How Do “I Bonds” Work?

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On our Secure Your Retirement podcast, we’ve been having a lot of people ask about something that is all over the news: I Bonds. With the traditional bond market doing so bad, I Bonds are certainly something to consider.

However, we do want to explain I Bonds to you further so that you can decide if they should be a part of your retirement planning or not.

What are I Bonds and How Do They Work?

An I Bond is a bond that is issued by the government, and “I” stands for inflationary. Due to the high inflation, these I Bond concepts have started to pick up steam. The reason I Bonds are so popular right now is that they’re paying 9.62% in interest.

With the stock market struggling and inflation creeping up, I Bonds offer an attractive option that is government-backed and guaranteed interest. However, the interest can move around a little bit, and this is something that we’ll explain shortly.

I Bonds are easy, too.

In fact, I Bonds are almost a “no-brainer,” and it’s very easy to start investing in these types of bonds.

How Do You Buy I Bonds?

An I Bond must be purchased by an individual, so it’s not something that an advisor can help you with. Instead, you can quickly and easily purchase them from TreasuryDirect.gov. The site is an official government website, and you can create an account and purchase the account directly through a bank draft.

Most people are going to buy these items directly, so you won’t receive a physical paper bond.

However, you can get a paper bond, too. How?

  • If you receive money back on your taxes, you’ll fill in a form for an I Bond
  • The government will send you a paper bond

For most people, it’s likely easier to purchase all of your I Bonds online because they’ll be kept digitally on the government’s website. Otherwise, if you lose the paper bond, you may lose all of your investment, too.

I Bond Limits

I Bonds do have limits, so you can’t just go out and put $100,000 into I Bonds today. The limit is $10,000 per person. You can:

  • Buy $10,000 for your child
  • Give $10,000 to someone else

However, your child or that person will not be able to buy their own I Bond because you’ve already purchased it on their behalf.

Speaking of limitations, the current interest rate is 9.62%, but the rate is only guaranteed for so long. A few things to know are:

  • I Bond rates adjust every six months
  • Rates can go up or down
  • Must be held for 1 year

The interest rate provides a fixed rate of 0% under the current rule, but with high inflation, the bond is at 9.62%.

If the government does bring inflation down in the near future, you’ll see the interest rate on I Bonds come down. For example, if the government can get inflation back to a normal level, you’ll likely see these bonds fall to a 2% – 4% interest rate.

Through our experience, the optimal time to hold the bond is five years.

You can cash out the I Bond after a year if an emergency pops up or something similar, but the government will take the last three months of interest as a penalty. If you hold on to the bond for five years, you won’t be penalized for cashing in your bond.

In fact, you can hold the I Bond for up to 30 years and still earn interest on it. After 30 years, the bond will stop accruing interest.

How to Sell I Bonds

When it comes time to cash in your bond, you can do it directly in the same portal where you purchased your bonds. It’s straightforward to purchase and offload these bonds.

How Are I Bonds Taxed?

When it comes to taxes, the bonds are issued by the federal government. What this means is that in most cases, you won’t have to pay state income taxes on the interest from the bonds. However, you will need to pay taxes to the federal government.

What type of tax will you have?

Let’s assume that you purchased $10,000 in I Bonds that have grown to $15,000. You’ll pay no taxes on the $10,000, so there’s no return on this because it’s capital. Instead, you’ll have to pay on $5,000, and it’s considered ordinary income and not a capital gains tax.

So, you need to consider all of this when buying I Bonds, but based on the current interest rate, they do make sense to invest in at 9.62%.

Plus, being backed by the government, I Bonds are one of the safest investments that you can make.

Do you want to learn more about I Bonds or need help with your retirement planning? 

Click here to schedule a call with us.

August 15, 2022 Weekly Update

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We do love it when someone refers a family member or friend to us.  Sometimes the question is, “How can we introduce them to you?”   Well, there are multiple ways but a very easy way is to simply forward them a link to this webpage.

Here are this week’s items:

Portfolio Update:  Murs and I have recorded our portfolio update for August 15, 2022 

CLICK HERE TO WATCH THE UPDATE

This Weeks Podcast – Jen Smith – Frugal Is Not a Bad Word

How in control are you of your spending? Have you ever considered living a frugal lifestyle?

Frugality is about being conscious about your spending and being a good steward of your resources.

CLICK HERE TO LISTEN TO THE PODCAST

 

CLICK HERE TO WATCH ON YOUTUBE

This Weeks Blog -Living Frugally in Retirement–

We’re not talking about budgeting, but we will talk about being frugal and how to get what you want in life while still being frugal.

CLICK HERE TO READ THE BLOG

Frugal is Not a Bad Word

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Jen Smith of The Frugal Friends podcast was kind enough to sit down with us and discuss something that a lot of people are afraid to say: “They’re frugal.” But being frugal doesn’t have to be a bad thing.

And that’s something we discussed with Jen in our most recent episode.

In this episode, we discuss:

  • Spending
  • What made Jen go into the frugal lifestyle
  • So much more

We’re not talking about budgeting in this episode, but we will talk about being frugal and how to get what you want in life while still being frugal.

How Jen Started with the Frugal Friends Podcast

Jen has a typical story that a lot of people in the 30s – 50s have. She wasn’t “frugal” when she was in college, she’d grab a cup of Starbucks daily and just enjoyed her life in general. However, she was in college and accumulating student debt, which so many people do because they need an education to get a good job.

She ended up with $50,000 in student loans, and when she got married, she and her husband decided that it was time to get out of debt.

It took the two of them two years to pay off $78,000 in loans, and this was really when Jen learned what it meant to be frugal.

