17 Burst results for "Marty Schneider"

"marty schneider" Discussed on 1170 The Answer

1170 The Answer

01:33 min | 1 year ago

"marty schneider" Discussed on 1170 The Answer

"In testing around the country. President Trump's campaign has now requested a recount of the vote in the Georgia presidential race. That comes one day after state officials certified results showing Joe Biden winning the state. The tally finds Biden defeated Mr Trump by 12,670 votes in the Peach state out of the five million cast or in the stories of town hall dot com. Unwrapping. This Christmas Song is sponsored by Marty Schneider O little Town of Bethlehem is a popular Christmas Carol. The text was written by Phillips Brooks, an Episcopal priest, then rector of Church of the Holy Trinity in Philadelphia, and later of Trinity Church in Boston. He was inspired by visiting the village of Bethlehem in the Sand Jack of Jerusalem in 18 65. Three years later, he wrote the poem for his church and his organist Lewis Redner's added the music. Many popular artists throughout the years have recorded o little town of Bethlehem, including Sarah McLachlan. And how Still we see Nat King Cole O little Town of Bethlehem, Blanks in a troll. A little town of Bethlehem and Julie.

Bethlehem Joe Biden President Trump Nat King Cole Lewis Redner Trinity Church Sarah McLachlan Phillips Brooks Marty Schneider Georgia Julie Boston Philadelphia
"marty schneider" Discussed on 1170 The Answer

1170 The Answer

03:31 min | 1 year ago

"marty schneider" Discussed on 1170 The Answer

"Now another daily chat with the one the only Marty Schneider, of course, as always sponsored by the word on well Financial network. Hello, Martin. Hello, Noah. Happy afternoon Tea. How you doing? Pretty good. Happy afternoon to you. Now. It's time for a little financial Didi. I don't think we even talked about on the program called the sequence of returns. Marty, tell our audience about that. Yeah. So sequence of returns that speaks to the issue that if you look at, say, a 10 year Performance history of the stock market, and you look at the actual numbers and you were to jumble. Those up like you know that 10th year becomes the third year in the second year becomes 1/9 year and just mix them up. That's the sequence of returns and what it says. Is that depending upon what year you're talking about, and how early say in your retirement, the number swing either up or down, it has a huge impact on your long term ability to sustain your retirement income. So if in the early couple of years of your retirement, the market goes bad, like a 8 4009 where it's down, big Even though it can recover over the next eight years. The fact that those losses came so substantial so early, it really wreaks havoc with long term performance. So even though the numbers over that 10 year period are exactly the same if you jumble them up, what becomes really significant is in what part of your retirement did Those numbers fall? And that is the sequence of those returns. And it's pretty shocking information. But it really speaks to the heart of the issue of risk in the market, and particularly for retirees that are, you know concerned about gosh, you know, I worked 30 40 years to build this fund. I don't want to see it evaporate. In a bad stock market thing is too much risk, even for somebody. Let's say somebody is, you know, they got their first big job they're making, you know, substantial salary, and they really want to grow their their nest egg early. Is there such thing as too much risk? Um, you know a good question, I think probably not. It depends on the age and the goals of the individuals. But I mean there's frivolous risk, and maybe that's what you're talking about. But I mean, yeah, yeah, where it's not well planned. It's not well thought out. It's not diversified. You know, the big thing about risk is you can you can have a growth portfolio as long as it's diversified into different growth stocks and you're not hanging your Performance on you know, one or two positions and and that's the mistake that we see people make is they get to you know, they fall in love with a particular asset or a particular stock or really estate, and they don't diversify across broad spectrum. So that's an issue. And, of course, fear always fear. Emotion come into play when the market has the wrong way. If you don't have a good allocation plan, many people just Get frightened and they sell, sell. Sell? Yeah, they make the wrong decisions that white so important to have. Ah, you know, a five year a 10 year 15 year bucket. So the longer term that bucket is the more risk you compare because you have more time to recoup so That's all part of that retirement planning, income planning, risk planning. And, of course, this concept of the sequence of returns is a big part of that type of planning. Well, really, gold goes back too time in not timing the market. I mean, that's in several conversations, Marty, you betcha. Time in timing. Very, very important. Kind of set. No. If you want to discuss that concept, maybe the sequence of returns as well with Marty Schneider how it can medicate you. It's free consultation for his mission Valley offices. Give him a call today. You have no nothing to lose, even if you already have a financial planner. A second opinion 107 to 775 to 6 20 107.

