Something More With Chris Boyd Show Podcasts

Medicare is a complex program and can sometimes be confusing. Susan Flanagan of Blue Cross Blue Shield of Massachusetts joins Chris and Jeff to break it down. If you are planning for retirement, you will definitely want to listen in. Susan answers these questions and more: What are the different parts of Medicare? Who is eligible for it? Do I need supplemental insurance? What if I’m still working at 65? What if I quit working before 65?

Chris Fitzgerald, General Manager of the Falmouth Commodores joined Something More with Chris Boyd to talk about the Cape Cod Baseball League and the Commodores. The Cape Cod Baseball League (CCBL) is comprised of 10 teams. They play 44 games per season (June and July) and the top 4 in each division go to the playoffs.  1 in 6 MLB players played in the Cape Cod Baseball League. Each team recruits 30 NCAA players from around the country. It’s a moving target with some players coming late due to college playoffs, some getting selected to play in Team USA, some getting drafted in the MLB. This year 26 Commodores players were drafted. The Commodores organization is supported by coaches, interns, a Board of Directors, volunteers, host families, and sponsors. Games are free and the organization is entirely run on donations from fans and sponsors. Plus, the team participates in community events and every home game recognizes a different community organization. This is the Cape Cod Baseball Leagues and the Falm

Jeff and Jeff review a BankRate.com survey (April 2023) about money and stress. 52% said money has a negative impact on their health and causes stress. 82% of the 52% say it’s economic factors (e.g., inflation, interest rates, etc.) that are causing their stress. Middle generations are more stressed about money. Jeff Tomaneng attributes this to middle generations being homeowners and starting families. Their advice for couples who are stressed about money is to: - Construct a balance sheet and statement of cash flows - If saving for high ticket expenses (e.g., college, etc.), cut down on expenses like dining out, etc.  - Seek out the help of a financial planner.  Recorded July 13, 2023.

Jeff and Jeff discuss some of the top mistakes people make when planning for retirement from a MarketWatch article. They are:       Not planning for long-term care expenses. They suggest that this should be considered as part of a comprehensive financial plan that is developed well before the need arises.       Not accounting for Inflation over one’s lifetime. Inflation is bound to happen. They suggest to determine the future cost of what a new car or other major expenses will cost.           Being too cautious. If you are in or near retirement and are too risk adverse, you may not be able to earn enough income to keep up with inflation Not being prepared for surprises. Health issues may occur as we get older, there may be the need for a roof, etc. Cash flow needs to be available to cover these unexpected expenses

Jeff hosts for Chris. He reviews some key financial indicators that recently came out: Consumer Price Index rate of inflation was less than anticipated Producer Price Index for June only Rose 110th of 1%. The unemployment rate is 3.6% in the United States, that means 66 million people who are looking for a job in the United States were not able to find a job. The labor participation rate is 62.6% and that's numbers holding steady. So basically we are seeing strong numbers for the employment front, with low levels of unemployment. Jeff and Cathi talk about her most recent blog “When I’m 64 – or 66-1/2 – 80”.  People can retire from their current job at any age. That doesn’t mean that can’t continue to work another job, a volunteer position, or wherever their passion may take them.

Chris and Jeff discuss a CNBC article, "Don’t be Fooled by Common Money Myths Financial Gurus Make". 1) Financial ‘advice’ always has your best interests at heart A fiduciary advisor has a legal duty to put your economic and financial interests ahead of their own. How one is compensated may flavor their interest. 2) You must pay for frequent credit report access “The Fair Credit Reporting Act gives us the right to one free credit report every 12 months from AnnualCreditReport.com. 3) Paying off your mortgage early isn’t worth it If your mortgage interest rate exceeds your likely return in the market, it generally makes sense to pay off the mortgage faster and visa-versa. But a mortgage paydown is akin to a guaranteed return. 4) You don’t need emergency savings These accounts shouldn’t be considered as part of a long-term savings plan for college tuition, a new car or a vacation. Instead, this fund is a safety net to be tapped only during emergencies. 5) You must monitor the stock market daily Focusing on dail

Doug MacDonald, President & CEO of Murray & MacDonald Insurance Services joins to discuss things you don’t typically think about with property and casualty insurance. Doug suggests that your watercraft policy give you replacement cost coverage for partial damage. You should encourage everyone on your boat to wear a life vest and have an umbrella policy as an additional layer of liability. Your homeowner’s policy extends to physical damage as well (e.g., your golf ball accidentally hits someone’s head and creates a lot of damage). Hurricane season runs June through November, and with that comes floods and erosion. Erosion is not typically covered in your homeowner’s policy, nor is a mudslide or sinkhole. Homeowner policies will give you a sinkhole rider. In Florida, where they are common, they mandated that homeowner policies must cover sinkhole coverage. Earthquake coverage is also not covered on a standard homeowner’s policy. There are about 5,000 earthquakes felt each year in the U.S., so there’s go

Chris and Jeff talk about books and podcasts – and the Something More with Chris Boyd podcast now available on YouTube! They discuss the latest IRS scam where unclaimed tax notices are being mailed on what appears to be IRS letterhead. People are asked to fill out their Social Security number, etc. and provide a copy their driver’s license. Unfortunately, there are so many nefarious individuals out there trying to take advantage of trusting people. If you receive anything that does not appear to be legitimate, don’t respond immediately. In this case, get the actual number to the IRS and call them to verify the legitimacy of the letter.  

