Today’s Prep:
What should you be considering when trying to DIY your retirement plan? Eric talks through why many later decide working with a financial advisor is best.
Equipping Points:
Financial planning might look simple, but is it? There has been a big push toward DIY retirement planning in recent years, especially when the stock market was doing well. Instead of throwing darts at where to invest and making decisions with a bit of chance, consider how you protect your money and what to do with it when you want to get to it later.
When you get to retirement, it’s an entirely different approach as you determine what money to withdraw at what point. From a tax standpoint, this strategy is crucial. When do you start taking Social Security? It’s not easy to make all of these decisions, especially when you don’t know what the future holds.
Is financial planning something you want to spend your time on in retirement? It’s important to know how your plan works, but instead of spending hours and hours researching and reevaluating, you may want to work with a financial advisor. Their expertise can help guide you through the decisions you need to make and provide the support you want.
Finally, have you played what-if with your retirement plan? Stress-test your plan. What happens if one of you need long-term care? What happens when one spouse dies? Your plan will address all of these and show you what choices you’ll have to make as they impact you.
Listen to the entire episode or skip ahead using the timestamps below.
0:47 – Retirement planning is not as easy as it looks.
2:59 – How do you approach the plan as a whole?
7:03 – How much time do you want to spend focusing on this?
10:10 – What happens if…?
Today’s Takeaway:
Spending the money is a lot different than growing the money.
-Eric Peterson
Related Resources:
Financial Security in Retirement
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
What Snow Days Teach Us About Money
There’s something special about a snow day. They’re somewhat unexpected, memorable, and a break from the routine. Eric borrows a few classic snow-day moments and uses them as metaphors for building a strong financial life.
Controversial Financial Takes: Are Kiyosaki, Orman, Sethi & Ramsey Right?
Some of the loudest voices in personal finance aren’t shy about strong opinions, but are those opinions actually helpful? Eric reacts to controversial advice from some of the most recognizable names in money and retirement conversations. The discussion focuses on why one-size-fits-all guidance often misses the mark and how real planning differs from financial entertainment. Just because advice sounds confident doesn’t mean it fits your situation.
Start the Year Right: A Smarter Financial Checklist
A new year is the perfect time to make sure your financial plan is still working the way it should. In this episode, Eric walks through a simple (yet impactful) checklist to help you reset, refocus, and avoid common mistakes that can sneak up over the course of the year. Miss these now, and they can quietly cost you later.
Financial Truths Hidden in Famous Songs
Money shows up in our favorite songs for a reason. It captures the emotions, tensions, and tradeoffs we all feel when it comes to finances. In this episode, Eric has some fun pulling financial lessons from iconic lyrics and exploring what they reveal about real-life money decisions. You might never hear these songs the same way again.
Are You Falling for Financial “Shiny Objects?”
In a world full of flashy promises and polished marketing, how do you know what actually matters when choosing a financial professional? In this episode, Eric tackles “shiny object syndrome” in retirement planning- the glossy brochures, impressive projections, testimonials, awards, and alphabet soup of credentials that can distract investors from what really counts. Eric breaks down which tools can be helpful, which deserve skepticism, and why trust, process, and real-world experience ultimately outweigh hype.
Mailbag: Do I Really Need An Advisor If I Have Enough Money?
When it comes to retirement, having enough money doesn’t automatically mean having everything figured out. In this episode, Eric tackles real listener questions that reveal where even confident savers can still go wrong. From deciding wheth-er an advisor adds value when money isn’t an issue, to the risks of relying on stock-picking and “passive income” strategies for early retirement, the conversation centers on one core idea: having options isn’t the same as having a strategy.
Retiree’s First Christmas: The First Holiday Season After You Retire
We’ve all seen those Christmas ornaments that say things like “Baby’s First Christmas.” It’s a milestone moment worth commemorating. But what about a retiree’s first Christmas? You may not have a specialty ornament to hang on the tree for this one, but that doesn’t mean it isn’t a milestone.
Does It Even Matter?: What Retirees Should Actually Worry About
We’re bombarded daily with headlines that spark panic, but how much of it really matters for your retirement?
Wizard of Oz Lessons for Retirement Planning
Your retirement journey has more in common with The Wizard of Oz than you might think. In
Money Mistakes You Only Make Once
Eric explores common money mistakes people often make when planning for retirement, and scenarios that could cost you in the long run. The discussion also covers critical considerations around long-term care and how to avoid financial setbacks. Tune in to learn what you can do now to steer clear of these all-too-common errors and set yourself up for a worry-free retirement.