Let’s Play Financial Jeopardy

Today’s Prep:

Financial for 200! Financial for 400! Are you ready to match the questions with the statements like in Jeopardy when it comes to your knowledge of financial terms? Which of these currently impact your retirement plan?

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

 

Equipping Points:

Are you up-to-date on your financial trivia? On today’s episode of the Retirement Ready podcast, we put Eric Peterson to the test by playing a round of financial Jeopardy. Play along and see if you can match the definitions to the proper questions.

What is a variable annuity? Variable annuities have high fees in them and can give a bad name to some of the other types of annuities. Fixed annuities, fixed index annuities, and variable annuities are all different though. Do you have an annuity? Do any of these fit in your retirement plan?

What is the fiduciary standard? You may be working with a registered investment advisor, which is someone required to put your best interests first. Or you may be working with a broker, which falls under the suitability standard of care and doesn’t have to disclose conflicts of interest. You need to ask, “Are you a fiduciary?”

What is a market correction? Markets are always going to move up and down depending on what’s going on in the economy. People think corrections and economy move hand-in-hand, but that’s not necessarily the case. Corrections are natural, but you have to understand how it works and know where you will have safe places to draw money from in retirement.

What is a required minimum distribution? There are a number of ways that stop you from taking distributions, but none of them are good. So, if you are past 70 and a half, you do have to take RMDs. That said, there are several different options on what can you do with these (hint: it’s not just spending them).

What is a pension? These are retirement benefits that are becoming rare in our country. So, what does that mean for your retirement plan?

Listen to the full episode to play a bit of financial Jeopardy alongside us or click on the statements below to see how well you know your financial terms.

[1:18] – This financial product has given a bad name to some of its cousins.

[3:50] – This requires a financial advisor to put his client’s best interests before his own.

[4:53] – What is the difference between a fiduciary and a broker?

[6:16] – This financial phenomenon is thought to be imminent or by others off in the distance.

[9:14] – This is mandated by the IRS and force retirees to drain retirement accounts.

[11:04] – This common staple of retirement is quickly becoming scarce.

 

Related Resources:

Answering The 401(k) FAQs

Strategizing for Retirement (Just Like In Chess)

 

Today’s Takeaway:

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

What Goes Into a Customized Financial Plan?

October 15, 2020

Why should you have a customized financial plan? What do you need to consider and what goals help you build an outline for your plan? Join us as we talk about what goes into the process of setting someone up for a secure future.

Read More

Things That Don’t Matter…Until They Do

October 8, 2020

Certain financial documents might seem like they can be put off for now. But when you need them, it’s important to be prepared ahead of time! Do you have all of these things in place?

Read More

Uncommon Sense in Financial Planning

October 1, 2020

When common sense isn’t followed, what does that look like? What common sense should we adhere to when it comes to financial planning?

Read More

Visiting the Financial Doctor

September 24, 2020

We’ve all been to the doctor at some point, so how is it like working with a financial advisor? We compare the similarities on today’s podcast!

Read More

Mailbag: Should I Withdraw from an Old Annuity?

September 17, 2020

When is a good time to withdraw from an annuity and what should you know ahead of time? Eric answers this and two other questions from the mailbag in this week’s podcast.

Read More

Heard It Through The Grapevine?

September 10, 2020

From million-dollar retirement benchmarks to presidential election fears or predictions, have you heard these through the grapevine? Eric shares what he thinks about these three financial rumors.

Read More

Is This Retirement Fact or Fiction?

September 3, 2020

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?

Read More

Are You Flirting with Financial Disaster?

August 27, 2020

You might feel great about where you stand financially but there’s a chance you could be flirting with disaster. We’ll tell you about three key areas where people make mistakes in their planning that can end up causing major financial problems in retirement.

Read More

How To Pack Your Financial Suitcase

August 20, 2020

When you go on a trip, a lot of times it helps to refer to a packing list to make sure you have everything. When putting together a financial plan, do you have everything in order? Let’s talk about what you need to put into your financial suitcase.

Read More

What Is Your Retirement Mindset?

August 13, 2020

When it comes to retirement, where are you at? If you’re getting closer to retirement, it may help to understand your current mindset in order to know how best to proceed.

Read More

Leave a Comment