We are back this week with a pensive episode of Our 2 Cents with Steve and Gabriel. They take a deep dive in discovering the magic number for retirement and explore a new AI invention that will having you thinking! Listen in now using a link below!

1. Gabriel's Quotes of the Month:
   • "I'm going to retire and live off my savings. What I'll do the second day, I have no idea." – Unknown 
   • "A good plan, executed now, is better than a perfect plan next week." – George Patton
2. What's the Real Magic Retirement Number?:
   • Discover that the magic retirement number is not what you may think.
   • People tend to overestimate the amount they need to retire, and we'll share why that is.
   • We'll discuss how you can calculate your own retirement number.
3. Humane AI Pin:
   • Learn about the Humane AI Pin, a new artificial intelligence (AI) product designed to potentially replace your smartphone.

Welcome back to a very "mindful" episode of Our 2 Cents with Steve and Gabriel. They are excited to explore the intriguing main topic of Money Mindfulness. Then, they offer insight into a controversial take on a question from a client. Listen in now using a link below!

1. Money Mindfulness: Cultivating Financial Peace:
   • Uncover practical techniques to harness the power of mindfulness in reaching your financial goals.
   • Learn to be present in your current financial situation to embrace self-awareness and mindful investing habits.
   • Take time to reflect and understand your feelings about your finances to achieve a prosperous wellbeing.
     
     
2. Listener Question:
   • "Hi Steve, what is your opinion on this 'Ask Terry' question I saw online? I used to be a fan of Terry Savage, but after seeing this response, I'm not so sure anymore." - Sharon

We are back this week with another great episode of Our 2 Cents with Steve and Gabriel. They are excited to share some quick hits with you before diving into their main topic for the remainder of the episode: Retirement Wellness. Listen in now using a link below!

1. Monday's Moon Shadow:
   • Those in a 115 mile path stretching across Mexico, the U.S., and Canada will get a brief glimpse at a "hole in the sky" moment on Monday. 
   • Be sure to wear your Solar Eclipse protective eyewear, and we hope you enjoy the sight!
2. Retirement Wellness: Financial Checkup & Tips:
   • Where to start: Checking your vital signs (a.k.a. your cash flow).
   • Goals check-in: The progress made towards your goals.
   • A strong immune system: Maintaining healthy saving and spending habits.
   • Debt evaluation: Any extra debt dragging you down?
   • Portfolio screening: Investment alignment with your risk tolerance and goals.
   • Prescriptions: Your homework for maximizing your financial health for your next check-in.
   • The follow-up: Regularly re-visit your retirement plan, your investment goals, and your overall financial health.

Welcome back to Our 2 Cents! Steve and Gabriel are back this week with some interesting topics, including the latest news from the Federal Reserve, the rising cost of car insurance, and the importance of staying active and engaged in retirement. 

1. What's Up? Car Insurance Costs!:
   • Over the past 12 months car insurance costs have gone up nearly 21%. So, what gives?
   • We'll share the three main reasons that are driving up prices.
   • Plus, things you can consider to help keep your car insurance costs down.
2. Working 9 to 5 'til 95?:
   • The story of a 101-year-old woman who continues to work, but it isn't for the money.
   • Why she says her long career has prolonged her life and happiness.
   • The importance of staying socially connected and engaged to maintain cognitive health and overall well-being in retirement.

On today's episode of Our 2 Cents, Steve and Gabriel discuss two great topics. First is the best islands for retirement and then they pivot to common mistakes to avoid with IRAs. They share the significance of proper tax planning to maximize the benefits of IRAs and avoid potential costly mistakes.

1. Island Living in Retirement:
   • Retiring to an island may appeal to many retirees, and we're sharing the best scenic locales to consider.
   • Some international islands offer incentives to retirees.
   • Plus, a U.S. based island location that may surprise you!
2. Deep Dive: How to Avoid IRA Mistakes:
   • The importance of contributing to IRAs before the deadline.
   • Consider the benefits of both Roth and traditional IRAs based on individual circumstances.
   • Utilizing backdoor Roth IRA contributions.
   • Exercise caution against speculative investments in IRAs, putting the wrong types of investments in IRAs, and forgetting about required minimum distributions (RMDs) for traditional IRAs.

