Providence Financial Retirement Show with Anthony Saccaro

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/  

If you have a retirement account and have been thinking about doing Roth conversions, you may want to listen to today's show as we answer 2 questions:  - should I convert all of my retirement accounts? the answer is No, you probably don't want to convert all of them - are there any reasons why you should not convert to a Roth? the answer is Yes, there are actually 3 reasons - listen in to find out more A good primer on Roth IRAs is our previous show, episode 255, from May 8:  https://www.providencefinancialpodcast.com/podcasts/whose-retirement-account-is-it-anyway/ >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  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/  

This is a rhetorical question, right? Or is it?  Retirement accounts are any IRA, 401(k), 403(b) SEP IRA, simple IRA or other employer-sponsored retirement accounts - any type of pre-tax account.   You put money into them pre-tax and postpone the tax; you save the tax dollars now but have to pay them later when you make your withdrawals. That's the first perceived benefit.  The second perceived benefit is that you get tax deferral on that money until you decide to take it out. Because the money is growing inside of a retirement account, you don't pay any tax on the growth at all. Kind of nice, right? Many of you are putting into retirement accounts as much as possible because you want to save as much money in taxes as possible.  But ultimately - you still have to pay taxes on it. You're just postponing paying it. When you start taking withdrawals later, you're going to be in a smaller tax bracket so you're going to pay fewer taxes - or so you think. But as a retirement planner for decades, I can tell you that's just a theory that doesn't work in practice. When people retire, they're often making more money and are in a higher tax bracket than 15-20 years earlier.  Hence the question in our title.  Listen in for 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/  

We have a special extended edition of the podcast today as we replay our most recent client Q&A webinar. These quarterly webinars are a great opportunity to keep our clients up to date with what's going on with the market, as well as for them to ask the questions that are on their mind.  Here are just a few of the topics we covered in this webinar:  China and whether its currency will take over the dollar what does the dollar's probable devaluing this year mean for you  where is real estate headed - is it a good time to buy a home?  investing by contract (one of the secrets of successfully investing for income)  Listen in and if you'd rather watch the webinar click here: https://youtu.be/dx5kTf1aMrY >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>  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/