Chris, Brian, and Jeff talk about biased and fear-based investing. Many make investment decisions based on factors such as politics or where a certain stock sector is going and time the market wrong. When people get nervous, they often sell low vs. using it as a buying opportunity. They encourage people to do their research, be in for the market for the long-term, and not act on impulse.

Brian’s back. He talks with Chris and Jeff about improving financial indicators, which indicates that the economy is starting to normalize. Where has the 18-month promise of a recession been?  Brian discusses other false narratives, such as the housing suffering, and if he thinks the banking crisis is over? The Fed put a floor on the immediate crisis and the largest US banks did well on their recent stress tests.   They also talk about the employment picture and the “graying of America”. 

Chris and Jeff chat about the July 4th holiday weekend. They answer an “Ask the Advisor” question “Should I convert my 401(s) to an IRA or ROTH IRA? Last but not least, they discuss a CNBC article about what money matters cause strife in a marriage.  

Chris & Jeff discuss the 12 retirement mistakes to avoid from a "US News & World Report" article. Some of the mistakes are not getting an early start in saving for retirement, agreeing to support adult children, overlooking contribution opportunities, etc. Listen in as they provide tips on how to manage these potential retirement planning setbacks.

In this episode, Chris talks with Ric Edelman, investor, author, and founder of Edelman Financial Engines about digital assets and blockchain. Ric also started a Digital Asset Council of Financial Professionals (DACFP), which provides courses and a certification on crypto.   Their conversation includes the difference between cryptocurrency and crypto assets. Ric feels that crypto should be considered part of a diversified portfolio, but not more than 1%.  Ric cautions against financial advisors offering clients an account to buy Bitcoin, but suggests a better way is to buy securities that invest in the crypto space.  At 50 minutes, Chris and Jeff Perry continue the crypto convo. They question how crypto assets are valued, how to identify those “bad” actors (e.g., FTX, etc.), and that retirees may not have time to recover from downward fluctuations of crypto.

Attorney F. Keats Boyd, III, President at the Law Offices of Boyd & Boyd, P.C., joins Chris. Keats reviews basic estate planning documents and when they are applicable. It’s never to early to have a Healthcare Proxy, Power of Attorney, Will, Revocable Trust, and HIPPA Authorization in place to ensure your desires are carried out if you become incapable of doing so.  

Chris and Jeff talk about the benefit of having life insurance at different stages of one’s life. Life insurance can serve as a temporary tool to give one time to create the wealth that has not yet been created. How much life insurance you need should ideally be determined in the context of your financial plan. Most people purchase life insurance to pay off debt and create an income stream to support their family members after their death. There are different types of life insurance. It is important to determine your need, review the cost and terms of the policy, etc., before purchasing life insurance. Life insurance policies are underwritten by health and financial capacity based on statistical data – since you likely pay a higher rate if you have existing health conditions,  it can make sense to get life insurance while healthy. 

Chris & Jeff talk about the market. This week the Federal Reserve paused on interest rate hikes for May and the market is reacting favorably. The Core Inflation Rate is still at 5+, so it is unclear if rates will be hiked in future months. Chris discusses a Morningstar article “5 Charts on the Super Concentrated Stock Market”. For the first five months of 2023, 10 stocks accounted for 97% of the totals gain from the Morningstar US Large-Mid Index.

Chris has a great conversation with Robert Powell, award-winning journalist about retirement planning. They talk about bucket lists (once you reach 65 you have on average 8,000 days left on this earth), cashflow (using guaranteed income for essential expenses), retirement risks (inflation, divorce, policy change, etc. - plan ahead for those that you can), and elder planning.   Listen in for considerations regarding planning for a secure retirement, and follow Robert Powell on Finstream.TV and at Retirement Daily.net.  

May was Asian American and Pacific Islander Heritage Month and we celebrate Jeff Tomaneng, CFP®. Jeff is a first generation Filipino American and was recently recognized as a nationwide leader in the article “Amplifying 8 Asian-American Voices in Financial Planning”. Jeff is a wealth manager at AMR and a co-host of the FPA Wicked Pissah Podcast, produced by the Financial Planning Association of New England to provide thought leadership for financial advisors.   Chris and Jeff talk about what to do and not do in market down turns. In any market, make sure that your risk profile fits your temperament. They also discuss the debt ceiling and Republican Presidential candidates.   Recorded May 27, 2023

Scott Birmingham shares a survey (How well do people perceive their readiness for retirement?) by The Center for Retirement Research at Boston College. Roughly 20% of people interviewed are in bad shape for a secure financial retirement and know it, 40% are in good shape and know it, and 40% are not aware of how they are doing. Chris and Jeff, talk about the SEC injunction against Binance (cryptocurrency). The SEC claims that $2.2BN of investor’s funds are at significant risk due to the company co-mingling them with that of the founders' investments.

Kristen Mitchell-Hughes, Vice President of Tourism, from Cape Cod Chamber of Commerce joins Chris and Jeff. She shares what special events are planned for this summer season and the challenges the hospitality industry faces. Visit CapeCodChamber.org for a list of events. Mark Skala, President & CEO, Cape & Islands United Way talks with Chris and Jeff about the important mission that they provide to help with education, health, financial stability, and affordable housing on the Cape. Their 25th annual Best Night Gala will be held on June 23rd from 6-10pm and honor 25 people critical in the early days. Recorded June 1, 2023