Saving With Silverman

Mailbag: Final Expense Insurance, RMDS, And More

Welcome back to the Saving with Silverman podcast! In today’s episode, Mark is going to answer some mailbag questions sent in by listeners like you. These episodes are a great way for you to learn from real-life financial scenarios while gaining valuable insights into managing your finances effectively.
 
Here are the questions we cover in today’s show:
“Is financial expense insurance worth buying?”
“I have to start taking RMDs next year. Should I take these withdrawals in monthly installments or one big withdrawal at the end of the year?”
“How much tax should I expect to pay on my deceased mother's estate, which includes an IRA worth $150,000, a checking account with $100,000, and a house about to be sold for $350,000?”
 
Want to get in touch with Mark? 
Web:
https://silverman-associates.com/home
Email:
mark@silverman-associates.com
Phone:
520.512.8832
520.618.5323

Building Your Financial Future: Lessons From Home Renovations

Welcome back to the Saving with Silverman podcast! This week, we’re going to see what home renovation projects can teach us about the world of retirement planning.  We’ll explore insightful lessons derived from the renovation process, such as understanding the “contractor's discount” and the importance of passing financial "inspections."
 
Here’s what we discuss in today’s show:
The financial advantages of working with an RIA firm, including transparent fees and potential cost savings
Passing “inspection” in financial planning with a collaborative financial planner
The importance of specialization in financial planning and working with and advisor who prioritizes planning instead of products
 
Web:
https://silverman-associates.com/home
Email:
mark@silverman-associates.com
Phone:
520.512.8832
520.618.5323

Signs of Good Financial Health

In today’s episode, we’re going to cover some signs of good financial health. Listen in as Mark covers four essential areas that lay the foundation for a secure retirement. We’ll chat about the importance of spending less than you make, understanding the future tax implications of your savings, crafting a comprehensive retirement income plan, and more.
 
Here are the signs of good financial health that we’ll chat about:
You spend less than you make
You understand the future tax implications of your savings
Both you and your spouse both understand your retirement plan and are prepared for the unexpected
You have a written retirement income plan and peace of mind
 
Want to get in touch with Mark? 
Web:
https://silverman-associates.com/home
Email:
mark@silverman-associates.com
Phone:
520.512.8832
520.618.5323
 

Financial Questions That Are Hard To Answer

Ever wondered when the next market crash will hit? Or what healthcare costs will look like 20 years from now? Unfortunately, these are questions that none of us have a crystal ball for. So, when it comes to financial planning, how can we be best prepared for the unexpected?
 
Here are the questions that we chat about in today’s episode:
“When is the next market crash going to happen?”
“What will healthcare costs look like 20 years from now?”
“What will the tax rates be three presidents from now?”
“How long am I going to live?”
 
Want to get in touch with Mark? 
Web:
https://silverman-associates.com/home
Email:
mark@silverman-associates.com
Phone:
520.512.8832
520.618.5323
 

The Three Worlds of Money

When you break it down to the most basic level, there are really three worlds of money that we utilize for financial planning: banking, insurance, and Wall Street. Each of these worlds has a distinct purpose and role in helping you prepare for retirement. Let’s talk about the pros and cons of each and how we use them to design a portfolio.
 
Here’s some of what we’ll discuss in this episode:
The banking world is great for savings and low risk, but it limits your opportunity for growth.  
Why we don’t look at insurance as an investment and what do we use this for.
The Wall Street world involves risk but a proper portfolio gives you the best chance for growth.
 
Want to get in touch with Mark? 
Web: https://silverman-associates.com/home
Email: mark@silverman-associates.com
Phone:
520.512.8832
520.618.5323

What Financial Lessons Can Forrest Gump Teach Us?

Nearly everyone we know has seen the movie Forrest Gump, which hit movie theaters nearly 30 years ago. That’s really hard to believe, but it’s a film that still holds up today. Forrest might have been slow-witted, but it’s hard to find a more inspirational character. Believe it or not, there are even financial lessons we can glean from the movie and we’ll share those today. 
 
