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
Laid Off Near Retirement? What to Do Next
A layoff close to retirement can feel like a financial emergency, but it may not be as damaging as it first appears. Eric explains why layoffs are happening and walks through the key financial decisions that follow. He also shares a practical checklist for evaluating whether returning to work is necessary, or whether retirement may already be possible.
Mailbag: HELOCs, Trusts, and Family Money
In this mailbag episode, Eric answers listener questions about borrowing after retirement, avoiding unnecessary taxes on large IRA withdrawals, simplifying an estate, and setting healthy financial boundaries with loved ones.
Easy Ways to Ruin Retirement
Retirement can be exciting, but it can also come with new challenges. In this episode, Eric discusses some of the most common ways people can accidentally ruin retirement.
The National Park Guide to Retirement Planning
Whether you’re visiting one of the 63 national parks this summer or just hitting a local trail, a lot of the best practices for a great hike apply just as well to your retirement plan. Today, Eric “walks” through a few.
Mailbag: Military Pension Mistakes & Retirement Decision Paralysis
What happens if you make a retirement decision you can’t undo? And how do you know when you’ve done enough research before making an important financial move? In this mailbag episode, Eric answers two listener questions—one from a military retiree looking to protect his spouse after declining a survivor pension benefit, and another from a listener who struggles with overthinking every financial decision.
Movie Quotes That Reveal the Truth About Retirement
Can classic movie quotes actually teach valuable retirement lessons? In this episode, Eric takes memorable lines from films like The Terminator, When Harry Met Sally, and The Wizard of Oz and uses them to explain key retirement-planning concepts. From preparing for inevitable market downturns to understanding why every retirement plan should be personalized, these famous quotes provide surprisingly practical financial insights.
Mailbag: Simplify Your Retirement Accounts
Sometimes, the most valuable retirement lessons come from the questions people are asking every day. In this mailbag episode, Eric tackles listener questions covering investment organization, diversification, and pursuing new opportunities later in life.
Where Does Guaranteed Income in Retirement Really Come From?
What does “guaranteed income” really mean in retirement, and is it actually possible to create a paycheck you can count on for life? In this episode, Eric breaks down the different sources of retirement income, including Social Security, pensions, investments, rental properties, and insurance-based solutions. He explains the risks many retirees overlook when relying solely on portfolios, dividends, bonds, or rental income and discusses why predictable income streams can play an important role in a well-designed retirement strategy.
Mailbag: IRA Withdrawals, Whole Life Insurance & Cash on the Sidelines
In this mailbag episode, Eric tackles a variety of listener questions about retirement and financial planning.
He breaks down complex topics into clear, practical guidance to help you make more confident money decisions.
Retirement Lessons Hidden in Walt Disney Quotes
Sometimes the best financial lessons come from the most unexpected places. Walt Disney built one of the most recognizable brands in history, but some of his most memorable quotes offer lessons that extend far beyond theme parks and animated characters.