Retirement Ready: Recent Episodes
Eric Peterson
Financial and retirement planning guidance from Des Moines' Eric Peterson of Peterson Financial Group.
In today’s world, information is everywhere, but not all of it is helpful. When it comes to financial planning, too much research or the wrong kind of advice can do more harm than good. In this episode, Eric tackles the overwhelming flood of financial content people consume through news articles, websites, AI tools, and so-called “money experts.” While it feels empowering to Google your way to a decision, Eric warns that many of these sources use emotional triggers to sell products instead of offering real guidance.
Here’s some of what we discuss in this episode:
🧠 The illusion of empowerment: When research creates confusion
💻 The internet’s hidden agendas
🚨 Why financial “entertainers” are rarely fiduciaries
📉 Real risks of falling for viral advice and newsletters
🤝 How a personalized, transparent process beats online noise
Get in touch with the Peterson Financial team: https://petersonfg.com/
Retirement isn’t just about financial spreadsheets, it’s about preparing your whole life for a new chapter. In this episode, Eric uses the clever framework of The Five People You Meet in Heaven to explore the five types of professionals and relationships that can shape your retirement journey. From legal guidance to physical wellness, these people can help protect what you've built and ensure you're actually able to enjoy it.
Here’s some of what we discuss in this episode:
🔒 The importance of protecting assets
📜 The surprising benefits of speaking with an estate planner
💊 Medicare, insurance brokers, and avoiding one-size-fits-all advice
🪴 Personal growth and mentorship still matter after you retire
Get in touch with the Peterson Financial team: https://petersonfg.com/
When it comes to retirement, some decisions aren’t as clear-cut as they seem. Should you pay off your mortgage early? Convert to a Roth IRA? Claim Social Security at 62 or wait until 70? The math might say one thing, but your emotions, goals, and personal circumstances often pull you in another direction. In this episode, Eric tackles the “gray areas” of retirement planning, those tricky crossroads where logic and lifestyle collide.
Here’s some of what we discuss in this episode:
🏠 To pay off the mortgage or to not pay off the mortgage
🧠 The psychological side of claiming Social Security
🔄 Roth conversions: long-term gain or short-term tax pain?
🧮 When your retirement plan needs more than just math
Get in touch with the Peterson Financial team: https://petersonfg.com/
We all like to believe we're rational when it comes to money, but our emotions often tell a different story. In this episode, Eric unpacks key insights from Morgan Housel’s The Psychology of Money and explains how our upbringing, fears, and life experiences shape how we save and spend. From the fear of running out to the trap of always wanting more, Eric explores why logic alone isn't enough to build a solid retirement plan.
Here’s some of what we discuss in this episode:
🔍 Why "no one is crazy" when it comes to money
💰 The danger of the “never enough” mindset/constant pursuit of more
🧠 Why being reasonable is more important than rational in financial planning
🛡️ Building a plan that allows for the unexpected
Get in touch with the Peterson Financial team: https://petersonfg.com/
Most people assume all financial advisors offer the same services, but that couldn’t be further from the truth. From taxes to Social Security, Medicare to estate planning, the depth and quality of your advisor’s services can make or break your retirement plan. In this episode, Eric walks through the often-overlooked services a true, holistic advisor should provide and why they matter.
Here’s some of what we discuss in this episode:
🧾 Tax-smart withdrawal planning
📅 Social Security & pension timing guidance
🩺 Medicare plan support through trusted referrals
🏠 Estate planning connections that speak your language
💼 401k optimization and strategies
Get in touch with the Peterson Financial team: https://petersonfg.com/
Thanks to a variety of economic and geopolitical circumstances, many people are experiencing some form of financial anxiety right now. Whether it’s market volatility, inflation headlines, or fears about Social Security and global instability, the emotional impact of uncertainty is very real. In this episode, Eric addresses what’s behind that anxiety and how a solid retirement plan can keep you grounded, even when the news cycle suggests otherwise.
Here’s some of what we discuss in this episode:
📉 Why market drops feel more personal than they really are
📺 How headlines fuel a fear-based cycle
🛠️ The tools smart investors use to stay steady
💰 Income strategies that protect against volatility
🧠 Why your mindset is just as important as your money
Get in touch with the Peterson Financial team: https://petersonfg.com/
In this episode, Eric opens the mailbag to answer three listener questions that hit on some of the most common—and often misunderstood—retirement topics. From how the 4% withdrawal rule really works, to whether life insurance is a smart legacy tool, Eric brings practical, experience-backed advice to each conversation.
Here’s some of what we discuss in this episode:
📉 What the 4% rule really means
🚨 Preparing for a forced early retirement
💬 Why confidence starts with knowing your numbers
📊 Retirement is all about discovering your options
Get in touch with the Peterson Financial team: https://petersonfg.com/
Most people think a financial advisor’s primary job is picking investments, but that’s just a small piece of the puzzle. In today’s episode, Eric explains that the real work happens in solving the complex, emotional, and unexpected problems that come with retirement: early job loss, tax challenges, the loss of a spouse, or even recovering from bad advice.
Here’s some of what we discuss in this episode:
📉 Strategies for forced early retirement after age 55
🧠 How problem-solving is at the core of advising
🧾 What happens to your taxes after your last paycheck
📦 Using inherited accounts the right way
🛠️ Cleaning up bad financial advice from the past
Get in touch with the Peterson Financial team: https://petersonfg.com/
Making more money is great, but what happens when it becomes a roadblock for contributing to a Roth IRA? And how can you make your emergency fund work smarter for you? In today’s episode, we pull from the mailbag and answer a mix of listener questions. Eric addresses concerns that reflect the real-life hurdles many face on the road to retirement.
Here’s some of what we discuss in this episode:
💰 How to handle income limits and strategies with Roth IRA vs. Roth 401(k)
🏦 High-yield savings options vs. CDs – How to make your emergency fund work harder
📊 Understanding the difference and maximizing benefits with tax-deferred vs. tax-free accounts
💡 Non-deductible IRAs – A way to continue saving for retirement even when you exceed Roth income limits
🔄 Emergency fund strategies—Keeping cash liquid without losing growth opportunities
Get in touch with the Peterson Financial team: https://petersonfg.com/
Although tax season has come to a close, the time for smart tax planning has just begun! In this episode, we unpack the upcoming tax updates that could affect your planning for the next few years, including changes to 401(k) contribution limits, tax deductions, and the potential benefits of using tax-advantaged accounts like HSAs.
Here’s some of what we discuss in this episode:
📊 401(k) Contribution Limits increase so you can boost your savings
💡 Catch-up Contributions may maximize your retirement savings
🏥 HSAs are a powerful tool for tax-free retirement healthcare savings
📝 Standard Deduction Updates for 2025
💼 How to make the most of tax-advantaged accounts
Get in touch with the Peterson Financial team: https://petersonfg.com/
Ever fantasize about leaving your 9-to-5 before traditional retirement age? You're not alone, but is early retirement even possible? In today’s episode, Eric explores what it really takes to retire early including how to tackle healthcare costs, how to make money last longer, and the importance of shifting your mindset from spender to saver.
Here’s some of what we discuss in this episode:
💼 Why many retirees return to part-time work (and love it!)
🏦 Retirement account rules—what you can access at age 55
💡 How to know if early retirement is truly realistic for you
📊 Why running the numbers is the first step to freedom
Get in touch with the Peterson Financial team: https://petersonfg.com/
What are Americans really concerned about when it comes to retirement? In this episode, we unpack the results of an insightful survey from Financial Advisor Magazine, which was completed by over 400 financial advisors. We’ll also compare these answers with the real-world concerns we hear every day from the clients in our own practice.
Here’s some of what we discuss in this episode:
💸 Outliving Your Money – Still the #1 concern for retirees
📈 Wealth Building vs. Income Planning
📉 Market Risk in Retirement
🏥 Healthcare Costs – A hidden challenge for early retirees
Get in touch with the Peterson Financial team: https://petersonfg.com/
March Madness is here, and just like filling out a bracket, picking individual stocks can feel like a thrilling gamble. But the odds of winning big are slim. In fact, history shows that most stock picks, like most brackets, end up busted.
Many investors can’t resist chasing big wins, even though diversification is a smarter play. One economist, Hendrik Bessembinder, analyzed the returns of nearly a century of stock performance. Let’s compare what he found to March Madness history and uncover what March Madness can teach us about investing!
Here’s some of what we discuss in this episode:
🏆A perfect bracket has never happened
📉 The odds of sustainable success are slim
🏀The most familiar choice doesn’t mean victory
📊The importance of diversification in investments
Get in touch with the Peterson Financial team: https://petersonfg.com/
Many investors focus on market performance but overlook one of the biggest threats to their long-term wealth: hidden fees. These costs—often buried within mutual funds, annuities, and trading expenses—can quietly erode your retirement savings over time. In this episode, Eric reveals the true cost of investing and how to protect yourself from unnecessary financial drains.
Here’s some of what we discuss:
💰 Mutual Fund Costs – Expense ratios are just the beginning. Learn how trading fees and taxes could be taking an extra 2.5% from your returns.
🏇 The Heavy Jockey Effect – Variable annuities may seem safe, but their high fees can weigh down your investments like a jockey too heavy for his horse.
📉 Market Downturns & Hidden Costs – How volatile markets can amplify the impact of these fees on your portfolio.
🛡️ Smart Strategies – Discover how tax-protected accounts like IRAs and 401(k)s can help mitigate unnecessary expenses.
Get in touch with the Peterson Financial team: https://petersonfg.com/
What do Monopoly, Trivial Pursuit, Candy Land, and Risk have in common with retirement planning? More than you might think! In this episode, Eric breaks down the surprising financial lessons hidden in classic board games, offering valuable insights to help you navigate your retirement strategy.
From the asset management lessons of Monopoly to the strategic thinking required in Risk, these games mirror real-life financial decisions. Just as in Trivial Pursuit, where players must collect wedges in different categories, a well-rounded retirement plan requires knowledge of investments, Social Security, Medicare, and tax strategies. And if you’re relying on luck—like in Candy Land—rather than a solid financial plan, you might be in for a rude awakening.
Eric also explores how risk management and retirement readiness reviews can give you a clearer financial picture, helping you avoid costly missteps.
Here’s some of what we discuss in this episode:
🎩 Monopoly & Money Management – Avoid financial ruin by understanding asset allocation and risk.
🧠 Trivial Pursuit & Retirement Strategy – Build a well-rounded plan with investments, Social Security, and Medicare.
🎲 Candy Land & Investing Mindset – Luck won’t cut it—why strategic planning beats wishful thinking.
⚔️ Risk & Financial Defense – Balance offense and defense in your investment approach.
Get in touch with the Peterson Financial team: https://petersonfg.com/
Join us as we answer questions about the challenges of downsizing, the emotional aspects of planning for family gatherings, and the realities of transitioning into a financial advisory career. Whether you're a grandparent considering a new home or a professional seeking a career change, this episode will hopefully cover something that might impact your retirement.
Here’s some of what we discuss in this episode:
- Is upsizing in retirement to accommodate family gatherings a crazy idea?
- What advice would Eric give to someone thinking about becoming a financial advisor?
- What should business owners focus on if they haven’t been saving in a 401k or retirement account?
Get in touch with the Peterson Financial team: https://petersonfg.com/
On this episode, Eric dives into the complexities of crafting a personalized retirement strategy. While many face the same general retirement concerns, each individual’s situation is unique, requiring tailored solutions.
We’ll explore real-life scenarios like age gaps and separate finances, highlighting the specific challenges people encounter when planning for the future.
Here’s some of what we discuss in this episode:
- What changes with planning when you and your spouse have an age gap?
- The things you have to plan for if you want to retire early.
- How we help couples who keep their finances separate.
- Rebounding from divorce and building your finances back up for retirement.
Get in touch with the Peterson Financial team: https://petersonfg.com/
Anyone with children knows that they will have a huge impact on your money, and retirement planning is no different. There are family dynamics that impact decisions you’ll need to make during the planning process.
As many nearing retirement age are discovering, adult children and grandchildren can significantly influence financial strategies, making it crucial to understand how to navigate these relationships effectively.
Here’s some of what we discuss in this episode:
- When should you make sure your kids are no longer ‘on the payroll’?
- Making the decision to prioritize retirement versus helping your children with college funding.
- The best ways for grandparents to help with their grandchildren’s education costs.
- Is it okay to count on your children to help take care of you as you age?
Get in touch with the Peterson Financial team: https://petersonfg.com/
Financial advisors wear a lot of hats, but one role you probably didn’t expect us to play is a counselor or therapist. That happens more than you would imagine because we help couples communicate about money and have conversations that they might not normally have at home.
This episode is focused specifically on the planning we do with couples with insights on how we help them navigate tricky conversations about money and retirement.
Here’s some of what we discuss in this episode:
- The things that married couples tend to disagree about most when it comes to money.
- What financial matters do couples do a poor job communicating about?
- Why you want to have conversations about how you want to spend your time in retirement.
- What should you discuss as a couple before meeting with a financial advisor?
Get in touch with the Peterson Financial team: https://petersonfg.com/
Retirement is often viewed as a golden era of relaxation and enjoyment, but it can also be riddled with misconceptions that can lead to financial pitfalls. Many people fall into the trap of wishful thinking when it comes to what they expect will happen in retirement, but a successful retirement isn’t built on hope and assumptions. In this episode, Eric sheds light on these common myths and offers practical strategies for effective retirement planning.
Here’s some of what we discuss in this episode:
- Can retirees live off the interest generated by their investments in retirement?
- Many people think they’ll be in a lower tax bracket in retirement but is that reality?
- Once you stop working, many expenses will no longer be necessary, but does that mean you’ll end up spending less overall in retirement?
- People are often shocked at the cost of healthcare when it comes out of their own pocket.
Get in touch with the Peterson Financial team: https://petersonfg.com/
Retirement is a time for relaxation, exploration, and enjoying the fruits of years of hard work. However, for many, the transition from saving to spending can be a daunting challenge. It’s a common dilemma that we’ll discuss in this episode while offering up insightful strategies to help retirees spend with confidence.
Here’s some of what we discuss in this episode:
- Shifting from the saving mindset of your working life to the spending mindset of retirement.
- How proper planning can build up confidence for retirement.
- The accumulation vs. distribution phases.
- Not being overly confident.
Get in touch with the Peterson Financial team: https://petersonfg.com/
In the latest episode of Retirement Ready Podcast, Eric pulls back the curtain on some of the most common financial half-truths that many retirees and investors encounter. As someone gearing up for retirement, it's crucial to have a clear understanding of these financial nuances to ensure your strategy is both effective and resilient.
Here’s some of what we discuss in this episode:
- While the market will go up in the long run, a downturn when you need to sell stock can be a major issue.
- Paying off a mortgage early vs. investing more in your retirement.
- Diversification is important, but it is not the only thing you need for a successful retirement.
- Bonds reduce risk, but they’re not risk-free.
Get in touch with the Peterson Financial team: https://petersonfg.com/
The 401k is the most common way that people save for retirement, which is why we get a lot of questions on the show and in the office about this employer-sponsored plan. You want to take full advantage of your 401k when you’re working, but there are some intricacies that you might not even be aware of. This episode will tackle those frequently asked questions and break down the areas that people are most curious about.
Here’s some of what we discuss in this episode:
- Should you take advantage of employer-offered 401K advisory services?
- Should you put more into your 401K than the company match?
- Are 401K loans a good idea?
- When should you rollover a 401K into a Roth IRA?
Get in touch with the Peterson Financial team: https://petersonfg.com/
When you’re ready to start working with a financial advisor, how do you find the right person to help you reach your financial goals? Not every advisor is the same but most people don’t really know what to look for. This episode is all about helping you ask the right questions and avoid the mistakes that people commonly make when they choose a financial advisor.
Here’s some of what we discuss in this episode:
- Different financial tools are used for different goals that people have.
- Discussing fee structure with a prospective advisor.
- Avoiding putting too much trust in big name brands.
- Not being afraid to ask questions.
- Making sure that you are working with somebody who has the right specialty.
Get in touch with the Peterson Financial team: https://petersonfg.com/
We all tell ourselves little white lies from time to time. But when it comes to our finances, these "little lies" can have se-rious consequences.
In this episode, we explore some of the most common financial lies people tell themselves:
"I'll pay back the money I borrowed from my 401(k)." Is borrowing from your retirement savings really a good idea? We'll discuss the potential pitfalls and explore better alternatives.
"The stock market is rigged against the little guy." Is this a myth or a reality?
"The bank is the safest place for my money." While banks offer security, they may not always be the best option for growing your wealth. We'll discuss the trade-offs and explore alternative strategies.
"I'll start saving next year." Procrastination is a common financial enemy. We'll discuss the dangers of delaying your savings goals and provide actionable tips to get started today.
Join us as we debunk these common financial myths and gain valuable insights into building a stronger financial future.
Tune in to learn how to:
- Make informed decisions about your retirement savings.
- Navigate the stock market with confidence.
- Develop a sustainable savings strategy.
- Overcome common financial roadblocks.
Get in touch with the Peterson Financial team: https://petersonfg.com/
Retirement is often seen as the golden phase of life, a time to sit back, relax, and enjoy the fruits of your labor. However, did you know that psychologists rank retirement as the 10th most stressful event you can experience? In this episode, Eric discusses why this phase can be so daunting and offers strategies to ease the transition.
Here’s some of what we discuss in this episode:
- The stress that can come with no set day to day schedule during retirement.
- Keeping your options open as you plan for retirement.
- Reducing your retirement stress by working with a qualified professional.
Get in touch with the Peterson Financial team: https://petersonfg.com/
Throughout our lives, there will be times when the markets rise and times when we experience downturns. Largely, we don’t have control over the circumstances we’re dealt, but we do have control over how we respond to those situations.
In this episode, Eric will explore financial situations that can often feel stressful and inconvenient. We’ll focus on finding the silver linings and learning how to make the best of those situations.
Here’s some of what we discuss in this episode:
- Finding opportunities during a market downturn
- Understanding capital gains taxes
- Leveraging high interest rates to your advantage
- Turning a layoff into an opportunity for a reset
Get in touch with the Peterson Financial team: https://petersonfg.com/
There are plenty of obvious questions about retirement planning that everybody knows they should be asking. Then, there are other questions that aren't exactly enjoyable to think about.
For example, it’s not easy to consider how taxes and income might shift after losing a spouse, how losing the ability to drive could lead to new financial and social challenges, or whether relying on your children for care in old age is realistic. Yet, these are necessary things to ask yourself as you build a plan.
Tune in to this episode with Eric, as he breaks down some frequently unasked retirement questions that are very important to consider.
Here’s some of what we discuss in this episode:
- Downsizing in retirement
- How taxes change when you must file as single
- The financial impacts of losing the ability to drive
- Not just assuming that your kids are on board with taking care of you in old age
Get in touch with the Peterson Financial team: https://petersonfg.com/
Diversification is one of those buzzwords you hear often in financial planning. While many people know it's important, few are clear on what it actually means when applied to various aspects of their financial strategy. In today’s episode, Eric and Marc will bring you the diverse definitions of diversification.
Here’s some of what we discuss in this episode:
Diversification in terms of stocks.
Diversification of asset classes.
Global diversification.
Diversification of strategies.
Diversification around taxes.
Get in touch with the Peterson Financial team: https://petersonfg.com/
As technology keeps advancing, it’s made our lives easier in so many ways. Tasks that used to need outside help can now be done on our own with just a few clicks. This shift has also brought more accessible online financial tools, but how accurate and helpful are they really?
Here’s some of what we discuss in this episode:
- The risks that come with sponsored ads on Google.
- How robo-advisors take the emotion out of investing.
- How useful are online “retirement calculators?”
- Different uses for technology in the accumulation phase vs. the distribution phase.
Get in touch with the Peterson Financial team: https://petersonfg.com/
Dorothy Parker is one of the great writers of the 20th century. Her wit and prose have been appreciated by readers for generations. But are there any lessons we can learn when it comes to finance with some of Parker’s most well-known quotes?
Here’s some of what we discuss in this episode:
- Planning for the worst and hoping for the best.
- Putting your financial resources to work for you.
- Having a plan for what you want to do with your wealth when you die.
- The relief you’ll feel after financial planning.
Get in touch with the Peterson Financial team: https://petersonfg.com/
In this episode, Eric is answering your questions! We’ll cover a range of topics today, including key considerations for income taxes when moving to a new state, how to initiate financial conversations with parents or grandparents, and whether using a life insurance policy to save for a college fund is a wise choice.
Here’s some of what we discuss in this episode:
- The financial impacts of moving to a state with a higher income tax.
- Getting the conversation started with older parents when it comes to their finances.
- Is it better to use a life insurance policy for college savings?
Get in touch with the Peterson Financial team: https://petersonfg.com/
What is lazy money and why do you want to not have too much of it in your retirement portfolio? Simply put, lazy money is money that isn’t growing as much as it could be. Having your money grow and work for you is a key part of building a solid portfolio, so Eric breaks down some strategies to help get the most out of your money in this episode.
Here’s some of what we discuss in this episode:
- Defining the term “lazy money.”
- Making sure that you are getting the most out of your money.
- The concept of investing with your conscience or “moral investing.”
- How lazy money can be dangerous.
- Getting your money to make more money for you.
Get in touch with the Peterson Financial team: https://petersonfg.com/
Retirement planning simply isn’t the same as it used to be. From changes in life expectancy, the lack of pensions, and getting caught in the sandwich generation, there’s a lot to keep in mind when putting together your financial plan. Instead of taking advice from others who may have retired in a different era, it’s important to understand what strategy is right for you.
Here’s some of what we discuss in this episode:
- Pensions are no longer the norm.
- Life expectancy is longer, so we need to financially prepare for longer lives.
- Some get stuck in the sandwich generation and caring for others.
- You should be strategic about your Social Security income.
- Taxes are an area where you can take control in retirement.
Get in touch with the Peterson Financial team: https://petersonfg.com/
After so many years of paying into Social Security, you might feel ready to reap the benefits. But before you get too eager, it’s best to have a thorough understanding of the different variables and how to best leverage them.
On today’s podcast, Eric emphasizes the need for a comprehensive strategy and personalized plan.
Here’s some of what we discuss in this episode:
- The different buckets in retirement.
- How Social Security benefits apply with a spouse.
- Maximizing your financial outcome.
- Potential changes to Social Security.
Get in touch with the Peterson Financial team: https://petersonfg.com/
One of the key discussions you may have in retirement is what to do about the house. Should you downsize your home? Pay it off early? Buy a vacation home and become a snow bird? Eric emphasizes the importance of considering not just the financial implications but also the lifestyle changes each of these decisions entail. Weighing out the pros and cons of each decision can highlight what is right for you (which isn’t always the same as what your neighbor is doing).
Here’s some of what we discuss in this episode:
- Whether or not to downsize.
- Considering the interest rates.
- Wondering about paying off the house.
- Springing for a vacation home.
Get in touch with the Peterson Financial team: https://petersonfg.com/
One major (yet often overlooked!) expense in retirement is healthcare. Especially if you are retiring early, healthcare can be a huge expense as you bridge the gap between your working years and when eligible for Medicare. Not only will you have an increased monthly cost, but you may need to budget for additional medical costs as time goes on or even long-term care needs.