Marty Schneider Noah Martin
"marty schneider" Discussed on 1170 The Answer

1170 The Answer

03:20 min | 2 years ago

"marty schneider" Discussed on 1170 The Answer

"Marty Schneider the retirement professor it is time for another daily chat with Marty Schneider the retirement professor Marty how are you doing good so then we don't talk about much I thought would be an interesting topic today is the financial literacy of the people here in America where do we stack up as a whole well not so good now yeah it's not something as a country that we've really made a priority and please just kind of an interesting observation because you know how it is we we as parents we teach our kids to you know buckle the seat belt you know practice smart health habits and but you don't hear parents talking much about the dangers of too much debt what it can do to an individual's financial life war the benefits of early compounding interest so when is a result Americans are really settled now with exorbitant loans and as a population we save way too little for retirement and as the gap no work between affluent people and poor people seems to be getting a wider does does skin it's clear that literacy financial literacy is one it's not the only one but it is one of the many factors that separates the the the haves from the have nots in financial advisors you know and people that live in my world we see the problem in seventy eight percent of financial advisors that were polled strongly agreed that financial literacy is a is a big issue here in this country and also you know look and educated client as far as I'm concerned is always going to be a better client because they understand what the issues are they understand what the goals are the ramifications of decision making but we if we fall short when it comes to being literate we ranked number fourteen in the world by the way in case you wondered we are tied with Switzerland now that's it's interesting yeah well so so you need to put that into perspective the U. S. adult financial literacy level is fifty percent fifty seven percent that's slightly higher than Botswana's population and when when you're looking at the the size of these countries that's that's a problem yes it sure is a problem and there was a study that was done in the year twenty fifteen only thirty percent of Americans were able to answer three very simple financial questions about inflation and interest and compound and risk diversification and so it shows that this problem exists and the problem is that we don't in our schools do a very good job of sharing basic financial information in teaching our young adults to make good decisions to understand what dad does and the cost of it you know interest payments or compounding all of those things need to be discussed and taught at a younger age indeed and if you're a parent you maybe want to get started early and teach your children if you're hearing this Hey there is no better time or place to start.

Marty Schneider professor
"marty schneider" Discussed on 1170 The Answer

1170 The Answer

02:06 min | 2 years ago

"marty schneider" Discussed on 1170 The Answer

"And that it's suitable and appropriate and then you stick with it and you don't let the day to day fluctuations in gyrations and movements of the market this is been going on for you know a couple hundred years in and it's no different today now another thing I point out I and we've talked about this a just over and over again but it's so important because if you mess up like I did you know you're going to see I hit net great could have been worse but if you're not properly allocated like I thought I was and I go when I check you know after you know the huge market him let go yeah I didn't pull the trigger on that one like I thought I did yeah do you know it cost you money so you gotta make sure a hundred percent yeah you've got to make sure and you know many people work with advisers this would be a great time to huddle up if you're if you have a financial adviser that you that your trust and you know if if you don't if we certainly invite people to come here and kick the tires here and see if if it's a good meeting of the minds here but you know what no you know even if people want second opinions if they're not sure about their allocation with the current plan and they're concerned about it and they want to get another set of eyeballs on that we invite him to come see you know if it's if it's looking good enough I think it's proper well let him know that that that stay right where you are a lot of the ana and again this is not you know a downplaying anybody's intelligence but we another thing we talk about often is a lot of people trying to think their selves I do certain things myself I I I'd like to be in control of that but we at the end of the day and it would be you know busy eight nine out of ten hour work day that's the last thing we want to deal with and a lot of us don't have the time for that and that is where an expert like you comes into play yeah I mean it's like a scene of the do it yourselfers I mean understandable you certainly don't want to put me anywhere near your car begin I will miss that up big time I don't do that myself because I need help on that a professional and same thing with the financial business so you need a professional set eyeballs to assist you with this and we invite people to come see me well if you are looking for professional set of eyeballs the best pair host that I know are Marty Schneider is the.

Marty Schneider
"marty schneider" Discussed on 1170 The Answer

1170 The Answer

03:19 min | 2 years ago

"marty schneider" Discussed on 1170 The Answer

"Daily chat with Marty Schneider their retirement professor checking in with Marty how are ya doing great doing great today is a beautiful day glad to be with you beautiful day beautiful time to talk about some important stuff periodically I think about this because I found out from you not too long ago that you can actually you don't have to go all in Roth you'll go have to go all in traditional some people are camera which way do I go you can actually kind of mix and match tell us about that yeah that's exactly right no so you know with the IRA's whether it's a traditional which is the pre tax version right or the rocks which year funding with after tax dollars which you have to look at there is the annual contribution limits so say for example if it's six thousand dollars if you're under the age of fifty now that six thousand dollar is the IRA limit the IRS doesn't care how you mix and match that you could put it all in the traditional and deduct it you can put it all in the Roth using after tax dollars or you can put half and half three thousand each account four thousand to five thousand and one you can mix and match that anyway you want the only thing that can't be you know what you cannot exceed the six thousand dollar contribution limit but aside from that there is no regulations regarding how you allocate between the two different types of IRA so you know for many people a great strategies to do some of both the like to develop some income that would be tax free in retirement and in addition to that you have they like the current tax deduction of the traditional IRA so it's possible to get some of both of that is part of your retirement planning really good strategy to and I imagine yeah just like with almost everything else financial planning wise it really depends circumstance why your age a couple of other different factors on what is a better ratio between the two that's exactly right and you know the one wild card now with that unfortunately we can't give specific information on because we don't have the answer is we don't know what the marginal tax rates are going to be right in five or ten years the general consensus would be it's not likely that they're going to go down because of this huge twenty two trillion dollar debt that we have and so a lot of that depends on political issues and who you know what kind of administration what kind of a Congress we have what's the mix there but that's why I think it's really nice in the face of that unknown fact to you know kind of split the difference and have some deductions today with the traditional approach and then the tax free income with the Roth approach and so mixing and matching that for many people is going to be the right strategy and also if people want to maybe get a handle on that obviously they can start thinking about it now as we're talking about it but the best way whether they see you or some body else's to get advice from a financial planner as to what ratio is best for them maybe they are suited for all traditional or all Rafael for for the most part it's going to be a mix of the two that's going to put them ahead yeah that's right and don't forget now you can also if you do have traditionally counts and you want to hit me up on the right side you can always think about converting that traditional to a Roth but you have to get the details before you pull the trigger on that get the details from Marty Schneider the retirement professor set up a free consultation today in his mission valley office one eight hundred seven two.

