Life insurance products are often marketed as essential tools for financial planning, but are they really the best solution for everyone?
How do popular strategies like Infinite Banking and Rich Man’s Roth measure up for real retirement security? What financial moves make sense as you age and your financial needs shift?
In this episode of Red Carpet Retirement, Adam Scott addresses the pros and cons of life insurance as a retirement tool and debunks some of the myths and sales tactics that promote it.
From understanding when life insurance is truly necessary to recognizing alternative savings options, Adam provides a clear view of what works and what may not.
Adam discusses:
His encounter with a hybrid advisor promoting a questionable life insurance strategy
How permanent life insurance works and common misconceptions
The downsides and complex nature of Index Universal Life policies
Pros and potential benefits of tax-deferred growth within life insurance
With the Social Security Trust Fund potentially running out by 2035, should you claim your benefits now or wait for a better payout? Let’s address the reality behind Social Security’s future and its impact on your retirement plans.
In this episode, Adam Scott talks about the complexities of Social Security, exploring the imminent depletion of the trust fund projected for 2035 and what this means for retirees. As he unpacks whether to claim Social Security early or delay it, you’ll gain insights into the nuanced decision-making process, the potential policy solutions, and the broader financial strategies to consider amidst this uncertainty.
Adam discusses:
The current state of the Social Security Trust Fund and its projected exhaustion by 2035
The political sensitivity surrounding Social Security reforms, often referred to as the “third rail of politics”
The pros and cons of claiming Social Security early versus delaying benefits
Policy options to address the shortfall, including raising taxes and adjusting benefits
Do you struggle with investment decisions during election years? Discover the three worst mistakes you should avoid to keep your portfolio safe.
In this episode of Red Carpet Retirement, Adam addresses the three biggest investment blunders investors make during election years. You’ll learn some shocking statistics about market performance during election cycles, why sitting in cash can cost you, and how not to let political biases cloud your investment decisions. He discusses the importance of maintaining a steady hand in volatile markets and offers insights based on historical data to help you navigate financial decisions amidst political uncertainty.
Adam discusses:
The three worst investment mistakes to avoid during election years
How letting political passions influence investment decisions can be costly
Why markets have historically performed well regardless of the political party in power
Why it’s crucial not to let political passions influence your investment decisions
The impact of trying to time the market and how it can jeopardize your retirement plans
Do you know if your online banking details are truly secure?
Today on Red Carpet Retirement, Adam addresses the alarming rise in sophisticated online financial frauds and discusses ten crucial ways to protect yourself. From phishing and vishing to smishing and pharming, you’ll understand the different tactics used by cyber criminals and learn the best practices to safeguard your financial information.
Adam discusses:
The intricacies of phishing, spear phishing, and common scams on platforms like Facebook Marketplace
The threat of vishing calls and how criminals can spoof phone numbers from trusted entities
Detailed insights into smishing and the risks associated with links in text messages.
Pharming tactics that redirect you to fake websites despite navigating to your trusted bank’s URL
And more
Arm yourself against financial predators. Tune in and share these vital tips with your loved ones.
Stay tuned for our next episode, “Will the Election Affect Your Finances?”
Americans lost $13BN to fraud in 2023. Young adults are particularly vulnerable – along with the elderly – as social engineering becomes increasingly sophisticated. Don’t think it can’t happen to you.
Today on Red Carpet Retirement, Adam Scott, CFP® delves into the concerning rise of financial fraud and offers practical tools to help safeguard against these threats. Joined by a young man, George Baker, who shares his personal experience of being scammed at the tender age of 18, this episode aims to educate listeners about the increasing sophistication of scams and the critical steps to avoid becoming a victim. By tuning in, you’ll learn essential prevention strategies to protect your family and hear firsthand accounts that underline the importance of vigilance and prompt action.
Adam and George discuss:
How to identify and understand phishing scams and their evolution into targeted spear phishing
The psychological tricks scammers use, such as urgency and emotional manipulation
Steps to take immediately if you think you’ve been scammed, including involving third parties
Real-life stories highlighting both the complexities and preventable measures in financial fraud scenarios
Avoid costly CPA mistakes on your current or next tax return!
Today on Red Carpet Retirement, Adam talks about common but unintended mistakes CPAs make. Our discussion isn’t about pointing fingers but rather about uncovering common oversights in the filing process, how they happen, and, most importantly, how you can avoid being caught by surprise with unnecessary tax hits.
Adam’s Key Takeaways:
Ensure all 1099 forms, especially revisions, are communicated to your CPA to avoid overpayment
Be aware of Roth conversion reporting and ensure it’s reflected accurately to prevent unjust taxation
Qualified Charitable Distributions (QCDs) can be mistaken for taxable income if not reported correctly
Reviewing your tax return, or having a financial advisor review it, is crucial for catching and correcting any overlooked errors
And more
Make sure your path to a seamless retirement isn’t derailed by avoidable tax mishaps. Stay tuned for our next episode where Adam discusses some of the opportunities missed by CPAs.
