Retirement Ready

By Eric PetersonBusiness News Investing Business News

Retirement Ready episodes

September 05, 2019 What’s In Your Financial Junk Drawer?
We all have that drawer in the house with random odds and ends--some of it valuable and some of it you have no idea what to do with. What about in your financial files or folders? Do you know what’s what and what needs to go?
Click here to see the full show notes. ----more----
Today's rundown:
2:15 - Old life insurance policies should be considered. Do you still need them?
4:12 - Outdated will or estate plan may need updating, especially if a life event has happened since then.
5:16 - Social Security statements (the old green ones) won’t show current numbers, so they aren’t accurate.
8:09 - Orphaned accounts with old 401(k) statements should usually be rolled over.
9:28 - U.S. savings bonds stop earning interest after 30 years.
13 min
August 29, 2019 What You Should Ask When Planning For Retirement With Your Spouse
Did you take the trash out? Oh, and what is our income plan after one of us dies? One of these is a question you might ask your spouse regularly after dinner while the other one is important but often overlooked. We’ll talk about five questions you should start to ask now when it comes to planning your retirement with your spouse.
Check out the full show notes for this episode by clicking here. ----more----
Today's rundown:
1:22 - Are you supporting your kids and your parents simultaneously?
3:24 - How does your family feel about you quitting your job and being home more?
6:15 - Are you retiring from your job or to something else?
8:48 - How will you be prepared to handle emergency fund expenses?
9:57 - What happens to the income plan after the death of the first spouse?
13 min
August 22, 2019 Strategizing for Retirement (Just Like In Chess)
The fun and challenge of games such as chess is a bit similar to planning for retirement. We’ll talk about how it takes a lot of pieces and the right plays to win in the end.
Check out the full show notes by clicking here.----more----
Today's rundown:
2:12 - The pawn of the retirement world is the monthly retirement contributions.
4:31 - The knight moves differently than anything else on the board, just like conservative investments.
7:14 - Everyone tries to find the perfect investment.
9:11 - The king of your retirement is your income in retirement.
13 min
August 15, 2019 How To Ask Better Financial Questions
Asking questions is always a good thing. The more you ask, the more you understand. But sometimes you don’t get the answer you need until you ask the right question. These four common financial questions are a bit better when they are rephrased and reconsidered.
Check out the show notes by clicking here. ----more----
Today's rundown:
1:07 - “How much money do I need to retire?” Better question: How much income do I need?
3:26 - “How can I get the highest possible return on my money?”
5:26 - “Where can I pay the lowest fees for financial advice?”
7:01 - Vanguard study shows what value an advisor brings to portfolio.
8:11 - “What can I do to pay less in taxes this year?” Better question: What can I save on taxes in the future?
12 min
August 08, 2019 Financial Mythbusting: Making A Financial Plan Based On Reality
Do you know the difference between a financial myth and financial reality? When you make a plan for your future, you want to make sure it is based on what’s true. We’ll talk through four ideas to discover whether they are myths and real.
Check out the show notes for this episode here. ----more----
Today's rundown:
1:14 - Myth or Bust: The more a financial plan weighs, the more valuable it is.
4:08 - Myth or Bust: My life is simple, so all I need is a will.
5:20 - Make sure the people you are leaving money to know it will be there to claim.
6:40 - Myth or Bust: My spouse will only need half as much income when I’m gone.
8:49 - Myth or Bust: When I retire, I need to dramatically shift from stocks to bonds in my portfolio.
12 min
August 01, 2019 Should You Take House Debt Into Retirement?
What do you do when…? Eric answers three pressing questions from the mailbag in today’s podcast. Whether you are being thrust into an early retirement or are considering delaying retirement due to debt, financial advice from an advisor will set you in the right direction.
Make sure you check out the show notes by clicking here.
Take a look at the episode rundown below:
0:47 - Mailbag: What does an early retirement offer look like? How should you prepare?
3:40 - Mailbag: Should you keep working until you’ve paid the house off or retire as planned?
5:08 - You can always do something else in retirement, such as part-time work.
6:05 - Mailbag: Financial advisor is tough to get in touch with. Is this common practice?
11 min
July 25, 2019 Watch Out For These Red Flags When Working With A Financial Advisor
When you are working with an advisor, you want your relationship to be built on trust and quality expertise. But how do you know if an advisor is a bad fit? What red flags should you avoid? We’ll tell you in this episode.
Check out the full show notes here. ----more----
Here's what you can expect in this episode:
1:22 - A long resume might sound good at first when it comes to experience, but it’s not so good if they have moved around frequently.
2:50 - Review their license and see if there are any disclosures for an advisor.
3:49 - Figure out if the advisor is limited by certain licenses or if they are more of a salesperson.
5:24 - Are they selling something to you or are they a fiduciary?
7:28 - If there is very little listening on behalf of the advisor, you might get pushed into a sales tactic.
12 min
July 18, 2019This or That Financial Debates – Debt, Mortgages, Life Insurance & Mutual Funds
This or that? Depending on who you listen to, you may have heard a variety of opinions on these financial debates. Eric shares his thoughts on debt, mortgages, life insurance, and mutual funds.
To learn more and to see the show notes, click here. ----more----
Take a look at the full rundown for this episode:
1:06 – IN THE NEWS: STUDENT LOAN DEBT
Bernie Sanders wants to forgive about $1.6 trillion in student loan debt. Is this a good idea or realistic?
Who is going to pay for it?
The first rule you should learn about taking out loans.
Eric gives his take on the topic.
3:55 – PAY OFF DEBT OR BUILD UP SAVINGS?
Both are important but here’s how you treat yourself.
Strategy you should use in your life.
5:00 – KEEP A MORTGAGE OR PAY OFF HOUSE AS QUICKLY AS POSSIBLE
Why do people say mortgage debt ‘better’ than other types of debt?
Eric shares a client example of someone wanting to pay off their mortgage with retirement account money.
Is it advantageous to refinance?
7:11 – TERM LIFE INSURANCE VS PERMANENT LIFE INSURANCE
What is term life insurance?
When would term life benefit you?
What type does Eric carry?
What is permanent life insurance?
Both have advantages and disadvantages.
8:54 – MUTUAL FUNDS: GOOD OR BAD?
What can mutual funds provide and are they still as solid as they used to be?
Are exchange-traded funds better?
With mutual funds, the actions of others can impact you.
12 min
July 11, 2019Retiring Early: Is It Possible and Is It Right For You?
Some may think that retiring early is just a dream, but can you turn this dream into a reality? In this episode, Eric talks about the ins and outs of taking an early retirement. Find out when you can retire and whether you will actually want to stay retired.
To get more details about this episode and this topic, visit the show page here.----more----