In today’s episode, Eric will give us an inside look at the healthcare-related items you need to think about as you approach your retirement years.
Here’s some of what we discuss in this episode:
- How Medicare fits in your retirement plan.
- What happens if you retire early?
- Dealing with unexpected medical expenses.
- Planning for long-term care needs.
Get in touch with the Peterson Financial team: https://petersonfg.com/
Your money and your nest egg have a direct effect on so much of your life, especially those you hold dear. Today we talk about what happens in a family, particularly when someone has passed away, and the financial impact that can have. Losing a spouse is an emotionally devastating experience, and amidst the grief, the financial implications can add another layer of stress.
Here’s some of what we discuss in this episode:
- Overcoming the most significant financial challenge after the loss of a spouse.
- Understanding the tax implications.
- Why estate planning is so vital.
- What a balanced financial strategy looks like.
Get in touch with the Peterson Financial team: https://petersonfg.com/
Have you ever wondered how a water wheel can relate to your retirement planning? It might seem like an odd comparison, but in today’s podcast, Eric breaks down this fascinating analogy and its significance in maintaining a stable financial future.
Here’s some of what we discuss in this episode:
- The driving force behind your lifestyle in retirement.
- Diversifying income streams.
- How personal pensions could help.
- Managing your finances with vigilance.
Get in touch with the Peterson Financial team: https://petersonfg.com/
We all make mistakes from time to time. But what if your financial mistakes could be avoided with just a little insight? Eric shares some of the most common retirement planning mistakes people are prone to make and what you can do to save yourself from heartache.
Here’s some of what we discuss in this episode:
- Understanding tax implications.
- Timing your Social Security benefits wisely.
- Focusing on income instead of returns.
- Balancing aggressiveness and conservative investing.
Get in touch with the Peterson Financial team: https://petersonfg.com/
When it comes to planning for retirement, the relationship you have with your financial advisor is crucial. Many people express common complaints about their financial advisors, from taking on too much risk to paying high fees or a lack of communication. In today’s podcast, Eric sheds light on these concerns and offers valuable insights to help you navigate your financial journey.
Here’s some of what we discuss in this episode:
- Assessing risk in investments.
- Understanding the value for your fees.
- Evaluating investment performance.
- The importance of holistic financial planning.
Get in touch with the Peterson Financial team: https://petersonfg.com/
Inside a marriage, retirement planning is a journey that ideally involves both partners working together towards a common goal. However, as with any significant life decision, disagreements can arise. Eric sheds light on some of the most common spousal disagreements regarding retirement and offers practical advice on how to navigate them.
Here’s some of what we discuss in this episode:
- Determining the risk tolerance level.
- Deciding what age to retire.
- How much to allot toward legacy planning.
- Considering when to downsize.
- Finding a retirement lifestyle that makes everyone happy.
Get in touch with the Peterson Financial team: https://petersonfg.com/
According to Ernest Hemingway, "In order to write about life, you must first live it." Eric shares how his years working as a financial advisor have given him the experience to guide others through various market conditions and make a financial plan that is possible to follow. It's not just about understanding the products and tools; it's about knowing how people react to different financial stimuli and steering them accordingly.
Tune in to the conversation as we unpack more Ernest Hemingway quotes just like this and see how they relate to financial planning!
Here’s some of what we discuss in this episode:
- The value of years in the financial services industry for understanding market conditions and reactions
- Guiding and counseling clients through various financial situations
- The importance of cautious investing approaching retirement
Get in touch with the Peterson Financial team: https://petersonfg.com/
Saving for retirement is not like it used to be. For too many, it’s a mystery whether or not they have what they need to retire comfortably. To best prepare for retirement, it’s important to know where you stand. Do you have an understanding of what your goals and financial needs are?
Here’s some of what we discuss in this episode:
- How retirement has changed from previous generations.
- The key question to ask yourself.
- Understanding your income needs.
- Stress-testing your plan.
Get in touch with the Peterson Financial team: https://petersonfg.com/
When it comes to financial planning, understanding your investor personality type can significantly impact your retirement plan. From one of the most common investor types to the mismatched couple, Eric shares the different investors he has encountered and how to plan accordingly.
Hear how to ensure a successful retirement, no matter what your personality type. Which of these investor personalities sounds most like you? Find out in this episode.
Here’s some of what we discuss in this episode:
- The victim personality.
- The over-analyzer.
- The DIY-er.
- The odd couple.
Get in touch with the Peterson Financial team: https://petersonfg.com/
Are your financial habits setting you up for a secure retirement or are they leading you down a path of uncertainty and uneasiness? Eric shares about the consequences of bad financial habits and what you can do to cultivate better ones. Instead of burying your head in the sand or overemphasizing the wrong things, take some time to recalibrate and get your financial life in the right direction.
Here’s some of what we discuss in this episode:
- Ignoring your account statements.
- Understanding volatility.
- Being addicted to the stock market.
- Overcoming procrastination.
- The best time to start.
Get in touch with the Peterson Financial team: https://petersonfg.com/
Have you ever wondered how major historical events influence our financial behaviors? Or wondered what the root is of some of your or your family members’ financial decisions? In today’s podcast, we dive into the profound impact of these "black swan" events on our investment and saving habits. From the Great Depression to the 2008 housing crisis, these events have left lasting impressions on generations of investors.
Here’s some of what we discuss in this episode:
- The deep scars of the Great Depression.
- The post-WWII economic boom and the Dot-Com bubble.
- The 2008 housing crisis.
- Modern financial strategies for a stable retirement.
Get in touch with the Peterson Financial team: https://petersonfg.com/
Many people can have a couple of “blind spots” so to speak when it comes to their retirement plans. Do you worry you may not be accounting for everything you might need for your retirement? Then today’s episode is perfect for you!
Here’s some of what we discuss in this episode:
- The dangers of a market downturn early in your retirement.
- Accounting for inflation.
- Planning for medical costs.
- Understanding the tax coordination on your income.
Get in touch with the Peterson Financial team: https://petersonfg.com/
There can be a lot of emotions when it comes to investing and planning for retirement. And what better way to discuss those emotions than through the characters of Pixar’s latest film, Inside Out 2? In this episode, Eric breaks down how emotions can impact your financial decisions and shares practical strategies to help you manage them.
Here’s some of what we discuss in this episode:
- The potential joy in retirement planning.
- Quelling fears about retirement.
- Avoiding dwelling on poor financial decisions.
- Running your own race.
- Reducing anxiety through planning.
Get in touch with the Peterson Financial team: https://petersonfg.com/
Preventative care isn't just for your health; it's essential for your financial well-being too. By consulting a financial advisor early and often, you can avoid financial distress and make informed decisions that lead to a secure and fulfilling retirement. Join us as we talk about the importance of preventative care with your finances in today's episode!
Here’s some of what we discuss in this episode:
- Proactive vs. reactive financial planning.
- The perceived cost of financial advisors.
- Overcoming financial fears and misconceptions.
- The power of financial literacy.
Get in touch with the Peterson Financial team: https://petersonfg.com/
Financial planning involves a lot of planning ahead, much like Noah did when he started building the ark long before the rain began. This metaphor serves as a powerful reminder that proactive planning is essential for weathering financial storms. Eric highlights that while we can't predict events like market crashes or global pandemics, we can prepare for them by stress-testing our financial plans.
Here’s some of what we discuss in this episode:
- Noah’s ark and financial planning.
- Preparing for the unexpected.
- Having a diversified income stream.
- Listening to your neighbors instead of your situation.
Get in touch with the Peterson Financial team: https://petersonfg.com/
When planning for retirement, one of the most critical aspects to consider is your income. But what does this mean, and how can you ensure you have enough income to cover your needs and desires?
Here’s some of what we discuss in this episode:
- Income is key.
- Considering medical expenses.
- Unexpected travel costs.
- Supporting family members in the sandwich generation.
- The impact of taxes.
Get in touch with the Peterson Financial team: https://petersonfg.com/
Retirement is a significant milestone that requires careful planning and preparation. In today’s podcast, Eric shares a comprehensive checklist to ensure you're fully prepared for your golden years.
Here’s some of what we discuss in this episode:
- Understanding your monthly income needs.
- Choosing the right account for withdrawals.
- Timing Social Security benefits appropriately.
- Addressing longevity risk.
- Handling market volatility.
- Combating inflation and preparing for future tax increases.
Get in touch with the Peterson Financial team: https://petersonfg.com/
In the latest episode of the Retirement Ready Podcast, Eric invites us to explore the timeless wisdom of Mark Twain and how it applies to modern financial planning. Mark Twain, known for his wit and keen observations, offers quotes that are surprisingly relevant to today's financial landscape. Eric takes these quotes and translates them into practical advice for those planning their retirement.
Here’s some of what we discuss in this episode:
- "Apparently there is nothing that cannot happen today."
- "The lack of money is the root of all evil."
- “Suppose you were an idiot, and then suppose you were a member of Congress; but I repeat myself.”
- "October is one of the particularly dangerous months for speculating in stocks. The others are…”
- "The secret to getting ahead is getting started."
Get in touch with the Peterson Financial team: https://petersonfg.com/
Are bonds really the safe investment we've always been told they are? What percentage of assets should a retiree or pre-retiree hold in bonds? In today’s episode, Eric addresses some of his most frequently asked questions about the world of bonds…
Here’s some of what we discuss in this episode:
- What is a bond and how does it work?
- How do bond funds and individual bonds differ?
- What makes bond prices rise or fall?
- What percentage of assets should a retiree or pre-retiree hold in bonds?
- What alternatives to bonds might be considered for safer investments?
Get in touch with the Peterson Financial team: https://petersonfg.com/
Financial statements can often feel like a foreign language, filled with jargon and numbers that seem to have little relevance to your everyday life. However, understanding these documents is crucial for effective retirement planning. In the latest episode of the Retirement Ready Podcast, Eric breaks down the essentials of reading and interpreting your financial statements.
Here’s some of what we discuss in this episode:
- Why you should review your financial statements.
- Understanding projections and asset allocation.
- The importance of knowing your fees.
- What the tax implications could be.
- Reading the fine print.
Get in touch with the Peterson Financial team: https://petersonfg.com/
This one goes to the grads! Whether you know someone graduating high school, college, or even preschool, graduation marks a new stage and season in life. Similarly, retirement is a new chapter in life. It's a time of change, celebration, and sometimes, uncertainty. On today’s show, we talk through the similarities between leaving school and entering retirement.
Here’s some of what we discuss in this episode:
- Retirement is more than just having enough money.
- Your daily life and routines change in a big way.
- Relationships can be hard to maintain in the same way.
- The emotions you face might surprise you.
- You may face a shift in identity or even have an identity crisis.
Get in touch with the Peterson Financial team: https://petersonfg.com/
Your 401(k) likely plays a major role in your retirement savings. That's why it’s important that it’s set up and functions in the way that’s most beneficial to you. Following our last podcast about beneficiary mistakes, now we focus on common mistakes people make with their 401(k).
Here’s some of what we discuss in this episode:
- Moving a 401(k) to another retirement account.
- Allocation and rebalancing with your contributions.
- What to think about target date funds.
- Who the real client is of a company 401(k).
- Hidden fees to look out for.
Get in touch with the Peterson Financial team: https://petersonfg.com/
In this episode of the Retirement Ready Podcast, Eric guides us through the critical yet often overlooked details of beneficiary designations. Learn the simple yet vital steps to prevent beneficiary blunders that could lead to unnecessary headaches for your heirs. Eric calls these errors "low hanging fruit" because they're easy to fix yet can save your family from future heartache.
Here’s some of what we discuss in this episode:
- Eric shares some details from his exotic vacation!
- What beneficiary mistakes are most common?
- Do you have an alternate?
- What happens with probate?
- What a will does and doesn’t do for you.
Get in touch with the Peterson Financial team: https://petersonfg.com/
Dive into the world of financial emotions in this episode with Eric Peterson. Discover how greed, fear, hope, and pride can make or break your investment strategy. Eric unravels the complexities of managing emotions to ensure a secure and enjoyable retirement.
This episode isn't just about financial strategies; it's about understanding the human side of investing. It's about knowing when to hold on and when to let go, when to take risks and when to seek shelter. It's a must-listen for anyone standing at the cusp of retirement—or even those just starting to climb their financial mountain.
Here’s some of what we discuss in this episode:
- Greed motivates us to keep chasing returns in the market when we should be taking chips off the table.
- The pull between what you know you should do versus what fear is driving you to do.
- Why you need to have a plan for your spouse passing away.
- The role an advisor plays in helping you overcome emotions.
Get in touch with the Peterson Financial team: https://petersonfg.com/
Retirement is closer than you think, but are you ready? With a staggering number of people lacking confidence in their retirement savings, Eric shares the misconceptions people have and what mistakes can derail someone’s financial future. Many people feel inadequate when it comes to what they have saved in their nest egg, uninformed about the pitfalls of target date funds, and unprepared about the reality of leaving the workforce earlier than expected.
Here’s some of what we discuss in this episode:
- 76 percent of Baby Boomers say they are not confident they have saved enough.
- 30 percent of workers say they don't know what to do with their 401(k).
- 46 percent of workers leave the workforce earlier than they planned.
- Only 24 percent of retirees work with a financial advisor of some sort.
Get in touch with the Peterson Financial team: https://petersonfg.com/
Navigating life's financial crossroads can be tricky, especially when it involves your financial future. In this episode of Retirement Ready, Eric addresses these complex issues head-on. How do you best evaluate your broker and your investment performance against the S&P 500? Eric says a lot of that comes down to setting expectations and understanding the risks. Then, Holly wants to know what to consider before making a midlife career change.
Here’s some of what we discuss in this episode:
- Mailbag: Do I need to fire my broker?
- Mailbag: What to consider about switching careers in your mid-fifties.
- Mailbag: How to support adult children living at home.
Get in touch with the Peterson Financial team: https://petersonfg.com/
We are all guilty of procrastinating from time to time. Financially speaking, though, this can get you into a lot of trouble. Let’s talk about the areas where it might feel better to kick the can down the road.
Ultimately, it’s best to get things taken care of sooner, rather than later. Dealing with financial stuff or tightening up the budget might not sound appealing at first, but doesn’t have to stress you out. Sometimes worrying about it is worse than it really is.
Here’s some of what we discuss in this episode:
- Talk with your parents about financials as they age.
- Is retirement planning harder today than it used to be?
- You might find financial information overload online that’s actually entertainment.
- Sometimes dealing with financial stuff stresses people out.
Get in touch with the Peterson Financial team: https://petersonfg.com/
Americans over 60 have lost more than $3.1 billion in various forms of fraud and scams in the last 12 months! Today we talk through some of the common scams people unfortunately fall for and how you can stay vigilant against it. As the scams get more sophisticated, it can be harder to see through them. Understanding what ones to look out for will help you steer clear of these schemes.
Here’s some of what we discuss in this episode:
- Financial advisors have high level protection and help clients who may have been hacked.
- Personal data scam or phishing happens when clicking on links and attachments.
- Some scams pose as the government.
- Watch out for “winnings” that require you to pre-pay or wire money.
- The family scam uses AI to trick you.
Get in touch with the Peterson Financial team: https://petersonfg.com/
There are a number of financial ideas that people have differing opinions on. Eric shares today which of these he agrees with or disagrees and why. From paying off the house to having life insurance after you retire, each of these financial concepts will give you something to consider as you compare to what you’re doing.
Here’s some of what we discuss in this episode:
- Should you pay off your house as soon as you can?
- Individual bonds better than bond funds?
- Do you need life insurance after you retire?
- Is it better to have a fee-based advisor?
- Are annuities rip-offs?
Get in touch with the Peterson Financial team: https://petersonfg.com/
Unfortunately, divorce happens. When it does, no one wants to make costly financial mistakes amidst an already stressful time. Today, we talk about the mistakes that can happen and how to avoid them when it comes to dividing up your assets with a spouse.
Here’s some of what we discuss in this episode:
- Choosing the house vs. other assets.
- Consider the tax implications and long-term impact.
- Combining accounts and rolling over IRAs.
- The decision-making process can be overly impacted by the emotions.
Get in touch with the Peterson Financial team: https://petersonfg.com/
In movies, there are all-time classic villains like Darth Vader or the Wicked Witch of the West. When it comes to the financial world, what kind of villains should you look out for? Just like some of these cinematic villains, some of these financial elements may have a bit of nuance and history that can make it hard to label them all good or all bad.
Here’s some of what we discuss in this episode:
- The stock market can be a force for good or for bad.
- People can get overly fixated on fees.
- Technology is great, but it isn’t everything.
Get in touch with the Peterson Financial team: https://petersonfg.com/
When you’re younger, life insurance is often thought of as an income replacement as needed. But as you get older and into retirement, you might find other uses for life insurance. When thinking ahead for your estate and how it passes to beneficiaries, life insurance can prove to be a useful tool.
Currently, the proceeds from life insurance are tax-free. How does that change how you include it in your financial plan? Eric outlines some of the options and benefits life insurance can provide.
Here’s some of what we discuss in this episode:
- Life insurance for income replacement.
- You can use life insurance for estate liquidity.
- Locking in a low premium.
- Passing on generational wealth.
- Life insurance can help with business succession.
- Use it as a tax-free income.
- Long-term care coverage can be a part of it.
Get in touch with the Peterson Financial team: https://petersonfg.com/
What kind of risks do you take in your financial life? As you get less comfortable with things like climbing up ladders and riding on skateboards, you might also become less financially risky. When you enter retirement, how you view your money in the market changes significantly from your working years. It’s important to look at your portfolio to ensure your investments match your risk tolerance.
Eric and his team use a risk analysis with prospective clients to help them understand what you have and how exposed you are to risk. From there, you can better make adjustments according to your risk tolerance and financial plan to put your mind at ease.
Here’s some of what we discuss in this episode:
- What kind of financial risks do Eric’s clients take?
- How often does a person’s portfolio match their risk tolerance?
- How do you know what your risk profile is?
- Why do people take unnecessary risk?
Get in touch with the Peterson Financial team: https://petersonfg.com/
A lot of times, when you consider what is happening with your money, questions arise. Instead of letting those questions serve as a mental roadblock, ask a qualified financial professional. You may be surprised at what you hear! Or, you may feel validated that you are headed the right direction. On today’s show, Eric answers three questions from listeners.
Here’s some of what we discuss in this episode:
- Mailbag: How much money do you need to qualify for a continuing care community?
- Mailbag: What advice can I give my 21-year-old granddaughter who just inherited $300,000?
- Mailbag: What if my financial advisor retires before me?
Get in touch with the Peterson Financial team: https://petersonfg.com/
Why is retirement planning different than the “good old days” that our parents and grandparents experienced? This is one of those cases where you most likely can’t follow the same plan as previous generations and expect it to work out the same. Things like pensions, Social Security, and even RMD age have changed. Is your financial plan set up accordingly or is it in need of some changes to match?
Here’s some of what we discuss in this episode:
- Pensions were a staple of retirement plans back in the day.
- People are living longer now.
- We have an overabundance of information.
Get in touch with the Peterson Financial team: https://petersonfg.com/
When is the perfect time to retire? One question from the mailbag asks whether retiring now or in two years will make a big difference. Stay tuned as Eric answers this listener question and more in this week's show.
Here’s some of what we discuss in this episode:
- Mailbag: I’d like to retire soon, but how big of a difference will it make now or in two years?
- Mailbag: How important is it to have a financial advisor?
- Mailbag: How can I gift my daughter $50,000 for a down payment?
Get in touch with the Peterson Financial team: https://petersonfg.com/
More than likely, you’ve heard about financial commentator, Dave Ramsey. Today, we talk about some of Dave’s core beliefs and how they may differ from those of a licensed financial advisor. While Dave’s tips and baby steps have helped people, it’s worth taking some of his advice with a grain of salt.
Here’s some of what we discuss in this episode:
- Should you cut up your credit cards?
- Is whole life insurance a rip-off?
- Should you invest in four types of mutual funds?
- Is it easy to find mutual funds that average more than 12 percent annual return?
Get in touch with the Peterson Financial team: https://petersonfg.com/
Every day you have to make choices about your money. What to spend it on, when to save, and how to manage it well. We tackle three questions from the mailbag today from people facing a financial decision. From learning how to take care of the household finances after one spouse passes to deciding about helping a child pay for college, Eric can help point clients in the right direction.
Here’s some of what we discuss in this episode:
- Mailbag: What financial things do I need to consider after my spouse has passed?
- Mailbag: Should I help my son pay for an extra year of college?
- Mailbag: Should I pay off my house with a recently received inheritance?
Get in touch with the Peterson Financial team: https://petersonfg.com/
What does the voice of greed sound like? We hear a lot in the financial space, some of it sound advice, and some of it just plain greedy (and even risky). There’s a time and a place for risk, but it comes down to planning. Not all of your money should have the same risk profile. Working with a financial advisor can help you determine how much risk is good vs. having safety.
Here’s some of what we discuss in this episode:
- The market’s doing great, it’s a good time to invest!
- Did you hear the hot tip? Hot tips are lukewarm at best.
- Playing catch-up with the retirement savings of the Joneses isn’t always what you most need.
- When the market was doing well, you might DIY it.
Get in touch with the Peterson Financial team: https://petersonfg.com/
Sometimes we fall into playing the guessing game when it comes to our finances. For instance, how much do you really need in retirement? Instead of grabbing at arbitrary numbers, first think about how much you spend. Some of your expenses may change in retirement compared to your working years, but plan for your needs based on your expenses and your goals.
Here’s some of what we discuss in this episode:
- How much will you need in retirement?
- Planning for the things you want to do.
- What liquidity can look like.
- What impact inflation has on retirement.
Get in touch with the Peterson Financial team: https://petersonfg.com/
When you retire, you have to be strategic about what you do with your money. In today’s show, Eric answers three questions from the mailbag about how to make the best financial decision possible with your money once you’re retired.
Here’s some of what we discuss in this episode:
- Mailbag: What’s the maximum income I can have in retirement without paying taxes?
- Mailbag: Should I pay off my daughter’s college loan?
- Mailbag: Anything I should do now to prepare for my RMD withdrawals next year?
Get in touch with the Peterson Financial team: https://petersonfg.com/
There are some common questions that come up around inheritance, so today we are going to tackle a few! Whether you have recently inherited or want to set up your estate in a way that makes it easier on your beneficiaries, there’s something for you to learn in today’s show.
Here’s some of what we discuss in this episode:
- Should my mom sign the house over to me before she dies?
- How will I be taxed on inherited stocks?
- What if the beneficiary listed is my late husband’s ex-wife instead of me?
- My siblings want to sell the land we inherited, should I buy them out to keep it?
- My parents’ money was managed by an advisor I trust, but now should I move it to my advisor?
Get in touch with the Peterson Financial team: https://petersonfg.com/
There are so many different ways to approach the subject of financial planning. In light of the holidays, we wanted to have a little fun and compare some Christmas classic songs with financial lessons.
For starters, as you sing about Rudolph, it’s easy to see now what a great asset he had in that shiny bright nose. What financial tools are underrated and a better asset than you originally thought? Or, what happens after grandma gets run over by a reindeer? Did she have a financial plan in place?
