Unlocking Your Financial Future

BA Schrock Financial Group

Weekly financial and retirement guidance with Ben Schrock of BA Schrock Financial Group in Wadsworth, Ohio. Also serving the Cleveland and Akron areas. This podcast will help you learn important financial concepts that allow you to retire with confidence.

All Episodes

You’ve probably heard a lot about tax reforms recently. How will these changes impact your portfolio? What can you do to protect yourself?    Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/   What we discuss on this episode:  0:15 – Tax reform and capital gains 0:55 – What is subject to capital gains? 2:48 – Brokerage accounts and marketable securities 4:55 – Long term capital gains 8:05 – What are some strategies? 11:14 – Mutual funds and tax loss harvesting 14:33 – Capital gain taxes are likely to change

Dec 2

18 min 27 sec

Ben Schrock and Keith Lockwood from B.A. Schrock Financial Group talk about how life insurance can be a tax-free income source in retirement when properly structured.    In this episode, Ben and Keith discuss:  Why you might want to use life insurance rather than a ROTH IRA as a potential tax-free income source in retirement.    How Keith Lockwood used properly structured life insurance to create a tax-free income stream for a client. And more…

Nov 11

17 min 26 sec

Ben Schrock and Keith Lockwood from B.A. Schrock Financial Group talk about what is and how to use an irrevocable life insurance trust also known as an ILIT.  In this episode, Ben and Keith discuss:  In what situations an ILIT might make sense.  How we helped a client by using an irrevocable life insurance trust.  And more...

Nov 4

16 min 42 sec

Ben Schrock and Keith Lockwood from B.A. Schrock Financial Group talk about how you might use life insurance beyond ensuring that funeral costs are covered.   Life Insurance is an easy topic to put off talking about but it is one of the most powerful tools when it comes to retirement planning.     In this episode, Ben and Keith discuss:  Why you might want to use Life Insurance for tax mitigation on your estate.  Why you might not want to use Life Insurance for tax mitigation on your estate.  Why the current laws make Life Insurance particularly powerful now. And more...

Oct 28

15 min 33 sec

Ben Schrock and Keith Lockwood from B.A. Schrock Financial Group talk about one of the most misunderstood asset classes… life insurance  In this episode, Ben and Keith discuss:  The LIFT Strategy at B.A. Schrock. What people misunderstand about Life Insurance. Why Life Insurance might be one of the best asset classes for you. And more…

Oct 21

15 min 13 sec

In the third and final segment of the life changes series we are going to talk about the last step on any career journey, retirement. In the first two segments, we talked about what to consider when starting out your career and what you should be thinking about during a career change, but now we are going to dive into what you should be thinking about as you near retirement.    In this episode of Unlocking Your Financial Future podcast, Ben Schrock and Colleen LeMasters from B.A. Schrock Financial Group goes over what they think are some of the most important topics to keep top of mind as you get ready to retire and then they walk you through how they helped a client through a retirement that had a lot of financial curveballs.

Aug 18

13 min 28 sec

At some point down your career path, you might make the decision to change jobs in pursuit of a more lucrative position, to get away from a bad work environment, to move to a new location, or to just get a change of pace. With all of the chaos that comes with a career change, it can be easy to overlook some of the important financial factors that could be considered at that time.     In this episode of Unlocking Your Financial Future podcast, Ben Schrock and Colleen LeMasters from B.A. Schrock Financial Group talk about what some of those financial considerations are and walk you through how they helped a client navigate this very situation.

Aug 10

13 min 36 sec

In this episode of Unlocking Your Financial Future podcast, Ben Schrock and Colleen LeMasters from B.A. Schrock Financial Group talk about the important factors you should be aware of when you start your career. They run us through an example of how they helped a client optimize their employee benefits, reduce their tax liability and unlock their financial future.

Aug 10

15 min 1 sec

Ben Schrock and Dan Oaklief from B.A. Schrock Financial Group talk about incorporating 403(b)s into your retirement plans in episode 69 of The Unlocking Your Financial Future Podcast.  In this episode, Ben and Dan discuss:  Why most teachers don’t know that they have the option of a 403(b). The different options you have to use 403(b)s. How you can enroll in a 403(b).  Why you might want to use a 403(b) and why you might want to avoid it. And more...