Spring is in the air, and March Madness is right around the corner! All the upcoming bracket excitement got us thinking about the similarities between picking teams and picking investments. Plus, we'll share some helpful reminders to protect yourself against financial scams.  

1. Money and Madness:
   • How trying to pick the winning team out of 68 is just like trying to pick winning stocks.
   • How personal bias and emotions can influence your picks.
   • If you could change your picks along the way, would you? And should you?
   • Having a game plan and sticking to it may yield the best results after all.
2. Safeguard Your Finances Against Scams:
   • Tips to avoid falling victim to phishing, vishing, smishing and more scams. 
   • An important lesson from one lady who lost it all.
   • Staying hyper-vigilant in the face of advancing technology and AI scams.

The focus of today's episode of Our 2 Cents is using fear as an opportunity. Steve and Gabriel start out the show by giving a brief recap of our recent 2024 Market and Economic Update client event. Then, they dig into the idea that you can make fear a valuable tool in investing. 

1. Market & Economic Update Recap:
   • Notable market events from 2023 that are shaping the landscape in early 2024.
   • The 'Magnificent 7' driving most of the market growth.
   • Some thoughts on what lies ahead for us for the remainder of this year.
2. Harnessing Fear to Build Wealth:
   • The importance of facing fears head-on and finding ways to alleviate them. 
   • How stress-testing your portfolio or exploring alternative options can help create investment opportunities.
   • Common investor fears and how they can impact your decision making. 

On this episode of Our 2 Cents, Steve and Gabriel discuss the latest inflation data and its impact on consumers. They also share some fun Valentine's Day facts and then wrap up the show with a couple 'Getting to Know Us' questions. 

1. Valentine's Day Fun Facts:
   • Did you know chocolate used to be prescribed by doctors? We didn't either!
   • We'll warm your heart with these fun Valentine's Day facts!
2. The Impact of the Latest Inflation Data:
   • The CPI rose by 3.1% in January. We'll explain what that means, and break down some of the core categories.
   • $3 for a McDonald's hashbrown? Customers have had enough of these rising prices.
   • Inflation isn't the only problem, it's 'shrinkflation,' too.
   • Ways to protect your quality of life in the face of rising costs.
3. Getting to Know Steve and Gabriel:
   • What's your favorite snack at the movies?
   • What fictional character would you like to hang out with?

In this episode of Our 2 Cents, Steve and Gabriel discuss two interesting topics on opposite ends of the spectrum: Bitcoin and "Lazy Money." They talk about the recent approval of Bitcoin ETFs and the potential for mainstream investors to enter the Bitcoin market. Plus, they share ideas for that cash sitting idle in a savings account. 

1. Breaking Down Bitcoin ETFs:
   • The basics: What is Bitcoin and the blockchain?
   • The future of Bitcoin - is it a digital currency or an asset?
   • The introduction of Bitcoin ETFs
   • Should you consider buying Bitcoin or a Bitcoin ETF?
2. Put Your "Lazy Money" to Work:
   • What we mean when we say lazy money, and what makes it "lazy?"
   • Why do people sometimes have too much money on the sidelines?
   • What are some ideas to put that lazy money to work?

On this episode of Our 2 Cents, Steve and Gabriel discuss various financial topics, including new work benefits that employers may offer, how Social Security is taxed, and if it's possible to pay zero taxes on your benefits. They also address a couple great listener questions at the end.

1. New Workplace Benefits to Help Increase Savings in 2024:
   • Making student loan payments could help boost your 401(k).
   • Accessing 401(k) money for emergencies.
   • A 401(k) match for building emergency savings.
   • Lowering the bar for 401(k) participation.
2. Strategies to Pay Zero Taxes on Social Security:
   • Just how is Social Security taxed to begin with?
   • How contributions to certain IRA or HSA accounts can help.
   • Implementing additional tax planning strategies can also help lower your taxable income.
3. Listener Questions:
   • "Gabe, Steve, I recently retired a few weeks ago and I'm feeling very uncomfortable living on income from my investments. I'm considering going back to work. Is that a normal reaction?" - Joyce
   • "The majority of my 401(k) is invested in company stock. I know that I am not diversified but I am very confident in my company's future. I am wondering if that is okay?" - Danielle

On today's podcast episode, Steve and Gabriel are talking about their New Year's resolutions and the importance of aligning money with one's values and goals. They then shift gears to discuss the risks of investing in individual companies, highlighting several big companies that went bankrupt in 2023. Click a link below to listen in now!

