Today’s Prep:
When building a financial plan, it’s important to consider several different angles. Eric answers three questions from the mailbag on this week’s episode.
Equipping Points:
From long-term care expenses, to tax strategies, to arriving at your financial goals, there’s a lot that goes into your financial plan. On today’s episode of Retirement Ready, we tackle three questions from the mailbag.
Cliff in Johnston is worried about potential nursing home costs and isn’t sure how to plan for that. What’s a normal approach to planning for long-term care expenses? Eric explains a few of the options, including self-insurance, traditional nursing home insurance, and life insurance. What does Eric typically recommend his clients get?
Russell in Des Moines is thinking about taxes in the future. Should all of his retirement savings go into a Roth? What are the benefits and challenges to do this? If not all of his retirement savings, then how much?
Anna in Grimes isn’t concerned about making her portfolio much bigger, but doesn’t want to lose what she currently has. Is this short-sighted? How can you be prudent with your money while still maintaining your portfolio? What do you do once you’ve reached certain goals in your financial plan? Eric talks about when it’s time to play the game and when it’s time to take a knee when it comes to your retirement savings.
Listen to the entire episode or click on the timestamps below to skip to a particular question.
0:47 – Mailbag: How do you plan for long-term care expenses?
5:08 – Mailbag: Should all of my retirement savings go toward my Roth?
7:34 – Mailbag: Is it okay to not want a bigger portfolio but to protect what’s already there?
Today’s Takeaway:
“What kind of return do I need to make my plan work? We can point that out to you.“
-Eric Peterson
Related Resources:
The Retirement Hierarchy of Needs
Mailbag: Do I Really Need All of These Life Insurance Policies?
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