Plan With Dan

Dan Betzel
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Weekly investing and financial planning wisdom with Dan Betzel of Betzel Wealth Advisors in Columbus, OH.

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    How Does Flying Relate to Retirement Planning?

    You don’t need to be understand the basics behind flying but you’ll need some guidance from a professional to grasp the finer points and nuances to the actual process. Believe it or not, there are a number of parallels between flying and retirement planning and that’s what we plan to tackle on this episode. Today's rundown: 0:29 – What’s on today’s show. 1:01 – Dan has some news to share about the podcast.    2:02 – In the News: Trend in the wedding industry where couples are taking out loans for their ceremony. 3:00 – There’s really no correlation between a wonderful ceremony and the amount you spend on it. 6:13 – Introducing the main topic of flying and retirement. 7:01 – The first you do before you fly is you have a flight plan.    9:44 – Sometimes you have to deal with turbulence along the way. 14:49 – There are times when you need assistance. When you aren’t sure what’s ahead or you just need some navigation help. 18:46 – Getting to know Dan: What job would you be terrible at? 22:44 – Mailbag question: I’m retiring in six months and worried about whether we’ll have a market crash before I get to the finish line. Will I be okay for the next six months? Get the full show notes and additional resources by clicking here.

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    Challenges That Millennials Face in Financial Planning

    It’s easy to take shots at millennials and joke about many of the stereotypes that follow them around, but that’s not always fair. That younger generation faces many new challenges that weren’t around 15-20 years ago, and it makes it difficult to start saving and planning for retirement. We’ll address those issues in this episode. Check out the show notes for this episode by clicking here.----more---- Today's rundown: 0:37 – Dan is preparing for his annual trip to Israel. 3:10 – Financial issues that might impact millennials.   4:15 – Education has changed so much and it’s difficult financially. 6:13 – It’s also harder now to buy a house.   8:00 – So many overqualified job candidates are underemployed. 9:34 – Many people I meet with are now caring for their aging parents.   13:26 – Getting to Know You: Who is someone that always makes you laugh. 15:57 – Mailbag question: What kind of annual return should I be seeking on investments in retirement.

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    Potential Financial Pitfalls for Someone Entering a Nursing Home

    When facing the decision to put a loved one into a nursing home, the last thing you want to be concerned about is their safety and security. That’s true of financial and physical health. There are some financial pitfalls that you need to know about so you can protect your family. Check out the full show notes by clicking here.  Today's rundown: 0:28 – Dan is celebrating a milestone. 2:36 – Introducing today’s topic of elder abuse. 3:42 – The first thing you need to do with your parents or children if you’re getting older and a nursing home is in your future. 4:10 – It’s important to interview before putting someone in a nursing home. 5:00 – Be aware that some nursing homes offer financial seminars. 5:40 – Another thing that nursing homes might try to ask of you. 6:21 – Some of these facilities even have banks. 7:41 – A recent case Dan read about that had nursing home abuse. 10:51 – Getting to Know You segment: If you didn’t have to sleep, what would you do with that extra time? 13:14 – Mailbag question 1: I’m retired now and need income off my investment. Should I invest in dividend-paying stocks?

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    Things You Should Consider When Inheriting a Home

    Inheriting a home can be major life change and it bring with it a number of decisions that need to be made. Depending on who else was included in the inheritance, you’ll have to figure out what you want to do with it. Every decision brings a different set of pros and cons so understanding those will help you determine what option is best. To see the show notes, click here. ----more---- Check out today's rundown below:  2:55 – The situation that surrounds inheriting a home. 3:45 – When you inherit a home, you essentially have these 3 choices. 4:08 – Capital gains will likely be much lower than you expected. 4:33 – Insurance issue you might face if you don’t plan on occupying the home. 6:37 – Pro and cons to renting the home. 8:17 – Dan shares his own family experience and what decision they made with an inherited home. 9:51 – Estate planning falls under the holistic approach to managing your portfolio. 11:28 – Getting to Know You segment: What hobby would you get into if time and money wasn’t an issue? 14:09 – Mailbag question: Should I capture my recent 401k gains and take the risk off the table or should I continue on?

