Retirement Ready

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/ 

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.