Retirement Ready

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?