Today’s Prep:
What can you do to spend with confidence now and in the future? Eric discusses what will ensure you feel good about your financial decisions and spending habits.
Equipping Points:
As you enter into retirement, you may feel nervous about how much you have or what you can spend. While you’re working, you get a steady paycheck. But in retirement, you have you create a bridge to that income. Where will you pull your money from? How can you spend with confidence?
You may need to do a budget. Instead of viewing a budget as a way to limit you, consider it as a way to see what you can spend. You don’t have to always be scrimping and saving. Figure out what you’re spending, so you can get the income you need in retirement.
Going through a planning process will help identify what you spend and what you need. Maybe you are behind in what you’ve saved. There’s a solution to that! Maybe you still need to work, but you can work a lot less and feel like retirement. Your plan is not to “set it and forget it” but rather something you review every year.
Helping people get their income from the right source all the while considering taxes is what a financial advisor does. You’ll want to stress test your plan to prepare for worst case scenarios, market crashes, or inflation. You have to be ready to adapt as needed. The retirement readiness review with Eric will help give you the answers, as well as the confidence, you need when entering retirement.
Listen to the entire episode or skip ahead using the timestamps below.
0:49 – What does Bill Murray say about taxes?
2:03 – How do we get around the nerves in retirement?
4:20 – What does your budget do?
5:53 – How do you overcome a lack of confidence?
Today’s Takeaway:
“The difference between saving and investing: if you’re saving, you’re saving for something–you want that money to be there. Investing is you’re willing to take risk to grow it.“
-Eric Peterson
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
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
Retirement Real Estate Decisions: Downsizing, Snowbirding, and More
One of the key discussions you may have in retirement is what to do about the house. Should you downsize your home? Pay it off early? Buy a vacation home and become a snow bird? Eric emphasizes the importance of considering not just the financial implications but also the lifestyle changes each of these decisions entail. Weighing out the pros and cons of each decision can highlight what is right for you (which isn’t always the same as what your neighbor is doing).
Read More
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