She realized that buying generic brands doesn’t make you frugal.

Jen learned how to make intentional purchases and do it the frugal way. We learned a lot from her, and we started with one question that a lot of people have.

How is Frugality Different from Being Cheap?

Being cheap and frugal isn’t the same thing. When making big life shifts, there’s always a choice of being frugal. A good example of being frugal is going to Target to buy a new shirt. You find two shirts:

  1. One shirt is $10. It looks great, but the style will likely be “old” in a few years, and the shirt will likely not make it past 4 – 5 years.
  2. Another shirt is $50. It is a great look with a timeless style, and the shirt will last well past five years with the right care.

Jen’s definition of frugal doesn’t mean being cheap. Instead, she would buy the second shirt because she knows that due to the quality, she won’t need to replace it for a very long time. Frugal considers quality.

Cheap items end up in a landfill and often come from labor sources that are less than humane.

If you’re being cheap, you may be taking advantage of someone else, such as buying shirts from a country where child labor is common. You also need to consider cheap items are often:

  • Lower quality
  • May break/shrink/etc.

Additionally, cheap items continue taking up resources, which has hidden long-term costs that people don’t think about. Plus, when you’re frugal, it does make it easier to stay on top of your finances.

Shifting to a Frugal Lifestyle

Adults do not like being told what to do, right? Jen states that adults hate being told what to do because “that’s for children.” And for some people, they want to spend what they spend because they don’t want someone else telling them what to do with their money.

However, this isn’t the right way to look at being frugal.

Instead, being frugal is buying your own freedom. For example, I want X more than I want to spend on Y. Using this analogy, it’s a lot easier to understand that being frugal can help you reach the financial freedom you want.

For example:

  • You don’t want that Starbucks coffee 
  • Instead, you want to save that money to pay off debt 

Everyone has needs and wants.  Being frugal is making sure your needs are met rather than allowing your wants to override your needs.

Fighting Temptation to Impulse Buy

Impulse buying is difficult to curb because marketers follow you everywhere. You can look at a new laptop once, and you can be confident that you’ll see laptop ads on social media, your favorite sites and everywhere else you land online.

Fighting the temptation to purchase these products is difficult, and there’s no secret method to stopping these impulse buys. Instead, systems can be put in place to stop you from clicking the “buy now” button.

Jen recommends:

  • Figuring out your core values for you. 
  • Saying “no” to things outside of these values

Stress and emotional triggers lead to impulse buys, so you may need to remove Facebook from your phone or avoid certain stores. For example, let’s say that you love a certain store, but you know that when you’re stressed and obsessed, going in it will lead to bad purchasing decisions. If you avoid the store, you can avoid making impulse purchases.

We all have our spending triggers. It’s crucial to learn what they are and put up roadblocks to stop them from impacting our lives.

Getting Your Spending Under Control

Many people don’t want to look at all of their expenses and figure out where they’re overspending. However, you need to get your spending under control before you can have a frugal lifestyle where you get more of your needs and less of your wants.

Jen recommends the “radical middle method,” and this method doesn’t go to the extremes of eating rice and beans daily. Instead, she recommends creating a life plan and asking yourself:

  • What are your goals?
  • What are your partner’s goals?
  • What are your kids’ goals?

Start with hard conversations to learn what you want and what everyone around you wants for the rest of your life. Journaling is very healthy for this exercise. When you really know what you want in life, it makes being frugal easier.

When people realize that they can have the things they want in life if they just control their spending more, it becomes much easier to find “freedom in spending.” You can still spend money when you’re frugal, but it’s spending with a purpose rather than spending to spend for that fleeting moment of happiness.

If you don’t listen to our podcast already, feel free to sign up for free.

However, if you don’t want to sign up for our podcast, you may be interested in securing your retirement.

Click here to go to our book Secure Your Retirement.

August 8, 2022 Weekly Update

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We do love it when someone refers a family member or friend to us.  Sometimes the question is, “How can we introduce them to you?”   Well, there are multiple ways but a very easy way is to simply forward them a link to this webpage.

Here are this week’s items:

Portfolio Update:  Murs and I have recorded our portfolio update for August 8, 2022 

CLICK HERE TO WATCH THE UPDATE

This Weeks Podcast – Diane Omdahl – How Does Medicare Work?

If you don’t have Medicare all figured out, you’re not alone. Medicare is very complicated to understand and even get into.

It is important that you start planning to enroll in Medicare in a timely manner, that is, before…

CLICK HERE TO LISTEN TO THE PODCAST

 

CLICK HERE TO WATCH ON YOUTUBE

This Weeks Blog -How Does Medicare Work?–

Medicare is such an essential part of retirement planning because you can save for your retirement, but there’s often no way to cover 100% of your medical expenses out of pocket. There are also a lot of Medicare mistakes you can make simply because you’re not well-informed on the topic.

CLICK HERE TO READ THE BLOG

How Does Medicare Work?

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Medicare is such an essential part of retirement planning because you can save for your retirement, but there’s often no way to cover 100% of your medical expenses out of pocket. There are also a lot of Medicare mistakes you can make simply because you’re not well-informed on the topic.

In our most recent podcast, we had the pleasure of speaking with one of the leading experts in Medicare: Diane Omdahl.

She’s the co-founder and President of 65 Incorporated.

Who is 65 Incorporated?

65 Incorporated is a business that provides Baby Boomers and seniors with unbiased Medicare information. The company offers software and consulting services that help guide you to the right Medicare option for you. 

You’ll find the company on:

  • Kiplinger
  • MarketWatch
  • U.S. News

Diane is a registered nurse working in long-term care, and then she became a director of a home health agency, where she learned all about Medicare rules first-hand. Now, for over two decades, she has helped educate seniors on Medicare.

