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.
(Click the featured times below to jump forward in the episode)
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
Mailbag: Do I Have Too Much in Cash?
When people are in retirement or closer to retirement, the accessibility of money goes up. So, what does that mean when you have to take out RMDs? How do you know if you have too much money in the bank? Talking through this with an advisor might help you make the right next steps with your money. We also talk about what mistakes people are prone to make if they try to DIY their retirement planning without a financial advisor.
Read More
Retirement Planning with Mr. Miyagi
Eric answers three questions from the mailbag today, all common scenarios that you might one day come across yourself. Find out what he has to say!
Read More
Mailbag: Is It Irresponsible to Retire Early?
Eric answers three questions from the mailbag today, all common scenarios that you might one day come across yourself. Find out what he has to say!
Read More
Retirement Red Zone
Let’s talk football! As fans of the game, we make some comparisons between football terms and retirement planning. How can you win when it comes to our financial plan? Understanding the strategies ahead of time and having the right team behind you can make all the difference.
Read More
Mailbag: Do I Need To Budget For Retirement?
Day-to-day, Eric works with a lot of people as he helps them navigate a variety of financial decisions. But what might seem rare to you could be a more common occurrence to wit-ness in his office. How often does Eric come across scenarios like these? You might be surprised by some of the answers!
Read More
How Often Do These Financial Situations Happen?
Day-to-day, Eric works with a lot of people as he helps them navigate a variety of financial decisions. But what might seem rare to you could be a more common occurrence to wit-ness in his office. How often does Eric come across scenarios like these? You might be surprised by some of the answers!
Read More
Mailbag: Should I Get a Prenup?
What are the financial implications of getting married later in life? There are a lot of variables that go into this financially speaking. Have you talked through what happens when one of you passes away? Do you or your fiancé have children? Eric and Marc go over what this may look like and also answer two other questions from the mailbag.
Read More
Financial Advice from Seinfeld
Ever take financial advice from your favorite TV show? Believe it or not, you might learn something, even from an unlikely source. Inspired by a classic sitcom, today we take some quotes from Seinfeld to apply them to our financial plans.
Read More
Mailbag: Which Investment Should I Withdraw From?
Whether you are nearing retirement or wanting to buy a new car, taxes are often a big part of the conversation. Thinking through how and when to withdraw from your investments strategically can make all the difference in what taxes you pay afterwards.
Read More
Investing and Coffee
In the fall, a lot of people are ready to cozy up with a coffee or latte in their favorite mug. For fun, we talk about the different types of coffee drinks and what kind of investor that might make them. Do you take your coffee the same style you do your investing? Which one are you?
Read More