Today’s Prep:
What’s your excuse for doing one thing over another when it comes to finances? Sometimes you want to justify your actions instead of thinking through what is actually best for you and your money. Here are three common decisions people make and why the excuses just don’t add up.
Equipping Points:
1:15 Taking your social security
The earliest you can take money out is at 62 years old. Right now it’s projected that the reserve will be depleted at 2035, so there may be some changes to social security. Don’t claim your money at 62 just because you want to get it out of the system. Do it if it’s right for your plan. Think about variables such as life expectancy, taxation, spousal benefits. Then, think about the burn rate — how many of your assets you’ll burn through before getting social security.
5:29 Trying to make up for lost time
Find out what kind of rate of return you need to make your plan work. Go through your capacity, attitude, and needs to see what kind of returns you need. Statistics say 69 percent of people surveyed by Employee Benefit Research Institute think they have enough money for retirement, but only 41 percent have actually calculated it. You need to have a plan to dictate the decisions of what you do.
7:54 Keeping cash in the bank
When you have cash in the bank you still need to consider things like inflation and taxes. Understand what liquidity really means. Having a lot of money in cash is not prudent, so just have the amount you need to feel comfortable.
Today’s Takeaway:
“You need to have a plan and process to dictate your decisions on what you need to do. – Retirement Ready”
Additional Resources:
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Mailbag – Roth IRA, Emergency Funds & Tax-Deferred vs. Tax-Free
Making more money is great, but what happens when it becomes a roadblock for contributing to a Roth IRA? And how can you make your emergency fund work smarter for you? In today’s episode, we pull from the mailbag and answer a mix of listener questions. Eric addresses concerns that reflect the real-life hurdles many face on the road to retirement.
Read MoreHow 2025 Tax Updates Can Impact Your Financial Plan
Although tax season has come to a close, the time for smart tax planning has just begun! In this episode, we unpack the upcoming tax updates that could affect your planning for the next few years, including changes to 401(k) contribution limits, tax deductions, and the potential benefits of using tax-advantaged accounts like HSAs.
Read MoreEarly Retirement: Dream Come True or Financial Trap?
Ever fantasize about leaving your 9-to-5 before traditional retirement age? You’re not alone, but is early retirement even possible? In today’s episode, Eric explores what it really takes to retire early including how to tackle healthcare costs, how to make money last longer and the importance of shifting your mindset from spender to saver.
Read MoreWhat 400+ Advisors Say Really Keeps Retirees Up at Night
What are Americans really concerned about when it comes to retirement? In this episode, we unpack the results of an insightful survey from Financial Advisor Magazine, which was completed by over 400 financial advisors. We’ll also compare these answers with the real-world concerns we hear every day from the clients in our own practice.
Read MoreBracket Busters and Stock Flops: The Risky Game of Picking Winners
March Madness is here, and just like filling out a bracket, picking individual stocks can feel like a thrilling gamble. But the odds of winning big are slim. In fact, history shows that most stock picks, like most brackets, end up busted.
Read MoreAre Hidden Fees Draining Your Retirement Savings?
In this episode, Eric reveals the true cost of investing and how to protect yourself from unnecessary financial drains.
Read MoreWhat Game Night Can Teach Us About Financial Planning
In this episode, Eric breaks down the surprising financial lessons hidden in classic board games, offering valuable insights to help you navigate your retirement strategy.
Read MoreMailbag – Upsizing, Financial Advisors & Business Owner Planning
Join us as we answer questions about the challenges of downsizing, the emotional aspects of planning for family gatherings, and the realities of transitioning into a financial advisory career.
Read MorePlanning for Kids, Grandkids, & Your Future
As many nearing retirement age are discovering, adult children and grandchildren can significantly influence financial strategies, making it crucial to understand how to navigate these relationships effectively.
Read More