When Should a Person Begin Planning for Medicare?

Retirement planning is different for everyone, and while many people retire at 65, some retire at 62. First and foremost, it’s crucial to know that you cannot be on Medicare until you’re 65. If you retire early, you’ll need to get health insurance to cover those years.

Diane recommends that you start planning out your Medicare 9 – 12 months before you plan on going on Medicare.

You’ll need to create a My Social Security account to apply, so this is something that you can do beforehand to get the ball rolling. The biggest issue Diane finds is that people run out of time because they don’t take measures beforehand.

One of the biggest misconceptions that Diane sees is that people think they need to take Medicare at 65 no matter what.

You can:

  • Enroll in Medicare
  • Stay on health insurance if you work with a company that has 20 or more employees
  • Contribute to an HSA

If you have health insurance through your employer or contribute to an HSA, it may not be in your best interest to go on Medicare just yet. However, if you’re on Social Security or on disability, you will automatically be enrolled in Medicare.

Every person’s situation is unique, and that’s why it’s important to sit down with a professional to learn when the best time is to enroll in Medicare. 

What is Open Enrollment?

Open enrollment starts on October 15 and ends on December 7 of each year. This period allows people with a Part D or Advantage plan the option to change plans. You may love your current plan, but if you’re not paying attention during open enrollment, it’s not uncommon for plans to change.

Some people will be on very low-cost Part D plans, and then find that the price of their current plan doubles after open enrollment.

You have to pay attention to your plan during open enrollment.

Can You Change Your Medicare Plan?

There are two main Medicare “paths,” as Diane likes to call them.

  1. Original Medicare with supplement plans
  2. Medicare Advantage 

When you make your initial plan to go on either path, it is very important. You can change plans, but things are getting a little more complicated in some states. You may not be able to change plans easily due to health reasons or where you live.

Also, note that there are three main Medicare parts:

  • Part A, which covers hospital and home healthcare.
  • Part B, which is an outpatient medical component.
  • Part D, which is your prescription drug plan.

What is Original Medicare?

Original Medicare has multiple parts:

  • A
  • B

You’ll also want Part D and some sort of Medigap plan.

What is Medicare Advantage?

Medicare Advantage is also considered Part C, and it was introduced to help combine Part A, B and D into one.

How to Choose Your Medicare Path

Medicare has these two paths, but which one is right for you? This is where it gets tricky. Eventually, everyone’s health will begin to decline to some degree. However, the biggest issue is financials.

  • Original Medicare is where you pay monthly and have to pay for certain procedures.
  • Medicare Advantage is more like a pay later solution, where you pay for procedures later.

Coverage rules differ, too. If you want to see a specialist, you need a referral on the Advantage plan and not on the Original plan.

Original Medicare has a lot less coverage rules than Advantage plans with some caveats, such as buying a mobile wheelchair. Under the Original Medicare plan, your doctor can recommend physical therapy without additional approval.

So, there’s a lot to think about.

Unfortunately, many people want to get Medicare as quickly as possible. There’s a lot of information surrounding Medicare, and you may want to just get it over with and choose a plan that isn’t optimal for you.

Don’t do this.

It may be more difficult in the future to change your plan, and in some cases, it may not even be possible.

That’s why it’s so important to sit down with an expert like Diane to choose the right path the first time.

For example, Diane received a call from someone with:

  • Cancer
  • Cannot get a referral
  • Cannot get the supplement

He’s stuck in an HMO plan, and he needs prior approval before chemo can begin. Unfortunately, he needs to jump through hoops and may even need to delay treatment because he’s not on the right plan to begin with.

When to Sit Down with a Financial Advisor to Discuss Medicare

Ideally, you’ll want to sit down with a financial advisor at 62 or so to discuss Medicare. Medicare has a two-year look-back period, and the period will determine how much you pay for Medicare.

Financial advisors can help you restructure your wealth to help reduce your Medicare expenses.

Medicare is one of those things that you need to focus on when trying to secure your retirement. You want to sit down with an expert to discuss Medicare and learn which option is the best choice for you. Don’t just fall for everything they say on television about Advantage plans because you’ll often find that there are missing tidbits and misleading claims that can cost you a lot of money.

Want to hear the podcast for yourself?

Click here to look through our list of podcasts.

August 1, 2022 Weekly Update

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We do love it when someone refers a family member or friend to us.  Sometimes the question is, “How can we introduce them to you?”   Well, there are multiple ways but a very easy way is to simply forward them a link to this webpage.

Here are this week’s items:

Portfolio Update:  Murs and I have recorded our portfolio update for August 1, 2022 

CLICK HERE TO WATCH THE UPDATE

This Weeks Podcast – Ellen Leonard – Dealing with Stress in Retirement

Are you noticing that you’re dealing with more stress now that you’re retired or close to retirement?

Stress is in itself not inherently bad, but chronic stress is and can lead to chronic illnesses…..

CLICK HERE TO LISTEN TO THE PODCAST

 

CLICK HERE TO WATCH ON YOUTUBE

This Weeks Blog –Dealing with Stress in Retirement–

Stress is all around us, and it affects just about everyone. Unfortunately, once you secure your retirement, the stress of life still persists.

Let’s learn how you can reduce stress and anxiety in retirement so that you can live the life that you deserve.

CLICK HERE TO READ THE BLOG

July 25, 2022 Weekly Update

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We do love it when someone refers a family member or friend to us.  Sometimes the question is, “How can we introduce them to you?”   Well, there are multiple ways but a very easy way is to simply forward them a link to this webpage.

