The Retirement Huddle

Have you ever faced the daunting task of moving to a new home? The careful packing, the labeling of boxes, and the strategic loading of the moving truck are all important parts of a smooth transition. What if we told you similar principles apply to planning for your retirement? Listen in as Mark and Ron share some of the unexpected similarities between moving houses and financial planning in today's episode. Here’s some of what we discuss in this episode: Like labeling boxes in a move, having a plan for your investment accounts can help you stay on trackCertain financial assets, like emergency funds or retirement savings, require extra care and protectionSimilar to securing items in a moving truck, a well-designed financial plan protects assets from market volatilityRollovers act as the hand trucks of retirement accountsHiring a professional to alleviate stress and ensure a successful transition Want to get in touch with Mark? https://retirementhuddle.com/ mark@howardfinancialgroup.com 888-511-7526

There are certain rules of thumb in the financial industry, many of which you might’ve heard of. For example, the “Rule of 100” or the “4% Rule” might sound familiar to you. But how helpful are these rules of thumb in real-life planning? In this episode, Mark walks through 5 common financial rules and shares his thoughts as a financial advisor. Here’s some of what we discuss in this episode: The Rule of 100 is a helpful way to think about risk and savings as you approach retirementWhy Mark generally disagrees with the 75% RuleThe 6-Month Savings Rule is a reasonable guideline for emergency fundsThe accuracy of Wall Street’s Rule of 5The danger of the 4% Rule + the importance of comprehensive withdrawal strategies Want to get in touch with Mark? https://retirementhuddle.com/ mark@howardfinancialgroup.com 888-511-7526

Welcome back to the Retirement Huddle podcast! In today’s episode, we’re exploring the timeless wisdom of Oscar Wilde. Celebrated as one of the English language's most quotable figures, he offers us a unique lens to explore financial wisdom. Here are the quotes we discuss in this episode: “I have the simplest tastes. I am always satisfied with the best.”“Education is an admirable thing, but it is well to remember from time to time that nothing that is worth knowing can be taught.”“To expect the unexpected shows a thoroughly modern intellect.”“Experience is simply the name we give our mistakes.” Want to get in touch with Mark? https://retirementhuddle.com/ mark@howardfinancialgroup.com 888-511-7526

One of the topics we discuss pretty frequently here on the show is life insurance. While it may not be the most exciting subject, there are several reasons why life insurance might be useful as part of your retirement plan. Stay tuned as we explore the diverse benefits of life insurance in this episode. Here’s some of what we discuss in this episode: The importance of life insurance in providing income replacement for surviving spousesThe role of life insurance in settling an estate + building a legacy for beneficiariesThe power of buying life insurance when you’re youngHow life insurance can make transferring family wealth easier and more tax-efficientThe benefits of life insurance for small business owners + high-income earnersHow the life insurance industry is helping people who can’t afford long-term care Want to get in touch with Mark? https://retirementhuddle.com/ mark@howardfinancialgroup.com 888-511-7526

Today we’re diving into the world of retirement planning through the lens of one of history’s most iconic figures, Winston Churchill. While many of us know Churchill for his leadership during World War II, you might be surprised at how much his quotes resonate in the world of retirement strategy. Stay tuned as Mark shares his insights on some of Churchill’s most iconic quotes and how they apply to the landscape of financial planning. Here are the quotes that we discuss in today’s show: “We shape our dwellings, and afterwards our dwellings shape us.”“We must be aware of needless innovations, especially when guided by logic.”“The problems of victory are more agreeable than those of defeat, but they are no less difficult won in the world.”“The farther backward you can look, the farther forward you’re likely to see.”''To build may have to be the slow and laborious task of years. To destroy can be the thoughtless act of a single day. '' Want to get in touch with Mark? https://retirementhuddle.com/ mark@howardfinancialgroup.com 888-511-7526

Far too often, people aren’t receiving the advice they truly need from their financial advisors. It's not uncommon for financial professionals to focus solely on managing investments, overlooking the broader context of clients' aspirations, dreams, and lifestyle goals. Tune in to discover what your advisor might be missing… Here’s some of what we discuss in this episode: Does your advisor talk to you about taxes?Is your advisor evaluating the fees and costs of your investments?Are you having conversations about your retirement income?Is your advisor helping you understand the target and goal for each of your invested dollars?Are you talking about and planning for your legacy goals? The 7 Habits of Highly Effective People: https://www.amazon.com/Habits-Highly-Effective-People-Powerful/dp/0743269519 Want to get in touch with Mark? https://retirementhuddle.com/ mark@howardfinancialgroup.com 888-511-7526

In today’s conversation, we’re going to focus on six key reasons why a Roth conversion might be a game-changer for your financial future. As the dreaded April 15 tax deadline approaches, Mark is here to share why this strategic tax approach makes sense for just about everyone and is a great retirement vehicle to consider. Here’s some of what we discuss in this episode: If you’re expecting a higher tax bracket in retirement, a Roth could be a wise choiceRoths don’t have required minimum distributionsTax diversification is important for minimizing tax impacts on Social Security income, and avoiding increased Medicare premiumsThe implications of the SECURE Act on non-spouse beneficiaries + how a Roth IRA can offer tax-free incomeThe impact of life events such as death or divorce on your tax filing statusThe benefits of doing a Roth conversion when IRA holdings are temporarily down Want to get in touch with Mark? https://retirementhuddle.com/ mark@howardfinancialgroup.com 888-511-7526

