Today’s Prep:
What should you do about 401(k) accounts from old jobs? How can you find out what your Social Security benefits would be? Eric answers these questions on today’s show.
Equipping Points:
From Clive, Howard, who is 63, is not enjoying watching his investments take a hit. A couple of years away from retirement, what should he do? Eric says you don’t want to have the market dictate when you retire. It never hurts to look at a plan and see if you can make some adjustments now. Stress-test your plan so you can weather any storms you may face in the future. You need to understand how risk impacts your portfolio, which will help you stop worrying about running out of money.
Lill in Knoxville used to get statements in the mail to show what her Social Security benefits would be but hasn’t received one in a way. How can she find that out now? Eric says you can create an ID through Social Security to check it anytime. There’s also a link to estimate your retirement benefits. Have you factored in your Social Security and the best strategy to withdraw it as a part of your retirement plan?
Tommy in Waukee has two 401(k)s from previous jobs. One is a Vanguard account and one is Fidelity. Should he combine them or keep them separate? Eric recommends some consolidation. Remember that diversification is not just about having two different custodians, but about the assets within your funds. Diversification should come from your investments, not your investment firms.
Listen to the entire episode or skip ahead using the timestamps below.
0:46 – What should I do about my investments taking a hit so close to retirement?
4:07 – How can I find out about my Social Security benefits?
8:31 – Should I combine my previous 401(k) accounts?
Today’s Takeaway:
“You don’t want to have the market dictate when you can retire. You want to retire when you want to retire.”
-Eric Peterson
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
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 MoreHow 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 MoreEarly 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 MoreWhat 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 MoreBracket 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 MoreAre 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 MoreWhat 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 MoreMailbag – Upsizing, Financial Advisors & Business Owner Planning
Join us as we answer questions about the challenges of downsizing, the emotional aspects of planning for family gatherings, and the realities of transitioning into a financial advisory career.
Read MorePlanning for Kids, Grandkids, & Your Future
As many nearing retirement age are discovering, adult children and grandchildren can significantly influence financial strategies, making it crucial to understand how to navigate these relationships effectively.
Read More