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Friends Talk Money

Business & Economics Podcasts

Whatever life after 50 looks like to you, thinking about money in retirement shouldn’t keep you up at night. We’re all dealing with the big questions about money and aging: How much you can really spend, how to invest your life savings without risking it all in the stock market, and should you sell your home and downsize? Then there’s the biggest unknown: how much health care you’ll need, and whether your savings and insurance is enough to cover the costs. This is personal. These topics may not be easy to talk about with your own family. That’s why nationally known personal finance experts Terry Savage, Richard Eisenberg, and Pam Krueger and are here to open up the dialogue so you can learn how to define your retirement and deal with your money on your own terms. These three friends think, write, and speak about these issues. And now they’re joining forces to give you the benefit of their experience, wisdom and advice in their new podcast, Friends Talk Money. Each week Richard, Pam and Terry will discuss a different piece of the retirement pie. Everything from Social Security and Medicare to investing and cash flow management is on the table, with practical, common-sense advice on how to deal with these and other challenges. But don’t expect cut-and-dried answers. These friends have strong opinions, and aren’t afraid to debate the pros and cons of their friends’ recommendations. But what you will walk away after each episode is a greater awareness of the retirement planning issues you’ll need to address with the help of your family, friends and financial advisor.

Whatever life after 50 looks like to you, thinking about money in retirement shouldn’t keep you up at night. We’re all dealing with the big questions about money and aging: How much you can really spend, how to invest your life savings without risking it all in the stock market, and should you sell your home and downsize? Then there’s the biggest unknown: how much health care you’ll need, and whether your savings and insurance is enough to cover the costs. This is personal. These topics may not be easy to talk about with your own family. That’s why nationally known personal finance experts Terry Savage, Richard Eisenberg, and Pam Krueger and are here to open up the dialogue so you can learn how to define your retirement and deal with your money on your own terms. These three friends think, write, and speak about these issues. And now they’re joining forces to give you the benefit of their experience, wisdom and advice in their new podcast, Friends Talk Money. Each week Richard, Pam and Terry will discuss a different piece of the retirement pie. Everything from Social Security and Medicare to investing and cash flow management is on the table, with practical, common-sense advice on how to deal with these and other challenges. But don’t expect cut-and-dried answers. These friends have strong opinions, and aren’t afraid to debate the pros and cons of their friends’ recommendations. But what you will walk away after each episode is a greater awareness of the retirement planning issues you’ll need to address with the help of your family, friends and financial advisor.

Location:

United States

Description:

Whatever life after 50 looks like to you, thinking about money in retirement shouldn’t keep you up at night. We’re all dealing with the big questions about money and aging: How much you can really spend, how to invest your life savings without risking it all in the stock market, and should you sell your home and downsize? Then there’s the biggest unknown: how much health care you’ll need, and whether your savings and insurance is enough to cover the costs. This is personal. These topics may not be easy to talk about with your own family. That’s why nationally known personal finance experts Terry Savage, Richard Eisenberg, and Pam Krueger and are here to open up the dialogue so you can learn how to define your retirement and deal with your money on your own terms. These three friends think, write, and speak about these issues. And now they’re joining forces to give you the benefit of their experience, wisdom and advice in their new podcast, Friends Talk Money. Each week Richard, Pam and Terry will discuss a different piece of the retirement pie. Everything from Social Security and Medicare to investing and cash flow management is on the table, with practical, common-sense advice on how to deal with these and other challenges. But don’t expect cut-and-dried answers. These friends have strong opinions, and aren’t afraid to debate the pros and cons of their friends’ recommendations. But what you will walk away after each episode is a greater awareness of the retirement planning issues you’ll need to address with the help of your family, friends and financial advisor.

Language:

English


Episodes

Where's my stimulus check?

1/19/2021
If you and your spouse or partner make less than $150,000 (if filing jointly) or $75,000 (if filing as individuals), you should have received an economic stimulus payment ($2,400 for couples, $1,200 for individuals) that was part of last year’s COVID-19 relief legislation. In January of 2021, you should also have received an additional payment ($600 for individuals/$1,200 for couples) as part of the new relief legislation passed in December.

