Retirement Starts Today

We all know that scammers are out there looking for the next opportunity to prey on their targets. The Coronavirus isn't just a worldwide pandemic, for scammers its an opportunity to try new scams. On this episode of Retirement Starts Today you'll learn how to spot a Coronavirus scam, stimulus check scam, and a grandparent scam. I also have lots of links to resources for you to learn more about this topic so be sure to scroll down to the bottom of this page when you're done listening. Outline of This Episode [1:02] Thanks for coming to the webinar [6:02] How to Coronavirus scams [13:22] Stimulus check scams [15:07] Grandparent scams I'm holding office hours Since we are all experiencing heightened stress and worry during this pandemic I thought I would try something new. On Friday 4/17 at 10:30 am CDT I'm holding office hours so that we can chat and discuss all things retirement. I've had many attendees during my recent webinars, but they aren't very interactive. During this Zoom meeting, you'll be able to ask questions. If you are nearing retirement and have worries about the virus, the markets, or anything retirement-related this will a great place to bring your questions. So please join me here on Friday 4/17 at 10:30 CDT The Coronavirus is a great time for scammers Anytime is a good time for scammers, but people are even more susceptible to scams during times of stress. The Coronavirus has brought stress upon us all so scammers are having a field day. A plethora of new scams have sprung up during the past few months. These scams range the gamut from apps with viruses, phishing emails, Robo phone calls, and so many others. Listen in to hear how to identify a Coronavirus scam and find out what you can do to protect yourself and your loved ones from these tricksters. Stimulus payment scams The thought of $1200 per person has scammers ready to pounce. Your stimulus check is not in the mail. Paper checks won't arrive until May. If you receive a paper check for more than you were expecting it's probably a scam. Remember the IRS call, text, or email you to ask you for your bank account information. If you need information about your stimulus check go directly to their website irs.gov/coronavirus. Grandparent scams with a new Coronavirus twist Grandma, I'm sick in the hospital, please wire money right away! Grandpa, I'm stuck overseas and can't get home, please send me money! These old scams can pull at the heartstrings even more in these challenging times. You are probably savvy enough not to fall for these types of tricks but maybe someone you know and love could be easy prey. Do them a favor and educate them about these tactics. Listen in to hear about all the different types of Coronavirus scams and what you can do to help the ones you love not fall for them. Resources & People Mentioned My Office Hours link - Friday 4-17 at 10:30 am CDT Physician on Fire article - 5 Ways to Spot Investment Scams CNET article - Coronavirus stimulus check scams IRS website - IRS Coronavirus information FTC article - Coronavirus scams part 1 FTC article - Coronavirus scams part 2 FTC article - Grandparent scams in the Coronavirus age Connect with Benjamin Brandt Get the Retire-Ready Toolkit:http://retirementstartstodayradio.com/ Follow Ben on Twitter:https://twitter.com/retiremeasap Subscribe to Retirement Starts Today on Apple Podcasts,Stitcher,TuneIn,Podbean,Player FM,iHeart, or Spotify

Everyone is talking about buying the dip, but what is the best way to do that? I'm not an investment advisor, but since the stock market has taken a serious downturn, now may be a good time to consider your overall investment strategy. That's why I've invited investing expert, Lawrence Hamtil, co-founder of Fortune Financial Advisors, to chat with me about the ups and downs of investing after the recent stock market collapse. Listen in on this discussion to hear the pros and cons of buying the dip, investment timelines when buying today, and exceptional industries that have stood the tests of time. Outline of This Episode [1:22] He does custom portfolios for clients [2:35] What should people look for when buying the dip? [4:18] What kind of timeline should you consider when investing today? [5:44] How to pick and choose? [7:50] How much time should you spend studying the stocks before investing? [11:05] What do some of the exceptional industries have in common? What should people look for when buying the dip? Now that the stock market has dropped everyone is talking about buying the dip, but how should an individual investor approach this? Lawrence recommends sticking to your investment strategy. You need to have an idea of how much of your portfolio you want committed to a particular sector. Once you establish that then it is important to stay within the confines of your plan and rebalance as necessary. He points out that sometimes rebalancing can be a challenge, but the best time to rebalance is when your portfolio is off-kilter. Stay within your target allocations rather than focusing on the daily moves of the market. What kind of timeline should you consider when investing today? Investing in today's market can be a bit nerve-wracking, but in the long-term, it can really pay off. The stocks of many large corporations are down 20-80%. But that just means that you are getting more for your money now than just a few months ago. The investment that you make today won't immediately bear fruit and it could take up to 5-10 years to really pay off. Rather than trying to pick individual winners and losers a better strategy is to make broad sector bets. How much research should you do before investing? It is important to understand how a company drives revenue before you purchase their stock. Some important questions to ask are: How do they compete? How does the company react to crises? And how does buying that stock fit into your individual thesis? Don't just study the company before you invest. It is important to study the behavior of the company while you hold the investment. Listen in to hear what else you can consider when investing in individual stocks. What do exceptional industries have in common? We all know that many companies' valuations have taken a nosedive, but there are some exceptions to note. Tobacco, food, and defense are some examples of industries that are insulated. Some of these are historically undervalued or underappreciated. Think about what can be learned from this downturn. How will this affect your investment strategy going forward? Keep your eyes open to see which companies survive and why. Connect with Lawrence Hamtil @LHamtil on twitter Fortune Financial Advisors Connect with Benjamin Brandt Get the Retire-Ready Toolkit:http://retirementstartstodayradio.com/ Follow Ben on Twitter:https://twitter.com/retiremeasap Subscribe to Retirement Starts Today on Apple Podcasts,Stitcher,TuneIn,Podbean,Player FM,iHeart, or Spotify

