Today’s Smart Money Question:
(Click the featured times below to jump forward in the episode)
Here Are Just A Handful Of Things You’ll Learn:
When was the last time you looked through your retirement portfolio and gave it a thorough check-up? It’s okay to admit you’ve been putting it off or haven’t had the time to dive into your investments, life happens.
But now that we’ve entered the back half of the year, it’s a great opportunity to look through our finances and see what changes might be needed. Matt Hausman has laid out the questions you need to be asking to get the answers needed to keep you on your journey to a happy retirement.
In this episode of Smart Money Questions, we’ll start with understanding what investment options your company offers. Some places have made a Roth 401(k) available to employees and we’ll tell you the difference between that and your more traditional accounts.
Then we’ll help you figure out if it’s time to rebalance our portfolio. Keeping taxes in mind, you might want to make some adjustment now to prepare you for your next return as well as future tax increases.
The last thing you’ll want to be aware of is your Social Security and pension estimate. Knowing this is vital for calculating how much retire income you’re going to need.
All of that and more is in today’s episode. Check it out and utilize the timestamps below to skip ahead to a specific topic in the show.
0:35 – Introducing today’s topic.
2:30 – Understanding where we’re putting our money in a company plan.
3:15 – Ask if your company has a Roth 401(k) option.
4:41 – First thing we’re taking a look at.
4:57 – How Matt is investing right now based on current tax code.
5:21 – The difference in a Roth IRA vs Roth 401(k)
6:34 – Second thing to check: what allocation options are available to you and what are you currently in. Is your risk level where it should be?
7:46 – Next item: Is it time to rebalance the portfolio?
9:15 – Next item: What is your tax return going to look like at this point?
11:05 – Another thing: Is there opportunity for Roth conversion? An explanation follows.
12:05 – The difference between contribution versus conversion.
12:59 – In addition to the rebalancing, you want to try and take advantage of tax lost harvesting.
14:09 – Do you know what your Social Security estimate is? What about your pension if you have one?
16:01 – Understand the difference between good debt and bad debt with some examples.
18:39 – Reviewing your mid-year checklist.
Additional Podcast Episodes:
- Unasked Questions About the STRETCH IRA
- SECURE Act and Gifting vs Inheriting
- What’s the Value of An Advisor?
Do You Have A Smart Money Question?
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More From Matt:
The host: Matt Hausman – Contact – Resources – Call: 610-719-3003
