Managing Your Financial Future with Lucia Capital Group
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Managing Your Financial Future with Johnny Dean and "Professor" Rick Plum, CFP®… Brought to you by the advisors and investment professionals at Lucia Capital Group, a registered investment advisor. Integrating financial planning and investing decisions, designed to help you reach your own financial goals. Want the best tips on which hot stocks you should buy this week? Go somewhere else - we don’t do that. It’s all about planning, strategy, managing your future and taking control of your financial life. Securities offered through Lucia Securities, LLC, member FINRA.
Available episodes
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4 days ago
Annuities 101: Understanding the Basics
Of all the financial products available to consumers, it is the annuity that is perhaps the most misunderstood. The initial concept of the annuity -- you give money to an insurance company, they pay you some, or all, of that money back (and maybe more) over time -- is rather simple. But over the years they've become more complex, with more features, more options, and (yes) in some cases, more fees.
Whether an annuity is suitable for you will depend on many factors. But it's never a good idea to own an annuity (or anything else) without understanding what you're getting and why it's been recommended to you. In this week's episode of *Managing Your Financial Future, *show host Johnny Dean and "Professor" Rick Plum, CFP® give you the basics of annuities, the types that are available, and answers to some of the most common annuity questions that advisors get. Tune in for all the details!
Apr 6, 2021
Do You Really Owe Taxes When You Give Someone a Gift?
Have you heard of the "Gift Tax?" Many people are at least familiar with the term, but relatively few know how, when, or where it might be applied. You probably give gifts all the time: some small, some not so small, and some maybe quite large, as for example a downpayment on a home for your son or daughter. Generosity certainly has its benefits, but is there also a tax that someone should be paying?
The answer is both yes and no. And it all depends on a few factors. Knowing how the gift tax works can be especially helpful when it comes time to pass your assets down to your heirs, and if you're worth a lot of money, it's even more vital that you understand how it works. Find out who should worry about a gift tax and who should not on this week's episode of *Managing Your Financial Future, *with podcast host Johnny Dean and Rick "the Professor" Plum, CFP®!
Mar 30, 2021
How to Get Money Into a Roth When You're Over the Income Limits
You may have heard that individuals with annual incomes that exceed certain thresholds cannot contribute funds directly to a Roth IRA. This is true. So how can someone with an income above the limits enjoy the potential tax benefits of a Roth?
A simple strategy technique may allow you to do just that. Tune in to the discussion between podcast host Johnny Dean and his guest, "Professor" Rick Plum, CFP®, as they give you the information you need to know on this week's episode of *Managing Your Financial Future!*
Mar 23, 2021
Why We Spend the Way We Do in Retirement
What's your spending strategy in retirement? Are you (or will you be) extra frugal, concerned about maintaining a steady, or even a rising, account balance in your portfolio? Or do you have more than you need, with several sources of guaranteed income and/or enough socked away that you'll never outspend your projected lifespan?
When asked why people spend the way they do once they've retired, the answers always vary widely. Depending on where they are, where they've been, and what their goals are, the reasons behind people's spending are most often very personal in nature.
In this week's episode of Managing Your Financial Future, host and moderator Johnny Dean discusses this all-encompassing topic with "Professor" Rick Plum, CFP®. If you wish you'd saved more, or if you fear running out of money, you will not want to miss today's podcast!
Mar 16, 2021
Your Spouse Dies - What Do You Do Now?
All marriages end in one of two ways: divorce or death. If you live long enough with someone, eventually one of you will mourn the other. And whether a spouse's passing comes as a surprise or not, there will always be a list of tasks that the survivor must deal with at some point. But what are those tasks, and when do you have to perform them?
Good questions. And while everyone's situation is unique, there are a few things that most everyone who is in that situation should be sure to get done. On this week's episode of Managing Your Financial Future, podcast host Johnny Dean speaks with "Professor" Rick Plum, CFP® about what to do when your spouse passes away -- what you might consider taking care of first, and what can maybe wait until later. Tune in to find out more!
Mar 9, 2021
The Unintended Consequences of Social Security's Survivor Benefits
You may have heard that Social Security provides a "survivor benefit," which allows a surviving spouse to continue to receive their deceased spouse's benefits. The original intention (back in 1940) was to ensure that widows would not be left without a Social Security payment.
Today, though, with many dual-working households (and thus two Social Security benefits), those same survivor benefit rules may actually cause the survivor to take a cut in benefits -- in some cases, by nearly 50%.
