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
How to Stay Calm When the Market Isn’t
Thanks to a variety of economic and geopolitical circumstances, many people are experiencing some form of financial anxiety right now.
Read More
Mailbag: 4% Rule, Life Insurance, and Early Retirement Questions
In this episode, Eric opens the mailbag to answer three listener questions that hit on some of the most common—and often misunderstood—retirement topics.
Read More
Beyond Stocks: The Problem-Solving Power of Financial Advisors
Most people think a financial advisor’s primary job is picking investments, but that’s just a small piece of the puzzle. In today’s episode, Eric explains that the real work happens in solving the complex, emotional, and unexpected problems that come with retirement: early job loss, tax challenges, the loss of a spouse, or even recovering from bad advice.
Read More
Mailbag – Roth IRA, Emergency Funds & Tax-Deferred vs. Tax-Free
Making more money is great, but what happens when it becomes a roadblock for contributing to a Roth IRA? And how can you make your emergency fund work smarter for you? In today’s episode, we pull from the mailbag and answer a mix of listener questions. Eric addresses concerns that reflect the real-life hurdles many face on the road to retirement.
Read More
How 2025 Tax Updates Can Impact Your Financial Plan
Although tax season has come to a close, the time for smart tax planning has just begun! In this episode, we unpack the upcoming tax updates that could affect your planning for the next few years, including changes to 401(k) contribution limits, tax deductions, and the potential benefits of using tax-advantaged accounts like HSAs.
Read More
Early Retirement: Dream Come True or Financial Trap?
Ever fantasize about leaving your 9-to-5 before traditional retirement age? You’re not alone, but is early retirement even possible? In today’s episode, Eric explores what it really takes to retire early including how to tackle healthcare costs, how to make money last longer and the importance of shifting your mindset from spender to saver.
Read More
What 400+ Advisors Say Really Keeps Retirees Up at Night
What are Americans really concerned about when it comes to retirement? In this episode, we unpack the results of an insightful survey from Financial Advisor Magazine, which was completed by over 400 financial advisors. We’ll also compare these answers with the real-world concerns we hear every day from the clients in our own practice.
Read More
Bracket Busters and Stock Flops: The Risky Game of Picking Winners
March Madness is here, and just like filling out a bracket, picking individual stocks can feel like a thrilling gamble. But the odds of winning big are slim. In fact, history shows that most stock picks, like most brackets, end up busted.
Read More
Are Hidden Fees Draining Your Retirement Savings?
In this episode, Eric reveals the true cost of investing and how to protect yourself from unnecessary financial drains.
Read More
What Game Night Can Teach Us About Financial Planning
In this episode, Eric breaks down the surprising financial lessons hidden in classic board games, offering valuable insights to help you navigate your retirement strategy.
Read More