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
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
Navigating Spousal Disagreements in Retirement Planning
Inside a marriage, retirement planning is a journey that ideally involves both partners working together towards a common goal. However, as with any significant life decision, disagreements can arise. Eric sheds light on some of the most common spousal disagreements regarding retirement and offers practical advice on how to navigate them.
Read More
Financial Wisdom from Ernest Hemingway
According to Ernest Hemingway, “In order to write about life, you must first live it.” Eric shares how his years working as a financial advisor have given him the experience to guide others through various market conditions and make a financial plan that is possible to follow. It’s not just about understanding the products and tools; it’s about knowing how people react to different financial stimuli and steering them accordingly.
Read More
Knowing Where You Stand in Retirement
Saving for retirement is not like it used to be. For too many, it’s a mystery whether or not they have what they need to retire comfortably. To best prepare for retirement, it’s important to know where you stand. Do you have an understanding of what your goals and financial needs are?
Read More
The Different Investor Personality Types
When it comes to financial planning, understanding your investor personality type can significantly impact your retirement plan.
Read More
Bad Financial Habits
Are your financial habits setting you up for a secure retirement or are they leading you down a path of uncertainty and uneasiness? Eric shares about the consequences of bad financial habits and what you can do to cultivate better ones. Instead of burying your head in the sand or overemphasizing the wrong things, take some time to recalibrate and get your financial life in the right direction.
Read More