How is that possible? And, even more importantly, how can you strategize to keep this from happening? Join show host/podcast moderator Johnny Dean and his guest, "Professor" Rick Plum, CFP®, as they discuss ways to potentially mitigate what has turned out to be an unintended consequence of Social Security's survivor benefits on this week's episode of *Managing Your Financial Future.*
Mar 2, 2021
The 3 Biggest Risks Facing Your Portfolio Today
No matter how much you save throughout your life, or how diligently you work to maintain your level of wealth, you can never really be sure that the money you’ve accumulated -- the money you need to live on throughout your retirement -- will last as long as you do. That thought can be more than a little unsettling.
The risks to your portfolio are many, and not all of them happen later in life. But with careful planning, you may be able to mitigate those risks and perhaps take some of the worry away as well.
In this episode of *Managing Your Financial Future, *show host Johnny Dean speaks with “Professor” Rick Plum, CFP® about what Rick believes are the three biggest risks facing your portfolio, and what you may potentially be able to do about them. Tune in to the podcast to find out more!
Feb 9, 2021
Is It Time to Re-Think the "4-Percent Rule?"
One of the old “rules of thumb” that’s been around since the early 1990s is the idea that your portfolio has a better chance of surviving 30 years if you withdraw no more than 4 percent of the total each year. Some have said it should be even lower than that, perhaps no more than 2 percent.
But whether the amount is 4 percent, 2 percent, or some other number, the more important issue should be your actual withdrawal strategy. Are you forced to sell stocks when they're down in order to meet your spending needs? If so, you're asking for trouble.
In this week's episode of *Managing Your Financial Future,* show host Johnny Dean speaks with our "Professor" Rick Plum, CFP® to get Rick's take on how the "4 percent rule" is really just a guideline, and why having a sound withdrawal strategy may be your bigger key to success.
Feb 2, 2021
Creating Income When Interest Rates Are Low
It’s a fact that retirees in general dislike spending down their savings. In today’s low interest rate environment, and given declining dividend yields, how should one remove money from a portfolio for income without damaging the portfolio’s integrity and longevity?
There are several possible routes to take, and unfortunately, many people may be tempted to reach for yield with either low-quality bond purchases or stocks with higher dividend yields. But doing so almost certainly will raise the risk within a portfolio without any guarantee of higher returns.
What’s a potentially better way to take income? Show host Johnny Dean and financial advisor Rick “The Professor” Plum, CFP®, discuss what Rick believes is the way to work towards your income goals without resorting to risky behaviors on this week’s episode of Managing Your Financial Future!
Jan 26, 2021
Is a Roth Option in Your 401(k) Worth Considering?
When it comes to retirement savings, you have a fair number of choices available to you. One of the more popular options comes in the form of your employer’s 401(k) plan. And these days, a growing number of employers are offering a Roth option to that plan. The question for some people is whether the Roth option with their 401(k) is the right way to go.
Much of that decision revolves around your current, and future, tax situations. In this week’s episode of Managing Your Financial Future, our moderator Johnny Dean speaks with “Professor” Rick Plum, CFP®, about some supposed drawbacks of the Roth 401(k). Do the “cons” really outweigh the “pros” in this case? Get the facts and decide for yourself!
Jan 19, 2021
How the Pandemic Affected Your Finances
If it seems to you like 2020 was an unusual year, you’re right - in more ways than one! Of particular concern to many people was their financial situation. Whether it was dealing with a job loss or change of employment, working from home, unemployment benefits, stimulus checks, or something else entirely, there’s little question that our finances were impacted in many ways.
As we approach tax season, it’s important to understand how your finances were affected last year, and what repercussions there may be for your own tax situation. In this week’s episode of Managing Your Financial Future, show host Johnny Dean speaks with “Professor” Rick Plum, CFP®, about some pandemic-related conditions that may have a big impact on your money, business, and life.
Jan 5, 2021
The Triple Tax Benefits of an HSA
If there's one thing most people can agree on when it comes to money, it's probably this: we don't like to pay taxes. If there's a permissible way to avoid a higher tax bill, common sense would tell us that it's wise to consider it.
A Roth IRA, for example, gives us the potential for tax-free distributions when done according to the tax laws. And any growth that may occur within a traditional IRA is tax deferred until distribution.
But what if you could get an up-front tax deduction, as well as tax deferral, AND tax-free distributions? On this week's episode of *Managing Your Financial Future*, our moderator Johnny Dean talks with "Professor" Rick Plum, CFP® about the triple-tax benefits of owning a Health Savings Account.
Dec 22, 2020
A Better Way to Take Your RMDs?
Required minimum distributions (RMDs) are just a fact of life for most owners of an IRA or retirement plan account. While RMDs are suspended for 2020, under normal circumstances, you typically must begin taking minimum withdrawals from those accounts (in most cases) at age 72.
Given these circumstances, if you're charitably inclined, you may be able to take advantage of a little-known strategy known as a Qualified Charitable Distribution from your IRA, and perhaps get some tax advantages that you otherwise would not have had.
