Today’s Prep:
What do couples tend to argue about when it comes to their money in retirement? Eric talks through what you need to do to get on the same page.
Equipping Points:
Find yourself fighting with your spouse about your finances? It is fairly common among couples to argue about money. On today’s podcast, we discuss the key areas that cause financial disputes in a relationship as you near retirement.
How risky are you willing to be? Often one person in the relationship is more willing to be risky than the other. It’s important to strike the right balance of what you both feel comfortable with. The question to ask yourself is: if the money you that right have now doubled, would you change what you’re doing? But if the money you have right now was cut in half, how would that impact you?
When should you retire? Sometimes it’s not at the same time, whether that’s due to age, desire, or most often, healthcare. Think about what it might be like if only one spouse is retired at once. Are you both ready to retire? You might want to do things together in this time. Ultimately, figure out what you want and then see how your plan supports it.
Should you leave money behind for your kids and grandkids? While it’s nice to do this, make sure you focus on you and your needs first. Maybe you want to help them along the way instead of just waiting until you’ve passed away. You don’t want to sacrifice in retirement though just to leave something.
What is your dream for retirement? Maybe you want to work longer. Maybe you want to volunteer. Maybe you want to travel. All of these are options, but you’ve got to look at your retirement plan to make it possible.
Listen to the entire episode or skip ahead using the timestamps below.
1:08 – How much risk should you have in your portfolio?
3:06 – What age makes sense to retire?
6:23 – Do we leave something behind for heirs?
10:25 – What is the dream retirement?
Today’s Takeaway:
“The question to ask yourself is: if the money you that right have now doubled, would you change what you’re doing? But if the money you have right now was cut in half, how would that impact you?“
-Eric Peterson
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
What 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 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 More