1. Your Money Resolutions for 2024:
   • Figure out what financial wellbeing means to you.
   • Determine what the purpose of your money is.
   • Spend in ways that are true to who you are, not what others expect of you.
   • Buy yourself time.
   • Focus on what drives your values and your happiness.
2. Well-Known Bankrupt Companies from 2023:
   • Although filing for bankruptcy doesn't necessarily mean these business went bust, it does highlight the potential risks in investing in individual companies.
   • We'll share seven household-name US retailers and businesses who faced a laundry list of problems in 2023.

Welcome to Our 2 Cents in 2024! We are ushering the new year with a great new episode. Today, Gabriel and Steve discuss interest rate predictions from some of the major banks on Wall Street. Then they share a couple big changes for retirement coming in 2024. Don't miss Gabriel's quote of the month to wrap up the show!

1. 2024 Interest Rate Predictions:
   • The Fed's expected end-of-2024 interest rates.
   • Bank of America's prediction on the likelihood of a Fed rate cut by March.
   • Goldman Sachs' forecast on rate cuts.
   • JPMorgan's revised interest rate outlook.
   • UBS' expectation on a recession in 2024 and massive rate cuts.
2. Big Retirement Changes for the New Year:
   • Social Security's COLA for 2024.
   • Increased Medicare expenses for the new year.
   • New rules for 529 plans that could add an interesting layer to your retirement planning.
3. Gabriel's Quote of the Month:
   • "Don't let money run your life, let money help you run your life better." — John Rampton

Join us today as we remember the late Charlie Munger, a great investor, philanthropist, and businessman. Then, we're getting in the holiday spirit on this episode of Our 2 Cents with some "merry retirement facts." Finally, Steve and Gabriel share some thoughts on stock market trends and projections.

1. Remembering Charlie Munger:
   • If you read any business news, you probably heard of the passing of Charlie Munger.
   • In honor of him, we're sharing some of his quotes that are our favorites.
2. Merry Retirement Facts:
   • We often share some of the scary stats about retirement, but today we're taking a cheerier look. 
   • The steady growth of IRA balances, increased savings among Americans, and the embrace of retirement savings by younger generations.
3. How Elections Affect the Stock Market:
   • While there may be some trends, it is difficult to predict market performance based on political outcomes.
   • How much do elections actually affect the stock market? 
   • Plus, a quick recap of what the markets did over the last few election periods.
4. Quick Market Perspectives:
   • Vanguard's financial market projections for the next 10 years.
   • Highlighting the expected growth rates for different asset classes.
   • The importance of diversification and the potential for international investments to outperform US equities.

In this episode of "Our 2 Cents," Steve and Gabriel discuss the concept of delayed gratification and its impact on building wealth. But first, they're sharing quotes of the month, their thoughts on the current national debt, and some tax-friendly states for retirees.

1. Gabriel's Quotes of the Month:
   • "Wealth is largely the result of habit." — John Jacob Astor
   • "The goal isn't more money, the goal is living life on your terms." — Chris Brogan
2. America's National Debt - Is it Really a Problem?:
   • How government deficits don't exactly work like household debt.
   • The notion of "servicing" debt as opposed to paying it off in full.
3. States That Don't Tax Your Nest Egg:
   • Where you live and retire can have a pretty big impact on your retirement income.
   • The states that don't tax any income, the ones that don't tax retirement income specifically, those who don't tax Social Security, and the states with no tax on pensions.
4. The Benefits of Delaying Gratification:
   • Not pausing your retirement savings to pay for more things today.
   • Not saving in only tax-deferred accounts.
   • Waiting for interest rates to go down before making big purchases.

Long-term care insurance can be complex, and some people may not fully understand what is covered and what is not. Policies vary widely, and individuals may be unsure if the coverage is worth the cost. On today's podcast, Steve and Gabriel are sharing some must-know stats about long-term care to help you make more informed decisions.

