All Things Retirement

Retirement Planning for PSEG Employees (Part 2)

We’re back to continue our conversation on retirement planning for PSEG employees. Anthony has spent a lot of time getting familiar with these employees and is here to share valuable insights and strategies to help you make the most out of your benefits in this two-part episode.

This week, we’re going to take a look at Cardinal Wealth's Financial Planning For PSEG Employees Guide, talking through who it’s intended for, some of the best ways to utilize it, and more. 

 

Here’s some of what we discuss in this episode:

• What employees will benefit the most from this PSEG guide + the best way to utilize it
• An overview of the PSEG benefits: Group Life Insurance, Thrift Savings Plan, medical plans, VEBA, Stock Purchase Plan + Cash Balance Plan
• Recommendations for PSEG employees that are 10-15 years from retirement
• Specific actions for employees 1 year to 6 months from retirement
• Final preparations and post-retirement actions a PSEG employees

 

Visit us online: https://cardinalwg.com/

Start the Cardinal Success Journey with your free assessment here: https://cardinalwg.com/free-assessment

Retirement Planning for PSEG Employees (Part 1)

In today’s episode, we’re going to dive into the ins and outs of retirement planning for PSEG employees. Anthony has spent a lot of time getting familiar with these employees and is here to share valuable insights and strategies to help you make the most out of your benefits.

 

Here’s some of what we discuss in this episode:

• A little background on PSEG + how Anthony started helping these employees
• How can PSEG employees make the most of their retirement benefits?
• The health insurance options available for PSEG employees
• How can PSEG employees best prepare for the transition into retirement?
• Some of the unique financial planning challenges for PSEG employees + how Cardinal Wealth helps them navigate these obstacles

 

Visit us online: https://cardinalwg.com/

Start the Cardinal Success Journey with your free assessment here: https://cardinalwg.com/free-assessment

The Future of Retirement In America: Is The Glass Half Full or Half Empty?

Are we on the brink of a retirement renaissance or stormy seas ahead? In this episode, we jump into the pressing issues of Social Security, healthcare, taxes, stock market trends, and long-term care. Whether you're an eternal optimist or cautious pessimist, this episode will equip you with perspectives to plan your retirement years with confidence as we ask the longstanding question, “Is the glass half full or half empty?”

 

Here’s some of what we discuss in this episode:

• Social Security: Anthony is optimistic about its future, despite funding challenges. He expects reforms to maintain its importance.
• Healthcare: Anthony is hopeful due to technological advancements and preventative care, but notes rising costs as a concern.
• Tax Rates: Anthony leans pessimistic, expecting higher taxes to address growing debt and fund social programs.
• Long-Term Care: Anthony is optimistic, foreseeing better care options for the middle class, driven by technology and quality improvements.
• Stock Market: Anthony is cautiously optimistic about the stock market's future and points out that historical trends show long-term growth in the market, despite market bubbles and uncertainties

 

Visit us online: https://cardinalwg.com/

Start the Cardinal Success Journey with your free assessment here: https://cardinalwg.com/free-assessment

 

Navigating Finances After Losing a Spouse: Strategies & Mistakes to Avoid

Losing a spouse is an unimaginably tough life event, but the financial implications can add another layer of stress to the grieving process. In this episode, we delve deep into the most common financial issues faced by widows and widowers, from dealing with income gaps to navigating tax changes as a single filer. 

We explore actionable strategies to address these problems, such as the importance of life insurance and the ins and outs of spousal pension continuation. This is the episode for you if you’re concerned with ensuring the financial well-being of your remaining family members and safeguarding your financial future and legacy in the face of loss.

 

Here are some of the highlights you’ll want to listen for:

• What we discuss with people that come in after losing a spouse and faced with taking over the finances.
• The income gap that gets created and how we can plan for that ahead of time.
• How your tax filing changes could impact how much money you’re taking home.
• The common mistakes people make when it comes to kids and grandkids.
• What Anthony thinks about a trust and using it to preserve family wealth. 

 

Visit us online: https://cardinalwg.com/

Start the Cardinal Success Journey with your free assessment here: https://cardinalwg.com/free-assessment

When It’s Time to Change Financial Advisors

The relationship you have with a financial advisor is one of the most important you’ll have in life. They’re with you through the ups and downs of life and help bring a feeling of security to your family. It’s important to remember that you aren’t stuck with an advisor once you pick one, and change can sometimes be necessary.

In this episode, we delve into the complex and often emotionally charged process of changing financial advisors. We'll discuss the telltale signs that it's time to consider a switch, the questions to ask your current advisor, and what to look for in a new one. Join us as we demystify the transition process and equip you with the knowledge you need to make informed decisions about who is best suited to guide your financial future.

