Saving With Silverman

Everybody Just Calm Down

Maybe it’s too many months of quarantine, too much cable news or too much social media, but people have a lot of anxiety right now. Mark explains why you should just calm down.
 
Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-12-everybody-just-calm-down 
 
On today's show: 
0:46 – Question 1: Money in the bank?
2:36 – Question 2: Money in the market?
3:51 – Question 3: Pay more for a vacation?
5:50 – Question 4: Buy gold?
6:55 – Question 5: Collect social security?

What Happens With Your Money After the Death of a Spouse?

While it’s easier to pretend you won’t have to worry about it, one day you or your spouse will pass away. What happens to your financial plan and assets when it does? 
 
Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-11-what-happens-with-your-money-after-the-death-of-a-spouse 
 
Today's show schedule: 
0:46 - What is someone most concerned about financially after losing a spouse?
2:52 - What are the immediate challenges after one spouse passes away?
3:52 - You may have a major reduction in income.
5:47 - What does it look like to be in a bad position after a spouse dies?
7:07 - What’s an example of someone who was left in a good place financially?

Financial Vocabulary to Know During Coronavirus

Do you understand the ins and outs of these financial terms that have been circulating due to the impact of coronavirus? How might your own financial plan need to shift as a result?
 
Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-10-financial-vocabulary-to-know-during-coronavirus
 
Today's show schedule: 
1:05 - What’s the difference between a recession and a depression?
1:56 - What is the VIX?
3:39 - Have you heard of tax loss harvesting?
5:42 - Do index funds help?
6:20 - How often should you rebalance?

Classic Pre-Retiree Mistakes

As you near retirement, you want all of your ducks in a row instead of dealing with the mess caused by these classic financial mistakes. Are you making smart decisions?    
 
Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-9-classic-pre-retiree-mistakes 
 
Today's show schedule: 
1:02 - Investing at 59 the same way as at 39 years old.
2:14 - Starting Social Security without a plan.
4:09 - Focusing on tax prep but not tax planning.
5:30 - Assuming healthcare needs will be covered by Medicare.
6:07 - Taking on additional risk to make up for lost time.

Should You Be Wary of Dave Ramsey's Advice?

Whether you’ve heard his radio show on accident or know his baby steps by heart, you’ve probably heard of Dave Ramsey. But should you heed some of the advice he's giving? Let's take a look at some of the things he promotes. 
 
Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-8-should-you-be-wary-of-dave-ramseys-advice
 
Today's show schedule: 
1:46 - Does Mark agree with the debt snowball?
3:57 - Should you just invest in mutual funds?
6:41 - Can you really expect a 12 percent return on your investments?
8:08 - Should you stop saving for retirement while getting out of debt?
11:59 - What does Dave Ramsey say that is good to follow?

Are You Suffering From Pandemic Paralysis With Your Finances?

With all of the changes in the market and in the workplace lately, have you avoided making financial decisions? Are you still working toward your financial goals or are you facing a bit of pandemic paralysis?
 
Read more and get additional financial resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-7-are-you-suffering-from-pandemic-paralysis-with-your-finances 
 
Today's show schedule: 
1:10 - “The market has been so volatile; I’ll stop putting money into my 401(k).”
2:47 - “There’s no point in making a financial plan now since everything keeps changing.”
3:57 - Do you want more information about what’s happening with coronavirus and your finances?
4:47 - “I was planning to retire this year, but now I guess it’s pushed back indefinitely.”
5:55 - “I just ignore my accounts altogether.”

Traditional IRA or Roth IRA?

Do you know the difference between a traditional IRA or a Roth IRA? More importantly, do you know which one is a better fit for you and your retirement savings? We'll talk about the pros and cons of each on today's show. 
 
Read more and get additional resources here: https://silverman-associates.com/saving-with-silverman-podcast/episode-6-should-you-be-contributing-to-traditional-ira-or-roth-ira  
 
Today's show schedule: 
0:58 - What’s best, a traditional IRA or a Roth IRA?
2:54 - Why have more people contributed to traditional IRAs instead of the Roth?
3:56 - Why is a Roth IRA so powerful?
4:38 - Who should contribute to a Roth IRA?
5:13 - Who should contribute to a traditional IRA instead of a Roth?
 

Old Accounts Could Turn Into Hidden Gems

As we move through life, some things end of falling through the cracks. That happens with our finances as well because old accounts will often get forgotten about. Digging up an old 401k, life insurance policy, and other accounts can end up turning into hidden gems if you put them back to work. Let’s talk about how to do that.
 
Read more and get additional resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-5-old-accounts-could-turn-into-hidden-gems
 
Today's show rundown: 
1:12 – Finding an old 401k
2:12 – An old life insurance policy you’ve been playing on. What can you do with this?
3:31 – Savings accounts, money market, or a CD
4:33 – Changing jobs often makes you forget about old pensions. 
5:34 – How we’ll help you find these old accounts and put a plan together.

What is a Roth Conversion?

Roth conversions are becoming more and more popular as a retirement planning tool, but how much do you know about them? Today we’ll try to give you all the key information about Roth conversions so you can start determining if it’s a strategy that might work for you. 
 
Read more and get additional resources here: https://silverman-associates.com/saving-with-silverman-podcast/ep-4-what-is-a-roth-conversion     
 
Today's rundown: 
0:55 – What is a Roth conversion and why is it worth considering?
3:10 – Why might he Roth conversion be especially helpful for people with high incomes?
3:36 – Are there any common mistakes that you see people make with this?
4:10 – Who might benefit from this strategy?
5:20 – What about someone that shouldn’t do a conversion?
6:10 - What else will you discuss with clients alongside Roth conversions?

Common Mistakes People Make with Their Financial Plan

Building a financial plan can be done on your own, but there’s a much greater chance of making a mistake. Without having a professional to provide you with solutions and help you craft a strategy that fits your needs, you put yourself at risk of following bad advice or overlooking important aspects of a comprehensive retirement plan. Let’s look at four common mistakes we see investors make and what you can do to avoid them.
 
Get the show notes and additional resources here: https://silverman-associates.com/saving-with-silverman-podcast 
 
Today's show rundown: 
0:51 – The first mistake we see is people believe bonds are a completely safe investment.  
2:11 – The second mistake is not protecting yourself from long-term care needs.
3:47 – The third mistake is not protecting yourself from market decline.
5:11 – There are many tools and strategies that you can use during the planning process.
6:16 – The fourth mistake is not having a plan at all.