Articles and Videos

Why Engineers May Make Great Financial Planners – Episode 181
Managing Your Financial Future

Why Engineers May Make Great Financial Planners – Episode 181

July 16, 2024

Many times in life, we see how one career field translates extremely well into another.  Engineering is a great example of this. A good engineer needs to know what a project’s goal is, put the pieces together in a way that works, and then stress test it to make sure it works in all conditions. Financial planning is a lot like this. What does each individual want to achieve financially? What do we have available to work with? How can these pieces fit together to potentially reach their goals? And how will that financial plan work under extreme conditions, both good and bad? Our guest today is former engineer and current financial planner, Patrick Klacka, CFP®, who talks about how his math and engineering skills prepared him so well for the financial planning field.
Roth IRA Strategies for High-Income Earners – Episode 180
Managing Your Financial Future

Roth IRA Strategies for High-Income Earners – Episode 180

July 9, 2024

If you’re at all familiar with the Roth IRA, you probably know that there are income limits for people who want to make a contribution to a Roth. These limits generally go up a little bit each year, but anyone who makes over a certain amount of money is ineligible to make a Roth contribution. But that doesn’t mean those with a high income have no access to a Roth, or to certain Roth strategies.  Everyone loves something that’s tax free, and that notion is especially attractive to people who may be in a high tax bracket when it comes time to distribute those funds. What Roth can strategies can you employ if you’re a high-earner? 
The New Rules on Inherited IRAs – What to Know- Episode 179
Managing Your Financial Future

The New Rules on Inherited IRAs – What to Know- Episode 179

June 11, 2024

Are you in line to inherit an IRA? While inheriting almost any asset is generally a good thing, it’s helpful to know the rules – mainly tax rules – that come along with it, especially if you plan on keeping as much of that money as you can. Some new laws went into effect on inherited IRAs within the past few months, and when you combine those with the regulations that were already in place, it can be rather confusing to know what to expect. What’s the best course of action so that you don’t wind up paying more in taxes and penalties than you should?
Is There Really a Charitable Giving Strategy With No Downside?- Episode 178
Managing Your Financial Future

Is There Really a Charitable Giving Strategy With No Downside?- Episode 178

June 4, 2024

How much money does it take for you to retire in comfort?  Is it $1 million? $2 million? Far more than that?  Far less?  Large investment firms and many media outlets often throw out big “retirement” numbers based on small surveys they took of people who may or may not have any clue about how much money they actually need. But it’s a fair question.  And it’s one that everyone should be asking themselves, especially if they’re within 5 to 10 years of actually retiring.  But if everyone’s circumstances are different, how do you know how much is potentially enough for you?
How Much Money Do You Need to Retire Comfortably?- Episode 177
Managing Your Financial Future

How Much Money Do You Need to Retire Comfortably?- Episode 177

May 28, 2024

How much money does it take for you to retire in comfort?  Is it $1 million? $2 million? Far more than that?  Far less?  Large investment firms and many media outlets often throw out big “retirement” numbers based on small surveys they took of people who may or may not have any clue about how much money they actually need. But it’s a fair question.  And it’s one that everyone should be asking themselves, especially if they’re within 5 to 10 years of actually retiring.  But if everyone’s circumstances are different, how do you know how much is potentially enough for you?
What Is Your Wealth Distribution Strategy?- Episode 176
Managing Your Financial Future

What Is Your Wealth Distribution Strategy?- Episode 176

May 21, 2024

There are two distinct phases of your financial life.  The first one is the years (decades) that you spend accumulating assets: building your savings, investing in retirement plans, etc. The second phase is when you begin taking those accumulated assets as distributions and live off of that income in retirement. The first phase is usually the one that gets all the attention.  Books have been written on how to accumulate millions of dollars.  But it’s the second phase that is far more important.  How do you distribute your assets so that you don’t run out of money before you run out of time?
5 Things You Didn’t Know About Your Social Security Benefits – Episode 175
Managing Your Financial Future

5 Things You Didn’t Know About Your Social Security Benefits – Episode 175

May 14, 2024

Social Security is vital part of many people’s retirement income. It forms the foundation of a retirement plan and helps to determine how much (if any) money an individual’s portfolio will have to provide throughout their retirement. But it’s also extremely complex.  There’s much more to it than simply turning on an income stream once you’re eligible: spousal benefits, survivor benefits, family benefits and disability are just a few things to consider, as well as any potential taxes you may have to pay on those benefits.

Your Pension Options: Which One May Be Best for You? – Episode 174
Managing Your Financial Future

Your Pension Options: Which One May Be Best for You? – Episode 174

May 7, 2024

If you have a pension, the decision of how and when to take the payments is an important one.  Are you offered the choice to take the entire amount as a lump sum?  If so, is that option potentially better than a stream of monthly payments? What about your other choices? For married people who want to get as much as they can now, are they sacrificing the financial stability of their surviving spouse down the road?  Maybe.  But there may also be a solution to that dilemma.

How to Overcome Your Single Biggest Financial Fear – Episode 173
Managing Your Financial Future

How to Overcome Your Single Biggest Financial Fear – Episode 173

April 30, 2024

What are people’s most prominent financial fears? There are many: losing a job, not saving enough for retirement, financial emergencies, and many others. But it all seems to boil down to one basic concern: Not having money available when you need it the most. This creates a lot of anxiety for people – especially for retirees, who rely on a steady stream of cash flow to meet their short-term spending needs. Without that cash flow, you would have to rely on your portfolio, which is a big problem if the stock market isn’t behaving well at that time. How do you overcome that one big fear? It’s all about having a strategy.