Retirement Ready

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)

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)

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)

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)

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)

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)

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)

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)

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)

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)

Contact us: http://petersonfg.com