Marty Schneider professor
"marty schneider" Discussed on 1170 The Answer

1170 The Answer

03:12 min | 2 years ago

"marty schneider" Discussed on 1170 The Answer

"One the only Marty Schneider the retirement professor Martin how are you know like doing great good to be with you it is always good to be with you my friend something we have not talked about in our short time together when we do the new report are the how you put this lifetime ng's Marty we're talking about lifetime amount of money how come you best magic yeah lifetime income by finding yeah that's really the buzz word because you don't know what's going on as you were well aware that now that's less than four percent of the working American public has access to the traditional monthly pension plan yeah that's not in that that doesn't quite go that way does it so as a result of that the big question of course when people get out there to that age when they want to retire is alright how do I take this in a chunk of money that I've accumulated through the years maybe an IRA's and four oh one K.'s a Roth iras and all the various you know accumulation vehicles share it had away now turn this into an income stream that puts me in a position where I don't have to worry about running out of money in my later years of retirement I mean what if I live to be a hundred and five years old what's going to happen to my money well there are programs now products investment products that will guarantee lifetime income no matter how many years one is on the planet so you know I jokingly say if you live to be a hundred and fifty and you forgot your name and you know you're well that's still holds true ha does definite get contractual guarantee these are companies that are usually insurance companies that sponsor these it's really quite similar to what to what pension plans would do would somebody would retire what did those companies do with the capital that was accumulated to guarantee lifetime income on a pension plan well most of the time they purchased annuity account to renew any contracts to guarantee lifetime income and an individual can essentially create their own lifetime pension by doing something similar and many many top companies offered the use and these are companies that are you know two hundred years old and a or a plus rated companies been around a long time these companies have stood you know the test of time tested through wars and recessions and depressions and you know terror attacks you name it down and there was talk about a numerous amount of things Marty that people are just unaware of anything this is another one because people I think if they had more knowledge about these things would be signing up yeah and interestingly enough once people do hear about it you know more often than not people are interested not not everybody has the income is their goal at a certain point maybe they do have a pension or they have other resources or investments or you know rental real estate that's providing income which is fine but most people don't and they also want to know that when they're seventy five or eighty you know if they've if we've come through some bad years in the market or economically what you know what I could do a five run out of my money well these are the accounts that will guarantee this check is coming in no matter how long you live very very appealing these days well a if you want to learn more about this I think it everybody should admit myself included give Marty Schneider calling his mission valley office for.

Marty Schneider Martin professor
"marty schneider" Discussed on 1170 The Answer

1170 The Answer

01:36 min | 2 years ago

"marty schneider" Discussed on 1170 The Answer

"Schneider the retirement professor time now for our daily chat with the one the only Marty Schneider sponsored of course by the word on wealth financial network Martin hello how are you good afternoon doing great today thank you all I would like to talk about people paying attention on the road for today show but I'm not gonna do that instead let's talk about other mistakes financial ones Marty where some retirement financial mistakes that people often make you know there's a couple of common once said that the one that jumps out at me right now I know it is I see a lot of retirees that in an effort to reduce risk keep all their money in Canada already retired Marty yes yeah these are people that are already retired and you know they're they're kinda have the paralysis analysis said so they keep all their money in bank accounts money markets you know savings and checking type of a cancer and the problem of course with that is that the the yield is so terribly low that you're not going to keep up with inflation almost not worth it is it yeah you pay tax on that interest and then you know by the time yeah you have to report that is income and then even though inflation has been fairly tame here for quite a while that will last forever in those dollars just won't keep up with the purchasing power so I understand it's tempting to want to stay you know safe with your assets but they're still a lot of alternatives no worry what are some of the party well for example the fixed indexed account where your principal is safe but you get to participate in a portion of the market's performance the stock market if it goes down you don't lose money.

