Join us as we explore the evolving benchmarks for retirement savings, the importance of proper planning over mere goal-setting, and the role of charitable contributions in financial strategies. We’ll break it all down and explore what these new numbers mean for your financial future.

Here’s what we discuss in this episode:

0:00 - Intro

1:28 – Is there a universal retirement benchmark?

2:41 – Charitable giving

4:23 – The fear of never being able to retire

5:30 – Average 401k contribution

7:11 – Target date funds

8:44 – Roth 401ks

10:24 – Taking care of yourself in the present

Text RETIRE to 21000 to Begin Building Your Retirement Reality Roadmap.

Learn more about Principal Preservation Services: https://principalpreservationservices.com

Schedule an Initial Meeting with Mike: https://calendly.com/ppservices/60-minute-initial-meeting

Watch Retirement Reality on Demand: https://bit.ly/40VIByr

🎄 The holiday season is here! As you're busy stuffing stockings for your loved ones, don’t forget to stuff your own financial stocking with tips that bring you closer to a secure retirement. 🎁

Here’s what we discuss in this episode:

0:00 - Intro

1:03 – Maxing out contributions

2:04 – Reviewing your Social Security strategy

3:55 – Consolidating old retirement accounts

5:28 – Bucket strategy

7:07 – Revisit your estate plan

8:40 – Planning for inflation

10:05 – RMDs

11:11 – Risk tolerance

12:54 – Emergency funds

14:39 – Financial checkups

Text RETIRE to 21000 to Begin Building Your Retirement Reality Roadmap.

Learn more about Principal Preservation Services: https://principalpreservationservices.com

Schedule an Initial Meeting with Mike: https://calendly.com/ppservices/60-minute-initial-meeting

Watch Retirement Reality on Demand: https://bit.ly/40VIByr

Did ​you ​know ​that ​most ​Americans ​are ​forced ​to ​retire ​early? ​A ​little ​bit ​more ​than ​you ​might ​actually ​realize. The Transamerica Center for Retirement Studies found that 60% of Americans are forced to retire earlier than their planned age.​ On this show, ​we're ​going ​to ​talk ​about ​some ​things ​to ​think ​about and the next steps to consider if you find yourself in this situation.  

Here’s some of what we discuss in this episode:

0:00 – Intro

1:33 – How we guide clients in that situation

3:18 – Why people retire earlier than planned

4:28 – Social Security and Medicare

7:11 – Preparing for the unexpected

13:19 – The mindset shift

For more, visit us online: http://philstaxhacks.com

Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Retirees face serious financial temptations that can jeopardize their future, but there are smart ways to avoid them. In this episode, we’ll reveal the most dangerous temptations the average retiree faces and share strategies to help you avoid them, or correct your current course, to keep retirement on track.

Here’s what we discuss in this episode:

0:00 - Intro

1:00 – Debt

3:45 – Missing out on a 401k match

5:09 – Deferring taxes

8:23 – Taking Social Security early

10:28 – Concluding thoughts

Text RETIRE to 21000 to Begin Building Your Retirement Reality Roadmap.

Learn more about Principal Preservation Services: https://principalpreservationservices.com

Schedule an Initial Meeting with Mike: https://calendly.com/ppservices/60-minute-initial-meeting

Watch Retirement Reality on Demand: https://bit.ly/40VIByr

Today it’s part two of our discussion about  the crucial insights every investor should know before stepping into a financial advisor's office.

This week, learn about the importance of comprehensive planning beyond investments, the emotional side of financial decisions, and the value of diversification. Discover why financial planning isn't just for the wealthy and the significance of working with a fiduciary. Plus, get insights on maintaining regular reviews of your financial plan and why consistent contributions to your 401k matter more than market timing.

Here’s what we discuss in this episode:

0:00 – Intro

1:42 – Emotions

3:18 – Diversification

4:33 – Planning not just for the wealthy

6:35 – Reviewing regularly

8:06 – Fiduciary

10:25 – Question on retirement contributions

Learn more about Principal Preservation Services: https://principalpreservationservices.com

Schedule an Initial Meeting with Mike: https://calendly.com/ppservices/60-minute-initial-meeting

Watch Retirement Reality on Demand: https://bit.ly/40VIByr

Imagine you could read your financial advisor’s mind before you even walked through the door for the first time. What would they want you to know? In this episode, we bring you the game-changing insights financial pros wish every saver and investor understood.

Here’s what we discuss in this episode:

0:00 – Intro

2:02 – Investment costs

3:40 – Real risk

5:40 – Motivation behind information

8:06 – Setting realistic goals

10:27 – Long term over short term

11:35 – One-size-fits-all planning

Text RETIRE to 21000 to Begin Building Your Retirement Reality Roadmap.

Learn more about Principal Preservation Services: https://principalpreservationservices.com

Schedule an Initial Meeting with Mike: https://calendly.com/ppservices/60-minute-initial-meeting

Watch Retirement Reality on Demand: https://bit.ly/40VIByr

As we rapidly approach 2025, it's essential to stay informed about the latest changes in retirement contribution limits and tax brackets. In this episode, Mike will update you on what adjustments are being made to key pension and retirement plan limits, providing listeners with the knowledge needed to maximize their retirement savings.

Here’s some of what we discuss in this episode:

0:00 – Intro

1:13 – 401k contributions

2:47 – IRA limits

3:27 – Standard tax deductions

4:17 – Tax bracket income thresholds

5:14 – Social Security COLA increase

6:37 – Impact on planning

Text RETIRE to 21000 to Begin Building Your Retirement Reality Roadmap.

Learn more about Principal Preservation Services: https://principalpreservationservices.com

Schedule an Initial Meeting with Mike: https://calendly.com/ppservices/60-minute-initial-meeting

Watch Retirement Reality on Demand: https://bit.ly/40VIByr

Social Security has long been a cornerstone of retirement planning for millions of Americans, providing a crucial safety net in their golden years. However, recent proposals suggest significant changes could be on the horizon, potentially altering the landscape of retirement as we know it.

Here’s some of what we discuss in this episode:

• Brendan Boyle’s request for information from the Congressional Budget Office regarding raising the age for full Social Security benefits.

To get in touch with Mike, visit our website: http://principalpreservationservices.com

Every firm has distinct principles that guide its approach to financial planning. In this episode, we take you behind the scenes to explore the core values and unique processes that set Principal Preservation Services apart. We’ll walk you through how we get to know our clients on a deeper level, create personalized financial strategies, and how our approach redefines what it means to have a successful financial planning experience.

Here’s some of what we discuss in this episode:

• The importance of education and understanding in the financial planning process

To get in touch with Mike, visit our website: http://principalpreservationservices.com

A random, retired YouTuber did a simple video exploring the top 5 regrets from other retirees he interviewed (all in their 70s). It blew up to almost half a million views (and counting). Let’s see what regrets made the list and, more importantly, explore what proactive steps you can take to avoid having the same regrets when you retire.

Be sure to stay tuned until the end of the episode as Mike answers two questions from the listener mailbag!

Here are the regrets we discuss in this episode:

• They wish they had retired earlier

To get in touch with Mike, visit our website: http://principalpreservationservices.com