Allworth Financial‘s Money Matters

This week’s Hanson McClain’s Money Matters is a “best of” show featuring our top retirement focused calls. Scott and Pat also talk about underfunded pensions and what it might mean for retirees.

Scott and Pat take a call from a man who’s due to inherit $80,000 and wants to know how to use the money to prepare for retirement. A couple who used to contribute to non-deductible IRAs back when their income was higher, wants to know what type of retirement account(s) they should roll the funds into. A caller with $1.6 million in retirement savings, and who is due to receive a monthly pension of $2,800, wants to know if he’ll be able to afford a mortgage of $2,200 once he stops working. A Bay Area woman with two rentals asks if she should cash out her 401(k) to pay off the loans. A man who owns a home in Reno, has a $4,000 a month pension, and $35,000 in an IRA, wants to know if he has enough income to retire.

On this week’s Hanson McClain’s Money Matters, Scott and Pat talk about the concept of retirement and how financial planning needs to fit into the new retirement. They also take several calls on everything from tax planning to retirement income planning.

Scott and Pat take a call from a man who wants to know what his withdrawal rate should be for a retirement account that is a discretionary fund. A woman who is 53, wants to know how she can go back to school, work and save for retirement. A woman’s husband is getting a $100,000 bonus, and she wants to know what they can do to reduce their tax burden. A man is planning to stop working in three years and wants to know if he should buy a retirement home in Reno, and then rent it out until he retires and sells his current home.

On this week’s Hanson McClain’s Money Matters, Scott and Pat talk about the potential risks that exist when an investor is overweighted in their company’s stock. They also take several calls and talk about how financial planning is a dynamic process that should evolve and change as an investor’s life changes.

Scott and Pat take a call from a man who wants to know if he should purchase a whole life insurance policy. A woman who has a $100,000 in a 401(k), wants to know if she should move the money to CD ladders to avoid risk. A caller’s mother has gifted her $14,000 and planned to gift her more money; the caller wants to know how much she can be gifted before she will owe taxes. A man who is 66 wants to know if he should take his Social Security or wait until his full retirement age at 70.

On this week’s Hanson McClain’s Money Matters, Scott and Pat talk about the mismanagement of retirement savings, and how the fear of missing out drives people to take on more risk than they should. They also take several calls on everything from Social Security to 401(K) management.

Scott and Pat take a call from a woman who previously worked in the private sector and is now interested in working for the federal government and wants to know if she would lose her Social Security benefits. A woman is calling on behalf of her husband and wants to know what to do about the limited options in his 401(k). A man has $60,000 in cash that he needs to keep semi-liquid and doesn’t want to take on much risk but wants to know where he should invest the money. A man who has several rental properties and wants to know if he should stop contributing to his 401(k) and only invest in real estate. A 60-year-old man who has a pension that nets about $1,000 a week after taxes and health care, wants to know if he should take Social Security at 62 or wait until his full retirement age.

On this week’s Hanson McClain’s Money Matters, Scott and Pat take several calls about Social Security, before discussing how to plan for retirement when you have a pension.

Scott and Pat take a call from a man who wants to know how the talks of trade tariffs will affect his retirement. A 74-year-old man with a government pension wants to know if he is being short-changed on his Social Security benefits after working and paying into the fund for over 30 years. A caller, whose mother co-signed a student loan for her grandson just before she died, wants to know if the estate is still responsible for the loan. A 62-year old caller with an $80,000 a year pension is concerned that Social Security might not be around much longer. He wants to know if he should apply now or wait until later.

On this week’s Hanson McClain’s Money Matters, Scott and Pat take several calls, then discuss the potential for continued interest rate increases and the pros and cons of investing in real estate.

Scott and Pat take a call from a 70-year old woman who needs to take a required minimum distribution and wants to know which of her retirement accounts she should draw down first. Next, a caller wants to know what Scott and Pat think about the financial writer Harry Dent Jr. Later, a caller whose husband in poor health must make some difficult pension decisions regarding future benefits. Lastly, a caller wants to know if his retirement account beneficiaries are legally protected and, if so, whether he still needs a living trust.

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.

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.

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.

On this week’s Hanson McClain’s Money Matters, Scott and Pat talk about estate planning with the new tax laws and the current state of the stock market.

Scott and Pat take a call from a caller who received a large windfall from his employer's pension plans and wants to know how to mitigate the increase in his Medicare premiums. A caller wants to know what he and his wife should do with the money she inherited. A woman inherited money from her father and wants to know if the money will be taxed. A man calls on behalf of someone else and wants to know what the maximum Wind Fall Elimination program reduction would be for a teacher who wants to retire at 62. Lastly, Scott and Pat welcome Andrew Kroll, Estate Planning & Asset Protection Attorney at Kroll Law Offices, P.C.