Episode 31: Social Security, Roth IRA's and Choosing a Financial Advisor.

Bite Sized Finance

What happens when the fundamentals of Social Security face unprecedented challenges? Join me, Kelly Brothers, as I unpack the looming crises of a dwindling worker-to-beneficiary ratio and rising life expectancies, which put Social Security's financial stability at risk. We'll explore potential solutions like raising the retirement age and forming a nonpartisan panel, and consider how these changes could shape retirement planning and the future of Medicare. Ever wondered how raising the minimum wage affects more than just your paycheck? This episode dives into the ripple effects, from inflation to the rise of automation in fast food settings, particularly in high-cost areas like California. We'll also decode the complexities of investing during election years, shedding light on how political gridlock often brings stability and predictability to financial markets. Imagine maximizing your Roth IRA to a staggering billion dollars and more. Learn how tech titans have done just that as we explore the ins and outs of Roth IRAs, including contribution limits, income constraints, and conversion strategies. Plus, we'll discuss how to choose the right financial advisor for you, highlighting the importance of fiduciary responsibility and personalized service. For more information on what we provide at CAPTRUST visit www.captrust.com. You can contact me, Kelly Brothers, through the show at: [e-mail] To reach me at CAPTRUST visit www.captrust.com/locations/sacramento-ca/ CHAPTER SUMMARIES(00:00) Social Security and Retirement Challenges Social Security's history, challenges, and solutions, including demographic shifts and the need for reforms to ensure viability. (15:37) Minimum Wage and Election Year Politics Raising minimum wage may lead to inflation, reduced human interaction, and increased automation. Election years see strong market performance and favor political gridlock. (28:12) Maximizing Roth IRA Benefits Nature's Roth IRA benefits include tax-free growth, contribution limits, conversions, and strategic timing for beneficiaries. (37:36) Choosing a Financial Advisor Choosing the right financial advisor involves recommendations, personality match, fiduciary and CFP status, fees, and interviewing multiple advisors. (47:27) Generational Legacy in Finance Joy of multi-generational relationships in finance, community engagement, and "Bite-Sized Finance" show on KFBK, KSTE, and podcasts. HIGHLIGHTS(07:52 - 08:46) Retirement Impact on Companies (13:55 - 15:32) California Minimum Wage Impact (21:28 - 22:52) Market Performance During Political Years (28:12 - 29:12) Maximizing Roth IRA Contributions (36:34 - 38:33) Bite-Sized Finance With Kelly Brothers (43:30 - 45:19) Fee Transparency in Financial Advising (47:17 - 47:52) Multi-Generational Family Advisor Relationship