Today’s Prep:
Where’s the best place for your money to go? Several people are considering where their money should be, so Eric answers three questions from the mailbag for today’s show.
Equipping Points:
William in Waukee is 62 and his wife is 58, married with no kids. They wonder why they keep working but don’t feel like they are wanting to retire. Eric says you might have a preconceived notion about what retirement is. Maybe you should consider a work-optional lifestyle. What would it look like to enjoy yourselves and this time? That doesn’t mean you have to stop working, but maybe you work doing what you want to do it. With an age difference, you may have to be strategic about what accounts to draw from, but meeting with a financial advisor can help you discover what your options are.
Sophie in Altoona says her 401(k) has dropped a lot in the last few months, but she’s eligible for a rollover on a portion of that money. Should she consider the rollover to stop the losses? Eric says the reason to rollover is to get something your 401(k) doesn’t have. Remember, it takes awhile to process the rollover and you won’t know the exact date it changes. The timing is something you’ll want to talk through.
Philip in Des Moines says his 87-year-old mom keeps an embarrassing amount of money in the bank. With close to $300,000 in the bank, he is considering asking her for a loan to invest it and do something more with it. Keep in mind, you are viewing that money in a different lens than she has. It’s not your money yet, so be sure to understand her goals with what she’s doing with it.
Listen to the entire episode or skip ahead to a particular question from the mailbag.
[spp-timestamp time=”0:46″] – What if I don’t know if I’m wanting to retire?
[spp-timestamp time=”5:33″] – Should I do a rollover to stop the market losses?
[spp-timestamp time=”7:50″] – Should I move my mom’s money into investments?
Today’s Takeaway:
“There’s a difference between saving and investing. “
-Eric Peterson
Related Resources:
Building a Plan for the Long Haul
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
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 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 MoreFinancial Planning Conversations for Couples
This episode is focused specifically on that planning we do with couples with insights on how we help them navigate tricky conversations about money and retirement.
Read MoreIs Your Retirement Based on Wishful Thinking?
Many people fall into the trap of wishful thinking when it comes to what they expect will happen in retirement, but a successful retirement isn’t built on hope and assumptions.
Read MoreSpending With Confidence in Retirement
Eric shares strategies to help retirees enjoy their savings while ensuring financial security.
Read MoreWatch Out For These Financial Half Truths
Eric pulls back the curtain on some of the most common financial half-truths that many retirees and investors encounter. As someone gearing up for retirement,
Read More