Plus, Anthony will break down an article from Yahoo! Finance that bashed the Roth. Should you think twice before investing in a Roth? We’ll get into that as well.

Read the Yahoo! Finance article here: https://finance.yahoo.com/news/lost-400k-retirement-savings-roth-174006044.html

Make sure you check out our free download that was mentioned on the show, 10 Mistakes to Avoid When Hiring an Advisor: https://cardinalwg.com/resources/downloadable-materials

 

Here are some of the highlights you’ll want to listen for: 
- Anthony reviews an article warning investors about using a Roth account.

- The difficulty of leaving an advisor after building a relationship with them.

- The number one reason why people leave an advisor is because of lack of communication.

- What questions can you ask your current advisor to help evaluate them?

- What’s most important when looking for a new advisor?

 

Visit us online: https://cardinalwg.com/

Start the Cardinal Success Journey with your free assessment here: https://cardinalwg.com/free-assessment

Retirement: Ready Or Not Here It Comes

Are you nearing “retirement age?” If so, let’s explore that pivotal question you’ll soon face: Should you retire or continue working? We’ll unravel the intricacies of this decision, addressing both financial and emotional aspects, and help you find out if you’re truly ready to retire.

 

Here are some of the highlights you’ll want to listen for:

• Starting early to understand your financial situation and retirement goals is essential. Knowing what steps to take to improve your financial position and reduce risks can lead to greater confidence and better outcomes in retirement.
• The concept of a fixed retirement age is evolving. Some people prefer to retire early, while others enjoy their work and want to continue working past traditional retirement ages.
• People are often surprised by their financial readiness for retirement. Running comprehensive analyses and having open conversations with financial advisors can reveal that retirement might be feasible sooner than expected, even in cases where individuals feel financially unprepared.
• Taking the time to understand your financial situation, including pensions, Social Security, investments, and potential scenarios, can boost your confidence in making retirement decisions.

 

CNBC Article:

https://www.cnbc.com/2023/07/24/americans-have-big-number-goals-for-salary-retirement.html

 

Visit us online: https://cardinalwg.com/

Start the Cardinal Success Journey with your free assessment here: https://cardinalwg.com/free-assessment

 

 

Spotting Problematic Personalities of Rogue Advisors

Finding a trustworthy and competent financial advisor is essential for securing your financial future. After all, they play a vital role in helping you make informed decisions about your money, investments, and long-term financial goals.

Make sure you check out our free download that was mentioned on the show, 10 Mistakes to Avoid When Hiring an Advisor: https://cardinalwg.com/resources/downloadable-materials

 

Here are some of the highlights you’ll want to listen for:

• How much communication should you expect from your advisor?
• Why we want to understand the individual and work backwards to identify the best products and investments.
• There’s a time and place for an advisor to lead the conversation but listening needs to be one of their strong suits.
• You shouldn’t have to pay a single dollar before you fully understand what an advisor is going to do for you.

 

Visit us online: https://cardinalwg.com/

Start the Cardinal Success Journey with your free assessment here: https://cardinalwg.com/free-assessment

Countdown Clarity: Timing Your Retirement Preparations

Whether you’re close to retirement or still far from that exciting date, it’s not uncommon to wonder when you should start preparing for each aspect of it.

From figuring out the right time to be debt-free and when to adjust your portfolio risk, to deciding when to plan for your Social Security benefits or healthcare coverage, this episode guides you through the ideal timeline for each.

Tune in to find out how far away from retirement you should have answers to these pressing questions.

 

Here’s some of what we’ll discuss in this episode:

• When do you need to get your debt paid off? (3:00)
• If you feel like you’re falling behind with savings, how do you figure out what you need to do to catch up? (6:23)
• When should you worry about structuring your income plan for retirement? (10:06)
• Does your risk align with your age? (14:58)
• When do you need to start planning for rising taxes? (18:33)

 

Visit us online: https://cardinalwg.com/

Start the Cardinal Success Journey with your free assessment here: https://cardinalwg.com/free-assessment

Effective Communication Between Advisor and Client

The key to any relationship is good communication and it’s no different for a financial advisor and their client. Everything we do relies on being able to effectively convey information and clearly lay out a plan that everyone understands.

 

To celebrate June being effective communication month, we wanted to talk about our process for communicating with clients and how that’s changed since we first got into the financial profession more than 15 years ago. With more and more people moving to virtual communication, it changes our approach and we’ll tell you how we try to meet people where they’re most comfortable.