How does it work, and who can potentially use it? Our "Professor" Rick Plum, CFP®, has the details for you as he speaks with our host and moderator Johnny Dean on this week's episode of *Managing Your Financial Future*!
Dec 15, 2020
Let's Strategize With Your IRA
IRAs, whether Traditional or Roth, have unique characteristics. Depending on the type of IRA you have, you may be able to manage your taxes or your income from your IRA by managing the taxes on the withdrawals.
Roth IRA distributions are tax-free when the rules for taking withdrawals are all met. So sometimes the tricky part is getting the money into the Roth IRA in the first place. Do you make a regular contribution to your Roth? Should you convert your Traditional to a Roth? When is it a good idea to do either of these, and when is it not?
Get your IRA strategy questions answered with "Professor" Rick Plum, CFP® as he speaks with host and moderator Johnny Dean on this week's episode of *Managing Your Financial Future*!
Dec 8, 2020
Dealing With Taxes on Your Social Security Benefits
Taxes are a fact of life for most people. Even your Social Security benefits - for which you had the pleasure of paying taxes to receive - are subject to taxation under certain circumstances. And this can hit you unexpectedly, putting a sizable dent in your benefit income.
What to do about this? First thing is to recognize when and how your Social Security benefits may become taxable to you. This is where planning can play a key role, especially before you begin to take required minimum distributions at age 72.
On this week's episode of *Managing Your Financial Future*, host Johnny Dean and advisor Rick "The Professor" Plum, CFP® discuss the aspects of Social Security taxation, and what you may be able to do to potentially minimize what you owe. Tune in to find out more!
Dec 1, 2020
Don't Make the Mistake of "Chasing Yield"
If there's one "rule of thumb" that every investor should know, it's that there is a distinct correlation between risk and reward. The greater the potential reward for an investment, the higher the risk. Conversely, lower-risk investments tend to produce lower rates of return.
This is something that many investors often forget -- especially those who are new to the game. If you pay attention only to a particular investment's prior performance without looking at the potential risks involved, you may be in for a really unpleasant surprise down the road.
Purchasing investments based solely on their rate of return is what's known as "chasing yield," and it's a mistake that can and should be avoided. Find out more from host Johnny Dean and our advisor, Rick "The Professor" Plum, CFP® on this week's episode of *Managing Your Financial Future*!
Nov 17, 2020
Are Cash Value Life Policies Really as Good (or as Bad) as You’ve Heard?
Life insurance appears to be a fairly easy topic to understand. You pay your premiums to the insurance company, and if you die within the specified period of time, your beneficiaries receive the death benefit proceeds of the policy. If you outlive the policy, no death benefit is paid.
But that’s just one element of life insurance. Another type is the often-misunderstood (and sometimes mis-sold) cash value policy -- and here’s where things can get complicated. And here’s where “Professor” Rick Plum, CFP® may be able to help you understand.
Cash value life insurance isn’t for everyone, but for some individuals, it may indeed be exactly what they need to reach their goals. Who should consider cash-value life insurance, and who should stay away? And how do these policies work? Find out on this week’s episode of Managing Your Financial Future!
Nov 10, 2020
What Are Your Options with a Roth IRA?
Back in 1998, Congress created one of its most popular tax-incentives in recent history – the Roth IRA. Since then, we’ve seen various changes to Roths, including who may contribute, how much they may contribute, and who is allowed to convert pre-tax IRA money into the Roth world.
Because of its popularity, though, the Roth is sometimes improperly used by both investors and by those who give financial advice. While the tax-free withdrawals of a Roth are often attractive, those same tax benefits may also cause someone to put their money into a Roth when there are potentially better options for them.
So how does a Roth IRA work? Who should consider contributing, or maybe converting? And who should probably not? Get the details from “Professor” Rick Plum as he speaks with podcast moderator Johnny Dean on this week’s episode of Managing Your Financial Future.
Nov 3, 2020
Is There a Solution to the Pension Dilemma?
If you happen to be one of those people with a traditional pension plan, there’s one important piece of information you should know about: unless your spouse elects to sign a waiver that allows otherwise, your pension benefits will be paid out to the both of you in the form of what’s called a “qualified joint and survivor annuity.” In other words, you’ll receive a reduced amount during your lifetime, so that your spouse will continue to get at least 50% of that amount if you happen to die first.
But if you both elect instead to receive the higher single-life annuity payment, the payments (while significantly higher) would stop at your death and not continue for the surviving spouse. This can be something of a dilemma for people who would want the higher payments, but are reluctant to lose that income if the pension owner doesn’t outlive the spouse.
