Today’s Prep:
How can you know your retirement plans are what they should be? What thoughts and assumptions can ruin your retirement? One thing’s for sure–you don’t want to mess it up!
Equipping Points:
When it comes to planning for retirement, what are some ways of thinking that might trip you up? While these statements might seem like the easier answer, they may actually prove to be easy ways to mess up your retirement. On today’s episode of Retirement Ready, Eric talks us through how we should be thinking instead.
Retirement is not the end of the race. You’ll have a number of challenges yet to face such as where your income will come from, what your taxes will be, or if there’s a healthcare issue. This is a new phase in life, but you’ll want to prepare for several elements of it, but just the last day of work.
Believe it or not, retirement won’t solve all your problems. You might escape certain things, but you will still have decisions to make and find ways to use your time. Don’t think that your spending habits will be the same in retirement either! You’ll need to see where you spend your money and what kind of lifestyle you want to have in retirement.
As you get closer to retirement, start acting like it with your investments. Maybe you feel younger than you are, but once you are in your 50s start making plans on how to diversify your portfolio with smart and safe places to take your money.
Are you well prepared for retirement? Or have you been trying to take the easy way lately when it comes to financial planning?
Listen to the full episode or click on the timestamps below to hear the easiest ways to mess up your retirement.
0:46 – What are some easy ways to mess up your retirement?
2:02 – Thinking of retirement as your destination.
3:45 – Believing that retirement is the cure-all for your problems.
6:18 – Assuming that your spending habits will stay the same.
8:31 – Don’t invest like you are younger than you actually are.
Related Resources:
The Customer Ain’t Always Right In Financial Planning
The Fool’s Gold of Retirement Planning
Life Happens: How Will Your Financial Plan Be Impacted?
Today’s Takeaway:
[spp-tweet tweet= “Assuming what you’re making right now is what you need is the wrong way to approach that. For a lot of people, that’s what causes them to not get a retirement plan in place. Go through the process and then see where you need to make adjustments. –Eric Peterson“]
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 More
Retirement 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 More
Mailbag: 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 More
What 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 More
Retirement Planning Today Is Harder Than It Used To Be
Retirement planning simply isn’t the same as it used to be. From changes in life expectancy, the lack of pensions, and getting caught in the sandwich generation, there’s a lot to keep in mind when putting together your financial plan. Instead of taking advice from others who may have retired in a different era, it’s important to understand what strategy is right for you.
Read More
Social Security Variables That Impact Your Claiming Strategy
After so many years of paying into Social Security, you might feel ready to reap the benefits. But before you get too eager, it’s best to have a thorough understanding of the different variables and how to best leverage them.
Read More
Retirement 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 More
Healthcare in Retirement
One major (yet often overlooked!) expense in retirement is healthcare. Especially if you are retiring early, healthcare can be a huge expense as you bridge the gap between your working years and when eligible for Medicare. Not only will you have an increased monthly cost, but you may need to budget for additional medical costs as time goes on or even long-term care needs.
Read More
Family Matters When It Comes to Finances
Today we talk about what happens in a family, particularly when someone has passed away and the financial impact that can have.
Read More
Water 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