Today’s Prep:
What do you need to get you through the long haul of life? Eric talks us through what this looks like in your financial plan and how to build it with an eye on a distant horizon.
Equipping Points:
We’re living longer and want to make sure our retirement plan will help us last into a longer life. While there’s a lot to look forward to in life, there’s also a lot to prepare for. Let’s talk about how you can ensure your future is financially covered.
What are the financial downsides to a longer life expectancy? You’re always going to have expenses, so you’ll need to pay for your needs. Having income for the rest of your life is an important pillar. Some have Social Security or a pension that they rely on. Others will use an annuity. The longer you are around, the more you are exposed to things like inflation or market fluctuations. What if taxes go up? You need to have a plan that will survive in any market.
Eric typically helps people plan financially to live to 100 years old. Of course, not everyone lives that long, but it’s better to be prepared for it. Some have seen how things went with their own parents, be it a healthcare catastrophe or having to sort through finding a nursing home. The easiest way to remove that risk is to insure against it. Do you want long-term care insurance? What about life insurance?
There are a lot of questions you’ll want to ask and prepare for. Doing a retirement readiness review with Eric and the team will allow you to walk through those decisions and find out if you are financially prepared for them, no matter how long you live.
Listen to the entire episode or skip ahead using the timestamps below.
0:47 – What are the biggest downsides to a longer life expectancy?
3:33 – How can you be prepared?
4:26 – How do you insure against risk?
Today’s Takeaway:
“You need to have a plan that will survive in any market.”
-Eric Peterson
Related Resources:
Wishful Thinking with Your Finances
Building A Financial Foundation
Tax Season
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
What 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 MoreFinancial Planning Conversations for Couples
This episode is focused specifically on that planning we do with couples with insights on how we help them navigate tricky conversations about money and retirement.
Read MoreIs Your Retirement Based on Wishful Thinking?
Many people fall into the trap of wishful thinking when it comes to what they expect will happen in retirement, but a successful retirement isn’t built on hope and assumptions.
Read MoreSpending With Confidence in Retirement
Eric shares strategies to help retirees enjoy their savings while ensuring financial security.
Read More