Mr. Stillman's Opus

The Psychology of Investing in the Wake of Historic Market Crashes

Have you ever wondered why you handle money the way you do? It turns out your financial behaviors can be traced back to your formative memories. Key events throughout our lives shape the way we view money.
In this episode, we explore how historic market crashes have left a lasting impact on our relationship with money. We’ll also contrast them with the way more recent crises have shaped our financial views and decisions in the short term. Best of all, we’ll start it all off with a biblical example of how people have been financially scarred for hundreds of years.
 
Here’s some of the myths we’ll address in this episode:
John provides a biblical example to show how we suffer financial scars. (1:55)
How the Great Depression affected financial habits for generations. (6:37)
The post-war boom made people believe big returns were commonplace. (9:20)
The fallout from 2008. (13:00)
Assuming everything will bounce right back after seeing what happened in 2020. (15:35)
 
Connect with us: 
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446

Dismantling 5 Top Social Security Myths in 2023

Have you ever wondered if the Social Security system will run out of money before you retire? Or if claiming benefits as soon as you're eligible is the best decision for your financial future? In this episode, we'll be debunking common myths about Social Security and answering the questions you've been curious about.
Social Security will be one of the biggest sources of retirement income for most Americans and you need to be aware of these myths before filing for your benefits. Most of the time, once that decision is made, you can’t reverse it. So let’s make sure you’re getting the most out of your benefits.
 
Here’s some of the myths we’ll address in this episode:
The Social Security Administration will help you make the best decision about when to claim your benefit. (1:17)
You won’t get Social Security if you were a stay-at-home mom. (5:55)
You won’t have to pay taxes on your Social Security since you’ve been paying into the system your entire career. (10:26)
Social Security won’t have any money left by the time I claim. (12:06)
Your Social Security benefits are based on your last job’s salary. (16:06)
 
Connect with us: 
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446

Retirement Expenses For Which You Forgot To Plan

Are you preparing for retirement but feeling confident that you have covered all the expenses? Well, think again… It turns out that many retirees overlook some crucial expenses that can leave them financially vulnerable.
In this episode, we explore the retirement expenses that most people tend to forget, including skyrocketing medical bills, unexpected travel costs, taxes, and much more. We'll discuss practical tips and strategies to help you plan for these expenses and ensure a secure and comfortable retirement.
Here's some of what you'll learn on this episode: 
Are you prepared for everything Medicare doesn’t cover in retirement? (1:35)
Many families have to provide financial support for parents and children. (6:38)
What often gets overlooked when it comes to tax planning. (9:21)
How to prepare to tackle those maintenance and repair expenses that pop up. (12:13)
Why you have to increase income streams to incorporate inflation into your plan. (13:40)
 
Connect with us: 
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446

Moving Your Retirement Goalposts: Worth the Risk?

Do you ever feel like your retirement planning goals are always moving? You're not alone. We’ve found that people often move the goalposts in their own retirement planning, often to their detriment. In this episode, we're diving deep into the psychology of retirement planning and the dangers of moving the goalposts.
Keep in mind that we’re talking about the rules you make for yourself rather and not the changes you make to your financial plan. We want to have a financial plan that’s flexible enough to change as your life does so that’s a bit different than this conversation today.
Here’s some of what we’ll discuss in this episode:
What’s the risk for changing how much cash you feel you need to have saved? (1:48)
The people that put off getting serious about savings until next year… (6:41)
We often change the amount of risk we’re willing to take on. (8:20)
Why changing your retirement date is a missed opportunity. (12:07)
 
Connect with us: 
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446

5 Top Tax Questions For Retirees In 2023

Retirement can come with a lot of tax questions and concerns. From understanding the tax implications of withdrawing from your retirement accounts to minimizing taxes on investment income, it can be overwhelming.
On today’s episode, we’ll break down the top ten tax questions retirees are asking in 2023. Before you file your 2022 taxes and plan ahead for the rest of the year, make sure to listen to this episode as we’ll discuss some important tax questions that retirees should ask themselves to ensure they're making the most of their retirement savings and minimizing their tax burden.
 
