to understand the average salaries for your area of the country and, specifically, for your field. Use websites like Glassdoor or Salary.com to help you research. Don’t be ashamed to discuss this topic with friends, family, and colleagues to learn more. 
    Once you’ve done your research, consider your next salary negotiation. Set a range that works well for you and shoot for the top of that range. Remember that you are selling yourself, so consider the value that you have added to your role. Come up with a list of your accomplishments. Listen in to hear all the tips that this bright group of women brings to the table. With a bit of preparation, you may be pleasantly surprised by your next salary negotiation. 
    Bias #3 - Women are big spenders We’ve all heard this myth perpetuated; however, spending doesn’t have a gender. Either partner in a relationship can be the big spender, but since women are often the ones buying for the family, it can seem like they spend more than men. 
    Budgets are an important part of the financial health of any relationship so that both partners understand how much they can safely spend. Typically, one partner is more of a saver and the other is more of a spender, but the ideal is to strike a balance between the two. 
    Since women have been shut out of the financial conversation for so long, they often don’t know where to begin the conversation. Here at Financial Symmetry, we encourage both partners to come to the table, even if it takes an extra conversation to understand and address all of the issues or concerns. 
    As you approach International Women’s Day, consider whether any of these financial biases have come up in your life. You can research more biases surrounding women by using the hashtag #BreakTheBias. 
    Outline of This Episode [1:39] Are women really afraid of investing? [5:15] Addressing compensation bias [9:18] Women are big spenders [14:56] The progress principles Resources & People Mentioned Glassdoor Salary.com #BreakTheBias Connect with Allison, Grace, Haley, and Darian https://www.financialsymmetry.com/podcast-archive/  Connect on Twitter @csmithraleigh @TeamFSINC Follow Financial Symmetry on Facebook Subscribe To This Podcast Apple Podcasts > Stitcher > Google Play

    • 16 min

Customer Reviews

4.8 out of 5
40 Ratings

40 Ratings

Ima listener ,

AWESOME!

A Must listen to show! Really knowledgeable hosts!

Annie DJ ,

Actionable!

I’ve been listening to Chad and Mike for a while now and they have only gotten better with time. The shows are intentionally brief, but contain actionable items.

Their latest episode 118 provides a deeper insight into their investing philosophy. I like that some episodes are designed for beginners and then they mix in other episodes that are more technical and you may have to listen to twice.

Well worth your time!

multi's man ,

Multi’s man

Regarding episode #179, wealth building by the decades: Many good points and summary but it seems to have missed a little on the 40’s, 50’s, and 60’s. For many, maybe most folks, those years are very fruitful and can make or break a good retirement. At the point of their 50’s lots of people are good at their jobs and have lots of experience and are generally paid for it. Consequently, they are making much more than they were in the early years and usually have a chance to really stuff money into savings. You don’t get as much compounding but big deposits into retirement accounts go a long way!
Thanks for what you do!

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