Jun 29

14 min 55 sec

Ben Schrock and Dan Oaklief from B.A. Schrock Financial Group talk about 403(b)s in episode 68 of The Unlocking Your Financial Future Podcast.  In this episode, Ben and Dan discuss:  How Dan walked a client through the changes in the pension system and made it possible for her to be able to retire on time. Why 403(b)s are becoming more important. Why 403(b)s are overlooked and why you might want to consider them.   The changes made in the pension system that made 403(b)s more attractive in Ohio. And more...

Jun 21

15 min 16 sec

Ben Schrock and Dan Oaklief from B.A. Schrock Financial Group talk about State Pensions in episode 67 of The Unlocking Your Financial Future Podcast.  In this episode, Ben and Dan discuss:  Why you should be careful when electing your pension. Common misconceptions around pensions.  The different options for pensions and what might make sense depending on your position. And more...

Jun 14

14 min

Ben and Kaitlin from the B.A. Schrock Financial Group talk about Social Security in episode 65 of The Unlocking Your Financial Future Podcast.  In this episode, Ben and Kaitlin discuss:  The “elephant in the room”, will Social Security run out? Recent changes to Social Security The potential future changes to Social Security and how they might affect your retirement  And more...

Mar 19

14 min 20 sec

Ben and Kaitlin from the B.A. Schrock Financial Group talk about Biden’s proposed changes to 401(k)s in episode 65 of The Unlocking Your Financial Future Podcast. In this episode, Ben and Kaitlin discuss:  The difference between tax deductions and tax credits Biden’s proposed tax credit How this might change your tax minimization strategies And more...

Mar 19

17 min 6 sec

It’s time to test your financial buzzwords knowledge. You’ve probably heard a lot of this jargon at some point, but do you know what it actually means? Let’s try to provide some clarity on this episode.     Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-64-do-you-know-what-these-financial-buzzwords-mean/    What we discuss on this episode:  2:02 – The inverted yield curve 4:59 – Earnings guidance 6:51 – Core CPI 8:39 – Stop loss 10:31 – Mailbag: Roth conversion with a high income? 11:36 – Mailbag: Thoughts about annuities and hedge funds

Dec 2020

14 min 28 sec

On this episode of Unlocking Your Financial Future with Ben Schrock, we’ll share five important questions you need to know to prepare for retirement. Let’s see how well you know your finances.    Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-63-are-you-prepared-for-retirement-take-this-quiz/    What we discuss on this show: 2:37 – Do you know how much you actually have? 4:08 – Do you know how much you’re spending? 5:33 – Do you know how much risk you actually have? 7:23 – Do you know what you’re paying in fees? 8:37 – Do you know what your retirement income stream will actually look like? 10:08 – Using a financial advisor

Dec 2020

13 min 18 sec

You know the saying, “The customer is always right.” Well, that’s not always the case in the financial world. On this episode of Unlocking Your Financial Future, we explain why you should rely on your advisor’s expertise.   Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-62-in-the-financial-world-the-customer-isnt-always-right/    What we discuss on this show:  1:26 – Headline: Lawmakers propose 3% Social Security COLA 4:23 – Now is the time to get in or out of the market 5:57 – This is what I want to invest in. I want you to pick the exact funds. 6:53 – I don't need a will, life insurance, long-term care insurance, etc. 8:37 – Feelings about fees 9:53 – I don’t know if this plan is going to work

Dec 2020

13 min 20 sec

No matter how you feel about the 2020 election, it’s best to stay calm when dealing with your financial future. On this episode of Unlocking Your Financial Future, we explain how to handle retirement planning after an election.      Read more and get additional financial planning resources: https://www.baschrock-fg.com/podcast/ep-61-election-update-what-does-it-mean-for-financial-planning/    What we discuss on this show:  1:37 – Questions from clients 2:55 – How the market has reacted 4:35 – Why the market has been strong 6:41 – Will the market stay solid in 2021? 8:05 – Tax implications 9:46 – Taxes will go up sooner or later 10:54 – Interest rates 12:12 – Planning opportunities

