Podcasts

What’s the Best Age to Take Social Security Benefits? – Episode 191
Managing Your Financial Future

What’s the Best Age to Take Social Security Benefits? – Episode 191

September 24, 2024

Social Security retirement benefits are the bedrock of guaranteed income for most American retirees.  It forms the income basis that helps to build the rest of your portfolio’s withdrawal strategy.  So it makes sense to ask the question: at what age should I begin taking my retirement benefits? Everyone eligible for benefits has a “full retirement age” at which benefits may be paid out. You may also take them earlier and receive a reduced benefit, or you may take them later for an enhanced benefit.  Figuring out the “best” age to start those benefits depends on a number of factors and can be complicated. And that’s why we’re talking about it today!
IRA vs. 401(k) – Which Is Better??- Episode 187
Managing Your Financial Future

IRA vs. 401(k) – Which Is Better??- Episode 187

August 27, 2024

There are many ways to save for retirement.  Two of the most popular are the 401(k) and the IRA. Both are savings vehicles, but both have different attributes that may make one of them better for you.  There are advantages and disadvantages to both.  Do you need a tax break now? Are you able to deduct contributions to an IRA? Does your company have a match on any of your 401(k) contributions? These are important questions that you need to consider.
Why Your Bonds May Not Be Paying What You Think- Episode 183
Managing Your Financial Future

Why Your Bonds May Not Be Paying What You Think- Episode 183

July 30, 2024

When you buy a bond, you might expect that the amount of interest stated on the coupon is the amount of interest that you’ll be receiving.  So if you have, say, a $10,000 bond paying 5 percent interest, you probably figure it will pay you $500 each year. But that isn’t always the case.  This is where it’s important to understand not just the bond’s current yield, but probably more importantly, the bond’s yield to maturity. There may be a difference between the bond’s present cash flow and what you’ll ultimately receive after all interest payments and the return of the principal. Sound confusing? Let’s clear it up. 
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?