Episode #2: Fill In The Financial Blanks

Today’s Prep:

Avoid any gaps in your financial plan. Join us as Eric fills in the financial blanks in your retirement.

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

Equipping Points:

[1:30] – The Best Way To Avoid Running Out Of Money In Retirement Is To _______.

  • Plan For It. However, this is harder than it seems. Find income streams that don’t end until you end. It’s easy to think you can’t control whether you’ll run out of money, but you really can. Build an income plan with your advisor that uses your Social Security, a possible pension, and old 401(k)s to generate a lifetime of income.

[2:53] – The Stock Market Has The Ability To ________. 

  • Create Wealth And Destroy Wealth. Yes, we acknowledge this is basically saying the market goes up and down. Over the long-term the market has proven its ability to accumulate wealth (Click here, and select the “Max” option to view the S&P 500 over time). However, it’s exceptionally volatile over the short-term (Click here, and select the “YTD” option to view the S&P 500 this year), and the market has the ability to destroy wealth. The market is a wonderful tool to build wealth, but it’s not good for generating income. When you retire, you want safer ways to provide consistent income. Wall Street is often accompanied by layers of fees and volatility.

[6:51] – When Someone Comes To Visit, They’re Likely To Worry About ________.

  • This used to be Market Crashes. Folks were incredibly fearful of a repeat of 2008. However, we now see most folks worried about Healthcare. People are worried they won’t be able to find affordable care in retirement. In fact, some folks are so worried, they’re waiting until 65 to retire, simply so they can jump straight from their own insurance to Medicare. Unfortunately, it seems retirees were some of the hardest hit by the Affordable Care Act. They want to retire at 62, but now they’re seeing the increased line item in their budget to cover insurance, and they’re waiting to retire as a result. Healthcare is a blank to plan ahead for in retirement. Prepare yourself to face rising costs in the future.

Other Preparation:

  • [4:47] – If Your Advisor Tells You The Market Always Goes Up, Run The Other Way.
  • [10:07] – Retirees Don’t Have “Needed” Money Coming From Predictable Sources.
  • [12:33] – We’re Here To Help.

Today’s Takeaway:

More From Eric:

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

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