Retirement Reality Podcast

Just like technologies change and become outdated, so do some retirement planning strategies. Let’s look at five financial strategies and determine whether or not they still apply. 

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-54-five-outdated-financial-strategies/

What we discuss on the show: 

2:34 – 4% rule

4:00 – 10/5/3 rule

7:10 - as you get older, move money from stocks to bonds

9:37 - $1 million retirement target

12:17 - you’ll need less money in retirement

15:11 – Mailbag: Should I invest differently based on the election?

Clients often ask how housing fits into retirement plans. From downsizing to rental properties to interest rates, let’s explore some of the top retirement questions about housing.

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-53-answers-to-common-housing-and-retirement-questions/ 

What we discuss on this show: 

4:00 – Pay off the house early or slowly?

6:28 – Downsize to a smaller home at retirement?

8:55 – Is rental property a good idea for creating income?

10:37 – Complications with real estate legacy plans?

14:47 – Contact Mike

15:34 – Mailbag: How much money will I spend in retirement?

17:15 – Mailbag: Can I overcome a divorce this late in life?

As life spans continue to increase, so does the need for more money later in life. On this week’s episode of the Retirement Reality Podcast, Mike Kojonen explains how to plan financially for a long life.

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-52-can-you-afford-to-live-a-long-life/ 

What we discuss on this show: 

1:05 – Let’s talk about longevity

2:40 – Oldest clients

4:33 – Oldest family member

5:44 – Why is living long a risk?

8:44 – Are people prepared for longevity question?

11:05 – People afraid of running out of money

14:00 – Mailbag: should I cash out life insurance policies?

16:04 – Mailbag: How to prepare financially to leave job?

You’ve heard advice about how to improve your finances and prepare for retirement, but what about mistakes? On this week’s episode of the Retirement Reality Podcast, Mike Kojonen shares five ways you could be ruining your retirement.

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-51-5-ways-to-ruin-retirement/ 

What we discuss today: 

3:28 - Treating retirement as a destination

6:22 – Believing retirement will solve all your problems

8:11 - Assuming your monthly spending habits will be same

10:39 – Not staying active in retirement

13:52 – Investing like you’re 35 years old

18:14 – Mailbag: Which account should I withdraw from first?

On this week’s episode, we take a look at some of the financial and retirement challenges that are unique to women and how to handle them.

Read more and get additional financial details here: https://principalpreservationservices.com/ep-50-financial-issues-and-advice-for-women/ 

What we discuss today: 

1:04 – Off-topic: Is this a good time to buy a home or refinance?

4:49 – How engaged are women with finances?

7:59 – Women in difficult financial situations

9:43 – Challenges faced by widowed women

11:43 – Advice for men

13:22 – A memorable story

17:36 – Mailbag: Financial issues in second marriage

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