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
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
Financial Strategies: Agree or Disagree?
There are a number of financial ideas that people have differing opinions on. Eric shares today which of these he agrees with or disagrees and why.
Read MoreDivorce Mistakes
Unfortunately, divorce happens. When it does, no one wants to make costly financial mistakes amidst an already stressful time. Today, we talk about the mistakes that can happen and how to avoid them when it comes to dividing up your assets with a spouse.
Read MoreVillains of the Financial World
Just like some of these cinematic villains, some of these financial elements may have a bit of nuance and history that can make it hard to label them all good or all bad.
Read MoreUses for Life Insurance
When you’re younger, life insurance is often thought of as an income replacement as needed. But as you get older and into retirement, you might find other uses for life insurance. When thinking ahead for your estate and how it passes to beneficiaries, life insurance can prove to be a useful tool. Currently, the proceeds from life insurance are tax-free. How does that change how you include it in your financial plan? Eric outlines some of the options and benefits life insurance can provide.
Read MoreUnderstanding Financial Risk
What kind of risks do you take in your financial life? As you get less comfortable with things like climbing up ladders and riding on skateboards, you might also become less financially risky. When you enter retirement, how you view your money in the market changes significantly from your working years. It’s important to look at your portfolio to ensure your investments match your risk tolerance.
Read MoreMailbag: What Financial Advice Should I Share with My Grandchild?
Why is retirement planning different than the “good old days” that our parents and grandparents experienced? Things like pensions, Social Security, and even RMD age have changed. Is your financial plan set up accordingly or is it in need of some changes to match?
Read MoreThe Good Old Days
Why is retirement planning different than the “good old days” that our parents and grandparents experienced? Things like pensions, Social Security, and even RMD age have changed. Is your financial plan set up accordingly or is it in need of some changes to match?
Read MoreMailbag: When Should I Retire?
When is the perfect time to retire? One question from the mailbag asks whether retiring now or in two years will make a big difference. Eric explains what you’ll need to consider and what differences you might encounter from a work and lifestyle standpoint. Then, he answers Nancy’s question on how important it is to have a financial advisor in retirement.
Read MoreDiscussing Dave Ramsey and His Core Beliefs
More than likely, you’ve heard about financial commentator, Dave Ramsey. Today, we talk about some of Dave’s core beliefs and how it may differ from those of a licensed financial advisor. While Dave’s tips and baby steps have helped people, it’s worth taking some of his advice with a grain of salt.
Read More