Today’s Prep:
Are your expectations of retirement realistic? We talk through four things to keep in mind when you dream about your retirement future.
Equipping Points:
We all need a reality check from time to time. What kind of retirement expectations do you need to manage? What will retirement actually look like and how do you need to prepare?
When you think about retirement, maybe you envision extended time away from work that looks like a vacation. But the reality is, retirement won’t feel like a vacation every day. You may not have the same daily grind as when you’re working, but you’ll still have the upkeep of daily life.
Whether you are traveling more or not, there will likely be a change of expenses when you get to retirement. Healthcare costs are a big one that people find themselves suddenly paying more for. Some people go from having a company car to needing a personal car, but others will be saving money on their commuting costs. Maybe you eat out less or maybe you eat out more in retirement. All of these are things you’ll want to think through and consider your budget in retirement. Things will always change, so be sure to stay flexible as your plan need to adjust accordingly.
There’s a lot to preserving your money and making it last through retirement. It’s okay to ask for help in order to make adjustments and improvements to your financial plan. Financial advisors do this every day, whereas you’ve been pouring your time and energy into your own career and life. Eric is constantly learning and improving his industry knowledge to keep his clients on the cutting edge.
Listen to the entire episode or skip ahead to a particular quote using the timestamps below.
0:46 – How can we manage expectations?
4:16 – Account for a change in expenses.
8:01 – You need to be flexible.
8:56 – Ask for help.
Today’s Takeaway:
“You want your advisor to be someone that’s going to be: 1. a fiduciary; 2. doing what’s in your best interests, but also growing themselves. Ask them what they are doing to improve their knowledge base.“
-Eric Peterson
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
The Stress That Comes With Retirement
Eric discusses why this phase can be so daunting and offers strategies to ease the transition.
Read More
Finding Financial Silver Linings
Throughout our lives, there will be times when the markets rise and times when we experience downturns. Largely, we don’t have control over the circumstances we’re dealt, but we do have control over how we respond to those situations.
Read More
Unasked Retirement Questions You Shouldn’t Ignore
Tune in to this episode with Eric, as he breaks down some frequently unasked retirement questions that are very important to consider.
Read More
The Diverse Definitions Of Diversification
Diversification is one of those buzzwords you hear often in financial planning. While many people know it’s important, few are clear on what it actually means when applied to various aspects of their financial strategy. In today’s episode, Eric and Marc will bring you the diverse definitions of diversification.
Read More
The Use Of Technology In Financial Planning
As technology keeps advancing, it’s made our lives easier in so many ways. Tasks that used to need outside help can now be done on our own with just a few clicks. This shift has also brought more accessible online financial tools, but how accurate and helpful are they really?
Read More
Retirement Planning Conversations With Dorothy Parker
Dorothy Parker is one of the great writers of the 20th century. Her wit and prose have been appreciated by readers for generations. But are there any lessons we can learn when it comes to finance with some of Parker’s most well-known quotes?
Read More
Mailbag: Moving To A State With Income Tax And More
In this episode, Eric is answering your questions! We’ll cover a range of topics today, including key considerations for income taxes when moving to a new state, how to initiate financial conversations with parents or grandparents, and whether using a life insurance policy to save for a college fund is a wise choice.
Read More
What Is Lazy Money?
What is lazy money and why do you want to not have too much of it in your retirement portfolio? Simply put, lazy money is money that isn’t growing as much as it could be. Having your money grow and work for you is a key part of building a solid portfolio, so Eric breaks down some strategies to help get the most out of your money in this episode.
Read More
Retirement Planning Today Is Harder Than It Used To Be
Retirement planning simply isn’t the same as it used to be. From changes in life expectancy, the lack of pensions, and getting caught in the sandwich generation, there’s a lot to keep in mind when putting together your financial plan. Instead of taking advice from others who may have retired in a different era, it’s important to understand what strategy is right for you.
Read More
Social Security Variables That Impact Your Claiming Strategy
After so many years of paying into Social Security, you might feel ready to reap the benefits. But before you get too eager, it’s best to have a thorough understanding of the different variables and how to best leverage them.
Read More