There is a potential solution to this problem, though. Could you perhaps have both the larger payments AND provide an inc…
Aug 18, 2020
Never Say Never, and Always Avoid Always!
If you’ve ever read an article about finance or listened to a financial podcast (other than this one), you probably heard someone say that you should “never” buy a certain financial product. Or, conversely, you've heard that “everyone should buy XYZ financial product, no matter who they are!” These are both plainly wrong, on so many levels. The real truth is that everyone’s needs and goals are different; where one financial tool may work very well for a certain individual, it’s likely that exact same product is completely wrong for another person. That’s why it’s important to be financially knowledgeable about what someone is recommending you should have – or shouldn’t have – in your portfolio.Financial products are much like the tools you have in your garage: each has a specific purpose, something it was designed to do. What tools you should have will always depend on what your individual goals are. Find out more about this compelling metaphor on our late…
Aug 10, 2020
Paying Off your Mortgage: Good idea, or Bad?
A few weeks back, we offered a strategy for people who want to pay off their mortgage in, say, 15 years, but don’t like the idea of making the higher principal payments that are required of a 15-year loan. Following up on that topic, we received an email asking about whether paying off the mortgage is really nothing more than a cash-flow issue. Is it? Or are there other things to consider?On this week’s episode of Managing Your Financial Future, hosts Johnny Dean and Rick “The Professor” Plum, CFP discuss the potential benefits of either paying off your home loan, OR perhaps keeping a mortgage on your house, if only a small one. Tune in to hear some things you might consider that may never have occurred to you before, as well as a neat trick to get funds onto a Roth IRA, even if you’re over the income limit!
Aug 5, 2020
What's My Stock Allocation in Retirement?
Is it ever a good idea to mix stock market volatility with retirement? Maybe. It really depends on a number of different factors, not the least of which is your withdrawal strategy.But there are other forces at play here as well. Do you need to access the money in your portfolio to help fund your near-term liabilities? Or do you have enough income from other sources so that you may never need to dip into your savings to give you enough money to live on?In order to determine how much you should allocate to stocks in your portfolio, you'd need to consider several things all at once. Get the details on this week's episode of Managing Your Financial Future!See omnystudio.com/policies/listener for privacy information.
Jul 28, 2020
You’ll Spend Less in Retirement Than You Think
Retirement income calculators are everywhere online. What’s more, they’re fairly simple in nature: plug in some current income and savings, expected rate of return, an inflation factor, and eventually it’ll spit back a number that you should aim to have in your portfolio that’s supposed to give you the income you need. The trouble is - they’re often way off the mark.They may tell you that if you need, say, $100,000 of income to retire at age 65, then that number will rise to perhaps $230,000 or more by the time you’re age 95 because of the inflation factor. But from our experience, this just isn't practical in the real world. As retirement goes on, spending (and income needs) tend to go down over those years - not up.What this means is that you may not need to have as much socked away in your portfolio as those online calculators would suggest. Find out more about retirement spending, retirement income, and the potential value of financial advice with hosts Johnny D…
Jul 21, 2020
RMD Rules Have Changed - Here's Why That's Important
So maybe you retired at age 65, and maybe you set yourself up so that you don't have to think too much about your financial strategy, and then -- boom! You hit age 72, and you have to deal with required minimum distributions (RMDs) from your IRAs. The rules for taking required withdrawals have always been somewhat convoluted, but as of 2020, they've changed quite a bit; and if you inherit an IRA, they're even more complicated. Not only that, but if you miss all or part of your RMD when you were supposed to take one, the penalty is 50% of the missed amount!Knowing what to do and how to do it is important. On this week's episode of Managing Your Financial Future, you'll get the details from Johnny Dean and "Professor" Rick Plum on what's changed for 2020, what has not changed, and why it may be especially important to have guidance from a financial professional when dealing with inherited IRAs. See omnystudio.com/policies/listener for privacy information.
Jul 14, 2020
Overcoming Interest Rate Drag on Your Portfolio's Rate of Return
You may have heard that a "traditional" balanced portfolio consists of some kind of mix of stocks and bonds: 60/40, 50/50, or something similar. The logic is that having a combination of stocks and bonds in a balanced portfolio acts as a potential buffer against loss with the goal of providing an opportunity for steady growth.But as interest rates have remained near their historic lows over the past decade or so, some investors are finding that those low interest rates are bringing down their overall rate of return. As a result, some in the finance industry are suggesting that it may be a good idea to raise the stock allocation to make up for this.Is doing so a good idea? If not, then what should an investor do? What are the alternatives? Find out more from Johnny Dean and "Professor" Rick Plum on this week's episode of Managing Your Financial Future.See omnystudio.com/policies/listener for privacy information.