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    Weaknesses in 401k Retirement Plans

    One of the most popular retirement plans that people utilize is the 401(k). It’s often the easiest place to start when you begin saving for your future and a many times a employer will offer the option as part of a compensation package. The 401(k) definitely serves its purpose but there are some weaknesses that might make you look to other investment opportunities. See the show notes by clicking here. ----more---- Take a look at the full rundown of the show below and click the timestamp to skip to a specific portion of the episode. 1:19 – Quote of the Month from Zig Ziglar 4:28 – Get to Know Dan: Any discipline you’re proficient in outside of finance? 7:50 – Mailbag: I thought I’d be in a lower tax bracket after retirement but that’s not the case. What went wrong? 12:11 – Weaknesses in many of the popular investments offered. 12:30 – How administrative fees became common and why you should pay attention to them. 15:06 – Limited assets classes can shrink your options.

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    Finding Financial Security

    “Financial security” might mean different things to different people, but for nearly everyone, finding financial security is the most important part of their retirement plan. So, how do you define financial security? Full show notes: http://betzelwealthadvisors.com/2019/07/finding-financial-security/ ----more----   Tactical Points: In The News 1:15 RMD age change Congress is working on a bill that would raise the RMD (required minimum distributions) age from 70.5 to 72. Would this be a good thing? Dan was really excited when he first heard about this change and he is all for it. There’s increased life expectancy and sometimes people need more time to save. This will give more choices to people and opportunities to do some effective tax planning. The change is part of the SECURE Act which has been proposed. Getting To Know Dan 2:59 Danger Dan What’s the most physical danger Dan’s ever been in? Dan shares a story about a plane ride with his son that included a potentially treacherous landing. It luckily ends with a bit of humor. Mailbag 7:26 Angie: Long-term care Angie in Pataskala says she hasn’t found a long-term care policy that she likes. Are they all this expensive? A lot of people don’t take the time to dig into this area of risk management. When we’re younger, we need life insurance but when you’re older you still have risk but it’s a different kind of risk. Traditional long-term policies are very expensive, so also look at hybrid life insurance with riders for long-term care. Financial Security 10:09 What Does Financial Security Mean To You? Dan looks at five elements to put together an approach to build financial security. You have to work on your portfolio to think about how it is being designed. Do you have enough income in retirement? Taxes need to be considered because some people don’t factor in how much they will be paying in taxes. Also, look at the risk you will take. Are you going to be exposed to long-term care expenses and high healthcare costs? Estate planning needs to be handled so that everything is taken care of when you’re gone. 12:15 Definition #1: “I don’t want to be a burden on my kids, regardless of my health situation” You want to make sure you have the right documents in place for your family members to make decisions. What does being a “burden” mean to you? Solving this question helps a lot of people feel more financially secure. 13:22 Definition #2: “I want to be sure that I never run out of money” This is the biggest reason most people come to see Dan and it’s the solution that provides the most financial security for folks. There are a lot of variables but going through a process to be clear on your budget will give you confidence. Sitting down and planning with focus and intensity is what’s needed for retirement. 15:01 Definition #3: “After I retire, I want to be able to work part time if I want to, but not because I have to” More often, people aren’t retiring FROM something but are retiring TO something else. Think about how you want to spend your days when you retire. 16:40 Definition #4: “If I need a knee replacement or a new transmission, I don’t want that to prevent me from spoiling my grandkids at Christmas” When you retire, make sure your debt is paid off and have a good cash cushion. You need to be able to pay for unexpected medical expenses or emergency expenses. Before you retire, make sure you have all the pieces in place. Additional Resources: Check out Dan's YouTube Channel

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    The Real Definition Of “Safe Money”

