Hanson McClain’s Money Matters

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The Problem with Annuities

On this week’s Hanson McClain’s Money Matters, Scott and Pat take several calls and talk about the problem with annuities, playing a voicemail they received from an annuity wholesaler.

 

Scott and Pat take a call from a woman who is 70 years old and wants to know how much money she should have in stocks versus bonds. A caller attended a living trust seminar and wants to know if he and his wife need one. A 59-year-old woman was laid off and wants to know if she should cash out her 401(k) and pay off her rental home and condo or sell the condo and move back to her rental home. Lastly, a caller wants to know if he should purchase long-term care insurance and if so what kind.

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The Role of a Fiduciary and the Importance of Retirement Planning

On this week’s Hanson McClain’s Money Matters, Scott and Pat talk about the role of a fiduciary and the importance of planning for retirement at least 3 years in advance.

 

Scott and Pat take a call from a federal employee who wants to know what’s the best way to handle his Thrift Savings Plan. A caller wants to know why there are hidden fees in his account when his advisor is supposed to be acting as a fiduciary. A couple recently sold their home and wanted to know if they should purchase a new home or continue to rent and invest the money from the sale of their home. Scott and Pat welcome Hanson McClain advisor, Pat Henry, who discusses a situation with a client who thought they couldn’t retire but determined that they could after completing the retirement planning process.

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Excess Returns and Interesting Tax Planning Strategies

On this week’s Hanson McClain’s Money Matters, Scott and Pat discuss excess returns and talk with Hanson McClain’s Chief Investment Officer about some interesting tax planning strategies.

 

Scott and Pat take a call from a man in Denver who wants to know if his wife, who is a teacher, should purchase additional years of benefits on her pension. A caller wants advice about a strategy a broker is pitching to his wife to move $15,000 from an old 401(k) to an annuity. A man inherited a 401(k) from his father and wants to know if he has to take RMD’s based on his father’s age. A caller lost a month of insurance coverage while changing from the affordable care program to Medicare and is now being penalized for not having coverage the entire year; he wants to know what he should do.  Scott and Pat welcome Hanson McClain advisor, David Schauer, who discusses a situation with a client that could be facing higher RMD’s when the new tax laws sunset.

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The Top 5 Retirement Income Decisions Facing Older Workers

On this week’s Hanson McClain’s Money Matters, Scott and Pat talk about a new study on retirement income decisions from Stanford’s Center on Longevity.

Scott and Pat take a call from a man who wants to know if he should purchase a retirement home in Nevada now and rent it for two years until he is ready to retire. A woman who has a whole life insurance policy wants to know if she should cash out the policy or hold on to it. A recent widow is calling to determine at what age she can start collecting on her husband’s Social Security benefit. Lastly, a caller wants to know how he can avoid capital gains taxes when selling company stock he inherited.

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The Value of Good Financial Advice

On this week’s Hanson McClain’s Money Matters, Scott and Pat take several calls and talk about the importance of getting the proper retirement advice.

Scott and Pat take a call from a man who pre-paid his property taxes for 2017 and wants to know if that was the right choice and if there have been any changes to the new tax law that would keep him from claiming those property taxes. A caller wants to know if he should take the joint and survivor annuity pension option that his company is offering. A woman who inherited an IRA from her mother wants to know what she should do with the IRA and how soon she needs to make a decision. A caller who recently made a Roth conversion before the age of 59½ wants to know if there is anything he can do to mitigate the tax consequences and how he should go about paying the taxes in the future. Lastly, a couple disagrees on when to take distributions from their IRA, and want Scott and Pat’s opinion to be the deciding factor.

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