Dec 2020

15 min 40 sec

On this episode of Unlocking Your Financial Future, we answer your questions about inheritance, investing, income and much more.   Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-60-mailbag-answering-your-questions-about-inheritance-investing-and-income/    What we discuss on this show:  2:39 – I’m worried my son will blow this inheritance 4:27 – I heard I can get half of my ex-husband’s Social Security benefit. 5:56 – Is my 401K income estimate accurate? 7:52 – Should I buy a car or invest this money? 9:34 – Is $250,000 enough for long-term care insurance? 10:54 – I’m worried about the market. Should I move it all to cash?

Nov 2020

14 min 30 sec

Most people have a 401K or other retirement plan, but it’s not as simple as contributing money and collecting it when you retire. There are a lot of decisions you can make about investments, loans, rollovers and more. On this episode of Unlocking Your Financial Future, we answer some frequently asked questions about 401Ks.   Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-59-frequently-asked-questions-about-401ks/   What we discuss on this show:  1:51 - Should I accept 401K advice from my company? 3:34 - Should I take out a 401K loan? 5:47 - Are 401K rollovers a good idea? 8:00 - Should I use target date funds? 10:40 - Should I take my company match or contribute more? 12:06 - Should I do a Roth 401K?

Nov 2020

17 min 7 sec

We’re talking specifically to Baby Boomers on this episode. What are the most common challenges, fears and goals of this generation? What are some of the mistakes Boomers often make and how can they be avoided?   Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-58-baby-boomer-common-retirement-mistakes-and-concerns/    What we discuss on this show:  3:04 – Challenges of Baby Boomers 5:40 – How often do Baby Boomers have to worry about children living at home? 7:35 – Baby Boomers’ fears and concerns 9:00 – What mistakes do Baby Boomers make? 10:46 – Why don't Baby Boomers take buyouts?

Nov 2020

14 min 27 sec

On this episode, we share five commandments that should be written on stone tablets in your retirement plan.   Read more and get additional financial planning resources here: https://www.baschrock-fg.com/podcast/ep-57-five-financial-commandments-to-follow/    What we discuss on this show: 2:36 – Thou shall not compare your investments to the stock market without the proper context 5:13 – Thou shalt not give up before giving your strategy enough time to play out. 7:15 – Thou shalt not chase big returns too late in life. 9:08 – Thou shalt not ignore costs and fees. 10:37 – Thou shalt not overlook the importance of rebalancing and diversifying.

Nov 2020

14 min 56 sec

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 blog 3:22 – Where did the 4% rule come from? 4:47 – Will you need $8 million? 6:32 – Balancing your portfolio 9:05 – Other ways to supplement income 11:11 – Let’s look at some positives 13:16 – 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?

Oct 2020

18 min 36 sec

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 market 5:20 – Not knowing your risk factor 8:39 – Not knowing your social security options 11:04 – Not putting money in a Roth IRA 12:28 – Retiring too early and going back to work

Oct 2020

17 min 44 sec

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% rule 4:27 – 10/5/3 rule 6:22 – Move money from stocks to bonds as you get older 7:44 - $1 million retirement target 9:42 – Needing less money in retirement 11:52 – Mailbag: Should we invest differently based on the election? 14:42 – Mailbag: Should I buy gold coins, gold bars or no gold at all?

Oct 2020

17 min 35 sec

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?

Oct 2020

16 min 29 sec

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 retirement 3:12 – Rule of 100 4:29 – Finances in a second marriage 5:49 – Which account should I withdraw from first? 7:55 – Should I cash out life insurance? 9:56 – Can I retire early?