Equipping Points:
0:47 – WHAT AGE IS ‘EARLY RETIREMENT’ FOR MOST PEOPLE?
2:01 – CAN EARLY RETIREMENT BE A REALISTIC GOAL?
The common mistake people make but what you should really be focusing on.
Tax penalties that need to be considered.
Do you need to have additional income still coming in?
4:39 – DOES RETIRING EARLY MEAN COMPLETELY STOPPING WORK
What do most people do after retirement?
Eric shares an example of someone who found a way to bring in bonus income
7:55 – THE BIGGEST CHALLENGE TO RETIRING EARLY
9:01 – HOW WILL I KNOW IF RETIRING EARLY WILL WORK FOR ME?
12 min
July 03, 2019Tending To Your Retirement Garden
What does retirement planning have in common with growing a garden? Both need patience, vision, determination, and the proper tools to succeed. Eric Peterson explores all the comparisons on this week’s podcast.
Show notes: https://petersonfg.com/tending-to-your-retirement-garden/
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1:06 Plants don’t grow overnight
If you want to have a BLT for dinner, you can’t buy a tomato plant and stick it in the ground and expect to eat tomato that evening.
A lot of clients who retire want to go into gardening because it’s something that you do almost every day but also something that makes you focus on a longer-term goal. Some people struggle, however, with that level of patience. This is true in a lot of younger people who don’t have enough of a long-term focus and don’t see how they need to build up their financial future.
4:18 Keep the weeds and pests away
If you don’t pull the weeds in your garden, they’ll take it over and choke out your plants and prevent them from growing.
In the financial world, hidden fees are the weeds.
Keep in mind which investments carry fees. If you’re investing in things like stocks and mutual funds, there are fees present and you need to be aware of their existence.
You can’t always eliminate weeds or fees, but you can at least keep them under control and in check.
Unlike weeds, which aren’t really ever helpful, fees can still be worth paying if you’re getting good value from the service or strategy to make them worth it.
7:00 You need the right tool for the right task
Your neighbors would laugh at you if they caught you trying to use a water hose to dig a hole or if they found you watering your plants by scooping tiny amounts of water out of a bucket with a shovel and dumping the water on the plants.
For a financial parallel, consider CDs and money market accounts. These aren’t designed for long-term investing or keeping up with inflation. That doesn’t mean they’re terrible tools, they just aren’t right for that job or responsibility. So, don’t shun a tool just because you don’t understand it, or you’ve used it for the wrong function in the past.
11 min