Here’s some of what we discuss in this episode:
- The “12 Days of Christmas” is a story of compounding.
- “Rudolph the Red-Nosed Reindeer” had quite the asset!
- Were all the proper documents in place before “Grandma Got Run Over by a Reindeer?"
Get in touch with the Peterson Financial team: https://petersonfg.com/
When you sit down to talk about your finances, sometimes you run into a question that stumps you. Even if you can’t fully answer the questions, it’s still important to consider these when financial planning. For instance, no one really knows when the next market crash will hit. We can, though, consider what caused market crashes in the past and then set up your financial plan strategically to account for the possibility of a crash in the future. Stay tuned as we chat about some financial questions that are hard to answer and how we navigate these questions in the world of planning.
Here’s some of what we discuss in this episode:
- When’s the next market crash going to happen?
- What will healthcare costs look like in 20 years?
- Who will our future president do and how will they change the taxes?
Get in touch with the Peterson Financial team: https://petersonfg.com/
Sometimes people get advice from financial “professionals” who maybe aren’t the right fit for their needs. Today, we discuss some of the things your advisor might not be talking to you about. If you’re getting value for the fees you’re paying then that’s one thing. But if you’re not getting your needs met by your financial advisor, it might be time to find the right advisor for you.
Here’s some of what we discuss in this episode:
- The tax angle needs to be considered.
- Are they focused on the accumulation or distribution?
- What are you paying in fees?
- What’s the strategy for your retirement income?
- What is the legacy plan?
Get in touch with the Peterson Financial team: https://petersonfg.com/
Taxes are a major part of your life, especially your life in retirement. Having a good understanding of how you can prepare may save you in the long-run. Discussing your options with a financial advisor can help point you in the right direction. A big part of the conversation will be about deciding how to best save in a 401(k) or a Roth 401(k). But you also need to consider the outcomes and limitations on things like taxable accounts or even life insurance.
Stay tuned as we discuss all things tax consequences in today's episode.
Here’s some of what we discuss in this episode:
- What are the pros and cons of using a 401(k)?
- What should you do about tax-free accounts?
- What are the consequences of taxable accounts?
- Are there tax consequences with life insurance?
Get in touch with the Peterson Financial team: https://petersonfg.com/
Sometimes we want to take the easy way out instead of the smarter way. Today, we talk about ways people have tried to cut corners financially and where that falls apart. Remember, having a plan and understanding what’s in it can save you a lot of heartache later on.
Here’s some of what we discuss in this episode:
- Some people take too much risk to make up for lost time.
- Don’t fail to update your legal documents.
- Make sure you get organized.
- Some ignore the fine details.
- Ignoring potential long-term care needs.
Get in touch with the Peterson Financial team: https://petersonfg.com/
No one loves losing money. So how do you strike the right balance of investing vs. being overly risk averse? Eric talks through how he guides clients through this dilemma. You might be surprised to find out your investment accounts are riskier than you realized!
Here’s some of what we discuss in this episode:
- What does it mean when someone is risk averse?
- A lot of times you don’t know how risky your portfolio is.
- How do you fix your risk levels financially?
- How do you align your expectations?
Get in touch with the Peterson Financial team: https://petersonfg.com/
Next to income, tax planning is the most important thing Eric focuses on with his clients. If you can control how much tax you pay, it’s more money you get to keep, spend, and enjoy. Retirement is a prime time to focus on tax planning as you have more opportunity to control the taxes you owe. Listen in as we talk about tax planning in retirement!
Here’s some of what we discuss in this episode:
- Why is tax planning important?
- How do the tax brackets work?
- What does a Roth conversion strategy look like?
Get in touch with the Peterson Financial team: https://petersonfg.com/
When can overconfidence cause catastrophe? If you are setting your financial goals based on a rule of thumb or a certain arbitrary dollar amount, you might want to reconsider. Having overconfidence, especially in the wrong things, can lead to financial disaster.
Here’s some of what we discuss in this episode:
- Overconfidence in the stock market.
- Overconfidence in a certain dollar amount for retirement.
- Overconfidence a financial rule of thumb.
- Overconfidence in your own understanding.
- Overconfidence in your decision-making process.
Get in touch with the Peterson Financial team: https://petersonfg.com/
Sometimes we learn from our mistakes, and unfortunately, sometimes we make the same mistake over and over. Having a financial advisor can help you navigate through your financial decisions so you don’t get stuck in the same rut of financial mistakes on repeat. In today's episode, Eric will share some of the mistakes that he sees people make frequently.
Here’s what you’ll learn on today’s show:
- What mistakes does Eric see repeatedly?
- How do people improve their financial habits after they gain experience?
- When has a financial change turned out to be a good thing?
- What financial mistakes has Eric helped people avoid?
- Do some people resist retirement because they don’t trust the numbers?
Get in touch with the Peterson Financial team: https://petersonfg.com/
You may be familiar with Maslow’s hierarchy of needs, which breaks down a human’s needs into five different tiers. In today’s episode, we apply those tiers to what you need when retirement planning. Have you planned and saved in a way that will cover all of these needs? Stick around to find out!
Here’s what you’ll about learn today:
- The physical needs are your retirement basics.
- Safety concerns apply to protecting your money.
- The need for belonging looks different in retirement than when working.
- Finding ways to feel accomplished in retirement.
- Finding self-actualization through contentment with where you are now.
Get in touch with the Peterson Financial team: https://petersonfg.com/
The classic movie, Forrest Gump, is full of great quotes. We see how some of those quotes can be applied to your finances. From figuring out what to do when life isn’t going just like you thought to learning from past mistakes, there are a lot of takeaways from Forrest.
Here are the quotes we dive into and turn into financial advice:
- “Life’s like a box of chocolates, you never know what you’re going to get.”
- “Mama always said, you’ve got to put the past behind you before you can move on.”
- “What’s normal, anyway?”
- “Dying is a part of life, I sure wish it wasn’t.”
Get in touch with the Peterson Financial team: https://petersonfg.com/
Humans can be really good at procrastination. When we have the basics covered, it’s easy to put off the decisions and actions that we don’t want to deal with just yet. Today, we talk about some of the financial matters people are prone to put off and what you would be better off tackling right away. You might be surprised to find it wasn’t so hard to handle after all!
Here’s what we discuss in today’s show:
- Is deferring taxes the right choice?
- Some put off eliminating debt.
- Setting up legal and estate documents isn’t fun, but needs to happen.
- Delaying the start of Social Security may be a good idea, may not be.
- Putting off meeting an advisor does yourself a disservice.
Get in touch with the Peterson Financial team: https://petersonfg.com/
When you work with a financial advisor, you aren’t just talking about money. Saving for your retirement also includes thinking about what kind of retirement lifestyle you want to have and what you need to keep in mind for the long-run. Do you want to work, by choice? What kinds of expenses will you have and how are they different in retirement? Is your money going to last for 30 years of retirement? Eric has seen his clients through all of these decisions and shares what to keep in mind about retirement.
Here’s what to consider before you retire:
• Some choose to work well into retirement.
• How will your spending habits change?
• You may still be helping with older or younger generations.
• Your retirement funding probably needs to last for decades.
Get in touch with the Peterson Financial team: https://petersonfg.com/
Let’s talk about the different tax mistakes retirees are prone to make. Between changing rules and a lot of financial documents to manage, you’ll want to avoid these tax mistakes. Eric talks us through where people get tripped up and why. What you pay in taxes can make a significant impact on your nest egg, so be sure to work with a financial profes-sional who can help you navigate them in retirement.
Here are the tax mistakes we discuss today:
• Forgetting the required minimum distribution.
• Not understanding Social Security taxation.
• Overlooking tax deductions.
• Not utilizing tax-advantaged accounts properly.
Get in touch with the Peterson Financial team: https://petersonfg.com/
What kind of personality do you have when it comes to money? Before you put together a financial plan, it’s important to understand the way you think and approach money. We talk through a few different personalities Eric commonly sees and how he advises them. Whether you are spending whenever you get a good excuse to or more of an intentional spender, it’s good to be cognizant of how you handle it and what possible downfalls you may face.
Here are the spending personalities we talk about today:
- The emotional spender.
- The YOLO spender.
- The savvy spender.
- The miser.
Get in touch with the Peterson Financial team: https://petersonfg.com/
From teachers to engineers, there are a variety of people who work with Eric and his team to build a solid financial plan. Those in similar professions tend to have similar mindsets when it comes to finances. Listen in as we discuss what similarities Eric sees across different industries and how he approaches each of them.
Here’s what you’ll learn on today’s show:
- Teachers are used to stability and tend to be risk-averse.
- Doctors are smart but can be disorganized in other areas of their life.
- Engineers are analytical and want to know how things work.
- Entrepreneurs pour their heart, soul, and finances into the business.
Get in touch with the Peterson Financial team: https://petersonfg.com/
While no one really likes to talk about it, life insurance can be an important part of your financial plan. We talk about why people cringe when they hear the term, who most needs it, and why you might want to reconsider your preconceived notions about it. Life insurance sometimes gets a bad rap, but it can be a powerful tool. If you care for someone else and you hate taxes, look at life insurance.
Here’s what we talk about on today’s show:
- Why is “life insurance” such a dirty word?
- How do you know if you need life insurance?
- Why do wealthy people keep life insurance?
- How does this work as a tax-free income?
Get in touch with the Peterson Financial team: https://petersonfg.com/
Today, we take some quotes from the gruff but beloved Parks and Recreation character, Ron Swanson. He’s got a lot of dry sarcasm that can be hilarious, and surprisingly, can teach us a thing or two about financial planning. We share some laughs and some financial wisdom as we talk through some of these fun quotes from the tv show.
Here are some of the quotes we talk about on today’s show:
- “There’s only one thing I hate more than lying….”
- “I’d wish you the best of luck, BUT…”
- “The whole point of this country is…”
- “I’ve had a hernia and have been ignoring it successfully, but this morning I made the mistake of sneezing…”
Get in touch with the Peterson Financial team: https://petersonfg.com/
Some of the strategies of yesteryear might not be the right strategy for you today. We talk through different financial strategies people have used and what makes the most sense for your financial plan.
Are you saving your money or investing it? Are you actually as diversified as you think you are? Are you using your Social Security strategically in retirement? Knowing how all of these things can work in your plan can make a big difference in your retirement income and taxes.
Here are some of the outdated strategies we discuss on today’s show:
- Using savings accounts for long-term growth.
- Diversification across stocks only.
- Focusing only on domestic investments.
- Relying on Social Security for retirement.
Get in touch with the Peterson Financial team: https://petersonfg.com/
The term might sound fancy, but non-correlated income doesn’t have to be confusing. Ask, which one of these is not like the other? In retirement planning, you want to have some income that is not dependent on something else, such as the stock market. In this episode, Eric talks through some different examples of non-correlated income and how it can shore up your retirement income.
Here’s what you’ll learn on today’s show:
- How does non-correlated income work?
- What are examples of non-correlated income?
- How much of a retiree’s income should come from a non-correlated source?
Get in touch with the Peterson Financial team: https://petersonfg.com/
We play a game of fact or fiction when it comes to these five financial statements. Eric explains which one is which and shares why these ideas are true or false. As you make a financial plan, it’s crucial to base it on facts and reality so you can best prepare for retirement.
Today, we talk about what taxes really look like in retirement, what expenses you should expect, and how to keep your investments safe.
Which of these is fact and which is fiction:
- Fact or Fiction: Social Security is taxable.
- Fact or Fiction: Your taxes will be lower in retirement.
- Fact or Fiction: Term life is better than whole life insurance.
- Fact or Fiction: Medicare will cover most of your medical needs in retirement.
- Fact or Fiction: As you get older, you should shift from stocks to bonds.
Get in touch with the Peterson Financial team: https://petersonfg.com/
No one wants to find themselves in a financial disaster. Having a plan is a great way to start. On today’s show, we talk about simple strategies that can make a huge difference in your financial future.
Here are the important strategies we discuss on today’s show:
- Updating out of date legal documents. (1:05)
- Fixing your beneficiary designations. (4:19)
- Avoid the tax time bomb. (8:04)
Get in touch with the Peterson Financial team: https://petersonfg.com/
Let’s talk about some retirement statistics and hear Eric explain some of the reasons behind it. Are you among the 56 percent of Americans losing sleep thinking about retirement? That might be a sign you need to make a plan so you can rest easily.
Knowing is way better than worrying. A large percentage of Baby Boomers think they can’t retire yet, but can they? One third of retirees still having a mortgage might go against some conventional ways of thinking, but is it a problem? Eric talks about how these things impact planning on today’s show.
Here are the stats we discuss:
- Women are 27 percent more likely to have no or low retirement savings. (0:59)
- 76 percent of Baby Boomers are not confident they’ve saved enough. (3:39)
- Nearly one third of homeowners at retiring age still have mortgage debt. (6:57)
- 56 percent of Americans lose sleep thinking about retirement. (9:18)
- A 65-year-old man as a 78 percent chance of living 10 more years. (10:41)
Get in touch with the Peterson Financial team: https://petersonfg.com/
Why wouldn’t someone want to work with a financial advisor? In today’s episode, we’ll discuss some common reasons why someone might hesitate to work with one. To some, having an advisor sounds like added cost or something only for the rich. Instead, the value you receive from an advisor and having a customized financial plan could make all the difference in your financial life.
Here are the reasons some people avoid meeting with an advisor:
- The perceived lack of trust holds people back. (1:14)
- The perceived costs loom large. (4:09)
- I’m not rich enough, so I can DIY it. (7:05)
- What does an advisor really do? (9:51)
Get in touch with the Peterson Financial team: https://petersonfg.com/
For those in the sandwich generation, you may be wondering how much to help aging parents who weren’t prepared for long-term care costs or your children trying to pay for college. Is it wise to step up financially to help them or are you better off focusing on your own retirement savings? In this episode, Eric answers this question as well as two more regarding CD rates and what to do if facing a potential market crash.
Here are the questions we cover on today’s show:
- Mailbag: My parents didn’t do a good job saving for the future and I’m worried about long-term care needs. Should I help them out or avoid this to save for myself? (1:22)
- Mailbag: Should I jump on the current CD rates? (5:23)
- Mailbag: I’m worried about a market crash, but I’m only 40. Do I need to stop worrying? (9:06)
Get in touch with the Peterson Financial team: https://petersonfg.com/
All money has one (or two) of these three qualities: safety, liquidity, and growth. Eric shares which types of accounts carry these qualities for your money and why you should have a mix of each quality. What are the benefits and risks associated with each one?
Here’s what you’ll learn on today’s show:
- What three things your money can do. (0:50)
- What options you have with your money. (1:46)
- If you have growth and liquidity, what does that look like? (3:15)
- With growth and safety, what’s the downside? (5:07)
- Do people overemphasize one quality over another? (7:48)
Get in touch with the Peterson Financial team: https://petersonfg.com/
As a financial advisor, Eric has experience navigating some awkward conversations when it comes to managing money. Maybe someone wants to cut a family member off financially after being estranged. Or a couple decides to get divorced after several years together. Whatever the dynamic, you want to work with a financial advisor and fiduciary who can guide you through the situation.
Here are some of the awkward situations Eric has helped clients overcome:
- Wanting to remove a family member as a beneficiary. (1:35)
- Divorce happens and the assets get split up. (3:55)
- A client makes a financial decision that backfires. (6:18)
- Money might make the kids fight over it after you’re gone. (8:16)
- Leaving one financial advisor for another. (10:13)
Get in touch with the Peterson Financial team: https://petersonfg.com/
When it comes to money, there are a variety of different stances and mindsets people have. Eric has seen a bit of everything in his years as a financial advisor. In this episode, he talks through some of the mindsets he frequently sees and how he advises people to best approach the mindset they are in with money.
Here are the mindsets we cover on today’s show:
- “I hate my job, how soon can I retire?” (1:13)
- “I have no clue how much I need for retirement.” (3:41)
- “I’d love to retire soon, but I don’t have a million dollars.” (6:19)
- “I think we can retire if we cut back on our spending.” (9:36)
Get in touch with the Peterson Financial team: https://petersonfg.com/
Life always has risk, and there are several types of financial risk. Do you know how much risk you have in your portfolio? Understanding the different types of risk may help you understand what kind of risk you are exposed to.
Here are the different types of risk we discuss on today’s show:
- Usually, people think of stock market risk. (1:45)
- Interest rate risk was low until recently. (5:24)
- Inflation risk has been more apparent lately. (7:20)
- Tax rate risk will catch up with us. (8:46)
- Longevity risk can add up over time. (9:57)
Get in touch with the Peterson Financial team: https://petersonfg.com/
Sometimes you get good news and bad news at the same time. Which one will outweigh the other? In this episode, we talk through a number of financial scenarios that can bring a bit of both good and bad. More times than not, you are better off than you expected but you won’t know until you ask a professional.
Here’s some of the good/bad news we’ll discuss on today’s show:
- You have a lot of debt, but you have some tax-deductible interest. (2:05)
- Mutual funds haven’t performed well…but the fees are low. (4:18)
- Not enough money to pay for long-term care, but Medicare can step in. (6:32)
- Lost a lot of your portfolio, but it will come back, eventually. (8:44)
Get in touch with the Peterson Financial team: https://petersonfg.com/
A 401(k) is a highly valuable, widely used investment asset for many people. But what should you know when you set one up or contribute to one? In this episode, we’ll talk through some of the things you’ll want to consider when using this powerful investment tool. Stay tuned to learn how to get the most out of your 401(k).
Here’s what you’ll learn about on today’s show:
- Understand your need for liquid assets. (1:43)
- Get the employer contributions. (3:32)
- Consider the tax implications. (4:58)
- Don’t leave money behind at an old job. (7:52)
Get in touch with the Peterson Financial team: https://petersonfg.com/
Every generation has had a different experience and is currently at a different life stage. In this episode, Eric talks through some of the financial challenges that Millennials, Gen X, and Baby Boomers face. Understanding and acknowledging these different challenges can help you better plan according to where you are in life.
Here’s what we talk about on today’s show:
- Millennials face prices that are way more than what their parents paid. (1:10)
- Gen X is in the "sandwich" generation now. (5:11)
- Boomers are retiring. (7:57)
Get in touch with the Peterson Financial team: https://petersonfg.com/
We all have pet peeves, so in today’s episode we talk about some pet peeves financial advisors have. Eric shares his experience as a financial advisor and sheds light on some things in the industry that can negatively impact both clients and professionals. From cookie-cutter financial plans to hidden fees, these things can really rub you the wrong way.
Here are the pet peeves we talk about on today’s show:
- Fee structures can result in hidden fees. (1:21)
- Advisors who put their own goals ahead of their clients. (3:41)
- One-size-fits-all plans aren’t the answer. (5:56)
- A complicated plan is not a better plan. (10:35)
Get in touch with the Peterson Financial team: https://petersonfg.com/
Financial competency is something that is not taught nearly enough. As an advisor, Eric focuses on teaching not only strategic investing decisions but also the basic foundations of money. It starts by knowing how much you have. Then, ask yourself, how much do you really spend? It’s easy to spend more than you realize, so getting that in check can make a huge difference.
When it comes to investing, are you truly diversified? How much are you actually paying in fees? Eric shares why some of these answers can be misconstrued and how to get back on track.
Here are the questions you need to ask yourself:
- Do you know how much you have? (1:11)
- Do you know how much you spend? (3:45)
- Do you know how much risk you have? (5:39)
- Do you know what you’re paying in fees? (7:47)
- Do you know what your retirement income streams look like? (9:46)
Get in touch with the Peterson Financial team: https://petersonfg.com/
What kind of financial wisdom can we take from a baseball player’s quotes? Quite a bit! Today’s quotes from Yogi Berra have a bit of humor and a lot of truth when it comes to your financial plan. From navigating annuities to planning for inflation, Eric shares how these quotes can bring a lot of meaning and understanding to our finances.
Here are the quotes we talk through on the show:
- “I never said most of the things I said.” (1:49)
- “A nickel ain’t worth a dime anymore.” (3:55)
- “If you don’t know where you’re going, you might go somewhere else.” (7:17)
- “The future--it ain’t what it used to be.” (8:15)
- “It’s like déjà vu all over again.” (10:29)
Get in touch with the Peterson Financial team: https://petersonfg.com/
You may have seen the news about some bank issues with banks like Silicon Valley Bank. Is that cause for concern? If you have money in the bank, Eric explains how much is covered and what you can do to protect yourself. With any investments you make, realize which of the three components you’ll have: safety, liquidity, or growth.
In this episode, Eric also answers two more questions from the mailbag related to retiring early and required minimum distributions. Find out what best practices and rules apply and how they can impact your financial plan.
Here are the questions Eric answers on today’s show:
- Mailbag: With recent bank failures, should I be worried about investing in a bank? (0:46)
- Mailbag: Can I retire at 57? What do I need to know? (5:16)
- Mailbag: Why do I have to take RMDs? (8:50)
Get in touch with the Peterson Financial team: https://petersonfg.com/
Building a successful retirement requires careful planning and wise decision-making. Unfortunately, it's all too easy to undo all of that hard work by falling prey to common pitfalls. Rather than risking the enjoyment and security of your golden years, we’ll discuss some ways to avoid these mistakes and secure your financial future in this episode.
Here are ways you can easily ruin your retirement (and what to do instead):
- Treating retirement as a destination. (1:12)
- Believing that retirement will solve all your problems. (3:33)
- Quit being active. (6:08)
- Assuming your spending habits will be the same or lower. (8:04)
- Investing like you’re 35 when you’re 65. (10:19)
Get in touch with the Peterson Financial team: https://petersonfg.com/
Every once in a while, financial concepts or strategies get misunderstood or misconstrued. It’s important to understand what you have and why you have it. On today’s show, we break down some financial ideals to find the “mistruths” or lies that can mistakenly be adopted.
Here are the mistruths we talk about on today’s show:
- “We can beat the market.” (1:40)
- “There are no fees.” (3:39)
- “Your tax rate will be much lower in retirement.” (8:11)
Get in touch with the Peterson Financial team: https://petersonfg.com/
Roth IRAs have been around for about 25 years, but a lot of people still don’t know how they differ from a traditional IRA. Understanding the difference between the two will help you determine which option is best for your retirement goals. In this episode, Eric shares what you’ll want to know about a Roth IRA and when to use it.
Here’s what you’ll learn on today’s show:
- The difference between a Roth IRA vs. traditional IRA. (1:56)
- Why so many people focus on the traditional IRA first. (4:10)
- The benefits of growing tax-free. (6:13)
- Who benefits from a Roth IRA? (7:57)
Get in touch with the Peterson Financial team: https://petersonfg.com/
Some financial products or terms are easy to mix up. They sound the same or might do some of the same things, but there’s still an important difference between them. Eric guides us through several of these commonly mixed up financial things. Knowing the difference could help you make the right decisions when it comes to your financial plan.
