The Christian Retirement Show

Ep. 22 The #1 Threat to your Retirement Investments and How to Thwart It

On this week’s Christian Retirement Show CFP® Professional Eric Schrum talks about the number 1 threat to your retirement investments and how to thwart it! 

 

Recently Dalbar, INC. released a shocking study that has high importance to retirement savers. Dalbar’s study showed that while the SP 500 over a 20 year period returned over 6% per year, the average stock market investor returned just over 4%. A gap of almost 2% per year. 

 

But the news get’s worse. A a retirement investor and saver you are likely in that camp! But don’t worry, Eric shares 3 ways to overcome this retirement risk. 

 

First, Eric Shares that the foundation of winning in investing and retirement planning is to have a written financial plan that acts as a map for all of your financial decisions.

 

Second, Eric shares that often the best course of action is scary markets is actually taking no action at all! As Gene Fama says “Your money is like a bar of soap, the more you handle it the less you’ll have.”

 

Finally, Eric shares that having a basic education on the history of the stock market can help demonstrate that although sometimes market downturns feel scary, history shows us markets recover and grow over the long term!

 

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

Link to Dalbar’s study: https://www.thebalance.com/why-average-investors-earn-below-average-market-returns-2388519

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. 21 Ten Stock Market Surprises for 2022 (Part 2) Ft. Owen Schrum

Welcome! To this week’s episode of the Christian Retirement Show! We are jumping back into our Top 10 market Surprises for 2022 and why they are important for Retirement Savers! 

Joining us during our show is the founder and president of Schrum Private Wealth Management-and my father! Owen Schrum. Owen, received is CIMA® and MBA designations from the Wharton School of Business at The University of Pennsylvania and brings over 30 years of wealth management experience to Schrum Private Wealth Management.

How to Listen to Today’s Episode: 

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

Resources in Today’s Episode:

Christian Retirement Planner Website: https://www.christianretirementplanner.com/
Free Retirement Assessment w/ Eric: 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
Byron Wein’s 10 Surprises of 2022: https://www.businesswire.com/news/home/20220103005259/en/Byron-Wien-and-Joe-Zidle-Announce-the-Ten-Surprises-of-2022
Owen’s article on U.S. News & World Report: https://money.usnews.com/money/blogs/the-smarter-mutual-fund-investor/articles/why-investors-should-know-byron-wien

Ep. 20 Ten Stock Market Surprises for 2022 (Part 1)

This week we are diving into Byron Wein’s 10 surprises for 2022 and why they may be important for retirement savers!

Each year for the past 37 years, legendary investor Byron Wein shares 10 surprises that could happen in the stock market and economy in the year ahead. These surprises are not guarantees, but rather events he thinks have a greater chance of happening than the average investor believes, making it a fun exercise to expand our knowledge as retirement investors.

How to Listen to today’s episode:

Via christianretirementplanner.com: 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

Resources in today’s episode:
Christian Retirement Planner Website: https://www.christianretirementplanner.com/
Free Retirement Assessment w/ Eric: 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
Byron Wein’s 10 surprises of 2022: https://www.businesswire.com/news/home/20220103005259/en/Byron-Wien-and-Joe-Zidle-Announce-the-Ten-Surprises-of-2022

Ep. 19 3 Retirement Tips For The End Of The Year

The end of the year is upon us which means there is a lot to do to get ready for 2022. One thing you do not want to neglect is making sure your finances are in order. As someone in retirement or someone who is preparing for retirement, you want to make sure that you take care of all the various financial planning items that become due on 12/31 of each year.

On today’s episode we start a series where we will address 3 financial planning tips you should consider before the year is over.

Show Outline:

To begin the episode CFP Professional Eric Schrum discusses the benefits of maxing out your 401k if you have extra money left over. These benefits included tax breaks and super charging your retirement account. Next, Eric shares an often overlooked topic but something that is crucial to all of your advisors working on the same page- Scheduling a meeting with your CPA & Financial Advisor. Finally Eric discusses the often complex topic of Tax Loss Harvesting!

Resources Provided in this episode:
Eric’s feature in Business Insider- https://www.businessinsider.com/personal-finance/what-financial-advisors-think-of-early-retirement-2021-11
Christian Retirement Planner Website- www.christianretirementplanner.com
Email Eric- eric@schrumpw.com
Link to Show on Apple- https://podcasts.apple.com/us/podcast/the-christian-retirement-show/id1530097100
Link to Show on Spotify- https://open.spotify.com/show/2CvP6jKwvQM9UHCVNbAmVI?si=cdANypiGQcqroCk0ATQxgA&dl_branch=1

Ep. 18 Is it a Sin to Save for Retirement?

Today I’m talking about Retirement Planning, but not like you’ve ever heard it before.

While we can talk about retirement strategies and retirement income plans until the sun goes down, shouldn’t we first stop to ask ourselves, when is it wise to save for retirement and when do our retirement goals turn into sinful idols?

On today’s episode we are addressing a question I hear often which is, I want to save and invest for retirement, but I know the Bible tells me I should give. Sometimes the Bible even tells people to give everything away! Is saving for retirement sinful or should I feel OK about my desires for a secure financial future?