Jul 6, 2020
A College Tuition Tax Credit You Probably Didn't Know About
If you’ve ever looked at how much it costs to attend college, you're likely aware that it doesn’t come cheap. The costs are high, and they seem to go a lot higher every year. When you add up the tuition, fees, housing, along with other miscellaneous costs, even a “low-cost" local university can send you into years of financed debt. So what are your options?It’s hard to do anything about these expenses by themselves, which means that unless you receive some kind of scholarship, you’ll either have to pay them in full, or hope the school administrators give you a break. But there’s a little-known way that you may be able to recoup some of those costs, thanks to the federal government’s American Opportunity Tax Credit.You may not have heard of it, but it’s available to you if you qualify, and it just may allow you to get back some of that tuition you’re paying. Find out more details from hosts Johnny Dean and “Professor” Rick Plum, CFP on this week’s ep…
Jun 30, 2020
Let's Manage Your Taxes -- While There's Time
We'll say it right up front: taxes are NOT fun. Nobody likes to think about them, much less actually do them every year. For most, it's a matter of either turning them over to a professional and letting them deal with it, or trudging through it alone and hope you don't miss anything important.But while they're not fun to think about, they're also a necessary evil. This is why it's really important to give your tax situation some thought during the actual tax year, when you may be able to do something about them, rather than waiting until it's too late. The middle of the year may be the perfect time to do some tax evaluation, because doing so could potentially save you some real money when it comes time to file next year. Hosts Johnny Dean and "Professor" Rick Plum, CFP® talk about ways you can manage your taxes right now, and discuss a certain internet claim about Social Security that needs some de-bunking -- all on this week's edition of Managing Your Financial Future!See omny…
Jun 2, 2020
New (Temporary) RMD Rules Offer Potential Planning Opportunities
The COVID-19 outbreak has brought with it several changes for people who are facing deadlines, including filing federal and state income taxes. Another big one has to do with Required Minimum Distributions (RMDs) for 2020 – and maybe for 2019 as well.When the SECURE Act passed at the end of 2019, it changed the age at which IRA owners must begin taking RMDs, from 70 ½ to age 72. Several weeks later, in response to the pandemic, Congress made changes again to the RMD rules through the CARES Act, allowing for more flexibility and the potential to skip the distribution for 2020.In the week’s episode of Managing Your Financial Future, hosts Johnny Dean and “Professor” Rick Plum, CFP explain the new rules of both RMDs and withdrawals from company-sponsored plans like a 401(k). Who can do what, where and when? Tune in, and get the latest!See omnystudio.com/policies/listener for privacy information.
May 26, 2020
A Mortgage Payment Strategy You've Never Heard Before
When taking out a mortgage, people often wonder if it's better to have a 15-year loan instead of a 30-year loan. They think of all the interest payments they'll save by shortening the loan period, and the fact that the home would be owned free and clear in half the time.Of course, they have to be able to afford the higher payments of a 15-year loan, which for some people is a deal-breaker. But there may be a way for you to take the 30-year loan option and still be free of mortgage payments in 15 years. On today's podcast, we talk about a strategy to do exactly that.We'll also give you an explanation of the $1,200 stimulus check, dispelling common rumors that it will have to be paid back next year, and answer an email about paying cash for a home versus having a mortgage and investing the difference. Join hosts Johnny Dean and Rick "The Professor" Plum, CFP® for this week's edition of Managing Your Financial Future!See omnystudio.com/policies/listener for privacy information.
May 19, 2020
Maintaining Your Confidence in Retirement
With everything that's been going on these days in the stock market, the economy -- the uncertainty of it all -- you might think that the confidence of those who are nearing retirement, or who are already retired, would be shaken more than a little bit. But that's not entirely true.The Employee Benefit Research Institute (EBRI) conducted their 30th annual Retirement confidence Survey back in January, and again at the end of March - two very different times. And they found that while overall confidence did go down somewhat, the decline was almost negligible. Why would that be?In this week's episode of Managing Your Financial Future, hosts Johnny Dean and Rick "The Professor" Plum, CFP® talk about reasons why those who have a strategy tend to be less irrational and less afraid of bad market and economic conditions. They also answer more of your emails, including one about using IRA money to purchase a home.See omnystudio.com/policies/listener for privacy information.
May 12, 2020
Why Own Bonds in This Low Interest Rate Environment?
