Today’s Prep:
Have a question for Eric? As a retirement planner, he answers questions like this all day. We tackle three questions today about pensions, vacation homes, and having multiple brokers.
Equipping Points:
Wondering what to do about your pension? Or if you should invest in a vacation home? On today’s show, Eric answers three questions from listeners making different decisions in retirement to ensure that they are retirement-read.
Grace in Fort Dodge wants to know if she should join her three adult children in buying a vacation home. Is that a good idea given current high real estate prices? Eric says the bigger concern isn’t the real estate prices being high so much as what the agreement is between you and the kids. What happens to your share after you pass? Who cares for the vacation home when it needs maintenance?
Cal is Stuart has a pension from a previous job in a different state. Should he take the lump sum or leave it there and get a monthly pension when he retires? Some people love having a monthly income from a pension that is guaranteed. Others prefer having the lump sum to invest it the way they want to. Both options are valid, it just depends on what your needs and wants are.
Angelina in Des Moines has had half of her money with one broker and half of it with someone else. At first it seemed like a good idea to get advice from two different people but now it’s causing confusion. Would it be better to have it all in one place? It’s better to have one central plan and one person. Are you working with someone who is creating a strategic plan for you? Retirement planning is different from financial advising, so make sure you are working with the right professional to meet your needs and provide you with a valuable service.
Listen to the entire episode or skip ahead using the timestamps below.
0:46 – “Should I buy a vacation home with my adult children?”
4:46 – “Should I take the lump sum or monthly pension?”
9:02 – “Should all my money be with one broker or financial planner?”
Today’s Takeaway:
“You want to have one central plan.“
-Eric Peterson
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
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
Retirement Planning Conversations With Dorothy Parker
Dorothy Parker is one of the great writers of the 20th century. Her wit and prose have been appreciated by readers for generations. But are there any lessons we can learn when it comes to finance with some of Parker’s most well-known quotes?
Read More
Mailbag: Moving To A State With Income Tax And More
In this episode, Eric is answering your questions! We’ll cover a range of topics today, including key considerations for income taxes when moving to a new state, how to initiate financial conversations with parents or grandparents, and whether using a life insurance policy to save for a college fund is a wise choice.
Read More