Here are this week’s items:

Portfolio Update:  Murs and I have recorded our portfolio update for July 25, 2022 

CLICK HERE TO WATCH THE UPDATE

This Weeks Podcast –Where Is My Episode?

Over the last couple of years, we’ve covered many topics on investing and retirement planning. We have a whole library of information on any topic that you can think of.

CLICK HERE TO LISTEN TO THE PODCAST

 

CLICK HERE TO WATCH ON YOUTUBE

This Weeks Blog –Where Is My Episode?–

Well, as we’re moving closer to podcast 200, we’ve realized that our podcast list is massive. Navigating all of these episodes is difficult for us, so it must be extremely difficult for our listeners and readers, too.

We know that we have a ton of resources available, and today, our goal is to help you find the podcasts that you’re most interested in.

CLICK HERE TO READ THE BLOG

Secure My Retirement Podcast: Where Is My Episode?

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People lose a lot of things. One of the things that people lose a lot of is information. Open up your smartphone, and you’ll be bombarded with info from multiple sources:

  • News outlets
  • Blogs
  • Podcasts
  • Etc.

Well, as we’re moving closer to podcast 200, we’ve realized that our podcast list is massive. Navigating all of these episodes is difficult for us, so it must be extremely difficult for our listeners and readers, too.

We know that we have a ton of resources available, and today, our goal is to help you find the podcasts that you’re most interested in.

Note: We listed some of the most popular episodes, but we’re always expanding our library with new, great content.

Estate Planning:

  • EP 1 – Chess Griffin – How to Know What You Need for Your Estate Plan: Tips and information on how to know when an estate plan is good for you.
  • EP 73 – Chess Griffin – Do You Need a Trust?: Guide on the basics of a trust and what they can do for you.
  • EP 106 – What Should You Consider If Your Spouse Passes Away?: Episode about death. When a spouse dies, life changes and can be uncertain. We discuss this in greater detail.
  • EP 109 – Chess Griffin – Special Needs Trust – What You Need to Know: All about special needs trusts, what they are and how they can help you.
  • EP 135 – How to Create an Estate Plan Without the Stress: Episode on how to create an estate plan the stress-free way.
  • EP 160 – 6 Considerations for Your Estate Plan: A great episode where we discuss all of the things to consider when making an estate plan.

Retirement Planning:

  • EP 8 – Planning for Retirement – How the Process Works – Part 1: 3-part series covering the entire retirement planning process.
  • EP 10 – Planning for Retirement – How the Process Works – Part 2: 3-part series covering the entire retirement planning process.
  • EP 12 – Planning for Retirement – How the Process Works – Part 3: 3-part series covering the entire retirement planning process.
  • EP 18 – How to Build an Income Plan For Retirement: A great episode if you’re worried about running out of money in retirement.
  • EP 22 – Looking at The Whole Picture in Retirement: Episode covering the multiple parts of retirement that go beyond just your total investment portfolio value.
  • EP 44 – How Do IRA and 401K Rollovers Work?: Key episode that walks you through rolling over an IRA or 401K.
  • EP 48 – How Much Do You Need to Retire?: An overview of how much money you need to truly retire.
  • EP 52 – The Retirement Planning Checklist: Complete checklist to have to plan for retirement.
  • EP 58 – Social Security – When is The Right Time?: A guide to knowing when Social Security is the right choice for you.
  • EP 88 – Having a Team Approach in Retirement: Informative episode on why having a team approach makes retirement easier.
  • EP 97 – Social Security Strategies: More key strategies that you can follow when considering taking Social Security.
  • EP 118 – 4 Questions to Help Your Income Plan: Key questions that everyone should ask themselves when trying to create an income plan.
  • EP 157 – The Retirement Bucket Strategy: A key episode on creating a simple, three-bucket strategy that helps you have confidence in your retirement plan.
  • EP 162 – 401k Versus IRA: Episode on removing the mystery of a 401k vs. IRA.

Taxes:

  • EP 13 – Tom Turner – Planning Taxes and Retirement: Insight from Tom on how to plan for taxes and retirement to keep money in your retirement.
  • EP 66 – How To Convert an IRA to a Roth IRA: Guide that talks about converting to a Roth account to let your money grow tax-free.
  • EP 94 – Tax Strategies for Non-IRA Brokerage Accounts: A key episode for someone with a non-IRA brokerage account.
  • EP 124 – IRAs – Required Minimum Distributions: Perfect for those reaching 72 and a half because you’ll need to take distributions.
  • EP 130 – Considerations For Charitable Giving: Are you charitably inclined? If so, this is the episode for you.
  • EP 133 – Steven Jarvis – Tax Planning for Retirement: Steven provides his insights on tax planning and how to plan around retirement.
  • EP 158 – Tax Planning Versus Tax Preparation: Learn the major differences between tax planning and prep and how they benefit you.
  • EP 161 – How Required Minimum and QCDs Work: How to leverage RMDs to contribute to a charity and not pay taxes on distributions.
  • EP 163 – Steven Jarvis – Mid-Year Tax Strategies: Steven is back again with an episode on mid-year tax strategies everyone should consider.

Portfolio Management:

  • EP 16 – Investing During Retirement – Buy and Hold or Active Management?: Learn about buy and hold, why we recommend active management and why buy and hold may not be the best option.
  • EP 19 – Bill Sherman – Buy and Hold is Dead: Bill shares his insights on why the buy and hold strategy is truly dead.
  • EP 56 – Asset Allocation or Strongest Assets: Learn the strongest assets to own and how to allocate them the best.
  • EP 146 – Risk Adjusted Portfolio – How It Works: Risk is scary because no one wants to lose the money they have invested. Learn what a risk-adjusted portfolio is and how it works.
  • EP 150 – What’s The Difference Between a Mutual Fund and an ETF?: Uncover the key differences between a mutual fund and ETF to understand which is better for you.
  • EP 153 – Bonds Versus Bond Alternatives: Bonds are not doing well. Learn about bond alternatives that can help you profile.
  • EP 159 – When Cash Is Good: Should you cash out of the market? Learn when cash is good and why you need to consider it at times.

