Category Archives: Financial Strategies

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Episode 69 – Should I Stop Contributing To My 401(k) During COVID-19? (and More Answers To Your 401(k) Questions)



Has your employer stopped matching 401(k) contributions during COVID-19? Do you wish you had more money for daily expenses?

If so, you might be wondering if you should stop contributing to your 401(k).

Today, Larry Heller explains why increasing your savings rate is one of the best ways to take back control during unsettling times. 

This episode is filled with advice to help you increase your contributions, focus on the long-term outcomes of contributing to your 401(k), and know whether it’s wise to withdraw early from your plan, even if the U.S. government is making it easy to do that during COVID-19. 

In this episode, you will learn:

  • Why you shouldn’t stop contributing to your 401(k)
  • Three ways to increase your contributions
  • How to know if you’re saving enough money in your 401(k) for retirement
  • What to look for when doing a portfolio check 
  • What to do with your 401(k) if you lose your job
  • What the downsides are of taking a hardship withdrawal
  • And more!

Tune in for complete advice on what to do with your 401(k)!

Resources:  Heller Wealth Management: (631) 293-2806 | Episode 35: Your Retirement Paycheck | Video: How To Decide If a Roth Conversion Is Right for This Year


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Episode 68 – Golf Tips to Help Older Adults Play Safely and Enjoy the Game –– With Bill Bresnan



Are you over 50 and thinking about getting into golf? Or maybe you’re a seasoned golfer who is looking for tips to help you avoid injuries as you get older.

This is the episode for you!

Today Larry Heller talks to Bill Bresnan, a PGA golf professional who has been giving lessons on Long Island for over 25 years. (In fact, Bill is Larry’s golf instructor!) Bill shares advice to help new golfers over 50 play safely and avoid the frustrations that come with just starting out. He also shares how experienced golfers can improve their game and make adjustments for safety as they age. 

In this episode, you will learn:

  • About Bill’s favorite memory from competing in the PGA
  • The first step for older adults who are interested in taking up golf
  • Two recommendation to help golfers age 50+ avoid injuries and keep enjoying the game
  • Advice to help new golfers enjoy the game without getting frustrated
  • Why older adults benefit socially from playing golf at a club 
  • Two key traits to look for in a golf coach
  • And more!

Tune in now to get tips for mastering and enjoying golf as you get older.

Resources:  Heller Wealth Management: (631) 293-2806 | Colonial Springs Golf Club: Call Bill Bresnan at (631) 643-1050 ext. 23 

 


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Episode 67 – The Business Case for Workplace Cultures of Accountability –– With Christine Ippolito



By creating a culture of accountability in your company, you can give your employees clearer expectations and a better sense of purpose. This shift is particularly helpful as employees are feeling more stressed and anxious during the pandemic. 

In this episode, Larry Heller talks to Christine Ippolito, the founder and president of Compass Workforce Solutions. Christine helps small businesses succeed in a challenging regulatory environment and has built a strong reputation as an expert and leading voice in the area of human resources. Christine explains how to establish a culture of accountability in your workplace and why this culture empowers every person in your organization to own their tasks and ask questions. 

In this episode, you will learn:

  • Why having a culture of accountability saves time, energy, and effort at work
  • How to get buy-in from new employees without micro-managing them
  • Examples of how to set clear expectations for your team
  • Questions to ask yourself before you delegate a task to an employee
  • How to give your team permission to hold you accountable as a leader 
  • Four tools that you can give employees to help them achieve accountability
  • How to tell if your company has achieved a culture of accountability
  • And more!

Tune in now to learn what changes you can make right away to shift to a culture of accountability. 

Resources:  Heller Wealth Management: (631) 293-2806 | Compass Workforce Solutions: (631) 794-7400 | Measure What Matters by John Doerr


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Episode 66 – 6 Savings Strategies for an Extremely Low-Yield Environment



If you’re approaching retirement or already retired, what can you do about low yields? 

After all, in today’s remarkably low-yield environment, you can’t earn enough on yields to even stay ahead of inflation. 

Current interest rates for a 10-year treasury are less than 1%. And cash in the bank is getting just about 0%.

In this episode, Larry Heller proves that there are several smart moves you can make to lower your expenses and increase your net cash flow and net returns –– even during a low-yield environment. 

In this episode, you will learn:

  • How to increase your social security benefit by 8% a year
  • What financial move will give you a guaranteed rate of return
  • How to weigh the possible risks and rewards when considering higher-yield investments
  • Why you may want to look into bond laddering
  • How to look beyond your income strategy to increase your returns in a low-interest rate, low-yield index
  • And more!

Tune in now to learn 6 ways to help increase your net cash flow and net returns in our current low-yield environment.

Resources:  Heller Wealth Management: (631) 293-2806 | Episode 9 – The Social Security Conundrum: Part 1  | Episode 32 – Bonds: The Underrated Investment Vehicle


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Episode 65 – How to Have a Pain-Free Audit of Your Company 401(k) Plan



Did you know that there are steps you can take right now to prepare your company for a smooth 401(k) audit?

