Today’s Prep:
When it comes to planning for your retirement, there’s a lot more to consider than where to invest. Going beyond the data and numbers, you need to consider these areas of your life and what you want them to look like in retirement.
(Click the featured times below to jump forward in the episode)
Equipping Points:
[0:59] Lifestyle
- When people come in to meet with Eric and his team, they are often surprised that it’s not just about the data. It’s important to find out what you envision your retirement will look like. Then you need to consider the challenges in retirement.
- The number one thing people miss when entering retirement is how much income they need or are able to generate. Income is the key to retirement success.
- A lot of people want to work doing something else or volunteer to give back to their community.
[4:25] Social Security
- Social Security is one of the only guaranteed income sources for most people. Claiming it correctly is critical to your plan.
- The spousal benefits for Social Security are worth understanding.
- Eric shares a client example of a couple making decisions about Social Security.
- The tax strategies are crucial.
[6:39] Pensions
- The nice thing about a pension is that it pays for the rest of your life. You don’t have control over the asset, however.
- If you roll it over in a lump sum, then you have control over it in case something happens. Eric shares a client story to illustrate how he breaks down someone’s pension options.
[8:33] Home-related issues
- Are you thinking of downsizing? Maybe you would rather travel or don’t want to take care of the maintenance on a home.
- Reverse mortgages are a way to supplement income, but there are a lot of nuances.
- Think about where you want to live. Maybe you need to get everything in one level so you can “age in place”.
[10:12] Health
- This is the biggest fear among many of Eric’s clients since healthcare insurance as an individual is hard to find.
- You need to think about long-term care or be prepared for a health catastrophe.
- Consider what kind of damage a healthcare issue may do to your retirement plan and address that now.
Today’s Takeaway:
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Translating Financial Jargon
Do you know the difference between large cap and small cap funds? What are basis points? This episode will discuss various financial jargon to help translate what these really mean.
Read MoreFinancial Fill in the Blank
What’s the best way to not run out of money in retirement? What are most people worried about when retirement planning? Eric fills in these blanks in today’s episode.
Read MoreWhat to Know About Biden’s Initial Executive Orders
Let’s take a look at some of Biden’s executive orders so far in his first few weeks. How could they alter your financial plan?
Read MoreMailbag: Retirement Planning With Separate Bank Accounts
From managing your income as a contract employee to managing your income in retirement, Eric answers three questions from the mailbag in today’s episode of the podcast.
Read MoreEstate & Legacy Planning FAQs
When receiving an inheritance, a lot of interesting or unexpected scenarios can occur. We discuss four different situations to hear Eric’s advice on how to handle them on today’s episode of the Retirement Ready podcast.
Read MoreWhat Does Mark Twain Have to Say About Your Financial Plan?
What financial wisdom can we glean from the sayings of Mark Twain? Believe it or not, many of these quotes are quite relevant today.
Read MoreNew Year, New Ideas to Consider
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?
Read MoreMailbag: Should I Use My Severance Package to Pay Off the House?
Whether you want to learn more about using your HSA or trying to make strategic use of your severance package, Eric answers three questions from the mailbag. Do any of these questions relate to your situation?
Read MoreThings Your Advisor Should Be Doing
What kind of decisions are you making alongside your financial advisor? How do you know if they are doing everything you need when it comes to creating and implementing a retirement plan? Eric talks through what you deserve from a financial advisor and how his team works with clients to meet their needs.
Read MoreThe Three Worlds of Money
Do you know the three worlds of money? Where does the bulk of your money live? Is your money appropriately balanced across all three worlds? We’ll break it all down on this episode.
Read More