Money Wisdom CBS Local

Are you someone who has specific goals for retirement or have you not given it a lot of thought yet? Everyone will have a different plan for retirement and no matter what that might be, there are questions that can help you determine what it will take to achieve your dream.
 
Read more and get additional financial resources here: https://johnsonbrunetti.com/podcast-episode-177-what-does-your-retirement-dream-look-like/ 
 
What we discuss on this show:
0:29 – Investing implications to people relocating due to work from home
3:21 – What’s Joel’s plan for where to live in retirement
7:13 – Quote of the week  
7:56 – Living the retirement dream
8:58 – What will my social circle consist of?  
12:23 – What will your eating habits be?
13:35 – What will an average day consist of?
15:05 – What will you do for exercise?
16:11 – Will you be traveling much?
17:28 – Mailbag Question: I’m anticipating a market crash any day now so I have about half my IRA in cash. How long should I wait before I reinvest it?
20:04 – Mailbag Question: My husband and I plan on taking care of one another as we get older unless one of us is in extremely bad health. Since this is the plan, how much long-term care coverage do we need?
21:27 – Mailbag Question: I have an MBA and I understand investments well so I’ve always handled investments myself. In your opinion, is there any reason for me to work with an advisor?
23:43 – Money Map Retirement Review

Your financial portfolio is typically divided into three different worlds of money – banking, insurance, and Wall Street. Do you know the differences between the three and how to best utilize each to give you the best chance for long-term success? On this show, Joel will take you through the three worlds and explain each in detail. We’ll also find out what he thinks about the election results and the recent positive vaccine news.
 
Read more and get additional financial resources here: https://johnsonbrunetti.com/podcast-episode-176-3-worlds-of-money-market-update/ 
 
What we discuss on this show: 
0:32 – Joel’s thoughts on the election and vaccine news
5:12 – Overview of the 3 worlds of money
6:45 – Breaking down the Banking world
9:16 – Insurance world
12:49 – Wall Street world
15:59 – Reviewing your portfolio
18:31 – Mailbag Question: My IRA has only made 7% this year while the market has made more than that. Should I fire my broker?
22:04 – Mailbag Question: I have four different investment accounts. Which one should I withdraw from first when I need money in retirement?

Geno Aureimma has 35 years under his belt as the UConn women’s basketball coach and the level of success he’s reached is unparalleled. You don’t win 11 national championships and put together six perfect seasons without being a tremendous leader. No matter what line of work you’re in, Auriemma’s approach to coaching, managing personnel, and business can provide some valuable lessons.
 
Read more and get additional financial resources here: https://johnsonbrunetti.com/podcast-episode-175-leadership-lessons-from-uconn-head-coach-geno-auriemma/ 
 
What we discuss on this show: 
1:43 – Welcome in Coach Auriemma
1:54 – How he got into basketball living in Italy
3:24 – Transitioning from player to coach 
4:58 – How much of coaching is a natural talent?
6:45 – Can you get too close to your players or the people that work for you in a business?
8:26 – How do you find the leadership qualities in a player?
11:22 – Changing your approach based on your personnel
13:11 – What challenges has COVID created for the team? 
19:43 – The historic winning streak
22:18 – If you could talk to any three people in history, who would they be?

Is it luck or analytics that drives your financial decisions? Or is it a little of both? Let’s take a look at some planning topics and determine whether we’re playing chess (analytical), roulette (complete luck), or poker (both) with our money.
 
Read more and get additional financial resources here: https://johnsonbrunetti.com/are-you-playing-financial-chess-roulette-or-poker/ 
 
What we discuss on this show: 
1:54 – The difference between these three games.
2:54 – Timing the Market
4:03 – Deciding how much to convert from an IRA to a Roth IRA
6:35 – Picking a retirement date
7:11 – Choosing the right pension option
9:56 – Picking stocks
11:39 – Determining when to start your Social Security
15:21 – Mailbag Question: What’s a good way to invest money that we’ll likely use to buy a rental property in about three years?
17:24 – Mailbag Question: I’m trying to set an account so that I can rollover an old 401k. What’s the difference between these different companies I see commercials for? Who has the best investment options?
19:38 – Mailbag Question: Our house is a money-pit and we’re tired of repairing. We’re so fed up we want to sell and rent a place until we find something. Would it be silly to become renters again in our 60s?

Vanguard recently released its latest report on how Americans are saving and there are some eye-opening statistics about retirement accounts. Let’s look through some of the data that stood out to us and determine what it tells us about how well we’re utilizing the defined contribution plans.


Read more and get additional financial resources here: https://johnsonbrunetti.com/new-stats-on-how-americans-save-for-retirement/ 
 
What we discuss on the show: 
0:40 – Target seasonal hires have different focus this year.   
2:10 – Vanguard stats on target date funds. 
6:17 – Stats on Roth 401k option
8:51 – Over the past 10 years, company stock holdings dropped 16%.
11:19 – Hardship withdrawals from 401k accounts has increased.
13:06 – Men more likely to contribute than women.
17:41 – Mailbag Question: Should I start my Social Security at 62 to help me pay off my mortgage before I retire? 
18:47 – Mailbag Question: I’ve heard about a strategy using life insurance to create income in retirement? Is this a good idea? 
20:22 – Mailbag Question: My husband wants to leave a lot of money to the kids but I’ve worked hard to save for retirement and don’t want to have to watch my money. What’s a reasonable amount to leave as a legacy?

The time has come again to open up the mailbag and find out what financial questions are on your mind. Today we get three questions dealing with variable annuity investments, flipping houses for income, and carry mortgage debt into retirement. Find out what Joel thinks about each of these topics on this episode.
 
Read more and get additional financial resources here: https://johnsonbrunetti.com/mailbag-variable-annuities-flipping-houses-and-mortgage-debt/ 
 
What we discuss on this show: 
0:21 – Mailbag Question: We have an opportunity to refinance at a lower rate but it would be a 15 year mortgage and we only have 5 years left to pay now. It seems like a bad idea to have a mortgage heading into retirement. What do you think?
1:23 – Mailbag Question: What’s your opinion of flipping houses as an investment strategy?
4:59 – Mailbag Question: I have variable annuity that seems to have a nice income guarantee associated with it, but I have heard many people say variable annuities are usually a bad deal. What am I missing?
7:49 – A Money Map review will help get your questions answered.