Mailbag: Pensions, Vacation Homes, and More

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.

(Click the featured times below to jump forward in the episode)

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:

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

Mailbag: Do I Have Too Much in Cash?

November 22, 2022

When people are in retirement or closer to retirement, the accessibility of money goes up. So, what does that mean when you have to take out RMDs? How do you know if you have too much money in the bank? Talking through this with an advisor might help you make the right next steps with your money. We also talk about what mistakes people are prone to make if they try to DIY their retirement planning without a financial advisor.

Read More

Retirement Planning with Mr. Miyagi

November 17, 2022

Eric answers three questions from the mailbag today, all common scenarios that you might one day come across yourself. Find out what he has to say!

Read More

Mailbag: Is It Irresponsible to Retire Early?

November 10, 2022

Eric answers three questions from the mailbag today, all common scenarios that you might one day come across yourself. Find out what he has to say!

Read More

Retirement Red Zone

November 3, 2022

Let’s talk football! As fans of the game, we make some comparisons between football terms and retirement planning. How can you win when it comes to our financial plan? Understanding the strategies ahead of time and having the right team behind you can make all the difference.

Read More

Mailbag: Do I Need To Budget For Retirement?

October 27, 2022

Day-to-day, Eric works with a lot of people as he helps them navigate a variety of financial decisions. But what might seem rare to you could be a more common occurrence to wit-ness in his office. How often does Eric come across scenarios like these? You might be surprised by some of the answers!

Read More

How Often Do These Financial Situations Happen?

October 20, 2022

Day-to-day, Eric works with a lot of people as he helps them navigate a variety of financial decisions. But what might seem rare to you could be a more common occurrence to wit-ness in his office. How often does Eric come across scenarios like these? You might be surprised by some of the answers!

Read More

Mailbag: Should I Get a Prenup?

October 13, 2022

What are the financial implications of getting married later in life? There are a lot of variables that go into this financially speaking. Have you talked through what happens when one of you passes away? Do you or your fiancé have children? Eric and Marc go over what this may look like and also answer two other questions from the mailbag.

Read More

Financial Advice from Seinfeld

October 6, 2022

Ever take financial advice from your favorite TV show? Believe it or not, you might learn something, even from an unlikely source. Inspired by a classic sitcom, today we take some quotes from Seinfeld to apply them to our financial plans.

Read More

Mailbag: Which Investment Should I Withdraw From?

September 29, 2022

Whether you are nearing retirement or wanting to buy a new car, taxes are often a big part of the conversation. Thinking through how and when to withdraw from your investments strategically can make all the difference in what taxes you pay afterwards.

Read More

Investing and Coffee

September 22, 2022

In the fall, a lot of people are ready to cozy up with a coffee or latte in their favorite mug. For fun, we talk about the different types of coffee drinks and what kind of investor that might make them. Do you take your coffee the same style you do your investing? Which one are you?

Read More

Leave a Comment