What shook the stock market and economy in Q1 of 2024? Dive into this episode for an insightful quarterly wrap-up!
In this episode, Adam dissects the impactful first quarter of 2024, analyzing stock market shifts, economic trends, and a surprising twist on the usual recession predictions. He unravels the events that led to one of the most unpredictable quarters in recent memory, from the economy’s surprising buoyancy to the stock market’s rally, contrasted with the cautious bond market and looming Federal Reserve decisions. With a keen eye on what these changes mean for entrepreneurs and creatives preparing for retirement, this episode is packed with expert insights, future speculations, and valuable takeaways.
Adam shares:
An in-depth look at Q1 2024’s stock market performance and its surprising resilience
The economic indicators that defied recession predictions, highlighting job growth and inflation rates
A detailed discourse on the Federal Reserve’s actions and their impact on the economy
Insight into specific high-performing stocks and sectors driving the market, with a special focus on tech and AI
What’s the secret to raising financially and mentally healthy young adults? This is never easy, and for wealthy families it can be particularly challenging.
This week on Red Carpet Retirement, Adam Scott, CFP® teams up with Liz Mohler, an esteemed ICF-accredited career and life coach, to explore the complex but crucial topic of raising financially and mentally healthy children. Their conversation includes strategies for instilling a healthy relationship with money in children, especially those growing up in affluent environments, and shared experiences aimed at guiding your kids toward a prosperous and balanced future. They tackle the complexities of parenting in today’s economic landscape, offering actionable advice on everything from allowances to nurturing a sense of purpose, so vitally important to mental health.
By combining insights from financial planning with invaluable life coaching expertise, this discussion is a must-listen for parents who want to equip themselves with the knowledge to guide their children toward financial and mental well-being.
Adam and Liz discuss:
The psychology of money and understanding the difference between being rich and being wealthy
Practical tips for introducing financial responsibilities through allowances and job opportunities
The importance of modeling financial behavior and communication within the family about money matters
How to support young adults financially without compromising their sense of purpose and independence
The importance of instilling a strong work ethic and sense of responsibility from a young age
Guiding children through making smart financial decisions, including savings, spending, and investing
Strategies for discussing money matters openly and constructively within the family
Encouraging pursuits that foster mental well-being alongside financial stability
Liz Mohler is a well-regarded Executive/Career and Life Coach who has a strong background in academia and a deep commitment to empowering my clients. For 20-plus years Liz has passionately devoted her coaching practice to guiding clients toward personal and professional growth. Liz’s professional experience, both domestic and international, has enriched her perspective and equipped her with expertise in various coaching capacities including career management and leadership development coaching, team building, and transition coaching across a spectrum of industries.
They say retirement is like a second childhood—except this time, you’re the one in charge!
It’s time to set new goals!
This week on Red Carpet Retirement, Adam speaks with Liz Mohler, an esteemed ICF-accredited career and life coach, about setting goals in retirement. While focusing on the importance of goal setting and finding purpose, they address the emotional and social challenges retirees face, such as the loss of work-related social networks and the need to redefine daily routines. Liz offers her expertise on navigating these changes, emphasizing the value of mentoring and volunteering. Adam shares personal anecdotes, including his own struggle with the concept of retirement and his wife Cynthia’s positive experiences post-retirement.
The episode is a deep dive into the varied experiences of retirees and the quest for fulfillment beyond one’s career.
Adam and Liz discuss:
The importance of redefining routine and setting new goals in retirement
Nurturing relationships and giving back in retirement
Different retirement journeys and finding activities that bring fulfillment
Overcoming the fear of retirement and finding purpose beyond work
Liz Mohler is a well-regarded Executive/Career and Life Coach who has a strong background in academia and a deep commitment to empowering my clients. For 20-plus years Liz has passionately devoted her coaching practice to guiding clients toward personal and professional growth. Liz’s professional experience, both domestic and international, has enriched her perspective and equipped her with expertise in various coaching capacities including career management and leadership development coaching, team building, and transition coaching across a spectrum of industries.
Are you looking for ways to maximize your tax-advantaged retirement savings bucket? (In other words, a savings bucket where both growth and withdrawals are tax-free!)
A mega backdoor Roth 401(k) might be what you need.
This week, Adam Scott, CFP®, delves into the ins and outs of a mega-backdoor Roth 401(k), a financial maneuver that can potentially help you supercharge your retirement savings. You will also learn how an IRA is different from a 401(k) account, and ways to optimize your retirement income strategy.
Adam discusses:
Traditional vs. Roth accounts — what might be more suitable for your situation?
A brief overview of 2024 contribution limits
How to implement the mega backdoor Roth 401(k) strategy
Benefits for high-income individuals, business owners, and those who’ve had a huge cash inflow (e.g., inheritance or selling a house)
Potential “landmines” to look out for while implementing this strategy