Here’s what you’ll learn on today’s show:
- What are Roth contributions vs. Roth conversions? (1:05)
- Should I get term life or permanent life insurance? (3:25)
- Variable annuity vs. fixed annuity? (6:11)
- What’s the difference between 60 day rollover vs. trustee to trustee? (9:53)
Get in touch with the Peterson Financial team: https://petersonfg.com/
When saving for retirement, a lot of people look to their 401(k). But what happens after you’ve maxed out your contribution based on the yearly limit? Eric explains what options you have to invest toward your retirement beyond a 401(k). This will include money in the different buckets as well as other products to consider.
Here are the questions Eric answers on today’s show:
- Mailbag: After maxing out a 401(k), where should we go for retirement savings? (0:48)
- Mailbag: Is it unwise to start a business in retirement? (5:06)
- Mailbag: Is it okay to push off Social Security withdrawals? (7:57)
Get in touch with the Peterson Financial team: https://petersonfg.com/
When it comes to where you’ve ended up financially, you may have a running narrative on how that happened. There are a number of common stories people tell themselves to make sense of their situation. On today’s show we discuss some of these stories and how we can both understand them and improve upon them.
Whether you are feeling defeated by the threat of recession or ill-equipped to handle what you have, having a good financial advisor can help you rewrite some of these stories to find your “happily ever after.”
Here are the common stories people can get tripped up by:
- “I never had someone teach me.” (1:10)
- “I’m just not good with money.” (4:27)
- “What’s the point?” (7:19)
Get in touch with the Peterson Financial team: https://petersonfg.com/
When you watch TV shows or movie, it doesn’t take long until you realize who is the main character or who is more of a secondary character. When it comes to your financial life, which strategies, products, or tools are main characters in your financial plan and which ones are secondary?
Here’s what we talk about on today’s show:
- What role does your 401(k) play in your financial plan? (2:07)
- Life insurance is something you really should look at. (4:47)
- Bank accounts are safe but don’t overemphasize it. (6:22)
- Roth IRAs have become more important in recent years. (8:18)
- Social Security is the largest piece of most people’s retirements. (10:28)
For additional financial information, visit us online: http://petersonfg.com
Do you have all of your money in one place? Sometimes your money should be kept in separate funds and separate places so that it can be used for the appropriate purposes. You want to be able to access the money you have when you need it, both now and in the future.
On today’s show we talk about a few categories that can sometimes get combined and whether they should be together or separate.
Here’s what you’ll learn more about:
- Don’t have your emergency fund with your stock market money. (1:03)
- Investments and life insurance can get blurred. (3:31)
- High turnover investment strategies vs. non-retirement assets strategies. (5:32)
- Emotions should be separate from investment decisions. (7:10)
Get in touch with the Peterson Financial team: https://petersonfg.com/
When you retire, your income changes but so do your options. One listener is wondering how to convince his wife that they don’t need to put so much money in the bank and can enjoy it a bit, too.
Eric explains where things like your emergency fund can come and how couples usually think about savings. He also answers two other questions from the mailbag regarding retirement.
Here are the questions Eric answers today:
- Mailbag: How can I convince my wife we don’t need as much in cash? (0:47)
- Mailbag: Why do I have to pay money back to Social Security? (6:01)
- Mailbag: Do I have to work until I’m 59 and a half or can I retire? (8:02)
Get in touch with the Peterson Financial team: https://petersonfg.com/
Do you have an old account laying around collecting dust, so to speak? Instead of forgetting about these, it’s important to find them, assess them, and get them up-to-date. It may even be an easier process than you think.
Here are the old accounts people tend to neglect or forget about:
- An old 401(k) might be out there. (1:09)
- Life insurance policies should be reviewed. (2:44)
- Savings accounts could be earning interest right now. (5:11)
- Pensions might carry an opportunity. (8:33)
Get in touch with the Peterson Financial team: https://petersonfg.com/
Congress passed the SECURE Act 2.0 at the end of 2022, and you might have missed it because it was part of a larger bill.
Now that the bill is law and many of the provisions have already taken effect, we want to talk through what changes that might mean for your financial plan. From RMD age to 529 plans, there’s something for everyone to be on the lookout for.
Here are some of the changes passed in the SECURE Act 2.0:
- The RMD age got changed again. (1:20)
- The penalty was reduced, but it is still there. (4:41)
- Qualified charitable distributions may help. (5:20)
- The 529 can convert to a Roth IRA, with rules. (7:24)
- What does Eric think is less definitive in the SECURE Act? (9:05)
Get in touch with the Peterson Financial team: https://petersonfg.com/
Retirement planning is so much more than simply having enough money socked away. Social activity, hobbies, skills, physical activity, and routines are all big components of your life now and likewise, should be in your retirement.
When considering your time in retirement, don’t overlook these parts of your life and how it impacts your financial plan. Having an idea of what type of lifestyle you want to live will help you build an income plan that can match you goals.
Here are some ways to make sure your retirement is enjoyable:
- Stay connected with people. (1:15)
- Physical activity keeps you going. (3:16)
- Find your groove and new routine. (5:48)
- A work project might be fulfilling. (7:45)
Get in touch with Eric: http://petersonfg.com
Sometimes even the best of intentions can lead you astray. When you get financial advice, it’s good to be a little cautious and consider where you are getting your information from. Everyone’s situation is a little bit different, so you need to focus on what the right thing is for you and your unique situation.
Look out when you hear financial information from these sources:
- Family may try to help. (1:15)
- Friends don’t know the whole story. (4:29)
- A CPA should work on your taxes, not make your financial plan. (5:35)
- Financial “experts” in the media are really entertainers. (9:40)
Get in touch with the Peterson Financial team: https://petersonfg.com/
How can you use your money wisely? Eric answers three questions that range from short-term travel plans to long-term estate planning decisions. While it’s good to be a good steward with your money, remember what it’s really there for.
Sometimes money should be saved for your future, and sometimes making memories with your money now is worth more.
These are the three questions Eric answers from the mailbag today:
- Mailbag: Should I put my unused travel funds into something more practical? (0:47)
- Mailbag: How can I make sure my kids don’t fight over my estate? (3:38)
- Mailbag: Should I pay off the mortgage early with extra monthly income? (7:27)
Get in touch with the Peterson Financial team: https://petersonfg.com/
Are you dreaming of retirement? We talk through the different levels of desire people have in regard to retirement. Some can’t wait to cross the finish line and others have no plans soon to leave their jobs and careers. Depending on where your desire lies, here’s what you can do to prepare for the future.
Here are some of the levels of desire people feel when it comes to retirement:
- Level 1: I don’t see myself retiring ever, I love what I do. (1:49)
- Level 2: I could retire, but don’t mind my job enough yet. (4:37)
- Level 3: I’d like to retire but have no idea if I can. (6:10)
- Level 4: I thought I’d work longer, but early retirement is looking better. (7:41)
- Level 5: Get me out of here! (10:07)
Contact us: http://petersonfg.com
Ready to reminisce about the happiest place on earth? Or maybe you have plans to visit Mickey in the new year. On today’s show, we talk through some of the classic rides you can find at Disney World and what they have in common with your financial plan.
Here are the rides we compare our financial lives to:
- Space Mountain is full of unexpected turns. (1:36)
- The Dumbo ride is a classic. (5:12)
- It’s a small world after all…good luck forgetting that song. (8:19)
Contact us: http://petersonfg.com
Do you think your financial advisor belongs on the naughty list or the nice list this year? Eric talks through a few scenarios that financial advisors may face to set the record straight on whether it is nice or naughty. If you come across a similar situation, hopefully, this will shed some light on reasonable expectations clients should have with their advisors.
Which of these are naughty and which of these are nice? Find out!
- A retirement planning meeting replaces an annual review scheduled for 6 months later. (1:09)
- Asset minimums are required for clients. (4:37)
- Handling an investment change with a mere voicemail. (6:44)
- Advisor won’t transfer money without verbal confirmation. (9:09)
Contact us: http://petersonfg.com
In retirement, even if you’ve saved more than you’ll need, there are still a lot of questions that come up as you make wise decisions about what to do with your money. Eric answers three questions from retirees on how to best navigate what they have and how to rest easy in retirement. If ever you have a question for Eric, feel free to reach out!
Here’s what we talk about in regard to Roth conversions:
- How do I know where to withdraw from? (0:46)
- Should I get an insurance policy to cover funeral expenses? (4:35)
- What should I do with surplus money in retirement? (7:46)
Contact us: http://petersonfg.com
As we start to close out 2022, what are the things we should be doing with our finances? Is now the time to do a Roth conversion? Depending on your situation, you may want to consider it before the ball drops on New Year’s Eve. Eric explains how a Roth conversion works, what the benefits are, and why you’ll want to talk to your advisor about whether you should do one right now.
Here’s what we talk about in regard to Roth conversions:
- Why you should consider a Roth conversion and what it is. (2:38)
- What the limits are and why a conversion benefits high-income earners. (4:30)
- Avoid making these common Roth conversion mistakes. (5:43)
- Act wisely and have a tax analysis. (7:09)
Contact us: http://petersonfg.com
An inheritance isn’t something you experience every year, so when it does happen, there are a lot of details to understand. We talk about some of the questions surrounding inheritances. Eric also shares the most common mistakes and how you can avoid them.
Here are the questions Eric answers on today’s show:
- What you need to know about the tax implications with an inheritance. (1:00)
- The elimination of the stretch IRA changed the rules for inherited IRAs. (3:16)
- These are some of the most common mistakes people make. (7:05)
- What mistakes do beneficiaries make? (9:02)
Contact us: http://petersonfg.com
When people are in retirement or closer to retirement, the accessibility of money goes up. So, what does that mean when you have to take out RMDs? How do you know if you have too much money in the bank? Talking through this with an advisor might help you make the right next steps with your money. We also talk about what mistakes people are prone to make if they try to DIY their retirement planning without a financial advisor.
Here are the questions Eric answers on today’s show:
- Mailbag: How do I figure out all my RMDs? (0:47)
- Mailbag: Do I have too much in cash? (4:57)
- Mailbag: What aspects of my retirement plan am I most likely to mess up without an advisor? (8:02)
Contact us: http://petersonfg.com
Let’s dust off one of our favorite movies from the 80s today and talk about the financial advice you might get from Karate Kid’s Mr. Miyagi. The story is about someone who learns with the help of a mentor, just like you might learn from a financial mentor. With some planning and some focus, you’d be amazed just what you can accomplish. Find out what Eric has to say about retirement planning and how it relates to these movie quotes.
Here are the quotes we discuss on today’s podcast:
- “Walk on the left side of the road, safe. Walk on the right side, safe. Walk in the middle? Sooner or later, get squished…” (3:40)
- “Trust the quality of what you know, not the quantity.” (5:59)
- “Sometimes what the heart knows, the head forgets.” (8:54)
- “Man who catch fly with chopstick can accomplish anything.” (11:10)
Contact us: http://petersonfg.com
From yearly taxes and investing strategies to retiring early, there’s always a question that comes up about your current financial situation.
Eric answers three questions from the mailbag today, all common scenarios that you might one day come across yourself. Find out what he has to say!
Here are the questions Eric answers on today’s show:
- Mailbag: If now is actually a good time to invest, should I rearrange money from savings? (0:47)
- Mailbag: Without the child tax credit, I always owe on my taxes. Is that a problem? (3:51)
- Mailbag: Ready to walk away from my job. Is it irresponsible to retire early? (5:46)
Contact us: http://petersonfg.com
Let’s talk football! As fans of the game, we make some comparisons between football terms and retirement planning. How can you win when it comes to our financial plan? Understanding the strategies ahead of time and having the right team behind you can make all the difference.
Which of these sayings relate to your financial life?
- What is the retirement red zone? (0:47)
- Is the hurry-up offense a good strategy? (5:09)
- When should you take the victory formation? (7:39)
- Even the best of the best have a good coach. (9:20)
Contact us: http://petersonfg.com
Does a budget really make that big of a difference? Eric talks about what this looks like in retirement and why it is critical to your financial plan.
Not only does it impact your retirement lifestyle, but it has a huge implication on your taxes. Eric answers this question and two others from the mailbag on the podcast.
Which of these sayings relate to your financial life?
- Do I need to start budgeting before I retire? (1:12)
- Are ETFs always better than mutual funds? (4:15)
- How should my son invest some gifted money? (6:46)
Contact us: http://petersonfg.com
Day-to-day, Eric works with a lot of people as he helps them navigate a variety of financial decisions. But what might seem rare to you could be a more common occurrence to witness in his office. How often does Eric come across scenarios like these? You might be surprised by some of the answers!
Which of these sayings relate to your financial life?
- Do people find out they can retire tomorrow if they wanted to? (0:47)
- Are clients prone to disregard the advice from their financial advisor? (2:37)
- Emotions happen. How often does someone cry during a financial meeting? (5:13)
- Are unexpected inheritances a rare occurrence? (8:17)
Contact us: http://petersonfg.com
What are the financial implications of getting married later in life? There are a lot of variables that go into this financially speaking. Have you talked through what happens when one of you passes away? Do you or your fiancé have children? Eric and Marc go over what this may look like and also answer two other questions from the mailbag.
Which of these sayings relate to your financial life?
- Mailbag: How complicated is a 401(k) rollover? (0:47)
- Mailbag: Should I get a prenup before marrying at age 52? (3:47)
- Mailbag: What do I need to know about an inherited IRA? (8:54)
Contact us: http://petersonfg.com
Ever take financial advice from your favorite TV show? Believe it or not, you might learn something, even from an unlikely source. Inspired by a classic sitcom, today we take some quotes from Seinfeld to apply them to our financial plans.
Which of these sayings relate to your financial life?
- “Sometimes the road less traveled is less traveled for a reason.” (2:47)
- “It’s amazing that the amount of news that happens every day always fits in the newspaper.” (4:17)
- “The true spirit of Christmas is people being helped by people other than me.” (7:19)
- “I am so busy doing nothing…” (9:47)
Contact us: http://petersonfg.com
Whether you are nearing retirement or wanting to buy a new car, taxes are often a big part of the conversation. Thinking through how and when to withdraw from your investments strategically can make all the difference in what taxes you pay afterwards.
Today we’ll answer a question that came in about which accounts were best to take withdrawals from and a couple others as well.
Here are the questions Eric answers from the mailbag in today’s show:
- How is it possible to not pay taxes in retirement? (0:46)
- Which investment should I withdraw from to pay cash for a car? (3:51)
- Will Social Security still be around in 10 years? (7:28)
For additional resources or to get in touch, visit us online: https://petersonfg.com/
In the fall, a lot of people are ready to cozy up with a coffee or latte in their favorite mug. For fun, we talk about the different types of coffee drinks and what kind of investors that might make them. Do you take your coffee the same style you do your investments? Which one are you?
Key topics on this show:
- No frills, straight-forward investing is kind of like straight black coffee. (1:15)
- Need a plan? You might want something simple and easy to make a decision. (3:06)
- Overthinkers might want all the bells and whistles when it comes to their coffee. (5:17)
- Is there such a thing as a good thing when it comes to investing? (7:07)
- Need a quick fix and think crypto is your solution like a single shot of espresso? (9:06)
Visit us online: http://petersonfg.com
To some people, an annuity is almost like a dirty word. In reality, there are a lot of different kinds of annuities, and some are better for your financial plan than others.
Are any of these the right tool to meet your needs? Eric explains the different annuities available and talks through the upsides and downsides of each one.
Key topics on this show:
- How an immediate annuity works and when it’s useful. (1:10)
- When a deferred annuity gives a payout. (3:44)
- Variable annuities give all the other annuities a bad reputation. (5:08)
- What the risk is when investing in a fixed annuity. (8:04)
Visit us online: http://petersonfg.com
What small piece of wisdom can we take away and apply to our financial plan? Eric talks through five fortune cookie statements and what they mean.
Key topics on this show:
1:37 - “Crisis is an opportunity…”
3:10 - “A feather in the hand is better than a bird in the air.”
3:45 - “Accept something you cannot change and you’ll feel better.”
6:03 - “A foolish man listens to his heart.”
7:00 - “Don’t let statistics do a number on you.”
Visit us online: http://petersonfg.com
Episode preview:
Which investors will end up ahead in the end? Eric talks through the types that might look successful…until they aren’t.
What we discuss:
0:47 - Who are the worst investors?
1:33 - Trying to get rich quick.
3:46 - Operating without a plan won’t work.
7:32 - Don’t only focus on short-term instead of long-term investing.
8:49 - Remember what happens when you invest in the stock market.
More about this episode:
When it comes to your retirement journey, you want to be a wise investor. What are the traits common among the worst investors (and how can you avoid being one of them)? Eric shares what investment strategies will end up being more successful than others.
Those who are trying to get rich quickly don’t usually win in the end. An investor who is slow and steady but saving and working hard over time is more likely to succeed. Making safer, smarter choices with your money is key.
Instead of just hoping it all works out eventually, have a plan. You don’t want to reach retirement and realize you have no plan. Start working on your financial plan several years before retirement to make smarter choices on where to put your money. Don’t just assume because “everyone” else is doing it that it’s right for you. Instead, have a plan that focuses on your needs and goals. Make sure you’re accounting for your long-term goals and not caught being short-sighted.
Visit Eric online:
https://petersonfg.com/
Episode preview:
Ever wonder what to expect during a periodic review with your financial advisor? Eric shares what this looks like depending on the client.
What we discuss:
0:47 - What does a periodic review look like?
5:23 - What kinds of things do you talk about with an advisor?
10:39 - Get reassured about your plan in relation to what the market is doing.
More about this episode:
On today’s show we talk through what it looks like when someone comes in for a periodic review with Eric. Everyone has a different personality type, so it can look different depending on the client.
Someone who wants all the data is very different from someone who just wants to know the big picture. Eric and his team talk through where the money invested started and explain where it is today. There are also a lot of questions to talk through in order to plan for the needs of the future.
Some people do not relate as well with the numbers, but there’s still plenty to discuss. Conversations may revolve around family and life goals, which is ultimately what your financial plan is all for. While a financial plan can be a serious topic to cover, it can also be a fun conversation, too.
You may have questions or need reassurances and the periodic review is a great time to discuss why your plan is set up the way it is. How are you feeling about the market? What direction are you headed? All of these questions will be answered by a trusted advisor during this meeting.
Visit Eric online:
https://petersonfg.com/
Think about the taxes! Eric answers three questions from the mailbag today that all involve financial decisions with tax implications.
What we discuss on this episode:
0:46 - Mailbag: Should I take the lump sum or monthly payment for my pension?
4:55 - Mailbag: Should I use my retirement savings to pay off debts?
9:57 - Mailbag: Does it matter who gets what asset in my legacy plan?
Visit us online: http://petersonfg.com
Financial advisors are people who want to get along with, but you probably want more than just a nice person. We talk through what you should expect with a fiduciary and when you should get a second opinion.
Key topics on this show:
0:47 - Working with a “nice” person?
2:06 - A lot of people ask for a second opinion.
6:08 - Is the communication lacking?
8:51 - Are you working with the right specialist?
Visit us online: http://petersonfg.com
Retirement decisions involve a lot more than just the money, but also the emotional and lifestyle decisions, too. Eric answers three questions from the mailbag from listeners making retirement decisions.
Key topics on this episode:
0:46 - Mailbag: How does tax get calculated on stock sold?
4:04 - Mailbag: How much is too much to spend on a forever home?
6:44 - Mailbag: What do I do when my retirement income is more than my working income?
For additional financial resources, visit us online: http://petersonfg.com
We play the game of Jeopardy as Eric answers financial questions on today’s show. Do you know all the answers?
Key topics on this show:
0:50 - Let’s play a little Jeopardy!
1:28 - Known for its high fees, this financial product has given a bad name to others.
4:47 - This requires a financial advisor to put the clients’ best interests first.
6:57 - This financial phenomenon will eventually return.
8:47 - This forces retirees to drain their retirement accounts.
Read more and get additional resources here: http://petersonfg.com
If you have a 401(k), what are some of the downsides? Eric talks through what a 401(k) is best for and when it is better to invest elsewhere.
Key topics on this show:
0:46 - Let’s talk about the weaknesses of 401(k) accounts.
1:46 - The administrative costs are expensive.
2:52 - Target date funds are a tool.
5:32 - What kind of risk do you have?
7:44 - There are not many choices.
9:53 - Withdrawals are complicated.
Read more and get additional resources here: http://petersonfg.com
What should you be considering when trying to DIY your retirement plan? Eric talks through why many later decide working with a financial advisor is best.
Key topics on this show:
0:47 - Retirement planning is not as easy as it looks.
2:59 - How do you approach the plan as a whole?
7:03 - How much time do you want to spend focusing on this?
10:10 - What happens if…?
Read more and get additional resources here: http://petersonfg.com
What does it look like to achieve financial security? Let’s talk through a few financial goals people have when they meet with a financial advisor.
Key topics on this show:
0:47 - What is your definition of financial security?
3:18 - You don’t want to run out of money.
4:31 - Maybe you want to be able to work on your terms.
6:41 - Having an emergency fund protects you.
9:13 - How do you avoid feeling panicked during market volatility?
Read more and get additional resources here: http://petersonfg.com
When you’re a business owner, you put your heart and soul into your business. There’s a lot that goes into starting and running a successful business. When it’s time to retire though, how can you make sure your transition goes well?
Key topics on this show:
1:04 - If you start a successful business, will you be set for retirement?
5:30 - How will you sell it?
9:02 - Are you planning on the family taking over?
For more financial information, visit us online: http://petersonfg.com
How much should you pay attention to some of these recent financial news headlines? Eric shares what he thinks and what matters when it comes to your financial situation.
Read more and get additional financial resources here: https://petersonfg.com/retirementreadypodcast/
What we discuss in this episode:
1:18 - Are we preparing for an economic hurricane?
3:22 - Mortgage rates are in for a bumpy ride.
4:23 - Looming twilight of social insurance?
6:53 - America’s unemployment rate might be higher than you think.
8:42 - Should you buy gold?
Should you follow conventional wisdom when it comes to your financial decisions? Eric shares when the conventional wisdom might not be best.
Read more and get additional financial resources here: https://petersonfg.com/retirementreadypodcast/
What we discuss in this episode:
0:47 - Should you invest in real estate?
3:49 - Is there good debt vs. bad debt?
5:52 - Is retirement a chance to relax?
8:51 - Should you try something else with investments?
Let’s plan the vacation of your dreams: retirement. More than simply a week away, you want to spend the right amount of time and energy thinking about this major season in life.
Read more and get additional financial resources here: https://petersonfg.com/retirementreadypodcast/
What we discuss in this episode:
1:08 - Where will you stay?
3:03 - Where are you going to eat?
6:10 - Unexpected things may happen.
8:34 - Who will cover for you?
What are we all facing and wondering about in our financial futures? Eric talks through a few topics you might have had on your mind lately.
Read more and get additional financial resources here: https://petersonfg.com/retirementreadypodcast/
What we discuss in this episode:
0:47 - What can we all relate to?
1:46 - What do we all have in our car?
2:22 - We all are looking at Social Security.
4:47 - We all forget someone’s name.
6:28 - What’s your real risk tolerance?
Where’s the best place for your money to go? Several people are considering where their money should be, so Eric answers three questions from the mailbag for today’s show.