Marty Schneider Canada professor Martin principal
"marty schneider" Discussed on 1170 The Answer

1170 The Answer

03:18 min | 2 years ago

"marty schneider" Discussed on 1170 The Answer

"Time now for their daily chat once again with the one the only Marty Schneider the retirement professor Martin hello how are you good afternoon no I'm doing great thank you Sir Debbie with you as always I know there's more information trickling down as we speak about the secure act Marty what do you got for us yeah so we continue to learn more more this is an actor and it was signed into law late December a and it does have an impact and I are raise and all retirement plans some of the biggest changes of course is for the inherited IRA is if you inherited IRA from somebody other than your spouse so like a mom or dad or grandpa our neighbor or anybody but your spouse we now no longer have the opportunity to receive the distributions from that account over your lifetime we've got to have that full account withdrawn over a ten year period of time and that's a big change so we took a question last night no on the on a radio broadcast a live show and the caller wanted to know with that also applied to Rafael Reyes obviously does apply to traditional Irish if you inherit this you have ten years to completely liquidate that account and pay the tax in the question was about Roth iras in the answer is yes it also has the same ten year rule in place now of course when you take the money out of that Roth IRA there's no income tax it is tax free and that's the big difference between the traditional IRA and the Roth IRA but you still have to liquidate that Roth IRA within ten years and again there would just defer clarity the government doesn't care if you take a little bit every year for ten years you know you take ten percent out every year for ten years that's fine you can take it all out the last day of the tenth year you just have to have the account fully liquidated by the end of the tenth year and there's no stipulations on how you have to do one if it's done is on this done by year ten so but the Roth IRA it does apply to Ross then of course with they're trying to do is you get that money out of the rough account and now once it's out of the rough you know it it gets placed in taxable accounts so that's where the government actually included the Roth IRA under the new rules for inherited IRA thank you and I talk about so often it doesn't really matter how they get at the point is the government just want their share that's right the end of the S. C. for individuals that leave large I arrays I mean if you have a very large irate can't that you leave to a child or grandchild you have to be careful and do a little planning because these mandatory distributions over the ten year term could throw that individual if they're in their peak earning years into a significantly higher tax brackets so this is where it's really helpful now to sit down with a good adviser crunch the numbers out today and make sure you're making the very best decision on how you intend to liquidate that inherited IRA over the ten year term because there might be opportunities to minimize the the tax impact there so those are some of the headline Z. and the other big one of course is that you don't have to start taking money out of Rick of of retirement funds until age seventy two now that's a change up from age seven and a half so lots of planning to be done and individuals that have irate should sit down with their advisors some do some planning and the whole point of this thing is that true don't try and do it on your own not that you can't but with all the changes the person is really gonna have the up and up on all of these changes.

Marty Schneider professor Martin
"marty schneider" Discussed on 1170 The Answer

1170 The Answer

03:12 min | 2 years ago

"marty schneider" Discussed on 1170 The Answer

"Well rested Marty Schneider the retirement professor a Marty happy Monday Hey no a back as a good to be back always glad to have you we haven't talked about long term care in awhile so what's the skinny on that how can people get prepared for that as they you know approach their golden years yeah you know no it is one of the most difficult conversations because long term care costs are sky rocketing Erika for many many years the average cost are in these days is about eighty nine thousand dollars a year for long term care in of course the question is who's going to pay for that seventy percent of individuals in their mid sixties are gonna need some kind of long term care in again with the average cost running almost ninety thousand Bucks a year the question becomes who's going to pay for that where the money's going to come from a lot of people will need jerk responded that no se will Medicare well forty six percent almost half of the baby boomers that were surveyed answered Medicare unfortunately Medicare doesn't pay for long term can know when not in nickel so it is one of the troubling parts of retirement planning because there's not a terrific answer here now you can go buy yourself a long term care insurance policy but they are extremely expensive and they continue to ratchet up in the price each and every year so many people just simply can't afford to buy that kind of a policy it's a it's very pricey so what are the answers well you know you can find it at your savings but again you know what ninety K. year you could drain on a lifetime of savings very very very quickly so hello Marty I know everybody has different situations and make you know it's a little harder we have life circumstance whatever and so this is a clear cut statement but it's all the more reason why you need to start saving as quickly as possible even DO as early as your twenties boy that that that's an apt absolute fact no end to it for a lot of people they're just going to have to assume that they're going to have to build enough of a savings or retirement account that's going to be able to handle a portion of those expenses now Hey you know on the positive side in I guess this could be considered positive is at the point in time and people need that kind of full time kind of care a life expectancy isn't going to be you know five or ten years usually we're talking about two years or less so at that level of care often times the there's a shortened life expectancy so you're not going to have to pay that for you know ten jurors but on the other hand to you know coming up with ninety thousand dollars is a lot of money and you can you can depend on family and church and friends to maybe look after you but at some point in time when you need full time kind of care if you can't bathe yourself if you can't feed yourself if you can't dress yourself if you can't brush your own teeth it's going to be a heavy burden to pass on to it to friends or family so this is a problem that needs to be addressed as part of your long term retirement and financial planning process in it's troubling but it can be overcome with good preparation good planning in advance and as you said earlier no that earlier the absolute better for sure and one thing that I think we often forget about and that's why if.

