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 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.
Mailbag: Working Forever, Safety Nets, and Target Date Funds
A lot of people think they’ll work forever, until life changes the plan. In this special mailbag episode, Eric answers listener questions about retirement timing, backup planning, target date funds, and how to think about risk as retirement gets closer.
The Financial Impact of Losing a Spouse
Losing a spouse is one of the hardest realities anyone can face, and it can create major financial changes that you may not see coming. In this episode, Eric walks through the potential financial impact of becoming suddenly single in retirement, including Social Security changes, tax surprises, IRA rules, beneficiary updates, and income planning challenges.
Old Accounts Could Be Costing You
Today, Eric discusses why old financial accounts deserve a second look. He explains how reviewing these accounts can uncover missed opportunities, improve efficiency, and help create a more coordinated financial plan.