Today’s Prep:
How would you grade yourself on your financial competency? Are you at the top of the class or falling behind? Find out on this episode.
Equipping Points:
Are you an “A” student or are you barely passing? Have you ever stopped to grade yourself on how well you are doing financially? Ask yourself how well you’re doing and if you need to meet with an advisor to help boost your grade.
For instance, do you know how much you actually have? From different investments to various assets and even 401(k) rollovers, maybe you don’t know what you have and where everything is. Then remember, it’s not only how much money you’ve saved, but how much do you spend? Do you know what your spending habits are now? How will these change in retirement? What kind of income streams will you have in retirement?
Are you aware of how much risk you have? What kind of risk are you exposed to? You might think you know, but talk about it with your advisor to make sure your risk tolerance and your actual risk match. When it comes to mutual funds, do you know what you’re paying in fees? Are you getting the appropriate level of value in exchange for those fees?
So how well did you do?
Listen to the full episode or click on the questions below to hear more about how you can improve your score.
0:57 – Do you know how much you actually have?
3:04 – Do you know how much you truly spend?
4:29 – How much risk do you have?
5:58 – What are you paying in fees?
8:43 – Do you know what your income streams are going to look like in retirement?
Today’s Takeaway:
[spp-tweet tweet= “It’s not a matter of how much money you’ve saved (which is important), it’s how much it costs you to live. -Eric Peterson”]
Related Resources:
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Laid Off Near Retirement? What to Do Next
A layoff close to retirement can feel like a financial emergency, but it may not be as damaging as it first appears. Eric explains why layoffs are happening and walks through the key financial decisions that follow. He also shares a practical checklist for evaluating whether returning to work is necessary, or whether retirement may already be possible.
Mailbag: HELOCs, Trusts, and Family Money
In this mailbag episode, Eric answers listener questions about borrowing after retirement, avoiding unnecessary taxes on large IRA withdrawals, simplifying an estate, and setting healthy financial boundaries with loved ones.
Easy Ways to Ruin Retirement
Retirement can be exciting, but it can also come with new challenges. In this episode, Eric discusses some of the most common ways people can accidentally ruin retirement.
The National Park Guide to Retirement Planning
Whether you’re visiting one of the 63 national parks this summer or just hitting a local trail, a lot of the best practices for a great hike apply just as well to your retirement plan. Today, Eric “walks” through a few.
Mailbag: Military Pension Mistakes & Retirement Decision Paralysis
What happens if you make a retirement decision you can’t undo? And how do you know when you’ve done enough research before making an important financial move? In this mailbag episode, Eric answers two listener questions—one from a military retiree looking to protect his spouse after declining a survivor pension benefit, and another from a listener who struggles with overthinking every financial decision.
Movie Quotes That Reveal the Truth About Retirement
Can classic movie quotes actually teach valuable retirement lessons? In this episode, Eric takes memorable lines from films like The Terminator, When Harry Met Sally, and The Wizard of Oz and uses them to explain key retirement-planning concepts. From preparing for inevitable market downturns to understanding why every retirement plan should be personalized, these famous quotes provide surprisingly practical financial insights.
Mailbag: Simplify Your Retirement Accounts
Sometimes, the most valuable retirement lessons come from the questions people are asking every day. In this mailbag episode, Eric tackles listener questions covering investment organization, diversification, and pursuing new opportunities later in life.
Where Does Guaranteed Income in Retirement Really Come From?
What does “guaranteed income” really mean in retirement, and is it actually possible to create a paycheck you can count on for life? In this episode, Eric breaks down the different sources of retirement income, including Social Security, pensions, investments, rental properties, and insurance-based solutions. He explains the risks many retirees overlook when relying solely on portfolios, dividends, bonds, or rental income and discusses why predictable income streams can play an important role in a well-designed retirement strategy.
Mailbag: IRA Withdrawals, Whole Life Insurance & Cash on the Sidelines
In this mailbag episode, Eric tackles a variety of listener questions about retirement and financial planning.
He breaks down complex topics into clear, practical guidance to help you make more confident money decisions.
Retirement Lessons Hidden in Walt Disney Quotes
Sometimes the best financial lessons come from the most unexpected places. Walt Disney built one of the most recognizable brands in history, but some of his most memorable quotes offer lessons that extend far beyond theme parks and animated characters.