With the Coronavirus situation bringing so much change into our lives, I decided to bring an abrupt conclusion to the Living Off Your Savings series. Instead, today, we'll talk about some of the changes that the Coronavirus legislation will bring. Now that President Trump signed the Coronavirus stimulus package into law I wanted to give you an idea of what you can expect from this landmark legislation. Join me on this episode of Retirement Starts Today to discover how the Coronavirus stimulus package affects you. Outline of This Episode [3:58] Who is eligible for a stimulus check [8:02] Take advantage of tax-loss harvesting [12:10] RMD's are waived in 2020 [13:43] Waiver of early IRA distribution penalties [15:44] 401K loans have changed [16:40] Charitable deductions have a change [18:10] The COVID19 test and vaccine will be covered by health insurance Join me for the Living Off Your Savings webinar! I wanted to make sure to fulfill my promise of having a webinar to cap off the Living Off Your Savings series especially since the series was shorter than expected. You'll have 2 options to join the webinar. Option A takes place on April 2 at 10:30 AM CDT. Option B is April 2 at 2 PM CDT. This webinar will cover how to turn your accumulated savings into monthly retirement income. We'll cover case studies, portfolio breakdowns, and how to have an amazing retirement even in the midst of a market meltdown! Sign up soon since we are already at ⅔ capacity. What you should know about the Coronavirus stimulus package Have you filed your taxes yet? If you haven't, pay attention. If your income was over $150,000 in 2018, but under in 2019 then file immediately. If your income was under $150,000 in 2018 but over in 2019 and you haven't filed then wait to file. The stimulus checks that are coming are based on your AGI in 2018 or 2019 if you have already filed. Those stimulus checks will be $1200 per adult and $500 for each dependent child. If you filed jointly the income threshold is $150,000. The stimulus checks will be directly deposited into the bank account in which you received your 2018 return. Let's hope that it's still open! How a retiree can put their stimulus check to good use If you are losing sleep at night about the stock market then take this money and put it where it is needed most -- put it in a savings account, checking account, or stash the cash under the mattress. Do whatever will help you sleep at night. If you aren't having trouble sleeping and you know where your income is coming from, think about making a Roth IRA contribution. If you have the stomach for it and don't need it for a while, consider using that check for long-term investments. Listen in to hear a great way to teach the grandkids about the power of compound interest. How else could the Coronavirus stimulus package affect your retirement You have until July 15th not only to file taxes, but you can also make your 2019 IRA and HSA contributions. RMDs are waived for 2020 The IRA distribution penalty has been waived for 2020 in some cases 401K loans have expanded provisions You can now take charitable deductions of up to $300 Tests for the virus and the eventual vaccine will be covered by health insurance Listen in to hear all the details on how this landmark stimulus package could affect you and your retirement. Resources & People Mentioned Living Off Your Savings webinar April 2, 10:30 AM CDT Living Off Your Savings webinar April 2, 2 PM CDT Jeff Levine on Twitter @CPAPlanner CNBC article on tax filing Bloomberg article on how Coronavirus will change the world Connect with Benjamin Brandt Get the Retire-Ready Toolkit:http://retirementstartstodayradio.com/ Follow Ben on Twitter:https://twitter.com/retiremeasap Subscribe to Retirement Starts Today on Apple Podcasts,Stitcher,TuneIn,Podbean,Player FM,iHeart, or Spotify

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