Hi, I’m Russ Thornton, and I’ve been delivering personal financial advice for over 20 years. My lifestyle financial planning service helps women achieve the life they want without fear of ever running out of money.

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Article Round-Up

Round UpEvery once in a while, instead of my usual weekly article, I’ll share a collection of articles that I found interesting.

Maybe you’ll find one or more of them interesting, too.

So let’s get started, shall we?

I have a client whose Mom passed away recently, and she asked for my input on the distribution of her Mom’s IRA. It turns out her Mom had named her estate as the primary beneficiary of her IRA, and this is something I advise against doing. In most cases, it is far better to name a specific person (or persons) as beneficiary for your 401k, IRA and other retirement accounts. For more on why this important, read this.

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Managing Your Retirement Income Like A Pension

PensionsHowdy.

I hope you’re doing well.

A couple of weeks ago, I shared with you an email I received from my planning team.

It contained some terminology that, while common among my colleagues, left some of you asking for an explanation.

Specifically, I had a few people ask me about the term “overfunded” that was mentioned in the email.

And this is the reason today’s article has “managing your retirement income like a pension” as its title.

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Your Very Own Bill-Cutting Concierge

BillCutterz LogoGood morning.

I hope you enjoyed a nice, relaxing Labor Day weekend.

I want to warn you . . . what I’m about to tell you will sound like some kind of get-rich-quick scheme.

But it’s not.

I’m going to tell you how I earned $180 for about 5 minutes worth of work. That’s the equivalent of earning an hourly rate of $2,160.

And you may be able to do the same thing. Or maybe even more.

Let me explain . . .

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With A Little Help From My Friends

Little Help From My FriendsToday, I want to share a recent email I received from my financial planning team:

Russ,

We have posted your Q2 status reports and please note the following,

  • XXXXXX – We would proposed changing the risk from Balanced Income to Risk Averse and increasing their Travel goal from $7k to $8k.
  • XXXXXX – The plan is overfunded and unless we identify new goals or expand on existing goals, we will need to reduce their risk exposure. Please advise.
  • XXXXXX – This plan is currently overfunded, and based on the existing parameters, we would need to adjust the risk from Balanced to Risk Averse in order to bring the recommendation back with the comfort zone. Do you want us to make this change or do you want us to expand existing goals before changing the allocation?

Please provide guidance on the above and let us know if you have any questions.

Thanks.

I wanted to share this with you for a couple of reasons . . .

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You Can’t Handle The Truth

Can you handle the truth?I don’t know about you, but when I hear or read the phrase, “you can’t handle the truth,” I imagine Jack Nicholson’s character, Colonel Nathan Jessup, screaming it from the witness stand in the movie A Few Good Men.

And honestly, sometimes I feel like screaming it myself. Not screaming it at Tom Cruise or you or anyone in particular, mind you.

It’s just that I’m regularly frustrated to see smart people like you as well as your financial advisors make decisions that don’t seem to be based on much “truthiness.”

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