Financial Symmetry: Balancing Today with Retirement copertina

Financial Symmetry: Balancing Today with Retirement

Financial Symmetry: Balancing Today with Retirement

Di: Chad Smith CFP® and Mike Eklund CFP®
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When considering retirement, do you wonder what financial opportunities you may be missing? Busy lives take over and years pass without taking advantage. In this retirement podcast, the Financial Symmetry advisors unveil financial opportunities, to help you balance enjoying today so you are ready to retire later. By day, they are fiduciary fee-only financial advisors who answer questions about tax savings, investment decisions, and how to save more. If you've been putting off your financial to-do list or are just not sure what you've been missing, subscribe to the show and learn more at www.financialsymmetry.com. Financial Symmetry is a Raleigh Financial Advisor. Proudly serving clients in the Triangle of North Carolina for over 20 years. Economia Finanza personale Gestione e leadership Management
Episodi
  • Spooky Season IRA Mistakes That Lead to Financial Frights Ep #266

    Spooky Season IRA Mistakes That Lead to Financial Frights Ep #266
    Oct 19 2026
    It's the season of spooks and scares, but some of the scariest stories don't live on the silver screen. Some irreversible IRA decisions can create true horror stories, leading to lost opportunities, unexpected taxes, and painful penalties. Inspired by classic chilling tales, let's take a horrifying walk through the haunted halls of IRA planning mishaps, and learn how to keep your financial future free of regrets. The "Shining" Scenario: When IRA Rollovers Can't Be Undone First up is a chilling cautionary tale reminiscent of The Shining—not for the faint of heart. Imagine the case of Sheila, whose husband passed away unexpectedly while she was still in her early 50s. In the midst of grief and paperwork, Sheila called her husband's IRA provider and was told she could roll his account into her own IRA as a spousal beneficiary. Hoping to keep things simple, she did just that, unaware of the consequences lurking in the shadows. Years later, needing funds to pay for her children's college costs, she withdrew $60,000 from her new IRA. That's when the monsters came knocking: instead of just paying ordinary income tax, she was slapped with a 10% early withdrawal penalty because she wasn't yet 59½. Had she left the assets in an inherited IRA, she could have withdrawn funds without that penalty, even if she wasn't yet 59½. But once the rollover was complete, there was no going back—no twist ending, no second chance. Take your time before moving inherited assets, especially if you're under 59½. Carefully consider whether you'll need penalty-free access before rolling funds into your own IRA, and if in doubt, consult an advisor before you're snowed in by irreversible choices. Stranger Things: The Lurking Peril of Missing NUA Opportunities Have you ever watched Stranger Things and felt the eeriness of entering the Upside Down? There's an IRA move just as strange and fraught with hidden peril: navigating Net Unrealized Appreciation (NUA) with company stock. If you own company stock inside your 401(k) and are preparing to retire, you might have the opportunity to use NUA tax treatment. This allows you to move that stock into a brokerage account, paying ordinary income tax only on your original basis—and then paying long-term capital gains tax on the appreciation. This can be a colossal savings if your stock has grown significantly. But here's the supernatural twist: if you roll all assets—including your company stock—directly into an IRA, the NUA opportunity is lost forever. The rules for NUA are exacting: everything must be done at once, and you cannot fix the mistake if you misstep. The chance just vanishes, like Will in the first season. Before rolling over a 401(k) with company stock, pause and explore whether you can benefit from NUA. Missing out could cost you thousands in extra tax. Final Destination: The Deadly Rigidity of 72(t) Distributions Some IRA paths feel as inevitable as fate in a slasher movie: once you've chosen, you can't escape the consequences. The 72(t) or "substantially equal periodic payments" rule is just such a fate-driven plot. It lets early retirees take penalty-free IRA distributions, but only if they stick to a rigid schedule—one they can't break for five years or until they reach 59½, whichever is longer. Deviating from this payment plan can invoke IRS wrath: retroactive penalties and interest on every early distribution, turning her dream retirement into a nightmare. Use 72(t) distributions as a last resort, and follow the rules meticulously. Consider splitting your IRA into multiple accounts to keep flexibility for irregular withdrawals. The Frankenstein Facts of Rollovers and Conversions A few additional spooky facts: Non-spouse heirs can't do 60-day rollovers with inherited IRAs—once you withdraw, it's taxable. The 60-day IRA rollover is only allowed once per 12 months. Roth conversions are irreversible: once completed, you must pay the tax bill. Take a breath after inheriting retirement assets or before making a major IRA transaction. Rushed decisions can lead to regrettable horror stories. Don't Get Trapped In Your Own Financial Horror Story IRA rules are packed with opportunities, but also with traps that can lock you in, permanently harming your financial security. Before you make any big moves, review your entire financial picture and, if possible, consult with a qualified advisor. When it comes to IRA planning, some doors, once closed, can never be reopened. Don't let your retirement story become a classic Hollywood fright. Outline of This Episode [03:12] Inherited IRA considerations for spouses [06:38] Tax benefits of capital gains [10:07] Penalty-free IRA withdrawals [16:26] Using IRA for home purchase [17:42] Planning Roth Conversions and IRA Tips Resources & People Mentioned The Retirement Podcast Network Connect With Chad and Mike https://www.financialsymmetry.com/...
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    20 min
  • Scams Criminals Use to Target Your Money and How to Stay Safe, Ep #265

