The Setup:

It’s time to answer your questions once again on the podcast. Today we’ll cover, retirement projections, proper diversification, how much you’ll need for retirement, a surprise inheritance, and working while earning Social Security.

Click the timestamps below to skip to a specific topic in the episode.

The Combination and Key Points: 

When we meet with clients, you never know what questions will be asked. There are so many pieces to the retirement planning puzzle so any number of things could be on their minds.

That’s what we love about the mailbag edition of the podcast, which we try to do once every month. Today’s that’s day on Unlocking Your Financial Future.

This episode is a mix of topics relevant to our current economy but also some general financial questions. We have six total for the show so we we’ll ask Ben Schrock each of these and get his answers based on the limited info we get from each listener.

Here’s what’s on the agenda today:

  • Can you trust those online calculators?
  • Is it safe to move your money out of savings and into the stock market?
  • Is having dozens of mutual funds proper diversification?
  • How do you know how much you’ll need for retirement?
  • Can you work while earning a Social Security benefit?
  • How should you invest a large inheritance you weren’t expecting?

If there’s ever anything on your mind, please reach out to us and we’ll make time to sit down with you. Feel free to send in a question to the show as well.

Thanks for listening to another episode of Unlocking Your Financial Future. We’ll talk to you again next week!

[0:59]Mailbag Question #1: An online calculator says I’m going to need over $700,000 for retirement. How accurate do you think this is?

[2:27]Mailbag Question #2: I have almost $150,000 sitting in my savings account. I’m tired of getting virtually no interest but also too scared to invest right now. Should I just leave it in the bank?

[3:27] – How Ben feels about the state of the market right now.

[4:13]Mailbag Question #3: I counted out the mutual funds in my IRA and it appears that I have 33 different funds. Is this adequate diversification?

[5:40]Mailbag Question #4: I’m 55 and I have about $300K saved for retirement but I feel like I’m really behind where I should be compared to most people I know. Am I in trouble?

[7:12]Mailbag Question #5: Can you clarify whether I start my Social Security benefit and still earn an income or not?

[8:38]Mailbag Question #6: I just inherited a very large sum of money from my dad that I wasn’t expecting. What’s the most responsible way to handle it?


 

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