1. Must-Know Long-Term Care Statistics:
   • Usage of Long-Term Care: The percentage of people who will need long-term care in their lifetime, including paid services, nursing care facilities, and more.
   • The Role of Dementia: The prevalence of Alzheimer's disease or other forms of dementia, specifically for those in nursing homes.
   • The Cost of Care: Estimated lifetime costs of care for various care needs.
   • Long-Term Care Insurance: Polices are changing these days, how in-demand are they, and are they worth it?
2. Getting to Know Steve and Gabriel:
   • What's a small thing that makes your day better?
   • What was your favorite age growing up?

On this episode of Our 2 Cents, Steve and Gabriel discuss various end-of-year tax planning topics to consider before 2023 comes to a close. But first, they're sharing educational and festive Thanksgiving fun facts!

1. Thanksgiving Fun Facts:
   • Talking Turkey: The states that have towns named 'Turkey,' how many turkeys are prepared each Thanksgiving, a Butterball Turkey Talk line, and more turkey facts.
   • History facts about this long-standing tradition that you might not know.
2. End-of-Year Tax Planning Tips:
   • The potential benefit of itemizing deductions, such as mortgage interest and charitable contributions, and "bunching" deductions to maximize tax savings.
   • The benefits of tax-loss harvesting, contributing to 529 plans, and taking Required Minimum Distributions (RMDs).
   • The advantages of Roth conversions, maximizing IRA contributions, and conducting a withholding analysis to avoid under-withholding penalties.

Retirement planning and climbing a mountain may seem like vastly different endeavors, but there are several intriguing similarities between the two. On today's podcast, Steve and Gabriel share how in both cases, setting clear goals, careful planning, perseverance, and adaptability are the keys to success. 

1. Conquering the Retirement Mountain:
   • Preparing for the climb.
   • The ascent to the top of the mountain.
   • Establishing base camps.
   • Reaching the summit.
   • Descending safely.
   • Adapting to the unpredictable changes.
2. Getting to Know Steve and Gabriel:
   • Have you ever disliked something and then changed your mind about it later?

Steve and Gabriel are embracing all things Spooky Season on today's show! They'll share with you the 10 best haunted houses around the country, plus the scariest one of them all. Then they discuss some parallels between this haunted holiday and retirement.

1. The 10 Best Haunted Houses in the US:
   • As voted by USA Today readers, these haunted houses were chosen for the quality of their actors, set designs, and special effects, as well as value for money.
   • From a petrifying penitentiary to multiple fields of screams. Any Halloween enthusiast will want to hear about these haunted experiences.
2. The Scariest Haunted House in America:
   • This one requires a 40-page waiver, a doctor's note clearing you physically and mentally, a safe word, and more.
   • A whopping grand prize if you complete the experience, but has anyone ever successfully finished?
3. Retirement is Like Halloween:
   • Both Halloween and retirement can be scary.
   • You shouldn't navigate retirement or a haunted house alone.
   • Both Halloween and retirement involve assuming a new identity.
   • There are some tricks and also some treats in retirement, just like All Hallows' Eve.
   • Having a plan can mean you get to treat yourself (with no stomachaches)!

Those who have accumulated significant wealth face unique challenges and opportunities when planning for retirement. Do you know at what value of assets someone would be considered a high-net-worth individual? The amount may surprise you! Listen in today as Gabriel and Steve dive into the distinct strategies and factors that come into play when the wealthy plan for retirement.

1. Getting to Know Steve and Gabriel:
   • If you were a world famous gardener but could only plant one plant, what would it be?
   • Do you hit the snooze button or wake up immediately?
2. Retirement Planning Challenges for the Wealthy:
   • What is a high-net-worth (HNW) individual?
   • What makes a HNW plan a little more complex?
   • How is the tax impact different for HNW individuals?
   • Are there any differences or similarities in how higher net worth clients tend to invest their money?
   • How do HNW individuals handle their estate planning items?
   • What are some myths out there about retirement planning for HNW individuals?

Do you ever wish you could foresee financial missteps before they happen? On today's episode of Our 2 Cents, Steve and Gabriel are exploring some real-life stories of regrets to help you learn from the mistakes of others. Then they're answering a couple client questions they received this week.

