Today’s Prep:
We quiz Eric with a few multiple-choice questions all about retirement. Which one will he choose? Do you agree?
(Click the featured times below to jump forward in the episode)
Equipping Points:
A, B, or C…which answer will it be? We ask Eric five questions on today’s podcast to see his thoughts on retirement.
As people head into retirement, what is it that scares people the most? Eric says running out of money is the number one fear, followed by figuring out how to pay for healthcare. While you’re working, you have a paycheck coming in to support your lifestyle. You have to get your money from what you’ve saved and that’s scary. When it comes to the next few years, what scares Eric the most: inflation, rising taxes, or stock market volatility. While it’s a close call, Eric is most concerned about volatility.
What kind of tax bracket do most people find themselves in once they get to retirement? Your retirement plan has to include a tax plan. It’s a critical part of your financial plan. Remember, it’s all about what you keep, not what you make that’s important.
What’s the magic number when it comes to retiring comfortably? Eric says it shouldn’t be a number. It really comes down to what you need to support your lifestyle. Everybody is unique, so don’t get caught up in the generalities with retirement. Don’t compare to the Joneses or your neighbor. Have an individual plan for you that’s about what you want.
Finally, what do people wish they had more of: life insurance, aggressive mutual funds, or Roth IRA? Any time you get can something tax-free, you want more of that. Roth IRAs are insulated for future tax increases and pass tax free. Life insurance also passes tax-free to your heirs.
Listen to the entire episode or skip ahead using the timestamps below.
0:46 – Let’s play a multiple-choice game!
1:02 – What scares the average person the most about retirement?
2:26 – What scares Eric about the coming years?
3:19 – Which tax situation describes the average retiree?
5:16 – How much money do you need to retire comfortably?
8:35 – What do people wish they had more of in retirement?
Today’s Takeaway:
“It’s really about income that you need to support your lifestyle. How much money does it take to generate that income for you? “
-Eric Peterson
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
What to Know About Retiring Today
When you work with a financial advisor, you aren’t just talking about money. Saving for your retirement also includes thinking about what kind of retirement lifestyle you want to have and what you need to keep in mind for the long-run. Do you want to work, by choice? What kinds of expenses will you have and how are they different in retirement? Is your money going to last for 30 years of retirement? Eric has seen his clients through all of these decisions and shares what to keep in mind about retirement.
Read MoreWhat Is Your Financial Personality?
What kind of personality do you have when it comes to money? Before you put together a financial plan, it’s important to understand the way you think and approach money. We talk through a few different personalities Eric commonly sees and how he advises them. Whether you are spending whenever you get a good excuse to or more of an intentional spender, it’s good to be cognizant of how you handle it and what possible downfalls you may face.
Read MoreInvesting Strategies by Profession
From teachers to engineers, there are a variety of people who work with Eric and his team to build a solid financial plan. Those in similar professions tend to have similar mindsets when it comes to finances. We discuss what similarities Eric sees across different industries and how he approaches each of them. Do any of these relate to you and your financial mindset? Find out what strategies a financial advisor might suggest pursuing.
Read MoreLife Insurance 101
While no one really likes to talk about it, life insurance can be an important part of your financial plan. We talk about why people cringe when they hear the term, who most needs it, and why you might want to reconsider your preconceived notions about it. Life insurance sometimes gets a bad rap, but it can be a powerful tool. If you care for someone else and you hate taxes, look at life insurance.
Read MoreFinancial Wisdom from Ron Swanson
Today, we take some quotes from the gruff but beloved Parks and Recreation character, Ron Swanson. He’s got a lot of dry sarcasm that can be hilarious, and surprisingly, can teach us a thing or two about financial planning.
Read MoreAvoiding Possible Financial Disasters
No one wants to find themselves in a financial disaster. Having a plan is a great way to start. On today’s show, we talk about simple strategies that can make a huge difference in your financial future.
Read More