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 ____.
Today’s Takeaway:
“The key to success in the market is to not sell when it’s down.“
-Eric Peterson
Related 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 More
How 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 More
Early 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 More
What 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 More
Bracket 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 More
Are 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 More
What 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 More
Mailbag – 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 More
Planning for Unique Situations in Retirement
While many face the same general retirement concerns, each individual’s situation is unique, requiring tailored solutions.
Read More
Planning 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