Sep 2020

13 min 42 sec

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 low 4:24 – Living long a bad thing? 5:12 – Oldest client 5:55 – Longest living person in Ben’s family 7:56 – Why is it risky living long? 9:27 – How average people address these challenges 10:24 – Story about Ben’s client 13:00 – Contact Ben

Sep 2020

14 min 58 sec

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 destination 5:15 - Believing retirement will solve all your problems 6:38 - Assuming your monthly spending habits will be same 8:58 - Not staying active in retirement 10:23 - Investing like you’re 35 years old

Sep 2020

15 min 10 sec

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 launched 2:21 – Meet Kaitlin Schrock 4:25 – Our strengths 6:24 – Advice for getting into business with a spouse 8:20 – Who handles the family finances 8:52 – What’s difficult about working with Ben 10:32 – What Kaitlin means to the team 11:43 – Will their kids get involved in family business? 12:20 – Unique family traditions

Sep 2020

15 min 59 sec

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 plans 9:52 – Examples of simple plans 10:38 – Are long plans a red flag? 13:14 – Mailbag: Retiring at 55

Aug 2020

16 min 41 sec

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 planning 4:37 – Know how much risk you are exposed to 6:18 – Protect your gains 7:34 – Have appropriate diversification 9:47 – Don’t try to time the market 12:31 – Don't panic

Aug 2020

16 min 54 sec

It’s a somber topic that no one likes to think about, but it’s important to have a financial plan in place if your spouse dies. Our team can help you with those sensitive, difficult conversations so money is the least of your worries if your loved one passes away.   Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-46-handling-finances-after-the-death-of-a-spouse/    On today's show: 2:22 – A somber topic 3:08 – A difficult but necessary conversation 4:25 – The number one financial question after losing a spouse 6:17 – Immediate financial challenges after losing a spouse 7:00 – How to handle pensions 7:40 – What to know about social security 8:39 – How will it affect your taxes? 10:06 – Why it’s important to meet with both spouses 11:09 – A widow in a tough financial position 12:26 – A smooth transition

Aug 2020

15 min 22 sec

Meet our team’s newest financial advisor, Dan Oaklief. Find out how he has reenergized and motivated our team and how he’ll be helping our clients.    Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-45-meet-our-new-advisor-dan-oaklief/    On today's show: 3:40 – Meet Dan Oaklief 4:30 – Guiding clients through a very rocky financial year 6:04 – What will Dan’s role be? 6:36 – What are clients’ biggest challenges? 7:19 – What is Ben’s vision for Dan? 7:56 – Dan cares about people 8:43 – Dan’s accreditations 10:09 – A getting-to-know-you question for Dan and Ben

Aug 2020

13 min 14 sec

If your estate plans include leaving behind a money to your children, should you tell them about it ahead of time or make it a surprise? There are arguments for both sides and we’ll share some of our guidance on that topic. Plus, we’ll cover annuities, retirement income, trusts, and investment strategy on this mailbag edition.   Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-44-should-you-tell-children-about-inheritance-plans-other-listener-questions/    Today's show schedule:  0:48 – Mailbag Question #1: I have a variable annuity and just found out the fees are very high. I’d like to move the money but I’d have to pay a penalty to take it out. Is it worth it to avoid the fees? 2:26 – Mailbag Question #2: We should be leaving a decent amount of money to our kids. Should we tell them about it now or surprise them with it later? 4:51 – Mailbag Question #3: We have big travel plans when we retire, including all seven continents. Do we need to plan having even more income in retirement than we have now. 7:06 – Mailbag Question #4: Is it wise to have a trust as part of my financial and estate plan? 8:50 – Mailbag Question #5: When should I start focusing less on growing my money and more on protecting it instead? I plan to retire in two years.

Jul 2020

12 min 42 sec

Have you ever plugged your financial info to a website and gotten a retirement projection? As technology improves, how much can you trust these bots? Ben tried it for himself and got surprising results. We’ll share those plus talk about how useful these bots can be for planning.   Check out The Washington Post bot here: https://www.washingtonpost.com/graphics/2020/business/retirement-planning-bot/    Read more and get additional financial planning resources here: https://www.baschrock-fg.com/podcast/ep-43-financial-bots-are-here/    Today's show schedule:  1:06 – Ben wrote an article for Kiplinger about the topic of technology in the financial world. 2:16 – What was Ben’s first impression of this when he went through it. 2:48 – Ben got surprising results when he plugged in his info. 4:00 – Limitations of these bots. 4:58 – Great idea to get a second opinion on these results. 6:05 – How often do these get referenced when clients come in? 7:33 – How much has technology changed since Ben got into the industry? 9:12 – What technology does BA Schrock use with clients?

