Today’s Prep:
We all like the idea of a fresh start in the new year. What changes are already underway? Or, what changes might be unwelcomed when it comes to your retirement plan?
Equipping Points:
We’ve made it into the new year and time will tell if 2021 is a big improvement over 2020. What are some things to keep in mind as we transition into the year? What changes could impact you? On today’s episode of the Retirement Ready podcast we discuss a variety of new things–from how we celebrated the holidays to new SEC rules to dealing with an unexpected early retirement.
When you build a relationship with somebody, it’s nice to hear from someone else who has had a similar experience. What is their service like? Are they attentive? Just like when you choose a restaurant and check reviews online, it’d be nice to get similar testimonials on advisors. Previously the SEC did not allow testimonials but has now changed to allow it. There will be some regulations and some time before it rolls out, but Eric thinks this will benefit those seeking to begin a relationship with a financial advisor.
Among the changes in the new year, some are facing layoffs. Are you being forced to retire early? Eric has had clients who realized they could make retirement work, even earlier than planned. Reviewing the numbers and understanding how to make your plan work will give you a better idea of how you can pivot from a bad or unexpected situation. If you do retire early, whether by choice or not, what will you do for health insurance?
Knowing what the possible unknowns are can help you feel confident in your plan. What kind of return do you need to make your plan work? What happens if you come across bad times and you need to take money out of your account early? Everyone makes resolutions at the beginning of the year, so if getting your retirement in order is on your list, reach out to Eric and his team.
Listen to the entire episode or click on the timestamps below to skip to something new in the new year.
0:47 – What were the holidays like for Eric?
3:13 – SEC rules are changing to allow people to use testimonials.
6:14 – You never know when things will happen or you might lose your job.
8:17 – When does Medicare kick in during retirement?
9:11 – What’s your new year’s resolution?
Today’s Takeaway:
“You want to retire when you want to, not when you’re forced to.“
-Eric Peterson
Related Resources:
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
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
Healthcare in Retirement
One major (yet often overlooked!) expense in retirement is healthcare. Especially if you are retiring early, healthcare can be a huge expense as you bridge the gap between your working years and when eligible for Medicare. Not only will you have an increased monthly cost, but you may need to budget for additional medical costs as time goes on or even long-term care needs.
Read More
Family Matters When It Comes to Finances
Today we talk about what happens in a family, particularly when someone has passed away and the financial impact that can have.
Read More
Water Wheels and Retirement Planning
Have you ever wondered how a water wheel can relate to your retirement planning? It might seem like an odd comparison, but in today’s podcast, Eric breaks down this fascinating analogy and its significance in maintaining a stable financial future.
Read More
Most Common Retirement Planning Mistakes
We all make mistakes from time to time. But what if your financial mistakes could be avoided with just a little insight? Eric shares some of the most common retirement planning mistakes people are prone to make and what you can do to save yourself from heartache.
Read More
Common Complaints About Financial Planning
When it comes to planning for retirement, the relationship you have with your financial advisor is crucial. Many people express common complaints about their financial advisors, from taking on too much risk to paying high fees or a lack of communication. In today’s podcast, Eric sheds light on these concerns and offers valuable insights to help you navigate your financial journey.
Read More