In this episode, Larry Heller is joined by Robert Puerto, a CPA and partner at Boris Benic and Associates LLP. With over 20 years of experience in managing multiple audits and review engagements in various industries, Robert shares his experience to help you prepare for a smooth audit as an employer.

In this episode, you will learn:

  • Two exceptions to the audit rule
  • Which plans are and aren’t covered by ERISA
  • How the ERISA audit intersects with annual filing requirements
  • How third party administrators (TPAs) assist with audits
  • What information auditors need from employers (that they can’t get from service providers)
  • Recommendations to help you have a smooth audit
  • And more!

Tune in now to start your preparations for a pain-free audit!

Resources:  Heller Wealth Management: (631) 293-2806 | Robert Puerto’s Email: (516) 248-7361 


Episode 64 – 7 Financial Steps for Pre-Retirees to Take During COVID-19



People’s expenses are being upended as adult kids return home and family members lose income. Banks aren’t paying much for cash. Is it still possible to retire right? 

In this episode, Larry Heller brings you seven financial steps to take during COVID-19. These steps are especially important if you’re retired or nearing retirement. Get ready to take notes, take action, and stay on your path to retiring right. 

You will learn:

  • Seven financial steps to take right now
  • A possible solution for earning higher interest on cash
  • Why you must know your withdrawal rate to retire right
  • Which life factors play a role in determining your withdrawal rate
  • Three ways to determine the correct amount to have in cash, bonds, and equities
  •  And more!

Tune in to learn seven financial steps to take right now!

Resources:

Heller Wealth Management: (631) 293-2806

 


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Episode 63 – 5 Common Legal Issues That Affect Business Owners in NY State — With Lee Schwartz



If you own a business in New York State, there are five common legal issues you could easily run into if you’re unaware of certain state and federal laws. 

Today, Larry Heller speaks with Lee Schwartz, the managing and founding partner of Schwartz Ettenger, PLLC, a business law firm located in Melville, New York. Together, they unpack the five most common legal issues that New York State business owners face: employee-related issues, owner-to-owner issues, real-estate issues, not having proper agreements in place, and the protection of intellectual property.

In this episode, you’ll learn:

  • The disadvantages of having independent contractors instead of employees
  • Whether business owners are legally required to pay interns
  • What responsibilities are set out in shareholder agreements and operating agreements
  • A cautionary tale about what can go wrong if you don’t have a buy-sell agreement
  • The number one question that most business owners can’t answer about their lease
  • And more!

Tune in now to learn the five common legal issues business owners face so that you can avoid them! 

Resources:  Heller Wealth Management | Schwartz Ettenger PLLC


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SPECIAL UPDATE: COVID-19



In this special episode, we share updates on how we are responding to the COVID-19 situation, how we’re assisting our clients, and what actions we’re advising investors to take during this time of uncertainty. 

Tune in now to learn how the markets are being affected and what we’re doing to help clients during this tumultuous time.

Resources: Heller Wealth Management | (631) 293-2806


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Episode 62 – 5 Ways to Plan for Health and Happiness While Aging Solo — With Joy Loverde



Baby boomers are the last generation of caregivers as we know it. Today’s children are raised to go out and pursue their interests, even if that means living far from home. If having kids doesn’t guarantee you a future caregiver, this begs the question: Who will take care of you when you’re old?

In this episode, Larry Heller is excited to be joined by Joy Loverde, a leading consultant in the mature-market industry and a trusted advisor in aging, caregiving, and elder care-related issues. Joy is also the author of the aptly titled book, “Who Will Take Care of Me When I’m Old?” Join Larry and Joy as they discuss five categories of her book that equip you to plan for a high quality of life later on, regardless of whether you’re aging with a close-by support system or on your own.

In this episode, you’ll learn:

  • Reasons why today’s children might not be available to act as caregivers
  • The difference between small thinking versus strategic thinking
  • Who Joy interviewed as she wrote her book
  • What to consider before you commit to aging in place
  • About alternatives to living in a facility or completely alone
  • And more!

Tune in now to discover what goes into planning for a financially secure and happy old age. 

Resources:

Heller Wealth Management | Joy LoverdeWho Will Take Care of Me When I’m Old? by Joy Loverde 


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Episode 61 – Sources of Financial Elder Abuse You Should Be Aware Of – With Jeff Haber



Would you know how to tell if your aging loved one is being financially abused? The signs aren’t always apparent — and neither are the abusers. 

In this episode, Larry Heller explores this necessary topic with Jeffrey Haber, the co-founding partner of Freiberger Haber LLP. They talk about the subtle, and not so subtle, signs of financial abuse and what kinds of individuals are notorious for exploiting seniors. You will also discover what laws are in place to protect your loved ones and what actions you can take. 

In this episode, you’ll learn:

  • The signs of senior financial exploitation
  • Which state and federal laws are designed to protect seniors from being financially exploited
  • What securities and banking regulators are doing to detect and prevent the financial exploitation of seniors
  • What friends and family can do to protect their loved ones
  • And more!

Join this conversation now to learn about the signs of financial abuse and what steps to take in order to protect your loved ones. 

Resources:  

Heller Wealth Management | Freiberger Haber LLP: (631) 282-8985 | jhaber@fhnylaw.com