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
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
The Use Of Technology In Financial Planning
As technology keeps advancing, it’s made our lives easier in so many ways. Tasks that used to need outside help can now be done on our own with just a few clicks. This shift has also brought more accessible online financial tools, but how accurate and helpful are they really?
Read MoreRetirement Planning Conversations With Dorothy Parker
Dorothy Parker is one of the great writers of the 20th century. Her wit and prose have been appreciated by readers for generations. But are there any lessons we can learn when it comes to finance with some of Parker’s most well-known quotes?
Read MoreMailbag: Moving To A State With Income Tax And More
In this episode, Eric is answering your questions! We’ll cover a range of topics today, including key considerations for income taxes when moving to a new state, how to initiate financial conversations with parents or grandparents, and whether using a life insurance policy to save for a college fund is a wise choice.
Read MoreWhat Is Lazy Money?
What is lazy money and why do you want to not have too much of it in your retirement portfolio? Simply put, lazy money is money that isn’t growing as much as it could be. Having your money grow and work for you is a key part of building a solid portfolio, so Eric breaks down some strategies to help get the most out of your money in this episode.
Read MoreRetirement Real Estate Decisions: Downsizing, Snowbirding, and More
One of the key discussions you may have in retirement is what to do about the house. Should you downsize your home? Pay it off early? Buy a vacation home and become a snow bird? Eric emphasizes the importance of considering not just the financial implications but also the lifestyle changes each of these decisions entail. Weighing out the pros and cons of each decision can highlight what is right for you (which isn’t always the same as what your neighbor is doing).
Read MoreWater Wheels and Retirement Planning
Have you ever wondered how a water wheel can relate to your retirement planning? It might seem like an odd comparison, but in today’s podcast, Eric breaks down this fascinating analogy and its significance in maintaining a stable financial future.
Read More