Providence Financial Retirement Show with Anthony Saccaro

This week on the podcast we delve into the rising interest in annuities as a response to current economic uncertainties. With market volatility, discussions of potential recessions, and global tensions, many retirees are seeking stability over growth, making annuities an attractive option for guaranteed income.​ We explore how annuities function, their benefits in providing a steady income stream, and the reasons behind their recent surge in popularity. However, it's essential to understand that annuities aren't a one-size-fits-all solution. We'll discuss scenarios where annuities might not be the best fit, highlighting potential drawbacks such as fees, liquidity concerns, and the importance of aligning financial products with individual retirement goals.​ Tune in to gain a comprehensive understanding of annuities and determine if they align with your retirement strategy in these unpredictable times.​ >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  LET’S CONNECT Show website: https://www.providencefinancialpodcast.com Find us at: https://www.providencefinancialinc.com Get to know Anthony: https://anthonysaccaro.com Anthony's book: https://morelifethanmoneybook.com Amazon Author Page: https://amazon/author/anthonysaccaro YouTube: https://www.youtube.com/c/AnthonySaccaro/featured Radio: https://www.providencefinancialradio.com Yelp: https://www.yelp.com/biz/providence-financial-and-insurance-services-inc-woodland-hills Facebook: https://www.facebook.com/Providence.FinancialInc/ Twitter: https://twitter.com/AnthonySaccaro LinkedIN: https://www.linkedin.com/in/anthonysaccaro/

In this episode of the Providence Financial Retirement Show, we discuss the recent implementation of President Trump's tariffs and their potential impact on the economy and retirees. With tariffs reaching up to 145% on Chinese imports, consumers may face higher prices on everyday goods, from electronics to clothing. Anthony discusses how these tariffs, intended to protect domestic industries and influence trade negotiations, can lead to increased inflation and market volatility. For retirees on fixed incomes, this could mean a decrease in purchasing power and potential adjustments to retirement plans. The episode also explores strategies to mitigate these risks, emphasizing the importance of diversification and a balanced portfolio. By understanding the broader economic implications of tariffs, retirees can make informed decisions to safeguard their financial future. Listen in to gain insights on how to navigate the complexities of the current economic landscape and ensure a stable and secure retirement. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  LET’S CONNECT Show website: https://www.providencefinancialpodcast.com Find us at: https://www.providencefinancialinc.com Get to know Anthony: https://anthonysaccaro.com Anthony's book: https://morelifethanmoneybook.com Amazon Author Page: https://amazon/author/anthonysaccaro YouTube: https://www.youtube.com/c/AnthonySaccaro/featured Radio: https://www.providencefinancialradio.com Yelp: https://www.yelp.com/biz/providence-financial-and-insurance-services-inc-woodland-hills Facebook: https://www.facebook.com/Providence.FinancialInc/ Twitter: https://twitter.com/AnthonySaccaro LinkedIN: https://www.linkedin.com/in/anthonysaccaro/  

In this episode of the podcast, we delve into the often-overlooked emotional aspects of retirement planning. While market corrections, geopolitical tensions, and economic uncertainties can stir anxiety, it's the mastery over our emotional responses that truly determines retirement success.​ A successful retirement isn't solely about the size of your portfolio but about ensuring a steady income stream that lasts a lifetime. Drawing parallels between financial strategies and emotional preparedness, we discuss how understanding concepts like sequence of returns risk and maintaining a diversified portfolio can safeguard your retirement income. Moreover, we highlight the importance of having a well-thought-out plan that anticipates market volatility, ensuring that decisions are made based on strategy rather than emotion.​ Listen in to gain insights on how to align your financial plans with emotional resilience, ensuring that your retirement years are not only financially secure but also filled with peace of mind.​ >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  LET’S CONNECT Show website: https://www.providencefinancialpodcast.com Find us at: https://www.providencefinancialinc.com Get to know Anthony: https://anthonysaccaro.com Anthony's book: https://morelifethanmoneybook.com Amazon Author Page: https://amazon/author/anthonysaccaro YouTube: https://www.youtube.com/c/AnthonySaccaro/featured Radio: https://www.providencefinancialradio.com Yelp: https://www.yelp.com/biz/providence-financial-and-insurance-services-inc-woodland-hills Facebook: https://www.facebook.com/Providence.FinancialInc/ Twitter: https://twitter.com/AnthonySaccaro LinkedIN: https://www.linkedin.com/in/anthonysaccaro/