Annuities:

  • EP 26 – Annuities – Why Ever Use Them: Major series on annuities, part 1 of 8.
  • EP 30 – Annuities – Why Ever Use Them – Part 2: Part 2 of 8.
  • EP 34 – Annuities – Why Ever Use Them – Part 3: Part 3 of 8.
  • EP 38 – Annuities – Why Ever Use Them – Part 4: Part 4 of 8.
  • EP 41 – Annuities – Why Ever Use Them – Part 5: Part 5 of 8.
  • EP 46 – Annuities – Why Ever Use Them – Part 6: Part 6 of 8.
  • EP 47 – Annuities – Why Ever Use Them – Part 7: Part 7 of 8.
  • EP 54 – Annuities – Portfolio Implementation – Part 8: Part 8 of 8.
  • EP 128 – Should I Consider an Annuity in My Financial Plan?: Learn how to structure an annuity into your overall retirement plan if you think an annuity is right for you.

Whew! What a list. And we intend to keep producing great content for our podcast to help you learn how to secure your retirement and reach your financial goals.

Want to talk to us one-on-one?

Click here to schedule a call with us today.

July 18, 2022 Weekly Update

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We do love it when someone refers a family member or friend to us.  Sometimes the question is, “How can we introduce them to you?”   Well, there are multiple ways but a very easy way is to simply forward them a link to this webpage.

Here are this week’s items:

Portfolio Update:  Murs and I have recorded our portfolio update for July 18, 2022 

CLICK HERE TO WATCH THE UPDATE

This Weeks Podcast –Andy Murphy – Securing Yourself Online and at Home

How do you keep your home and online space secure? Are you proactive in the steps you take to avoid fixing any damage? 

It’s important to understand the real threats that your family can face and how to be proactive about your security.

CLICK HERE TO LISTEN TO THE PODCAST

 

CLICK HERE TO WATCH ON YOUTUBE

This Weeks Blog –Securing Yourself Online and at Home–

We live in an online world, where security has completely changed and evolved. There was a time when our clients only had to worry about their home security, but now, you need to add in online security as well.

CLICK HERE TO READ THE BLOG

Securing Yourself Online and at Home

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We live in an online world, where security has completely changed and evolved. There was a time when our clients only had to worry about their home security, but now, you need to add in online security as well.

Imagine working hard to secure your retirement, finally executing all of the steps of retirement planning, and then someone upending all of it in minutes.

We recently had the chance to sit down with Andy Murphy, the owner of The Secure Dad, to discuss ways that we can keep ourselves and our families safer both online and offline.

We’ll be breaking this article into two sections, just like we did on the podcast, to discuss two main points:

  1. How to secure your main home, vacation home, etc.
  2. How to secure yourself online

Andy was nice enough to discuss security with us to help folks live a happier, safer life.

Andy’s Background and Starting The Secure Dad

When listening to an expert, Andy was asked, “What is one thing you can do every day, all day and not get tired?” For Andy, the answer was: family safety. The question led him to create The Secure Dad because it is something he’s obsessed with, and he wanted to share his expertise with the world.

Now, Andy helps people:

  • Take proactive steps to protect their investments
  • Take proactive steps to protect their families
  • Add security in life in a non-intimidating way

How to Secure Your Home(s)

Andy made clear that if you’re proactive about home security, you can keep bad things from happening. Being a little proactive can help you avoid:

  • Major expenses
  • Replacing stolen items
  • Filing a claim with insurance
  • Etc.

Proactive security helps you avoid emotional and financial stressors. Your home is your castle, and while you may have an emotional attachment to it, thieves look at your home as just another potential target.

Instead of relying on just home security, you want to make your home less attractive to thieves. You don’t want someone breaking into your home in the middle of the night while you’re asleep. So, what can you do?

Add lighting.

Thieves want to be concealed and protected. If you add lighting to the perimeter of the home, you can lower the risk of theft. If a thief believes that they’re going to be seen, they’ll go to another house.

Lighting is a major deterrent to thieves.

Ring cameras and security cameras work great, but they’re often not seen until someone walks up to your door or peers through your window. We’ve all seen commercials where someone already breaks into a home and then the alarm starts blaring.

You don’t want to wait until an intruder is in your home to scare them away. Ideally, you’ll scare them away before they even walk into your yard.

Andy recommends taking a multi-layered approach to your security, starting with:

  1. Discipline. Habits and routines, such as making sure your doors and windows are locked, are just the start. You’ll also want to keep your garage closed, lights on outside, etc. 
  2. Responsibility. Proactiveness will go a long way in securing a home. Take responsibility. Close the garage door with expensive gym equipment behind it, and work on making your home less of a target.

Contrary to popular belief, the most common time a theft occurs is during the day. Thieves do not want a confrontation, so they’ll target your home when they think you’re on vacation or at work.

If you just follow the discipline step above, you’ll greatly improve your home’s security.

How to Secure Your Online Data

There was a time when our clients were a bit reluctant to sign documents online or perform any transactions online. In recent years, most of our clients have become comfortable using online portals, but they really don’t know much about online security.

We’ve also been a target for scams, but through our systems in place, we’ve been able to stave them off from being a success.

