The Christian Retirement Show

Ep. 32 Why Interest Rates Matter

Welcome to this week's episode of the Christian Retirement Show! This week we are discussing what used to be a boring topic- Interest Rates. Interest rates have been headline news in 2023 and look to keep center stage as we move into 2024.

If you are interested in working with Eric please visit: https://www.christianretirementplanner.com/team-member-01/eric-schrum
To learn more about Schrum Private Wealth please visit: https://www.christianretirementplanner.com/

Ep. 31 We’re back! The Future of the Christian Retirement Show!

Hello! And welcome back to this week’s episode of the Christian Retirement Show! In case you’re wondering, yes! We have been on a bit of a break. Eric recently welcomed his first child and used the opportunity to take some time away from recording and make improvements to the show.

During this episode, we talk about what to expect going forward with the show and also an update on the market’s this year! As always, we want to hear from you! Reach out to us with your thoughts and questions at www.schrumpw.com or eric@schrumpw.com.

If you are interested in retirement planning or investment planning with eric please visit: https://www.christianretirementplanner.com/your-free-retirement-assessment

Ep. 30 Hidden Retirement Killers! Longevity Risk

Hello! And welcome to this week’s episode of the Christian Retirement Show. Today we are continuing our series on the hidden Retirement Killers lurking just under the surface for people who are retired or are preparing for retirement and how to beat them! This week we’re talking about the biggest fear I hear from retirement savers which is longevity risk!

 

On today’s show we cover what longevity risk is, it’s causes, and how to overcome longevity risk so you can have a successful retirement!

 

Causes:

 

Over-spending- If your lifestyle over reaches your resources you are going to have a rough time in retirement. You may start depleting your savings & investments quickly or it may be a slow burn, but one way or another spending too much will be disastrous for your retirement plans.

 

Investment performance- Most retirees rely on investments to fund their retirement goals. In simple terms- inflation and the cost of living just can’t usually be funded using savings in a checking account. If investment returns during your retirement do not reach certain benchmarks- whether from poor investment decisions or poor overall market performance. This can seriously jeopardize your retirement success and be a significant challenge to overcome. 

 

Living longer than expected- As we discuss modern medical advancements and knowledge on how to take care of our bodies has led to quickly increasing life expectancies and higher quality of life. This means that you not only have a greater chance of living longer but also have living a high-quality lifestyle as well. Now while this is great news and the alternative is not great, this can be a cause of serious concern and anxiety when retirees must face the reality of funding a retirement that is much longer than they ever thought possible. 

 

Retirement Solutions:

 

Budget realistic expectations of retirement spending prior to your retirement date- What this allows you to do is head into retirement with your eyes wide open as to how much you need to live your desired lifestyle and if the resources at your disposable can fund that lifestyle. A great way to do this is by looking at your current level of spending and using that is a gauge for how much you will likely spend once retired.

 

Have a quality investment plan in place- that is built to withstand ups and downs in the market. This means being well diversified and not taking more risk than you are a) comfortable taking and b) should take in order to not jeopardize your retirement savings. 

 

Build a retirement plan- What a retirement plan allows you to do is take all of your lifestyle needs- daily spending, travel, big expenses; all of your resources including retirement savings, pensions, annuities, & social security. And then run calculations to ensure your desired lifestyle can be funded by your resources.

 

Resources in Show:

 

Christian Retirement Planner Website- https://www.christianretirementplanner.com/

Free Retirement Assessment- https://www.christianretirementplanner.com/your-free-retirement-assessment

Weekly Money Bible Verse- https://www.biblegateway.com/passage/?search=Malachi%203%3A10&version=NIV

Listen on Apple- https://podcasts.apple.com/us/podcast/the-christian-retirement-show/id1530097100 

Listen on Spotify- https://open.spotify.com/show/2CvP6jKwvQM9UHCVNbAmVI?si=izRw1lYiQqS0kOBE3hxUpQ

Ep. 29 Hidden Retirement Killers! Sequence of Returns Risk.