"marty schneider" Discussed on 1170 The Answer

1170 The Answer

03:09 min | 3 years ago

"marty schneider" Discussed on 1170 The Answer

"Certified financial planner Marty Schneider the retirement professor. time now for other daily chat with the word on wealth financial network if I could get my clock to work properly we'd be able to talk about so many things that's one glad have Marty Schneider on the line with me today Hey Martin how are you. pretty good today yeah I've been a busy day and all sorts of things going on you know one of the interesting topics. that I've been discussing with some clients this morning is this kind of controversy that exists within the investment the world between passive and active investing and it's a it's an ongoing debate is going on for the forty years I've been in this business but passive investing though is when you're just investing in the indexes like the S. and P. or the dal or the nasdaq just however the index performs at so your investment account will perfect and I mad and these are also both things you want to take into consideration just depending on your age range okay if you're like myself in your in your you know your early forties you have a little bit more ability to be a little more aggressive in that that the passive thing you you you know can you can kind of weight on that right yeah and but you know and it was interesting when you look at the numbers like vanguard in John Bogle the founder of the vanguard funds with the sort of known as the the guru of passive investing he really started the index movement where he made the argument that it's very difficult for active portfolio managers to outperform the indexes long term. so is the agent so people kind of built that belief system that you're better off just putting it in the index and just be patient over time the index's do well the active portfolio guys believe that their system their approach to buying and selling a different market to different times in different business cycles will out perform the passive investor and what you find a woman you do some research is they both have their day there are times when the index passive approach seems to work best there's times when the active portfolio manager seem to out perform it really is a function of expense because one of the arguments that the index investors are gonna make is that it's a lot less expensive to just buy the index where is the active portfolio managers are going to cost you a little more money so they've got a little hurdle to overcome to to perform the same as the indexes so it's an interesting conversation there's not a right or wrong is just a matter of vino tuning it to your own particular situation now imagine a and also it comes back to the thing you and I talk about so often on the air Marty which is about time it instead of trying to time the market and get everything you know specifically accurate you know over the long haul you're gonna do yourself service and you're you're going to the investments that you're in you're gonna most likely if you're allocated correctly you're gonna make some gains on those that's right and as long as you've got a professional money managers with they they're reputable firms had been doing it for a long time that the track record and a good history the over time these accounts are going to do well it as you said earlier trying to time the ins and outs is almost impossible you might get lucky and hit one or two but over time.

"marty schneider" Discussed on 1170 The Answer

1170 The Answer

03:16 min | 3 years ago

"marty schneider" Discussed on 1170 The Answer

"The word on well financial network if I could get my clock to work properly we'll be able to talk about so many things that's one glad have Marty Schneider on the line with me today Hey Martin how are you. pretty good today yeah I've been a busy day and all sorts of things going on you know one of the interesting topics. then I've been discussing with some clients this morning is this kind of controversy that exists within the investment the world between passive and active investing and it's a it's an ongoing debate is going on for forty years and I've been in this business but passive investing though is when you're just investing in the indexes like the S. and P. with the dal or the nasdaq just however the index performs at so your investment account will perfect and I met in these are also both things you want to take into consideration just depending on your age range okay if you're like myself in your in your you know your early forties you have a little bit more ability to be a little more aggressive in that that the passive thing you've you go can you can kind of weight on that right yeah and but you know it it was interesting when you look at the numbers like vanguard and John Bogle the founder of the vanguard funds with the sort of known as the the guru of passive investing he really started the index movement where he made the argument that it's very difficult for active portfolio managers to outperform the indexes long term. so is it so people kind of built that belief system that you're better off just putting it in the index and just be patient over time the index's do well the active portfolio guys believe that their system of their approach to buying and selling it different markets at different times in different business cycles will out perform the passive investor and what you find a woman you do some research is they both have their day there are times when the index passive approach seems to work best there's times when the active portfolio manager seem to out perform it really is a function of expense because one of the arguments that the index investors are gonna make is that it's a lot less expensive to just buy the index where is the active portfolio managers are going to cost a little more money so they've got a little hurdle to overcome to to perform the same as the indexes so it's an interesting conversation there's not a right or wrong is just a matter of vino tuning it to your own particular situation now imagine a a also it comes back to the thing you and I talk about so often on the air Marty which is about time it in instead of trying to time the market get everything else specifically accurate you know over the long haul you're gonna do yourself service and you're you're going to the investments that you're in you're gonna most likely if you're allocated correctly you're gonna make some gains on those that's right and as long as you've got professional money managers with they they're reputable firms had been doing it for a long time at the track record any good history of overtime these accounts are going to do well right as you said earlier it trying to time the ins and outs is almost impossible you might get lucky and hit one or two but over time you're better off just allocating properly and stay in the ballgame. well Marty a I could have said it better myself in your professional athletes say it so well the people want to hear more about the to help maybe a pass approach is best for them or maybe more aggressive approach they can see when your mission valley.

