The Money Knight

Ep 62: Murky Issues that Make Retirement Planning Harder

Retirement is looking a lot different today than for previous generations. On today’s episode, we’re going to break down a USA Today article that breaks down 3 murky issues that increase retirement planning’s degree of difficulty. Are these issues really that threatening? If you're concerned, what should you be doing to address them?
Millions of Americans are unfortunately lacking the very basic knowledge they need to reach financial independence. The article explains only 26% of workers understood the correct level of income growth needed to offset inflation. Similarly, most folks are confused about how much Social Security will cover. Considering this is one of the cornerstones of most of our retirement we need to know the exact numbers we can expect. The same study showed that half of Americans don’t know how much they can take out of an investment account in order to have it last their lifetime. We’ll discuss these murky issues and how we can better understand these essential retirement planning components.  
USA Today Article: https://www.usatoday.com/story/money/personalfinance/retirement/2022/02/28/retirement-3-issues-making-planning-harder/49859935/
 
What we discuss in this episode: 
1:12 – How are you doing?
2:13 – USA Today Article
3:25 – Income growth to offset inflation
6:23 – How much Social Security will cover
8:44 – Taking investment money out
11:05 – How much you’re going to spend
14:22 – Introducing the Kingdom Minute!
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120

Ep 61: What is the Smart Generations Program?

The Chessman Wealth Strategies approach has always been about helping clients and their families make smart decisions when it comes to money. That happens in every aspect of the planning process, including working with the children to ensure that they know what they need to about their parents’ estate.
 
Today we want to explain the Smart Generations program in a little more detail and help make you aware of this opportunity we provide all of our clients. It’s not something everyone needs to use, but we’ve found that it brings a certain peace of mind to know that your parents are well taken care of and that’s what we try to do with Smart Generations.
 
What we discuss in this episode: 
0:54 – Taco Bell subscription service
3:51 – Background on Smart Generations
6:29 – Giving children a chance to understand more
7:13 – Do most clients take advantage of this?
7:57 – Do children take an interest?
8:44 – How to get started
9:21 – Where does this happen in the process?
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120

Ep 60: Changes That Will Impact Financial Planning in 2022

The new year is always a good time to evaluate your plan and assess the areas where changes could impact your goals in 2022. Wade will take you through the biggest areas we’re watching at Chessman Wealth and what adjustments might need to be made to your financial plan moving forward. From inflation to taxes to Roth contributions, we’ll bring you up to speed on what’s new for 2022.
 
What we discuss in this episode: 
1:11 – Childcare Tax Credit incorrect statements
3:08 – Inflation
4:33 – Tax changes
5:38 – Annual exclusion for gifts
6:28 – Roth contributions
8:49 – How we handle changes with clients
10:44 – Final thoughts
 
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120

Ep 59: Planning for the Things We Can’t Predict

If we could predict everything in life, planning for retirement and the future would be a lot easier. We don’t know when the next stock market crash will take place, but we know it will happen at some point. You’ll want to make sure you have the right risk tolerance and implement strategies to protect your portfolio. What will healthcare costs look like in the future? We can assume they’ll be higher, but we don’t know by how much. It’s important to calculate this into your plan.
Unfortunately, there are a lot of life events we can’t predict. Your retirement plan has to account for a lot of different factors. We want you to be prepared no matter what your future looks like. On today’s show, we’ll discuss areas in your retirement plan you can’t possibly predict, but how we can plan for them anyway.
 
What we discuss on this episode: 
1:38 – How’s Wade doing?
2:48 – Stock market
5:25 – Healthcare costs
7:07 – Tax rates
9:54 – Longevity
11:54 – Being prepared
 
More Resources: 
Risk Survey: https://www.chessmanwealth.com/#survey-section
Retirement Planning Quiz: https://www.chessmanwealth.com/retirement-planning-quiz/ 
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120

Ep 58: The Chessman Distinctives

If you have listened to the show, you may have heard us point out a couple of these items that distinguish Wade’s business from others. We will go over these points in-depth on today’s show and discuss why they are notable. Wade and his colleague advisors are all Certified Kingdom Advisors, meaning they have additional training in biblical finance. We can help our clients live out their faith with their financial decisions. This is important to a lot of people.
Part of the Carson Group, Chessman Wealth, has a lot more resources with the personal touch of an independent firm. On today’s episode, we’ll discuss the planning process we take, starting as a new client, and answer a couple of mailbag questions.
 
What we discuss on this episode: 
0:45 – How’s it going?
1:56 – Certified Kingdom Advisor
3:18 – Aligning your faith
3:56 – Carson Group
5:21 – The planning process
6:42 – The first meeting
8:16 – Mailbag: “How much is too much company stock?”
10:05 – Mailbag: “I’m 56, I want to retire early, what can I do?”
 
 
More Resources: 
Risk Survey: https://www.chessmanwealth.com/#survey-section
Retirement Planning Quiz: https://www.chessmanwealth.com/retirement-planning-quiz/ 
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120

Ep 57: What Is a Fiduciary?

You’ve probably heard the word fiduciary but what does it actually mean and what’s the importance of this title? A fiduciary has to put the needs of their clients before their own. They must operate with full transparency.
Not all financial professionals are held to this standard, so it’s important to know whether your advisor is a fiduciary. On today’s episode, we’ll explore why it’s an important standard for you to consider when choosing a financial advisor. Wade will also answer two mailbag questions about part-time work in retirement and mortgage payments.
 
