Financial Fill in the Blank

February 18, 2021 / Eric Peterson /

Today’s Prep:

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.

Equipping Points:

Today on the podcast, Eric and Marc play a little game of fill in the blank. How does Eric fill in each of the blanks on these finance-related topics? Does your answer match his?

The best way to not run out of money…is longevity insurance. Sound strange? Consider the insurance you already have, such as car insurance, medical insurance, or home insurance. Are you covering your retirement income? What does that look like?

What could the stock market do for you? Eric says it can both create and destroy wealth. Long-term the market has done great things, but short-term it can be pretty volatile. It’s important to understand the risks you’re taking with the market as well as the timeline about when you need it.

When should you run the other way from a financial advisor? If they are guaranteeing you they can beat the market, walk away. It should be about getting a plan in place. There will be times that returns will not do as well. But if you build a relationship and plan, you can get through the good times and the bad times.

Clients are most worried about what when they come to see a financial advisor? A lot of people used to be concerned about retirement income, but healthcare costs are becoming one of the top concerns now. How do you address these concerns in your plan?

Finally, what’s the top mistake retirees and pre-retirees make? It all comes down to risk. Do you know what your risk level is? Are you more comfortable than you should be? Should some of your money be moved to a safer place? Meeting with an advisor might show you what your exposure to risk really is.

Listen to the entire episode or click on the timestamps below to find out how Eric fills in these blanks.

0:48 – The best way to not run out of money is to____.

2:40 – The stock market has the ability to____.

4:13 – Run the other way if your advisor tells you to____.

6:26 – When someone comes to visit for the first time, they’re most likely worried about ____.

7:50 – The most common mistake retirees and pre-retirees make is ____.