Marty Schneider forty years
"marty schneider" Discussed on 1170 The Answer

1170 The Answer

03:21 min | 3 years ago

"marty schneider" Discussed on 1170 The Answer

"With Marty Schneider the one the only the retirement professor Marty how are you Hey Noah doing terrific thank you was actually just checking my four one case statement the other day and it's something that I actually look forward to getting to see how much I've been putting in looking at the employer match looking at how much I've gained and lost let's talk a little bit about that and how active people should be when it comes to the four oh one K. yeah great question you know so here's here's some information that just came out no were from a fidelity investments center shares of one of the big one of the big players in their in their retirement for one K. business the average contribution rate last year reached eight point eight percent of salary so almost nine percent now what the normal on them and well that's the average that's the average that is the average it currently through fidelity's planned and they've been steadily climbing since Congress past the pension act in two thousand and six in so fidelity found that the number of people now know with more than a million dollars in there for one K. plans and these are called four oh one K. millionaires appropriately named that number increased two hundred ninety six thousand people wow that had at least a million or more in there for one K. and so which is pretty dramatic now they manage about thirty million retirement accounts the there is a thirty million people sure have accounts with them and of that a hundred ninety six thousand we're fed a million or more in the four one case Marty what's the secret to that you know this secret to that is to is to continue to put it on through the years make sure you're maxing out them the match if there's a free employer matching contribution and to prioritize that as a as a line item in your budget because when I finally as people you know they make their budget or they're spending plan and they have their rent or mortgage on their food and all the normal things I never see retirement savings listed as one of the budget items so I think one of the real critical variables here is to make sure that you list that as a budget item it's something you know like like your food and your and your shirt you're right you know your rent payment or your car payment I imagine even just even if it's a small amount at least you're putting it in there and you're actively saving regularly for your retirement exactly and you start to see the benefit as it grows in cumulate can you see the employer matching his very motivating when people see those I can't values increasing so yeah you start we are and you make a commitment that this is got to be a priority so that the day will come when you're gonna live off this be you know this bucket of money so it's really making it a priority in your life in understanding the significance of if you can get that thing cook in no way an early age the huge advantage that you have a say starting at eight thirty or thirty five years of age versus starting to kick into gear at fifty so that time makes such a difference it is about is you know no it's about time in that timing exactly and my real quick question just a yes or no it did you recommend people this is something that I started to do where annually you have your four oh one K. contributions go up by one percent say it's a little more every year yeah absolutely or if they get a kind of compensation raise they can just put the raise a validation to.

Marty Schneider professor Noah one K thirty five years million dollars eight percent nine percent one percent
"marty schneider" Discussed on 1170 The Answer

1170 The Answer

03:19 min | 3 years ago

"marty schneider" Discussed on 1170 The Answer

"Daily chat with Marty Schneider the retirement professor Hey Marty welcome back my friend Hey no good to be with you thank you always a pleasure to be here so let's talk a little bit about the fed meeting this week what can be expected yeah this is the big news this week we've been talking about this for a little while they down on Tuesday and the meeting adjourns on Wednesday afternoon at that time no the fed will come out with the with the statement and then there'd be a Q. and a session with the chairman Powell but any particular thoughts on what the statement could be Marty yeah this is the Biggie add egg mean the general consensus right now is that we're going to see it of corner of a point rate cut okay now there are some economists that think the fed may be a little more aggressive in drop by half a point and there are other still that think the fed is not gonna do anything they're gonna leave everything alone and change so I somewhere between no change and a half a percent is is what the general consensus is but the overwhelming majority no of economists and market observers really think we're you know we're going to see the quarter point what are you what do you think mark I'm I'm in the quarter point club I I think yeah I think that's likely the fed is kinda given some hints and you know the the the big thing that comes from the comments that are made after the meeting is let's say were right in the fits as you know we are gonna drop rates a quarter of a percent it's the guidance moving forward in other words what are we looking at for the next meeting are they continuing to keep the the rate are open for additional cuts or is this just a win a one and done kind of cut just kind of reading the language of their statement to see what the fed's thinking about whether they intend to continue to drop rates were you know this is just a one time thing to to help offset some of the the global economic issues that we've been facing so we don't have the answer to that and that's probably the most significant part of what the statement will read coming after that meeting well as several optics last year's so you you have to figure that things are gonna balance themselves out you know good point I mean last year the but race race four times in no no this will be the first if they do drop is expected this week it'll be the first rate drop since the meltdown in the weight is first drop wow ten years had realized that yeah now they've bumped rates a few times but as they were attempting to you know get rates back to a north more normal level but they haven't dropped in in a decade so it would be very interesting decision and of course at I think the markets already price this in for a quarter of a point drop and frankly no if we don't get that quarter point I think you're going to see the market react in a negative way if we get a half a point I think you'll see the market appreciate that with some green numbers but those are the kinds of issues and play well real quickly before we close out martini it's kind it's kind of like the stock market in a way where you want to have those ups and downs on a more regular basis what balances itself out instead of the extreme once every so often that really takes effect on people yeah exactly does level the playing field a little bit and steadies things that as opposed to the big big swings one way or the other so these are the decisions and people have to figure out how it's going to impact their personal situation well if you want to take a big swing and affect your personal situation how about that contact.