Duration:00:21:52

Shifting Gears to Retirement

1/6/2021
Many people who are approaching or in retirement are asking similar questions: What value do I offer if I no longer have a full-time job? What will I do all day? Can I afford to live the way I want do? In his new book, Shifting Gears: 50 Baby Boomers Share Their Meaningful Journeys in Retirement, author and retiree Richard Haiduck offers valuable insights into the aspirations and concerns of those who are experiencing the joys and challenges of their golden years. Most don’t plan on kicking...

Duration:00:18:49

How Did Your Investments Really Do in 2020?

12/18/2020
When you’re reviewing quarterly and year-end performance in your 401(k) and brokerage account statements, it’s important to consider how much you may be paying in annual fees (expense ratios) to mutual funds and commissions to brokers. These combined costs could be as high as 2% per year. While this may seem small, over several decades of investing, these costs could potentially reduce the value of your retirement nest egg by tens of thousands of dollars. And if you’re retired and now invest...

Duration:00:23:58

Estate Planning

12/9/2020
The COVID-19 pandemic has highlighted the importance of making decisions that will make it easier for others to carry out your wishes should you become physically or mentally capacitated or when you pass on. At the very least, you should assign someone you trust to serve as your health care proxy should you no longer be able to make healthcare decisions on your own. You should also formalize a living will that documents whether you want or don’t want life-prolonging treatments at the end of...

Duration:00:30:50

What the 2020 election means for you and your money

12/4/2020
With the U.S. presidential election results finally settled, many investors are wondering how a Biden presidency may affect their portfolios next year and beyond. If the special elections in Georgia in January restore control of the Senate to the Democrats, there is a possibility that President Biden may fulfill his campaign promise to raise capital gains taxes and income and estate taxes on wealthy Americans. But the chances of all Democrats falling in line to support these hikes is...

Duration:00:21:29

4% Rule

11/12/2020
For years, many financial professionals have suggested that most retirees can afford to withdraw up to 4% of their retirement assets each year with very low risk of their money running out in less than 25-30 years. But this “4% rule” was created at a time when interest rates were much higher than they are today. Back then, many investors with conservative portfolios could depend more on bond income to replenish these withdrawals. Now, retirees have to allocate more money to stocks to help...

Duration:00:23:45

Grandparents can teach their grandkids about money in the real world

11/5/2020
It’s important for your grandchildren to start building their “money-awareness” at an early age. Since schools generally don’t teach financial literacy and parents often don’t have the time or energy to discuss these matters with their kids, you can play a key role in helping your grandchildren become smarter about money. With younger children, help them understand how much of their parents’ paychecks are spent on food, clothes, mortgage payments and home repairs and taxes. Visit online...

Duration:00:21:41

All you need to know about Medicare open enrollment 2020

10/27/2020
Why are you seeing an endless stream of commercials for Medicare providers? Because right now it’s the annual Medicare enrollment period, which ends on December 7. If you haven’t signed up for Medicare yet, you can do so several months before you turn 65 so your coverage starts on your birthday. If you’re 65 or older and have been laid off from your job and no longer have healthcare coverage, you can sign up for Medicare right away. Once you’ve enrolled, you can change your coverage during...

Duration:00:24:37

Boosting your income in retirement

10/1/2020
With interest rates at record lows and economic uncertainty expected to continue, you’re probably wondering, like millions of other Americans, whether you’ll have enough income to last 20 or more years of retirement. Fortunately, there are a number of steps you can take right now to improve your chances. First, try to avoid taking Social Security as long as possible, since each year you delay could increase your benefits by 8%. Second, use online tools like maxmyinterest.com to find online...

Duration:00:19:14

A better way to manage your 401k

9/23/2020
401(k) plans are by far the largest source of income and capital for most retirees. That’s why it’s important to make sure you’re making the most of your plan’s potential by finding ways to reduce costs and make smarter investment choices. Edward Gottfried of Betterment suggests that the easiest way to lower costs is to move your money from mutual funds that charge you 1% or more in annual investment management fees into index funds with fees ranging from 0.05% to 0.25%. Online tools like...