 

Here’s some of what we’ll discuss in this episode:

• How important communication is for what we do every day. (3:46)
• How much communication has changed over the past 15 years. (5:18)
• The way we present complex topics to clients in a way they can understand. (10:33)
• What type of communication types do we rely on the most? (8:52)
• How much communication should you expect from your advisor? (16:09)

 

Visit us online: https://cardinalwg.com/

Start the Cardinal Success Journey with your free assessment here: https://cardinalwg.com/free-assessment

Ep 56: France Moves Retirement Age to 64 - What Does This Mean for Us?

Many people have heard about protests in France and that it’s related to raising the retirement age. But not many folks have a lot of context on the issue beyond that. With their retirement age moving from 62 to 64, what might that mean for Americans in the future?

 

Here’s some of what we’ll discuss in this episode:

• The racoon issue Anthony has been dealing with at home. (1:02)
• Some background on what’s happening in France. (3:29)
• Declining birth rates one of the reasons why the math isn’t working like it used to. (5:33)
• How will Americans react to a change in retirement age?  (8:52)
• What can clients do to plan for possible changes to Social Security? (11:29)
• Mailbag question on cutting off children financially. (15:44)

 

Visit us online: https://cardinalwg.com/

Start the Cardinal Success Journey with your free assessment here: https://cardinalwg.com/free-assessment

Ep 55: How Age And Wisdom Impact Financial Planning

Today, we're diving into a topic that affects everyone, regardless of age or financial status: how age and wisdom impact financial planning. No matter where you are in life, your financial goals and priorities will change over time, and it's important to have a plan that reflects your unique needs. In this episode, we'll explore the ways in which age and wisdom impact financial planning strategies and provide practical tips and insights to help you make informed decisions about your finances.

 

Here’s some of what we’ll discuss in this episode:

• Why does age matter in financial planning? (3:36)
• The importance of incorporating lessons and experiences into financial planning. (6:59)
• How Anthony personalizes experiences for each client. (11:30)
• The emotions that Anthony has witnessed throughout his career. (14:00)
• Mailbag: I got a big bonus that maxed out my 401(k) this year. Where should I be saving now? (16:10)
• Mailbag: The difference between Roth conversions and Roth contributions. (17:39)

 

Visit us online: https://cardinalwg.com/

Start the Cardinal Success Journey with your free assessment here: https://cardinalwg.com/free-assessment

Ep 54: When & How to Rebalance Your Portfolio

Are you unsure of when to rebalance and how to do it? In this episode, we’ll uncover the importance of rebalancing your portfolio and discuss everything from frequency to tax implications. Plus, we’ll share a cautionary tale about the consequences of neglecting rebalancing.

Here’s some of what we’ll discuss in this episode:

• What does rebalancing actually mean? (3:26)
• How often should you rebalance your portfolio? (4:59)
• Are there tools to rebalance automatically? (9:33)
• The tax implications you need to consider when rebalancing. (11:33)
• An example of someone we worked with who didn’t do the proper rebalancing. (14:12)
• What can you do to protect your savings and investments from inflation? (17:30)

 

Visit us online: https://cardinalwg.com/

Start the Cardinal Success Journey with your free assessment here: https://cardinalwg.com/free-assessment

Ep 53: Why One-Size-Fits-All Financial Advice Doesn’t Work: Understanding Your Financial Personality

Are you tired of one-size-fits-all financial advice that doesn't quite fit your unique needs and goals? There are many types of personalities out there when it comes to financial matters. In today’s episode, we will talk about 7 financial personalities that we work with most often and how we help each client overcome their personal challenges and obstacles.  

 

Here’s some of what we’ll discuss in this episode:

• A brief message about the Silicon Valley Bank collapse. (1:40)
• Helping clients who have been scarred by something in their financial past. (4:47)
• How narrowing down plans and strategies can be beneficial for people who have a hard time making financial decisions. (7:41)
• How “Do-it-Yourselfers” can benefit from the Cardinal Success Journey. (10:17)
• Assisting couples with differing financial views. (18:20)

 

Visit us online: https://cardinalwg.com/

Start the Cardinal Success Journey with your free assessment here: https://cardinalwg.com/free-assessment

Ep 52: Fore Your Retirement - What Golf Teaches Us About Financial Planning

Are you a golfer? Even if you're not, the game of golf can teach us valuable lessons about retirement planning. For example, hitting a hole-in-one might be thrilling, but it won't necessarily guarantee your overall success. And just like you need different clubs in your golf bag to play a round, you need a well-balanced approach to your investments in retirement.