Marty Schneider professor ten years
"marty schneider" Discussed on 1170 The Answer

1170 The Answer

03:19 min | 3 years ago

"marty schneider" Discussed on 1170 The Answer

"Network with Marty Schneider he can't hear me and I can hear him because backstage it's just it's a plethora of fun Hey Marty how are they know are doing good happy Monday to you my friend happy Monday to you hopefully your weekend was good so what's going on in the realm of finances today what would you like to talk about well you know one of the things that pops up that pretty regularly hearing conversations with clients in the office or some of those things and with that you know kind of the the killers the the retirement issues that really stand in the way of making progress we just call on the retirement killers but there's a there's a bunch of them and maybe give us a top three here yeah I'd say you know number one top of the list and this was a little bit surprising with his teeth came as a result of the survey low financial literacy with number one you and I know we have talked about that quite often yeah the fact that as a nation as a culture we don't do a very good job of educating our our young kids high school aging collagen up about just how to manage money the cost of money what interest rates mean what credit cards are all about how to balance of budget and hi for a car loan or in any of those kinds of basic foundational things the literacy level in this country is significantly lower I'll tell you what Marty real quick I've had to teach my kids on my own how to balance the budget and you would think that in like finance when they learned some of those things through high school and what not that they would get a grasp on that but that they're not taught the basics no they're not in so kids come out of school you know even the even those that go through college to come out with the with Alexander standing of what basic money management all about and that can really be debilitating because at that young age they have such an opportunity to really get a head start on making good decisions but without that kind of information education and literacy it's it's problematic you know that that's not number one in addition to that one being laid off from work losing a job of course unemployment is always an issue of course we're in a green economy right now we're employment is at record high levels so we're not seeing this to be a current issue but in the past of course if you you know he lost your job and you're fifty years old you can work for two three years that was very very debilitating and then another one of the top the list or divorces as you know if you've ever been around that or gone through it or had family that going through it you know how expensive that can be both emotionally and financially and of course the impact on so many lives is so it can be devastating but from a financial perspective it can also you know you got a pretty much cut the pot in half and start all over so those there were some of the top issues that really get in the way of making progress financially and the last one is just not having a plan very few people actually sit down have a written blueprint not that it is absolutely detailed in every single sense but you have a you have a goal you have a blueprint to have a map and that can take you where you need to go financially very important no yeah I hear about that and you know even if you make a lot of money there some people that live paycheck to paycheck because that's just how they operate you got to have a plan you gotta have a blueprint and if you'd like to.

Marty Schneider two three years fifty years
"marty schneider" Discussed on 1170 The Answer

1170 The Answer

03:11 min | 3 years ago

"marty schneider" Discussed on 1170 The Answer

"With Marty Schneider, the retirement professor. Hey, marty. How are you doing? Good and happy Thursday to you. Happy Thursday to us I thought today because I misplaced my wallet in the five dollars that I was gonna use for lunch. It would be a good time to talk about what people do, when they may be misplace a retirement account. Boy, Noah, great, great question, because it is, surprisingly, easy to do that. You know, in our society, people switched jobs. They move. They change names and the company plan or the that they've been involved with sometimes just loses track of people and an employee, an employee can't keep track after a company is sold. Sometimes you leave a company and that company gets old and you know, two or three times and plans get lost in. Seriously winning employer has the responsibility of informing their employees about their options when they leave a company, but let's times the employee's forget to complete the paperwork. And so there's not an exact measure of how many unclaimed plans, they are. But there's an awful lot of them between two thousand four and two thousand thirteen no more than twenty five million people left at least one retirement plan behind them when they left a job. So where do you start? If you not sure if you have an old plan or if you've lost it, check the old paperwork that you might have to have an old statement, from when you used to work there. Start their contact the company that manages the plan like if it's fidelity or T Rowe price or vanguard, contact them. I give them your name and social start there. If that doesn't work, you can hunt and find and claim benefits from other sources there is there are some websites that I'm happy to give to people if they think they might have lost a plan. The labour employee benefits security administration, also has a website which is ask Etsa dot DO, L dot gov. AS K, E, BSA ask, Don DO, L dot gov. The pension benefit guarantee, corp- is also a federal agency that might have information for you. So there's, there's about three or four different ways to kind of track. This thing down, you can even go to the states unclaimed property, and in some cases, the money is handed over to the state, and they often have what's called an unclaimed property division. So that's another source social security administration is another possibility as well. So if you think cash in on that you're if I left money behind twenty years ago. When I left this company, there's ways to track it down. And of course if anybody needs help with that we're happy to jump into that. We've helped number of clients probably helped ten or twelve people in the last year and three or four of them, actually, we found old retirement account, so worth checking worth kicking the tires in one case. No. They plan was worth over fifty thousand dollars that we've found for somebody so pretty good chunk of money. Yeah. Especially if you've been working for a company for a long time, that's money. You're definitely not gonna wanna leave behind it can have a significant impact on your life, and I have a question, so I'll be talking with you off the air because we're, we're at a time maybe on the on the on the word on wealth show..

