Financial Questions That We’ve Been Asked Recently

03/07/24 • 20 min

Candid Conversations: Retirement Talk with Ryan Cravitz

We work through all types of scenarios with clients each day and find tools that will help them reach their financial goals. To help you get a better idea of how we work through these different scenarios, we are going to run through a list of questions that we’ve been asked recently.

Each of these topics cover common financial scenarios that you have probably dealt with already or might come across in the future. We’ll explain our process for answering them, some of the things you’ll want to consider, and how to determine your best path forward.

Here’s some of what we discuss in this episode:

What options do you have to provide financial support for your new grandchild and what are the tax implications?
How do you overcome the lack of decision-making because you’re overthinking everything?
What should you do if you realize you’ll have more money than you’ll ever spend and you haven’t been spending much in retirement?
How should you take your final paycheck before retirement if you have a lot of paid time off accrued?

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If you have any questions, you can contact us online here: https://cravitzfinancial.com/
Email: [email protected]
Call: 714-462-9155
Investment Advisory Services offered through Brookstone Capital Management, LLC (BCM) a Registered Investment Advisor. Cravitz Financial & Insurance Solutions are independent of each other. Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Ryan Cravitz and Cravitz Financial & Insurance Solutions are not affiliated with or endorsed by the Social Security administration or any other government agency.

Here’s some of what we discuss in this episode:

What options do you have to provide financial support for your new grandchild and what are the tax implications?
How do you overcome the lack of decision-making because you’re overthinking everything?
What should you do if you realize you’ll have more money than you’ll ever spend and you haven’t been spending much in retirement?
How should you take your final paycheck before retirement if you have a lot of paid time off accrued?

Previous Episode

What’s New with Social Security in 2024?

Whether you're nearing retirement, already retired, or just planning ahead, it's crucial to stay informed about Social Security and any changes that happen each year. Today we’re going to share some key things that you need to know and bring you up to speed on some updates that need to be aware of. Ryan will also tell you how this might impact you and the planning you’ll do this year.
Here’s some of what we discuss in this episode:

The Cost of Living Adjustment you can expect this year.
The payroll tax limit has bumped up so what does this mean for you.
Medicare premiums will be up from most people.
What is the future of Social Security and its solvency?
Does anything change with claiming strategies with the changes and updates we have?

Next Episode

Practical Strategies for Protecting Retirees Against Scams & Fraud

As much as any other threat, recognizing and avoiding scams has become a necessary skill for today’s retirees to develop. In today’s episode, we’ll share a story of how a scam destroyed a woman’s entire retirement savings. Then, we’ll explore some crucial steps you can take to safeguard your financial well-being against the growing tide of scams and identity theft.
Here’s some of what we discuss in this episode:

Marjorie Blum’s scamming story + the threat of scams for Americans over 60
Phishing, vishing, and smishing techniques that are used today
Some red flags to look out for when it comes to scams
Protections you can put in place to protect your finances, like strong passwords and two-factor authentication

Resources for this episode:

How this 77-year-old widow lost $661,000 in a common tech scam: ‘I realized I had been defrauded of everything’ -

https://www.cnbc.com/2023/10/08/how-one-retired-woman-lost-her-life-savings-in-a-common-elder-fraud-scheme.html

Fraudsters targeting senior citizens with multiple financial scams –

https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/senior-citizens-financial-scams/