But perhaps the most important lesson from golf is the value of having a caddy. In retirement planning, a financial advisor can help you navigate the hazards and make the most of your financial "clubs." Tune in to this episode to learn more about how the game of golf can help you plan for a successful retirement.

 

Here’s some of what we’ll discuss in this episode:

• Anthony shares the spring cleaning he’s done with his own financial planning.  (1:23)
• The hole-in-one in golf is great, but it doesn’t necessarily equate to overall success.  (6:13)
• Picking out the clubs in your bag is much like giving yourself all the financial tools you might need to succeed.  (8:28)
• The benefits of having someone to help guide you like a caddy. (11:36)
• Is it safe to cancel life insurance once your kids are off the payroll?  (15:18)

 

Visit us online: https://cardinalwg.com/

Start the Cardinal Success Journey with your free assessment here: https://cardinalwg.com/free-assessment

Ep 51: 10 Point Checklist For Retirement Preparedness

Another year is upon us and it’s a great time to ask yourself 10 questions to assess how ready you are for retirement to kick off 2023. If you’re retiring this year, it’s essential to have some concrete answers to these questions. If you’re still a few years from the milestone, tune in so you can start thinking about these critical conversations.

 

Here’s some of what we’ll discuss in this episode:

• Do you know how much income you’re going to need every month and what account to start withdrawing from first?? (4:33)
• Are you prepared to handle market volatility and inflation? (13:12)
• No one can predict the future of tax rates but are you prepared for the possibility of increases? (18:28)
• How important is it to have a legacy plan in place before retirement? (24:08)
• Now is the time to make sure you understand everything you’re invested in. (26:58)
• How do you know if a financial advisor is trustworthy or not?  (29:51)

 

Visit us online: https://cardinalwg.com/

Start the Cardinal Success Journey with your free assessment here: https://cardinalwg.com/free-assessment

Ep 50: Four Ways the SECURE Act 2.0 Might Impact You

After being discussed in Congress for nearly a year and a half, the SECURE Act 2.0 passed in January. Much like the original version a few years earlier, this piece of legislation made a long list of retirement planning changes, many of which will impact the people we work with in the Philadelphia area.

 

Here’s some of what we’ll discuss in this episode:

• What Anthony has been up to personally and professionally during the podcast break. (0:31)
• The age to start taking required minimum distributions (RMDs) is being pushed back again. (5:40)
• The option to roll 529 money into a Roth. (9:58)
• Employees still paying down their student loan will be eligible for their company 401(k) match. (12:47)
• The Roth option for retirement accounts. (14:25)
• Should you start converting as much of your IRA to Roth as you near retirement? (17:23)

 

Visit us online: https://cardinalwg.com/

Start the Cardinal Success Journey with your free assessment here: https://cardinalwg.com/free-assessment

Ep 49: Finding the Right Advisor

With more and more people making planning a priority in the new year, we wanted to help you with the search for a new advisor.

Show Notes:

Retirement Rescue TOOLKIT: https://pfcl1znr.pages.infusionsoft.net/

Website: https://www.cardinalwg.com/

Email: retire@cardinalwg.com

Phone: (904) 414-2375

Ep 48: Opportunities for Retirement‘s Late Bloomers

Maybe you’re close to retirement and think you don’t have nearly enough money saved. But let’s talk about some reasons that the news might not be as bad as you think.

Show Notes:

Retirement Rescue TOOLKIT: https://pfcl1znr.pages.infusionsoft.net/

Website: https://www.cardinalwg.com/

Email: retire@cardinalwg.com

Phone: (904) 414-2375

Ep 47: Where Financial Advisors Drop the Ball

We see a lot of people who aren’t getting the kind of advice and service from their financial advisor that they should be. In a lot of cases, the advisor is only “managing the investments,” but not providing guidance in other areas. Let’s talk about some of the things that your advisor should be doing...

Show Notes:

Retirement Rescue TOOLKIT: https://pfcl1znr.pages.infusionsoft.net/

Website: https://www.cardinalwg.com/

Email: retire@cardinalwg.com

Phone: (904) 414-2375

Ep 46: Wants, Needs & Wishes - Planning Using a Pyramid Approach

Sometimes it’s helpful to visualize complex topics to help make them easier to understand. On this episode, we’ll discuss how to compartmentalize your wants, needs, and wishes in regards to your retirement plan. Anthony will talk about the process he goes through with each client and the importance of having a plan that covers more than just finances.

Show Notes:

Retirement Rescue TOOLKIT: https://pfcl1znr.pages.infusionsoft.net/

Website: https://www.cardinalwg.com/

Email: retire@cardinalwg.com

Phone: (904) 414-2375