    Scams Criminals Use to Target Your Money and How to Stay Safe, Ep #265
    Oct 5 2026
    Social media and online communication have made it easier to connect with family and friends, but it's also opened up new ways for criminals to access your hard-earned money. On this episode of the Financial Symmetry Show, we help you recognize and avoid five of today's most prevalent financial scams. These scams are designed to manipulate your emotions—fear, urgency, trust, and even love—to encourage quick, uncritical action. But here's what you need to know to keep your money safe. The Jury Duty Scam It starts innocuously: a call from someone identifying themselves as a law enforcement officer. They'll say you've missed jury duty or a court appearance, and a warrant is out for your arrest—unless you immediately pay a fine or post bail. To make it convincing, the caller rattles off official-sounding details, maybe even some personal information gleaned from public records. What makes this scam effective is the fear and confusion it triggers. Legal terms like "summons," "bail," and "contempt of court" aren't part of most people's daily vocabulary, heightening anxiety and reducing critical thinking. Remember that courts don't demand immediate payments by wire transfer, crypto, or gift cards, nor do they ask for sensitive information like Social Security numbers over the phone. Victims should always slow down, hang up, and call the court or sheriff's office directly using publicly available numbers—not those provided by the caller. The Family Emergency Scam Picture this: you receive a frantic call or text claiming to be from a child, grandchild, or other relative in distress, maybe they say they've been arrested, hurt, or they're stranded without their wallet. The phone number is unfamiliar, but the person explains they're borrowing someone's phone, adding urgency and plausible confusion. Criminals often scrape social media to convincingly impersonate loved ones, and with advances in AI, they can even mimic voices. In this scenario, you should independently verify by calling the supposed family member back or checking with another relative. Some families even create "safe words" for emergencies. The Bank Impersonation Scam Receiving urgent contact from your "bank" about suspicious account activity can rattle anyone. Fraudsters posing as bank representatives will request login credentials, Social Security numbers, or other vital details, under the guise of "verifying" your identity. Authentic banks will never ask for full credentials via phone, text, or email. If you're contacted this way, don't click emailed or texted links and never provide sensitive information on inbound calls. Instead, log in directly to your bank's trusted website or app, or contact your branch in person. A common scam tactic is pushing you to move money to a "secure" account, which is typically the scammer's own. The Investment Scam This scam may involve a professional-looking website or portal, regular "account updates," and visible (if fictitious) growth of your investment. Some schemes unfold over months, building trust and even excitement, until the day the money and the scammer vanish. The red flags are unrealistically high returns, high-pressure tactics to invest more, and reluctance to allow withdrawals. When you're considering making any investment, do your research thoroughly and consult objective professionals before parting with money. Genuine financial advisors rarely require snap decisions for "exclusive" opportunities. Romance Scams Perhaps most heartbreaking is the romance scam, where a criminal spends months or even years building an online relationship, only to begin asking for money for emergencies, travel, or joint investment opportunities. The connection feels real, but requests for funds or evasiveness about meeting in person are consistent warning signs. Watch out for romantic partners who seem to isolate you from friends or family, who regularly have financial emergencies, or who outright ask for money before any in-person meeting. How to Protect Yourself Each of these scams relies on two tactics: urgency and trust. Scammers want you to act before you think. By slowing down, independently verifying stories, and discussing potential issues with loved ones or professionals, you can avoid becoming a victim. A healthy dose of skepticism and a willingness to question are your best defenses against financial fraud. Don't let anyone rush you into giving up sensitive information or hard-earned money. Outline of This Episode [00:00] Protecting yourself from scams[06:58] Verifying emergency requests from loved ones[08:46] Recognizing phishing scams[11:59] Falling victim to an investment scam[16:41] Warning signs of romance scams[18:01] Recognizing scam tactics and staying vigilant Resources & People Mentioned The Retirement Podcast Network Connect With Cameron and Grayson https://www.financialsymmetry.com/podcast-archive/ Connect on Twitter @csmithraleigh @...
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    21 min
  • Five Overlooked Dangers That Could Undermine Your Financial Foundation, Ep #264