Have you ever wondered what happens when you decide to give us a call? In this episode, we're pulling back the curtain to give you an inside look at how we guide our listeners through the preliminary process at Howard Financial Group. Here’s some of what we discuss in this episode: What does the discovery phone call process look like?Some of the common concerns and life circumstances we frequently receive calls aboutWhy listening and communication are such vital parts of this processThe importance of involving family members in the financial planning journey Want to get in touch with Mark? https://retirementhuddle.com/ mark@howardfinancialgroup.com 888-511-7526

It’s that time of the year when Christmas music is playing everywhere you go. We all have our favorites, and we also have songs we start getting tired of hearing. But for the most part, the music adds a wonderful soundtrack for one of the best times of the year and helps puts people in good spirits. But what can we learn from all of these holiday classics? Today we’ll take four of the top Christmas songs and find the financial message within the music. No matter what you celebrate this time of the year, the lessons we’ll discuss today will apply to your financial plan. Here’s some of what we discuss in this episode: Want to get in touch with Mark? https://retirementhuddle.com/ mark@howardfinancialgroup.com 888-511-7526

Welcome back to The Retirement Huddle podcast! In today’s episode, Mark is going to tackle some of the unanswerable questions that often pop up when planning for retirement. From predicting market crashes to navigating the uncertain landscape of future taxes, stay tuned for insights on building a robust retirement plan that stands the test of time. Here are the difficult questions we tackle in this episode: “When is the next market crash going to be?”“What are medical costs going to be like 20 years from now?”“What are taxes going to be like when I retire?”“How many years do I need to prepare for in retirement?” Want to get in touch with Mark? https://retirementhuddle.com/ mark@howardfinancialgroup.com 888-511-7526

What can our favorite cereals teach us about financial planning? Much like selecting cereal, choosing financial products involves a myriad of options, each with its own set of benefits and drawbacks. From healthy and sensible choices to the flashy and appealing, Mark and Ron draw parallels between cereal selection and financial decision-making in today’s episode. Here’s some of what we discuss in this episode: Fruity Pebbles: Risky financial choices such as overloading a portfolio with gold, crypto, or retiring early without proper planningRaisin Bran: Seemingly healthy financial choices like whole life insurance and starting Social Security early, which may not be as beneficial upon closer examinationSprouted Brown Rice Cacao Crisps: Less exciting but effective financial strategies such as long-term market investments, term life insurance, and low-risk guaranteed income strategiesFrosted Flakes: Financial products endorsed by mascots or celebrities + the importance of choosing trustworthy and reliable financial sources Want to get in touch with Mark? https://retirementhuddle.com/ mark@howardfinancialgroup.com 888-511-7526

In today’s episode, we’re going to discuss some of the unreasonable requests that can arise during the retirement planning process. Tune in as we tackle some common misconceptions, dissecting why they may not be feasible, and provide valuable insights on what to expect instead. From desiring high returns with little to no risk to hoping to avoid paying taxes on your IRAs and 401ks, Mark will shed light on the realities of successful retirement planning in today’s talk. Here’s what we’ll discuss in today’s show: "I want to get some bigger returns with little or no risk"Is it reasonable to request a reduction in fees for financial advisory services?“How can I get out of paying taxes on the money in my IRAs, and 401ks?”Why it's crucial for individuals to actively participate in their retirement planning process Want to get in touch with Mark? https://retirementhuddle.com/ mark@howardfinancialgroup.com 888-511-7526

The classic film, Forrest Gump, is filled with loads of memorable lines that many of us know and love. In today’s episode, we’re going to explore the unexpected financial lessons that are hidden within this iconic movie. Listen in as we discuss the importance of putting the past behind you, making informed decisions, planning for the unexpected, and much more. Here are the quotes we discuss in this episode: "Mama always said, life was like a box of chocolates. You never know what you're gonna get.""You've got to put the past behind you before you can move on.""What's normal, anyway?""Mama always said dying was a part of life. I sure wish it wasn't." Want to get in touch with Mark? https://retirementhuddle.com/ mark@howardfinancialgroup.com 888-511-7526

