Retirement Planning: It’s Not As Easy As It Looks

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.

(Click the featured times below to jump forward in the episode)

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

Financial Things We Can Relate To

Conventional Wisdom 

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

Mailbag: How Much is Too Much to Spend on a Forever Home?

August 4, 2022

Retirement decisions involve a lot more than just the money, but also the emotional and lifestyle decisions, too. Eric answers three questions from the mailbag from listeners making retirement decisions.

Read More

Financial Jeopardy

July 28, 2022

We play the game of Jeopardy as Eric answers financial questions on today’s show. Do you know all the answers?

Read More

401(k) Weaknesses

July 21, 2022

If you have a 401(k), what are some of the downsides? Eric talks through what a 401(k) is best for and when it is better to invest elsewhere.

Read More

Financial Security in Retirement

July 7, 2022

What does it look like to achieve financial security? Let’s talk through a few financial goals people have when they meet with a financial advisor.

Read More

Financial Planning for Business Owners

June 30, 2022

When you’re a business owner, you put your heart and soul into your business. There’s a lot that goes into starting and running a successful business. When it’s time to retire though, how can you make sure your transition goes well?

Read More

Economic News and Sensational Headlines

June 23, 2022

How much should you pay attention to some of these recent financial news headlines? Eric shares what he thinks and what matters when it comes to your financial situation.

Read More

Conventional Wisdom

June 16, 2022

Should you follow conventional wisdom when it comes to your financial decisions? Eric shares when the conventional wisdom might not be best.

Read More

Retirement Vacation Planning

June 9, 2022

Let’s plan the vacation of your dreams: retirement. More than simply a week away, you want to spend the right amount of time and energy thinking about this major season in life.

Read More

Financial Things We Can All Relate To

June 2, 2022

What are we all facing and wondering about in our financial futures? Eric talks through a few topics you might have had on your mind lately.

Read More

Mailbag: Should I Move my Mom’s Money into Investments?

May 26, 2022

Where’s the best place for your money to go? Several people are considering where their money should be, so Eric answers three questions from the mailbag for today’s show.

Read More

Leave a Comment