Retirement Ready

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.