Retirement Reality Podcast

We’re talking specifically to Baby Boomers on this episode. What are the most common challenges, fears and goals of this generation? What are some of the mistakes Boomers often make and how can they be avoided?

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-59-common-retirement-mistakes-and-concerns-of-baby-boomers/ 

What we discuss on this show: 

3:00 – Challenges of Baby Boomers

4:30 – Have people failed to save enough without a pension?

5:56 – Baby Boomers’ fears

8:55 – What mistakes do Baby Boomers make?

13:01 – Mailbag: Can I use this money to buy a car or should I invest it?

14:23 – Mailbag: How reliable is my 401K estimated income statement?

On this episode, we share five commandments that should be written on stone tablets in your retirement plan.

Read more here: https://principalpreservationservices.com/ep-58-five-financial-commandments-to-follow/

What we discuss on this show:

4:13 – Mike talks about a place he never wants to visit again

7:43 – Thou shall not compare your investments to the stock market without the proper context

9:21 - Thou shalt not give up before giving your strategy enough time to play out.

10:59 – Thou shalt not chase big returns too late in life.

13:39 – Thou shalt not ignore costs and fees.

16:42 – Thou shalt not overlook the importance of rebalancing and diversifying.

19:46 – Mailbag: Can I get half of my ex-husband’s Social Security benefit

Let’s talk about estate planning, specifically wills and trusts. Find out what’s right for you, how much it costs and more.

Read more on the topic here: https://principalpreservationservices.com/ep-57-what-you-should-know-about-wills-and-trusts/ 

What we discuss on this show:

2:10 – Getting to know you question

5:39 – Why estate planning is so important

7:19 – Will or trust?

10:41 - You don’t need a lot of assets for a trust

14:14 – What does it cost to set up will vs. trust

16:40 - Financial adviser’s role

18:30 – Mailbag: Should I give my son this inheritance?

Have you ever looked back on a financial decision and thought, “I wish I would have done that differently”? Decisions about money are a lot easier with the benefit of hindsight. On this episode of the Retirement Reality Podcast, Mike Kojonen looks at five common money mistakes people have made this year.

Read more and get additional financial resources here: https://principalpreservationservices.com/39703-2/ 

What we discuss on this show:

2:19 – Getting out of the market

4:59 – Not knowing your risk factor

6:51 – Not knowing your social security options

9:15 – Not putting money in a Roth IRA

12:21 – Retiring too early and going back to work

15:30 – Mailbag: Should I try to get a tax refund?

17:12 – Mailbag: Redo our kitchen or save more for retirement?

Have you ever wondered how your savings plan compares to the average American? Vanguard released a report with stats on retirement accounts and we’re going to look at some of the most interesting data to come out of the past year.

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-55-how-does-your-retirement-savings-compare-to-average-american/ 

Read the full Vanguard report: https://institutional.vanguard.com/ngiam/assets/pdf/has/how-america-saves-report-2020.pdf

What we discuss on this show: 

6:01 – Majority of assets in 401Ks or something similar

7:41 – Maximizing your 401K contributions

8:58 – 1 in 5 use Roth or after-tax option

10:08 – Statistics on employer matches

12:39 – Average rates of return

16:24 – Leaving money with former employer

19:40 – How we help educate clients

21:53 – 76% of people have balanced strategies

Just like technologies change and become outdated, so do some retirement planning strategies. Let’s look at five financial strategies and determine whether or not they still apply. 

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-54-five-outdated-financial-strategies/

What we discuss on the show: 

2:34 – 4% rule

4:00 – 10/5/3 rule

7:10 - as you get older, move money from stocks to bonds

9:37 - $1 million retirement target

12:17 - you’ll need less money in retirement

15:11 – Mailbag: Should I invest differently based on the election?

Clients often ask how housing fits into retirement plans. From downsizing to rental properties to interest rates, let’s explore some of the top retirement questions about housing.

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-53-answers-to-common-housing-and-retirement-questions/ 

What we discuss on this show: 

4:00 – Pay off the house early or slowly?

6:28 – Downsize to a smaller home at retirement?

8:55 – Is rental property a good idea for creating income?

10:37 – Complications with real estate legacy plans?

14:47 – Contact Mike

15:34 – Mailbag: How much money will I spend in retirement?

17:15 – Mailbag: Can I overcome a divorce this late in life?

As life spans continue to increase, so does the need for more money later in life. On this week’s episode of the Retirement Reality Podcast, Mike Kojonen explains how to plan financially for a long life.

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-52-can-you-afford-to-live-a-long-life/ 

What we discuss on this show: 

1:05 – Let’s talk about longevity

2:40 – Oldest clients

4:33 – Oldest family member

5:44 – Why is living long a risk?

8:44 – Are people prepared for longevity question?

11:05 – People afraid of running out of money

14:00 – Mailbag: should I cash out life insurance policies?

16:04 – Mailbag: How to prepare financially to leave job?

You’ve heard advice about how to improve your finances and prepare for retirement, but what about mistakes? On this week’s episode of the Retirement Reality Podcast, Mike Kojonen shares five ways you could be ruining your retirement.

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-51-5-ways-to-ruin-retirement/ 

What we discuss today: 

3:28 - Treating retirement as a destination

6:22 – Believing retirement will solve all your problems

8:11 - Assuming your monthly spending habits will be same

10:39 – Not staying active in retirement

13:52 – Investing like you’re 35 years old

18:14 – Mailbag: Which account should I withdraw from first?

On this week’s episode, we take a look at some of the financial and retirement challenges that are unique to women and how to handle them.

Read more and get additional financial details here: https://principalpreservationservices.com/ep-50-financial-issues-and-advice-for-women/ 

What we discuss today: 

1:04 – Off-topic: Is this a good time to buy a home or refinance?

4:49 – How engaged are women with finances?

7:59 – Women in difficult financial situations

9:43 – Challenges faced by widowed women

11:43 – Advice for men

13:22 – A memorable story

17:36 – Mailbag: Financial issues in second marriage