How to Listen to this week’s show:

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

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

Episode Links and Free Resources

Randy Alcorn’s Article: https://www.epm.org/blog/2019/Sep/20/balance-scripture-saving-giving

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

Eric’s Twitter: https://twitter.com/EricSchrum

Eric’s Linkedin: https://www.linkedin.com/in/ericschrum/

Listen to more Episodes: https://www.christianretirementplanner.com/blog-01

Ep. 17 How to Turn $8k into $6 Billion

On this week’s show we discuss one of the craziest financial stories of the year, how an “investor” turned a $8,000 investment into $5.7 billion dollars! We also examine a retirement article from the Motley Fool about Dangerous Retirement Myths. Are the main stream financial media articles about retirement worth paying attention to? We’ll let you know in this week’s episode.

Outline of this episode:

[1:15] Weekly Money Bible Verse [2:00] Dangerous Retirement Myths [2:15] Retirement Myth 1 [3:53] Retirement Myth 2 [5:11] Retirement Myth 3 [6:30] Retirement Myth 4 [9:20] How to turn $8k into $6 billion

In summary, it’s always best to do the extra research or hire a respected financial planner when it comes to your retirement plans so that you do not fall into the trap of relying on inaccurate information that sounds true but will lead you to make costly mistakes with your hard-earned retirement money.

If you missed last week’s Christian Retirement Show all about Social Security, be sure to go back and check that episode out here. In the episode we dive into whether social security is something you can rely on as you plan for retirement despite the fact that the Social Security Administration has projected the social security trust fund to be insolvent within 15 years.

While this may sound scary, as a financial planner I share my thoughts around why I think retirees can rest soundly knowing their social security benefits will not be taken away.

Resources mentioned in this episode:

Motley Fool Website: https://www.fool.com/

Motley Fool Article on Retirement Myths: https://www.fool.com/retirement/2021/11/09/dontbuy-into-these-dangerous-retirement-money-myt/

Last Podcast Episode on Social Security: https://www.christianretirementplanner.com/blog-01/christian-retirement-show-ep-16-social-security-going-run-out

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

Eric’s Twitter: https://twitter.com/EricSchrum

Linkedin: https://www.linkedin.com/in/ericschrum/

Ep. 16 Is Social Security Going to Run Out?!

Are you a Christian who is diligently saving for Retirement and stay up at night with that nagging question….”Is Social Security going to be there when I retire?” Or maybe you are a Christian who is already retired and your question is “Wow, I’m taking Social Security right now, is it going to go away?!?

Well today we tackle that very important Social Security question. We look at an article on Market Watch written by Brett Arends which examines the effect Covid has had on the Social Security Trust fund, as well as the health of Social Security overall! Spoiler, it’s not great!

We also hear from some listener reviews and I share some exciting news about the launch of our new website made for listeners of this show and Christian’s who are planning or in retirement. www.christianretirementplanner.com

 

Outline of this episode:

[1:50] New website announcement [2:33] Listener Reviews [3:30] Social Security Market Watch Article Overview [7:00] Wharton School of Business review on Social Security Running Out [11:50] Authors Opinion on how to fix the Social Security Crisis [13:45] Eric Schrum’s opinion on what will happen to Social Security

To begin, the author outlines the warning from Wharton Professor Olivia Mitchell who warns Social Security could become insolvent by early 2029! This is an accelerated timeline from official Social Security projections which predict social security to run out in 2034, still not an optimistic date.

Olivia Mitchell believes that covid has caused job losses that are lowering the social security tax being payed into the social security trust fund and has caused many workers near retirement to retire early, thus drawing down social security benefits earlier than expected.

The original author Brett Arends then offers his solutions for fixing this crisis including, increasing the social security age (again), lowering the payout retirees receive from social security, as well as having the most wealthy Americans foot the bill for retirees social security.

Fina;ly, Eric offers his opinion and tells retirees in or entering retirement to rest easier than the doomsday picture outlined in the article depicts. Eric believes social security will get picked up by the government and remain a retirement mainstay for the long-term.

Resources and people mentioned in this episode:

Market watch article by Brett Arends: https://www.marketwatch.com/story/social-security-could-be-insolvent-within-8-years-economist-warns-11629891784

Listener Reviews: https://podcasts.apple.com/us/podcast/the-christian-retirement-show/id1530097100

New Christian Retirement Website: www.christianretirementplanner.com

Ep. 15 Three Types of Financial Advisors You Should AVOID!

This week on The Christian Retirement Show, Eric talks about a topic that is sure to make people in the wealth management industry mad!

That topic is 3 types of financial advisors you should avoid to have the best retirement and relationship with your financial advisor!

To work with Eric, please email eric@schrumpw.com or visit www.schrumpw.com to start the conversation.

Ep. 14 A Different Retirement Plan for Christians & God's Underwater World With Tec Clark

Today we have an amazing show for you! I sit down with the one and only Tec Clark to talk about the amazing underwater world, his career in scuba, and what a different approach to retirement can look like for Christians.

 

Be sure to check out God's Underwater World and use code: "GUW25" for 25% off! https://www.scubaguruacademy.com/p/gods-underwater-world

To work with Eric go to schrumpw.com or email eric@schrumpw.com

Ep. 13 Three Retirement Mistakes You May Be Making Right Now

To work with Eric please visit www.schrumpw.com or email eric@schrumpw.com

On today's episode, Eric discusses a recent Kiplinger article titled into "3 Retirement Mistakes You May Be Making Right Now."

Eric explores whether the investment news out there is reliable by highlighting the good and bad in this retirement advice article. Eric also talks about the modern space race between Jeff Bezos & Sir Richard Branson.

To explore the retirement article further you can find it linked here: https://www.kiplinger.com/retirement/retirement-planning/603135/3-retirement-mistakes-you-may-be-making-right-now