Excuses, Excuses, Excuses – Stop Making Them

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.

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

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:

Additional Resources:

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

Mailbag: Should I Withdraw from an Old Annuity?

September 17, 2020

When is a good time to withdraw from an annuity and what should you know ahead of time? Eric answers this and two other questions from the mailbag in this week’s podcast.

Read More

Heard It Through The Grapevine?

September 10, 2020

From million-dollar retirement benchmarks to presidential election fears or predictions, have you heard these through the grapevine? Eric shares what he thinks about these three financial rumors.

Read More

Is This Retirement Fact or Fiction?

September 3, 2020

Ever hear something and think, could that be true? Some of these financial concepts are fact and some are fiction–do you know which is which?

Read More

Are You Flirting with Financial Disaster?

August 27, 2020

You might feel great about where you stand financially but there’s a chance you could be flirting with disaster. We’ll tell you about three key areas where people make mistakes in their planning that can end up causing major financial problems in retirement.

Read More

How To Pack Your Financial Suitcase

August 20, 2020

When you go on a trip, a lot of times it helps to refer to a packing list to make sure you have everything. When putting together a financial plan, do you have everything in order? Let’s talk about what you need to put into your financial suitcase.

Read More

What Is Your Retirement Mindset?

August 13, 2020

When it comes to retirement, where are you at? If you’re getting closer to retirement, it may help to understand your current mindset in order to know how best to proceed.

Read More

Are You Facing Financial Crisis or Financial Opportunity?

August 6, 2020

From market crashes to empty nests, we discuss different situations that may be first viewed as a crisis. But is it really an opportunity in disguise? We will explore both sides today on the podcast.

Read More

Making The Right Decisions With Your 401(k)

July 30, 2020

Are you wondering what to do with your 401(k)? How can you make sure this investment is set-up well to suit your needs? Let’s answer some of the most common questions regarding this popular retirement account.

Read More

Which TV Character Describes Your Financial Personality?

July 23, 2020

What kind of classic TV personality do you most relate with when it comes to handling your finances? Are you more like Gilligan or Barney Fife? Find out on today’s podcast!

Read More

Financial Pet Peeves

July 16, 2020

What little (or not little) things get under your skin when it comes to financial planning? Are they the same pet peeves as Eric’s? Find out on today’s podcast!

Read More

Leave a Comment