    Five Overlooked Dangers That Could Undermine Your Financial Foundation, Ep #264
    Sep 21 2026
    The foundation of a sound financial plan is often built on details and protections that, if ignored, can threaten everything you've worked hard to achieve. This week we're exploring essential but often overlooked vulnerabilities and sharing strategies to patch these potential cracks. Here are the five key areas we cover and how you can fortify your own financial foundation. 1. Liability Protection: Don't Let a Lawsuit Derail Your Finances While building assets and investing wisely matter, many people overlook the need to protect what they've built. If you own a home or a car, you likely have basic homeowners and auto insurance, which generally require liability coverage. But the risk doesn't stop there—a car accident, a mishap at your home, or even kids' playdates can lead to litigation and financial exposure far beyond standard policy limits. Umbrella insurance provides an extra layer of protection, kicking in when your underlying policies are exhausted. Coverage often starts in $1 million increments and is surprisingly affordable, typically just a few hundred dollars per year for each additional million in coverage. Reviewing your net worth and ensuring umbrella policies reflect your exposed assets (especially as they grow) is vital to guard against rare but potentially devastating events. 2. Protecting Your Income: Life and Disability Insurance For most people, income is their single greatest asset. Premature death or disability can eliminate this stream, threatening your family's future lifestyle and goals. Life insurance comes in different forms, but term coverage is widely recommended for its cost-effectiveness. The amount and term length should match your earning years and obligations, with adjustments as your wealth grows and your insurance needs change. Disability insurance is equally critical, covering scenarios where you can no longer work due to injury or illness. Many employers offer policies as a fringe benefit, but private options are available if you need additional coverage. If you cannot qualify because of health issues, planning ahead with your spouse and considering alternatives like reduced spending or downsizing becomes even more important. 3. Incapacity Planning: Financial and Medical Powers of Attorney Even the best-laid financial plans can be upended if you lose the ability to make decisions. Cognitive decline or unexpected accidents can create confusion and hardship for families suddenly tasked with managing your finances. Well-structured power of attorney documents ensure your spouse or trusted advisor can step in smoothly—paying bills, accessing funds, or making medical decisions if you're incapacitated. Review these arrangements regularly, and update them after major life events or relationship changes. Backups to your primary designees are essential in case your initially chosen agents are unable to serve. 4. Estate Planning: Beneficiary Designations and Account Titling When you pass away, how and to whom your assets transfer can get complicated if you don't review them regularly. Beneficiary designations on retirement accounts, insurance policies, and even bank accounts frequently supersede instructions in your will. Major life changes—marriage, divorce, childbirth, or job changes—need updates to your designations. Proper account titling also ensures that your wealth flows directly (and efficiently) to intended recipients. Regular check-ins help prevent disputes and delays in asset distribution at an already difficult time. 5. Adequate Property and Casualty Insurance: Keeping Pace with Change Simply owning insurance isn't enough if your policy doesn't reflect your current situation. Real estate values, renovation projects, and rising costs of materials can all increase the replacement value of your property. If you don't update coverage, you could be responsible for the difference if disaster strikes. Review your homeowners and auto policies proactively—especially after major home remodels or large purchases. Ensure valuable personal property (like jewelry or art) is properly documented and insured with additional riders if needed. A simple policy review or conversation with your agent can prevent an overlooked crack from widening into serious loss. Don't Overlook the Basics Before chasing the next hot investment or tax-saving strategy, ensure your financial foundation has no hidden weaknesses. Addressing liability, income protection, incapacity planning, estate documents, and adequate insurance will help you sleep easier and keep your goals on track—come what may. Outline of This Episode [05:12] Importance of life insurance coverage[07:56] Understanding disability insurance basics[10:44] Planning for financial incapacity[15:09] Adjustments required due to real estate appreciation[16:43] Importance of insurance reviews[17:49] Insuring valuable personal property[19:51] Prioritize your foundation before moving on to more complex ...
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    22 min
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