Is $8 million the new target for retirement? We found an article that points to that idea so we’ll share our thoughts about how this impacts planning on today’s podcast.  Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-56-is-8-million-the-new-target-for-retirement/  What we discuss on this show: 1:51 – Financial Samurai blog3:22 – Where did the 4% rule come from?4:47 – Will you need $8 million?6:32 – Balancing your portfolio9:05 – Other ways to supplement income11:11 – Let’s look at some positives13:16 – Mailbag: Will I spend more money in the first few years of retirement?15:02 - Can I overcome a divorce financially in my late 50s?

Financial decisions are a lot easier with the benefit of hindsight. Here are some common mistakes people have made this year and how hindsight could have helped them in 2020. Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-55-hindsight-20-20-five-common-financial-mistakes/  What we discuss on this show:2:09 – Getting out of the market5:20 – Not knowing your risk factor8:39 – Not knowing your social security options11:04 – Not putting money in a Roth IRA12:28 – Retiring too early and going back to work

Just like technologies change and become outdated, so do some retirement planning strategies. Let’s look at five financial strategies that have become obsolete.  Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-54-five-outdated-financial-strategies/  What we discuss on the show: 2:55 – 4% rule4:27 – 10/5/3 rule6:22 – Move money from stocks to bonds as you get older7:44 - $1 million retirement target9:42 – Needing less money in retirement11:52 – Mailbag: Should we invest differently based on the election?14:42 – Mailbag: Should I buy gold coins, gold bars or no gold at all?

Clients often ask us about their house (or houses) and how they fit into retirement plans. From downsizing to rental properties to interest rates, let’s explore some of the top retirement questions as it relates to all things housing. Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-53-common-housing-and-retirement-questions/  What we discuss on this show: 2:15 - Pay off the house early or slowly?5:01 - Downsize to a smaller home at retirement?7:27 - Is rental property a good idea for creating income?10:50 – Complications with real estate legacy plans?12:48 – Mailbag: Redo kitchen or save more for retirement?

How do I handle finances in a second marriage? Should I cash out my old life insurance policies? Is the Rule of 100 a good thing? Let’s dive into the mailbag and answer these and other questions. Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-52-mailbag-second-marriages-life-insurance-and-the-rule-of-100/  What we discuss on this show: 1:37 – Forced into early retirement3:12 – Rule of 1004:29 – Finances in a second marriage5:49 – Which account should I withdraw from first?7:55 – Should I cash out life insurance?9:56 – Can I retire early?

We all want to live a long life, but that can be risky financially. On this week’s episode of Unlocking Your Financial Future, Ben explains the risks and why it’s an awkward conversation to have with clients.  Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-51-why-living-long-can-be-risky-financially/  What we discuss on this episode: 1:51 – Off-topic conversation: 30-year mortgage rates are low4:24 – Living long a bad thing?5:12 – Oldest client5:55 – Longest living person in Ben’s family7:56 – Why is it risky living long?9:27 – How average people address these challenges10:24 – Story about Ben’s client13:00 – Contact Ben

You’ve heard advice about how to improve your finances and prepare for retirement, but what about mistakes? On this week’s episode of Unlocking Your Financial Future, Ben shares five ways you could be ruining your retirement.  Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-50-5-ways-to-ruin-retirement/  What we discuss on this episode: 2:37 - Treating retirement as a destination5:15 - Believing retirement will solve all your problems6:38 - Assuming your monthly spending habits will be same 8:58 - Not staying active in retirement10:23 - Investing like you’re 35 years old

Today we celebrate the one-year anniversary of the show but bringing on the backbone of the operation, Kaitlin Schrock. What’s it like to work with your spouse? That’s the number one question Ben and Kaitlin get. On this week’s episode of Unlocking Your Financial Future, get to know more about Kaitlin and how she keeps the family business organized and running smoothly. Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-49-ben-kaitlin-schrock-on-marriage-business-and-family-traditions/  What we discuss on this episode: 0:35 – One year since podcast launched2:21 – Meet Kaitlin Schrock4:25 – Our strengths6:24 – Advice for getting into business with a spouse8:20 – Who handles the family finances8:52 – What’s difficult about working with Ben10:32 – What Kaitlin means to the team11:43 – Will their kids get involved in family business?12:20 – Unique family traditions

If you visit a financial advisor, how complex should your plan be? Is a one-page plan too simple? Is a 50- to 100-page plan too much? We’ll explain how much detail you should expect in your financial plan.  Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-48-how-complex-should-your-financial-plan-be/  On today's show: 2:48 – What’s the typical range of a financial plan?4:39 – What’s the ideal length of a plan?6:10 – Does it depend on what the client wants?8:20 – Examples of complicated plans9:52 – Examples of simple plans10:38 – Are long plans a red flag?13:14 – Mailbag: Retiring at 55

When the market crashes, it’s normal to feel panicked. But we’re here to help you build confidence and get through these tough times with a five-step market crash survival guide.  Read more and get additional financial resources here: https://www.baschrock-fg.com/?p=2068&preview=true  On today's show: 1:23 – Poll: Americans want to prioritize financial planning4:37 – Know how much risk you are exposed to6:18 – Protect your gains7:34 – Have appropriate diversification9:47 – Don’t try to time the market12:31 – Don't panic