1. Money Mistakes to Learn From:
   • Maybe I should have investigated opportunities for Roth IRAs
   • I spent way too much money in my peak earning years
   • I refinanced my mortgage too many times
   • I retired too early and now it's costing me
   • I should have been safer with my investments
   • I kept my kids on the payroll for too long
2. Questions from Clients:
   • "I have the option to renew my CD for one year for 5.25%. Should I do that? - James
   • "How does all the economic and political stuff going on in the world affect me?" - Mary

On this new episode of the Our 2 Cents podcast, Steve kicks things off by recapping his recent live interview about financial preparedness on WGN news. Then, he and Gabriel take a comprehensive look into Continuing Care Retirement Communities and how they are emerging as a noteworthy option for many retirees.

1. Recap of Steve on the News:
   • We hear about having money for a rainy day — how much is a good amount to have saved up?
   • Should you prioritize saving or paying off debts?
   • What documents should you keep protected?
   • Why is life insurance important to have?
2. Exploring Care Opportunities in Retirement:
   • Why would someone want to consider a Continuing Care Retirement Community (CCRC)?
   • What are the financial benefits and considerations with these types of facilities?
   • What kinds of amenities are offered at CCRCs?
   • How should the quality of care be evaluated?

We're playing a fun little game show on today's episode of Our 2 Cents. Steve and Gabriel will take sides on pressing retirement issues. Whether you're a perpetual optimist or a wary pessimist, this episode will equip you with perspectives to plan your retirement years with confidence as we ask the longstanding question, "is the glass half full or half empty?"

1. Will a Government Shutdown Hurt Retirees?:
   • A looming potential government shutdown has some retirees wondering if they need to be worried about the impact it could have on their daily lives.
   • Will Social Security, Medicare, or other essential services be shut down?
   • What delays in services could be expected?
2. Retirement Outlook - Is the Glass Half Full or Half Empty?:
   • The stability of Social Security
   • Healthcare affordability in the future
   • Tax rates in the next decade
   • Long-term care options for the future
   • The next five to ten years in the stock market

We've all heard various retirement "myths" so let's talk some retirement truths instead. On this new episode of Our 2 Cents, Steve and Gabriel will discuss some universal truths that can guide every retiree. But first, they're sharing an idea to vacation in a new way to see some beautiful sights.

1. Exciting Train Trips:
   • Amtrack Auto Train: Sit back, relax, and pack your car along with you!
   • Rocky Mountaineer Train: Explore the canyons and mountains at three great national parks!
   • Alaska Railroad's Coastal Classic: Head off into the backcountry wilderness!
   • Grand Canyon Railway: Re-create the historic voyage to the Grand Canyon!
2. Uncovering Universal Retirement Truths:
   • Everybody is going to age.
   • Everybody has some form of a plan.
   • Everybody has an advisor.
   • Emotions can be an investors worst enemy.
   • Nobody can consistently time the stock market successfully.
   • Diversification is essential for reducing risk.
   • Nobody knows how long they're going to live.
   • Tax implications matter.

On today's episode of the Our 2 Cents podcast, Steve and Gabriel are talking about the world of Required Minimum Distributions (RMDs). They're here to help you understand the reasons behind the mandatory withdrawals from your retirement savings, strategies to avoid major tax issues, and why it is so important to plan in advance for them.

1. Gabriel's Quotes of the Month:
   • "You're never too old to set another goal or to dream a new dream" - Les Brown
   • "Don't simply retire from something, have something to retire to" - Harry Emerson Fosdick
   • "The person who doesn't know where his next dollar is coming from usually doesn't know where his last dollar went" - Unknown
2. Demystifying RMD's - The Basics:
   • What is an RMD?
   • Is there anything I can do to avoid having to take them?
   • What type of accounts do I have to take them from?
   • At what age do I have to begin taking them?
   • Can I take RMDs from multiple accounts?
   • If I don't need the RMD, what can I do with the money?
   • How can I avoid big tax issues with proper planning?

We're kicking off today's show a little differently with Getting to Know Steve and Gabriel questions first! Then they're discussing some challenges and frustrations they've heard from potential clients regarding their plans or their investments.

1. Getting to Know Steve and Gabriel:
   • What was your favorite TV show as a kid?
   • If you could pick any Olympic sport to participate in, what would you choose?
2. Revealing Retirement Plan Frustrations:
   • My portfolio is still not yet back to breakeven from the prior all-time high of the S&P 500.
   • I won't have enough time to make up for my market losses.
   • The fees I'm paying are too high.
   • I feel like I'm not getting anything for the fees I'm paying.
   • My portfolio has losing funds in it, it should only have winners.