We all have visions of our ideal retirement. However, our financial plans can quickly veer off course if we haven't appropriately managed our risks.

On this episode of Financial Symmetry, Greg Suggs from Greg Suggs Insurance joins me to discuss how to manage common risks that could negatively affect your wealth. You won’t want to miss out on these easy-to-implement pieces to your insurance puzzle that could save your assets.

• [1:23] A bit about Greg
• [2:09] Biggest changes in insurance over the past 30 years
• [5:12] The biggest risks for homeowners
• [11:11] Common mistakes homeowners make
• [14:33] What to think about if you are considering a second home
• [17:21] What to consider if you own a rental property
• [19:00] Automobile insurance for young drivers
• [23:22] What about insurance for gig work?
• [25:37] How to lower your insurance needs

• The Retirement Podcast Network
• Greg Suggs Insurance

How do you begin to save for your children to go to college? With the rising costs of college education, is it worth the monetary commitment?

Including tuition & fees, room & board, books & supplies, etc. the average cost of college is anywhere from $27,000 for an in-state public school up to $80,000–$90,000 a year for an Ivy League School.

How you pay for your student’s college is one of the most important financial decisions you’ll ever make. In this episode, we cover the three phases of saving for college and what you need to pay attention to in each phase.

• [1:53] Why college? Is it necessary?
• [2:41] Average cost of college
• [4:42] Phase #1: The Saving Phase
• [10:02] Phase #2: Preparing for college
• [20:44] Phase #3: In-college strategies
• [22:57] Summarizing the big points

• The Retirement Podcast Network
• Social Security – Lifetime Earnings of College Graduates
• Morningstar – How to Choose a 529 Plan
• The FAFSA Application
• IRS – American Opportunity Tax Credit (AORC)
• IRS – Lifetime Learning Credit
• Independent Education Consultants Association
• US News – Qualified 529 Expenses
• Charles Schwab – 529 to Roth Rollovers

Some problems are easily solved with a bit of reasoning, logic, or by using a bit of math. Other problems go beyond quantitative thinking.

The most thought-provoking issues aren’t numbers-based. Many decisions surrounding retirement require much deeper consideration and often cause you to reevaluate your thinking of what you had originally imagined retirement to be.

In this episode, you’ll learn how to identify “wild problems” people face when retiring and develop a framework for working through them.

• Show Notes
• The Retirement Podcast Network
• BOOK - Wild Problems by Russ Roberts
• BOOK - The New Retirementality by Mitch Anthony
• BOOK - Thinking Fast and Slow by Daniel Kahneman