Today’s Prep:
Do you need as much life insurance as you have? Or should you factor in eventual inheritance money when deciding when to retire? Eric answers three questions from the mailbag in this week’s podcast.
Equipping Points:
Whether you are near retirement or already in it, there are a lot of questions that come up regarding your financial plan. On today’s episode of the podcast, Eric answers three questions from the mailbag.
Anna in Des Moines plans to stay near her mom to help care for her and then later move out of state. The problem is, she hates her job and wants to retire early if she can. Would it be unwise to retire now at 60, even if the money is less than ideal since she will inherit money from her mother? Eric says to make sure your numbers work only on your own assets for now. There are a few different ways to make your goals possible though. Can you work part-time instead of fully retiring? What do you have saved now?
Barry in Waukee has life insurance through his job, a term life policy, and a whole life policy he bought several years ago. Does he really need this much life insurance? Eric asks, what were the reasons you originally bought it? Perhaps to cover a mortgage or kids? Now look at it from another angle. Is this a strategic way to transfer assets from a tax perspective? How does this work into your plan?
Stan from Ames planned to start Social Security this year but never got around to it. Instead, he’s been pulling money from his savings account. Should he continue doing this while he can? Look at it from a tax perspective. Then, consider longevity. What if something happens to you?
Do you have questions for Eric? Be sure to reach out!
Listen to the entire episode of the podcast or click on the individual questions using the timestamps below.
0:46 – Mailbag: Can I retire early and count on inheritance money coming later?
3:59 – Mailbag: Do I need this much life insurance?
6:56 – Mailbag: Should I pull from savings before Social Security in retirement?
Today’s Takeaway:
“Social Security is an important aspect of income coming in. Social Security only passes to a spouse, it doesn’t pass to your family.“
-Eric Peterson
Related Resources:
What Goes Into a Customized Financial Plan?
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Healthcare in Retirement
One major (yet often overlooked!) expense in retirement is healthcare. Especially if you are retiring early, healthcare can be a huge expense as you bridge the gap between your working years and when eligible for Medicare. Not only will you have an increased monthly cost, but you may need to budget for additional medical costs as time goes on or even long-term care needs.
Read More
Family Matters When It Comes to Finances
Today we talk about what happens in a family, particularly when someone has passed away and the financial impact that can have.
Read More
Water Wheels and Retirement Planning
Have you ever wondered how a water wheel can relate to your retirement planning? It might seem like an odd comparison, but in today’s podcast, Eric breaks down this fascinating analogy and its significance in maintaining a stable financial future.
Read More
Most Common Retirement Planning Mistakes
We all make mistakes from time to time. But what if your financial mistakes could be avoided with just a little insight? Eric shares some of the most common retirement planning mistakes people are prone to make and what you can do to save yourself from heartache.
Read More
Common Complaints About Financial Planning
When it comes to planning for retirement, the relationship you have with your financial advisor is crucial. Many people express common complaints about their financial advisors, from taking on too much risk to paying high fees or a lack of communication. In today’s podcast, Eric sheds light on these concerns and offers valuable insights to help you navigate your financial journey.
Read More
Navigating Spousal Disagreements in Retirement Planning
Inside a marriage, retirement planning is a journey that ideally involves both partners working together towards a common goal. However, as with any significant life decision, disagreements can arise. Eric sheds light on some of the most common spousal disagreements regarding retirement and offers practical advice on how to navigate them.
Read More
Financial Wisdom from Ernest Hemingway
According to Ernest Hemingway, “In order to write about life, you must first live it.” Eric shares how his years working as a financial advisor have given him the experience to guide others through various market conditions and make a financial plan that is possible to follow. It’s not just about understanding the products and tools; it’s about knowing how people react to different financial stimuli and steering them accordingly.
Read More
Knowing Where You Stand in Retirement
Saving for retirement is not like it used to be. For too many, it’s a mystery whether or not they have what they need to retire comfortably. To best prepare for retirement, it’s important to know where you stand. Do you have an understanding of what your goals and financial needs are?
Read More
The Different Investor Personality Types
When it comes to financial planning, understanding your investor personality type can significantly impact your retirement plan.
Read More
Bad Financial Habits
Are your financial habits setting you up for a secure retirement or are they leading you down a path of uncertainty and uneasiness? Eric shares about the consequences of bad financial habits and what you can do to cultivate better ones. Instead of burying your head in the sand or overemphasizing the wrong things, take some time to recalibrate and get your financial life in the right direction.
Read More