Here’s some of what we’ll discuss in this episode:
Why you need to have a plan that’s able to adjust as life changes.
An example of someone who had a life circumstance that completely changed their plans.
We can’t get hung up on decisions we made in the past. Instead, we need to focus on what we can do moving forward.
Nobody escapes death so what can you do now to prepare your family for loss?
 
Want to get in touch with Mark? 
Web: https://silverman-associates.com/home
Email: mark@silverman-associates.com
Phone:
520.512.8832
520.618.5323

Putting Things Off In Retirement Planning

There are lots of financial decisions that people tend to push off to a later date. Usually, procrastination is not your friend, but in today’s episode, we’re going explore whether putting off certain financial matters is a good or bad strategy. Stay tuned as we chat about deferring taxes, eliminating debt, setting up legal and estate documents, and more!
 
Here’s what we discuss in today’s show:
Deferring taxes can be beneficial upfront, but they will eventually need to be paid
There are good and bad kinds of debt
The benefits of having a simple will in place
Understanding when to start taking Social Security benefits
 
Want to get in touch with Mark? 
Web:
https://silverman-associates.com/home
Email:
mark@silverman-associates.com
Phone:
520.512.8832
520.618.5323
 

Why Mark Does What He Does

In this week’s episode, we’re diving into the journey that brought Mark to where he is today. Stay tuned as he reflects on the journey that led him to this point in his career and the influential figures who shaped his personal views on money and finance along the way. We’ll also discuss the importance of planning for retirement and the common frustrations people face when they haven't adequately prepared for this significant life transition.
 
Here’s what we discuss in today’s show:
How Mark became interested in the financial industry + influential mentors in his career
The difference between the accumulation and distribution phases of retirement
What gratifies Mark the most about his job in financial planning?
It's never too late to seek help with retirement planning, even if you've already retired without a plan
 
Want to get in touch with Mark? 
Web:
https://silverman-associates.com/home
Email:
mark@silverman-associates.com
Phone:
520.512.8832
520.618.5323

Lesser-Known Facts About Social Security

Social Security is a complex system that impacts nearly everyone’s financial future. Despite its importance, there’s a lot that the average person doesn’t know or understand about it. Today we’re going to explore some of these lesser-known facts so that you can make the most informed decisions for your financial future.
 
Here’s some of what we discuss in today’s show:
What are work credits, and how do they impact Social Security benefits?
How do spousal benefits work, and can non-working spouses receive benefits?
Former spouses who were married for at least 10 years may be eligible to claim benefits based on their ex-spouse's earnings.
What is the earnings test, and how can it affect early Social Security withdrawal?
Your Social Security benefits can be garnished by the federal government.
 
Want to get in touch with Mark? 
Web:
https://silverman-associates.com/home
Email:
mark@silverman-associates.com
Phone:
520.512.8832
520.618.5323

Mailbag: How Much Money In The Emergency Fund? And More!

We’re back with another mailbag episode this week! We have an exciting lineup of topics to discuss today. Colleen asks how much money she should have in her emergency fund. Bonnie asks Mark to explain the basics of estate planning to ensure that her assets are passed on with minimal tax implications. Listen in as we tackle these questions more in today’s episode!
 
Here’s are the questions Mark answers in today’s show:
How much money should I have in my emergency fund and how does this differ from other savings?
I want to ensure my assets are passed on to my children with minimal tax implications. Can you explain the basics of estate planning that I should make sure I have covered?
I owe about $50,000 In my house, and about $45,000 on a rental property that I've had for several years. I have enough cash to pay off one of these but not both. Which one should I pay off?
 
Want to get in touch with Mark? 
Web:
https://silverman-associates.com/home
Email:
mark@silverman-associates.com
Phone:
520.512.8832
520.618.5323