Skip to content

Episode #16: Retirement Checklist

Today’s Prep:

Much like a pilot going through his pre-flight checklist before takeoff, it’s important you examine your pre-retirement checklist before walking away from a paycheck. Eric explains the items on that list.

(Click the featured times below to jump forward in the episode)

Equipping Points:

[1:09] – Retirement Checklist: Examine Your Income Needs.

  • Before you walk away from a paycheck, you need to know how much income you’re going to need in retirement. It’s not enough to know how many assets you have. Your success in retirement is much more dependent on income than it is total net worth. Grab a pen and paper, and calculate exactly what you’re going to be spending in retirement.

[2:57] – Retirement Checklist: Determine Where To Withdraw? 

  • Examine your retirement accounts, and develop a plan for taking withdrawals from them. Consider the tax burden that’s associated with each account. Different accounts are taxed differently, and there are ways to withdraw from them so that you’re not overwhelmed by your tax bill. You want to get the maximum amount of income for the least amount of taxes as possible.

[5:03] – Retirement Checklist: When Is The Ideal Time To Take Social Security? 

  • Determining when to take Social Security is a crucial conversation to have as it will impact your level of income in retirement. Many folks get excited and want to turn on Social Security as soon as possible, but it’s not always the best strategy, and once you’ve elected to withdraw your benefit, you only have one year to reconsider your decision. Conversely, many folks want to wait as long as possible to withdraw Social Security, knowing the longer you wait the larger the monthly benefit you can withdraw. However, depending on other elements of your financial life, you might be better served to take your benefit at an earlier time.

Other Preparation:

  • [6:20] – The Tax Ramifications Of Social Security.
  • [6:54] – The Question Of Longevity.

Today’s Takeaway:

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

Reasons Why People Don’t Retire

February 13, 2020

Why would someone put off retirement? Are there valid reasons to wait, even if you are of retirement age? Today we’ll look at the reasons that we often hear and the meaning behind what is said.

Read More

Financial Advisor Green Flags

February 6, 2020

How do you know if you’ve found the right type of financial advisor? What is most important when looking for someone to work with who will create the right types of financial strategies for where you are in life?

Read More

Understanding The SECURE Act, Part 2: Stretch IRAs

January 30, 2020

In part two of our series on the SECURE Act, we talk about some of the downsides to the changes. Eric explains the stretch IRA and what impact the SECURE Act made on it.

Read More

Understanding The SECURE Act, Part 1

January 23, 2020

What is the SECURE Act? And how does it impact your retirement plans? We’ll outline some of the major changes you need to be aware of in this two-part series.

Read More

Retirement Savings Options: IRA Contributions & Roth Conversions

January 16, 2020

What happens if you’ve maxed out your 401(k) contribution limit? When is a good time to make a Roth conversion? Eric answers three questions from the mailbag this week all pertaining to the options you have when it comes to saving for retirement.

Read More

Making The Right Decisions When It Comes To Real Estate

January 9, 2020

Are you considering making a move this year? When it comes to home buying or selling decisions, there are a lot of factors to consider. Eric answers a few questions from the mailbag related to real estate.

Read More

Fortune Cookie Proverbs For Your Financial Plan

January 2, 2020

The message inside a fortune cookie may bring you more fortune than you think if you apply those proverbs in your financial plan. Let’s look at four fortunes and how it applies with your financial decisions.

Read More

Facing The Final Decade Before Retirement

December 26, 2019

The last few years leading up to retirement can have a significant impact on what your retirement actually looks like. This is when you start making the decisions and plans you’ll actually implement in a few years. Are you ready?

Read More

A Message For The Good Savers

December 19, 2019

Maybe you are great at saving and putting away money toward retirement. Is that enough? Find out three areas where a bit more strategy and behavior modification may come into play with your savings and investments as you enter into retirement.

Read More

What Flying Can Teach Us About Retirement

December 12, 2019

Any time you fly in a plane, there’s a lot going on as you travel to your destination. How does this relate to your financial plan? We compare the experience of flying to preparing for retirement in today’s episode.

Read More

Leave a Comment