The standard, cookie-cutter portfolio often consists of just three main assets: stocks, bonds and cash. One may argue that this is not enough diversification, but that discussion aside, some investors seem to find themselves these days replacing some of their "riskier" stock portfolio with the relative safety of US Government bonds. But interest rates are at historic lows, and the reward for owning bonds is minimal, at best. Are people really satisfied with a 10-year rate of return that's currently paying less than 1 percent annually? Maybe: but there may also be some bond alternatives available to you that pay a bit more than that. What are these bond alternatives, and how do you know if their potentially right for you? Listen to this week's edition of Managing Your Financial Future with Rick "the Professor" Plum and Johnny Dean to learn about ways you may be able to squeeze a little more juice from the orange. Also: a few more of your emails are answered!See omnystudio.…
May 5, 2020
Don't Neglect the Ordinary Things
With everything we have going on in our lives right now, with all the new things we have to deal with, it's important to keep in mind that ordinary events still happen during extraordinary times. Births, deaths, marriages, divorces, family events -- things both in and out of your control -- continue. Part of the essence of financial planning has to do with making sure that both expected and unexpected events are properly dealt with. This should be the goal of every financial advisor -- to minimize the surprises that inevitably crop up during your lifetime. Yes, extraordinary events do happen, but if you're ready for them, if you've prepared to deal with them, then your advisor has done their job.On this week's edition of Managing Your Financial Future, host Johnny Dean and co-host Rick "The Professor" Plum talk about the importance of remembering to take care of the ordinary things, because life at some point will return to normal -- even if it's a "new" normal. They also an…
Apr 28, 2020
Answering the Everyday Financial Questions
Stock markets are volatile, people are hunkered down in their homes, and life as we know has been put on pause, at least for a while. In spite of that, though, all of the regular financial issues still exist, pandemic or not. And today we're answering those emails that have come in from you, our loyal listeners, over the past few weeks.The issues at hand: taking distributions from your IRAs even without RMD's, fleeing the stock market out of fear, and the up-front bonuses that insurance companies often offer to people who are considering buying annuities. Questions, answers, and commentary along the way in this week's edition of Lucia Capital Group's worldwide podcast, Managing Your Financial Future.See omnystudio.com/policies/listener for privacy information.
Apr 21, 2020
The Best Opportunity to Get Your Financial House in Order
During normal times, it's easy to put our financial lives on autopilot. Our 401(k) contributions happen without us having to do anything, many of our bills are paid with auto pay, and once we're set up with the proper amount of life insurance, health insurance, and maybe long-term care insurance, we tend to resort to a "set-it-and-forget-it" mode. There are times, though, when we need to review what we have and make sure that it's all still aligned with our goals. And since our goals can change as life changes, it's likely that you need to make some adjustments to certain assets. This pandemic lockdown, which has given many of us more down-time than we ever have before, may be the best opportunity you've had in years to do just that. Of course, needing to do it, and actually doing it, are two different things. On this week's episode of Managing Your Financial Future, we talk about the tools available to you that can make getting your financial house in order a lot less st…
Apr 14, 2020
Why the SECURE Act Is So Important to You - with Janean Stripe
Between the CARES Act and the SECURE Act, both of which have been enacted, 2020 has turned out (so far) to be a year of change and uncertainty. The SECURE Act was passed in December of 2019, aiming to make retirement saving easier for individuals, increasing access to tax-advantaged accounts, and preventing older Americans from outliving their assets.Certain provisions of the SECURE Act have direct implications for people who are already retired and/or who have reached required minimum distribution age. By taking advantage of what the Act allows you to do, you may be able to save both time and taxes. You simply need to know what to do.On this week's Managing Your Financial Future podcast, host Johnny Dean talks with long-time Lucia Capital Group advisor Janean Stripe, CFP® about the important provisions of the SECURE Act that may have the biggest impact on you.See omnystudio.com/policies/listener for privacy information.
Apr 7, 2020
Does a Bear Market Change Your Investing Style?
It's a fairly well-known and well-accepted fact within the investment world that market timing - attempting to get in or out of equities on the highs or lows - doesn't work. Most investing novices (and even veterans) who trade on daily trends will lose money, and some will lose all of their money. The stock market is simply too unpredictable.But that doesn't mean that when market conditions change you can't or shouldn't make some adjustments. You can still stick with your long-term goals while making certain short-term changes when big events take place (like the end of a bull market). In fact, that may be advisable in certain circumstances.What kind of an adjustment should you make, if it's indeed warranted by your individual situation? On this week's episode of Managing Your Financial Future, our "Professor" Rick Plum and host Johnny Dean explore the notion of how a bear market may change your investing style, and why having a strategy is crucial for someone who may have ju…
Apr 1, 2020
Talking Lifetime Income with Chris Lloyd
One of the most potentially useful tools a financial planner has is the ability to create some form of lifetime income for those who need it. In much the same way that a company could provide a pension to its employees, so may an advisor offer “pensionized” income as a way to provide guaranteed lifetime income to someone who might otherwise have none. This week’s episode of Managing Your Financial Future features one of our favorite guests, Chris Lloyd, CFP, who has some useful insight into how lifetime income works, and how to tell if it may be right for you. See omnystudio.com/policies/listener for privacy information.
