How Can a Forcing Mechanism Improve Your Retirement?, Ep #78

Have you ever heard of the term forcing mechanism? You may not have since it is a scientific term. But today you will learn how a forcing mechanism can improve your retirement. But first, we will discuss 2 headlines for you to think about. The first one will make you wonder what you should be expecting from your financial advisor. I share the second one to increase your awareness about the risks involved in investing. Finally, I will answer a listener question about why he is subject to a 10% Medicare penalty for life. Listen to this episode of Retirement Starts Today to discover how to protect yourself, your investments, and how you can use a forcing mechanism to improve your retirement.

Learn how a forcing mechanism can improve your #retirement on episode 78 of #RetirementStartsToday Click To Tweet

Outline of This Episode

  • [2:22] Advisory clients are stuck by investment performance
  • [5:20] Jordan Goodman’s affiliation with a Ponzi scheme
  • [13:39] Forcing mechanisms in retirement
  • [20:01] A listener question about Medicare Part B

Your advisor may not be providing the benefits that you think they are

According to a recent Morningstar study, there is a disconnect between financial advisors and their clients. Clients often see the advisor’s role as someone who can beat the market and bring in a better return. But this isn’t the case. An advisor’s job is more than just investment performance. Advisors are having a difficult time explaining to investors that performance is not the number one value that they add to their clients. Their role is actually more as a behavior coach. Advisors need to show clients that their role is to help clients understand why their job is so important. How do you see your advisor? Is he or she simply someone to find the best investments? Or are they someone who can talk you through the difficult parts of investing?

If a financial expert can fall for a Ponzi scheme, so can you. Listen to this episode of #RetirementStartsToday to hear how a #FinancialExpert was discovered peddling investments in a Ponzi scheme. Click To Tweet

If a financial expert can fall for a Ponzi scheme, so can you

Financial guru, Jordan Goodman, was caught peddling investments in a Ponzi scheme. Goodman has a successful podcast host and prolific author. He even wrote a book on avoiding investment schemes (which is rather ironic). The scheme he was involved in was rather clever, in that it wasn’t selling something outlandish. It only offered a 6% return, which is quite believable. The part that was too good to be true was that it was guaranteed and only offered a one-year maturity.

It is important to be hyper-aware of where your money is going. If the man that wrote the book on avoiding investment schemes can be tricked, then you certainly can be too! Find out how your favorite financial guru is being paid. Is it transparent? Is there something hidden? Follow the money to help you gain understanding and always remain skeptical.

How can a forcing mechanism improve your retirement?

Have you ever heard of a forcing mechanism? A forcing mechanism or action-forcing mechanism is a process that alters the energy balance of a climate system. But we can alter that definition to apply it to your own life. A forcing mechanism is something designed to make you take action. It removes the decision from you and things into motion to force you to take action. We often use the forcing mechanism of fear or losing money to force ourselves to take action. How can you use a forcing mechanism to improve your life or retirement? Is there something you need to take action on? Try using a forcing mechanism to make it happen.

Learn how a forcing mechanism can improve your #retirement on episode 78 of #RetirementStartsToday Click To Tweet

Why is one man forced to pay a 10% extra cost penalty on Medicare Part B for life?

A 67-year-old retired man recently asked a good question about Medicare Part B. He had been using his wife’s group health insurance plan rather than Medicare Part B due to the fact that it had cost less. When his wife retired he discovered that he would have to pay a 10% penalty for the rest of his life. He didn’t understand why he was penalized since he was continuously covered by a quality health plan. Unfortunately, healthcare regulations are constantly changing. And answers regarding healthcare questions are never entirely clear. Listen to this episode to hear my answer to his costly question.

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