Retirement Reality Podcast

Retirement Reality Podcast

By Mike KojonenBusinessNewsInvesting
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Retirement Reality Podcast episodes

  • End of Year Financial Planning For 2023

    We're nearing the end of the year, but it's not quite over yet! Join us for a thoughtful episode where we unpack our 2023 edition of key year-end planning strategies for those nearing or embracing their retirement years.

     

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

    • Regularly reassessing and rebalancing investment portfolios
  • Tax-loss harvesting, required minimum distribution (RMDs), and qualified charitable distributions (QCDs)
  • Reviewing medical, life, and long-term care insurance
  • Budget and expense management + Social Security cost of living adjustments
  • Proactively planning for downsizing + relocating in retirement
  • Staying informed about cybersecurity threats
  • Gifting to charities and family members + tax considerations

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

    22 min
  • Money Mistakes You’ll Regret and How to Avoid Them

    Ever wish you could foresee financial missteps before they happen? On today’s episode explore some real-life stories of regret and arm yourself with the essential dos and don'ts to ensure your money works for you, not against you.

     

    Here are the mistakes we’re going to talk through:

    • I regret taking premature IRA withdrawals.
  • I spent way too much in my peak earning years.
  • I paid so much in tuition for the kids.
  • I retired a bit too early and now it’s costing me.
  • Maybe I should have investigated opportunities for Roth IRAs.

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

    27 min
  • Retirement Planning for High-Net-Worth Individuals

    In today's episode, we're taking a close look at high-net-worth individuals - those who have accumulated significant wealth and face unique challenges and opportunities when planning for retirement. Unlike the average person, their financial considerations go beyond the basics. We'll explore the distinct strategies and factors that come into play when securing a comfortable and prosperous retirement.

     

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

    • How Mike would define a high-net-worth individual?
  • Some of the complex situations that these people might run into.
  • How we work with a client’s CPA to make sure we’re being as efficient as we can with their tax planning.
  • 3 retirement myths that hurt high-net-worth individuals.

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

    23 min
  • Understanding RMDs: A Guide For Retirees & The Soon-to-Retire

    Are you over 55 and pondering retirement? Dive into the world of Required Minimum Distributions (RMDs) with us. In this episode, we demystify the reasons behind mandatory withdrawals from your retirement savings. 

    Discover strategies to potentially avoid them and understand the risks of not preparing in advance. And for those fortunate to not rely on RMDs for income, we'll explore impactful ways to utilize those funds. We see people get caught off-guard by RMDs and the tax impact they have on retirement, so getting a jump on planning can go a long way.

     

    Here are some key topics to listen for in this episode:

    • Why do we have to take RMDs in the first place?
  • There are a couple of ways to avoid RMDs.
  • Mike shares some examples of how he helps people plan around RMDs.
  • Learn about some of the risks you face by not planning in advance.
  • What options do you have for the money if you don’t need it immediately for income?

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    If you are interested in any of the topics we discussed, please reach out and we would be happy to help you navigate your financial situation.

     

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

    24 min
  • Navigating Finances After Losing a Spouse: Strategies & Mistakes to Avoid

    Losing a spouse is an unimaginably tough life event, but the financial implications can add another layer of stress to the grieving process. In this episode, we delve deep into the most common financial issues faced by widows and widowers, from dealing with income gaps to navigating tax changes as a single filer.

     

    We explore actionable strategies to address these problems, such as the importance of life insurance and the ins and outs of spousal pension continuation. This is the episode for you if you’re concerned with ensuring the financial well-being of your remaining family members and safeguarding your financial future and legacy in the face of loss.

     

    Here are some key topics to listen for in this episode:

    • The income gap problem that most widows face in this position.
  • What planning options do you have to solve for the income gap issue?
  • The importance of legacy planning and the common mistakes that people make with their kids and grandkids.
  • The benefits of a trust and how it might be used to preserve family wealth.

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

    25 min
  • Navigating the Transition to a New Financial Advisor

    In today's episode, we'll explore the sensitive and significant process of transitioning from one financial advisor to another. We'll cover how to recognize when your current advisor may no longer be serving your financial needs effectively, the right questions to ask, and crucial factors to consider when searching for a new financial partner.

     

    Here are some key topics to listen for in this episode:

    • What are some of the reasons people decide they need to make a change?
  • What are the financial consequences of switching advisors?
  • The different metrics you can use to evaluate your current advisor.
  • The questions you need to ask a new advisor when you begin looking.
  • We’ll walk you through that transition process and what steps you’ll need to take.

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

    22 min
  • Common Retirement Complaints

    In this episode, we’re tackling some common complaints and fears that can arise during the retirement planning process. These complaints often include concerns about advisors taking too much risk, dissatisfaction with account growth, high fees, worries about Social Security not being enough to retire on, and more. We'll discuss which concerns are well-founded, which are based on misconceptions, and offer insight on how retirees can best navigate their financial future.

     

    Here are some key takeaways from this episode:

    • Advisors should align investment risk with clients' preferences and needs. Clients should not feel forced into taking on more risk than they are comfortable with.
  • Clients should be aware of the fees they are paying and how they impact their investments. Fee transparency is essential, and clients should consider both the cost of services and the value they receive.
  • Social Security is an important income source for retirees, and it's essential to understand when and how to claim benefits. Advisors should be well-informed about Social Security changes and provide guidance on the optimal time to claim benefits.
  • Retirement portfolios may not always experience high growth every year. Understanding market fluctuations and having a well-structured financial plan that accounts for potential down years is important.
  • Some clients feel they only hear from their advisors when it's time to buy or sell stocks. Comprehensive financial planning should include regular communication, addressing all aspects of retirement planning beyond just investment transactions.

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    For more episodes, visit us online here: http://principalpreservationservices.com

    20 min
  • Till Debt Do Us Part: Resolving Financial Sources of Tension Between Couples (Part 1)

    Money can't buy love, but it can certainly start some spicy debates between you and your better half. In part 1 of this series, we're digging into the financial face-offs that make Monopoly fights look like child's play and exploring some money minefields that can test even the most solid relationships.

     

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

    • What is your risk tolerance with your investments? (3:41)
  • What age do you want to retire? (6:07)
  • What legacy do you want to leave your children? (9:25)

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    For more episodes and to get in touch with our team, visit us online here: http://principalpreservationservices.com

    26 min
  • Mastering Retirement Cash Flow: Understanding Changing Expenses (Part 2)

    Welcome to part 2 of our series on mastering retirement cash flow. Last episode, we talked about expenses in your life that might drastically change in retirement. On today’s show, we’ll talk about income and why you need to understand the crucial role of income analysis. We’ll also explain why you never want to retire without an income plan and what various income sources you might have in retirement. 

     

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

    • Why is understanding income so crucial? (2:35)
  • What could go wrong if you don’t understand your income and budget? (4:10)
  • What income sources could you have? (5:58)

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    For more episodes, visit us online here: http://principalpreservationservices.com

    19 min
  • Mastering Retirement Cash Flow: Understanding Changing Expenses (Part 1)

    In this episode, we’ll explore many of the expenses in your life that might drastically change (one way or another) in retirement. We’ll break those expenses down further to see which ones are the top priorities and analyze some of the other factors that impact your cash flow in retirement.

     

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

    • What is your housing situation? Is your mortgage paid off? (2:13)
  • Can you move down a tax bracket in retirement? (7:23)
  • How much will you be traveling in retirement? (10:31)

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    For more episodes, visit us online here: http://principalpreservationservices.com

    27 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…