21 episodes

Weekly financial and retirement guidance with Ben Schrock of BA Schrock Financial Group in Wadsworth, Ohio. Also serving the Cleveland and Akron areas.

Unlocking Your Financial Future Ben Schrock

    • Investing

Weekly financial and retirement guidance with Ben Schrock of BA Schrock Financial Group in Wadsworth, Ohio. Also serving the Cleveland and Akron areas.

    Ep 20: The Pros and Cons of Investing in Mutual Funds

    Ep 20: The Pros and Cons of Investing in Mutual Funds

    Mutual funds have been a popular investment option for many years, but is the landscape changing? Let’s take a look at the pros and cons of using mutual funds as part of your retirement plan and help you decide whether it needs to be a part of your strategy. Show Notes and Additional Resources: https://www.baschrock-fg.com/podcast/ep-20-the-pros-and-cons-of-investing-in-mutual-funds/  Today's Rundown: 1:32 – Getting to Know Ben: What’s something that people would be surprised to learn about you?3:09 – Today we move into the pros and cons of mutual funds.  3:29 – How often are we talking with clients about mutual funds?4:31 – Why are mutual funds so popular for investors?5:31 – What pros are there for using mutual funds?7:13 – Mutual funds do allow for customization and smart money managers.7:53 – On the other side of that, what are some of the cons for investing in mutual funds?9:57 – Another big negative is it’s difficult to know exactly what you own and you end up carrying many of the same things.11:20 – Are there any other tax considerations with mutual funds?12:18 – What is the future of mutual funds? Do they still have a place in our retirement plans?

    • 15 min
    Ep 19: Understanding the Basics of Mutual Funds

    Ep 19: Understanding the Basics of Mutual Funds

    No matter how long you’ve been investing, you’ve probably decided to put some portion of your money into mutual funds. They’ve always been a popular investment option, but how well do you understand the product? Let’s take some time to understand the common terminology, what makes up a mutual fund, and other basics. Show Notes and Additional Resources: https://www.baschrock-fg.com/podcast/ep-19-understanding-the-basics-of-mutual-funds/  Today's Rundown: 0:37 – Today we’re talking mutual funds.3:02 – Explain what a mutual fund is and what is consists of.4:12 – How many stocks are in a mutual fund?5:24 – What percentage of our clients are invested in mutual funds or have been at some point?5:51 – Is the landscape changing at all?7:07 – Explain the term expense ratio.9:25 – What about the term ‘loaded’?10:31 – Are there any other areas that trip people up when it comes to mutual funds?

    • 14 min
    Ep 18: Retirement Checklist, Pensions, & More Mailbag Questions

    Ep 18: Retirement Checklist, Pensions, & More Mailbag Questions

    Before we start up a new financial series, Ben’s going to open up the mailbag and answer a few questions from listeners that address retirement checklists, military pension benefits, and consolidating all of those retirement accounts you own. Show Notes and Additional Resources: https://www.baschrock-fg.com/podcast/ep-18-retirement-checklist-pensions-more-mailbag-questions/  Today's Rundown: 0:50 – How’s the new year going?2:35 – Financial dictionary: Tax-loss harvesting4:30 – Is this something you do late in the year or can it be done early in a year before tax season?5:43 – Mailbag question: I’ll be retiring in one year. What’s on the list of things I need to do before I officially walk away?8:54 – Mailbag question: My husband’s military pension is a very nice monthly benefit but I don’t get any of it after he dies. It’s nothing we can change now so how do we address this problem moving forward?11:25 – Mailbag question: I’m a little overwhelmed by how many accounts we have. We’ve moved around to a lot of different jobs. Between my wife and I we have 6 401ks, 3 IRAs, 2 Roth IRAs, 2 small pensions, a 403b, and individual stocks. How much do you think we can consolidate and how will that all work?

    • 16 min
    Ep 17: Do You Have to Pay Taxes on Social Security Benefits?

    Ep 17: Do You Have to Pay Taxes on Social Security Benefits?

    Let’s wrap up our four-part series on Social Security misunderstandings by talking about the dreaded ‘T’ word. After years of paying the government, you might not think that you have to send more money their way when you start claiming your benefits. We’re going to clear up that subject today by explaining how taxes are calculated for an individual’s Social Security and how we work with our clients to lessen that burden. Show Notes and Additional Resources: https://www.baschrock-fg.com/podcast/ep-17-do-you-have-to-pay-taxes-on-social-security-benefits/  Today's Rundown: 0:35 – What goal has Ben set for 2020?1:59 – Previewing our discussion on taxes.2:26 – In the News: Charles Schwab announced they’ll soon allow clients to buy and sell fractions of stocks. Why would a person want to do this instead of buying an entire share?4:05 – In the News: A Pennsylvania couple is facing felony charges after their bank accidentally put $120K into their account and they went out and spent it all.6:25 – On to the main topic on Social Security. The misunderstanding is that you don’t have to pay taxes on Social Security benefits. 6:48 – Anywhere from 0-85% of your benefits can be viewed as taxable income.7:28 – So how can we determine what our personalf tax obligations are going to be?10:00 – Not every state taxes Social Security. Ohio is one of those states.10:25 – What are some ways we can offset taxes to decrease the amount we’ll pay?

    • 13 min
    Ep 16: Choosing the Best Social Security Claiming Strategy

    Ep 16: Choosing the Best Social Security Claiming Strategy

    Are you nearing retirement and thinking about how and when you’ll claim Social Security? It can be as simple as visiting your local Social Security Administration office and filling out the paperwork, but can they also help you decide which strategy to use? That’s the next topic in a four-part series on the top misunderstandings with Social Security. Show Notes and Additional Resources: https://www.baschrock-fg.com/podcast/ep-16-choosing-the-best-social-security-claiming-strategy/  On This Episode: 1:52 – Here’s what’s in store for part 3 of our Social Security series.  2:40 – Can the Social Security Administration help you choose the best claiming strategy for yourself?4:16 – What will the SSA actually do for you when you go down to the office?6:04 – What are some of the key strategies you consider when working with clients on Social Security?7:40 – Here’s how the process of claiming works in our office.8:33 – Remember that everyone is different so the SSA won’t know your complete picture. That’s where an advisor can help.10:09 – Getting to Know Ben: What’s the furthest you’ve ever been from home?

    • 14 min
    Ep 15: What Age Should You Claim Social Security?

    Ep 15: What Age Should You Claim Social Security?

    Our four-part series on Social Security misunderstandings continues with a discussion on the age you should target for claiming your benefits. Some people will tell you that claiming benefits as early as possible is your best option while others will insist on waiting as long as possible. So which is it? Let’s discuss the factors that go into the decision. Show Notes and Additional Resources: https://www.baschrock-fg.com/podcast/ep-15-what-age-should-you-claim-social-security/  On This Episode: 2:23 – The first misunderstanding is starting your Social Security as early as possible is your best option.4:04 – Others say waiting as long as possible to take the money is your best bet.5:29 – What does the process look like at B.A. Schrock when you work with a client on this topic?6:43 – If you decide to go back to work after claiming, how does that factor into your benefits?8:00 – We offer an in-depth Social Security analysis for clients at no cost.11:16 – Mailbag Question: I’m selling one of my rental properties in a month or two. What’s the best thing to do with the money from that sale?        13:08 – Mailbag Question: Are there really no tax implications for rolling over my 401k?

    • 15 min

Customer Reviews

M_Verk ,

Informative

Super informative and exciting podcast! Good luck Ben.

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