In this week's podcast, we delve into four critical aspects of retirement planning that can significantly impact your financial future.​ - Roth Conversions: This strategy involves transferring funds from a traditional IRA or 401(k) to a Roth IRA, paying taxes on the converted amount now to enjoy tax-free withdrawals later. It's particularly beneficial if you anticipate higher tax rates in the future or want to reduce required minimum distributions (RMDs) in retirement. ​ - Inflation: Over time, rising prices can erode the purchasing power of your retirement savings. Even modest inflation rates can significantly impact your ability to maintain your desired lifestyle, making it essential to incorporate inflation-protected investments into your portfolio. ​ - Sequence of Returns Risk: This refers to the danger of experiencing poor investment returns early in retirement, which can deplete your portfolio more rapidly due to simultaneous withdrawals. Implementing strategies like adjusting withdrawal rates or maintaining a diversified portfolio can help mitigate this risk. ​ - Bonds: Traditionally seen as a stable income source, bonds can provide diversification and reduce overall portfolio volatility. However, in certain economic climates, such as periods of rising interest rates or inflation, bonds may underperform, necessitating a reassessment of their role in your investment strategy. ​ Listen in as we explore these topics to help you make informed decisions for a secure and comfortable retirement.​  >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  LET’S CONNECT Show website: https://www.providencefinancialpodcast.com Find us at: https://www.providencefinancialinc.com Get to know Anthony: https://anthonysaccaro.com Anthony's book: https://morelifethanmoneybook.com Amazon Author Page: https://amazon/author/anthonysaccaro YouTube: https://www.youtube.com/c/AnthonySaccaro/featured Radio: https://www.providencefinancialradio.com Yelp: https://www.yelp.com/biz/providence-financial-and-insurance-services-inc-woodland-hills Facebook: https://www.facebook.com/Providence.FinancialInc/ Twitter: https://twitter.com/AnthonySaccaro LinkedIN: https://www.linkedin.com/in/anthonysaccaro/

In this episode, we explore how retirement planning can resemble a magic show—filled with illusions that may mislead.We'll discuss how perceived low-risk investments might carry hidden dangers, the importance of distinguishing between market volatility and actual financial loss, and the value of having a knowledgeable advisor to guide you through the complexities. Just as a magician's assistant is crucial to the performance, a trusted financial advisor can be essential in navigating your retirement journey. Join us as we uncover the truths behind the myths and help you plan for a retirement that's grounded in reality.​ Listen in.  >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  LET’S CONNECT Show website: https://www.providencefinancialpodcast.com Find us at: https://www.providencefinancialinc.com Get to know Anthony: https://anthonysaccaro.com Anthony's book: https://morelifethanmoneybook.com Amazon Author Page: https://amazon/author/anthonysaccaro YouTube: https://www.youtube.com/c/AnthonySaccaro/featured Radio: https://www.providencefinancialradio.com Yelp: https://www.yelp.com/biz/providence-financial-and-insurance-services-inc-woodland-hills Facebook: https://www.facebook.com/Providence.FinancialInc/ Twitter: https://twitter.com/AnthonySaccaro LinkedIN: https://www.linkedin.com/in/anthonysaccaro/

Market volatility is causing many to rethink their financial strategies. The discussion highlights how emotions can derail rational investment decisions during turbulent times. Proactive portfolio planning is key to navigating downturns effectively. Listeners learn to view market corrections as potential opportunities rather than setbacks. Investment phases, including accumulation and retirement, are explored, emphasizing the importance of income stability. A focus on tech investments and the unique challenges they present adds another layer of insight.

In this episode, we explore critical areas where procrastination can lead to unexpected challenges in retirement. By addressing these issues early, you can ensure a more secure and comfortable future:​ 1. Tax Planning: Delaying tax strategies can result in higher liabilities during retirement. Proactive planning helps minimize taxes on withdrawals and investments, preserving more of your savings. ​ 2. Long-Term Care: Many underestimate the likelihood of needing long-term care, which can be costly. Early planning, including considering insurance options, can protect your assets and provide peace of mind. ​ 3. Home Maintenance: Neglecting regular upkeep can lead to significant expenses down the line. Addressing repairs promptly maintains your home's value and prevents larger issues during retirement.​ 4. Retirement Account Withdrawals: Without a clear strategy, you risk depleting your savings too quickly or facing unexpected tax consequences. Understanding withdrawal rates and tax implications is crucial for sustaining your income. ​ 5. Estate Planning: Postponing the creation of a comprehensive estate plan can lead to legal complications and unintended asset distribution. Establishing wills, trusts, and powers of attorney ensures your wishes are honored and your loved ones are protected. ​ By taking action in these areas now, you can prevent future discomfort and secure a more predictable and comfortable retirement.​ >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  LET’S CONNECT Show website: https://www.providencefinancialpodcast.com Find us at: https://www.providencefinancialinc.com Get to know Anthony: https://anthonysaccaro.com Anthony's book: https://morelifethanmoneybook.com Amazon Author Page: https://amazon/author/anthonysaccaro YouTube: https://www.youtube.com/c/AnthonySaccaro/featured Radio: https://www.providencefinancialradio.com Yelp: https://www.yelp.com/biz/providence-financial-and-insurance-services-inc-woodland-hills Facebook: https://www.facebook.com/Providence.FinancialInc/ Twitter: https://twitter.com/AnthonySaccaro LinkedIN: https://www.linkedin.com/in/anthonysaccaro/