Duration:00:26:49

Don't Go Broke in Retirement

9/16/2020
According to industry research, only half of retirees save enough money to maintain their current level of spending for more than five years. Trying to figure out if their income from Social Security and retirement savings will last potentially 30 years or more is one of the biggest sources of stress among those in their 60s and 70s. According to Steve Vernon, author of Don’t Go Broke at Retirement, retirees need to find a middle ground between carelessly spending away their nest eggs and...

Duration:00:24:52

How to downsize your home and reduce financial stress

9/8/2020
If you’re thinking about moving to a smaller home, you may want to begin this process by figuring out what you need to keep and what you can get rid of. In this episode, David Ekerdt, a sociology professor at Kansas University and author of Downsizing: Confronting our Possessions in Later Life, reveals that many older people find this process to be a major source of tension and emotional duress, especially if they have a short timeframe for getting rid of things. Often their children and...

Duration:00:24:05

Identity theft looks different during a pandemic

9/1/2020
Scammers, identity thieves and false unemployment claim filers have stolen hundreds of millions of dollars this year, taking advantage of COVID-19 confusion to prey on vulnerable and scared people isolated in their homes. Some call pretending to be the Social Security Administration, demanding personal financial information to stop benefit cuts. Others pretend to be from the federal government, asking people to provide their Social Security numbers to authorize economic stimulus payments....

Duration:00:13:07

Divorce after 50

8/18/2020
Going through a divorce is tough at any age, but it can be particularly challenging when you separate over age 55, when your emotional and financial lives may have been intertwined for decades. In this episode, Pam, Richard and Terry discuss the three most expensive financial mistakes people going through a divorce often make. They also offer tips for reducing legal costs, outline the steps spouses need to take to understand the joint assets they’re entitled to and the debts they may be...

Duration:00:24:47

College Confusion in Covid Times

8/11/2020
The COVID-19 pandemic has created dilemmas that college students and their parents have never had to face before. With many already financially struggling higher education institutions keeping campuses closed, cancelling athletic seasons and offering online courses only, students are being denied the full college experience. Are the 10%-15% tuition reductions some colleges and universities are offering adequate compensation? Pam, Richard and Terry discuss the pros and cons of various...

Duration:00:15:07

Gold Rush 2020

8/2/2020
For centuries, gold has been considered a store of wealth. For some investors, this belief may be stronger than ever before, as gold prices have reached record highs recently, driven largely by its reputation as a hedge against market volatility and concerns over the safety of global currencies. Yet it’s important to remember that while gold is doing well now, as an asset class it has significantly underperformed the S&P 500 over the past decade. That’s why most advisors recommend that...

Duration:00:23:43

Your Mid Year Check up

7/6/2020
We're now halfway through what's become a very strange year. The turmoil we started experiencing inthe financial markets may be making you more than a little jittery about your finances. So in today’s Friends Talk Money episode, we're back to help you make informed money decisions. This episode is your midyear financial checkup that includes suggestions for things to do to stay on track – or at least get a start on it. We'll also talk about finding work and doing some volunteering virtually

Duration:00:28:04

Managing Money in a New COVID-19 Economy

5/28/2020
We may have seen the worst from the Coronavirus pandemic that shut down businesses across America. Now we have to manage, save, and invest our money in a brand new environment. With savings rates near zero and stock prices once again looking expensive, and therefore potentially risky, retirement investors are wondering how to put their savings to work and figure out how to fill any gaps in income. In this second special edition of Friends Talk Money, Richard talks employment opportunities...

Duration:00:38:37

COVID-19, Money Advice for the Pandemic

4/16/2020
The Coronavirus pandemic has created an unprecedented global healthcare, economic and personal financial crisis. The risks are magnified for those approaching retirement, who face a higher risk of infection, loss of income, and a steep drop in the value of their retirement savings. In this special edition of Friends Talk Money, Richard, Pam and Terry serve up advice and insights about what’s going on with stimulus checks, and how to stay solvent and avoid making bad decisions during these...

Duration:00:34:57