Today’s Prep:
When planning for retirement, there are a number of pain points that can come up to cause stress and fear for the future. What are some ways you can address these pain points now?
Equipping Points:
When creating a financial plan, there are a lot of factors to consider. For some, the pain points of the future can cause a bit of fear and trepidation. But many of these pain points can be addressed in a way that can bring you peace of mind. In today’s episode of the Retirement Ready podcast, we’ll make sure you aren’t getting caught up on any of these areas of concern.
With life expectancies running longer, there is an extreme fear of running out of money before you die. How do you prepare for that? Are annuities one way to provide for your life?
While taxes are something you can depend on always being something in your life, you don’t know just how they may impact your retirement. Not knowing your tax rate in the future can be a big stressor later on. You’ll want to work with somebody who understands taxes in order to reduce your tax liability.
When it comes to long-term care, nursing homes are a frightening concept for many. Nursing homes are expensive, but you can prepare for it. There are insurance options and ways to save in your own retirement planning that can account for a potential need for long-term care.
Some worry constantly about when the next market crash will hit. So, look through your investment strategy. What options do you have? People are afraid of a correction taking a large amount of their money away, so readjusting your risk profile is critical.
Listen to the entire podcast or click on the timestamps below to hear a particular financial pain point.
0:48 – What are some of the main financial pain points?
1:11 – Many people worry about running out of money before they die.
3:21 – How will taxes go in retirement?
6:55 – People are terribly afraid of living in (and paying for) a nursing home.
9:12 – Anxiety over a potential market crash can feel overwhelming.
Related Resources:
Financial Debates – Debt, Mortgages, Life Insurance & Mutual Funds
Handling What You Can’t Control in Retirement
Today’s Takeaway:
[spp-tweet tweet=”You can make money one of two ways on the market: you buy low and sell high. You can also sell high and buy low. –Eric Peterson“]
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Mailbag: Should I Fire My Broker?
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
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
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?
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
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
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
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
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?
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
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