Ep 92: Let’s Play Financial Jeopardy

When we’re not outside playing baseball, it’s fun to play a few games that challenge our minds. Trivia TV show Jeopardy inspired today’s podcast as we quiz Sean on a financial round of questions.

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Things You’ll Learn Along Today’s Journey

When we’re not outside playing baseball, it’s fun to play a few games that challenge our minds. Trivia TV show Jeopardy inspired today’s podcast as we quiz Sean on a financial round of questions.

What has high fees and gives a bad name to its cousins? Variable annuities can give the rest of the annuities a bad reputation. They tend to be the most expensive annuities and often presented improperly. Be sure to talk with your financial advisor to find out how they work and if an annuity actually fits in your plan.

A financial professional that has to put their client’s interest before their own is called a fiduciary. Believe it or not, not all financial professionals are governed by this rule. The fiduciary standard in essence is a moral, ethical, and legal obligation to do what’s in your client’s best interest.

What financial phenomenon always returns? Some think it’s already upon us and others think it’s far off, but market corrections always happen. Markets have done really well for the past decade or so, but we’re currently experiencing a market correction. This serves as a reminder to have a plan and make sure it’s working as it should.

Mandated by the IRS, RMDs force retirees to drain their retirement accounts whether they want to or not. Required minimum distributions are going to happen, which ensures you pay the taxes on your accounts. What can you do to reduce these RMDs? 

Finally, what retirement benefit is hard to come by these days? A pension is becoming scare in most jobs. Understanding what choices you have when it comes to your pension is important. But if you don’t have one, you need to make sure your retirement savings will amply cover your retirement needs and lifestyle.

Listen to the entire episode or skip ahead using the timestamps below.

0:39 – Ready to play Jeopardy?

1:55 – High fees and broken promises with market risk.  

3:25 – What requires a financial professional to put the client’s interests first?

5:01 – What financial phenomenon always returns?

7:39 – This forces retirees to drain their retirement accounts.

10:17 – What defined benefit retirement program is becoming scarce?

Looking Back From The Mountaintop

“If you don’t get ahead of your required minimum distributions way, way early, you could be setting yourself up for a ticking tax time bomb down the road.”

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MEET YOUR HOST...

For over a decade, Sean Lee has helped families reach and maintain their financial goals. As a trusted advisor, he coaches and assists his clients with their financial goals by focusing on the fundamentals and takes a practical and personal approach when working with them.

As a trusted professional in Utah, Sean has been featured in The Wall Street Journal’s Market Watch, The Deseret News, The Salt Lake Tribune and USA Today. He has also been featured as a local financial advisor on Utah’s NBC station, KSL 5.

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