Today’s Prep:
Do people usually fret about running out of money? Are there ways to set aside retirement money for your adult children? Eric answers these questions and more on today’s show.
Equipping Points:
Michael in Waukee has a 30-year-old son who finally just finished grad school. Between the late start to saving for retirement and a lot of student loan debt, is there a way Michael can help his son save? They have more than they need for retirement but would like to set some aside for their son. Eric says one way to do this is through a Roth IRA, as long as he earns income. You can gift money to your children and can suggest that he place it in a Roth account. This helps your child build a financial foundation and retirement savings now instead of waiting until they get it via inheritance.
Penny in Ames has been retired for about three years and even with her withdrawals, the account balance is bigger than it was when she started. Even still, she worries about running out of money eventually in retirement. Is that common? Eric says it is a common fear because you are without that safety net of work and earning a paycheck. Meeting with an advisor can help you stress test your plan, protect your investments, and see how you can best take out your distributions. Eric talks through what happened during our last major downturn in 2008 and what it was like being an advisor at that time.
James in Iowa City was planning to retire next year but his company asked him to stay on for a project that will last longer. Any benefit to retiring at 67 instead of 65? More money! If you like what you do and want to do this project, Eric says you’ll have more all around. You’ll have more savings, bigger Social Security benefits, and a larger pension at the end of those two years. Ultimately, you want to make sure it’s the right thing for you.
Listen to the entire episode or skip ahead using the timestamps below.
0:46 – Can I help my adult son save for retirement?
4:04 – Is it common to worry about running out of money?
6:37 – Was your advisor in business during our last market downturn?
10:55 – Any benefit to retiring at 67 instead of 65?
Today’s Takeaway:
“The value an advisor brings is behavior modification: preventing you from doing things that are nonbeneficial to your plan, keeping you on task.”
-Eric Peterson
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Do You Have These Blind Spots In Your Retirement Plan?
Many people can have a couple of “blind spots” so to speak when it comes to their retirement plans. Do you worry you may not be accounting for everything you might need for your retirement? Then today’s episode is perfect for you!
Read MoreInside Out: How We Can Look at Finances Through the Characters of Pixar’s Latest Flick
There can be a lot of emotions when it comes to investing and planning for retirement. And what better way to discuss those emotions than through the characters of Pixar’s latest film, Inside Out 2?
Read MoreThe Importance of Preventative Care
Preventative care isn’t just for your health; it’s essential for your financial well-being too. By consulting a financial advisor early and often, you can avoid financial distress and make informed decisions that lead to a secure and fulfilling retirement. Many people will put it off for fear they will be told something they don’t want to hear or because of the perceived costs of financial advisors.
Read MoreRetirement Income
When planning for retirement, one of the most critical aspects to consider is your income. But what does this mean, and how can you ensure you have enough income to cover your needs and desires?
Read MoreFinancial Wisdom from Mark Twain
In the latest episode of the Retirement Ready Podcast, Eric invites us to explore the timeless wisdom of Mark Twain and how it applies to modern financial planning. Mark Twain, known for his wit and keen observations, offers quotes that are surprisingly relevant to today’s financial landscape. Eric takes these quotes and translates them into practical advice for those planning their retirement.
Read MoreUnderstanding Bonds in Today’s Market
Are bonds really the safe investment we’ve always been told they are? What percentage of assets should a retiree or pre-retiree hold in bonds? In today’s episode, Eric addresses some of his most frequently asked questions about the world of bonds…
Read MoreUnderstanding Your Financial Statements
Financial statements can often feel like a foreign language, filled with jargon and numbers that seem to have little relevance to your everyday life. However, understanding these documents is crucial for effective retirement planning. In the latest episode of the Retirement Ready Podcast, Eric breaks down the essentials of reading and interpreting your financial statements.
Read MoreFrom Graduation to Retirement
This one goes to the grads! Whether you know someone graduating high school, college, or even preschool, graduation marks a new stage and season in life. Similarly, retirement is a new chapter in life. It’s a time of change, celebration, and sometimes, uncertainty. On today’s show, we talk through the similarities between leaving school and entering retirement.
Read More