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.
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:
“The time to plan for retirement is today. Stop procrastinating your financial future, and work with a professional you trust to get a sound financial plan in place. – 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.