Retirement Ready

What financial rules are worth following and which ones need an update? On this episode, we discuss several known financial rules to see which ones are dated and which ones stand the test of time.

Read more and get additional resources here: http://petersonfg.com/outdated-financial-rules/

Today's show schedule: 

1:38 - Should you follow the four percent rule? 

4:36 - What is the 10-5-3 rule?

5:55 - Does it make sense to change from stocks to bonds as you age?

8:30 - Are you following the million-dollar rule?

How can you know your retirement plans are what they should be? What thoughts and assumptions can ruin your retirement? One thing’s for sure--you don’t want to mess it up!

Read more and get additional resources here: http://petersonfg.com/how-to-mess-up-your-retirement-plans/ 

Today's show schedule: 

0:46 - What are some easy ways to mess up your retirement?

2:02 - Thinking of retirement as your destination. 

3:45 - Believing that retirement is the cure-all for your problems.

6:18 - Assuming that your spending habits will stay the same.

8:31 - Don’t invest like you are younger than you actually are.

When you see a financial advisor, do you want them to always tell you “you’re right” or do you want someone to coach your through your financial plan? Let’s talk about when the customer isn’t always right when it comes to financial planning.

Read more and get additional financial resources here: http://petersonfg.com/the-customer-aint-always-right-in-financial-planning/ 

Today's show schedule: 

0:47 - Is the customer “always right” in financial planning?

3:29 - When should an advisor push back?

5:14 - Market volatility or financial trends may trigger sudden new ideas, but are they good ones?

6:51 - Consistent coaching can help you with long-term goals.

While many are hitting hard times financially, maybe you are among the few who are doing well and trying to make the most of it like Grace in Ames. Eric gives some advice on what to do with extra cash as well as answering two other questions from the mailbag.

Read more and get additional financial resources here: http://petersonfg.com/what-to-do-with-unexpected-extra-cash-other-mailbag-questions/ 

Today's show schedule: 

0:47 - Mailbag: Should I rollover my 401(k) now?

2:24 - What do you miss out on when moving your 401(k) to an IRA?

4:31 - Mailbag: How should I best invest extra money right now?

7:32 - Mailbag: Is it good or bad to have taxes, legal documents, and investments all handled by the same firm?

To keep up with current events, we talk about how coronavirus is impacting us on a local level. Then, Eric explains the history of interest rates in light of the latest interest rate forecast from the Federal Reserve.

Read more and get additional financial resources here: http://petersonfg.com/coronavirus-update-and-a-look-at-interest-rates/ 

Today's show schedule: 

1:10 - What is life like right now for Eric in Iowa during coronavirus?

3:55 - Watch where you are getting your news from.

5:20 - What does Eric think about the rate forecast from the Fed?

6:34 - To understand interest rates, let’s go back to 1971.

9:46 - If you are a saver, what is a good way to get a fixed rate of return?

When you retire, it’s important to set up several sources of income, particularly predictable income. What are some forms of reliable income and what streams of income are more vulnerable? We'll explore the options and help you determine if they might work for you. 

Read more and get additional resources here: http://petersonfg.com/finding-predictable-income-sources-in-retirement/ 

Today's show schedule: 

0:46 - What are retirement income sources people assume are predictable?

2:04 - Are variable annuities a worthwhile retirement income?  

4:17 - Should you use bonds to create retirement income?

5:51 - Is there really such as thing as guaranteed income?

8:12 - Right now, coronavirus is highlighting some of the gaps in guaranteed retirement income. 

Do you know the difference between a Roth contribution and a Roth conversion? Or between individual bonds and bond funds? Eric explains the difference between these important financial terms so you can decide what should be included in your financial plan.

Read more and get additional resources: http://petersonfg.com/whats-the-difference-between-these-common-financial-terms/ 

Today's show schedule: 

1:06 - What’s the difference: Roth contributions vs. Roth conversions?

5:08 - What’s the difference: term life and universal life insurance?

7:23 - What’s the difference: qualified account vs. non-qualified accounts?

9:12 - What’s the difference: variable annuity and fixed annuity?

11:26 - What’s the difference: 60-day rollover vs. trustee to trustee rollover?

13:59 - What’s the difference: individual bonds and bond funds?

Are you clinging to financial ideas that give you a false sense of hope? On this episode, Eric points to clear strategies for you to make wise decisions when retirement planning.

Read more and get additional resources: http://petersonfg.com/the-fools-gold-of-retirement-planning/ 

Today's show schedule: 

2:12 - You don’t have to hit a certain dollar amount to retire.

4:10 - Don’t think your income needs will decrease necessarily.

7:34 - Don’t count on an inheritance to make up for your poor planning.

9:11 - Now is the time to figure out what your plan is.

A financial plan should consider more than just where your investments are. Even though it’s uncomfortable to bring it up, do you know what your plan is following the death of a spouse?

Read more and get additional resources here: http://petersonfg.com/dealing-with-the-death-of-a-spouse/ 

Today's rundown: 

1:11 - Regarding the CARES Act, what do you need to know about RMDs?

3:07 - Just because you don’t have to take RMDs, is there a reason to still get them?

5:45 - What is typically the top concern of the remaining spouse?

7:11 - When a spouse passes away, your expenses don’t get cut in half.

8:22 - Stress test: if something were to happen, what’s your plan?

In order to keep safe, we’re all practicing social distancing right now. With your finances, are there some areas that need a little bit of space between them for safety and protection? Let's run through four examples of social distancing in your financial plan.

Read more and get additional resources here: http://petersonfg.com/social-distancing-for-your-finances/ 

Today's rundown: 

1:00 - Which items should social distance from each other in our finances?

1:08 - Leave your emergency fund out of the stock market.

3:33 - Life insurance and investments should not go hand-in-hand.

5:46 - High turnover investment strategies should not be with after-tax brokerage accounts.

7:40 - Your emotions and your investment decisions need some space between them.