Read more and get additional financial resources here: https://petersonfg.com/retirementreadypodcast/
What we discuss in this episode:
0:46 - What if I don’t know if I’m wanting to retire?
5:33 - Should I do a rollover to stop the market losses?
7:50 - Should I move my mom’s money into investments?
Ready to ace your retirement plans? Let’s talk tennis and see how much it relates to your financial plans on today’s show.
Read more and get additional financial resources here: https://petersonfg.com/retirementreadypodcast/
What we discuss in this episode:
0:47 - Eric reminisces about playing tennis back in the day.
1:49 - The court is different for singles vs. a doubles match.
5:19 - Financial advisors are different.
8:14 - What can you best control in your financial plan?
What financial advice does Eric have for younger couples? What can you do to reduce next year’s taxes? Eric answers these questions and more from the mailbag.
Read more and get additional financial resources here: https://petersonfg.com/retirementreadypodcast/
What we discuss in this episode:
0:47 - What are good investing tips to share with others?
3:20 - Should I delay taking my Social Security benefit out?
6:12 - How can I lower my taxes next year?
What do you need to get you through the long haul of life? Eric talks us through what this looks like in your financial plan and how to build it with an eye on a distant horizon.
Read more and get additional financial resources here: https://petersonfg.com/retirementreadypodcast/
What we discuss in this episode:
0:47 - What are the biggest downsides to a longer life expectancy?
3:33 - How can you be prepared?
4:26 - How do you insure against risk?
Everywhere you turn there’s a headline about inflation but what do you need to know about what’s going on? Eric weighs in on the recent numbers and what you can do about it.
Read more and get additional financial resources here: https://petersonfg.com/retirementreadypodcast/
What we discuss in this episode:
0:46 - What is happening with inflation?
3:00 - Gas is at the top of the list.
5:32 - Used cars are up 36 percent.
6:46 - What is happening with the market?
7:59 - How do you combat inflation?
What kind of savings do you really need for retirement? Are you working with the right advisor to get you there? Eric answers three questions from listeners on today's show.
Read more and get additional financial resources here: https://petersonfg.com/retirementreadypodcast/
What we discuss in this episode:
0:47 - Mailbag: If I can’t save 15 percent for retirement will I be okay?
4:45 - Mailbag: Is it bad if my financial advisor is older than me?
7:48 - Mailbag: Should I save elsewhere besides my 401(k)?
Come on down! We talk about our favorite TV game shows and how it relates to our financial plan (and when it should look different).
Read more and get additional financial resources here: https://petersonfg.com/retirementreadypodcast/
What we discuss in this episode:
0:47 - Do you have a favorite TV game show?
2:08 - The Price is Right…with your stocks?
4:54 - Are You Smarter Than a 5th Grader?
7:10 - Who Wants to be a Millionaire? (Doesn’t everyone?)
What do you need to know when it comes to tax planning? Eric outlines the ways a tax strategy can make a big difference in your retirement plan.
Read more and get additional financial resources here: https://petersonfg.com/retirementreadypodcast/
What we discuss in this episode:
0:47 - Thinking about taxes?
5:57 - Will taxes be lower in retirement?
8:12 - How can you be strategic about your taxes?
How do you get the answers you need? A lot of it comes down to asking the right questions. We talk through some of the wrong questions people often ask and what you should be asking instead.
Read more and get additional financial resources here: https://petersonfg.com/retirementreadypodcast/
What we discuss in this episode:
0:46 - How much money do I need saved for retirement?
2:25 - Should I get long-term care insurance?
3:51 - How can you get the highest possible return rate?
7:07 - Where can I pay the lowest fees?
9:21 - How can I pay less in taxes this year?
What should you do about 401(k) accounts from old jobs? How can you find out what your Social Security benefits would be? Eric answers these questions on today’s show.
Read more and get additional financial resources here: https://petersonfg.com/retirementreadypodcast/
What we discuss in this episode:
0:46 - What should I do about my investments taking a hit so close to retirement?
4:07 - How can I find out about my Social Security benefits?
8:31 - Should I combine my previous 401(k) accounts?
How you feel about things has a big impact on your financial decisions. We talk through several areas where understanding your feelings can help you determine what’s best for your financial plan.
Read more and get additional financial resources here: https://petersonfg.com/retirementreadypodcast/
What we discuss in this episode:
0:46 - We all feel strongly about money.
3:00 - How do you feel about where you live?
5:09 - Do you want to leave a financial legacy?
7:18 - Do you feel like getting rid of debt?
Do people usually fret about running out of money? Are there ways to set aside retirement money for your adult children? Eric answers these questions and more on today’s show.
Read more and get additional financial resources here: https://petersonfg.com/retirementreadypodcast/
What we discuss in this episode:
0:46 - Can I help my adult son save for retirement?
4:04 - Is it common to worry about running out of money?
6:37 - Was your advisor in business during our last market downturn?
10:55 - Any benefit to retiring at 67 instead of 65?
What kind of costs are you paying that you might not even realize? Eric identifies some hidden fees to look out for when planning for retirement.
Read more and get additional financial resources here: https://petersonfg.com/retirementreadypodcast/
What we discuss in this episode:
1:47 - Mutual funds often have hidden fees.
4:42 - What are variable annuity fees like?
7:42 - Inflation is typically overlooked.
9:18 - Taxes impact your overall net income.
Time for some questions from the mailbag! Are you making wise financial decisions when it comes to generating retirement income? Hear what Eric has to say on today’s show.
Read more and get additional financial resources here: http://petersonfg.com
What we discuss in this episode:
0:47 - Mailbag: Should I sell my rental property for more liquidity?
4:11 - Mailbag: Should I defer my Social Security until later?
6:44 - Mailbag: How much do I need to save to support my lifestyle in retirement?
Ready to spend some time on the basketball court? We have some fun talking through past quotes from Shaq and then applying them to financial decisions.
Read more and get additional financial resources here: http://petersonfg.com
What we discuss in this episode:
0:46 - Let’s get some advice from Shaq!
2:43 - “Excellence is not a singular act…”
4:33 - “I’m like tax, you’re going to pay one way or another.”
6:59 - “The day I stopped worrying about my stats was the day I started winning.”
9:03 - “The only person who can really motivate you is you.”
What do an airport and your retirement plan have in common? Find out things like what to leave behind, what’s worth the money, and what’s a rip-off on today’s podcast!
Read more and get additional financial resources here: http://petersonfg.com
What we discuss in this episode:
0:46 - What should you remove before retirement?
2:15 - What’s worth paying for?
3:38 - How might you need to adapt?
5:54 - Where might you be overpaying?
What retirement plans simply don’t work out the way you want them to? Eric talks through the realities of retirement and how we can better plan accordingly.
What we discuss:
0:47 - What are the things that don’t work?
2:20 - Having a target date fund might not fit your needs.
4:02 - We’ll take care of each other in old age.
6:52 - You can’t guess how long you’ll live.
8:47 - Do you have someone guiding you through the process?
Get Additional Information: https://petersonfg.com/retirementreadypodcast/
When it comes to phrases or jargon, it’s good to know how to say it and what means what. Do you know what we’re talking about with each of these things?
What we discuss:
0:47 - Tennis shoes, sneakers, or gym shoes?
1:35 - Market crash, market correction, or bear market?
4:26 - Fireflies or lightning bugs?
5:00 - Soda or pop?
5:25 - Junk bonds or high yield bonds?
7:04 - Stocks or equities?
7:39 - Financial advisor, financial planner, stock broker, or investment advisor?
10:45 - Water fountain, drinking fountain, or bubbler?
10:59 - Clients or customers?
Get Additional Information: https://petersonfg.com/retirementreadypodcast/
Let’s play a little game of overrated or underrated to see how Eric feels about a number of financial topics (and some silly ones) in today’s podcast! Which of these do you agree with?
What we discuss:
1:09 - Over or under: getting a big tax refund?
3:23 - Is Star Wars overrated?
5:38 - Should you pay off your house early?
7:21 - Are variable annuities over or underrated?
9:39 - Who is a fan of mac and cheese?
10:49 - How do you rate Roth IRAs?
Get Additional Information: https://petersonfg.com/retirementreadypodcast/
What does it take to create a strong financial foundation in your financial plan? Today we talk about the importance of your income plan and how it influences your spending decisions in retirement.
What we discuss:
0:46 - What is your income plan?
2:55 - How many people have an income plan in place?
6:22 - Why do we find ourselves unprepared when we near retirement?
7:47 - What steps should we take now?
9:41 - How does the Retirement Readiness Review help?
Get Additional Information: https://petersonfg.com/retirementreadypodcast/
Have a question for Eric? As a retirement planner, he answers questions like this all day. We tackle three questions today about pensions, vacation homes, and having multiple brokers.
Read and learn more: https://petersonfg.com/mailbag-pensions-vacation-homes-and-more/
What we discuss:
0:46 – “Should I buy a vacation home with my adult children?”
4:46 – “Should I take the lump sum or monthly pension?”
9:02 – “Should all my money be with one broker or financial planner?”
Planning to “live off the interest” or be in a lower tax bracket in retirement? Eric breaks down some of these concepts and points out what’s realistic vs. wishful thinking on today’s podcast.
Read and learn more: https://petersonfg.com/wishful-thinking-with-your-finances-2/
What we discuss:
1:03 - Can you live off the interest?
3:30 - I’ll be in a lower tax bracket when I retire.
5:20 - Can we simply take care of each other in old age?
7:16 - I’ll spend less money in retirement.
9:00 - I’ll keep getting good returns from the market.
When and how is the best way to do a 401(k) rollover? Eric discusses the benefits and details of doing a rollover.
Read and learn more: https://petersonfg.com/should-you-do-a-401k-rollover/
What we discuss:
0:47 - What are the main benefits of rolling an old 401(k) into an IRA?
5:41 - What are the tax implications of doing rollovers?
7:09 - Can you do a rollover while still working at that company?
9:06 - How do you know where to transfer it?
What can you do to spend with confidence now and in the future? Eric discusses what will ensure you feel good about your financial decisions and spending habits.
Read and learn more: https://petersonfg.com/spending-with-confidence/
What we discuss:
0:49 - What does Bill Murray say about taxes?
2:03 - How do we get around the nerves in retirement?
4:20 - What does your budget do?
5:53 - How do you overcome a lack of confidence?
How can you know just what you need? Eric talks through four different financial scenarios to help you get a better idea of what you need to consider and feel confident in your decisions.
Read and learn more: https://petersonfg.com/how-much-you-need/
What we discuss:
1:35 - How much income will I need in retirement?
4:43 - How much do you need in savings?
6:40 - How much life insurance do you need?
8:53 - How much risk should you have?
What are some of the most frequently asked questions when it comes to a 401(k)? There can be a lot to a 401(k) so we’ll help you plan correctly.
Read and learn more: https://petersonfg.com/common-401k-faqs/
What we discuss:
1:11 - Company plan offers advice for a low fee, should I take it?
4:04 - Do I put as much as I can in or just up to the match?
6:03 - Should I use target-date funds?
7:16 - Is a 401(k) loan a bad idea?
Maybe you know you want to work with a financial advisor but don’t know how to determine which one is best for you. Where do you start? What should you look for?
Read and learn more: https://petersonfg.com/how-do-you-pick-a-financial-advisor/
What we discuss:
0:47 - How do you know when picking an advisor if it’s the right fit?
3:31 - Big name is not always better.
5:52 - Ask for clarification.
7:51 - It’s not just about the financial income.
If you have a financial setback, how can you find the upside in the situation? We talk through four major financial upsets that could actually be an opportunity in disguise.
Read and learn more: https://petersonfg.com/finding-the-silver-linings/
What we discuss:
0:46 - What’s the silver lining in a market downturn?
2:47 - What’s the bright side of capital gains?
5:01 - What are the pros and cons of a savings account?
6:36 - How do you find a silver lining in job loss?
What financial rewards are worth waiting for? We talk through three sets of options to determine whether delayed or instant gratification is better in retirement.
Read and learn more: https://petersonfg.com/delayed-gratification-in-retirement-planning-2/
What we discuss:
1:12 - Relief with the household budget vs. the getting 401(k) match.
3:30 - Tax deduction now vs. better tax planning for the future.
7:41 - Take Social Security at 62 or delay it?
What kind of lies do you need to watch out for when it comes to your finances? Eric shares the truth you need to know in these five financial situations.
Read and learn more: https://petersonfg.com/two-truths-and-a-lie/
What we discuss:
1:23 - Which beats out inflation?
2:37 - Who does rising interest rates hurt?
3:55 - Emergency funds should be what?
5:35 - Market crashes are most problematic when?
8:03 - Social Security could change how?
Are your expectations of retirement realistic? We talk through four things to keep in mind when you dream about your retirement future.
Read and learn more: https://petersonfg.com/retirement-reality-checks/
What we discuss:
0:46 - How can we manage expectations?
4:16 - Account for a change in expenses.
8:01 - You need to be flexible.
8:56 - Ask for help.
Think you’ve figured out the secret to beating the system when it comes to your finances? What financial lies might you be telling to yourself and how can you overcome them?
Read and learn more: https://petersonfg.com/financial-lies-we-tell-ourselves/
What we discuss:
1:00 - How often do people borrow money from their 401(k)?
2:42 - The stock market seems rigged.
5:04 - Isn’t the bank the safest place?
7:05 - Maybe I’ll get more serious about investing next year.
9:44 - We’ll take care of each other when we’re older.
Sometimes wisdom comes from the most unlikely places. Today we take celebrity advice and apply it to our own financial lives for a new take on how to approach your financial plan.
Read and learn more: https://petersonfg.com/unlikely-financial-wisdom/
What we discuss:
1:21 - “I’m my own worst enemy.”
4:43 - “Anybody you put on TV for five hours a week is inevitably going to say something stupid at some time.”
7:03 - “Everybody has got a plan until they get punched in the mouth.”
Are there any good reasons to skip out on working with a financial advisor? We talk through some funny ones on today’s show.
Read more and get additional financial information: https://petersonfg.com/reasons-to-not-work-with-a-financial-advisor/
What we discuss on today's episode:
1:03 - You’ve already mastered the internet.
3:36 - You like to DIY.
5:25 - Maybe you want to work until you die.
6:56 - You want to rely on the government for support.
9:32 - You hope your kids get nothing.
We are opening up the mailbag today to answer some listener questions. We will be discussing rental properties, taxes on sold businesses, and changing advisors based on investment performances.
Read more and get additional financial information: https://petersonfg.com/mailbag-rental-properties-advisor-reviews-and-more/
What we discuss on today's episode:
0:46 - Should I pay off my mortgage before buying a rental property?
4:21 - What are the tax implications on selling a business building?
8:03 - Should I reevaluate my advisor based on portfolio performance?
What do you need to know about retirement income? From Social Security to planning for inflation, Eric breaks down the basics of what you need to know and how to make a plan that fits your future.
Read more and get additional financial information: https://petersonfg.com/retirement-income-planning-essentials/
Key Points:
0:47 - Should we plan to retire for years or decades?
2:04 - How long will you be able to work in retirement?
4:00 - When should you turn on Social Security?
7:22 - Don’t forget inflation!
We all want to get to the easy improvements, especially ones that can make a big impact. On today’s show, we talk about easy financial changes you can make to improve your situation. Have you done any of these already?
Read more and get additional financial information: https://petersonfg.com/easy-financial-improvements-to-make/
Key Points:
1:01 - What should you do with cash?
4:22 - Do you have an old life insurance policy?
6:15 - Have you left behind a 401(k)?
7:39 - Are your managed accounts being well managed?
As your children go off to college, trade school, or work and leave your home, what do you need to know about empty nest syndrome? What are some major financial issues you might face in this time of life?
Today, we discuss the kind of financial decisions you may make in this next stage of life.
Read more and get additional financial information: https://petersonfg.com/empty-nest-syndrome/
Key Points:
1:24 - What do you do about college expenses?
3:10 - How can you teach kids about retirement savings?
5:39 - What opportunities do you have now?
6:44 - How do you ease off expenses?
8:55 - Should you downsize?
We quiz Eric with a few multiple-choice questions all about retirement. Which one will he choose? Do you agree?
Read more and get more financial information at: https://petersonfg.com/is-that-your-final-answer-retirement-quiz/
Key Points:
0:46 - Let’s play a multiple-choice game!
1:02 - What scares the average person the most about retirement?
2:26 - What scares Eric about the coming years?
3:19 - Which tax situation describes the average retiree?
5:16 - How much money do you need to retire comfortably?
8:35 - What do people wish they had more of in retirement?
Instead of getting stuck in a rut after a financial mistake, it’s important to move forward in the right direction. So, what can you do to recover? Find out on today’s show.
Read more and get additional financial resources here: https://petersonfg.com/moving-on-from-financial-mistakes/
What we discuss on this episode:
1:27 - Start by determining the cause.
3:11 - Increase the savings rate.
4:52 - Recalibrate your goals.
7:08 - Have a plan of action.
Are you feeling frustrated when it comes to your financial planning? If so, these three common financial complaints might make you feel like you aren’t alone, but also give you hope for a better scenario.
Read more and get additional financial resources here: https://petersonfg.com/what-to-do-about-common-financial-complaints/
What we discuss on this episode:
1:45 - “My advisor takes too much risk.”
4:35 - “My fees are too high.”
8:20 - “I only hear from them when they want something.”
What do couples tend to argue about when it comes to their money in retirement? Eric talks through what you need to do to get on the same page.
Read more and get additional financial resources here: https://petersonfg.com/navigating-retirement-disagreements-between-spouses/
What we discuss on this episode:
1:08 - How much risk should you have in your portfolio?
3:06 - What age makes sense to retire?
6:23 - Do we leave something behind for heirs?
10:25 - What is the dream retirement?
Do you have a strategy in place to avoid these retirement planning mistakes? Eric talks through what to do instead to make sure your plan is a success.
Read more and get additional financial resources here: https://petersonfg.com/5-most-common-retirement-planning-mistakes/
What we discuss on this episode:
1:01 - What are the top five retirement planning mistakes?
1:09 - Ignoring the future tax implications.
2:49 - Starting Social Security too early.
5:05 - Focusing on returns vs. the income needed.
6:56 - Taking advice from friends and family.
8:25 - You have to find the right balance.
In those final years before retirement, what should you be considering and doing now? We tackle a list of things you should do in the years before retirement.
Read more and get additional financial resources here: https://petersonfg.com/the-retirement-countdown/
What we discuss on this episode:
0:46 - Ready for the final countdown toward retirement?
1:20 - When should we try to be debt-free before retirement?
3:30 - How do you generate income in retirement?
5:48 - Should you and your spouse retire at the same time?
8:44 - Is there a financial advantage to staggering retirement?
When retirement planning, you may have to make decisions regarding your finances such as which pension package to take or how to plan for long-term care. Eric answers three questions from the mailbag in today’s podcast.
Read more and get additional financial planning resources: https://petersonfg.com/mailbag-do-i-need-long-term-care-insurance-if-i-expect-an-inheritance/
What we discuss on this episode:
0:46 - Mailbag: Do I need long-term care insurance if I’ll later receive inheritance?
4:54 - Mailbag: Which pension package should I choose?
8:33 - Mailbag: What should I do if my job is eliminated and I’m only 55 years old?
Many of us have a 401(k), but what mistakes can get overlooked? Eric shares a few key points to keep in mind when it comes to your 401(k).
Read more and get additional financial resources here: https://petersonfg.com/retirementreadypodcast/
What we discuss on this episode:
0:46 - The 401(k) is an easy way to save.
3:05 - Did you leave it with a former employer?
5:25 - Are you rebalancing?
7:06 - Is your target date fund right?
9:18 - Who is the client in the 401(k) plan?
What kind of blind spots should you look out for when it comes to your financial plan? We talk about four key areas that often get overlooked when retirement planning.
Read more and get additional financial resources here: https://petersonfg.com/financial-blind-spots/
What we discuss on this episode:
1:08 - The danger of a downturn.
5:18 - Inflation is a big blind spot.
6:54 - Medical costs keep rising.
8:59 - Tax increases are inevitable.
Today on the podcast, we discuss the SECURE Act 2.0. While we have talked through the SECURE Act in the past, this is a whole new set of changes should it get passed. Which of these will play the biggest role in impacting your financial future?
Read more and get additional financial resources here: https://petersonfg.com/secure-act-2-0-what-to-know/
What we discuss on this episode:
0:46 - What is the SECURE Act 2.0?
1:06 - What could be the new RMD age?
4:03 - Employers could auto-enroll employees in 401(k) program.
5:56 - Catch-up contributions would be extended.
7:38 - Matching funds on student loan payoffs.
9:32 - A national database could be started for lost accounts.
11:31 - What does Eric think about these possible changes?
Are you avoiding meeting with an advisor? Let’s talk through some of those fears or doubts and help you overcome the hurdles to getting your financial plan in order.
Read more and get additional financial resources here: https://petersonfg.com/why-people-put-off-meeting-with-a-financial-advisor/
What we discuss on this episode:
0:47 - Do you avoid going to a financial advisor?
1:29 - It might be expensive.
5:47 - They will tell me to do something I don’t want to do.
7:54 - I’m embarrassed or won’t know what they are saying.
10:22 - What if they give me bad news?
What emotions are you prone to fall for when investing? How can you overcome the emotional grip? Making investment decisions based on emotions can cause your plan to not be successful. Today we’ll find out primary emotions to look out for and what to do about them.
Read more and get additional financial resources here: https://petersonfg.com/emotions-that-drive-financial-decisions/
What we discuss on this episode:
1:00 - Fun Fact: Apple has enough money to buy every major sports team in the world.
2:27 - Is greed good when investing?
3:58 - Are you investing with fear?
5:43 - Pride may cause you to do it yourself.
7:49 - Don’t dwell on guilt.
9:03 - Advisors are more detached from the personal emotions.
When should you use your IRA and how can it be best utilized? These three questions from the mailbag all mention their IRA as an option, but what does Eric have to say about all of these situations? Find out!
Read more and get additional financial resources here: https://petersonfg.com/mailbag-what-should-i-do-with-my-ira/
What we discuss on this episode:
0:47 - Mailbag: Should I take money from an IRA or get a business loan?
4:08 - Mailbag: My pension won’t adjust for inflation. What should I do?
7:25 - Mailbag: I’m annoyed about taking money out of my IRA. How can I avoid that?
Are you nervous about all the taxes you might have to pay in retirement? We talk through strategies you can implement now to reduce your taxes down the road.
Read more and get additional financial resources here: https://petersonfg.com/avoiding-the-tax-time-bomb/
What we discuss on this episode:
0:46 - What are tax strategies to consider?
1:11 - Reducing the 401(k) contributions.
3:22 - If you don’t have a Roth option at work, should you do a Roth IRA?
4:41 - Would funding a cash value life insurance be a good strategy?
7:48 - What do we need to know about Roth conversions?
Are you looking at the future and wondering, “What if…?” We talk through several scenarios to see what may or may not be possible and how you can prepare accordingly.
Read more and get additional financial resources here: https://petersonfg.com/the-what-if-game/
What we discuss on this episode:
1:20 - What if… interest rates double?
3:24 - What if… married couples under 30 have one (or less) child per family?
6:31 - What if… college education becomes free?
