Providence Financial Retirement Show with Anthony Saccaro

Estate planning goes hand in hand with financial planning as part of a well-rounded strategy to ensure your golden years are as stress-free as possible. As an attorney specializing in estate planning, I often get questions on this topic from listeners and in this show we answer two of them.   1. Carl wrote in asking, "my Advanced Health Care Directive is over 20 years old, should I have it redone?"  The new HIPAA laws were enacted in 2004 and any powers of attorney for health care drafted before that should definitely be redone. Without a current document, doctors are not allowed, by law, to give information about the patient in their care, even if it's a close family member. It's actually a prudent idea to update advanced health care directives every 5 years or so. If you're in the hospital, the older the document is, the less likely the doctors are to accept it, especially if there are a few different family members giving them conflicting information. Also, don't forget about children and grandchildren if they're over 18 years old - they need advanced health care directives too.  2. Jessica asked, "I have an A/B trust from 2007 and I've never updated it; my net worth is around $3M; with the estate tax exclusion being as high as it is, do I still need an A/B trust?"  Listen in for the answer and explanation.  >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  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/

We usually talk about must-do's in this show but today we'll list 3 negatives when it comes to #retirementplanning. Here they are:  - procrastinating and waiting until last minute to prepare for retirement - making snap decisions about important issues  - focusing on the bottom line Are you making any of these #retirementmistakes, and if you are, how do you fix them? Listen in to find out more.  >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  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/

How do bond values and interest rates correlate with each other? In this episode, we answer this question in detail:  why #bonds go up when interest rates go down  what is the difference between direct and indirect ownership of a bond how does income #investing work why you can still count on the #income from your #investments when bond values are down  Listen in to find out more.  >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  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/

Stocks, bonds and cash - how do you recession-proof your #portfolio against the recession which many expect? There's no guarantee that we will in fact go through a recession, but many experts believe we will. It's common for an economy to go up and down. A #recession is a slowdown in economic growth, where GDP is less than zero for a couple of quarters. Inflation ultimately will come down because economic growth will come down and unemployment rates will increase.  So whereas a recession in and of itself is not bad on a macroeconomic scale, would it be bad for YOU, the average #investor? In this show, we cover the 3 major asset classes (#stocks, #bonds and #cash) and how a recession might affect them. Bonus: we answer the question of whether or not you should #buygold. 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/

If you have a Long Term Care insurance policy, how do you go on claim and access the benefits you've been paying for? What are the qualifications you need to meet in order to start claiming these benefits?  We'll start this podcast with a brief overview of #LongTermCare insurance. LTC is the #1 killer of a retirement plan because it's extremely costly. If you need to go into a convalescent facility, you might need to come up with upwards of $125,000/year. What about if you have care at home? It's actually even more expensive, because instead of having one nurse, medical equipment and a doctor for 4-6 people, the nurse, equipment and doctor visits are just for you! And yet, most people would want to stay at home - at $200,000/year or more, that is hardly affordable and it could quickly wipe out a multimillion dollar estate. The one sure way to prevent that from happening is to get Long Term Care #insurance; and many experts believe that if you don't have assets totaling more than $10M, LTC is a must.  Listen in to find out more about how to qualify for Long Term Care and how to access the benefits.  >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  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/  

Are you highly confident in the retirement plan you have set up? If you're like most of the people we run across, you're probably a low or medium on the confidence scale. Some people don't even have any plan set up at all! Here are 4 questions you have to answer positively in order to be able to say that you're confident with your #retirementplan:  1. have you thought about how you'll practice your hobbies in #retirement? 2. do you have a plan to guarantee lifetime #income? 3. do you understand how #taxes will affect your retirement?  4. do you have an #estateplan set up?  Listen in for the answers.  >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  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/  

If you make too much money to contribute to a deductible #IRA or even a #Roth IRA, this episode may be of interest to you as we explain what a back door Roth conversion is and how it works.  Let's start with the definition: back door Roth conversion =  contributing non-deductible money to a traditional IRA and then converting it into a Roth IRA; when you do this in the same year, as long as you meet certain criteria, that conversion will be tax-free; basically, a back door Roth conversion is a way to contribute money into an IRA when you could not have done so by any other method  Listen in to find out how this can work out practically.  >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  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 show, we answer 3 questions that seem to come up frequently from listeners in recent weeks: 1. the US economy, China and what happens if the dollar becomes worthless 2. Social Security and the spousal benefit 3. if you inherit an IRA and a Roth IRA, do you have to take distributions Listen in for the answers.  >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  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/  

The title of this podcast must be a rhetorical question, right?  Well, not necessarily. We recently met with an individual who has been following this podcast, and he has $10M in stock with $5.5M of it in UPS stock. He used to work for UPS, he loves UPS, he never wants to sell the UPS stock. The question is, if the market tanks, will his beloved UPS stock remain unchanged, or will is lose value like all the other stocks would? Of course it would lose value - and as a consequence, this individual's nest-egg and perhaps the inheritance he intends to leave to his family would be greatly affected.  Listen in for more thoughts on how to plan your retirement investments while keeping both your family and your goals in mind. Taking the emotion out of investing is a very wise thing to do in most situations, and sometimes it takes an outsider (such as a financial advisor) to help you push through the emotional attachment to certain investments. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  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/

A stressful retirement is certainly nobody's goal, and in today's show we cover 3 reasons why retirement is harder for you than it was for your parents. There are many more pieces to the puzzle today, you have to make more choices and have the opportunity to make more mistakes; and this alone creates more stress.  Reason #1: Social Security; your parents only had one choice - to retire at 65 and take Social Security; but today there are many #SocialSecurity strategies (it actually takes a computer program to figure out the best one!); making the wrong choice could cost you up to $200K for the course of your lifetime  Reason #2: #pensions are becoming a thing of the past; it's often your responsibility to set up your own retirement #savings plan, and if you don't start early enough or do it wrong (or both), you could run out of money before you run out of life  Reason #3: people are living longer today than their parents; you have to plan for decades in #retirement, not just one decade or so  >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  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/