Retirement Reality Podcast

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

Through years of working with clients, we’ve seen that the estate side of planning often gets overlooked. That’s why we’ve asked attorney Patrick Boley of Eckberg Lammers to come on and talk to us about the living documents that every person needs in part one of a two-part series on estate planning.

Read more and get additional resources here: https://principalpreservationservices.com/?p=39915&preview=true 

What we discuss on this episode: 

1:01 – Welcome in Patrick Boley

2:09 – Background on Patrick

5:37 – Healthcare directive  

8:04 – Specific statutes that need to be in place 

14:45 – Mike shares story about how a catastrophic event can unfold. 

16:46 – What if you have an adult college student and need access to medical records? 

18:02 – Definition of Durable Power of Attorney 

19:36 – Standard Power of Attorney

21:31 – Little things to think about

26:31 – How long is the process to get these living documents in place?

You can't talk about financial planning without discussing risk, but what does that mean exactly? Risks comes in multiple forms and you have to guard against each when building a plan. Today we'll tell you about the different types of risk and how we help clients manage it.

Read more and get additional financial resources here: http://principalpreservationservices.com 

What we discuss on this episode: 

2:00 - Market Risk

4:31 - Interest Rate Risk

6:47 - Inflation Risk

9:44 - Taxes

12:01 - Longevity risk

14:35 - Mailbag question on variable annuities

17:25 - Mailbag question on flipping houses

On today’s episode, we’re talking about things that drive your financial advisor crazy about the financial world.   

Read more and get additional financial resources here: https://principalpreservationservices.com/retirement-reality-podcast/ 

What we discuss on this episode: 

1:21 – Coronavirus vaccine

3:10 – Hidden fees

5:08 – Advisors who put their own goals ahead of their clients

7:00 – Cookie cutter (one-size-fits-all) sales pitches

9:15 – Big companies who push products

11:12 – Buzzwords and jargon that don’t mean anything to the average person

13:25 – Financial plans that consist of dozens of pages that no one can understand

16:48 – Mailbag: Should we refinance our house?

On today’s episode, we’re talking about things nobody says in the financial planning world and Mike explains why that’s the case.

Read more and get additional resources here: https://principalpreservationservices.com/ep-66-things-nobody-says-in-the-financial-planning-world/ 

What we discuss on this episode: 

3:08 – I really regret putting money into my Roth IRA every year

4:33 – I should have spent more and saved less

6:00 – Life insurance payment was insulting

8:10 – It makes me feel patriotic to pay more in taxes

10:56 – I love big market corrections

13:35 – Mailbag: How to stay out of craziness of the market

Our country has been through some major market crashes over the years. What happened during those events and what can we learn from them?

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-65-lessons-learned-from-biggest-market-crashes-of-all-time/ 

What we discuss on this show: 

1:59 – Black Tuesday

3:50 – Dot com crash

6:25 – 2008

8:42 – 2020 coronavirus pandemic

10:34 – Lessons learned

14:28 – Contact Mike and his team

16:15 – Mailbag: Should I take Social Security?

18:03 – Mailbag: Husband doesn’t want to plan for retirement?