8:56 - What if… we experience another economic downturn?
11:26 - What if… a state decides to secede from the union?
15:02 - What if… price of oil doubles?
16:10 - What if… we adopt a single payer healthcare system?
What kind of tax plans have been proposed lately? These plans may cause you to strategize differently when it comes to your financial plan.
Read more and get additional financial resources here: https://petersonfg.com/navigating-the-new-administrations-tax-plan/
What we discuss on this episode:
1:08 - Top individual tax rates will increase.
3:50 - What happens when the corporate tax rate goes up?
5:42 - Long-term capital gains tax would almost double.
9:47 - What would the elimination of the step-up in basis mean?
12:52 - Is generational wealth being targeted?
On today’s episode of the Retirement Ready podcast, we check in to see how ready you really are. What sorts of things are you overlooking, and where do you need to stay better focused? Know all you need for retirement? Take this little quiz to see where you stand when it comes to retirement readiness.
Read more and get additional financial resources here: https://petersonfg.com/retirement-readiness-pop-quiz/
What we discuss on this episode:
1:08 - How much does it cost you to fund your lifestyle?
3:26 - What do you need your net worth to be to retire?
7:08 - How does the latest news impact our retirement plans?
America’s pastime has been enjoyed by people of all ages for many, many years, but how much have you thought about baseball from a retirement planning perspective? Today we’ll explore the parallels between being successful in sport and finances.
Read more and get additional financial resources here: https://petersonfg.com/baseball-and-retirement-planning/
What we discuss on this episode:
1:40 – Home runs
4:35 – Data and analytics
7:19 – Five-tool players
Which of these financial opinions are really worth paying attention to? Eric shares ways to reframe and better understand these financial opinions and how they work in your financial plan.
Read more and get additional financial resources here: https://petersonfg.com/unpopular-financial-opinions/
What we discuss on this episode:
2:23 - What is the appropriate use of life insurance?
5:25 - Should you pay off the house early?
8:45 - How should you use annuities?
You may have heard of at least one if not all of these financial rules, but should you follow them? What do they really mean? On today’s episode of the podcast, we talk through four common rules of thumb when it comes to financial planning and what Eric advises about them.
Read more and get additional financial resources here: https://petersonfg.com/financial-rules-of-thumb/
What we discuss on this episode:
1:51 - What’s the Rule of 100?
3:03 - The 75 percent rule means what?
4:50 - Do you need six months in savings?
8:01 - Should you use the 4 percent rule?
While financial planning has a lot of numbers involved, here are a few letters and abbreviations you should know, too. Eric explains several common financial abbreviations.
Read more and get additional financial resources here: https://petersonfg.com/financial-abbreviations-explained/
What we discuss on this episode:
1:05 - What is an ETF?
2:36 - Do you know what an RMD is?
4:22 - What about an RIA?
6:05 - What is an FRA?
We all hear retirement plans and opinions but does Eric agree with these? On this episode of the podcast we play a game of “agree or disagree?” with some commonly thought retirement planning statements. What do you think?
Read more and get additional financial resources here: https://petersonfg.com/do-you-agree-or-disagree-with-this-retirement-advice/
What we discuss on this episode:
0:58 - Should you pay off the house ASAP?
2:26 - Are individual bonds better than bond funds?
4:17 - Do you need life insurance once you retire?
6:00 - Are annuities a rip-off?
7:39 - Will you be in a lower tax bracket in retirement?
When it comes to retirement, beyond the numbers, how do you want your life to look? Eric answers three questions from the mailbag this week that go beyond the basic financials and consider the retirement lifestyle and mindset listeners are most interested in pursuing.
Read more and get additional financial resources here: https://petersonfg.com/mailbag-can-i-sell-my-home-and-just-rent-in-retirement/
What we discuss on this show:
0:47 - Mailbag: Can I sell my house and rent instead in retirement?
4:58 - Mailbag: What happens to my insurance when I get remarried?
8:08 - Mailbag: Can I just invest in and live off of dividend-paying stocks?
Have you been procrastinating putting together a financial plan or do you have a sense of urgency? What events may prompt you to act quickly?
Read more and get additional financial resources here: https://petersonfg.com/what-creates-a-sense-of-urgency-with-your-financial-plan/
What we discuss on this episode:
1:23 - The loss of a job creates a sense urgency.
3:29 - Do you have to make a decision about an early retirement buyout?
4:58 - Have you been procrastinating about retirement coming?
6:28 - Maybe an illness has changed your trajectory.
7:47 - The death of a spouse changes things.
9:30 - You don’t want a market crash to alter your retirement plans.
Another popular financial radio host and podcaster is Dave Ramsey. What does Eric have to say about Dave’s advice? Does he agree or disagree with the baby step program? Find out on today’s episode of the Retirement Ready podcast.
Read more and get additional financial resources here: https://petersonfg.com/should-you-follow-dave-ramseys-financial-advice/
What we discuss on this episode:
1:40 - Should you use credit cards?
4:43 - Is whole life insurance a bad idea?
6:16 - What should you invest in?
7:42 - Is it easy to find a mutual fund with a 12 percent rate of return?
9:38 - Should you pay off your home as soon as possible?
When it comes to retirement planning, some of the same concepts found in these fun quotes from Calvin and Hobbes can apply. What sort of financial wisdom can you glean from a boy and his tiger? Eric shares how these quotes can coincide with what he teaches clients every day.
Read more and get additional financial resources here: http://petersonfg.com/financial-wisdom-from-calvin-and-hobbes/
What we discuss on this episode:
1:47 - “Life is full of surprises, but never when you need one.”
4:14 - “When life gives you lemons, chuck it right back.”
5:50 - “There’s no problem so awful that you can’t add some guilt to it to make it even worse.
8:27 - “A day can really slip by you when you’re deliberately avoiding what you’re supposed to do.”
When it comes to weighing out the decision between working with a financial advisor and doing it yourself, what are common reasons why people consider DIY? Are these reasons valid or should you always work with a financial advisor?
Read more and get additional financial resources here: http://petersonfg.com/can-you-diy-financial-planning/
What we discuss on this episode:
1:13 - What would you say to, “It’s not that hard, I can do it”?
2:54 - “Having a financial advisor costs too much.”
4:31 - “Financial advisors or a trust are just for rich people and I’m not rich.”
6:46 - “If I ignore it, it will all work out in the end.”
Do you know the difference between large cap and small cap funds? What are basis points? This episode will discuss various financial jargon to help translate what these really mean.
Read more and get additional financial resources here: http://petersonfg.com/translating-financial-jargon/
What we discuss on this episode:
0:47 - Sometimes financial jargon comes up.
1:30 - What is asset allocation?
2:55 - What is your risk tolerance?
5:47 - What are basis points?
6:26 - What’s small cap, mid cap, and large cap?
7:22 - What are qualified accounts?
What’s the best way to not run out of money in retirement? What are most people worried about when retirement planning? Eric fills in these blanks in today’s episode.
Read more and get additional financial resources here: http://petersonfg.com/financial-fill-in-the-blank/
What we discuss on this episode:
0:48 - The best way to not run out of money is to____.
2:40 - The stock market has the ability to____.
4:13 - Run the other way if your advisor tells you to____.
6:26 - When someone comes to visit for the first time, they’re most likely worried about ____.
7:50 - The most common mistake retirees and pre-retirees make is ____.
President Biden has made a number of executive orders in his time in office. What do they have to do with your financial plans? How might they affect you economically?
Read more and get additional financial resources here: http://petersonfg.com/what-to-know-about-bidens-initial-executive-orders/
What we discuss on this episode:
0:47 - Biden has made several new executive orders. How will these impact us?
1:16 - Moratoriums extended on evictions, foreclosures, and federally guaranteed mortgages.
2:58 - Student loan interest payments on pause.
3:50 - The Keystone pipeline permit was revoked.
7:21 - Regulations are being reinstated.
8:44 - Minimum wage could be raised.
From managing your income as a contract employee to managing your income in retirement, Eric answers three questions from the mailbag in today’s episode of the podcast.
Read more and get additional financial resources here: http://petersonfg.com/mailbag-retirement-planning-with-separate-bank-accounts/
What we discuss on this episode:
0:47 - Mailbag: Should I switch to work as an independent contractor?
3:44 - Mailbag: Can we have separate bank accounts but still plan for retirement together?
5:33 - Does having separate accounts make it harder to plan for retirement?
6:35 - Mailbag: How can I lessen my tax burden in retirement?
Have you recently inherited assets or one day expect to? How can you prepare your estate in a way that makes it easy for your heirs later on? We’ll look at all sides of legacy planning on this episode.
Show notes and additional financial resources here: http://petersonfg.com/estate-legacy-planning-faqs/
What we discuss on this episode:
0:46 - Mailbag: Should my parents sign over their house to me before they die?
4:05 - Mailbag: Is an inherited taxable account considered capital gains?
5:40 - Mailbag: How do I change a beneficiary designation for an ex-spouse to me?
8:35 - Mailbag: Is it okay to have two separate financial advisors?
What financial wisdom can we glean from the sayings of Mark Twain? Believe it or not, many of these quotes are quite relevant today.
Read more and get additional financial resources here: http://petersonfg.com/what-does-mark-twain-have-to-say-about-your-financial-plan/
What we discuss on this episode:
1:25 - “Apparently there is nothing that cannot happen today.”
5:02 - “The lack of money is the root of all evil.”
6:58 - “October is one of the particularly dangerous months for speculating on stocks…”
8:47 - “The secret to getting ahead is getting started.”
We’ve made it into the new year and time will tell if 2021 is a big improvement over 2020. What are some things to keep in mind as we transition into the year? What changes could impact you? On today’s episode of the Retirement Ready podcast we discuss a variety of new things--from how we celebrated the holidays to new SEC rules to dealing with an unexpected early retirement.
Read more and get additional financial resources here: http://petersonfg.com/new-year-new-ideas-to-consider/
What we discuss on this episode:
0:47 - What were the holidays like for Eric?
3:13 - SEC rules are changing to allow people to use testimonials.
6:14 - You never know when things will happen or you might lose your job.
8:17 - When does Medicare kick in during retirement?
9:11 - What’s your new year’s resolution?
Whether you want to learn more about using your HSA or trying to make strategic use of your severance package, Eric answers three questions from the mailbag. Do any of these questions relate to your situation?
Read more and get additional financial resources here: http://petersonfg.com/mailbag-should-i-use-my-severance-package-to-pay-off-the-house/
What we discuss on this show:
0:49 - Mailbag: If I max out my HSA, will that mean a huge balance in retirement?
3:28 - Mailbag: If forced into early retirement, should I use my severance package to pay off the house?
7:02 - Mailbag: Should I give my son a $5,000 gift or make it a loan?
What kind of decisions are you making alongside your financial advisor? How do you know if they are doing everything you need when it comes to creating and implementing a retirement plan? Eric talks through what you deserve from a financial advisor and how his team works with clients to meet their needs.
Read more and get additional resources here: http://petersonfg.com/things-your-advisor-should-be-doing/
What we discuss on this show:
1:22 - A lot of places don’t factor in tax planning.
4:13 - We assume advisors evaluate fees on our investments. Are they?
6:23 - Is your advisor planning retirement income?
8:52 - Are you clarifying goals together?
Do you know the three worlds of money? Where does the bulk of your money live? Is your money appropriately balanced across all three worlds? We’ll break it all down on this episode.
Read more and get additional financial resources here: http://petersonfg.com/the-three-worlds-of-money/
What we discuss on this show:
1:05 - What are the three worlds of money?
2:14 - The banking world offers liquidity.
5:03 - The insurance world offers life insurance and annuities.
8:40 - The Wall Street world holds investments.
What should you do before the end of 2020 when it comes to your finances? We'll run through a list of items on this show.
Read more and get additional financial resources here: http://petersonfg.com/year-end-financial-planning-checklist/
What we discuss on this show:
1:15 - Are you maxing out retirement contributions?
2:36 - Are you using the options available in the CARES Act?
3:50 - What is tax-loss harvesting and why should we explore it?
6:44 - Are you making charitable contributions?
8:28 - Should you do a Roth conversion?
How much risk should you have in your portfolio? How do you know how much risk you actually have? Today we’ll talk about managing the risk in your investments.
Read more and get additional financial resources here: http://petersonfg.com/managing-your-risk-aversion/
What we discuss on this show:
0:47 - What does it mean when someone says they are risk-adverse?
2:31 - Why do people claim they are risk-adverse but have their money in risky places?
5:27 - How does Eric work through the risk assessment analysis with clients?
6:51 - Who was T Boone Pickens and what can we learn from his story?
8:20 - What should your risk mindset and strategy be?
When building a financial plan, it’s important to consider several different angles. Eric answers three questions from the mailbag on this week’s episode.
Read more and get additional financial resources here: http://petersonfg.com/mailbag-how-do-i-plan-for-possible-long-term-care-expenses/
What we discuss on the show:
0:47 - Mailbag: How do you plan for long-term care expenses?
5:08 - Mailbag: Should all of my retirement savings go toward my Roth?
7:34 - Mailbag: Is it okay to not want a bigger portfolio but to protect what’s already there?
Retirement about more than just the money. Today we talk through Maslow’s hierarchy of needs to make sure your financial plan will support each tier in retirement.
Read more and get additional financial resources here: http://petersonfg.com/the-retirement-hierarchy-of-needs/
What we discuss on this show:
0:47 - What are Maslow’s hierarchy of needs?
1:09 - What physical needs do you need to cover in retirement?
3:01 - What does it look like to have safety and security with your money?
5:37 - Your need for belonging will look different in retirement.
7:41 - What sort of feeling of accomplishment can you find?
9:13 - What does self-actualization look like as a retiree?
What safety measures do you use when you own a gun? Are you implementing similar tactics with your financial plan?
Read more and get additional financial resources here: http://petersonfg.com/financial-planning-and-gun-safety/
What we discuss on this show:
1:15 - How does gun safety relate to financial planning?
2:03 - Why take unnecessary risk?
4:00 - Keep your ammunition separate from your guns.
5:48 - Understanding education vs. entertainment.
9:20 - Use a safe.
Do you need as much life insurance as you have? Or should you factor in eventual inheritance money when deciding when to retire? Eric answers three questions from the mailbag in this week’s podcast.
Read more and get additional financial resources here: http://petersonfg.com/mailbag-do-i-really-need-all-of-these-life-insurance-policies/
What we discuss on this show:
0:46 - Mailbag: Can I retire early and count on inheritance money coming later?
3:59 - Mailbag: Do I need this much life insurance?
6:56 - Mailbag: Should I pull from savings before Social Security in retirement?
Do you have a favorite movie villain? We talk about three classic roles and explain how they compare to the villains you may encounter in the financial world.
Read more and get additional financial resources here: http://petersonfg.com/facing-the-villains-in-the-financial-world/
What we discuss on this show:
1:37 - What is the Darth Vader in the financial world?
4:14 - The Wicked Witch of the West will do whatever she can to get the ruby slippers.
6:52 - Ivan Drago from Rocky IV was almost robotic in his approach.
How can the words of Winston Churchill help you in your financial life? We apply some of his quotes to your financial decisions in today’s podcast.
Read more and get additional financial resources here: http://petersonfg.com/financial-planning-lessons-from-winston-churchill/
What we discuss on the show:
1:14 - “We shape our dwellings and afterwards our dwellings shape us.”
2:57 - “We must be aware of needless innovations…”
5:12 - “The problems of victory are more agreeable than those of defeat…”
7:08 - “The farther backward you can look, the farther forward you can see.”
Why does Eric do what he does? What’s his history and what are his passions? Find out on today’s episode of the podcast.
Read more and get additional financial resources here: http://petersonfg.com/why-eric-loves-working-as-a-financial-advisor/
What we discuss on this show:
0:46 - Why does Eric do what he does?
1:19 - Who and what has shaped Eric’s view on wealth?
5:52 - What was the transition from insurance to financial planning like?
7:52 - What would Eric change about the industry?
Why should you have a customized financial plan? What do you need to consider and what goals help you build an outline for your plan? Join us as we talk about what goes into the process of setting someone up for a secure future.
Read more and get additional financial resources here: http://petersonfg.com/what-goes-into-a-customized-financial-plan/
What we discuss on this show:
1:20 - What is the planned retirement age?
3:47 - What is your lifestyle and income needs?
5:21 - What is your risk tolerance?
7:21 - Does health history factor in?
9:22 - Will you leave a legacy?
Certain financial documents might seem like they can be put off for now. But when you need them, it’s important to be prepared ahead of time! Do you have all of these things in place?
Read more and get additional financial resources here: http://petersonfg.com/things-that-dont-matteruntil-they-do/
What we discuss on this show:
0:47 - Let’s play a game!
2:01 - Do you have legal documents prepared?
5:06 - Have you thought about long-term care protection?
7:22 - What can life insurance do for you?
9:03 - What sort of lifetime income streams do you have?
When common sense isn’t followed, what does that look like? What common sense should we adhere to when it comes to financial planning?
Read more and get additional financial resources here: http://petersonfg.com/uncommon-sense-in-financial-planning/
What we discuss on the show:
1:06 - Buy low, sell high.
3:13 - Don’t pay more in taxes than you have to.
5:16 - Keep costs low.
7:33 - Diversify your assets.
We’ve all been to the doctor at some point, so how is it like working with a financial advisor? We compare the similarities on today’s podcast!
Read more and get additional financial resources here: http://petersonfg.com/visiting-the-financial-doctor/
What we discuss on this show:
0:50 - What lessons can you learn from a visit to the doctor?
1:04 - It’s important to get a checkup, especially as you’re aging.
2:44 - Are you trying to deal with it yourself or getting a prescription for help?
5:20 - Different doctors have different specialties.
7:42 - Make sure you have the right fit for you.
When is a good time to withdraw from an annuity and what should you know ahead of time? Eric answers this and two other questions from the mailbag in this week’s podcast.
Read more and get additional financial resources here: http://petersonfg.com/mailbag-should-i-withdraw-from-an-old-annuity/
What we discuss on this show:
0:50 - Mailbag: Should I withdraw from an old annuity?
4:02 - Mailbag: Should I pay off a student loan that has no interest or payments due?
6:04 - Mailbag: What will be taxable after being furloughed and on unemployment?
From million-dollar retirement benchmarks to presidential election fears or predictions, have you heard these through the grapevine? Eric shares what he thinks about these three financial rumors.
Read more and get additional financial resources here: http://petersonfg.com/heard-it-through-the-grapevine/
What we discuss on this show:
1:47 - Well I heard…you have to have at least $1 million to retire.
2:34 - What happened when one client aimed for $1 million?
4:08 - Well I heard…you should start Social Security as early as you can.
6:26 - Well I heard…the market will tank if Trump loses.
Ever hear something and think, could that be true? Some of these financial concepts are fact and some are fiction--do you know which is which?
Read more and get additional financial resources here: http://petersonfg.com/is-this-retirement-fact-or-fiction/
What we discuss on this episode:
1:04 - Fact or Fiction: Social Security is taxable.
3:18 - Fact or Fiction: Your taxes will likely be lower in retirement.
5:24 - Fact or Fiction: Term life insurance is better than whole life insurance.
7:37 - Fact or Fiction: Medicare will cover most of your medical needs in retirement.
9:30 - Fact or Fiction: As we get older, we should shift from stocks to bonds.
You might feel great about where you stand financially but there’s a chance you could be flirting with disaster. We’ll tell you about three key areas where people make mistakes in their planning that can end up causing major financial problems in retirement.
Read more and get additional financial resources here: http://petersonfg.com/are-you-flirting-with-financial-disaster/
On today's show:
0:58 - Out of date legal documents
2:43 - An article showing the importance of updating documents.
4:06 - If you’re not thinking about long-term tax planning
7:21 - No plan for long-term care expenses.
When you go on a trip, a lot of times it helps to refer to a packing list to make sure you have everything. When putting together a financial plan, do you have everything in order? Let’s talk about what you need to put into your financial suitcase.
Read more and get additional financial resources here: http://petersonfg.com/how-to-pack-your-financial-suitcase/
On today's show:
0:46 - Where can Americans travel right now?
3:22 - How can we be sure we’ve packed efficiently?
5:02 - How do you deal with “lost luggage” in the financial world?
7:56 - How do you protect your assets?
When it comes to retirement, where are you at? If you’re getting closer to retirement, it may help to understand your current mindset in order to know how best to proceed.
Read more and get additional resources here: http://petersonfg.com/what-is-your-retirement-mindset/
On today's show:
0:54 - How would you describe your mindset?
1:28 - Do you feel like retiring now but not sure if you’re ready?
3:22 - Do you wonder how much you need to save before retirement?
5:10 - Are you waiting until you hit $1 million before retirement?
7:15 - Do you think retirement sounds boring?
From market crashes to empty nests, we discuss different situations that may be first viewed as a crisis. But is it really an opportunity in disguise? We will explore both sides today on the podcast.
Read more and get additional financial resources here: http://petersonfg.com/are-you-facing-financial-crisis-or-financial-opportunity/
On today's show:
1:22 - Is empty nest syndrome a crisis or opportunity?
4:55 - Is there an upside to market downturns?
6:56 - How should you view long-term care insurance rate hikes?
9:11 - What is the opportunity in getting laid off?
Are you wondering what to do with your 401(k)? How can you make sure this investment is set-up well to suit your needs? Let’s answer some of the most common questions regarding this popular retirement account.
Read more and get additional financial resources here: http://petersonfg.com/making-the-right-decisions-with-your-401k/
On today's show:
1:04 - Is free advice worth taking?
3:10 - Is it a good or bad idea to take a loan out on a 401(k)?
4:45 - When should you do a 401(k) rollover?
7:00 - Should you use target date funds?
9:15 - Which is better: Roth or Traditional 401(k)?
What kind of classic TV personality do you most relate with when it comes to handling your finances? Are you more like Gilligan or Barney Fife? Find out on today’s podcast!
Read more and get additional financial resources: http://petersonfg.com/which-tv-character-describes-your-financial-personality/
Today's show schedule:
1:08 - Jed Clampett from the Beverly Hillbillies got rich quick.
3:55 - Fred Mertz from I Love Lucy was always looking for the cheapest solution.
6:11 - Barney Fife felt big dreams were attainable.
8:06 - Gilligan has terrible luck on Gilligan’s Island.
What little (or not little) things get under your skin when it comes to financial planning? Are they the same pet peeves as Eric’s? Find out on today’s podcast!
Read more and get additional financial resources here: http://petersonfg.com/financial-pet-peeves/
Today's show schedule:
1:11 - Pet peeve: Hidden fees.
3:11 - Pet peeve: Advisors who work more as a salesman.
5:16 - Pet peeve: One-size-fits-all.
6:48 - Pet peeve: Jargon without explanation.
7:55 - Pet peeve: Massive financial plans.
How would you grade yourself on your financial competency? Are you at the top of the class or falling behind? Find out on this episode.
Read more and get additional financial resources here: http://petersonfg.com/grading-your-financial-competency/
Today's show schedule:
0:57 - Do you know how much you actually have?
3:04 - Do you know how much you truly spend?
4:29 - How much risk do you have?
5:58 - What are you paying in fees?
