Financial Things We Can All Relate To

Today’s Prep:

What are we all facing and wondering about in our financial futures? Eric talks through a few topics you might have had on your mind lately.

Equipping Points:

When making a financial plan, there’s a lot of things that are unique to you and your situation. That said, there are some things that we can all relate to on some level. Today we talk about how we’re all alike.

Social Security is something everyone wonders about and worries about. Will it still be there by the time you want to withdraw from it? All government programs face some challenges, but Social Security is a bedrock of retirement for many. You put money into the system and more than likely, expect to get those benefits back. There might be some changes in the future, but we don’t know just how it will look in the future.

Thinking you have a high risk tolerance, at least until there’s market volatility? We all tend to think we have a higher risk tolerance than we really do. Sometimes the market will look crazy like it does right now. You need to have a plan that can address that.

Listen to the entire episode or skip ahead to a particular question from the mailbag.

0:47 – What can we all relate to?

1:46 – What do we all have in our car?

2:22 – We all are looking at Social Security.

4:47 – We all forget someone’s name.

6:28 – What’s your real risk tolerance?

 

Today’s Takeaway:

“Everyone’s comfortable with the risk when the market’s good. No one’s comfortable with the risk when the market’s bad.”

-Eric Peterson

Related Resources:

Building a Plan for the Long Haul

Playing the Retirement Game Show

Understanding Financial Feelings

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 Fire My Broker?

April 18, 2024

Navigating life’s financial crossroads can be tricky, especially when it involves your financial future. In this episode of Retirement Ready, Eric addresses these complex issues head-on. How do you best evaluate your broker and your investment performance against the S&P 500? Eric says a lot of that comes down to setting expectations and understanding the risks. Then, Holly wants to know what to consider before making a midlife career change.

Read More

Putting It Off

April 11, 2024

We are all guilty of procrastinating from time to time. Financially speaking, though, this can get you into a lot of trouble. Let’s talk about the areas where it might feel better to kick the can down the road.

Read More

Common Scams to Avoid

April 4, 2024

Americans over 60 have lost more than $3.1 billion in various forms of fraud and scams in the last 12 months! Today we talk through some of the common scams people unfortunately fall for and how you can stay vigilant against it.

Read More

Financial Strategies: Agree or Disagree?

March 28, 2024

There are a number of financial ideas that people have differing opinions on. Eric shares today which of these he agrees with or disagrees and why.

Read More

Divorce Mistakes

March 21, 2024

Unfortunately, divorce happens. When it does, no one wants to make costly financial mistakes amidst an already stressful time. Today, we talk about the mistakes that can happen and how to avoid them when it comes to dividing up your assets with a spouse.

Read More

Villains of the Financial World

March 14, 2024

Just like some of these cinematic villains, some of these financial elements may have a bit of nuance and history that can make it hard to label them all good or all bad.

Read More

Uses for Life Insurance

March 7, 2024

When you’re younger, life insurance is often thought of as an income replacement as needed. But as you get older and into retirement, you might find other uses for life insurance. When thinking ahead for your estate and how it passes to beneficiaries, life insurance can prove to be a useful tool. Currently, the proceeds from life insurance are tax-free. How does that change how you include it in your financial plan? Eric outlines some of the options and benefits life insurance can provide.

Read More

Understanding Financial Risk

February 29, 2024

What kind of risks do you take in your financial life? As you get less comfortable with things like climbing up ladders and riding on skateboards, you might also become less financially risky. When you enter retirement, how you view your money in the market changes significantly from your working years. It’s important to look at your portfolio to ensure your investments match your risk tolerance.

Read More

Mailbag: What Financial Advice Should I Share with My Grandchild?

February 22, 2024

Why is retirement planning different than the “good old days” that our parents and grandparents experienced? Things like pensions, Social Security, and even RMD age have changed. Is your financial plan set up accordingly or is it in need of some changes to match?

Read More

The Good Old Days

February 15, 2024

Why is retirement planning different than the “good old days” that our parents and grandparents experienced? Things like pensions, Social Security, and even RMD age have changed. Is your financial plan set up accordingly or is it in need of some changes to match?

Read More

Leave a Comment