    Today's Objective... It seems that people have different definitions of “safe money” as it relates to their savings. Let’s discuss some of those varying explanations of the term and why it’s an important conversation for any retiree or pre-retiree to have.   Check out the full show notes for this episode: http://betzelwealthadvisors.com/2019/06/the-real-definition-of-safe-money/ Tactical Points: 2:09 How do people define safe money? This term makes Dan think about insurers trying to sell annuities or those “education” steak dinners that you might have even been invited to attend in the past. It’s an important phrase to understand, but the way it is marketed and utilized is problematic. If Dan had his way, he’d call annuities “locked up money” instead. Safe money, according to Dan, would be when a client has sufficient cash reserves and only the appropriate amount of money at risk in the market. You can break safe money down into three components… Enough cash reserves to sleep at night. A portfolio maintained in a way that you know exactly how much risk you’re taking. Pulling the right amount of funds out of your savings. 4:06 Do most people understand how much risk or safety they have? Most people have almost no idea when they first come to Dan how much risk they’re taking. Check out a related episode about defining risk tolerance. Ask yourself, do you know exactly how much risk you can tolerate? How much money can you afford to lose? It’s vital to work with an advisor who gives you a detailed breakdown of how much risk you have.  6:40 A client example Dan shares a story about a young couple who had an aggressive portfolio. The younger you are, the more risk you can take. But that doesn’t necessarily mean you should be in an aggressive portfolio. There are other factors to consider. Dan makes sure he listens carefully to each client to find out what they want long-term. In The News: 10:33 IRA and 401(k) contribution limit increasing The IRS announced that they are increasing the contribution limit for IRAs and 401(k)s. Should you increase your savings to the new threshold? If you have a Roth 401(k) or a Roth 403(b) at work, then yes. If you don’t have that option, then open a Roth IRA. Because of the tax implications, it’s good to start with the Roth. Check out a related episode about why everyone needs to consider the Roth IRA. What you don’t want to do is get a tax reduction now and then get a higher tax rate when you pull the money out later. Get personalized advice on your financial situation. Getting To Know Dan: 12:59 Summer plans After years of listening to Celtic music, Dan and his wife will get to experience it in person in Ireland while celebrating their 35th wedding anniversary. Additional Resources: Check out Dan's YouTube Channel   Free Retirement Toolkit: Just click the picture to get your free retirement toolkit now! Subscribe: Apple Podcasts Google Podcasts Spotify iHeartRadio TuneIn Stitcher The Host: Dan Betzel - Contact - Retirement Trailblazer Guide - Retirement Rescue Toolkit - Call: 614-472-4510

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    Famous Last Words (You Don’t Want to Say!) In Retirement

    Hopefully your famous last words in life won’t be “Hey y’all, watch this!” And in the financial world, there’s quite a few phrases that you don’t want to be your famous last words either… Dan talks through some common financial phrases that certainly aren’t words to live by. Check out the full show notes: http://betzelwealthadvisors.com/2019/06/famous-last-words-you-dont-want-to-say-in-retirement ----more---- Tactical Points: 2:58 “I want to get out of the market and stay out (after 2008)” Dan says this is not the kind of person who would be his client. Taking all your money out of the market will mean you will experience some depreciation with inflation. This is like saying, “I haven’t gone to the doctor since 2008 and I feel okay, so I don’t think I’m going back.” 5:00 “I like the security of cash” Dan spends time convincing several clients to keep money in cash to cover emergency funds or upcoming life events. It is good to have some money in cash, but not all of it. Long-term wealth creation, however, only works with some money in the market. You have to have some risk to keep up with inflation. 6:33 “I’m not planning to live a long time” This one is self-explanatory, right? 7:33 “I’ll never go to the nursing home” Statistically, you are more likely to go into a nursing home than not. The burden is often shifted to your children. Dan shares a personal example of having to make decisions regarding this type of care for family members. 9:26 “I can always go back to work” It all depends on whether you are physically, cognitively, and emotionally able. It’s not a plan, but often failure to plan that leads to this result. 13:18 Mind Over Money: Handling Risk Between the trade war and tension with the president and congress, Dan gets a lot of clients calling about their portfolio. Dan recently read Your Money and Your Brain by Jason Zweig which listed some statistics including: about 41 percent of high net worth investors wish they had more self-control over their investing decisions. Devise a plan that considers your age, goals, and risk tolerance, but then remember your portfolio was designed for turbulence. 17:09 Mailbag: Inherited Stocks   Gretchen inherited a lot of stocks and mutual funds from a relative, and a friend told her she would have to pay a ton of taxes on the gains. Does this sound right? When a person passes away, stocks and mutual funds get a step-up in basis. The value on the date your relative passed away is the basis, so you only have to pay on the gain from that. Speak to a CPA or estate planning attorney to be sure based on your situation. 19:39 Getting to Know You: Favorite Movie Do you have a favorite movie that you could re-watch over and over? Dan chooses a few that are philosophical, aspirational, and sentimental. Additional Resources: Check out Dan's YouTube Channel Book link: https://www.amazon.com/Your-Money-Brain-Science-Neuroeconomics/dp/0743276698 Step-up in basis: https://www.investopedia.com/terms/s/stepupinbasis.asp   Free Retirement Toolkit: Just click the picture to get your free retirement toolkit now! Subscribe: Apple Podcasts Google Podcasts Spotify iHeartRadio TuneIn Stitcher The Host: Dan Betzel - Contact - Retirement Trailblazer Guide - Retirement Rescue Toolkit - Call: 614-472-4510

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Weekly investing and financial planning wisdom with Dan Betzel of Betzel Wealth Advisors in Columbus, OH.

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