8:43 - Do you know what your income streams are going to look like in retirement?
Are you wondering how much longer you really have to wait before claiming Social Security? Or are you looking to find the perfect financial advisor but haven’t found them yet? Eric answers three questions from the mailbag in this week’s podcast.
Read more and get additional financial resources here: http://petersonfg.com/mailbag-when-should-i-take-social-security/
Today's show schedule:
0:46 - Mailbag: Should I wait to take Social Security until 70?
2:22 - Do you understand the taxes with Social Security?
4:37 - Mailbag: Should I refinance my home and re-do my kitchen?
7:40 - Mailbag: How do I decide the perfect financial advisor for me?
Whether you are growing some backyard tomatoes or have 100 acres of farmland, what are some financial lessons to be learned? You don’t need a green thumb to understand these financial principles.
Read more and get additional financial resources here: http://petersonfg.com/financial-lessons-learned-from-the-farm/
Today's show schedule:
1:55 - Understanding net worth vs. cash flow.
4:41 - What sort of predators might you face?
7:22 - A diversity of crops is important to maintain.
Need someone to tell it to you straight? On today’s episode, Eric gives four financial truth bombs that might change the way you think about your financial plan and your portfolio.
Read more and get additional resources here: http://petersonfg.com/financial-truth-bombs/
Today's show schedule:
1:23 - Bonds aren’t always as good as retirees think.
5:14 - The hardest part of investing is managing our own behavior.
7:47 - You aren’t an expert at everything.
10:27 - You probably have more risk in your portfolio than you realize.
What financial rules are worth following and which ones need an update? On this episode, we discuss several known financial rules to see which ones are dated and which ones stand the test of time.
Read more and get additional resources here: http://petersonfg.com/outdated-financial-rules/
Today's show schedule:
1:38 - Should you follow the four percent rule?
4:36 - What is the 10-5-3 rule?
5:55 - Does it make sense to change from stocks to bonds as you age?
8:30 - Are you following the million-dollar rule?
How can you know your retirement plans are what they should be? What thoughts and assumptions can ruin your retirement? One thing’s for sure--you don’t want to mess it up!
Read more and get additional resources here: http://petersonfg.com/how-to-mess-up-your-retirement-plans/
Today's show schedule:
0:46 - What are some easy ways to mess up your retirement?
2:02 - Thinking of retirement as your destination.
3:45 - Believing that retirement is the cure-all for your problems.
6:18 - Assuming that your spending habits will stay the same.
8:31 - Don’t invest like you are younger than you actually are.
When you see a financial advisor, do you want them to always tell you “you’re right” or do you want someone to coach your through your financial plan? Let’s talk about when the customer isn’t always right when it comes to financial planning.
Read more and get additional financial resources here: http://petersonfg.com/the-customer-aint-always-right-in-financial-planning/
Today's show schedule:
0:47 - Is the customer “always right” in financial planning?
3:29 - When should an advisor push back?
5:14 - Market volatility or financial trends may trigger sudden new ideas, but are they good ones?
6:51 - Consistent coaching can help you with long-term goals.
While many are hitting hard times financially, maybe you are among the few who are doing well and trying to make the most of it like Grace in Ames. Eric gives some advice on what to do with extra cash as well as answering two other questions from the mailbag.
Read more and get additional financial resources here: http://petersonfg.com/what-to-do-with-unexpected-extra-cash-other-mailbag-questions/
Today's show schedule:
0:47 - Mailbag: Should I rollover my 401(k) now?
2:24 - What do you miss out on when moving your 401(k) to an IRA?
4:31 - Mailbag: How should I best invest extra money right now?
7:32 - Mailbag: Is it good or bad to have taxes, legal documents, and investments all handled by the same firm?
To keep up with current events, we talk about how coronavirus is impacting us on a local level. Then, Eric explains the history of interest rates in light of the latest interest rate forecast from the Federal Reserve.
Read more and get additional financial resources here: http://petersonfg.com/coronavirus-update-and-a-look-at-interest-rates/
Today's show schedule:
1:10 - What is life like right now for Eric in Iowa during coronavirus?
3:55 - Watch where you are getting your news from.
5:20 - What does Eric think about the rate forecast from the Fed?
6:34 - To understand interest rates, let’s go back to 1971.
9:46 - If you are a saver, what is a good way to get a fixed rate of return?
When you retire, it’s important to set up several sources of income, particularly predictable income. What are some forms of reliable income and what streams of income are more vulnerable? We'll explore the options and help you determine if they might work for you.
Read more and get additional resources here: http://petersonfg.com/finding-predictable-income-sources-in-retirement/
Today's show schedule:
0:46 - What are retirement income sources people assume are predictable?
2:04 - Are variable annuities a worthwhile retirement income?
4:17 - Should you use bonds to create retirement income?
5:51 - Is there really such as thing as guaranteed income?
8:12 - Right now, coronavirus is highlighting some of the gaps in guaranteed retirement income.
Do you know the difference between a Roth contribution and a Roth conversion? Or between individual bonds and bond funds? Eric explains the difference between these important financial terms so you can decide what should be included in your financial plan.
Read more and get additional resources: http://petersonfg.com/whats-the-difference-between-these-common-financial-terms/
Today's show schedule:
1:06 - What’s the difference: Roth contributions vs. Roth conversions?
5:08 - What’s the difference: term life and universal life insurance?
7:23 - What’s the difference: qualified account vs. non-qualified accounts?
9:12 - What’s the difference: variable annuity and fixed annuity?
11:26 - What’s the difference: 60-day rollover vs. trustee to trustee rollover?
13:59 - What’s the difference: individual bonds and bond funds?
Are you clinging to financial ideas that give you a false sense of hope? On this episode, Eric points to clear strategies for you to make wise decisions when retirement planning.
Read more and get additional resources: http://petersonfg.com/the-fools-gold-of-retirement-planning/
Today's show schedule:
2:12 - You don’t have to hit a certain dollar amount to retire.
4:10 - Don’t think your income needs will decrease necessarily.
7:34 - Don’t count on an inheritance to make up for your poor planning.
9:11 - Now is the time to figure out what your plan is.
A financial plan should consider more than just where your investments are. Even though it’s uncomfortable to bring it up, do you know what your plan is following the death of a spouse?
Read more and get additional resources here: http://petersonfg.com/dealing-with-the-death-of-a-spouse/
Today's rundown:
1:11 - Regarding the CARES Act, what do you need to know about RMDs?
3:07 - Just because you don’t have to take RMDs, is there a reason to still get them?
5:45 - What is typically the top concern of the remaining spouse?
7:11 - When a spouse passes away, your expenses don’t get cut in half.
8:22 - Stress test: if something were to happen, what’s your plan?
In order to keep safe, we’re all practicing social distancing right now. With your finances, are there some areas that need a little bit of space between them for safety and protection? Let's run through four examples of social distancing in your financial plan.
Read more and get additional resources here: http://petersonfg.com/social-distancing-for-your-finances/
Today's rundown:
1:00 - Which items should social distance from each other in our finances?
1:08 - Leave your emergency fund out of the stock market.
3:33 - Life insurance and investments should not go hand-in-hand.
5:46 - High turnover investment strategies should not be with after-tax brokerage accounts.
7:40 - Your emotions and your investment decisions need some space between them.
If your life insurance policy goes up after you turn 60, you may wonder if it’s still something worth paying for. Or maybe you’ve just received an inheritance and don’t know what to expect when it comes to taxes. Eric answers three questions from the mailbag this week.
Read more and get additional resources here: http://petersonfg.com/should-i-keep-my-life-insurance-policy-other-mailbag-questions/
Today's rundown:
0:47 - Mailbag: What is the recommended IRA withdrawal rate?
1:28 - The old rule of thumb was four percent.
4:19 - Mailbag: When a life insurance policy keeps increasing in price, should you drop it?
6:57 - Mailbag: How will an inheritance made up of stocks, annuities, and an IRA be taxed?
Are you wondering how to pay for a home renovation in retirement? Or, are you concerned about the market volatility with retirement a few years away? Eric answers three questions from the mailbag all related to making wise decisions regarding money in retirement.
Read more and get additional resources here: http://petersonfg.com/making-home-renovations-and-protecting-your-retirement-income/
Today's rundown:
0:47 - Mailbag: Should I pay for home renovations from my IRA or with a home equity loan?
3:10 - Mailbag: If planning to retire in the next few years, should I move my retirement savings to cash and wait until the market volatility blows over?
7:32 - Mailbag: What happens to my pension benefit if my ex-husband dies?
We all know at one point or another something is bound to happen that can throw off your financial plan. How will you address these possible scenarios when it comes to your financial plan?
Show notes and additional resources: http://petersonfg.com/life-happens-how-will-your-financial-plan-be-impacted/
Today's rundown:
0:47 - What life events may happen?
1:30 - Moving to a new job may change your situation.
3:26 - Layoffs and downsizing could catch you off-guard.
5:55 - Inheritance can alter your financial situation.
8:07 - Losing a spouse will change your life, including your financial life.
Can you tell the difference between good intentions and bad advice? Sometimes, even people who are truly trying to help can give you bad information and cause you to question your financial decisions.
Read more and get additional resources here: http://petersonfg.com/dont-mistake-good-intentions-for-sound-financial-advice/
Today's rundown:
0:47 - The best of intentions may include some bad financial advice.
1:11 - Family may lead you astray.
3:54 - Friends may brag about the wins but not admit to the losses.
5:12 - Should you take investment advice from your CPA?
Life isn’t just “before retirement” and “after retirement” when it comes to your financial plan. There are several stages leading up to and through retirement. Which stage are you in?
Read more and get additional resources here: http://petersonfg.com/stages-leading-up-to-retirement/
Today's rundown:
0:47 - What are the different stages leading up to retirement?
1:07 - What should people think about when 15 years from retirement?
3:41 - Around 55 years old, where should people focus?
6:33 - Five years from retirement, what is important to consider?
9:54 - On the day of retirement, what’s the most essential to know?
12:47 - Once you retire, what kind of financial planning do you do?
Do you have a question about your 401(k)? There’s a good chance you’ve wondered about at least one of these five frequently asked questions when it comes to your 401(k).
Get the show notes and additional resources here: http://petersonfg.com/5-frequently-asked-401k-questions/
Today's show rundown:
1:47 - Should you get advice through the company’s 401(k) program?
3:21 - Should you contribute as much as possible to a 401(k) or just up to the match?
6:00 - Should you use a target date fund?
8:28 - Is it a bad idea to take a loan against the 401(k)?
9:54 - When should you take money out and rollover the 401(k) to an IRA?
Estate planning is just one piece of a comprehensive retirement plan but it’s an important one because you only get one opportunity to get it right. The problem is many individuals have very little experience with inheritances and often make mistakes when handing them down or receiving them. Let’s try to change that today by informing you about inheritances and the steps you need to take.
Check out the show notes and get additional resources here: http://petersonfg.com/what-you-should-know-about-leaving-an-inheritance/
Today's show rundown:
0:49 – Let’s tackle the biggest questions around an inheritance.
1:09 – First, what about taxes. What implications are there with an inheritance?
1:35 – Iowa does have inheritance tax if it comes from outside of a ‘straight line.’
2:21 – Here’s what happens if someone leaves you an IRA or 401k.
3:55 – What are some of the changes coming from the SECURE Act relating to inheritances?
5:34 – These are the common mistakes people make with inheritances.
7:33 – Some companies allow a per Stirpes designation. Here’s how that works.
8:46 – Are there some common mistakes on the receiving end of an inheritance?
As people get ready to retire, there are lot of reasons someone might say they aren’t quite ready to retire. Not everyone is ready at the same time or a particular age, and we wanted to talk about a few of the reasons why someone may feel that way. Some of these are good reasons to put off retirement! The key is making sure they are the right reasons for you to retire when the timing is right. We'll discuss that on this show.
Full show notes and additional resources: http://petersonfg.com/reasons-why-people-dont-retire/
Today's rundown:
1:06 - I love working and want to continue working.
3:25 - I would get bored in retirement.
6:19 - I don’t have enough money to retire.
9:13 - I don’t have confidence in my retirement plan.
How do you know if you’ve found the right type of financial advisor? What is most important when looking for someone to work with who will create the right types of financial strategies for where you are in life?
Show notes and additional resources: http://petersonfg.com/financial-advisor-green-flags/
Today's rundown:
0:47 - What do you want in a financial advisor?
1:16 - There are different types of advisors and what they do.
1:44 - When you are younger, you are in the accumulation stage.
2:34 - Then, you are looking at preservation and distribution and need an advisor to support you.
3:59 - You want to be able to trust your financial advisor.
6:13 - Sincere means “without wax” which is real.
In part two of our series on the SECURE Act, we talk about some of the downsides to the changes. Eric explains the stretch IRA and what impact the SECURE Act made on it.
Read more about the SECURE Act here: http://petersonfg.com/understanding-the-secure-act-part-2-stretch-iras/
On today's show:
1:11 - The stretch IRA is being eliminated with the SECURE Act.
2:17 - Before the SECURE Act, a non-spouse beneficiary would only have to take out a percentage based on their life expectancy.
4:19 - Why is this changing?
6:17 - What options does a surviving spouse have?
7:19 - What are the exceptions?
9:40 - When does this go into effect?
What is the SECURE Act? And how does it impact your retirement plans? We’ll outline some of the major changes you need to be aware of in this two-part series.
Show notes and additional resources: http://petersonfg.com/understanding-the-secure-act-part-1/
Today's rundown:
0:48 - The SECURE Act passed, so what does that mean?
2:17 - The RMD age was raised to 72 years old.
4:26 - If you began taking RMDs in 2019, do you have to keep with it?
5:43 - What can you do with your RMD?
8:01 - The contribution age limit was also eliminated with the SECURE Act.
What happens if you’ve maxed out your 401(k) contribution limit? When is a good time to make a Roth conversion? Eric answers three questions from the mailbag this week all pertaining to the options you have when it comes to saving for retirement.
Show notes and additional resources: http://petersonfg.com/retirement-savings-options-ira-contributions-roth-conversions/
Today's rundown:
0:46 - Mailbag: Outside of a maxed out 401(k), where can you save?
1:56 - You can also make a nondeductible IRA contribution.
4:26 - Mailbag: How and when do you make Roth conversions?
7:28 - Mailbag: Is it foolish to retire in your late 50s?
9:07 - Retirement is about filling your income gap.
Are you considering making a move this year? When it comes to home buying or selling decisions, there are a lot of factors to consider. Eric answers a few questions from the mailbag related to real estate.
Show Notes and Additional Resources: http://petersonfg.com/making-the-right-decisions-when-it-comes-to-real-estate/
Today's Rundown:
0:46 - Mailbag: Need cash for closing on a new house before current home sells, should this be done through a short-term loan?
3:13 - Mailbag: With two homes in different states, should you sell one home to be able to retire early?
6:07 - If retiring early, how can you cover the medical insurance gap?
7:32 - Mailbag: How can I help my adult child financially without enabling her?
The message inside a fortune cookie may bring you more fortune than you think if you apply those proverbs in your financial plan. Let’s look at four fortunes and how it applies with your financial decisions.
Show notes and additional resources: http://petersonfg.com/fortune-cookie-proverbs-for-your-financial-plan/
Today's Rundown:
1:49 - “Crisis is opportunity riding on a dangerous wind.”
3:47 - “A feather in the hand is better than a bird in the air.”
5:52 - “Accept something you cannot change and you’ll feel better.”
8:39 - “The greatest danger could be your stupidity.”
The last few years leading up to retirement can have a significant impact on what your retirement actually looks like. This is when you start making the decisions and plans you’ll actually implement in a few years. Are you ready?
Show Notes and Additional Resources: http://petersonfg.com/facing-the-final-decade-before-retirement/
Today's Rundown:
1:34 - Deciding what’s important is the first thing to do.
4:04 - Know your numbers and understand what it will take to maintain your standard of living.
7:13 - Get a handle on your healthcare. How will you pay for it?
9:55 - Understand that your plan and needs will continue to evolve.
Maybe you are great at saving and putting away money toward retirement. Is that enough? Find out three areas where a bit more strategy and behavior modification may come into play with your savings and investments as you enter into retirement.
Show Notes and Additional Resources: http://petersonfg.com/a-message-for-the-good-savers/
Today's Rundown:
1:26 - Be careful about keeping too much cash in savings.
2:52 - Why you need to implement behavior modification when it comes to a rainy day fund in retirement.
5:24 - Don’t overlook the risk of your investments.
6:38 - The math behind how much risk you’re willing to take.
8:21 - Taxes are going to impact you more in retirement than when you are working.
Any time you fly in a plane, there’s a lot going on as you travel to your destination. How does this relate to your financial plan? We compare the experience of flying to preparing for retirement in today’s episode.
Show Notes: http://petersonfg.com/what-flying-can-teach-us-about-retirement/
Today's Rundown:
2:21 - Flying requires a flight plan ahead of time.
3:59 - You need to know in advance what your income (and taxes) will look like in retirement.
6:12 - When you’re thinking about a retirement plan, it also includes what to do with your time.
7:42 - When you experience turbulence, it can cause you to panic.
10:11 - You can’t get there alone.
Breaking up is hard, but sometimes you stay in a relationship too long for the wrong reasons. Is your relationship with your financial advisor working as it should? Or are you using some of these common excuses to stay with the wrong advisor?
Show Notes and Additional Resources: http://petersonfg.com/what-holds-you-back-from-breaking-up-with-a-financial-advisor/
Today's Rundown:
1:40 - My portfolio hasn’t done well, but my advisor seems nice.
3:49 - I know them through...a family friend, college, a neighbor, my parents.
4:24 - I feel confused after meeting with my advisor.
7:49 - I get a birthday card, but don’t get good communication otherwise.
Like in all areas of life, it’s important to be cognizant of your blind spots and sinful tendencies. When it comes to the seven deadly sins, how do those apply in your financial plans?
Show Notes: http://petersonfg.com/7-deadly-sins-of-financial-planning/
On This Episode:
1:07 - How pride gets in the way of your finances.
3:48 - Envy
6:12 - Wrath against your job, the market, or your financial situation can cause long-term consequences.
7:11 - Greed may cause you to look for a big payday…but then lose it.
9:40 - Sloth behavior can make establishing a retirement plan feel insurmountable.
11:13 - Gluttony is too much of one thing when you need to diversify.
13:37 - Lust may look like lofty goals, but it’s important to have realistic goals.
Financial for 200! Financial for 400! Are you ready to match the questions with the statements like in Jeopardy when it comes to your knowledge of financial terms? Which of these currently impact your retirement plan?
Show Notes: http://petersonfg.com/lets-play-financial-jeopardy/
On This Episode:
1:18 - This financial product has given a bad name to some of its cousins.
3:50 - This requires a financial advisor to put his client’s best interests before his own.
4:53 - What is the difference between a fiduciary and a broker?
6:16 - This financial phenomenon is thought to be imminent or by others off in the distance.
9:14 - This is mandated by the IRS and force retirees to drain retirement accounts.
11:04 - This common staple of retirement is quickly becoming scarce.
Are you feeling yourself slide into a bit of a rut? Need more tone and discipline in your life? Getting your body in shape can look a lot like getting your finances in shape.
Show Notes: http://petersonfg.com/getting-your-health-and-wealth-in-shape/
Today's Rundown:
2:05 - You can’t just read a book and know all there is to know.
4:04 - Doing it on your own and doing it poorly could make things worse.
5:04 - Start with some goals.
6:56 - Don’t counteract your progress with bad habits.
8:35 - Think about the long-term and the value an advisor may bring.
Most likely, at some point or another, you’ve had the option of contributing to a 401(k). But do you know how to really leverage it? This episode will tackle some of the frequently asked questions when it comes to your 401(k).
Show Notes: http://petersonfg.com/answering-the-401k-faqs/
Today's Rundown:
1:51 - Should I use the company-provided advice on my 401(k) plan for a low fee?
3:21 - Should I contribute as much to my 401(k) as I can or just up to the match?
6:01 - Should you use target date funds?
8:29 - Is it a bad idea to take out a loan against your 401(k)?
9:53 - When should I take money out of my 401(k) and roll it over to an IRA?
When you make a financial decision, does it start with looking at the numbers or asking the question, “How do you feel about that?” When should your feelings overrule the numbers, and what areas of your plan are most likely swayed by feelings and emotions?
Show Notes: http://petersonfg.com/understanding-how-your-feelings-impact-your-financial-decisions/
Today's Rundown:
1:06 - Feelings get tied up in the family home.
3:36 - Make sure you can age in place and have the proper support around you.
4:06 - How important is it to you to leave a financial legacy?
6:25 - Do you want to know the fine details of your financial plan?
8:41 - How you feel about the market volatility can impact your decisions.
Think back to your last road trip--what did you do to prepare? Chances are you didn’t suddenly jump in the car and then a few hours (or days) later simply arrive. Yet this is what some people think retirement looks like. Instead, you’ve got to plan ahead and know where you’re going and how you’ll get there.
On this episode:
1:18 - Planning a road trip is like planning for retirement.
1:37 - Decide where you’re going.
3:57 - Determine the route.
7:16 - Consider who you’re listening to.
9:55 - Know when to use cruise control.
Show notes and additional resources: http://petersonfg.com/planning-your-road-trip-towards-retirement/
We’ve all heard about annuities, but there’s still tons of confusion about them. What are the different types of annuities? And are any of them worth having?
On this episode:
1:20 - There are four types of annuities.
2:58 - Immediate annuities are like a pension--payment for the rest of your life.
4:04 - The downside of immediate annuities.
5:05 - A fixed annuity is like a CD.
6:10 - The variable annuity has the worst connotation of the four types of annuities.
9:51 - Finally, the fixed index annuity interest rate is dependent on the movement of an external market index.
Show notes and additional resources: http://petersonfg.com/lets-talk-about-the-a-word-annuities/
What common financial advice have you heard that is actually worth following? Do these concepts provide a better financial future for you and your family? Or are these ideas more damaging in the long-run?
On this episode:
1:03- Real estate is said to appreciate in value. But is it a good investment?
4:22- There’s good debt and bad debt, and mortgage is considered good debt. Is it though? 5:42 - You can’t finance your retirement.
6:50- Should you pay off the house at an accelerated rate?
8:50- If your investments aren’t doing well, should you try something else?
Get the full show notes and additional resources by clicking here: http://petersonfg.com/should-you-adher…financial-wisdom/
We all want a certain sense of safety and security, but we also need the growth and potential that comes with risk. So how do you weigh out the two and create a plan without compromise? What tools can be used to achieve the right combination of both safety and growth?
Today's rundown:
1:16 - One of the compromises in retirement is deciding between growth vs. safety.
1:56 - How can the power of indexing work to your advantage?
6:55 - What are some areas to be aware of with life insurance?
10:45 - What happens when the tax rate changes
Get the full show notes and additional resources by clicking here: http://petersonfg.com/how-to-create-a-retirement-plan-without-compromises-part-2/
When making any decisions, you may get to a point when you have to make some compromises. How about when it comes to your retirement plans, are you making too many compromises?
On this episode:
1:26 - What does it mean to have no compromises in retirement?
