For 25 years, the conversations that happen in our offices have helped thousands of families sleep better at night. We decided it was time to bring those conversations to you.
Fiscal Fridays is a brand new live show from American Retirement Advisors, filmed in our Scottsdale studio with a real audience. My father David Schaeffer hosts, joined in the premiere by advisor David Edge, and together they do what they do best: take real retirement questions and turn them into real answers.
If you've ever read our newsletter and thought, "I wish I could just sit down and ask these guys a question," this is that show.
Two Families, Two Very Different Problems
The episode opens with Carl and Peggy. Carl's 62, has about $500,000 at Vanguard, and has been managing his own investments for 20 years. He thinks he's fine. His wife Peggy thinks he needs to talk to somebody.
David's verdict? "Your wife was right."
What follows is one of our favorite teaching moments. David pulls out his notepad and walks through the math on camera: income, expenses, Social Security, and the gap. Then he and Edge break down the Three Colors of Money, green, yellow, and red, explaining why the tools that built Carl's nest egg aren't necessarily the ones that will protect it in retirement. Edge, by the way, is wearing a red tie, which David can't resist pointing out when they get to the "red money" part. Edge keeps mixing up the colors. It's exactly the kind of moment that makes the show feel like two guys who've been doing this together for 20 years, because they have.
The second scenario comes from Candy and John. They've got $1.1 million and an advisor who's been brushing off Candy's questions about Roth conversions for years. Then Candy's mother passed away, the beneficiaries were wrong, there was no plan, and probate dragged on for nine months. Candy realized something important: they have a portfolio, but they don't have a plan.
David and Edge walk through Roth conversions ("the cherry on top of your retirement plan"), backdoor strategies for higher earners, and why inheritance planning is about leaving memories, not a mess. They even reference our most downloaded white paper of all time, though they can't say the full title on YouTube. David calls it "Before BEEP Do Us Part," and the audience loves it.
The Cobbler's Kids
Between the two caller segments, David does something unexpected. He shares a personal mistake. You know the expression, "the cobbler's kids don't have shoes"? David opened money market accounts and CDs at multiple banks after Silicon Valley Bank collapsed, chasing 4-5% interest rates. Smart move, right?
Tax time told a different story. He owed nearly half of what he earned in taxes on money he never even touched. His new accountant, Susan, "screamed at him." His words. The lesson: just because money is earning interest doesn't mean it's working for you, especially if Uncle Sam is taking half before you ever use it.
The Fiscal Footnote
Every episode ends with a "Fiscal Footnote," a piece of financial history most people have never heard. This one stops the room.
The 401(k) was never supposed to be a retirement plan. It started as a single paragraph buried in the 1978 Revenue Act, Section 401, Subsection K. A loophole. Nobody thought it would matter. Then a consultant named Ted Benham read that paragraph, got an IRS ruling, and turned it into something employees could use. Companies realized 401(k)s shifted the cost and the risk from them to you. Within 20 years, the pension was gone.
Ted Benham spent the last decade of his life saying he was sorry.
70 million Americans are depending on something that was never built for the job they're asking it to do.
Live Audience, Real Questions
The show wraps with something you won't find on most financial shows: an open mic. The studio audience asks whatever is on their mind, and David answers on the spot. Roth conversion mechanics, required minimum distributions, IRMAA surcharges, backdoor Roth strategies, charitable giving from retirement accounts, even gifting to grandchildren. No rehearsal. No teleprompter. Just the kind of conversation that usually only happens behind closed doors.
One audience member's granddaughter just graduated college, and she'd already helped her set up checking, savings, and a long-term plan. David's response: "You are a great grandma."
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Disclaimer: The information in this article is for educational purposes only and does not constitute tax, legal, or investment advice. Tax laws change frequently, and individual circumstances vary. American Retirement Advisors does not provide tax or legal services. Before making any tax-related decisions, consult a qualified CPA, tax attorney, or financial planner who can evaluate your specific situation.