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

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