Retirement Reality Podcast

Retirement Reality Podcast

By Mike KojonenBusinessNewsInvesting
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Retirement Reality Podcast episodes

  • Retirement Questions That Younger Generations are Asking

    Each generation is currently navigating a unique part of the retirement planning experience. With many baby boomers preparing for the transition into retirement and the early half of Generation Z taking their initial steps into the career field, these major life events come with a handful of financial planning questions.

    In this episode, we're covering the retirement questions that Gen X, Millennials, and Gen Z are asking.

     

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

    • How do you know how much you need to have saved and how to you tell if you’re on track?
  • How to balance savings goals with other expenses like a mortgage, children’s education, and other things.
  • Should I rely on Social Security and how do you account for potential changes?
  • What can I do if I want to retire early?

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

     

    29 min
  • Retirement Questions Every Generation Is Asking (Baby Boomers)

    Each generation is currently navigating a unique part of the retirement planning experience. With many baby boomers preparing for the transition into retirement and the early half of Generation Z taking their initial steps into the career field, these major life events come with a handful of financial planning questions. Over the next few weeks, we’ll share insights into the unique concerns that echo across different age groups.

    We're starting this series with the baby boomer generation, as a majority of Mike's clients belong to this demographic.

     

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

    • How do I manage the risks of market volatility as I approach retirement?
  • What's the best approach for transitioning from a steady income to retirement withdrawals?
  • What steps can I take to address rising healthcare costs in my retirement plan?
  • What's the best way to pass on wealth without sacrificing my own retirement?
  • What are the best ways to maximize my Social Security benefits for a more secure retirement?
  • Should I consider downsizing or relocating in retirement?
  • Listener question: As a pastor, I have the opportunity to opt out of Social Security. Is this something I should consider?

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

    21 min
  • How Is Technology Redefining Retirement Planning?

    Today we will unpack the toolbox of technology that's promising to redefine retirement planning, but does it deliver? This episode takes a critical look at the wave of innovations, from personal finance management software to online calculators, and questions whether they truly simplify the planning process or introduce new complexities.

     

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

    • The rise of robo-advisors and the ways they aren’t able to keep up with comprehensive planning.
  • Online calculators work for some things but can’t take into account all the factors we can in a projection.
  • Webinars are more common and much easier to be a part of, but Mike explains why he still prefers in-person events.
  • Social media has its positives but it also exposes you to people that might seem like they’re much more successful than they truly are.
  • Digital estate planning services can provide some the basics for people but they don’t handle complexity as well as working with an attorney does.

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

    24 min
  • How One Overlooked Issue Can Sink Your Retirement

    In today’s episode, we spotlight some of the single oversights that could send your dreams to the bottom. We'll share key strategies to plug the gaps, ensuring your financial ship stays buoyant and on course. Tune in to protect your future from the one mistake that could derail everything.

     

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

    • The importance of having a robust financial strategy that ensures a steady income throughout retirement.
  • Investment strategies to keep pace with, or beat, inflation.
  • You have to consider long-term care costs in retirement planning.
  • Strategies to mitigate this risk, such as diversification and proper asset allocation.

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

    19 min
  • Retirement Planning Is Different For Women: Here’s Why

    In this episode, we’ll share some eye-opening statistics and actionable advice to empower women in their financial journey. From the persistent gender pay gap to the impact of caregiving responsibilities and higher debt burdens, this is why retirement planning is different for women.

     

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

    • Even though they make up almost half of the workforce, women receive lower compensation than men across almost every occupation.
  • Women are more likely to face career interruptions.
  • Longer life expectancy and divorce can create additional challenges for women when they’re suddenly on their own.
  • Only 53% of women feel confident enough to retire.

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

    20 min
  • With Higher Interest Rates, Is “Lazy Money” Still A Concern In 2024?

    Is 'Lazy Money' still a concern in 2024's higher interest rate landscape? In this episode, we explore this question, examining how the recent rise in interest rates affects the money sitting in savings accounts, CDs, and conservative investments.

     

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

    • What do we mean by lazy money?
  • Why we should still be concerned about having too much lazy money.
  • The dangers to your retirement if you’re too conservative.
  • How we help people shift their mindset and look at other investment options.

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

    18 min
  • Will The Economy Boom Or Bust In 2024?

    Everyone wants to know. Will the economy boom or bust in 2024? Join us as we explore a range of expert predictions, from the shifting trends in housing prices to the looming question of a potential recession or stock market crash.

     

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

    • Why Mike feels bullish about real estate in the upcoming year.
  • Is a recession coming in 2024? Mike says there’s a lot of momentum heading into this year.
  • There are two vastly different stock market predictions for the coming year. Which one will be right?

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

    20 min
  • Patience Pays: The Power of Delayed Gratification (Part 2)

    Sometimes it’s hard to make financial sacrifices when the reward might not be seen until several years in the future. Today we’ll talk about some of the situations where you might be inclined to take the immediate benefit, when you should really consider the delayed rewards.

    In part two of our discussion, we’re going to talk through four more situations which people commonly pick the option that gives them a benefit now. Many people aren’t making these choices intentionally so our goal is to help you understand why patience pays in these scenarios.

     

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

    • Maintenance updates and timely upgrades might seem unnecessary in the short term but can prevent larger expenses in the future.
  • Claiming Social Security at age 62 might allow you to claim your benefit as soon as possible, but are you maximizing how much you can get over retirement?
  • Skipping regular health check-ups and preventative care can help prevent much bigger issues and costs in the future.
  • Don’t avoid a tough conversation now if you aren’t with the right advisor.

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

    20 min
  • Patience Pays: The Power of Delayed Gratification (Part 1)

    Sometimes it’s hard to make financial sacrifices when the reward might not be seen until several years in the future. Today we’ll talk about some of the situations where you might be inclined to take the immediate benefit when you should really consider the delayed rewards.

     

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

    • It might not seem like a big deal to miss a 401k contribution and the company match once or twice, but you don’t ever want to leave free money on the table.
  • The tax benefits for contributing to a tax-deferred account now might give you a nice tax savings now but it might cost you even more in retirement.
  • People will sometimes deplete their emergency savings to cover expenses rather than keeping that money set aside for when they truly need it.
  • Don’t cash out part of a 401k or IRA like Mike did when he was young because you miss out on so much growth over time.

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

    20 min
  • Financial Tweaks That Matter: Small Steps, Big Impact

    Ever thought that minor tweaks in your financial plan could lead to major wins? In this episode, we're exploring the surprisingly powerful world of simple financial adjustments. From finding the right balance in your cash reserves to consolidating old 401Ks, we're unpacking those seemingly small steps that can bring about big, positive ripples in your financial life.

     

    Here are a few of the financial tweaks that we discuss in this episode:

    • Keeping the right amount of cash on hand for emergencies
  • Consolidating your old 401ks
  • Reassessing your managed accounts to ensure they align with your current financial goals
  • Replacing high-expense mutual funds
  • Analyzing the tax efficiency of your investments
  • Checking that your beneficiary designations are up-to-date and accurate
  • Automating your savings

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

    25 min

About Retirement Reality Podcast

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Weekly financial and retirement planning guidance with Mike Kojonen of Principal Preservation Services. Mike serves western Wisconsin and the Twin Cities areas of Minnesota. He's the co-author of…