Putting Your Financial Street Smarts to the Test

Joe and Al continue discussing the 10 critical pieces of your retirement plan. Also in this hour: seven lessons from Bruce Lee that we can apply to our finances, and recent Social Security changes you should know about. The show closes with Joe putting Al to the test with a ten question quiz on financial street smarts.

3:22 “When it comes to retirement planning, it’s not necessarily how big of a nest egg you need to build—it’s the income you need to generate”

6:17 “It’s not about a number and it’s not about an age, it’s about a goal of what you’re trying to accomplish”

8:45 “Pushing your benefit out a little bit longer to get an 8% increase as a retirement credit once you reach full retirement age might make sense for a lot of you because then you will receive a higher benefit and then that benefit is going to be more tax favorable to you depending on what your taxable income is”

11:34 “If you have a trust, you’ll actually have a will as well, it’s called a pour-over will”

14:10 “By having a rock solid estate plan with powers of attorney for healthcare, financial powers of attorney, and then having a document at least to give direction to the heirs of what you want to have happen to the assets you’ve accumulated is very important”

16:57 “The final thing on the list is making sure everything and everyone is working together—that’s the foundation at Pure Financial Advisors”

20:03 “No matter where you’re starting from today, you have the opportunity to improve your financial situation—start right now”

22:36 “To get to the next level financially, you can’t sit around twiddling your thumbs, you have to put in the work”

26:43 “You’ve got to sit down and look at what are your goals and then what do you need to save to get there? End of story—it’s not that tricky”

29:50 “A fiduciary will give you unbiased advice at a fair price because they have to put your interest first”

33:50 “By the time you hear about the stock market or almost any investment on a TV show or the financial press, it’s almost always too late to reap any type of reward”