Jul 2020

12 min 55 sec

Being mentally ready to retire and financially ready are two completely different things. You might be prepared to call it a career but does your financial situation match your readiness? Let’s look at four milestones that might indicate you’re in a position to retire. Have you hit all these yet?   Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-42-4-milestones-for-retirement/    Today's show schedule:  2:33 – The topic today. 3:00 – 1st milestone: You can budget confidently. 4:00 – 2nd milestone: Having control over your spending. 6:17 – 3rd milestone: Having an emergency fund. 8:20 – 4th milestone: Having no revolving debt. 9:58 – If you hit these four milestones, how ready are you for retirement?

Jul 2020

13 min 10 sec

The turbulence of 2020 might have you questioning just how close you are to retirement. That’s a common feeling for many people but today we’ll share a story about a client that came in without much confidence in retiring and left with the plan to quit working in three months.   Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-40-retirement-projections-diversification-other-mailbag-questions-2/    Today's show schedule:  1:20 – BA Schrock just moved into a new office. 3:36 – Are clients having more doubts about retirement after everything we’ve been through in 2020? 5:24 – How often are you meeting with people that don’t see a path to retirement? 7:33 – The software our office uses to help you see your portfolio in different scenarios. 9:30 – Ben shares a time a client didn’t feel good about retiring but he was able to show them they were better off than they thought and could retire soon. 12:46 – How much second guessing do clients have? 13:53 – What to do if you have doubts.

Jul 2020

16 min 58 sec

It’s time to answer your questions once again on the podcast. Today we’ll cover, retirement projections, proper diversification, how much you’ll need for retirement, a surprise inheritance, and working while earning Social Security.   Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-40-retirement-projections-diversification-other-mailbag-questions/    Today's show schedule:  0:59 – Mailbag Question #1: An online calculator says I’m going to need over $700,000 for retirement. How accurate do you think this is? 2:27 – Mailbag Question #2: I have almost $150,000 sitting in my savings account. I’m tired of getting virtually no interest but also too scared to invest right now. Should I just leave it in the bank? 3:27 – How Ben feels about the state of the market right now. 4:13 – Mailbag Question #3: I counted out the mutual funds in my IRA and it appears that I have 33 different funds. Is this adequate diversification? 5:40 – Mailbag Question #4: I’m 55 and I have about $300K saved for retirement but I feel like I’m really behind where I should be compared to most people I know. Am I in trouble? 7:12 – Mailbag Question #5: Can you clarify whether I start my Social Security benefit and still earn an income or not? 8:38 – Mailbag Question #6: I just inherited a very large sum of money from my dad that I wasn’t expecting. What’s the most responsible way to handle it?

Jun 2020

12 min 36 sec

If you’re like most people, you probably have some financial accounts that you haven’t paid much attention to recently. The statements are just collecting dust in your file cabinet, but they might actually be hidden gems that could be put to much better use. We’re going to talk about ways to re-purpose those old accounts for better returns.   Read more and get additional financial resources: https://www.baschrock-fg.com/podcast/ep-39-potential-hidden-gems-in-your-financial-portfolio/    Today's show schedule:  0:51 – Getting to Know Ben - Do you have any superstitions? 2:55 – A free webinar up on the website now.  3:54 – Beginning the main discussion on hidden gems. 4:32 – Old 401k accounts 5:43 – Are companies charging fees to hold your investments in an old account? 7:04 – Old life insurance policies 8:54 – Savings account/Money Market account 10:10 – Pensions 12:03 – Ben’s team helps clients find these hidden gems.

