The consequences of poor financial planning, how to handle RMD’s when markets are down, and should I use my 401(k) to pay off my mortgage?

Allworth Financial‘s Money Matters

Allworth Financial

Investing, Business:investing, Business

4.9 • 782 Ratings

🗓️ 1 October 2022

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this week’s Money Matters, Scott and Pat explain why failing to plan for market drops is planning to fail. They help a caller decide how much of an RMD to take while the indexes are down. You’ll hear from a woman who wants to know whether it’s a good move to use some of her 401(k) to pay off her mortgage. Finally, a father puts his college graduate on the phone to get a lesson on investing. Join Money Matters: Get your most pressing financial questions answered by Allworth's CEOs Scott Hanson and Pat McClain live on-air! Call 833-99-WORTH. Or ask a question by clicking here. You can also be on the air by emailing Scott and Pat at [email protected]. Download and rate our podcast here.

Transcript

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0:00.0	Would you like an opinion on a financial matter you're dealing with?
0:04.3	Whether it's about retirement, investments, taxes, or 401Ks, Scott Hansen and Pat McLean would like to help you by answering your call.
0:12.3	To join Allworth's Money Matters, call now at 83399 Worth. That's 83399 W-O-R-T-H.
0:22.3	Welcome to Allworth's Money Matters.
0:24.1	I'm Scott Hanson.
0:25.0	I'm Pat McLean.
0:25.6	Thanks for joining us.
0:26.7	That's right.
0:27.6	We're just finishing out third quarter.
0:31.6	With myself, my partner here, we're both financial advisors.
0:35.3	I spend our weeks with people like yourself.
0:37.5	So what does that mean financial advisor versus investment advisor versus asset manager versus
0:43.7	I don't know.
0:46.9	I don't know.
0:47.0	I don't know.
0:49.0	So what's the thesis behind us calling ourselves financial planners versus investment advisors?
0:58.0	Well, I think it's interesting because people can call themselves whatever they want
1:03.4	almost in our industry, right? Our approach, we think the prudent approach is taking a look at all
1:10.3	the areas of your finances
1:11.4	and how they work with one another, including tax, which is one of the major factors to consider.
1:19.6	Any other sources of income you may or may not have during retirement, how to maximize those,
1:25.1	how to deal with your kind of how much stomach you can take with
	...

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