One close call occurred when someone sent us an email from a client’s account and asked us to withdraw money. We then went through our internal systems. We always:

  • Double verify with the client
  • Ensure they haven’t been hacked
  • Etc.

Ultimately, the client didn’t send the email, and we recognized that they were hacked. 

However, not everyone has security measures to protect their online data. So, we asked Andy what he recommends our readers and listeners do to enhance their online security:

  • Be aware of phishing emails. These emails look legitimate, and they contain links. The person clicks the link and is somehow swindled into giving over their information.
  • Google is great, but if you type in a company name, be sure what you’re clicking on is the actual company that you’re wanting to use. Frequently, ads are disguised to look like Chase or Bank of America, but they lead you to non-official websites.
  • Online banking is often safer than traditional banking at this time. Now, people are engaging in mail fraud, stealing checks and then writing out fraudulent checks. You just need to be sure that the website you’re using is the bank’s official site and has real-time malware and virus scanning.
  • Enable two-factor authentication. While two-factor authentication may seem annoying, it adds an additional layer of security that makes it very difficult to hack into your accounts. Ideally, you’ll use a text message rather than an app for two-factor authentication because it’s safer. One issue that happened to Andy himself is he got a new phone and never transferred his two-factor authenticator to the new device. Unfortunately, he was digitally locked out of his accounts. So, learn from Andy: use a text notification.
  • Be cautious when using a password manager. While these platforms are well-known and used, there are rare cases when the master password is changed, or something happens and you can’t access anything.

Even someone like Andy has made the mistake of not copying their authenticator app to their new device and was locked out of his account. However, if you follow the tips and advice above, you’ll greatly strengthen your online security.

However, there’s one thing left to consider here: family security.

How to Begin Protecting Your Family’s Security

Family security is a very detailed process, but a few things you can do are:

  • Explain to your kids that online friends may not be who they think they are.
  • If an online friend wants to bring conversations to new platforms for no reason, this is often a red flag.
  • Freeze your child’s credit when they’re under 18. They can’t use it until that point, but hackers may try to use their information. Data breaches happen all the time, causing Social Security numbers to leak and may impact your kids.

One question Andy asked us is this: If someone in retirement has the finances not to take out credit, should they freeze their own credit?

And our answer was:

  • Why not? It’s an easy process that can save a lot of heartache. It couldn’t hurt to freeze credit.
  • You can always unfreeze your credit if you need to access it in the future.

Andy has a lot of educational resources, courses and books that you can use to dive into this subject matter far greater than we were able to in the podcast.

Click here to sign up for our podcast if you haven’t done so already.

July 11, 2022 Weekly Update

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We do love it when someone refers a family member or friend to us.  Sometimes the question is, “How can we introduce them to you?”   Well, there are multiple ways but a very easy way is to simply forward them a link to this webpage.

Here are this week’s items:

Portfolio Update:  Murs and I have recorded our portfolio update for July 11, 2022 

CLICK HERE TO WATCH THE UPDATE

This Weeks Podcast –Dr. Doug Lucas – How to Reverse Osteoporosis

If you have Osteoporosis or are exposed to its dangers, maybe it’s time you consider a comprehensive treatment approach. Osteoporosis is the diagnosis of having poor bone quality and quantity.

CLICK HERE TO LISTEN TO THE PODCAST

 

CLICK HERE TO WATCH ON YOUTUBE

This Weeks Blog –How to Reverse Osteoporosis–

As anyone listening to this should know, we’re all getting older. Osteoporosis is a major concern for everyone as they age. We believe that a healthy retirement goes well beyond finances and ought to really consider your physical health, too.

CLICK HERE TO READ THE BLOG

How to Reverse Osteoporosis

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While we often focus on ways to secure your retirement and retirement planning, we broke away from the norm on this week’s podcast and had a very important conversation about osteoporosis.

As anyone listening to this should know, we’re all getting older. Osteoporosis is a major concern for everyone as they age. We believe that a healthy retirement goes well beyond finances and ought to really consider your physical health, too.

Dr. Doug Lucas sat down with us to discuss how to reverse osteoporosis and outlined steps you can take if you want to slow and even reverse this condition. 

Who is Dr. Doug Lucas?

Dr. Lucas is a highly trained and respected doctor who finished his training as an orthopedic surgeon at Stanford University. After going into practice, he started to see a lot of patients that would fall and fracture or even break a bone.

The impact of a fractured hip or arm is a major concern for patients, and if you break a hip in retirement, the question is, will you enjoy retirement?

Probably not. 

Dr. Lucas started what he calls “health optimization,” which helps you live a longer, healthier life. And part of this life is trying to slow and even stop osteoporosis.

What is Osteoporosis Anyway?

If you’re in your early 50s, there’s a good chance that you have heard of osteoporosis in passing or may not even know what it really is in the first place. Dr. Lucas explains that this condition is the diagnosis of:

  • Poor bone quality
  • Poor bone quantity

Your bones often get stronger as you get older, and then when you hit your late 20s, the bones may begin to weaken. Doctors often don’t discuss your bone health, but it is something to be concerned about because it makes it so much easier to break a bone or suffer from a fracture.

When you’re older, a broken hip or bone can drastically impact your life.

Traditional Healthcare Model Surrounding Osteoporosis

It’s estimated that 50 million adults in the United States have osteoporosis. Unfortunately, most doctors and traditional checkups will not even test to see whether your bones are weaker. However, if your doctor does perform tests and you are diagnosed with the condition, the treatment is going to revolve around pharmaceutical treatments.

For example, your doctor is likely to recommend:

  • Supplements
  • Medications

Unfortunately, none of these things reverse the condition. If you do fall and have a nasty fracture, you’re often left with a doctor who doesn’t specialize in bone health. You need a very comprehensive picture to better understand how osteoporosis works and to heal from it properly.