Jun 2020

15 min 12 sec

Dave Ramsey has become one of the leading names and brands in finance and for good reason. The advice he gives benefits a lot of people across the country but is all that guidance applicable to you? Let’s look at his most popular teachings and determine how much we agree with.   Read more and get additional financial resources here: https://www.baschrock-fg.com/podcast/ep-38-should-you-be-wary-of-dave-ramseys-advice/    Today's show schedule:  1:11 – We’re in the process of moving into a new office. 2:40 – They’ve posted a free webinar to the website. 3:22 – What we’re talking about today. 4:57 – The Debt Snowball 6:27 – His investment advice dealing with mutual funds.   8:39 – Unrealistic expectations with returns and spending in retirement 10:49 – A good idea to stop contributing to retirement accounts until debt is paid off. 12:33 – This one-size-fits-all approach goes against the benefits of an advisor. 15:09 – The more awareness on finances the better.

Jun 2020

16 min 50 sec

We spend most of the time on this show talking about financial planning topics, but we thought it would be beneficial for a lot of people if we talked about how everyone has been doing. From our own office to the clients we’ve been keeping in touch with, find out how others are dealing with quarantine and what they’ve been doing to keep busy.   Read more and get additional financial resources: https://www.baschrock-fg.com/podcast/ep-37-a-coronavirus-update-on-our-clients-our-office/    Today's show schedule:  0:40 – Today we want to get an update from Ben on how his clients and people in our community have been handling COVID-19. 1:49 – How to access Ben’s new webinar, Keep Calm and Retire On. 3:40 – What’s the latest on Ohio opening back up? 4:24 – How have our clients been impacted so far? 5:57 – How is everyone doing emotionally right now? 7:04 – Are clients able to stay busy and active? 8:08 – Has anyone had employment issues? Are you having those conversations? 9:16 – Working from home vs going into an office. 10:22 – What is the business doing to assist clients during this pandemic? 11:38 – Are people optimistic overall or worried about long this will last? 13:01 - We’re taking precautions in the office.

Jun 2020

15 min 32 sec

Your nest egg means everything to your retirement and you want to protect it through the difficult times. On this mailbag edition of the show, we address concerns about navigating turbulent times while protecting what you have, how much to be saving, is $1 million enough in retirement, and more.   Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-36-protecting-your-nest-egg-mailbag-questions/    Today's show schedule:  1:55 – Mailbag Question #1: I’m a younger worker with a tiny nest egg with decades of working ahead of me. Given the recent tumult in the global economy, what can I do to protect the little egg that I have but also to continue growing? 3:14 – How much do you worry about someone’s risk tolerance when they are a younger worker? 4:08 – Mailbag Question #2: I’m tired of having five rental properties, so I’m going to sell at least three, and maybe all five. I have quite a bit of equity in these properties, so the question is how should I invest this money after I sell? 6:05 – Mailbag Question #3: I haven’t wanted to pay off my house because it’s one of the few tax deductions I have left. But I do have the money to just pay it off—should I? 7:05 - Mailbag Question #4: I retired two years ago with more than a million dollars in my IRA, which I thought at the time would be more than enough to give me the retirement lifestyle that I want. But it makes me nervous every time I withdraw money from that account because I don’t want to live too long and run out of money. And the recent downturn makes it worse. Am I worrying too much? 8:51 – Mailbag Question #5: I’ve heard that I should be saving 10% of my income toward retirement. Does that sound accurate? I’m in my 50s, so I need to be sure I’m doing this right. 10:17 – Mailbag Question #6: I make too much money to contribute to an IRA or a Roth. What’s the best way for me to save for retirement? 11:50 – Mailbag Question #7: My financial advisor is older than me. Should I move to someone else who won’t retire before I do?

May 2020

15 min 23 sec

Sometimes events happen in life that make it really important for you to carefully assess your financial situation. Today we’ll look at five major life changes and explain why it’s a good reason for a financial review.   Read more and get additional resources: https://www.baschrock-fg.com/podcast/ep-35-life-events-that-can-change-your-financial-plans/    Today's show schedule:  3:07 – Moving to a job that you planned for. 5:06 – Getting fired or getting laid off. 6:52 – How much money should you have in your emergency fund? 7:56 – Receiving an inheritance. 10:04 - Facing a serious medical condition. 11:40 – The death of a spouse. 