And welcome to this week’s episode of the Christian Retirement Show. Today we are starting our series on The hidden Retirement Killers lurking just under the surface for people who are retired or are preparing for retirement and how to beat them! This means we are going to be spending the next few week’s talking about 1 of 4 different retirement killers, what they are, why they are important and what you can do to combat them. To begin we are going to be talking about one of the biggest retirement killers out there and a risk that not many people know about!

 

First Hidden Retirement Killer- Sequence of Returns Risk

 

Sequence of return risk is the risk that you might retire right when the market takes a significant drop, leaving you to start taking income from your retirement savings when your account is significantly lower than its highest value.

 

To combat this retirement risk there are two great retirement strategies you can employ:

 

1. Start lowering the risk you are taking in your retirement investments as your near retirement and just after you retire.
2. Keep 6 months to 2 years’ worth of living expenses in cash in your retirement savings leaving the rest invested. What this allows you to do is to weather any bear markets or short-term downturns in the market without having to sell investments at a low price in order to fund your retirement income needs.

 

If you are looking for a Christian Financial Planner, you are in the right place. Visit Christianretirementplanner.com or email me at eric@schrumpw.com to start our no cost, no obligation free retirement assessment which allows you to gauge our firm and if we might be a great fit to help you in your retirement planning!

 

Resources in Show:

Christian Retirement Planner Website: https://www.christianretirementplanner.com/

Free Retirement Assessment: https://www.christianretirementplanner.com/your-free-retirement-assessment

Michael Kitces Sequence of Return Risks Article: https://www.kitces.com/blog/understanding-sequence-of-return-risk-safe-withdrawal-rates-bear-market-crashes-and-bad-decades/

Ep. 28 Is Now The Right Time to Invest In The Stock Market?

Today I’m talking about if now is the right time for a retirement saver or retiree to invest in the stock market. But the answer to this question has a twist! So, if you’re ready to hear unbiased retirement advice and not someone trying to sell you a product, then this episode is for you!

 

Key Take Aways:

 

• Time in the market beats timing the market
• The future is unpredictable
• Personal finance needs to be just that- Personal

 

How to listen to today’s show:

 

• On Apple: https://podcasts.apple.com/us/podcast/the-christian-retirement-show/id1530097100
• On Spotify: https://open.spotify.com/show/2CvP6jKwvQM9UHCVNbAmVI?si=DnJ7cAotSai8yYTlNirRlw

 

Episode Links & Resources:

• Retired or nearing retirement? Get a Free Retirement Assessment: https://www.christianretirementplanner.com/your-free-retirement-assessment
• Christian Retirement Planner Website: https://www.christianretirementplanner.com/

Ep. 27 Biblically Responsible Investing: What You Need to Know

Welcome to this week’s episode of the Christian Retirement Show! In today’s episode we discuss Biblically responsible investing- What it is, pros & cons, and how we at Schrum Private Wealth Management implement BRI for our clients.

 

Show Outline:

 

What is Biblically Responsible Investing?

 

Biblically responsible investing is the process of investing your money in companies whose business practices align with biblical values. Another way to think of BRI is screening out companies who engage in practices which are contrary to biblical values. Often these values are things such as companies who profit from abortion pharmaceuticals, engage in slavery within their supply chains, profit from pornography, the current gender trends, all the way to possible alcohol, tobacco, and gambling sales.

 

What are pros & cons of Biblically Responsible Investing?

 

Pros: 

• Christian’s now have an option to align their faith & finances

• Be part of a growing movement with better investment selection

• Enact change in the culture through investing

 

Cons:

• Higher fees than average

• Mostly Actively Managed Investments

• Can be marketed in a legalistic way.