Marty Schneider Don DO professor Noah T Rowe fifty thousand dollars five dollars twenty years
"marty schneider" Discussed on 1170 The Answer

1170 The Answer

03:11 min | 3 years ago

"marty schneider" Discussed on 1170 The Answer

"Financial network with Marty Schneider, the retirement professor Marty. How are you my friend? I am doing. Well. No in good morning to you. Hope you're will. I am very well. Thanks for asking. Hey, I know when we talk about financial planning, there's some processes that are actually part of the whole deal that don't directly involve finances. But we gotta talk about them. We're talking like health care maybe making the actual financial decisions transportation and living arrangements. How does all this factor in? Well, you're right now, I mean, one of the great transitions of life is moving from the, you know, the stage where you're in the accumulation phase, saving and building and feeding the 4._0._1._K's and try. To build the nest egg. And then once you retire it day, it's a different phase of life. It's a different rhythm. And there are some kind of commonsense. Cornerstone issues that everybody has to deal with and those are as you just mentioned healthcare top of the list, the geographic location where you're going to be living financial decisions in of course, transportation, those are serious issues. So healthcare is really at the top of the list in probably the most common disconnect that I've seen over the years. Just, you know, family members have this range of opinions about what mom and dad should do with their healthcare. Instead of what mom or dad actually wants to do. And what you find is. Oftentimes, a families have not had those conversations and discussion so the critical variable here, no is always going to be communication with loved ones. Family members church members people that you trust. And of course, you know, his cognitive. Gilles a week in overtime. The the ability to make good informed decisions can sometimes be tested. So it's really important to have those individuals in your life that you trust that. No, you that understand you and your goals and can assist as you make those really tough choices. It's an important part of the of the whole process for sure it definitely is. And you want him to have them as you just said those decisions talked about sooner rather than later when everybody's mental faculties are still intact. And you talked about health care, and that is so important to get it done early because healthcare is that an ever changing beast right now, and it really has to be looked at under a microscope. Absolutely. And you know, it's frightening is people enter that that retirement stage and get deeper and deeper into retirement. It's a frightening issue because let's face it at some point we all run into health issues, and how those are going to be handled in who's going to handle that in our with the doctors that I've trusted through the years. Those are really emotionally important decision. For retirees and our senior citizens, so hopefully, you're having those discussions with family members and people you love, and if not a good financial planner can also guide that process as well. And if you're looking for a good financial planner to talk about all these things healthcare transportation living arrangements how to make these financial decisions. That's what Marty Schneider does all day every day. It's his idea of a swell time. He's the retirement professor, give them a call for a free consultation. One.

Marty Schneider Gilles professor
"marty schneider" Discussed on 1170 The Answer

1170 The Answer

03:14 min | 3 years ago

"marty schneider" Discussed on 1170 The Answer

"We have with Marty Schneider the retirement professor Marty. How are you my friend? Good morning. No. I am doing pretty good. Not as good as the New England Patriots. But pretty darn good. Hey, that's still pretty good. It's pretty good. Exactly. Hey, I thought today we talk about retirement from the aspect of people hit that magic number sixty five but not everybody truly retires at sixty five they work a couple of more years possibly up until seventy what does that do in the financial planning realm? Yeah. Good question. We definitely know a seeing a lot more people work to a later age. And it's somewhat of a rather simple solution to what has become a pretty strong retirement crisis here in the US. So, you know, during those additional years of working say if you were going to retire at sixty five or sixty six and you kick that out to seventy a couple of good things happen. You're able to save more during those additional three or four years we continue to feed the 4._0._1._K and you leave your existing savings accounts alone because you don't need to tap into them yet. So that's good. So those are the benefits, but I- turns out it's not quite that simple for everybody. Because you know, there's issues not everybody can work longer. Some people are working and physically demanding or unpleasant jobs, and I'll tell you what. A lot of people are working for companies that have cer- mandatory retirement dates, for example, if you're an airline pilot, there's a certain age by which you have to retire. So, and then you know, the other factor that comes into plano is that a lot of people when you get up into the mid and late sixties and early seventies. He might be dealing with your own health issues, and that tends to accelerate clearly as we as we age. So there's one other factor in this is a little bit hard to discuss. But there's ageism in this country. You know, it's difficult for people that are in their sixties to go out and get a job because a lot of employers have some prejudice against older employees think they might not be as effective. They might not be as technologically a sound and aware is, you know, some of the younger folks coming out, and plus they think they're just going to be short timers and not going to be there for career. So they may want to stay away from those people so many times. Older workers. Do you have trouble finding new jobs, and so the key here? I think now is to just really make sure that you have your plan in place. So that you have options when you get out there to sixty five sixty six you can have the decision. I choose to retire or I love my job. And they're not forcing me out. I'm going to stay on the job or I'm gonna quit my current job. And do something part time if you're physically capable and still, you know, mentally sharp. So. The concept is good. The implementation of that concept can be difficult depending upon your circumstances. But I will say this more and more people are intending to work to a later date for the very reasons we just discussed I was just gonna say that that, you know. That's why it's great to start your financial planning as soon as possible. Make sure you're taking care of. So you have the option of whether to work or retire at six that magic number.

New England Patriots Marty Schneider US professor plano four years