In this episode, we examine eight common retirement expectations and contrast them with the realities many retirees face: 1.  Lower Expenses: Many anticipate reduced living costs in retirement, but factors like healthcare, travel, and leisure activities can keep expenses high. 2. Manageable Healthcare Costs: While some believe Medicare will cover all health expenses, out-of-pocket costs for services like dental, vision, and long-term care can be substantial. 3. Reduced Taxes: It's a common belief that taxes decrease in retirement; however, withdrawals from tax-deferred accounts and other income sources may keep tax liabilities significant. 4. Optimal Social Security Strategy: Many assume they're maximizing Social Security benefits, yet factors like timing and spousal benefits can greatly influence the amount received. 5. Continuing to Work: Some plan to work part-time during retirement, but health issues or job market challenges can hinder this intention. 6. Reliable Financial Advice: Trusting that all financial advisors have one's best interests at heart can be misguided; it's essential to ensure advisors are fiduciaries committed to acting in your favor. 7. Consistent Investment Income: Relying solely on investments for income assumes market stability, yet market volatility can impact returns and financial security. 8. Certainties in Retirement: While some aspects are unpredictable, retirees can anticipate factors like market fluctuations, legislative changes, inflation, and unforeseen expenses, emphasizing the need for flexible planning. Listen in as we explore these topics to help you better prepare for a retirement that aligns with reality.  >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  LET’S CONNECT Show website: https://www.providencefinancialpodcast.com Find us at: https://www.providencefinancialinc.com Get to know Anthony: https://anthonysaccaro.com Anthony's book: https://morelifethanmoneybook.com Amazon Author Page: https://amazon/author/anthonysaccaro YouTube: https://www.youtube.com/c/AnthonySaccaro/featured Radio: https://www.providencefinancialradio.com Yelp: https://www.yelp.com/biz/providence-financial-and-insurance-services-inc-woodland-hills Facebook: https://www.facebook.com/Providence.FinancialInc/ Twitter: https://twitter.com/AnthonySaccaro LinkedIN: https://www.linkedin.com/in/anthonysaccaro/

In this episode, we challenge conventional retirement planning approaches that may not suit everyone's unique needs: The Buy-and-Hold Dilemma: Wall Street often promotes a buy-and-hold strategy, encouraging investments in stocks and mutual funds without considering how to convert these assets into usable income during retirement. Without a clear plan to liquidate these assets, retirees might struggle to access their wealth when needed.​ The 4% Withdrawal Rule Revisited: Traditionally, retirees have been advised to withdraw 4% of their portfolio annually to sustain their retirement funds. However, recent analyses suggest that this rule may no longer be as reliable, especially given today's economic conditions and longer life expectancies. Market Resilience Assumptions: Advisors often reassure clients to "hang in there" during market downturns, asserting that markets will rebound over time. While this may hold true in the long run, it doesn't account for individual circumstances, such as age and risk tolerance, which are crucial in retirement planning.​ Join us as we explore these topics and discuss personalized strategies to ensure your retirement plan aligns with your unique goals and circumstances. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  LET’S CONNECT Show website: https://www.providencefinancialpodcast.com Find us at: https://www.providencefinancialinc.com Get to know Anthony: https://anthonysaccaro.com Anthony's book: https://morelifethanmoneybook.com Amazon Author Page: https://amazon/author/anthonysaccaro YouTube: https://www.youtube.com/c/AnthonySaccaro/featured Radio: https://www.providencefinancialradio.com Yelp: https://www.yelp.com/biz/providence-financial-and-insurance-services-inc-woodland-hills Facebook: https://www.facebook.com/Providence.FinancialInc/ Twitter: https://twitter.com/AnthonySaccaro LinkedIN: https://www.linkedin.com/in/anthonysaccaro/

In this episode, we delve into two primary strategies for funding your retirement: Income Method (Interest and Dividends): This approach focuses on generating income by investing in assets that provide regular interest or dividend payments, such as bonds or dividend-paying stocks. By living off this income, you preserve your principal investment, potentially extending the longevity of your portfolio. Withdrawal Method (Selling Shares): This strategy involves systematically selling portions of your investment portfolio to fund your retirement expenses. A common guideline here is the "4% rule," which suggests withdrawing 4% of your portfolio in the first year of retirement and adjusting that amount for inflation in subsequent years. However, this method can be vulnerable to market fluctuations and may risk depleting your assets over time. If you've been following our show, you likely know which method we favor. Listen in to learn more about these strategies and discover why we advocate for one over the other. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  LET’S CONNECT Show website: https://www.providencefinancialpodcast.com Find us at: https://www.providencefinancialinc.com Get to know Anthony: https://anthonysaccaro.com Anthony's book: https://morelifethanmoneybook.com Amazon Author Page: https://amazon/author/anthonysaccaro YouTube: https://www.youtube.com/c/AnthonySaccaro/featured Radio: https://www.providencefinancialradio.com Yelp: https://www.yelp.com/biz/providence-financial-and-insurance-services-inc-woodland-hills Facebook: https://www.facebook.com/Providence.FinancialInc/ Twitter: https://twitter.com/AnthonySaccaro LinkedIN: https://www.linkedin.com/in/anthonysaccaro/