What we discuss on this episode: 
1:39 – Does Wade have any resolutions for 2022?
3:16 – What is the definition of a fiduciary?
6:19 – A fiduciary can help you customize retirement
9:17 – Is it OK to work with an advisor that is not a fiduciary?
10:59 – Mailbag: “Should I work full-time for 2 more years or part-time for 4?”
12:28 – Mailbag: “Should we pay our mortgage twice a month or once a month?”
 
More Resources: 
Risk Survey: https://www.chessmanwealth.com/#survey-section
Retirement Planning Quiz: https://www.chessmanwealth.com/retirement-planning-quiz/ 
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120

Ep 56: How Are Social Security Benefits Calculated

Social security is one of the main pillars of retirement planning. However, many people do not realize how their benefit gets calculated. You need to have a plan when it comes to Social Security. Especially for a couple, maximizing your benefits is important.
This can be a complicated topic, but we’ll discuss how they break up the percentages of your income and how inflation impacts these numbers on today’s show. Wade will also discuss the primary insurance amount and how you can track your benefit online. If you are looking to learn more always feel free to reach out to Wade!
 
What we discuss on this episode: 
0:29 – How’s Wade doing?
1:52 – How is your benefit calculated?
5:13 – Percentage of your income
6:49 – Primary insurance amount
10:33 – Should you track your benefit online?
 
More Resources: 
Risk Survey: https://www.chessmanwealth.com/#survey-section
Retirement Planning Quiz: https://www.chessmanwealth.com/retirement-planning-quiz/ 
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120

Ep 55: Advisors that Drop the Ball

We see a lot of people who aren’t getting the kind of advice and service from their financial advisor that they should be. So today, we will be discussing some general scenarios where your advisor may be dropping the ball. If your advisor is hyper-focusing on investments and not the details of your overall plan it may be time to rethink your relationship with them.
They should be reviewing your taxes and how it plays into your overall retirement plan. An advisor should be transparent about the fees and costs of their services and the investments they want you to invest in. Watch out for advisors not doing comprehensive retirement income planning or are ignoring legacy plans. Overall, you want to make sure your advisor is not glossing over important details. They need to understand your financial goals and take those into account when getting things done. 
 
What we discuss on this episode: 
1:34 – Tax planning
3:12 – Fees and costs
4:43 – Retirement Income
6:51 – Clarifying your money’s job
8:19 – Reviewing your legacy plans
 
More Resources: 
Risk Survey: https://www.chessmanwealth.com/#survey-section
Retirement Planning Quiz: https://www.chessmanwealth.com/retirement-planning-quiz/ 
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120

Ep 54: Tax Planning Strategies

Taxes may not be the most exciting conversation, but they are important! Today, we are talking about tax planning and why it’s important to retirement planning. Tax planning is part of our process and it’s not just something we do once a year. These strategies are important in keeping your overall plan efficient.
We look at both the short-term and long-term strategies. As we reach the end of the year, we really want to think about tax planning. There are a lot of opportunities to maximize your tax efficiency whether you use conversions or charitable giving. We will be discussing tax strategy, deductions, end-of-year tax planning, and more. Wade will also answer two mailbag questions about taxes on retirement accounts and catch-up contributions.
 
What we discuss on this episode: 
1:17 – Thanksgiving plans
3:15 – Tax planning year-round
6:09 – Deductions you can take today
6:48 – Things that will help you in the future
7:46 – End of year tax planning
9:00 – Opportunities towards the end of the year
10:28 – How do taxes impact retirement?
11:55 – Taxes in the future
13:06 – Mailbag: Can I get out of paying taxes on my 401(k) and IRA?
15:27 – Mailbag: Can I catch up on my 401(k) and IRA?
 
More Resources: 
Risk Survey: https://www.chessmanwealth.com/#survey-section
Retirement Planning Quiz: https://www.chessmanwealth.com/retirement-planning-quiz/ 
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120

Ep 53: Why Core Values Matter with Jim Fite

As our businesses grow it's important to stay true to our core values. On today’s episode, we are joined with Jim Fite to discuss his business Judge Fite Company and its growth through the Dallas, Texas area. Becoming an agent at 18 made him the youngest real estate agent in Texas history. Although college wasn’t for him, his father instilled the importance of continued education in him. This is something he continues to share with his team today.
He soon bought his parent's business with his sister. Together they have grown a successful real estate business with intentionality and strategy. Staying true to their core values has always been the cornerstone of their business. We will discuss his worst and best moments in business, the advice he’d give others, the current housing market, and more.
 
What we discuss on this episode: 
0:38 – Introducing Jim Fite
1:31 – Youngest Real Estate Professional in Texas
4:56 – What drew him to Real Estate?
7:35 – Becoming an agent at 18
10:01 – A generational business
12:51 – Real estate professionals
15:33 – Strategic planning
17:58 – Worst and best moments
21:10 – Advice for others
23:03 – Current housing market
26:29 – Judge Fite Charitable Foundation
29:43 – Finding Jim Fite online
 
Learn more about Jim and Judge Fite Company: https://century21judgefite.com/
 
More Resources: 
Risk Survey: https://www.chessmanwealth.com/#survey-section
Retirement Planning Quiz: https://www.chessmanwealth.com/retirement-planning-quiz/ 
 
Important Links:
Chessman Wealth Website: https://www.chessmanwealth.com
Call: 214-572-2120