Today’s Prep:
What do you do when…? Eric answers three pressing questions from the mailbag in today’s podcast. Whether you are being thrust into an early retirement or are considering delaying retirement due to debt, financial advice from an advisor will set you in the right direction.
Equipping Points:
When it comes to retirement planning, there are a number of questions that come up along the way. Eric gives his professional advice to answer these three questions from the mailbag.
When faced with an early retirement due to a company getting bought out, there are a number of things you will want to do to ensure you are prepared. Once you have your package, have a conversation with an advisor to look into your options. While maybe you weren’t wanting to retire yet, this may end up being for the best, so consider what other things you might want to do with your time.
What do you do with debt when heading into retirement? Mel from Ames is wondering if she should pay off the house even if it means delaying retirement for a year or retiring as planned. It might mean looking at the numbers to see what’s possible or getting creative with what to do about work.
Finally, what do you do if your financial advisor is hard to get in contact with? Maybe your account is smaller than the average client’s, but you should still be treated with respect and get the value needed from an advisor. If you feel ignored, it’s probably true–which is wrong. Eric believes in treating all of his clients with the respect they deserve.
Listen to the entire episode or click the timestamps below to hear a particular question from the mailbag.
0:47 – Mailbag: What does an early retirement offer look like? How should you prepare?
3:40 – Mailbag: Should you keep working until you’ve paid the house off or retire as planned?
5:08 – You can always do something else in retirement, such as part-time work.
6:05 – Mailbag: Financial advisor is tough to get in touch with. Is this common practice?
Related Resources:
Retiring Early: Is It Possible and Is It for You?
Mailbag: Retention Bonus or Retirement?
Today’s Takeaway:
“We always treat our clients with the same level of respect that they had when they came on board, regardless of their account size. –Eric Peterson“
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Healthcare in Retirement
One major (yet often overlooked!) expense in retirement is healthcare. Especially if you are retiring early, healthcare can be a huge expense as you bridge the gap between your working years and when eligible for Medicare. Not only will you have an increased monthly cost, but you may need to budget for additional medical costs as time goes on or even long-term care needs.
Read More
Family Matters When It Comes to Finances
Today we talk about what happens in a family, particularly when someone has passed away and the financial impact that can have.
Read More
Water Wheels and Retirement Planning
Have you ever wondered how a water wheel can relate to your retirement planning? It might seem like an odd comparison, but in today’s podcast, Eric breaks down this fascinating analogy and its significance in maintaining a stable financial future.
Read More
Most Common Retirement Planning Mistakes
We all make mistakes from time to time. But what if your financial mistakes could be avoided with just a little insight? Eric shares some of the most common retirement planning mistakes people are prone to make and what you can do to save yourself from heartache.
Read More
Common Complaints About Financial Planning
When it comes to planning for retirement, the relationship you have with your financial advisor is crucial. Many people express common complaints about their financial advisors, from taking on too much risk to paying high fees or a lack of communication. In today’s podcast, Eric sheds light on these concerns and offers valuable insights to help you navigate your financial journey.
Read More
Navigating Spousal Disagreements in Retirement Planning
Inside a marriage, retirement planning is a journey that ideally involves both partners working together towards a common goal. However, as with any significant life decision, disagreements can arise. Eric sheds light on some of the most common spousal disagreements regarding retirement and offers practical advice on how to navigate them.
Read More
Financial Wisdom from Ernest Hemingway
According to Ernest Hemingway, “In order to write about life, you must first live it.” Eric shares how his years working as a financial advisor have given him the experience to guide others through various market conditions and make a financial plan that is possible to follow. It’s not just about understanding the products and tools; it’s about knowing how people react to different financial stimuli and steering them accordingly.
Read More
Knowing Where You Stand in Retirement
Saving for retirement is not like it used to be. For too many, it’s a mystery whether or not they have what they need to retire comfortably. To best prepare for retirement, it’s important to know where you stand. Do you have an understanding of what your goals and financial needs are?
Read More
The Different Investor Personality Types
When it comes to financial planning, understanding your investor personality type can significantly impact your retirement plan.
Read More
Bad Financial Habits
Are your financial habits setting you up for a secure retirement or are they leading you down a path of uncertainty and uneasiness? Eric shares about the consequences of bad financial habits and what you can do to cultivate better ones. Instead of burying your head in the sand or overemphasizing the wrong things, take some time to recalibrate and get your financial life in the right direction.
Read More