Today’s Prep:
What does it look like to achieve financial security? Let’s talk through a few financial goals people have when they meet with a financial advisor.
Equipping Points:
Are you working toward financial security? How can you prioritize financial security in your retirement plan? Eric talks through different ways people can set themselves up for financial success.
For many people, they aim to avoid being a financial burden to their children. By saving enough and preparing for potential long-term care needs, this can alleviate the stress on your children. Talk through what your plan is and stress-test your plan to see what your plan covers for the future. You can save financially and also prepare from a physical standpoint by taking care of your health.
Some people don’t truly want to retire. Instead of working full-time, maybe you want to work in a part-time capacity. This helps keep you on a schedule, engaged with other people, and making a little money. There are a lot of options for how to do this that might be a fun way to spend your extra time.
When you’re working, you have an emergency fund to have liquid money in the bank. When you’re in retirement, it’s a little different because more of your money is liquid. Your investment accounts and retirement accounts are able to be accessed within a few days.
As you get close to retirement or are in retirement, seeing the market jump up and down can be stressful. Can you still go on that vacation? You need to have the income you want access to in safer, smarter places. In times like this, if you have it set up appropriately in safe accounts as well as opportunistic accounts, you can still enjoy yourself.
Listen to the entire episode or skip ahead using the timestamps below.
0:47 – What is your definition of financial security?
3:18 – You don’t want to run out of money.
4:31 – Maybe you want to be able to work on your terms.
6:41 – Having an emergency fund protects you.
9:13 – How do you avoid feeling panicked during market volatility?
Today’s Takeaway:
When we talk about having the proper asset allocation, it’s having both safe accounts and then risk opportunistic accounts.
-Eric Peterson
Related Resources:
Financial Planning for Business Owners
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Do You Have These Blind Spots In Your Retirement Plan?
Many people can have a couple of “blind spots” so to speak when it comes to their retirement plans. Do you worry you may not be accounting for everything you might need for your retirement? Then today’s episode is perfect for you!
Read More
Inside Out: How We Can Look at Finances Through the Characters of Pixar’s Latest Flick
There can be a lot of emotions when it comes to investing and planning for retirement. And what better way to discuss those emotions than through the characters of Pixar’s latest film, Inside Out 2?
Read More
The Importance of Preventative Care
Preventative care isn’t just for your health; it’s essential for your financial well-being too. By consulting a financial advisor early and often, you can avoid financial distress and make informed decisions that lead to a secure and fulfilling retirement. Many people will put it off for fear they will be told something they don’t want to hear or because of the perceived costs of financial advisors.
Read More
Preparing for Retirement like Noah’s Ark
Financial planning involves a lot of planning ahead, much like Noah did when he started building the ark long before the rain began. This metaphor serves as a powerful reminder that proactive planning is essential for weathering financial storms. Eric highlights that while we can’t predict events like market crashes or global pandemics, we can prepare for them by stress-testing our financial plans.
Read More
Retirement Income
When planning for retirement, one of the most critical aspects to consider is your income. But what does this mean, and how can you ensure you have enough income to cover your needs and desires?
Read More
Retirement Checklist
Retirement is a significant milestone that requires careful planning and preparation. In today’s podcast, Eric shares a comprehensive checklist to ensure you’re fully prepared for your golden years.
Read More
Financial Wisdom from Mark Twain
In the latest episode of the Retirement Ready Podcast, Eric invites us to explore the timeless wisdom of Mark Twain and how it applies to modern financial planning. Mark Twain, known for his wit and keen observations, offers quotes that are surprisingly relevant to today’s financial landscape. Eric takes these quotes and translates them into practical advice for those planning their retirement.
Read More
Understanding Bonds in Today’s Market
Are bonds really the safe investment we’ve always been told they are? What percentage of assets should a retiree or pre-retiree hold in bonds? In today’s episode, Eric addresses some of his most frequently asked questions about the world of bonds…
Read More
Understanding Your Financial Statements
Financial statements can often feel like a foreign language, filled with jargon and numbers that seem to have little relevance to your everyday life. However, understanding these documents is crucial for effective retirement planning. In the latest episode of the Retirement Ready Podcast, Eric breaks down the essentials of reading and interpreting your financial statements.
Read More
From Graduation to Retirement
This one goes to the grads! Whether you know someone graduating high school, college, or even preschool, graduation marks a new stage and season in life. Similarly, retirement is a new chapter in life. It’s a time of change, celebration, and sometimes, uncertainty. On today’s show, we talk through the similarities between leaving school and entering retirement.
Read More