Today’s Prep:
Many investments promise enticing perks and large returns. They’re usually too good to be true and inundate you with fees. Avoid a headache by reading the fine print.
Equipping Points:
00:57 – Rate Increases On Long-term Care Insurance.
- It’s not that uncommon for insurance rates to go up. However, long-term care is a unique type of insurance in that when its rates rise, they rise a lot. It’s also unique in that a lot of people purchase long-term care as a personal choice. It’s hard for actuaries to have tables about peoples’ behavioral choices, so they raise rates to compensate for the unknown. Remember, you can modify your long-term care policy. This can help to alleviate your rising premiums.
3:32- Watch Out For The Fees In Annuities.
- If you purchase an annuity, make sure you know what you’re getting into. Variable annuities especially come with high fees, and often advisors fail to mention them as they’re pitching you the product. The fees can also be complex and difficult to understand. Work with a fiduciary advisor who will work in your best interest. They’ll also explain the ins and outs of different investments as you’re considering where to put your money.
5:54 – My Mutual Fund Tanked As Soon As I Invested.
- How often have we heard about the hottest mutual fund out there, only to have it tank as soon as we get in? Popular mutual funds are touted in all sorts of articles and magazines. However, as they attract more money, they become harder to manage. You have to put that money coming in somewhere, and certain stocks have limits on how much you’re allowed to own. Therefore, the money has to go in lesser stocks, and the fund loses value as a result. Sometimes, the larger the fund gets, the worse it will perform.
Other Preparation:
- 9:25 -My Life Insurance Got Expensive When I Turned 65.
- 11:23 – REIT Problems.
Today’s Takeaway:
“Read the fine print before jumping into an investment. Work with an advisor who will help you understand what you’re getting into. – Retirement Ready“
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