Mar 24, 2020
From Bull Market to Bear Market in a Flash
So maybe you looked at your 401(k) balance as recently as mid-February, and then decided you'd finally enough saved up to retire. You put your notice in at work, everyone wished you well, and then...And then. From bull market to bear market in a flash, without warning. What have you done? Can you really afford to retire now? Good question.In this week's podcast, Johnny Dean and Professor Rick Plum talk about the importance of having a strategy, and how defending your portfolio against the inevitable volatility and market downturns well ahead of time can potentially make a huge difference between retiring when you want to, and having to postpone your retirement indefinitely. See omnystudio.com/policies/listener for privacy information.
Mar 17, 2020
Keeping Your Cool When the Markets Drop
So the long bull market finally came to an end. The drop in equity values was quick, sudden, but not unexpected. The markets simply did what they've always done, and while we never knew the exact date it would happen, we knew it was inevitable. And because we know it's inevitable but cannot predict when it will happen, we have a strategy that anticipates this kind of volatility and aims to have you prepared to weather the storm. So while no strategy is infallible, it's always a good idea to have a plan, a road map, for what you should do when you're faced with a down market.On this week's episode of Managing Your Financial Future, Johnny Dean and "Professor" Rick Plum talk about the importance of being prepared, and how just a little bit of strategizing may go a long way.See omnystudio.com/policies/listener for privacy information.
Feb 26, 2020
Making Your Social Security Decisions Easier
Many people who aren't old enough to receive their benefits yet don't give much thought to Social Security. They figure it will be there for them in some form or another when they retire, but as to when they should begin taking it, well, that's not something they keep on their mental front-burner. It's often not until they approach or reach retirement that they give it any serious consideration.But when you should take your benefits, and which benefits you should take, is an important decision. The trouble is that you're presented with a confusing array of choices, and there's no shortage of conflicting advice that tells you to always do this, or never do that. No wonder people don't like to think about it.On this week's episode of Managing Your Financial Future, we try to take some of that worry and confusion out of the picture. Even if you're not yet taking your benefits, it's a good idea to know the basics so that you're prepared when your decision time finally arrives.See omnystu…
Feb 18, 2020
IRA Withdrawals: Take Them Now, or Later?
When it comes to finance, conflicting advice is everywhere. This is especially true when people have questions about when they should start taking money from their traditional IRAs: Should I start early, or wait until I'm required to take the money out? Is my withdrawal going to be taxed? Does an IRA withdrawal affect my Social Security, or change the cost of Medicare Part B and D? Very few of these (and other) questions are ever answered with any consistency online.Yet they're important issues. How are you supposed to make an informed decision if the advice you're getting from one source is telling you to do the opposite of what someone else told you to do? Knowledge is power. Listen to this week's episode of Managing Your Financial Future and we'll help to sort it all out for you.See omnystudio.com/policies/listener for privacy information.
Feb 11, 2020
The 3 Questions That Every Confident Investor Should Ask
The current bull market is 11 years old as of March, 2020. This seems to have given more than a few investors the mistaken idea that stocks will continue to climb forever. Whenever markets are flying high, or (on the other side) when they’re sinking into oblivion, people tend to overreact and do something that they later on wished they hadn’t - often times, something irreversible. If you’re about to make a risky money move, either out of fear or jubilation, there are three questions you should ask yourself first; three questions that every investor who's thinking of straying from their long-term plan should consider. What are those questions? Find out on this week's episode of Managing Your Financial Future.See omnystudio.com/policies/listener for privacy information.
Feb 4, 2020
How the SECURE Act Affects You
The SECURE Act, passed by Congress at the end of 2019 and effective on January 1, 2020, provides several reforms to 401(k) accounts, IRAs, college savings accounts, and more. A couple of long-standing rules, including the age at which most people must begin taking their required minimum distributions, were amended. These changes created both opportunities and obstacles for people who are making plans for retirement, as well as for those with legacy plans for heirs.What do you need to know? What important changes were made that could directly affect you, your spouse, and your ultimate heirs? Find out on this week's episode of Managing Your Financial Future.See omnystudio.com/policies/listener for privacy information.
Jan 28, 2020
A Tax Strategy You Never Knew Existed
A few episodes back, we talked about the benefits of charitable giving for both the recipient of the gift and the giver. The one who receives the gift gets the benefit of the gift itself. The one who gives the gift may be entitled to (among other things) a tax benefit for their generosity. Some people, though, for a variety of reasons, aren't able to deduct what they give to charity -- at least not directly. How can someone who doesn't qualify for a charitable tax deduction potentially receive a "de facto" deduction for their donations anyway? And how can this strategy potentially limit other taxes they may have otherwise paid?Find out on this week's episode of Managing Your Financial Future.See omnystudio.com/policies/listener for privacy information.
