Retirement Reality Podcast

Through years of working with clients, we’ve seen that the estate side of planning often gets overlooked. That’s why we’ve asked attorney Patrick Boley of Eckberg Lammers to come on and talk to us about the living documents that every person needs in part one of a two-part series on estate planning.

Read more and get additional resources here: https://principalpreservationservices.com/?p=39915&preview=true 

What we discuss on this episode: 

1:01 – Welcome in Patrick Boley

2:09 – Background on Patrick

5:37 – Healthcare directive  

8:04 – Specific statutes that need to be in place 

14:45 – Mike shares story about how a catastrophic event can unfold. 

16:46 – What if you have an adult college student and need access to medical records? 

18:02 – Definition of Durable Power of Attorney 

19:36 – Standard Power of Attorney

21:31 – Little things to think about

26:31 – How long is the process to get these living documents in place?

You can't talk about financial planning without discussing risk, but what does that mean exactly? Risks comes in multiple forms and you have to guard against each when building a plan. Today we'll tell you about the different types of risk and how we help clients manage it.

Read more and get additional financial resources here: http://principalpreservationservices.com 

What we discuss on this episode: 

2:00 - Market Risk

4:31 - Interest Rate Risk

6:47 - Inflation Risk

9:44 - Taxes

12:01 - Longevity risk

14:35 - Mailbag question on variable annuities

17:25 - Mailbag question on flipping houses

On today’s episode, we’re talking about things that drive your financial advisor crazy about the financial world.   

Read more and get additional financial resources here: https://principalpreservationservices.com/retirement-reality-podcast/ 

What we discuss on this episode: 

1:21 – Coronavirus vaccine

3:10 – Hidden fees

5:08 – Advisors who put their own goals ahead of their clients

7:00 – Cookie cutter (one-size-fits-all) sales pitches

9:15 – Big companies who push products

11:12 – Buzzwords and jargon that don’t mean anything to the average person

13:25 – Financial plans that consist of dozens of pages that no one can understand

16:48 – Mailbag: Should we refinance our house?

On today’s episode, we’re talking about things nobody says in the financial planning world and Mike explains why that’s the case.

Read more and get additional resources here: https://principalpreservationservices.com/ep-66-things-nobody-says-in-the-financial-planning-world/ 

What we discuss on this episode: 

3:08 – I really regret putting money into my Roth IRA every year

4:33 – I should have spent more and saved less

6:00 – Life insurance payment was insulting

8:10 – It makes me feel patriotic to pay more in taxes

10:56 – I love big market corrections

13:35 – Mailbag: How to stay out of craziness of the market

Our country has been through some major market crashes over the years. What happened during those events and what can we learn from them?

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-65-lessons-learned-from-biggest-market-crashes-of-all-time/ 

What we discuss on this show: 

1:59 – Black Tuesday

3:50 – Dot com crash

6:25 – 2008

8:42 – 2020 coronavirus pandemic

10:34 – Lessons learned

14:28 – Contact Mike and his team

16:15 – Mailbag: Should I take Social Security?

18:03 – Mailbag: Husband doesn’t want to plan for retirement?

Today we’re sharing five key questions to see if you are ready for retirement. How well do you know your finances?

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-64-are-you-prepared-for-retirement-take-this-quiz/ 

What we discuss on this show: 

2:42 – Do you know how much you actually have?

5:09 – Do you know how much you’re spending?

7:37 – Do you know how much risk you actually have?

10:07 – Do you know what you’re paying in fees?

12:28 – Do you know what your retirement income stream will actually look like?

14:10 – Using a financial advisor

14:50 – Mailbag: Thoughts on annuities and hedge funds

17:58 – Mailbag: How can I save taxes on my new income?

Variable annuities are a bit of an outcast, the liver and onions of the financial world. Why is that? What are the pros and cons? Mike explains on the show. 

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-63-why-variable-annuities-are-the-liver-onions-of-the-financial-world/ 

What we discuss on this show: 

2:27 – Why variable annuities are hated on

5:31 – Do many people have variable annuities

7:25 – Many people don’t know they have variable annuities

8:50 – Fees

12:11 – Can you get out of a variable annuity

14:44 – Mailbag: Helping mom after dad dies

16:30 – Mailbag: Should I do a Roth conversion

You know the saying, “The customer is always right.” Well, that’s not always the case in the financial world. On this episode of the Retirement Reality Podcast, Mike Kojonen explains why you should rely on your advisor’s expertise.

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-62-in-financial-planning-the-customer-isnt-always-right/ 

What we discuss on this show: 

2:28 – Telling the customer they’re wrong

3:28 - Now is the time to get in or out of the market

6:20 - This is what I want to invest in. I want you to pick the exact funds.

8:19 - I don't need a will, life insurance, long-term care insurance, etc.

10:23 – Feelings about fees

12:24 – I don’t know if this plan is going to work

14:14 – Mailbag: Should I self-insure?

16:18 – Mailbag: Are reverse mortgages a bad idea?

What does diversification mean to you? And is it good financial strategy? On this episode of the Retirement Reality Podcast, Mike Kojonen breaks down the reasons why it’s not always a good financial strategy. 

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-61-is-diversification-for-suckers/ 

What we discuss on this show: 

1:58 – Get to know you: Mike’s go-to karaoke song?

4:01 – Warren Buffet quote about diversification

4:54 – Definition of diversification

7:07 – What is diversification?

8:36 - How much emphasis should be put on diversification?

9:34 - Is it possible to be “too diversified?”

11:08 – Mike describes diversification scenario

14:26 – Be prepared

Most people have a 401K or other retirement plan, but it’s not as simple as contributing money and collecting it when you retire. There are a lot of decisions you can make about investments, loans, rollovers and more.

Read more and get additional financial resources: https://principalpreservationservices.com/ep-60-frequently-asked-questions-about-401ks/ 

What we discuss on this show: 

2:09 - Should I accept 401K advice from my company?

3:37 - Should I take out a 401K loan?

5:45 - Are 401K rollovers a good idea?

7:25 – Should people consider target date funds?

9:36 – Should you invest enough to get match or more?

11:46 – Should you use a Roth option?

15:02 – Mailbag: Is $250,000 enough for long-term care coverage?

16:53 – Mailbag: Should I move my investments to cash?