Retirement Reality Podcast

When our financial growth is going well it can create a false sense of overconfidence. You want to stay vigilant about protecting your financial plan. 

On today’s episode, we are going to discuss places in our finances that we can be overconfident in. Even if the stock market has been great for the past 10 years, that’s no indication of how it will look in the next 5 or ten years. Some of us have an ideal number we want to reach in order to retire, but this may cause a false sense of security and overconfidence.

So, how should we prepare for these circumstances and protect our overall retirement plan?

Get additional financial information: https://principalpreservationservices.com/ep-79-overconfidence-in-retirement-planning/

What we discuss: 

0:44 – Pride cometh before the fall

1:53 – Mike goes to Greece

3:38 – The stock market

7:16 – 1 million dollars for retirement

9:11 – Rules of thumb

11:40 – Investment products

13:55 – Decision-making process

17:59 – Mailbag: Do I really need an emergency fund?

19:06 – Mailbag: My advisor doesn’t reach out to me?

Pension options, Social Security, and investments are all among the topics that you should be addressing with your significant other. Finding the right balance between both of your risk tolerances can help you better manage your future income. Even if you both have a plan on saving for retirement, you will also need to plan on what your retirement will look like. Do you both want to travel or stay close to family? Should you sell your current home or the vacation home? On today's episode, we are talking about some common financial mistakes couples make and what decisions you need to address together.

Read and get additional financial information: https://principalpreservationservices.com/ep-78-retirement-decisions-to-make-as-a-couple/

What we discuss: 

1:00 – Couples as clients

2:06 – Pension options

6:27 – Social Security

8:59 – Should spouses come in together?

10:24 – 401k and IRAs

12:49 – Managing risk together

15:14 – Retirement planning together

19:22 – Mailbag: Am I in trouble with investing?

21:35 – Mailbag: Roth or Traditional 401(k)

When it comes to our finances, there are certain things that we shouldn't wait to address. A few of the most common things people tend to put off in their finances include taxes in retirement planning, paying off debt, Social Security, and making a financial plan. Whether you can wait on some of these topics will depend a lot on your situation. Mike is going to discuss some general rules and advice about waiting to act on these financial decisions.

Read and get additional financial information: https://principalpreservationservices.com/ep-77-can-you-wait-on-these-financial-decisions/

What we discuss on the episode: 

1:24 – Catching up with Mike

3:29 – Paying taxes on investments

5:43 – Paying off debt

9:01 – Legal and estate documents

12:09 – Taking out Social Security

15:29 – Creating a financial plan

18:27 – Mailbag: Starting a business

20:35 – Mailbag: Required minimum distributions

So you’re experiencing some concerning symptoms with your finances? Let’s visit with the money ‘doctor’ Mike Kojonen to see what financial prescriptions you might need to keep your retirement on track.

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-76-what-the-financial-doctor-ordered/ 

What we discuss on this episode: 

1:17 – Summer update  

4:34 – Dizziness from market volatility 

6:44 – Paralysis in financial decision-making because of too many options 

8:40 – Anxiety from watching the news everyday 

10:21 – High blood pressure from anger about receiving bad advice in the past  

12:58 – Losing sleep about not having enough money for retirement 

16:40 – Mailbag question on which accounts to withdraw from first

18:19 – Mailbag question on robo advisors 

If they age is the price we pay for wisdom, then we should possess a strong fundamental understanding of our finances by the time we reach retirement. As we get older, our view of money changes and our perspective of what’s most important in our retirement plan will evolve.

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-75-how-age-wisdom-play-into-financial-planning/ 

What we discuss on this episode: 

1:55 – Perspective of money changing with age

3:59 – What would you have done differently?  

6:22 – Worry more or less later in life?

7:59 – Leaving a legacy  

12:36 – How we view risk  

15:38 – Mailbag questions on giving money to children   

17:37 – Mailbag question on dividend-paying stocks  

All the hard work and time you spend during your working career should be enjoyed in retirement, but what type of motivation do you have? Let’s explore some of the primary motivations that people have for retirement and how planning can help you reach that.

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-74-what-retirement-are-you-living-for/ 

What we discuss on this episode: 

1:52 – Spending more time with your family

3:53 – Want to buy stuff

6:10 – The desire to travel

8:56 – Helping your grandchildren with college  

11:15 – Donating to a charity

13:32 – Mailbag question on money creating stress in a relationship

14:30 – Mailbag question on Social Security

So much of the financial world is focused on accumulating money and you can find plenty of advice on how to save and invest. But there aren’t nearly as many resources for navigating the period of time after your retirement through decumulation. On this episode, we’ll point to 5 things you need to know about spending down and managing the assets you’ve accumulated throughout life.

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-73-5-things-you-must-know-about-decumulation-to-retire-successfully/ 

What we discuss on this episode: 

2:20 – Lack of support

4:16 – Fear of spending is real

5:56 – Risks in retirement

7:29 – Focusing on tax consequences

9:59 – Leveraging your lifetime income

12:34 – Mailbag question on divorce settlement

14:17 – Mailbag question on saving and interest rates

Just about everyone is familiar with the phrase diversification and what it means in financial planning, but what does it take to be properly diversified?

On this episode of the podcast, we’ll break it down to the three worlds of money and explain why finding balance among these will provide you with the diversification you need to have a successful retirement. Each of these play a key role in planning and it’s important that you find the right mix for investing your money.

You can listen to the full episode or use the timestamps below to find a specific segment.

1:12 – The Banking World

5:25 – The Insurance World

10:37 – The Wall Street World

17:18 – Finding balance with our clients

20:23 – Mailbag question on old 401K accounts

22:12 – Mailbag question on taxes in retirement

For additional financial planning resources, visit us online at http://principalpreservationservices.com 

If financial planning was simple, no one would need help. Even when we know what we’re supposed to do, it’s not always a certainty that we will.

On this episode of the Retirement Reality podcast, we’ll go through some common sense financial statements that ring true to all of us and Mike will explain why we often fall short in following this guidance. If you find yourself getting off-track, make sure you lean on an advisor to help you keep retirement planning on the right path.

You can listen to the full episode or use the timestamps below to find a specific segment.

 1:14 – Buy Low, Sell High

4:04 – Don’t pay more in taxes than you have to.

7:02 – Keep expenses low.

9:56 – Don’t put all your eggs in one basket.

12:04 – Market timing is virtually impossible.

17:01 – Mailbag question on capital gains taxes

18:48 – Mailbag question on IRAs

For additional financial resources, visit us online at http://principalpreservationservices.com 

On part two of our estate planning conversation with attorney Patrick Boley, we turn our attention to life after death to discuss the documents you need to have in place. That includes a detailed discussion on wills and trusts, along with the role probates play in the estate process.

Read more and get additional resources here: https://principalpreservationservices.com/ep-70-estate-planning-for-life-after-death-with-patrick-boley-part-2/ 

Check out Part 1: https://principalpreservationservices.com/ep-69-the-living-side-of-estate-planning-part-1/ 

What we discuss on this episode:

1:14 – Interview begins

2:44 – What happens if you don’t have documents in place?

3:58 – The Will

6:19 – Probate & the Transfer on Death Deed

10:16 – Stepped-Up Value  

11:52 – Formal or Informal Probate

13:44 – Mike shares a personal story  

17:48 – Client story about a will getting contested

18:55 – Revocable Living Trust

22:41 – Putting house in a trust  

28:22 – Second marriages

30:30 – Dangers of doing it yourself

33:24 – Protection from nursing home

35:13 – Updating your documents