Here’s some of what you’ll learn in this episode:
What are the tax implications of withdrawing money from my retirement accounts? (1:47)
Will my Social Security benefits be taxed? (3:17)
Does the taxation of my pension income differ from other forms of income? (6:38)
How will my taxes change if I decide to move to another state in retirement? (9:12)
What are the tax considerations for gifting money to my children or grandchildren during retirement? (11:46)
 
Connect with us: 
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446

Rookie Mistakes Even Experienced Investors Make

mistakes. No matter how experienced you might be, we’re all susceptible to a moment of weakness.
On this episode, John will cover some of the top rookie mistakes we see people make and share examples of how he’s seen this play out. Plus, he’ll illustrate how to avoid these missteps or how to fix them if you’re already made some in your financial life.
Here’s some of what you’ll learn in this episode:
Do you have a purpose for the money you’re investing? (1:39)
Why investors don’t always understand the amount of risk they have. (6:43)
How emotions play a role in the decisions you make. (9:15)
Why we all fall into the trap of a ‘hot tip’ (13:32)
The role your advisor should play in helping you avoid these mistakes. (16:46)
 
Connect with us: 
Web: https://rosewoodwealthmanagement.com/
Phone: 919-391-3446

SECURE Act 2.0 – Important Retirement Planning Changes to Know

The SECURE Act 2.0 was pushed through Congress late last year, and even though you won’t see too many exciting headlines about the legislation, there are actually some great planning opportunities inside.
We spent a little time talking about the RMD age change that will impact people in or near retirement in our last episode. Now we want to highlight a few more positive changes that you need to know about, including catch-up contribution increases, a 529 to Roth option, and a benefit for people for some people still paying off student loans.
 
Here’s some of what you’ll learn in this episode:
Catch-up contributions for increase for people aged 60-63. (1:15)
You’ll have the ability to move 529 money to a Roth with restrictions. (3:36)
Student loan payments could qualify you for a company 401(k) match. (8:06)
 
Connect with us: 
https://rosewoodwealthmanagement.com/
919-391-3446

SECURE Act 2.0 – RMD Age Changing Again

We’re only a few years removed from the SECURE Act being passed, which brought about significant retirement planning changes. Now three years late, Congress passed SECURE Act 2.0 in late December and we have another round of changes to process and adjust to.
We’ll cover these provisions over the course of multiple episodes, but today we’ll focus primarily on another adjustment to the age you have to begin taking required minimum distributions. Starting this year, the age will move from 72 to 73, which is pretty big news for people that are in their mid-to-late 60s.  
 
Here’s some of what you’ll learn in this episode:
The RMD age pushed back from 72 to 73 beginning this year. (2:14)
A specific example of why this change matters to planning. (4:44)
 
Connect with us: 
https://rosewoodwealthmanagement.com/
919-391-3446
 

Better Understand Your Financial Statements

The end of the year (or start of a new year) probably means you’re getting a lot of financial statements in your mailbox (or inbox if you’re paperless). Ever wonder what some of those terms mean as you look at your 401(k), IRA and other account balances?
Let’s spend a little time looking over a financial statement and breaking down some of the terms you might come across.
Here’s some of what you’ll learn on this episode:
How accurate are retirement income projections you’ll see? (1:38)
What do you need to know about that asset allocation pie chart they include for your investments? (4:34)
Are all the fees listed on the account statement? (7:43)
Will you miss anything if you don’t read through the disclosures and fine print? (9:49)
Other balances you might find on your statement. (11:15)
 
Connect with us: 
https://rosewoodwealthmanagement.com/
919-391-3446

Learning From Grandma’s Financial Wisdom

Even if she wasn’t directly talking about money, Grandma said a lot of smart things that we can apply to financial planning. We might not have known it then, but looking back on wisdom that was imparted to us can teach us lessons years later.
On this episode, let’s take some classic Grandma sayings and see how they relate to our financial lives.
 
Here’s some of what you’ll learn on this episode:
How ‘when it rains it pours’ applies to the way the market behaves. (1:33)
‘You never know’ is used quite a bit in financial planning. (4:19)
‘A bad apple spoils the whole barrel.’ (6:43)
Why it’s important to get information ‘straight from the horse’s mouth.’ (8:49)
Yes, ‘if your friend jumps off a bridge, would you do it too?’ applies to finances. (10:00)
 
Connect with us: 
https://rosewoodwealthmanagement.com/
919-391-3446