May 2020

16 min 22 sec

Seeking out financial advice is something we all do at some point but is the source of that information always providing good advice? Let’s explore four common outlets we use for guidance and why, despite having the best intentions, the advice might ultimately be ill-suited for you.   Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-34-good-intentions-dont-always-lead-to-good-advice/    Today's show schedule:  2:45 – What’s the one thing you want to do again when everything opens back up. 4:17 – Getting advice from family. What could be the problem? 5:43 – What about when we reach out to friends for advice? 7:58 – When you talk to us, you’re looking at the full picture. 9:00 - How about your CPA? 10:48 – The relationship with CPAs 11:50 - The final place we get advice from is the media and financial experts. 

May 2020

16 min 20 sec

As we begin the third month of the health crisis, Ben gives us an update on what he’s seen from the market in recent weeks, the provisions of the CARES Act clients are paying attention to, and what he thinks about volatility moving forward.   Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-33-coronavirus-market-update-cares-act-rmds-volatility/    Today's show schedule:  3:40 – Everything we’re doing is still virtual right now. 4:16 – Will clients be more inclined to meet virtually after this is all done? 4:55 – Other businesses might end up changing operations as well. 6:06 – Update us on what you’ve seen over the last month from the market. 7:34 - Ben explains what the VIX measurement is. 9:06 – What adjustments are being made to plans right now? 10:30 - The CARES Act allowing people to pull money out of retirement accounts without penalty. 12:02 - Are many clients considering this option right now? 12:48 - RMDs being waved for 2020 and this is a big deal for our clients. 13:55 - Do you expect any other individual relief to come down? 15:04 - Ben’s team is actively communicating with clients as things change. 

May 2020

18 min 2 sec

A busy few months has generated a lot of curiosity from listeners so we’ll answer a bunch of financial questions on this show. From investing during the coronavirus to student loan dilemmas to long-term care coverage, we’ll cover a wide range of topics.   Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-32-mailbag-edition-student-loans-gold-investing-more/    Today's show rundown:  1:50 – Mailbag Question #1: We had kids later in life than most people so they’ll still be in college when we’re ready to retire. Should we make them take out student loans rather than trying to take out money from our accounts when we’re retired? 3:31 – Mailbag Question #2: Is it wise for me to own gold in my portfolio and what percentage would be appropriate? 4:23 – Mailbag Question #3: The coronavirus scare has me convinced the market will keep crashing again and again. I’m ready to move everything to cash. Should I wait? 6:22 – Mailbag Question #4: We’re both 63 and haven’t saved much for retirement. We’re about to sell our farm and that will net around $1 million. What should we do with that money?    7:46– Mailbag Question #5: How much long-term care coverage is recommended? It seems there are hundreds of different options. 9:30 – Mailbag Question #6: I’ve had the same advisor for 20 years but it seems like he’s phasing out and passing things on to a younger advisor. Should I stick with them or find someone new?  

Apr 2020

13 min 57 sec

The first quarter of 2020 was enough to make anyone reevaluate their finances but with so much information out there, what should you believe? Regardless of where you are in the retirement planning process, there are five financial truths that you can always rely on. We’ll share those on this episode.   Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-31-5-financial-truths-to-rely-on/    Today's rundown:  0:53 – How is Ben and the family handling quarantine? 2:32 – Today we’re talking financial truths and we’ll begin with this: TV can be your biggest enemy. 4:06 – Second truth: Emotions will rarely be your friend when making decisions. 6:07 – Third truth: The market will always move in cycles. 7:22 – Fourth truth: You aren’t as risk tolerant as you believe you are. 8:52 – Fifth truth: There’s no magic bullet in retirement planning.  10:02 – How we utilize the L.O.C.K process to build a plan.

