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

Subscribe To The Podcast:

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

Check out some other recent episodes

Good News, Bad News

June 1, 2023

Sometimes you get good news and bad news at the same time. Which one will outweigh the other? More times than not, you are better off than you expected but you won’t know until you ask a professional. In this episode, we talk through a number of financial scenarios that can bring a bit of both good and bad.

Read More

401(k) Considerations

May 25, 2023

A 401(k) is a highly valuable, widely used investment asset for many people. But what should you know when you set one up or contribute to one? In this episode, we’ll talk through some of the things you’ll want to consider when using this powerful investment tool.

Read More

Generational Challenges

May 18, 2023

Every generation has had a different experience and are currently at a different life stage. In this episode, Eric talks through some of the financial challenges that Millennials, Gen X, and Baby Boomers face. Understanding and acknowledging these different challenges can help you better plan according to where you are in life.

Read More

Advisor Pet Peeves

May 11, 2023

We all have pet peeves, so in today’s episode we talk about some pet peeves financial advisors have. Eric shares his experience as a financial advisor and sheds light on some things in the industry that can negatively impact both clients and professionals. From cookie-cutter financial plans to hidden fees, these things can really rub you the wrong way.

Read More

Grading Your Financial Competency

May 4, 2023

Financial competency is something that is not taught nearly enough. As an advisor, Eric focuses on teaching not only strategic investing decisions but also the basic foundations of money. It starts by knowing how much you have. Then, ask yourself, how much do you really spend? It’s easy to spend more than you realize, so getting that in check can make a huge difference.

Read More

Financial Lessons from Yogi Berra

April 27, 2023

What kind of financial wisdom can we take from a baseball player’s quotes? Quite a bit! Today’s quotes from Yogi Berra have a bit of humor and a lot of truth when it comes to your financial plan. From navigating annuities to planning for inflation, Eric shares how these quotes can bring a lot of meaning and understanding to our finances.

Read More

Mailbag: Should I be Worried about Investing in a Bank?

April 20, 2023

You may have seen the news about some bank issues with banks like Silicon Valley Bank. Is that cause for concern? If you have money in the bank, Eric explains how much is covered and what you can do to protect yourself. With any investments you make, realize which of the three components you’ll have: safety, liquidity, or growth.

Read More

Ways to Ruin Retirement

April 13, 2023

Building a successful retirement requires careful planning and wise decision-making. Unfortunately, it’s all too easy to undo all of that hard work by falling prey to common pitfalls. Rather than risking the enjoyment and security of your golden years, we’ll discuss some ways to avoid these mistakes and secure your financial future in this episode. 

Read More

Financial Mistruths

April 6, 2023

Every once in a while, financial concepts or strategies get misunderstood or misconstrued. It’s important to understand what you have and why you have it. On today’s show, we break down some financial ideals to find the “mistruths” or lies that can mistakenly be adopted.

Read More

What’s the Difference? Traditional IRA vs. Roth IRA

March 30, 2023

Roth IRAs have been around for about 25 years, but a lot of people still don’t know how they differ from a traditional IRA. Understanding the difference between the two will help you determine which option is best for your retirement goals. In this episode, Eric shares what you’ll want to know about a Roth IRA and when to use it.

Read More

Leave a Comment