 

If you are interested in how you can implement Biblically Responsible Investing in your portfolio, we’d love to help. Visit Christianretirementplanner.com or email me at eric@schrumpw.com

 

Resources in Show:

 

Christian Retirement Planner Website: https://www.christianretirementplanner.com/

Free Retirement Assessment: https://www.christianretirementplanner.com/your-free-retirement-assessment

Episode 7 with Robert Netzly: https://podcasts.apple.com/us/podcast/the-christian-retirement-show/id1530097100?i=1000515052460 

Listen to the Show online: https://www.christianretirementplanner.com/blog-01

Listen to the show via apple: https://podcasts.apple.com/us/podcast/the-christian-retirement-show/id1530097100

Listen to the show via Spotify: https://open.spotify.com/show/2CvP6jKwvQM9UHCVNbAmVI?si=DnJ7cAotSai8yYTlNirRlw 

Ep. 26 - 7 Best Ways To Save Money In 2022!

Hello everyone and welcome to this week’s show! For today’s episode I thought we would discuss something that is always on everyone’s mind and also is more light hearted than last week’s episode. Which if you missed I highly recommend going back and listening to because we discussed the tragic situation in Ukraine happening right now and how that might affect your retirement. Plus, in that episode I share 2 strategies you can employ as a retirement saver or retiree to combat volatility and global uncertainty to ensure you are growing but also protecting your money for your future.

 

7 Best Ways to Save Money in 2022:

1. Track your expenses not your budget
2. Put together a plan to pay off debt
3. Meal plan the week ahead
4. Put together a savings plan
5. Cancel unused subscriptions
6. Don’t shop at brand name stores
7. Find fun things to do in your hometown that don’t cost a fortune!

 

I had a blast putting together this list, so please share what you do to save money and enhance your life at the same time!

If you are looking for a financial advisor in Raleigh, NC, a financial planner in Raleigh, NC, or a financial planner that has the ability to work with you wherever you are and shares your Christian Faith then you are in the right place. Visit www.christianretirementplanner.com to learn more.

 

Resources in Show: 

• Christian Retirement Planner: www.christianretirementplanner.com
• Free retirement assessment: https://www.christianretirementplanner.com/your-free-retirement-assessment
• Listen to the show online: https://www.christianretirementplanner.com/blog-01
• Listen to the show on Apple Podcasts: https://podcasts.apple.com/us/podcast/the-christian-retirement-show/id1530097100
• Listen to the show on Spotify: https://open.spotify.com/show/2CvP6jKwvQM9UHCVNbAmVI?si=DnJ7cAotSai8yYTlNirRlw

 

Last weeks show about the Ukraine and Russia Conflict:

• Online- https://www.christianretirementplanner.com/blog-01/how-russiaukraine-conflict-effects-your-retirement
• Via Apple Podcasts- https://podcasts.apple.com/us/podcast/ep-25-how-the-russia-ukraine-conflict-effects-your/id1530097100?i=1000552770195 
• Via Spotify- https://open.spotify.com/episode/7pgmLhIpurMTQB201LrwaO?si=94397a5c364d4b45 

 

Ep. 25 How the Russia/Ukraine Conflict Affects Your Retirement

Welcome to this week’s episode of the Christian Retirement Show! This week we are discussing the conflict between Russia & Ukraine, what this means for your retirement ,and 2 retirement strategies you can implement in times such as these.

 

Show Outline:

As I type, Russia has continued to escalate the conflict in Ukraine but has been frustrated by the valiant resistance of the Ukrainian military and civilian population. In addition, both Europe and the United States have imposed significant social and economic sanctions. 

With all of this in mind, it may seem like a bleak outlook for the U.S. stock market but what we’ve seen is that on average the SP 500 has ben up by over 13% one year after global conflicts and while each conflict is different we don’t foresee this war between Ukraine & Russia have a long-term effect on the U.S. stock market outside of oil/gas prices.

As a retiree this means having a financial plan which can weather the short-term volatility conflicts like this cause is paramount. To help you in your retirement planning there are two retirement strategies I’d like to share with you. 1) Keep 6 months – 2 years of retirement income in cash in your portfolio. 2) Have different investment buckets for different time horizons.

To explore working with a Christian Financial Advisor and CFP® professional got to www.christianretirementplanner.com or email Eric at eric@schrumpw.com.