Apr 2020

14 min 27 sec

It’s a mailbag edition of the podcast and Ben answers five questions from listeners covering a wide array of financial and retirement topics, including company stock, real estate investing, Social Security benefits, mutual funds, marijuana stocks and more.   Get the full show notes and additional resources here: https://www.baschrock-fg.com/podcast/ep-28-mailbag-time-contribution-limits-social-security-marijuana-stocks/    Today's rundown:  0:39 – We’re opening up the mailbag to take a number of questions today. 2:20 – Mailbag question #1: It appears that I’m now able to contribute more to my 401k this year than I was allowed to last year. Should I go ahead and put in the extra amount? 3:56 – Mailbag question #2: I have several thousand dollars of company stock I’d like to cash in to make a down payment on some land where I’ll eventually build a vacation home. Is there any reason I shouldn’t do that? 5:08 – Do you have a lot of clients looking move money from their retirement accounts into real estate? 5:52 – Mailbag question #3: I’ve worked with a couple of different financial advisors over the years and I like them both. Do I need to pick just one or the other, or is it ok to work with a couple of different people? 7:08 – Would Ben recommend his clients stick with one advisor? 8:12 – Mailbag question #4: I just looked at my Social Security estimate that shows how much I’ll get if I started at ages 62, 66, and 70. I’m blown away by how much more I’d get at 70, so I’m inclined to just wait until then to start it, even though I’ll probably retire around 66 or 67. I’m assuming that putting it off like this is the best course of action for someone like me? 10:00 – We offer a Social Security guide on the website that will help you with a number of things. 11:03 – Mailbag question #5: I rolled over a 401k to an advisor a couple of years ago and he put all of the money into something called American Funds. Is that ok, or should I be invested in other things too? 12:41 – Mailbag question #6: How do you avoid investing in things that you view as immoral? Take marijuana as an example. I’m in several mutual funds, but I don’t know what stocks they’re using. Could I be profiting off of the marijuana industry by accident? I don’t want to do that. How do you help navigate people through the investment world while respecting certain morals and religious beliefs? 14:18 – Are many people interested in marijuana stocks?

Apr 2020

17 min 19 sec

How good do you feel about your retirement plan? How close are you to putting together the perfect plan? It’s out there and within reach but there’s a lot that goes into it. Let’s find out what it takes to get all of the pieces in place for the perfect retirement plan and the areas where people usually fall short.   Check out the show notes and get additional resources here: https://www.baschrock-fg.com/podcast/ep-27-is-it-possible-to-build-a-perfect-retirement-plan/    Today's show rundown:  2:52 – Does the perfect plan exist? 3:48 – When someone comes in for a second opinion on their plan, these are the questions we ask them.   4:55 – When we see someone with a great plan, here’s what they’re doing that other people aren’t. 5:50 – Is long-term care a spot where people are often lacking? 6:54 – If I don’t feel great about having the perfect plan, am I in the majority? 7:54 – There’s so many different pieces to a complete retirement plan. 9:38 – What’s a realistic timeframe for the start of the planning process to having a complete plan in place? 11:14 – Just because you have a perfect plan now doesn’t mean it will always be that way.

Apr 2020

14 min 32 sec

It’s hard to imagine anyone avoiding losses over the last month due to the coronavirus fallout, but there are steps you can take to rebound when the market begins bouncing back. Today we’ll look at the opportunity in stocks, explain the importance of trusting your advisor in times like these, and talk about the next steps you should be considering with your retirement plan.   Read more and get additional resources here: https://www.baschrock-fg.com/podcast/ep-28-coronavirus-fallout-what-financial-steps-should-you-take-next/    Today's rundown:  2:16 – Ben talks about the rapid selloff of stocks and what led to it. 5:03 – What are some signals you can look for that might mean the market is bouncing back? 6:54 – Buy over time rather jumping all back in at once. 7:57 – What are some things current clients or people working with an advisor can do right now? 9:31 – What has been the reaction from clients over the last few weeks? 10:43 – How about the people that haven’t put a plan in place, what are their next steps to recover? 12:33 – Does your risk tolerance match your portfolio? 13:17 – We can determine a client’s risk number to give them scenarios for their plan.

Mar 2020

16 min 54 sec