Optimizing Your Health for Osteoporosis

Dr. Lucas explains that health optimization looks at the entire person and the root cause of your bone loss. So, before you can begin reversing your bone loss and weakening, you should understand the condition’s cause.

While you should begin early with health optimization, if you’re 55+, you can “turn this ship around.”

You can slow down bone loss and even reverse bone loss.

You won’t reverse back to your 20s when your bones were exceptionally strong, but you can take steps to strengthen your bones and prevent many bone fractures and breaks.

Typically, there are two main reasons for bone loss:

  1. Gut health is improper and does not allow you to maximize nutrient absorption
  2. Adrenal glands are causing chronic inflammation, often from stress

Once you figure out why you’re losing bone, it’s time to “plug in” holes and then work to strengthen the bones. The way to optimize bone health and begin restoring it is:

  • Taking certain supplements
  • Eating a proper diet
  • Consuming calcium
  • Eating the right proteins

Dr. Lucas also monitors micronutrients to ensure that the body has the nutrients necessary to restore bone health. Even genetics will be considered because there may be certain issues that you cannot change due to genetics.

How to Begin the Process to Check for Osteoporosis

If you’re starting from scratch and have no idea whether you have osteoporosis, the first step in the process is to schedule an appointment with a doctor who will run a screen test to learn more about your bone health.

You need a starting point to know your bone health.

However, if you had a fracture from minimal trauma, such as tripping over your dog and falling relatively lightly, there’s a good chance you have a “fragility fracture.” In this case, you have osteoporosis because your bones should not break that easily.

At this point, you want to reach out to someone who specializes in bone health, but there aren’t many people in this field.

Dr. Lucas is certainly a great contact to have because he created a mirror website for his company, found at Optimum Bone Health. The website provides a wealth of information to help you learn about bone health and can provide recommendations to optimize your bone health.

He can even help you get started through telehealth.

The process begins with:

  • 10 – 15-minute free consultation
  • Determine if you’re a good fit
  • Enter a six-month program to reverse osteoporosis

During the first month, many tests are taken to understand where your bone health is. Then, you’ll sit down with Dr. Lucas for an hour to discuss your tests. Based on your unique results, a program will be made for you to really start strengthening your bone health.

While it can take one to two years to start strengthening your bones, it is a process that is worth every second because it reduces your risk of fractures and bone breaks.

Do you want to secure your retirement? Sign up for our 4 Steps to Secure Your Retirement Video Course.

July 5, 2022 Weekly Update

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We do love it when someone refers a family member or friend to us.  Sometimes the question is, “How can we introduce them to you?”   Well, there are multiple ways but a very easy way is to simply forward them a link to this webpage.

Here are this week’s items:

Portfolio Update:  Murs and I have recorded our portfolio update for July 5, 2022 

CLICK HERE TO WATCH THE UPDATE

This Weeks Podcast -Nick Espinosa-Cybersecurity–

How do you keep your finances safe in a world where cybersecurity has become a household term? In a world where we’re performing most of our tasks online, it is important to be aware of the innovation of cyber fraud and hacking and how to stay safe.

CLICK HERE TO LISTEN TO THE PODCAST

 

CLICK HERE TO WATCH ON YOUTUBE

This Weeks Blog –Why is Internet Safety Important?–

Are you trying to secure your retirement? If so, a lot of clients we have are majorly concerned about cybersecurity. In an instant, a hacker can get into your bank account, transfer your savings over to their own accounts and leave you to pick up the pieces.

CLICK HERE TO READ THE BLOG

Cybersecurity 101: How to Secure Your Financial Accounts, Phone and Email

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Are you trying to secure your retirement? If so, a lot of clients we have are majorly concerned about cybersecurity. In an instant, a hacker can get into your bank account, transfer your savings over to their own accounts and leave you to pick up the pieces.

These individuals or groups may also hijack your email account and try mailing your financial advisor to make changes to your portfolio or give them access to your accounts. Additionally, someone can log into a retail account and rack up a ton of debt.

In our recent podcast, we had the opportunity to sit down with Nick Espinosa, CEO of Security Fanatics, a cybersecurity expert, to ask him a lot of questions to help protect our clients. Nick has worked with Fortune 100 companies and small businesses. He is a writer and even has Ted Talks where he teaches people about cybersecurity.

And he was more than willing to share some knowledge with our audience.

How to Keep Your Data Safe When Shopping Online

Shopping online is something a lot of people do. It’s a lot easier to go on Amazon and simply order a new pair of pants. However, in the middle of these transactions, you put a lot of trust in a third party that now has access to your credit or debit card information.

How can you stay safe when shopping online?

Nick claims it’s a “loaded question.” Everyone is online, and the pandemic accelerated online shopping and even working from home. The best way to protect yourself is awareness. Technology is constantly innovating, but the threats out there to steal your information or gain access to your accounts are also accelerating with its own technology.

A few questions to ask are:

  • What happens if someone breaks into your phone?
  • What happens if someone gains access to your computer?
  • What information would be found on these devices?

For most people, a lot of information may be accessible in these situations, and maybe you even saved passwords to the device, opening up a treasure trove of data to a hacker.

Protecting against these threats requires some diligence.

Enable Encryption or Set It Up

If someone steals your PC or phone, encryption ensures that they cannot read any of the data on the device. Unfortunately, a pin code isn’t enough to stop someone from potentially accessing files on these electronic devices.

Late-model iPhones and Android devices have automatic encryption, but it doesn’t work well with pin codes.

It’s easy to clone a phone and continually try cracking the pin code.

