Is This Retirement Fact or Fiction?

Today’s Prep:

Ever hear something and think, could that be true? Some of these financial concepts are fact and some are fiction–do you know which is which?

(Click the featured times below to jump forward in the episode)

Equipping Points:

On today’s podcast we play a game of fact or fiction. These different statements get thrown around a lot when it comes to financial planning, but are they really true?

For starters, is Social Security taxable? Eric talks through how this is a fact, but also explains the ways this can look differently from one person to another. What about taxes? Are they lower in retirement? Are you planning for retirement accordingly?

Is term life insurance better than whole life insurance? To determine that, you need to understand what each tool does. What are the pros and cons of each form of insurance? What benefit might be provided? Is it worth having both? 

How much can you really depend on Medicare? What does it cover and what gaps do you need to fill? How can an HSA be of use to you? As much as health expenses aren’t as fun or flashy as a nice vacation, they are a major expense you need to be prepared for in retirement.

Finally, as you get older should you be shifting your stocks to bonds? How can you do this wisely and in a way that will best protect your investments? Be sure to talk with your financial advisor in order to act strategically with your money.

Listen to the full episode or click on the timestamps below to skip ahead to a particular fact or fiction.

[1:04] – Fact or Fiction: Social Security is taxable. 

[3:18] – Fact or Fiction: Your taxes will likely be lower in retirement.

[5:24] – Fact or Fiction: Term life insurance is better than whole life insurance.

[7:37] – Fact or Fiction: Medicare will cover most of your medical needs in retirement.

[9:30] – Fact or Fiction: As we get older, we should shift from stocks to bonds.

Today’s Takeaway:

What kind of rate of return do I need to make my plan work? If my plan works at a low rate of return, I’ve got all kinds of tools I can use. If I need a high rate of return, I’ll need to be more stock-based.

-Eric Peterson

Related Resources:

Are You Flirting with Financial Disaster?

What Is Your Retirement Mindset?

Grading Your Financial Competency

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

Retirement Income Planning Essentials

September 23, 2021

What do you need to know about retirement income? From Social Security to planning for inflation, Eric breaks down the basics of what you need to know and how to make a plan that fits your future.

Read More

Easy Financial Improvements To Make

September 16, 2021

What’s a simple way to make your financial planning better? Today we are going to discuss some easy steps you can take to improve your financial plan.

Read More

Empty Nest Syndrome

September 9, 2021

Have all of your little baby birds left the nest? Today, we discuss the kind of financial decisions you may make in this next stage of life.

Read More

Retirement Quiz – Is That Your Final Answer?

September 2, 2021

We quiz Eric with a few multiple-choice questions all about retirement. Which one will he choose? Do you agree?

Read More

Moving On From Financial Mistakes

August 26, 2021

Instead of getting stuck in a rut after a financial mistake, it’s important to move forward in the right direction. So, what can you do to recover? Find out on today’s show.

Read More

Common Complaints About Financial Advisors

August 19, 2021

Are you feeling frustrated when it comes to your financial planning? If so, these three common financial complaints might make you feel like you aren’t alone, but also give you hope for a better scenario.

Read More

Navigating Retirement Disagreements Between Spouses

August 12, 2021

What do couples tend to argue about when it comes to their money in retirement? Eric talks through what you need to do to get on the same page.

Read More

5 Most Common Retirement Planning Mistakes

August 5, 2021

Do you have a strategy in place to avoid these retirement planning mistakes? Eric talks through what to do instead to make sure your plan is a success.

Read More

The Retirement Countdown

July 29, 2021

In those final years before retirement, what should you be considering and doing now? We tackle a list of things you should do in the years before retirement.

Read More

Mailbag: Do I Need Long-Term Care Insurance If I Expect an Inheritance?

July 22, 2021

Looking for a way around paying for long-term care insurance? Will an inheritance cover it? Eric answers this question and two others from the mailbag.

Read More

Leave a Comment