Steve Sexton | Source | Retirement Planning Expert at Sexton Advisory Group
Steve Sexton
Steve Sexton is a financial consultant, retirement planning expert, and CEO of Sexton Advisory Group. With over two decades of experience in personal finance and retirement strategies, Steve specializes in retirement and investment planning, budgeting, debt management, asset protection, estate planning, and more.
Steve regularly contributes his retirement and personal finance expertise to high-profile publications, including GOBankingRates, Yahoo! Finance, US News & World Report, Bankrate, and more. He is also the host of “Saving with Steve” a personal finance podcast streaming on Spotify, Google Podcasts, Apple Podcasts, and more.
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Sexton Advisory Group (http://www.sextonadvisorygroup.com)
Retirement Planning Expert
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How to Relieve Financial Stress This Holiday Season
Holiday money stress is a solvable problem – so don’t wish it away.
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How much money you need saved to retire
Retirement is expensive—but how expensive depends on your individual goals.
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6 Reasons Retirement Won’t Always Be Cheaper
Contrary to popular belief, old age isn’t cheap.
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Social Security Solvency Threat: Expert Warns of Potential Benefit Cuts
Steve warns that without policy changes, Social Security benefits could be cut by up to 23% by 2033. He advises retirees to reevaluate financial plans, consider delaying retirement, and diversify income sources. "Don't bank on policy reforms," Steve emphasizes, urging personal financial planning over relying on reforms. -
Hidden Costs of Retirement Relocation: Expert Insights
Steve highlights hidden costs like home sale expenses, HOA fees, and healthcare access issues. He warns against underestimating property taxes and insurance in new locations. A client moving from Idaho to California faced a 38% expense increase, prompting a return. Steve advises thorough cost analysis and emergency fund preparation to avoid financial pitfalls in retirement relocation. -
Retirees: What You Need to Know About CDs
Steve advises retirees to understand CDs' role in their financial goals. While often seen as "too safe," CDs can be tailored with variable rates or laddering strategies. Misconceptions include withdrawal restrictions; short-term or no-penalty CDs offer flexibility. Be aware of tax implications, as interest is taxed when earned. Plan ahead to avoid surprises.
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“A person’s expenses might increase because of children who need financial support, whether due to the current economy, being in debt or having an unexpected medical emergency, which I frequently see among many of my clients,” said Steve Sexton, financial consultant and CEO of Sexton Advisory Group. “Similarly, a person’s expenses in retirement could also go up if their adult children or family move to another city or state that requires significant travel and there is a desire to visit them regularly. These types of unexpected considerations aren’t typically factored into one’s retirement budget.”
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To help solve monthly cash flow problems – It’s generally not a good idea to resort to a home equity loan if you’re using the money simply to help resolve day-to-day money shortfalls in your household or living budget, says Steve Sexton, financial consultant and CEO of Sexton Advisory Group, based in Temecula, California. After all, a home equity loan still needs to be repaid, and failure to keep up with payments could send you deeper into debt. “If you’re hoping it will help your cash flow problems, it will likely do the opposite if you don’t have a structured plan to pay back the loan,” says Sexton.
To buy a car – It’s also not a wise idea to use home equity loans to purchase a new car. Sexton describes this as simply moving debt from one place to another without actually solving the root financial issues, which are typically poor spending habits or overspending. “A car is a depreciating asset,” says Sexton. “There is no long-term value — and if you lose your job and cannot make the payment, you’re looking at a home foreclosure.” -
All families who are hoping to save money need to have a budget, and it’s best to have a written one with a clear list of all your expected expenses, says Steve Sexton, CEO of Sexton Advisory Group. “If you’re just ‘guesstimating’ your expenses instead of listing them out in a tracker, it’s likely you’re missing some key living expenses—ultimately making it tough to stick to a budget, especially if things are tight financially,” he explains.
