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
The Stress That Comes With Retirement
Eric discusses why this phase can be so daunting and offers strategies to ease the transition.
Read More
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