Retirement Readiness Pop Quiz

Today’s Prep:

Know all you need for retirement? Take this little quiz to see where you stand when it comes to retirement readiness.

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

Equipping Points:

On today’s episode of the Retirement Ready podcast, we check in to see how ready you really are. What sorts of things are you overlooking, and where do you need to stay better focused?

Do you know how much it costs to fund your current lifestyle? Most people have a general idea of their living expenses. But what people forget to budget for are things like healthcare or travel. What areas will you save in retirement? It’s important to go through your budget line by line to determine what you’ll need in retirement.

What should your net worth be in order to retire? Are you comparing with your neighbors and getting nervous? Remember that everyone has a different situation. Some have a pension while some have 401(k)s. Instead of focusing on the dollar amount accumulated, pay attention to what your retirement income will be. Make sure to check out the numbers with your financial advisor.

Finally, how does whatever is happening in the news affect your overall retirement plan? Remember that news stations and publications are motivated keeping you glued to the news. They have to keep enough content going all day and keep viewers engaged. Instead of getting caught up in the noise, try to take it all with a grain of salt and think about your plan long-term. Have a diversified plan and retirement income that comes from safer places that aren’t impacted by market fluctuations.

Listen to the entire episode or use the timestamps below to skip ahead.

[1:08] – How much does it cost you to fund your lifestyle?

[3:26] – What do you need your net worth to be to retire?

[7:08] – How does the latest news impact our retirement plans?

 

Today’s Takeaway:

How do I turn this stuff into income so it can last me the rest of my life in retirement? That’s what having a proper retirement plan can help you do.

-Eric Peterson

Related Resources:

Unpopular Opinions In The Financial World

Retirement Planning Rules of Thumb

What Creates A Sense of Urgency With Your Financial Plan?

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: Which Investment Should I Withdraw From?

September 29, 2022

Whether you are nearing retirement or wanting to buy a new car, taxes are often a big part of the conversation. Thinking through how and when to withdraw from your investments strategically can make all the difference in what taxes you pay afterwards.

Read More

Investing and Coffee

September 22, 2022

In the fall, a lot of people are ready to cozy up with a coffee or latte in their favorite mug. For fun, we talk about the different types of coffee drinks and what kind of investor that might make them. Do you take your coffee the same style you do your investing? Which one are you?

Read More

The Different Kinds Of Annuities

September 15, 2022

To some people, an annuity is almost like a dirty word. In reality, there are a lot of different kinds of annuities, and some are better for your financial plan than others.

Read More

Financial Fortune Cookies

September 8, 2022

What small piece of wisdom can we take away and apply to our financial plan? Eric talks through five fortune cookie statements and what they mean.

Read More

The Worst Investor

September 1, 2022

Which investors will end up ahead in the end? Eric talks through the types that might look successful…until they aren’t.

Read More

What Happens in a Periodic Review With Your Financial Advisor?

August 25, 2022

Think about the taxes! Eric answers three questions from the mailbag today that all involve financial decisions with tax implications.

Read More

Mailbag: Does It Matter Who Gets What Asset in My Legacy Plan?

August 18, 2022

Think about the taxes! Eric answers three questions from the mailbag today that all involve financial decisions with tax implications.

Read More

More than Just a “Nice Person”

August 11, 2022

Financial advisors are people who want to get along with, but you probably want more than just a nice person. We talk through what you should expect with a fiduciary and when you should get a second opinion.

Read More

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

Leave a Comment