Retirement Ready

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)

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)

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)

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