Instead, you want to use:

  • Long passwords
  • Biometrics, such as thumbprint

If you use these advanced security settings, you’ll encrypt your phone using a method that is very difficult or impossible to break.

Storing Passwords in a Password Manager

Many people rely on password managers because we know that people shouldn’t reuse their passwords across sites. Password managers can help you manage site passwords by:

  • Generating very secure passwords
  • Remembering the passwords for each site
  • Storing passwords using encryption

However, many password managers also synchronize across devices, so the passwords are available on your smartphone, PC, etc.

Hackers are working to break into these password managers because they’re a treasure trove of data. One thing to understand is that if you do use a password manager and there’s an update available for it, download the update immediately.

A security flaw may be the main reason for the update, and if you say, “Well, I’ll update that later,” you’re inviting hackers to steal your information.

Two-factor Authenticator

Two-factor authentication is changing the way people secure their accounts. Using this authenticator adds an extra layer of protection to your account, making it exponentially safer.

Hackers are lazy, and they will go after low-hanging fruit to hack.

Enabling multi-factor authentication requires you to verify the person logging into your account is you. Even if a hacker knows your password, without having access to your phone or wherever the authentication is received, they can’t get into your account.

Threat Detection Systems

A threat detection system sounds so advanced, but it’s crucial to realize that you have a minicomputer in your pocket if you have a smartphone. Your mobile devices are powerful, and they need the same protection as your PC:

  • Antivirus 
  • Antimalware
  • Anti-phishing
  • Etc.

We’re downloading things all the time. However, it’s easy to infect someone on Facebook or Twitter because these platforms do not actively scan files we upload to friends. It’s as simple as a hacker sending a blurry image of you from your mom’s Facebook account, asking if it’s you and then infecting you when you open the image.

The image may even be a doctored image of you, so you would reply, “Yes, awesome picture, mom,” and not realize that your smartphone is now infected with a virus.

Protecting Against a Phishing Scam

Phishing can take on many forms. For example, a Nigerian Prince may email you stating they have millions of dollars they want to transfer to you. Of course, most people are aware of these types of scams and will not fall for them, although some people still lose their entire retirement in these schemes.

There is also something called “spearfishing,” and Nick sees this often in the corporate and individual world.

The main problem retirees face is that they didn’t grow up with the technology that we have today. Nick claims that the vast majority of phishing victims are over age 60 and are the main target of hackers.

Why?

Let’s use an example. A hacker starts looking through someone’s email and sees that this person is a 22-year-old male named Johnny. As it turns out, Johnny often sends emails to his grandmother, and she’s the perfect target for phishing.

The hacker may use Johnny’s email to:

  • Send an email to grandma
  • Craft a story about how he’s stranded in London, and someone stole his wallet
  • Grandma sends the money

Grandparents will do anything for their grandchildren, and since grandma knows Johnny is in London, she doesn’t even realize that the mail may be from a hacker. Verifying that the person sending an email is real is as simple as picking up the phone and calling Johnny on his usual phone number.

If you call Johnny, you’re using two-factor authentication to verify that Johnny is really in trouble and can send him money.

Phishing can also happen on fake forms online. For example, someone may own Amazzon.com, and the site looks exactly like the real Amazon. However, when you type on your account information, it may redirect to Amazon, and you don’t realize anything was amiss.

The problem is that the hacker captured all of the form information and can now access your Amazon account and make purchases.

Sometimes, there’s an infection on a smartphone or PC. When you’re on your device and on Facebook, a pop-up may appear on the screen that says, “Call 1800 scamm-me.” You call, and the person steals your information.

Additionally, someone may text you from Bank of America saying there’s an issue with your account, so you click on the link and don’t realize it’s not a legitimate one. In this case, it’s crucial to call the bank yourself or log into your account by going to the official site yourself and verifying that there’s an issue with your account.

It’s far too easy to recreate a site, create this sense of an urgent problem with your account and fall into the grasp of a hacker who wants nothing more than to hack into your bank account. You need to do your due diligence to keep your information safe when logging into your bank account or receiving emails.

The key to keeping yourself safe online is to educate yourself and don’t make it easy for hackers to hack you. Use complex passwords and two-factor authentication, and always verify that the person mailing you for money is actually the person you want to help.

A healthy retirement is one that you actually get to enjoy. If you’ve worked hard, did everything right and then lost everything in an instant, it would be a horrible feeling. Focusing on your cybersecurity and just following the basics above will protect your retirement from hackers.

If you’re saving for retirement and want expert advice, schedule a call with us to see how we can help.

June 27, 2022 Weekly Update

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We do love it when someone refers a family member or friend to us.  Sometimes the question is, “How can we introduce them to you?”   Well, there are multiple ways but a very easy way is to simply forward them a link to this webpage.

Here are this week’s items:

Portfolio Update:  Murs and I have recorded our portfolio update for June 27, 2022 

CLICK HERE TO WATCH THE UPDATE

This Weeks Podcast -How to Plan for Inflation in Retirement–

Are you committed to having a tax-planning conversation outside the tax season? The only way to win in the tax game is to have a How does inflation affect your retirement? We’re currently experiencing high inflation due to a number of reasons and it’s only wise to know how to plan for it in retirement.

CLICK HERE TO LISTEN TO THE PODCAST

 

CLICK HERE TO WATCH ON YOUTUBE

This Weeks Blog –How to Plan for Inflation in Retirement–

Inflation is something everyone is dealing with right now. However, we focus on retirement planning. We want to help ease the minds of those trying to secure their retirement or those already enjoying life after work.

We’re going to be answering a lot of great questions today…

CLICK HERE TO READ THE BLOG