Episode #9: Retirement Procrastination

Today’s Prep:

Procrastination is dangerous as it pertains to your retirement. Don’t let these lines of thought keep you from planning your financial future.

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

Equipping Points:

[1:21] – Retirement Procrastination: You’re Not Your Grandparents. 

  • It’s easy to compare your retirement to your parents’ or grandparents’, but your situation will be different. Your grandparents probably worked for a company that provided a pension to its employees. Perhaps they provided healthcare and legal benefits as well. Your grandparents could count on that pension for consistent monthly income. Anymore, that’s not the case. Many pensions have gone the way of the Dodo, and healthcare is becoming increasingly expensive. While your grandparents might have put their financial future on auto pilot, you’ll more than likely have to take control and develop other income streams in retirement.

[3:46] – Retirement Procrastination: Don’t Let The Financial Noise Cause You To Freeze.

  • There’s a lot of financial noise out there. It seems every news outlet and talking head has an opinion on the stock market. If you’re not careful, you’ll get caught up in the conflicting opinions and fail to take any financial action at all. Fear is a powerful roadblock that keeps you from taking steps toward financial security. It’s crucial you tune out the financial noise. Instead, look for a fiduciary who will be obligated to work in your best interest. Find someone who is an independent advisor and isn’t beholden to certain products and planning strategies. Finally, look up your advisor’s credentials, and see whether they’re qualified to give you advice.

[7:39] – Retirement Procrastination: But Numbers Freak Me Out. 

  • You don’t have to be a numbers person to have a sound retirement. Furthermore, you don’t have to know everything there is to know about financial planning to develop a sound financial plan. Haven’t you ever heard the phrase “Do what you do best, and hire the rest?” Rather than operate outside your expertise, find a professional you trust to help you with the numbers. Work with an advisor who will take away the stress of financial planning and explain your finances in an easily digestible manner.

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

Translating Financial Jargon

February 25, 2021

Do you know the difference between large cap and small cap funds? What are basis points? This episode will discuss various financial jargon to help translate what these really mean.

Read More

Financial Fill in the Blank

February 18, 2021

What’s the best way to not run out of money in retirement? What are most people worried about when retirement planning? Eric fills in these blanks in today’s episode.

Read More

What to Know About Biden’s Initial Executive Orders

February 11, 2021

Let’s take a look at some of Biden’s executive orders so far in his first few weeks. How could they alter your financial plan?

Read More

Mailbag: Retirement Planning With Separate Bank Accounts

February 4, 2021

From managing your income as a contract employee to managing your income in retirement, Eric answers three questions from the mailbag in today’s episode of the podcast.

Read More

Estate & Legacy Planning FAQs

January 28, 2021

When receiving an inheritance, a lot of interesting or unexpected scenarios can occur. We discuss four different situations to hear Eric’s advice on how to handle them on today’s episode of the Retirement Ready podcast.

Read More

What Does Mark Twain Have to Say About Your Financial Plan?

January 21, 2021

What financial wisdom can we glean from the sayings of Mark Twain? Believe it or not, many of these quotes are quite relevant today.

Read More

New Year, New Ideas to Consider

January 14, 2021

We all like the idea of a fresh start in the new year. What changes are already underway? Or, what changes might be unwelcomed when it comes to your retirement plan?

Read More

Mailbag: Should I Use My Severance Package to Pay Off the House?

January 7, 2021

Whether you want to learn more about using your HSA or trying to make strategic use of your severance package, Eric answers three questions from the mailbag. Do any of these questions relate to your situation?

Read More

Things Your Advisor Should Be Doing

December 30, 2020

What kind of decisions are you making alongside your financial advisor? How do you know if they are doing everything you need when it comes to creating and implementing a retirement plan? Eric talks through what you deserve from a financial advisor and how his team works with clients to meet their needs.

Read More

The Three Worlds of Money

December 23, 2020

Do you know the three worlds of money? Where does the bulk of your money live? Is your money appropriately balanced across all three worlds? We’ll break it all down on this episode.

Read More

Leave a Comment