A new year means a fresh start so we’re closing out 2019 by taking out the financial trash that we no longer need in our portfolio. We’ll also bust a few Social Security myths and call out the latest financial propaganda along the way.

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This is the final episode of the year for No Payne, No Gain so it’s only fitting that we try to get organized and clean out the portfolio before 2020.

Come along as we cover a few different topics and close out the decade on a high note.

Taking Out the Trash

There’s always a way to improve your retirement plan and it’s easiest to start with things that are weighing you down. On this episode, we’ll identify a few pieces of financial trash that you don’t need to hold onto any longer and tell you why it’s time you get ride of these. You’ll see that each piece of trash could be costing you money towards your retirement so the sooner you take care of these the better.

1:15 – We’re going through our financial life and seeing what we can discard before the new year.
1:28 – The first thing we can discard is too much risk.
3:05 – If we were in a market like 2008, how would your portfolio hold up?
3:50 – The next bit of financial trash is fees.
5:32 – Get rid of all the money you have in cash.


Social Security Myths

The world of Social Security is filled with myths and misunderstandings and it’s time we cleared some of these up. Social Security is a critical piece of every individual’s retirement income so it’s vital that you get it right.

Let’s discuss a few of the myths that we commonly see and explain why there’s always more to consider.

7:51 – The first myth is there’s a perfect time to claim Social Security.
9:56 – The next myth is that Social Security is going broke.
11:45 – The myth of how taxes work if you work while you take SS.


Financial Propaganda

This week we bring back our financial propaganda segment as Ryan and Bob both scour the internet for headlines that appeal to fear and pessimism. The two headlines this week deal with the doom and gloom surrounding the market. Some are saying the next decade will provide horrible returns on your money. We’ve heard that before, right? Our other piece of propaganda refers to an investment product you hear us talk a lot about: annuities.

15:21 – Bob finds an article that says returns over the next 10 years will be awful so don’t invest.
17:51 – Ryan found a story on a product investors bought $12.5 billion of a variable annuity.


Thanks for joining us for another episode of the No Payne, No Gain podcast. We talk to you next week in 2020!

“We know that the cost of living is going up. The one thing we all have to think about pragmatically, whether we’re saving for retirement or retired now, is every 20 years your purchasing power gets cut in half.”

– Ryan Payne

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