Today’s Prep:
Are you wondering how much longer you really have to wait before claiming Social Security? Or are you looking to find the perfect financial advisor but haven’t found them yet? Eric answers three questions from the mailbag in this week’s podcast.
Equipping Points:
We take three listener questions today on the podcast. For instance, did you know that you don’t have to claim Social Security the same time as you retire? Or have you wondered if taking on a home renovation project is a bad idea or a good one? Find out Eric’s thoughts on these three questions from the mailbag.
Dwayne in Newton is only 57 but hears that working until 70 before claiming Social Security is when you’ll get the biggest benefit. He can’t imagine waiting this long until retiring. Eric reminds him that you can retire without taking Social Security if you have other forms of retirement income. Talking through your specific situation with an advisor can help you realize when retirement can become a reality.
Ron in West Des Moines noticed a home in the neighborhood that was flipped and went up significantly in value. Given that, is now a good time to refinance and re-do the kitchen? Eric talks about enjoying your life and not only just saving for retirement. Consider what you want out of this home. Then think about the most strategic way to get the money to pay for the home renovation project.
Kim in Ankeny has met with seven different financial advisors and none of them seem perfect. Should she keep visiting more or stop being so picky? You need to find someone who has your best interest. Eric refers to Malcolm Gladwell’s book titled Blink which talks about trusting your gut reaction. Make sure an advisor demonstrates what they do and how they do it in advance, not just telling you about investments.
0:46 – Mailbag: Should I wait to take Social Security until 70?
2:22 – Do you understand the taxes with Social Security?
4:37 – Mailbag: Should I refinance my home and re-do my kitchen?
7:40 – Mailbag: How do I decide the perfect financial advisor for me?
Today’s Takeaway:
[spp-tweet tweet= “There needs to be some concrete planning done in preparation to prove to you how the financial advisor can add value to your situation. -Eric Peterson”]
Related Resources:
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Finding Financial Silver Linings
Throughout our lives, there will be times when the markets rise and times when we experience downturns. Largely, we don’t have control over the circumstances we’re dealt, but we do have control over how we respond to those situations.
Read More
Unasked Retirement Questions You Shouldn’t Ignore
Tune in to this episode with Eric, as he breaks down some frequently unasked retirement questions that are very important to consider.
Read More
The Diverse Definitions Of Diversification
Diversification is one of those buzzwords you hear often in financial planning. While many people know it’s important, few are clear on what it actually means when applied to various aspects of their financial strategy. In today’s episode, Eric and Marc will bring you the diverse definitions of diversification.
Read More
The Use Of Technology In Financial Planning
As technology keeps advancing, it’s made our lives easier in so many ways. Tasks that used to need outside help can now be done on our own with just a few clicks. This shift has also brought more accessible online financial tools, but how accurate and helpful are they really?
Read More
Retirement Planning Conversations With Dorothy Parker
Dorothy Parker is one of the great writers of the 20th century. Her wit and prose have been appreciated by readers for generations. But are there any lessons we can learn when it comes to finance with some of Parker’s most well-known quotes?
Read More
Mailbag: Moving To A State With Income Tax And More
In this episode, Eric is answering your questions! We’ll cover a range of topics today, including key considerations for income taxes when moving to a new state, how to initiate financial conversations with parents or grandparents, and whether using a life insurance policy to save for a college fund is a wise choice.
Read More
What Is Lazy Money?
What is lazy money and why do you want to not have too much of it in your retirement portfolio? Simply put, lazy money is money that isn’t growing as much as it could be. Having your money grow and work for you is a key part of building a solid portfolio, so Eric breaks down some strategies to help get the most out of your money in this episode.
Read More
Retirement Planning Today Is Harder Than It Used To Be
Retirement planning simply isn’t the same as it used to be. From changes in life expectancy, the lack of pensions, and getting caught in the sandwich generation, there’s a lot to keep in mind when putting together your financial plan. Instead of taking advice from others who may have retired in a different era, it’s important to understand what strategy is right for you.
Read More
Social Security Variables That Impact Your Claiming Strategy
After so many years of paying into Social Security, you might feel ready to reap the benefits. But before you get too eager, it’s best to have a thorough understanding of the different variables and how to best leverage them.
Read More
Retirement Real Estate Decisions: Downsizing, Snowbirding, and More
One of the key discussions you may have in retirement is what to do about the house. Should you downsize your home? Pay it off early? Buy a vacation home and become a snow bird? Eric emphasizes the importance of considering not just the financial implications but also the lifestyle changes each of these decisions entail. Weighing out the pros and cons of each decision can highlight what is right for you (which isn’t always the same as what your neighbor is doing).
Read More