Elliot Raphaelson: The Godfather of Financial Journalism

About Fun With Annuities Episode #124

A few years ago, I drove to Winter Park, Florida, to have lunch with one of the most respected syndicated columnists in the country who writes about personal finance. I have been a fan of his for a long time because he is truly helping the consumer, and I hoped to become a resource for him concerning the complicated world of annuities. I am proud to say I’ve been providing that service ever since.

That “Godfather of Financial Journalism” is Elliot Raphaelson, and his background is fascinating. While working as a Vice President at Chase for 23 years, Elliot started teaching Personal Finance classes at The New School in NYC. He also conducted retirement planning seminars for Chase employees planning to retire. In his spare time, Dow Jones purchased two books he had written on personal finance & retirement planning and distributed them to Dow Jones employees.

Those natural occurrences let Elliot write personal finance articles for such publications as The New York Times, Town & Country, Vogue, Self, Working Women, and The Saturday Evening Post. After finally retiring from Chase, Elliot left NYC to retire in Florida and began writing “The Savings Game” column for the Tribune Content Agency. I can guarantee that most of you have read his columns.

Elliot and I dug in heavily to discuss Social Security and Medicare issues, and he provided a good Medicare resource (www.cms.gov) that you should check out. He also provided great information on IRAs and the new regulations related to IRA beneficiaries that you must listen to. Elliot works closely with the IRA guru Ed Slott and his legal team for all things IRA, so he is brutally factual regarding this lane.

Elliot Raphaelson is a national treasure, and I was honored to have him on the podcast. I encourage you to read his syndicated columns. He’s one of the good ones out there, and I’m proud to work with him when his readers ask annuity questions. Enjoy!

"I think it's important that people invest from a long-term perspective, and they need a diversified portfolio; you don't want to have all of your eggs in one basket. If you're young, start investing early."— Elliot Raphaelson.

Brief Bio on Co-host: Elliot Raphaelson

As a former bank executive, university lecturer and court mediator helping people resolve financial disputes, Elliot Raphaelson has seen all sides of the savings game and is no novice when it comes to writing about money. Raphaelson’s perspective has been shaped by decades of advising savers and investors on how costly mistakes can be avoided.

A retired executive of Chase Manhattan Bank, Elliot Raphaelson comes to The Savings Game after decades of experience as an adviser, teacher and author in the field of personal finance. He has taught courses in personal financial planning at The New School for Social Research and at the U.S. Military Academy at West Point, and he has conducted seminars for Chase, Dow Jones & Co. and other corporations. He is currently teaching personal financial planning for Rollins College in Orlando, Florida, at the Rollins Center for Lifelong Learning.

Raphaelson’s past publications include “How to Be Your Own Financial Planner” and “Planning Your Financial Future.” His writing has appeared in The New York Times, Town & Country, Vogue, Self, Savvy and Working Woman magazines. Raphaelson also worked as a certified mediator and trainer in a Florida county court, where he helped resolve personal financial problems of every description.

In this episode, The Annuity Man® and Elliot Raphaelson discuss:

• Making sure you get your full benefits
• Eligibility in Medicare
• Getting educated through books, experts, and classes
• The good and the bad of I Bonds

Key Takeaways:

• Turning 65 doesn’t automatically mean that you’ll get your full benefits. You have to verify what your full retirement age is and plan accordingly.
• Age 65 is the point at which you are eligible for Medicare. You’ll get Part A at no cost. You’ll get Part A at no cost. If you work the sufficient amount under Social Security, you’ll automatically get Part A at no cost. Part B, which involves medical expenses, is not automatic. That means you have to pay for that.
• Education is the best way to get the most benefits and the least problems. Read books, listen to experts, or try to attend classes that deal with finance topics you might be interested in. Do your own research, and don’t get swayed by the media.
• I bonds are a great way to earn interest on your money in inflationary times. However, you must consider the three disadvantages. First, you can only put a maximum of $10,000. Second, you have to hold it for at least one year, or else you’ll lose three months’ interest. Third, you can’t put it in an IRA.

Fun With Annuities® Podcast is hosted by America’s Annuity Agent®, Stan The Annuity Man®, and a Celebrity Co-Host. Hear facts with no sales pitches from the top independent agent in the country, licensed in all 50 states. Stan and his guests dive deep into topics such as annuities, finance, retirement, and so much more. It’s fun learning the facts and seeing if they’ll fit your personal retirement lifestyle®. Thanks for being here!

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