Retirement Reality Podcast

How can you build a strong financial house? Mike gives you step-by-step instructions to create a solid foundation for your finances.

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-49-how-to-build-a-strong-financial-house/ 

What we discuss on this episode: 

3:56 – Foundation = Income Plan

6:23 – Walls = Investment Plan

8:11 – Roof = Insurance protections

11:20 – Finishing Touches = Estate Plan

16:54 – Mailbag: Forced into early retirement

19:12 – Mailbag: Can you explain the rule of 100?

How should you prepare for a market crash? We’re here to help you get through those tough times with a five-step market crash survival guide.

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-48-market-crash-survival-guide/ 

On today's show: 

2:19 - Know how much risk you are exposed to

6:01 - Protect your gains

8:40 - Have appropriate diversification

10:00 - Don’t try to time the market

12:48 - Don't panic

15:10 – Mailbag: Buy shares of company stock?

16:48 – Mailbag: Pay off house/rental property or keep money in account?

Just how ready are you for retirement? We explore some of the faulty thinking that leaves people underprepared when it comes time for retirement.

Read more and get additional resources here: https://principalpreservationservices.com/ep-47-are-you-really-ready-for-retirement/ 

On today's show:

2:41 – Believing a certain number is all you need

5:22 – Believing you won’t need as much money in retirement

7:34 – Expecting you’ll get an inheritance

10:05 – Thinking you’ll just figure it out

11:40 – Believing the income estimate in your 401K statement or retirement accounts

15:21 – Mailbag: Real estate investment trusts

18:36 – Mailbag: Retiring at 55

It’s a topic no one likes to think about. Would you be OK financially if your spouse passed away? Find out how to prepare financially for a worst-case scenario like this and what common mistakes people make.

Read more and get additional financial resources here: 

On today's show: 

0:55 – A tough situation

2:31 – What can you do to prepare?

3:42 – Why it’s important to meet with both spouses

4:30 – Immediate financial challenges when a spouse dies

7:55 – Wife didn’t know where all the assets were

9:43 – Husband and wife had good plan in place

11:18 – Why planning is key

12:54 – Mailbag: What should a financial advisor help me with?

We see it all the time. People approach retirement and make these classic mistakes, costing them time and money. Find out how to avoid these common blunders and set yourself up for financial success.

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-45-avoid-these-classic-pre-retiree-mistakes/ 

On today's show: 

2:40 – Investing like you’re younger

4:35 – Taking Social Security too early

6:38 – Failing to focus on tax planning

8:59 – Thinking Medicare will cover all your needs

10:20 – Taking on extra risk

13:10 – Mailbag question

Mark Twain is considered one of the greatest writers in American history and many of the things he wrote and said are still very applicable more than 100 years later. To celebrate his humor and wisdom, we pulled some of his best quotes and applied them to financial planning.

Show notes & additional financial resources: https://principalpreservationservices.com/ep-44-applying-mark-twain-quotes-to-finance/ 

Today's show schedule: 

1:29 – Before we turn to Mark Twain quotes, let’s begin with our favorite Yogi Berra quotes.

3:58 – 1st Mark Twain quote

5:43 – 2nd Mark Twain quote

7:05 – 3rd Mark Twain quote

8:44 – 4th Mark Twain quote

10:26 – 5th Mark Twain quote

12:02 – 6th Mark Twain quote

14:37 – Mailbag Question: When should I start focusing less on growing my money and focus more on protecting it instead? I plan on retiring in two years and the volatility makes me nervous.

When it comes to investing, do your actions line up with your goals? It’s easy to talk about what you want to accomplish but are you taking the proper steps to make progress towards those things? Let’s talk about the ways in which people will say one thing about their finances but do another.

Read more and get additional resources here: https://principalpreservationservices.com/ep-43-saying-one-thing-but-doing-another/ 

Today's show schedule:

1:02 – Update on Mike professional career.

2:53 – What we’re talking about today.

3:17 – They spend a lot of time saving but don’t worry about fees in their investments.

5:33 – Someone says they aren’t comfortable with risk but their portfolio doesn’t reflect that.

7:26 – People that really care about their family and loved ones but don’t have a plan in place to take care of them in the event something happens.

10:24 – People want to retire as soon as possible but don’t take the time to put a plan in place.

13:52 – Mailbag question: Is it wise to have a trust as part of my financial and estate plan? 

Despite the popularity of IRAs, there seems to be quite a bit of confusion between the traditional options and the Roth. What’s the difference between the two and where should you be contributing your money? Today we’ll answer those questions and help you better understand your investing options.

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-42-traditional-or-roth-ira/ 

Today's show schedule: 

1:19 – Do you get a lot of questions on this subject from clients?

2:32 – Explain the differences between the two.

4:56 – Why do people typically contribute more to IRA over Roth?

6:00 – How can a Roth be a powerful tool for investors?

8:00 – Who is someone that would benefit from contributing to a Roth over traditional?

11:31 – Who would benefit more from a traditional IRA over a Roth?

13:26 – Mailbag question #1: We should be leaving a significant amount of money to our kids. Should we tell them about our plans now or let it be a surprise?

16:41 – Mailbag question #1: We have big travel plans in retirement, including visiting all 7 continents. Will we need more income in retirement than we have now?

We were playing the dangerous game of perusing the comments section of a recent article about COVID-19 and the impacts on retirees and how much money you’ll need to retire going forward. The trip into the comments section is always a mixed bag of trolling, inaccuracies, and sometimes surprisingly helpful insight from what we’ve come to describe as “Keyboard Warriors.” So, let’s look at some of the sentiments found under this recent article and see if they resonate with how others truly see the financial world, retirement, and how to best prepare for it all.

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-41-lessons-from-keyboard-warriors/ 

Today's show schedule: 

0:58 – Mike has his first seminar scheduled since the pandemic started.

3:22 – Let’s talk about keyboard warriors and the comments on a recent article.

4:11 – First comment

5:46 – Second comment on concern

7:44 – Third comment on opportunity

9:22 – Fourth comment

10:54 – Fifth comment with opposite views.

13:22 – Final comment on planning

15:27 – Mailbag Question: I have a variable annuity and found out that the fees are very high. I’d like to move the money but I’d have to pay a penalty to get it out. Is it worth paying the penalty to lose the high fees?

If you really took inventory of your financial situation, you might find that you’ve been taking for granted some assets that make up a huge piece of your puzzle. Is it possible you should be putting a little more thought into some of these assets? We’ll tell you why on today’s episode.

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-40-are-you-giving-your-biggest-assets-enough-attention/ 

Today's show schedule: 

2:04 – Mailbag question: I counted up the mutual funds in my IRA and it appears that I have 33 different funds. Is that adequate diversification?

3:46 – Mailbag question: I’m 55 and I have about $300K saved for retirement but I feel like I’m behind compared to people I know. Am I in trouble?

5:23 – Are you paying enough attention to the biggest assets you already own?

First asset: 401k

7:47 – Second asset: Your house

9:39 – Third asset: Social Security

12:40 – Fourth asset: Your future savings potential

14:12 – Fifth asset: Having a bunch of smaller accounts