ABOUT THE GUESTS

dan kadlec
ABOUT Dan

Daniel J. Kadlec is an author and journalist whose work appears in TIME and MONEY magazines and on their websites, among other outlets. He has written three books, most recently A New Purpose: Redefining Money, Family, Work, Retirement, and Success co-authored with Ken Dychtwald and published by HarperCollins. He blogs for Time.com and previsously blogged for CBS as the Bank of [...]

mary beth franklin
ABOUT Mary

Mary Beth Franklin is a contributing editor for InvestmentNews and is a nationally recognized expert in Social Security claiming strategies.  Formerly a Capitol Hill reporter at United Press International and retirement and tax editor at Kiplinger Personal Finance, Mary Beth has been working in the finance industry for years.  She frequently speaks and writes about current research on [...]

ABOUT HOSTS

Joe Anderson
ABOUT Joseph

As President of Pure Financial Advisors, Joe Anderson has led the company to achieve over $2 billion in assets under management and has grown their client base to over 2,160 in just ten years of the firm opening. When Joe began working with Pure Financial in 2008, they had almost no clients, negative revenue and no [...]

Alan Clopine
ABOUT Alan

Alan Clopine is the CEO & CFO of Pure Financial Advisors. He currently leads Pure Financial Advisors along with Michael Fenison and Joe Anderson. Alan joined the firm about one year after it was established. At that time the company had less than 100 clients and approximately $50 million of assets under management. As of [...]

Published On
November 7, 2015

Joe and Al have a conversation with Dan Kadlec (Author & Contributor to Time & Money Magazines) on teaching money management skills to children and young adults. Dan discusses the importance of educating our youth about personal finance skills and why there is a lack of such education in the school system. Switching gears, Dan also gives his expert advice to boomers who are behind on retirement savings, suggesting that working longer might just be the answer. In the second part of this hour, Mary Beth Franklin returns to the show to discuss recent major changes to Social Security.


3:38 “Our end of year tax class is geared toward strategies you should take advantage of before year-end”

6:17 “There’s a really nice provision in the tax law which says if you converted too much (to a Roth) by the time you do your tax return next year, you can undo all or part of that conversion; it’s called a Roth re-characterization”

9:15 “I would say the number one biggest mistake we see is not doing Roth conversions when you are in a low enough tax bracket for it to make sense”

9:50 Start of Interview with Dan Kadlec

10:33 “There’s a broad effort in this country now to push financial education into the school system and even get kids as young as three or four years old thinking about [financial] decisions, choices wants and needs”

12:06 Joe: “Why do you think there’s been lack of personal finance? We get algebra, calculus, physics, which are all good topics—but what about knowing how to balance a checkbook or understanding debt or credit scores and planning a little more for the future versus spending today—why has there been such a lack of education?”

13:02 “There was some research out of the University of Wisconsin that showed something like only one in five teachers believed they’d be any good at teaching these [financial] subjects. There are a lot of challenges.”

14:10 “Impulse shopping is one of the biggest problems we have in this country, and with such a consumer economy, these habits start very young”

15:40 “Allowance is a very good thing, in the context of discussions about what the money is for and setting limits”

16:20 “All of these things [discussions with your children]—if you do it and build it into your daily life, it sinks in”

17:15 “The only real silver bullet for under-saved boomers at this point is to work longer—that doesn’t have to be a terrible thing; in fact working longer can be a very good thing. It’s good for your health, it’s good for your connections and your friendships”

19:42 End of Interview with Dan Kadlec

**For more information on Dan Kadlec, visit dankadlec.com

20:00 Start of Interview with Mary Beth Franklin

20:40 “You probably know that there’s been some big legislation in Congress this past week to keep the government from running out of money…the only problem was there were a lot of sneaky things in it that no one knew about”

20:56 “Some of the good things for retirees are the Medicare premium increase for 2016 will not be as bad as we thought. The other good news is disability benefits will not run out next year in the middle of a presidential election”

21:11 “The bad news is the tradeoff was that Congress decided to change some very important claiming rules for future beneficiaries, and only some people will be able to take care of these claiming strategies and they have to act fast—depending on when you were born, you may not have any options”

21:37 “I have covered Congress for 30 years, and I have never seen anything like this…this came out of nowhere”

22:07 “Let me explain what my magic claiming strategies are for Social Security, when they’re going away and who can still use them”

23:00 “If you’re 66 now or will turn 66 roughly by May 1st, 2016, you will still be able to file and suspend to trigger benefits through your family. After that deadline, you can still file and suspend so your benefits grown, but nobody can collect on your record while your benefits are suspended”

24:26 “No one who is currently collecting a benefit will lose it, but the rules will change going forward”

24:59 “The second part has to do with filing for spousal benefits only”

25:49 “If you are 62 years old by the end of this year (December 31st, 2015) you retain the right to collect spousal benefits only when you turn 66”

26:30 “A deemed filing means when you file for benefits, you are filing for all benefits you’re entitled to, and they will pay you only the higher of the two. So for many married couples, the spousal benefit will go uncollected and completely to waste”

31:38 “If you postpone collecting your benefits beyond your full retirement age up until 70, you will still be able to earn an extra 8% per year; that has not changed. The difference is your family can’t collect on your benefits while you delay”

31:59 “The other thing that has not changed is if you are a surviving spouse (your husband or wife died), you are entitled to survivor benefit”

38:10 “If you are enrolled in Medicare now and have been receiving Social Security and your income is under $85,000 if you’re single or $170,000 if you’re married, you will continue to pay the $105 a month next year”

37:33 “People whose income is above those levels are going to pay a lot more for Medicare next year”

39:50 End of Interview with Mary Beth Franklin