 

Resources in today’s show:

 

• Christian Retirement Planner website: https://www.christianretirementplanner.com/
• Get Your Free Retirement Assessment: https://www.christianretirementplanner.com/your-free-retirement-assessment
• How The Market Reacts to War: https://seekingalpha.com/article/4488660-how-stock-market-reacts-war-based-crash

 

How to Listen to today’s show:

• Via Web: https://www.christianretirementplanner.com/blog-01
• Via Apple: https://podcasts.apple.com/us/podcast/the-christian-retirement-show/id1530097100
• Via Spotify: https://open.spotify.com/show/2CvP6jKwvQM9UHCVNbAmVI?si=cdANypiGQcqroCk0ATQxgA&dl_branch=1

 

Ep. 24 What Should A Christian Retirement Look Like?

On this week’s Christian Retirement Show, CFP Professional Eric Schrum discusses what Retirement should look like for Christians.

It’s a question which is asked often and the answer is Yes, retirement should look different for Christians! During the episode Eric shares 2 take-aways from romans 15:15-24 for the retiree or for someone who is nearing retirement:

1. God has a calling for you now and in retirement, and that calling is different for everyone.
2. Your retirement is going to look different because of the hope and purpose you have on your life.

If you are someone who is nearing retirement or in retirement and are in need of an investment plan, and retirement plan, or both, go to www.christianretirementplanner.com and click “Free Assessment” to start the process or simply email eric@schrumpw.com.

 

 

Resources in today’s show:

 

Christian Retirement Planner website: https://www.christianretirementplanner.com/

Get Your Free Retirement Assessment: https://www.christianretirementplanner.com/your-free-retirement-assessment

How to Listen to today’s show-

Via Web: https://www.christianretirementplanner.com/blog-01

Via Apple: https://podcasts.apple.com/us/podcast/the-christian-retirement-show/id1530097100

Via Spotify: https://open.spotify.com/show/2CvP6jKwvQM9UHCVNbAmVI?si=cdANypiGQcqroCk0ATQxgA&dl_branch=1

Today’s Bible Verse: https://www.biblegateway.com/passage/?search=Romans%2015%3A15-24&version=NIV

Eric featured in Business Insider: https://www.businessinsider.com/personal-finance/what-financial-advisors-think-of-early-retirement-2021-11

Ep. 23 Three Ways To Access Retirement Funds Early...Penalty Free!

Welcome to this week’s episode of The Christian Retirement Show! Today we are talking about 3 ways to access your retirement savings early…penalty free! You heard that right! 

 

Typically went it comes to retirement accounts and generating retirement income in an early retirement, a retiree must wait until the fateful age 59 ½ before accessing their funds. This is because withdraws prior to age 59 ½ incur a 10% penalty! But take hope, there are a number of strategies which allows retirement savers to start retirement income early.

 

1. The Rule of 72t allows you to take substantially equal payments early each year from an IRA account as long as you take those withdraws foe 5 years or until you reach age 59 ½

2. The rule of 55 allows you to withdraw retirement money from your current employers 401k early as long as you retire age 55 or later.

3. You are able to access contributions in a roth ira at any time penalty and tax free! If you and a spouse saved $6k per year into a roth ira for 25 years that would amount to $300k you could access prior to age 59 ½. Not bad!

 

If you are in need of a retirement or investment plan, visit www.christianretirementplanner.com or email eric@schrumpw.com

 

Resources in today’s show:

 

Christian Retirement Planner website: https://www.christianretirementplanner.com/

Get Your Free Retirement Assessment: https://www.christianretirementplanner.com/your-free-retirement-assessment

Eric featured in Business Insider: https://www.businessinsider.com/personal-finance/what-financial-advisors-think-of-early-retirement-2021-11

How to Listen to today’s show-

Via Web: https://www.christianretirementplanner.com/blog-01

Via Apple: https://podcasts.apple.com/us/podcast/the-christian-retirement-show/id1530097100

Via Spotify: https://open.spotify.com/show/2CvP6jKwvQM9UHCVNbAmVI?si=cdANypiGQcqroCk0ATQxgA&dl_branch=1