Retirement Ready

If your life insurance policy goes up after you turn 60, you may wonder if it’s still something worth paying for. Or maybe you’ve just received an inheritance and don’t know what to expect when it comes to taxes. Eric answers three questions from the mailbag this week.

Read more and get additional resources here: http://petersonfg.com/should-i-keep-my-life-insurance-policy-other-mailbag-questions/ 

Today's rundown: 

0:47 - Mailbag: What is the recommended IRA withdrawal rate?

1:28 - The old rule of thumb was four percent.

4:19 - Mailbag: When a life insurance policy keeps increasing in price, should you drop it?

6:57 - Mailbag: How will an inheritance made up of stocks, annuities, and an IRA be taxed?

Are you wondering how to pay for a home renovation in retirement? Or, are you concerned about the market volatility with retirement a few years away? Eric answers three questions from the mailbag all related to making wise decisions regarding money in retirement.

Read more and get additional resources here: http://petersonfg.com/making-home-renovations-and-protecting-your-retirement-income/ 

Today's rundown: 

0:47 - Mailbag: Should I pay for home renovations from my IRA or with a home equity loan?

3:10 - Mailbag: If planning to retire in the next few years, should I move my retirement savings to cash and wait until the market volatility blows over?  

7:32 - Mailbag: What happens to my pension benefit if my ex-husband dies?  

We all know at one point or another something is bound to happen that can throw off your financial plan. How will you address these possible scenarios when it comes to your financial plan?

Show notes and additional resources: http://petersonfg.com/life-happens-how-will-your-financial-plan-be-impacted/

Today's rundown: 

0:47 - What life events may happen?

1:30 - Moving to a new job may change your situation.

3:26 - Layoffs and downsizing could catch you off-guard.

5:55 - Inheritance can alter your financial situation.

8:07 - Losing a spouse will change your life, including your financial life.

Can you tell the difference between good intentions and bad advice? Sometimes, even people who are truly trying to help can give you bad information and cause you to question your financial decisions.

Read more and get additional resources here: http://petersonfg.com/dont-mistake-good-intentions-for-sound-financial-advice/ 

Today's rundown: 

0:47 - The best of intentions may include some bad financial advice.

1:11 - Family may lead you astray.

3:54 - Friends may brag about the wins but not admit to the losses.

5:12 - Should you take investment advice from your CPA?

Life isn’t just “before retirement” and “after retirement” when it comes to your financial plan. There are several stages leading up to and through retirement. Which stage are you in?

Read more and get additional resources here: http://petersonfg.com/stages-leading-up-to-retirement/ 

Today's rundown: 

0:47 - What are the different stages leading up to retirement?

1:07 - What should people think about when 15 years from retirement?

3:41 - Around 55 years old, where should people focus? 

6:33 - Five years from retirement, what is important to consider?

9:54 - On the day of retirement, what’s the most essential to know?

12:47 - Once you retire, what kind of financial planning do you do?

Do you have a question about your 401(k)? There’s a good chance you’ve wondered about at least one of these five frequently asked questions when it comes to your 401(k).  

Get the show notes and additional resources here: http://petersonfg.com/5-frequently-asked-401k-questions/ 

Today's show rundown: 

1:47 - Should you get advice through the company’s 401(k) program?

3:21 - Should you contribute as much as possible to a 401(k) or just up to the match?

6:00 - Should you use a target date fund?

8:28 - Is it a bad idea to take a loan against the 401(k)?

9:54 - When should you take money out and rollover the 401(k) to an IRA?

Estate planning is just one piece of a comprehensive retirement plan but it’s an important one because you only get one opportunity to get it right. The problem is many individuals have very little experience with inheritances and often make mistakes when handing them down or receiving them. Let’s try to change that today by informing you about inheritances and the steps you need to take.

Check out the show notes and get additional resources here: http://petersonfg.com/what-you-should-know-about-leaving-an-inheritance/ 

Today's show rundown: 

0:49 – Let’s tackle the biggest questions around an inheritance.

1:09 – First, what about taxes. What implications are there with an inheritance?

1:35 – Iowa does have inheritance tax if it comes from outside of a ‘straight line.’

2:21 – Here’s what happens if someone leaves you an IRA or 401k.  

3:55 – What are some of the changes coming from the SECURE Act relating to inheritances?

5:34 – These are the common mistakes people make with inheritances.

7:33 – Some companies allow a per Stirpes designation. Here’s how that works.

8:46 – Are there some common mistakes on the receiving end of an inheritance?

As people get ready to retire, there are lot of reasons someone might say they aren’t quite ready to retire. Not everyone is ready at the same time or a particular age, and we wanted to talk about a few of the reasons why someone may feel that way. Some of these are good reasons to put off retirement! The key is making sure they are the right reasons for you to retire when the timing is right. We'll discuss that on this show. 

Full show notes and additional resources: http://petersonfg.com/reasons-why-people-dont-retire/ 

Today's rundown: 

1:06 - I love working and want to continue working.

3:25 - I would get bored in retirement.

6:19 - I don’t have enough money to retire.

9:13 - I don’t have confidence in my retirement plan.

How do you know if you’ve found the right type of financial advisor? What is most important when looking for someone to work with who will create the right types of financial strategies for where you are in life?

Show notes and additional resources: http://petersonfg.com/financial-advisor-green-flags/ 

Today's rundown: 

0:47 - What do you want in a financial advisor?

1:16 - There are different types of advisors and what they do.

1:44 - When you are younger, you are in the accumulation stage.

2:34 - Then, you are looking at preservation and distribution and need an advisor to support you.

3:59 - You want to be able to trust your financial advisor.

6:13 - Sincere means “without wax” which is real.

In part two of our series on the SECURE Act, we talk about some of the downsides to the changes. Eric explains the stretch IRA and what impact the SECURE Act made on it.

Read more about the SECURE Act here: http://petersonfg.com/understanding-the-secure-act-part-2-stretch-iras/ 

On today's show: 

1:11 - The stretch IRA is being eliminated with the SECURE Act.

2:17 - Before the SECURE Act, a non-spouse beneficiary would only have to take out a percentage based on their life expectancy.

4:19 - Why is this changing?

6:17 - What options does a surviving spouse have?

7:19 - What are the exceptions?

9:40 - When does this go into effect?