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

What to Know About Retiring Today

September 28, 2023

When you work with a financial advisor, you aren’t just talking about money. Saving for your retirement also includes thinking about what kind of retirement lifestyle you want to have and what you need to keep in mind for the long-run. Do you want to work, by choice? What kinds of expenses will you have and how are they different in retirement? Is your money going to last for 30 years of retirement? Eric has seen his clients through all of these decisions and shares what to keep in mind about retirement.

Read More

Common Pre-Retiree Tax Mistakes

September 21, 2023

Let’s talk about the different tax mistakes retirees are prone to make. Between changing rules and a lot of financial documents to manage, you’ll want to avoid these tax mistakes. Eric talks us through where people get tripped up and why. What you pay in taxes can make a significant impact on your nest egg, so be sure to work with a financial profes-sional who can help you navigate them in retirement.

Read More

What Is Your Financial Personality?

September 14, 2023

What kind of personality do you have when it comes to money? Before you put together a financial plan, it’s important to understand the way you think and approach money. We talk through a few different personalities Eric commonly sees and how he advises them. Whether you are spending whenever you get a good excuse to or more of an intentional spender, it’s good to be cognizant of how you handle it and what possible downfalls you may face.

Read More

Investing Strategies by Profession

September 7, 2023

From teachers to engineers, there are a variety of people who work with Eric and his team to build a solid financial plan. Those in similar professions tend to have similar mindsets when it comes to finances. We discuss what similarities Eric sees across different industries and how he approaches each of them. Do any of these relate to you and your financial mindset? Find out what strategies a financial advisor might suggest pursuing.  

Read More

Life Insurance 101

August 31, 2023

While no one really likes to talk about it, life insurance can be an important part of your financial plan. We talk about why people cringe when they hear the term, who most needs it, and why you might want to reconsider your preconceived notions about it. Life insurance sometimes gets a bad rap, but it can be a powerful tool. If you care for someone else and you hate taxes, look at life insurance.

Read More

Financial Wisdom from Ron Swanson

August 24, 2023

Today, we take some quotes from the gruff but beloved Parks and Recreation character, Ron Swanson. He’s got a lot of dry sarcasm that can be hilarious, and surprisingly, can teach us a thing or two about financial planning.

Read More

Outdated Financial Strategies

August 17, 2023

Some of the strategies of yesteryear might not be the right strategy for you today. We talk through different financial strategies people have used and what makes the most sense for your financial plan.

Read More

What Is Non-Correlated Income?

August 10, 2023

The term might sound fancy, but non-correlated income doesn’t have to be confusing. Ask, which one of these is not like the other? In retirement planning, you want to have some income that is not dependent on something else, such as the stock market.

Read More

Fact or Fiction: Financial Situations in Retirement

August 3, 2023

We play a game of fact or fiction when it comes to these five financial statements. Eric explains which one is which and shares why these ideas are true or false. As you make a financial plan, it’s crucial to base it on facts and reality so you can best prepare for retirement.

Read More

Avoiding Possible Financial Disasters

July 27, 2023

No one wants to find themselves in a financial disaster. Having a plan is a great way to start. On today’s show, we talk about simple strategies that can make a huge difference in your financial future.

Read More

Leave a Comment