Posts by Eric Peterson
Retirement Planning Statistics
Retirement is closer than you think, but are you ready? With a staggering number of people lacking confidence in their retirement savings, Eric shares the misconceptions people have and what mistakes can derail someone’s financial future. Many people feel inadequate when it comes to what they have saved in their nest egg, uninformed about the pitfalls of target date funds, and unprepared about the reality of leaving the workforce earlier than expected.
Read MoreMailbag: Should I Fire My Broker?
Navigating life’s financial crossroads can be tricky, especially when it involves your financial future. In this episode of Retirement Ready, Eric addresses these complex issues head-on. How do you best evaluate your broker and your investment performance against the S&P 500? Eric says a lot of that comes down to setting expectations and understanding the risks. Then, Holly wants to know what to consider before making a midlife career change.
Read MorePutting It Off
We are all guilty of procrastinating from time to time. Financially speaking, though, this can get you into a lot of trouble. Let’s talk about the areas where it might feel better to kick the can down the road.
Read MoreCommon Scams to Avoid
Americans over 60 have lost more than $3.1 billion in various forms of fraud and scams in the last 12 months! Today we talk through some of the common scams people unfortunately fall for and how you can stay vigilant against it.
Read MoreDivorce Mistakes
Unfortunately, divorce happens. When it does, no one wants to make costly financial mistakes amidst an already stressful time. Today, we talk about the mistakes that can happen and how to avoid them when it comes to dividing up your assets with a spouse.
Read MoreUses for Life Insurance
When you’re younger, life insurance is often thought of as an income replacement as needed. But as you get older and into retirement, you might find other uses for life insurance. When thinking ahead for your estate and how it passes to beneficiaries, life insurance can prove to be a useful tool. Currently, the proceeds from life insurance are tax-free. How does that change how you include it in your financial plan? Eric outlines some of the options and benefits life insurance can provide.
Read MoreUnderstanding Financial Risk
What kind of risks do you take in your financial life? As you get less comfortable with things like climbing up ladders and riding on skateboards, you might also become less financially risky. When you enter retirement, how you view your money in the market changes significantly from your working years. It’s important to look at your portfolio to ensure your investments match your risk tolerance.
Read MoreThe Good Old Days
Why is retirement planning different than the “good old days” that our parents and grandparents experienced? Things like pensions, Social Security, and even RMD age have changed. Is your financial plan set up accordingly or is it in need of some changes to match?
Read MoreMailbag: When Should I Retire?
When is the perfect time to retire? One question from the mailbag asks whether retiring now or in two years will make a big difference. Eric explains what you’ll need to consider and what differences you might encounter from a work and lifestyle standpoint. Then, he answers Nancy’s question on how important it is to have a financial advisor in retirement.
Read MoreDiscussing Dave Ramsey and His Core Beliefs
More than likely, you’ve heard about financial commentator, Dave Ramsey. Today, we talk about some of Dave’s core beliefs and how it may differ from those of a licensed financial advisor. While Dave’s tips and baby steps have helped people, it’s worth taking some of his advice with a grain of salt.
Read MoreMailbag: What Should I Do With My Inheritance?
Every day you have to make choices about your money. What to spend it on, when to save, and how to manage it well. We tackle three questions from the mailbag today from people facing a financial decision. From learning how to take care of the household finances after one spouse passes to deciding about helping a child pay for college, Eric can help point clients in the right direction.
Read MoreThe Voice of Greed
What does the voice of greed sound like? We hear a lot in the financial space, some of it sound advice, and some of it just plain greedy (and even risky). There’s a time and a place for risk, but it comes down to planning. Not all of your money should have the same risk profile. Working with a financial advisor can help you determine how much risk is good vs. having safety.
Read MoreThe Financial Guessing Game
Sometimes we fall into playing the guessing game when it comes to our finances. For instance, how much do you really need in retirement? Instead of grabbing at arbitrary numbers, first think about how much you spend. Some of your expenses may change in retirement compared to your working years, but plan for your needs based on your expenses and your goals.
Read MoreMailbag: Should I Pay off my Daughter’s College Loan?
When you retire, you have to be strategic about what you do with your money. On today’s show, Eric answers three questions from the mailbag about how to make the best financial decision possible with your money once you’re retired.
Read MoreInheritance FAQ
We’ve found that some common questions come up around inheritance, so today we are going to tackle a few! Whether you have recently inherited or want to set up your estate in a way that makes it easier on your beneficiaries, there’s something for you to learn in today’s show.
Read MoreFinancial Lessons from Christmas Songs
There are so many different ways to approach the subject of financial planning. In light of the holidays, we wanted to have a little fun and compare some Christmas classic songs with financial lessons.
Read MoreQuestions that Are Hard to Answer
When you sit down to talk about your finances, sometimes you run into a question that stumps you. Even if you can’t fully answer the questions, it’s still important to consider these when financial planning.
Read MoreThings Your Financial Advisor Might Not Be Doing
Sometimes people get advice from financial “professionals” who maybe aren’t the right fit for their needs. Today, we discuss some of the things your advisor might not be talking to you about.
Read MoreTax Consequences
Taxes are a major part of your life, especially your life in retirement. Having a good understanding of how you can prepare may save you in the long-run. Discussing your options with a financial advisor can help point you in the right direction. Listen in as we chat about tax consequences in today’s episode.
Read MoreCutting Corners Financially
Sometimes we want to take the easy way out instead of the smarter way. Today, we talk about ways people have tried to cut corners financially and where that falls apart. Think you can take extra risk to make up for lost time? Letting your financial life fall to disarray?
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