Today’s Prep:
Ever consider a retirement plan that seems a little unorthodox? There’s no one-size-fits-all when it comes to financial planning, so Eric answers three questions in the mailbag from people considering a less traditional decision to make their plan work for them.
Equipping Points:
When it comes to retirement, beyond the numbers, how do you want your life to look? Eric answers three questions from the mailbag this week that go beyond the basic financials and consider the retirement lifestyle and mindset listeners are most interested in pursuing.
Cathy in Ankeny has been a homeowner for more than 40 years and is tired of it. When she retires next year, she’s considering selling the house and renting for the rest of her life. Is there any problem with doing this? Eric talks about the maintenance required with owning a home as well as what benefits you might have as a renter. Consider if a condo or townhouse might be the best of both worlds. If you do rent, factor in an increase in rent to account for inflation overtime. What is it that you most want?
Chris in Des Moines is a widower, but has access to his late wife’s good health insurance. If he gets remarried though to his girlfriend, this insurance will be gone. What should he know ahead of time? Depending on how old you are, Medicare might be coming up. What are the possible downsides of not getting married?
Martin in Clive says investing seems simple if you just invest in dividend-paying stocks, live off the dividends, and not dip into the principal. Before you get too confident in that plan, remember that everything can change. Companies go up and down, so you’ll need to have diversification. Dividends are not guaranteed. What are safer and smarter ways to create an income stream? Having a proper plan will help you avoid facing a financial crisis.
Listen to the entire episode to learn more or click on the timestamps below to skip ahead to a particular question from the mailbag.
0:47 – Mailbag: Can I sell my house and rent instead in retirement?
4:58 – Mailbag: What happens to my insurance when I get remarried?
8:08 – Mailbag: Can I just invest in and live off of dividend-paying stocks?
Today’s Takeaway:
“Everything can change, so you need diversification. You need to have different income sources because dividends are not guaranteed.“
-Eric Peterson
Related Resources:
What Creates A Sense of Urgency With Your Financial Plan?
Mailbag: Retirement Planning With Separate Bank Accounts
Mailbag: Should I Use My Severance Package to Pay Off the House?
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Spending With Confidence in Retirement
Eric shares strategies to help retirees enjoy their savings while ensuring financial security.
Read More
Watch Out For These Financial Half Truths
Eric pulls back the curtain on some of the most common financial half-truths that many retirees and investors encounter. As someone gearing up for retirement,
Read More
Answering Common 401K FAQs
The 401k is the most common way that people save for retirement, which is why we get a lot of questions on the show and in the office about this employer-sponsored plan.
Read More
Mistakes People Make When Choosing An Advisor
When you’re ready to start working with a financial advisor, how do you find the right person to help you reach your financial goals?
Read More
Financial Lies We Tell Ourselves
We all tell ourselves little white lies from time to time. But when it comes to our finances, these “little lies” can have se-rious consequences.
Read More
The Stress That Comes With Retirement
Eric discusses why this phase can be so daunting and offers strategies to ease the transition.
Read More
Finding Financial Silver Linings
Throughout our lives, there will be times when the markets rise and times when we experience downturns. Largely, we don’t have control over the circumstances we’re dealt, but we do have control over how we respond to those situations.
Read More
Unasked Retirement Questions You Shouldn’t Ignore
Tune in to this episode with Eric, as he breaks down some frequently unasked retirement questions that are very important to consider.
Read More
The Diverse Definitions Of Diversification
Diversification is one of those buzzwords you hear often in financial planning. While many people know it’s important, few are clear on what it actually means when applied to various aspects of their financial strategy. In today’s episode, Eric and Marc will bring you the diverse definitions of diversification.
Read More
The Use Of Technology In Financial Planning
As technology keeps advancing, it’s made our lives easier in so many ways. Tasks that used to need outside help can now be done on our own with just a few clicks. This shift has also brought more accessible online financial tools, but how accurate and helpful are they really?
Read More