Jan 21, 2020
Killing Your Fear of Running Out of Money
Fear does strange things to people. It can motivate us to take immediate action when a threat is imminent, or it can cause us to retreat, cover up the issue, and hope it will go away. Retirees have many financial concerns. But their biggest one -- the one that can be connected to all of the others -- is running out of money. This fear often causes them to either be frugal to a point beyond reason, or to ignore their finances completely and just pray it all works out.Neither option is ideal. What if we told you that just by using a few simple planning techniques, you may be able to lose those fears for good? You may have a lot less to fear in retirement. Find out more on this week's episode of Managing Your Financial Future.See omnystudio.com/policies/listener for privacy information.
Jan 9, 2020
Helping Yourself Through Charitable Giving
Most people at some time or another want to be charitable. Part of human nature tells us we should give to those in need -- that we have a kind of social obligation to allow others to have something that they could otherwise only dream of. This is why being charitable often gives us a nice, warm feeling.That's the emotional side of giving. On the practical side, there can be financial rewards and incentives that go along with it too; tax breaks, in particular. But who gets those tax breaks? Can anyone who donates money write off that donation? There's a gift tax - but who, if anyone, pays it? Are there ways to give later but get the tax breaks now?All good questions. Get the answers on this week's episode of Managing Your Financial Future.See omnystudio.com/policies/listener for privacy information.
Jan 8, 2020
How To Manage the Scare of Long-Term Care
Many people know that long-term care costs are expensive. In spite of that, they're often reluctant to buy an insurance policy to cover those costs because they don't want to pay for something that they may never need to use. After all, not everyone ends up in a nursing home or care facility.But what if you could both insure against those costs AND retain ownership of your premiums so that you or your heirs can have that money if you never need long-term care? Is that even possible? Yes. Rick "The Professor" Plum, CFP®, and Johnny Dean, along with Ray Lucia Jr. and Joe Lucia, talk about how "Linked Benefit" plans may be the wave of the future on this week's episode of Managing Your Financial Future.See omnystudio.com/policies/listener for privacy information.
Dec 17, 2019
Controlling Your Tax Bill - It's Easier Than You Think
Did you know that the location of your assets - 401(k), IRA, personal account, Roth - is a big determinant of your ultimate tax bill? By simply locating your assets in the proper account(s), you may be able to drastically reduce your tax bill. Find out how with Rick "The Professor" Plum, CFP®, and Johnny Dean, along with Ray Lucia Jr. and Joe Lucia, on this week's episode of Managing Your Financial Future.See omnystudio.com/policies/listener for privacy information.
Dec 9, 2019
The Myth of the "Retirement Savings Crisis"
You may have heard or read that Americans aren't saving enough for their retirement years. If so, there's a good chance that the phrase "retirement crisis" was part of the story. It's easy to scare people into reading an article online, but while everyone could probably stand to save more then they are, is there really a retirement crisis in America? Maybe not.Rick "The Professor" Plum, CFP®, and Johnny Dean, along with Ray Lucia Jr. and Joe Lucia, talk about this issue and why the doomsday headlines could very well be wrong, on this week's episode of Managing Your Financial Future.See omnystudio.com/policies/listener for privacy information.
Dec 5, 2019
The Three Biggest Risks to Your Nest Egg
You work hard for your money. You save, you plan, you make contingent plans, you save some more, and yet you can never really be sure that your savings will last as long as you do. Your portfolio faces a number of different risks, and not all of them happen after you retire. We've narrowed those risks down to the three most basic - the three you really need to plan for.Find out what those risks are, and how you may be able to avoid them through proper planning, on today's Managing Your Financial Future podcast featuring Rick "The Professor" Plum, CFP®, and Johnny Dean, along with Ray Lucia Jr. and Joe Lucia.See omnystudio.com/policies/listener for privacy information.
Dec 5, 2019
The Unintended Consequence of Social Security
Social Security has provisions for a survivor benefit, which allows a surviving spouse to continue receiving their deceased spouse's Social Security benefits. It was put in place in 1940 to ensure that widows would not suffer a cut in benefits. Ironically, in today's world, those same survivor benefit rules may cause just that - a actual cut in pay to the survivor. How is that possible?Find out. Join show hosts Rick "The Professor" Plum, CFP®, and Johnny Dean, along with Ray Lucia Jr. and Joe Lucia, for the inaugural episode of Managing Your Financial Future. See omnystudio.com/policies/listener for privacy information.