Today’s Prep:
How do you get the answers you need? A lot of it comes down to asking the right questions. We talk through some of the wrong questions people often ask and what you should be asking instead.
Equipping Points:
Sometimes we ask the wrong question when looking for financial answers. Pursuing the right questions will probably lead to better answers and a better financial plan. Have you been asking these questions? Eric talks through some better questions to ask to get the right answers.
A lot of people ask, “How much money do I need to save for retirement?” This is the wrong question because it really comes down to how much you need to maintain your lifestyle. How much money do you need? How much money do you spend and what will it take to maintain your standard of living?
Should you get long-term care insurance? The default is to self-insure, but you might want to consider what other options you have. Ask how you can protect against those costs and offset the potential devastation long-term care costs can have. Do you have other options available?
Instead of asking how to get the highest possible return rate, ask how you can make your plan work. What is your risk tolerance and what do you need to accomplish your financial goals? Answering that first will change what you really need and what kind of return and risk you need in your plan.
Are you looking for the cheapest option? If you want the lowest fees, you can do it yourself. But if you want the best value, you want to work with someone who is going to know you and your real needs in order to help you make the best financial decisions. It’s not about the asset allocation or taxes, more than anything, a good advisor is there for behavior modification.
Finally, during tax time, you might be asking how you can pay less in taxes this year. Instead, you want to consider how to pay less tax all years in the future. This year it is too late, but how much you pay in the future could make a big difference in your financial plan.
Listen to the entire episode or skip ahead using the timestamps below.
0:46 – How much money do I need saved for retirement?
2:25 – Should I get long-term care insurance?
3:51 – How can you get the highest possible return rate?
7:07 – Where can I pay the lowest fees?
9:21 – How can I pay less in taxes this year?
Today’s Takeaway:
“What do I really spend? What does it take to maintain this standard of living? And what changes in retirement from when I am working from an expense side?”
-Eric Peterson
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Mailbag – Roth IRA, Emergency Funds & Tax-Deferred vs. Tax-Free
Making more money is great, but what happens when it becomes a roadblock for contributing to a Roth IRA? And how can you make your emergency fund work smarter for you? In today’s episode, we pull from the mailbag and answer a mix of listener questions. Eric addresses concerns that reflect the real-life hurdles many face on the road to retirement.
Read MoreHow 2025 Tax Updates Can Impact Your Financial Plan
Although tax season has come to a close, the time for smart tax planning has just begun! In this episode, we unpack the upcoming tax updates that could affect your planning for the next few years, including changes to 401(k) contribution limits, tax deductions, and the potential benefits of using tax-advantaged accounts like HSAs.
Read MoreEarly Retirement: Dream Come True or Financial Trap?
Ever fantasize about leaving your 9-to-5 before traditional retirement age? You’re not alone, but is early retirement even possible? In today’s episode, Eric explores what it really takes to retire early including how to tackle healthcare costs, how to make money last longer and the importance of shifting your mindset from spender to saver.
Read MoreWhat 400+ Advisors Say Really Keeps Retirees Up at Night
What are Americans really concerned about when it comes to retirement? In this episode, we unpack the results of an insightful survey from Financial Advisor Magazine, which was completed by over 400 financial advisors. We’ll also compare these answers with the real-world concerns we hear every day from the clients in our own practice.
Read MoreBracket Busters and Stock Flops: The Risky Game of Picking Winners
March Madness is here, and just like filling out a bracket, picking individual stocks can feel like a thrilling gamble. But the odds of winning big are slim. In fact, history shows that most stock picks, like most brackets, end up busted.
Read MoreAre Hidden Fees Draining Your Retirement Savings?
In this episode, Eric reveals the true cost of investing and how to protect yourself from unnecessary financial drains.
Read MoreWhat Game Night Can Teach Us About Financial Planning
In this episode, Eric breaks down the surprising financial lessons hidden in classic board games, offering valuable insights to help you navigate your retirement strategy.
Read MoreMailbag – Upsizing, Financial Advisors & Business Owner Planning
Join us as we answer questions about the challenges of downsizing, the emotional aspects of planning for family gatherings, and the realities of transitioning into a financial advisory career.
Read MorePlanning for Kids, Grandkids, & Your Future
As many nearing retirement age are discovering, adult children and grandchildren can significantly influence financial strategies, making it crucial to understand how to navigate these relationships effectively.
Read More