2:29 - What compromise is often overlooked in retirement?
3:45 - What strategies are there to save and prepare for taxes?
8:34 - How can you predict your tax liability in retirement? Get the full show notes and additional resources here: http://petersonfg.com/how-to-create-a-retirement-plan-without-compromises-part-1/
When planning for retirement, there are a number of pain points that can come up to cause stress and fear for the future. What are some ways you can address these pain points now?
On this episode:
0:48 - What are some of the main financial pain points?
1:11 - Many people worry about running out of money before they die.
3:21 - How will taxes go in retirement?
6:55 - People are terribly afraid of living in (and paying for) a nursing home.
9:12 - Anxiety over a potential market crash can feel overwhelming.
Get the full show notes and additional resources here: http://petersonfg.com/how-to-handle-financial-pain-points-in-retirement/
Wondering whether or not you really need a financial advisor or if you could just figure it out on your own? Why do people choose to approach financial planning like a DIY project, and why do some of those DIYers later change their mind?
On this episode:
1:04 - Why don’t some people choose to work with a financial advisor?
2:49 - What triggers someone to go from DIY to working with a financial advisor?
4:38 - What is a big mistake that happens with those who decide to DIY their financial plans?
6:34 - Is risk factored into a DIY financial plan?
Get the full show notes and additional resources by clicking here.
We all have that drawer in the house with random odds and ends--some of it valuable and some of it you have no idea what to do with. What about in your financial files or folders? Do you know what’s what and what needs to go?
Click here to see the full show notes. ----more----
Today's rundown:
2:15 - Old life insurance policies should be considered. Do you still need them?
4:12 - Outdated will or estate plan may need updating, especially if a life event has happened since then.
5:16 - Social Security statements (the old green ones) won’t show current numbers, so they aren’t accurate.
8:09 - Orphaned accounts with old 401(k) statements should usually be rolled over.
9:28 - U.S. savings bonds stop earning interest after 30 years.
Did you take the trash out? Oh, and what is our income plan after one of us dies? One of these is a question you might ask your spouse regularly after dinner while the other one is important but often overlooked. We’ll talk about five questions you should start to ask now when it comes to planning your retirement with your spouse.
Check out the full show notes for this episode by clicking here. ----more----
Today's rundown:
1:22 - Are you supporting your kids and your parents simultaneously?
3:24 - How does your family feel about you quitting your job and being home more?
6:15 - Are you retiring from your job or to something else?
8:48 - How will you be prepared to handle emergency fund expenses?
9:57 - What happens to the income plan after the death of the first spouse?
The fun and challenge of games such as chess is a bit similar to planning for retirement. We’ll talk about how it takes a lot of pieces and the right plays to win in the end.
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Today's rundown:
2:12 - The pawn of the retirement world is the monthly retirement contributions.
4:31 - The knight moves differently than anything else on the board, just like conservative investments.
7:14 - Everyone tries to find the perfect investment.
9:11 - The king of your retirement is your income in retirement.
Asking questions is always a good thing. The more you ask, the more you understand. But sometimes you don’t get the answer you need until you ask the right question. These four common financial questions are a bit better when they are rephrased and reconsidered.
Check out the show notes by clicking here. ----more----
Today's rundown:
1:07 - “How much money do I need to retire?” Better question: How much income do I need?
3:26 - “How can I get the highest possible return on my money?”
5:26 - “Where can I pay the lowest fees for financial advice?”
7:01 - Vanguard study shows what value an advisor brings to portfolio.
8:11 - “What can I do to pay less in taxes this year?” Better question: What can I save on taxes in the future?
Do you know the difference between a financial myth and financial reality? When you make a plan for your future, you want to make sure it is based on what’s true. We’ll talk through four ideas to discover whether they are myths and real.
Check out the show notes for this episode here. ----more----
Today's rundown:
1:14 - Myth or Bust: The more a financial plan weighs, the more valuable it is.
4:08 - Myth or Bust: My life is simple, so all I need is a will.
5:20 - Make sure the people you are leaving money to know it will be there to claim.
6:40 - Myth or Bust: My spouse will only need half as much income when I’m gone.
8:49 - Myth or Bust: When I retire, I need to dramatically shift from stocks to bonds in my portfolio.
What do you do when…? Eric answers three pressing questions from the mailbag in today’s podcast. Whether you are being thrust into an early retirement or are considering delaying retirement due to debt, financial advice from an advisor will set you in the right direction.
Make sure you check out the show notes by clicking here.
Take a look at the episode rundown below:
0:47 - Mailbag: What does an early retirement offer look like? How should you prepare?
3:40 - Mailbag: Should you keep working until you’ve paid the house off or retire as planned?
5:08 - You can always do something else in retirement, such as part-time work.
6:05 - Mailbag: Financial advisor is tough to get in touch with. Is this common practice?
When you are working with an advisor, you want your relationship to be built on trust and quality expertise. But how do you know if an advisor is a bad fit? What red flags should you avoid? We’ll tell you in this episode.
Check out the full show notes here. ----more----
Here's what you can expect in this episode:
1:22 - A long resume might sound good at first when it comes to experience, but it’s not so good if they have moved around frequently.
2:50 - Review their license and see if there are any disclosures for an advisor.
3:49 - Figure out if the advisor is limited by certain licenses or if they are more of a salesperson.
5:24 - Are they selling something to you or are they a fiduciary?
7:28 - If there is very little listening on behalf of the advisor, you might get pushed into a sales tactic.
This or that? Depending on who you listen to, you may have heard a variety of opinions on these financial debates. Eric shares his thoughts on debt, mortgages, life insurance, and mutual funds.
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Take a look at the full rundown for this episode:
1:06 – IN THE NEWS: STUDENT LOAN DEBT
- Bernie Sanders wants to forgive about $1.6 trillion in student loan debt. Is this a good idea or realistic?
- Who is going to pay for it?
- The first rule you should learn about taking out loans.
- Eric gives his take on the topic.
3:55 – PAY OFF DEBT OR BUILD UP SAVINGS?
- Both are important but here’s how you treat yourself.
- Strategy you should use in your life.
5:00 – KEEP A MORTGAGE OR PAY OFF HOUSE AS QUICKLY AS POSSIBLE
- Why do people say mortgage debt ‘better’ than other types of debt?
- Eric shares a client example of someone wanting to pay off their mortgage with retirement account money.
- Is it advantageous to refinance?
7:11 – TERM LIFE INSURANCE VS PERMANENT LIFE INSURANCE
- What is term life insurance?
- When would term life benefit you?
- What type does Eric carry?
- What is permanent life insurance?
- Both have advantages and disadvantages.
8:54 – MUTUAL FUNDS: GOOD OR BAD?
- What can mutual funds provide and are they still as solid as they used to be?
- Are exchange-traded funds better?
- With mutual funds, the actions of others can impact you.
Some may think that retiring early is just a dream, but can you turn this dream into a reality? In this episode, Eric talks about the ins and outs of taking an early retirement. Find out when you can retire and whether you will actually want to stay retired.
To get more details about this episode and this topic, visit the show page here.----more----
Equipping Points: 0:47 – WHAT AGE IS ‘EARLY RETIREMENT’ FOR MOST PEOPLE? 2:01 – CAN EARLY RETIREMENT BE A REALISTIC GOAL? * The common mistake people make but what you should really be focusing on. * Tax penalties that need to be considered. * Do you need to have additional income still coming in?
4:39 – DOES RETIRING EARLY MEAN COMPLETELY STOPPING WORK * What do most people do after retirement? * Eric shares an example of someone who found a way to bring in bonus income
7:55 – THE BIGGEST CHALLENGE TO RETIRING EARLY 9:01 – HOW WILL I KNOW IF RETIRING EARLY WILL WORK FOR ME?
What does retirement planning have in common with growing a garden? Both need patience, vision, determination, and the proper tools to succeed. Eric Peterson explores all the comparisons on this week’s podcast.
Show notes: https://petersonfg.com/tending-to-your-retirement-garden/
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1:06 Plants don’t grow overnight
- If you want to have a BLT for dinner, you can’t buy a tomato plant and stick it in the ground and expect to eat tomato that evening.
- A lot of clients who retire want to go into gardening because it’s something that you do almost every day but also something that makes you focus on a longer-term goal. Some people struggle, however, with that level of patience. This is true in a lot of younger people who don’t have enough of a long-term focus and don’t see how they need to build up their financial future.
4:18 Keep the weeds and pests away
- If you don’t pull the weeds in your garden, they’ll take it over and choke out your plants and prevent them from growing.
- In the financial world, hidden fees are the weeds.
- Keep in mind which investments carry fees. If you’re investing in things like stocks and mutual funds, there are fees present and you need to be aware of their existence.
- You can’t always eliminate weeds or fees, but you can at least keep them under control and in check.
- Unlike weeds, which aren’t really ever helpful, fees can still be worth paying if you’re getting good value from the service or strategy to make them worth it.
7:00 You need the right tool for the right task
- Your neighbors would laugh at you if they caught you trying to use a water hose to dig a hole or if they found you watering your plants by scooping tiny amounts of water out of a bucket with a shovel and dumping the water on the plants.
- For a financial parallel, consider CDs and money market accounts. These aren’t designed for long-term investing or keeping up with inflation. That doesn’t mean they’re terrible tools, they just aren’t right for that job or responsibility. So, don’t shun a tool just because you don’t understand it, or you’ve used it for the wrong function in the past.
When it comes to planning for your retirement, there’s a lot more to consider than where to invest. Going beyond the data and numbers, you need to consider these areas of your life and what you want them to look like in retirement.
Show Notes
0:59 Lifestyle
- When people come in to meet with Eric and his team, they are often surprised that it’s not just about the data. It’s important to find out what you envision your retirement will look like. Then you need to consider the challenges in retirement.
- The number one thing people miss when entering retirement is how much income they need or are able to generate. Income is the key to retirement success.
- A lot of people want to work doing something else or volunteer to give back to their community.
4:25 Social Security
- Social Security is one of the only guaranteed income sources for most people. Claiming it correctly is critical to your plan.
- The spousal benefits for Social Security are worth understanding.
- Eric shares a client example of a couple making decisions about Social Security.
- The tax strategies are crucial.
6:39 Pensions
- The nice thing about a pension is that it pays for the rest of your life. You don’t have control over the asset, however.
- If you roll it over in a lump sum, then you have control over it in case something happens. Eric shares a client story to illustrate how he breaks down someone’s pension options.
8:33 Home-related issues
- Are you thinking of downsizing? Maybe you would rather travel or don’t want to take care of the maintenance on a home.
- Reverse mortgages are a way to supplement income, but there are a lot of nuances.
- Think about where you want to live. Maybe you need to get everything in one level so you can “age in place”.
10:12 Health
- This is the biggest fear among many of Eric’s clients since healthcare insurance as an individual is hard to find.
- You need to think about long-term care or be prepared for a health catastrophe.
- Consider what kind of damage a healthcare issue may do to your retirement plan and address that now.
Today's Prep: There are a lot of great quotes from past presidents that also apply in the financial industry. Have you heard all of these? How would you apply them to your financial portfolio?
Full show notes at: https://petersonfg.com/presidential-quotes-and-the-financial-world
Equipping Points: 1:06 “When only one side of a story is heard and often repeated, the human mind becomes impressed with it.” - George Washington
- If you watch too much news, then you only get one side of the story from the “Wall Street machine”.
- Keep in mind that you might be listening to a marketer.
- What’s right for someone else might not be the best fit for your situation. For example, someone with a billion dollars does things differently than someone with half a million.
- You have to understand who the message is for, and who it’s coming from, and what they are trying to get you to agree to.
4:08 “Ask not what your country can do for you, ask what you can do for your country.” - JFK
- From a financial advisor standpoint, this is what a fiduciary is supposed to think about.
- Advisors should be client-focused and asking what is right for the client instead of just doing whatever is going to generate the most revenue.
- A lot of people in retirement just want someone who is going to look out for them and their best interests.
6:54 “Think about every problem, every challenge we face. The solution to each starts with education.” - George Bush
- Education is the foundation of everything Eric does for clients. The first two meetings of the planning process are designed to help educate you about risk and what a properly designed portfolio looks like.
As you near the final months or years before taking the plunge into retirement, there are always a few details to work out and questions to ask. Eric answers a few questions from the mailbag about pensions, paying taxes in retirement, and deciding when to walk away from a retention bonus and just retire already.
Check out this episode's show notes: https://petersonfg.com/mailbag-retention-bonus-or-retirement
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Equipping Points: 0:48 Pensions: Lump sum or payout?
- You need to look at what the payout of the pension is.
- How many years will it take you to break even on the payout?
- Eric talks about clients locally who had the option for the pension payout.
- Having a guaranteed payoff is comforting, but you don’t have the control of it if something happened to you early.
- How many months will it take to get the lump sum back?
4:28 Mailbag: Taxes in retirement
- Kathy in Clive says her income will be very different once she retires. What should she do about taxes?
- First, pay your taxes.
- Right now, your taxes are automatically withheld at your job. In retirement, you can choose if you want your taxes withheld or not.
- If you have a pension or Social Security or even IRA distributions, you can choose to have it withheld automatically. Or, you can get the full check and send in the quarterly estimated taxes.
- In retirement you have more tax control than you’ve had in the past.
7:46 Retention bonus or retiring?
- James in Grimes has been frustrated and stressed with his job, but he receives a sizable retention bonus along with stock options each year. When can he walk away without feeling bad about it?
- The job probably provides this bonus because they know it is grinding.
- If you went through a planning process, you could determine whether or not you could retire today.
- If you know you can retire, it may make going to work more palatable or give you the feeling of control.
- Life’s too short to work somewhere that you don’t like.
- Sometimes if you modify your lifestyle or take a part-time job you can retire and do what you want to do.
Some things are just out of your hands. In retirement planning there are a lot of things completely out of your control, but if you re-frame your thinking, there is actually something you can do about them. Eric talks through these four areas where you have an opportunity to prepare for the unpredictable.
Full show notes: https://petersonfg.com/handling-what-you-cant-control-in-retirement
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Equipping Points: 1:08 The Market
- You can’t control the whims of the market, but you can control how exposed you are to certain risks.
- There are two sides to the debate, however. If you don’t have risk, then you won’t have the same kind of returns from the market.
- Allocation comes in during retirement planning to give you an appropriate amount of risk.
2:34 How Long You Live
- Staying healthy helps, but you can’t know how long you will live.
- You want money for the remainder of your life and to be covered through retirement.
- Sometimes something will happen that you can’t predict.
- Average life expectancy is going up.
4:29 Taxes
- We can control how much of our wealth we leave in places where money will be taxed.
- Money goes in three buckets: taxable, tax-free, and tax deferred.
- You don’t know exactly what you will pay on tax deferred money because the laws may change.
- Eric illustrates the different tax brackets.
7:08 Social Security
- We can’t control whether the payout will drop or go away, but we can control how heavily we rely on it in our plan.
- If your plan works without Social Security, it will work with it.
- You want to have assets accumulate and an income strategy where you do not have to rely on Social Security, just in case it goes through some changes.
Today's Takeaway:
Is your head in the clouds when it comes to retirement? Here are three common phrases people say when it comes to retirement planning. Eric shares whether these mentalities are wishful thinking.
Check out the full show notes for this episode and relevant links at: https://petersonfg.com/wishful-thinking-in-retirement-planning/
We’re playing a game to determine what’s underrated and overrated when it comes to a few topics in the financial world (and even a few outside of financial planning). Let us know what you think.
Check out the full show notes for this episode and relevant links at: https://petersonfg.com/underrated-or-overrated/
Do you have money sitting around without a purpose? We’ll explain the dangers of lazy money, why people have it, and how you can put it to work! Make your money work for you as you plan for retirement.
Check out the full show notes for this episode and relevant links at: https://petersonfg.com/lazy-money/
Sometimes, it’s hard to make financial sacrifices when the reward seems so far away. However, delayed gratification can be extremely beneficial when it comes to your finances. Eric talks about four situations when people may be tempted to choose instant gratification over a better long-term pay out.
Check out the full show notes for this episode and relevant links at: https://petersonfg.com/delayed-gratification-in-retirement-planning/
Everyone loves a good game show, whether it's The Price Is Right, Jeopardy, or Who Wants To Be A Millionaire? It's fun to play along, but remember, they're just a game. Today we'll talk about game shows and how they relate to your retirement planning process. Ready to play?
Check out the full show notes for this episode and relevant links at: https://petersonfg.com/if-retirement-were-like-a-game-show/
On game day, it’s fun to wear your jersey and show some team spirit. What you might not realize are the three ways your financial planning process is similar to a jersey. Consider the names, numbers, and symbols on a jersey. How might they be similar to the names, numbers, and symbols on your financial statements?
Check out the full show notes for this episode and relevant links at: https://petersonfg.com/financial-jerseys-and-what-they-say-about-your-plan/
You might not expect to gain wisdom from these popular celebrities. To be honest, these quotes weren't intended to be about finances either. However, there's plenty of retirement planning wisdom we can learn from these personalities.
Check out the full show notes for this episode and relevant links at: https://petersonfg.com/unlikely-wisdom-from-unlikely-voices/
Sometimes annuities are misused or misunderstood, but annuities can be powerful tools if you know how to use them properly.
Check out the full show notes for this episode and relevant links at: https://petersonfg.com/misconceptions-with-annuities/
What’s your excuse for doing one thing over another when it comes to finances? Sometimes you want to justify your actions instead of thinking through what is actually best for you and your money. Here are three common decisions people make and why the excuses just don’t add up.
Check out the full show notes for this episode and relevant links at https://petersonfg.com/excuses-excuses-excuses-stop-making-them.
There are all sorts of online tools out there for financial planning. We’ll talk about some of the various technologies and tools to choose from as you prepare for retirement.
For in-depth analysis and a recent blog post, click here: https://petersonfg.com/technology-for-retirement-planning/
What does your March Madness bracket have to do with financial planning? More than you might think!
For in-depth analysis and a recent blog post, click here: https://petersonfg.com/4-things-march-madness-and-retirement-planning-have-in-common/
You've heard your parents discussing how difficult things used to be. We've all heard the adage about walking uphill both ways in the snow to get to school. However, reality suggests retirement planning actually used to be easier than it is today. Find out why.
For in-depth analysis and a recent blog post, click here: https://petersonfg.com/why-retirement-planning-aint-what-it-used-to-be/
When shopping for a potential advisor, you want to find the right fit for your needs. Ask each candidate these three important questions.
For in-depth analysis and a recent blog post, click here: https://petersonfg.com/3-questions-you-should-ask-a-potential-advisor/
On this podcast, we love a good analogy. Join us as we discover what we can learn from retirement by observing a water wheel.
For in-depth analysis and a recent blog post, click here: https://petersonfg.com/the-financial-water-wheel/
Required minimum distributions can easily slip through the cracks of your retirement plan. As tax day 2019 is approaching, understand the impact RMDs will have on your finances.
For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-27-its-time-to-talk-about-rmds/
Part of retirement planning includes taking care of family. After all, you'll want to make sure your loved ones have what they need after you're gone.
For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-26-taking-care-of-family/
Learn how retirement planning is a bit like golf. Grab your sticks, and join us on the proverbial golf course.
For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-25-retirement-on-the-golf-course/
While it's easy to slip into a routine, some of the habits you're developing might do more harm than good. Eric offers tips for breaking bad financial habits.
For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-24-breaking-bad-financial-habits/
It's the time of year when people start thinking about taxes. We'll ask a few questions and offer a few tips to prepare you for tax season.
For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode23-prepping-for-tax-season/
There are many moving parts in a successful retirement plan. If you're not careful, it's easy to gloss over key details. Eric uncovers some of the common money mistakes he sees people making.
For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-22-common-money-mistakes/
Income planning is an essential part of retirement planning. Learn to examine your income needs in retirement, and join us for a conversation on diversification.
For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-21-retirement-income-planning/
We work with all sorts of personalities. After all, everyone has their own approach to retirement. Discover your personality when it comes to financial planning.
For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-20-unpacking-client-personalities/
Join us as we dive into the mailbag. This week, we'll feature your email questions on pension buy-outs, commercial real estate, and divorce.
For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-19-pension-buy-outs/
We hear about dividend-paying stocks, but what are they? Find out as we take your email questions. We'll also hear from a couple with a significant age gap between spouses.
For in-depth analysis and a recent blog post, click here:https://petersonfg.com/episode-18-episode-18-defining-dividend-paying-stocks/
When you're driving, you always check your blind spot before changing lanes. If you don't, you might find yourself in an accident. Eric covers the blind spots in your financial vehicles.
For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-17-financial-blind-spots/
Much like a pilot going through his pre-flight checklist before takeoff, it's important you examine your pre-retirement checklist before walking away from a paycheck. Eric explains the items on that list.
For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-16-retirement-checklist/
Your financial statements are confusing. They contain all sorts of jargon and puzzling graphics. On this edition of the podcast, Eric enters the fray and helps to clear up the confusion.
For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-15-understanding-your-statements/
There are probably lots of sayings you remember your grandmother using as you grew up. Find out how her musings might be applied as financial wisdom.
For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-14-grandmas-financial-wisdom/
This time of year, you can find football on TV almost every night. Let's see what we can learn about retirement from the gridiron.
For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-13-the-retirement-gridiron/
Join us for a game of Agree or Disagree. Discover whether Eric agrees with popular statements about finances and retirement planning.
For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-12-to-agree-or-disagree/
Much like the lights on your dashboard indicate issues with your car, there are indicators in your financial life that highlight problems in your portfolio. Join us as Eric serves as our financial mechanic.
For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-11-financial-warning-lights/
Many investments promise enticing perks and large returns. They’re usually too good to be true and inundate you with fees. Avoid a headache by reading the fine print.
For in-depth analysis and a recent blog post, click here:https://petersonfg.com/episode-10-reading-the-fine-print/
Procrastination is dangerous as it pertains to your retirement. Don’t let these lines of thought keep you from planning your financial future.
For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-9-retirement-procrastination/
Finding yourself between jobs can be frustrating, but it presents opportunities. Consider the challenges and opportunities that accompany an employment gap.
For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-8-being-between-jobs/
Eric takes a multiple choice pop quiz about retirement planning. See how his answers stack up with your own.
For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-7-financial-pop-quiz/
As you search for a financial advisor, you need to beware of certain characteristics. Some traits could raise red flags toward an advisor.
For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-6-investor-beware/
Are you doing more harm than good to your financial life? If so, listen up. It’s time to get out of your own way.
For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-5-get-out-of-your-own-way/
Explore the correlation between different unhealthy foods and the financial world. Remember, too much junk food is bad for you.
For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-4-financial-junk-food/
We'll take your questions on saving for weddings, capturing gains versus saving in taxes, and underperforming IRAs.
For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-3-mailbag-weddings-capturing-gains-underperforming-iras/
Avoid any gaps in your financial plan. Join us as Eric fills in the financial blanks in your retirement.
For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-2-fill-in-the-financial-blanks/
On this inaugural episode of the Retirement Ready podcast, we'll explore the meaning behind the fiduciary standard.
For in-depth analysis and a recent blog post, click here: https://petersonfg.com/what-is-a-fiduciary/