In this episode of “The Retirement Huddle,” we’re diving into the world of retirement income gaps. Mark shares his insights on the different types of gaps individuals may encounter during retirement and how to effectively prepare for them. From the paycheck gap to the widow's gap, we’ll discuss the importance of having a comprehensive income strategy to ensure financial stability and peace of mind in retirement. Here’s some of what we discuss in this episode: Paycheck Gap: When retiring, it's crucial to plan for the gap created when you leave your regular paycheck. Maximize Social Security benefits and consider investments to fill the income void.Social Security and Medicare Gaps: Retiring before Medicare eligibility at age 65 can create healthcare coverage gaps. Explore alternative healthcare options and plan for short-term healthcare needs.Inflation Risk: Inflation can erode your purchasing power in retirement. Build an inflation-proof retirement plan to ensure your income keeps pace with rising living costs.Long-Term Care Gap: Healthcare costs can become a significant financial burden in retirement. Explore options to cover potential long-term care costs, such as alternative insurance or income streams.Widow's Gap: Often overlooked, the income gap that occurs when one spouse passes away can be substantial. Plan for this gap to ensure financial stability for the surviving partner. Want to get in touch with Mark? https://retirementhuddle.com/ mark@howardfinancialgroup.com 888-511-7526

Have you ever wondered why Mark works in the financial planning business? What drove him to start Howard Financial Group? In this episode, Mark opens up and shares his influences, dreams, and goals to help you get to know why he’s so passionate about what he does every day. Hopefully that passion has come across in this podcast over many episodes, but we wanted to take a little time on the personal side of the business. It’s not a question we get every day but knowing who we are and what’s important to us will help us serve you better. Here’s some of what you’ll learn in this episode: The impact his father had on his life and why his passing changed the trajectory of Mark’s career. Why Mark sold his ownership in a health club to move into the financial industry. What professional influences has he had since starting the business? What he considers to be the most gratifying and most frustrating parts of the job. Thanks for listening! We’ll be back for another show every other Thursday. Want to get in touch with Mark? https://retirementhuddle.com/ mark@howardfinancialgroup.com 888-511-7526

Social Security is a big part of what we discuss with clients on a daily basis because the majority of us will rely on this retirement benefit for income after we’ve stopped working. Despite its importance to planning, there’s a lot that the average person doesn’t know about Social Security. Here’s some of what you’ll learn in this episode: What are work credits and how many do you need? Some of the rules surrounding spousal benefits and who might benefit. The conditions for claiming benefits from your ex-spouse. What is the earnings test and how does it tie into your benefits? Your Social Security benefits can actually be garnished by the federal government. Want to get in touch with Mark? https://retirementhuddle.com/ mark@howardfinancialgroup.com 888-511-7526

Have you ever watched the hit TV show Parks and Recreation? The comedy show starring Amy Poehler and Nick Offerman ran from 2009 to 2015 and followed the antics of an Indiana town's public officials as they pursued projects to make their city a better place. Believe it or not, you can learn a lot about retirement from the show, especially from the character Ron Swanson, played by Offerman. Check out today’s show if you want to hear more of Ron’s wisdom. As always, if you have any questions about retirement or investing, feel free to reach out to us for help. Here’s is some of the wisdom we discuss in this episode: “There’s only one thing I hate more than lying: skim milk. Which is water that’s lying about being milk.” “I’d wish you the best of luck but I believe luck is a concept created by the weak to explain their failures.” “The whole point of this country is if you want to eat garbage, balloon up to 600 pounds and die of a heart attack at 43, you can! You are free to do so. To me, that’s beautiful.” Want to get in touch with Mark? https://retirementhuddle.com/ mark@howardfinancialgroup.com 888-511-7526

Late night comedian and host Johnny Carson could bring the funny, but his words also carried wisdom about financial planning. He famously said that people will pay more to be entertained than educated. Check out today’s show if you want to hear more of Johnny’s wisdom. As always, if you have any questions about retirement or investing, feel free to reach out to us for help. Here’s some of what you’ll learn in this episode: “I know a man who gave up smoking, drinking, sex, and rich food. He was healthy right up to the day he killed himself.”“People will pay more to be entertained than educated.”“I work because I enjoy what I’m doing, and the fact that I make money at it is a fine-and-dandy side fact.” Web: https://retirementhuddle.com/ Email: mark@howardfinancialgroup.com Phone: 888-511-7526

It’s time for another mailbag episode! We have an exciting lineup of topics to discuss today. Listen in as we tackle some current questions from our listeners, and you’ll likely gain some invaluable insights to help you make informed financial decisions. This episode could be very helpful if you’re looking to improve your financial situation and prepare for retirement. We will discuss what to do with extra money, how to have conversations about your will with your kids, and more. You don’t want to miss this one! If you have any questions about retirement or investing, feel free to reach out to us for help. Here’s some of what you’ll learn in this episode: What should we do with extra money? (0:48) What’s the best way to keep my kids from being upset over a will? (4:25) How much should you save each year? (8:28) Want to get in touch with Mark? https://retirementhuddle.com/ mark@howardfinancialgroup.com 888-511-7526

On the list of dozens of retirement-related concerns, how high on the list does the potential need for long-term care rank for you? If you live long enough, chances are you will need extra medical help, and those expenses can add up quickly. On today’s show, we’ll share some questions you should consider when deciding whether you need long-term care insurance. Here’s some of what you’ll learn in this episode: Who needs long-term care insurance? (1:00) How realistic is it to self-insure against long-term care expenses? (2:05) Mailbag: It is common for children to help parents with long-term care? (5:53) Want to get in touch with Mark? https://retirementhuddle.com/ mark@howardfinancialgroup.com 888-511-7526