Stuff That Doesn’t Work

Today’s Prep:

What retirement plans simply don’t work out the way you want them to? Eric talks through the realities of retirement and how we can better plan accordingly.

Equipping Points:

There are a number of things that no matter what you do, just don’t seem to work.  For instance, when you go to a hotel, why is the temperature always set at such an unbearable temperature? Ultimately, there’s no one-size-fits-all, which is why it doesn’t work well for you. Let’s talk about three things in the financial world that don’t work, despite our best intentions.

In the financial world, a target-date fund may sound like a good option, but it might not fit your needs. Will your investment change with you as your needs change? Once you near retirement, you may want to work with a professional who can adjust and plan for your retirement income needs in a way that aligns with your timing and lifestyle.

While it’s a sweet sentiment to plan to care for each other in old age, there are logistics that may make that impossible. If you’re both in poor health or unable to give the proper care, this isn’t sustainable. Instead, you want to plan for the possibility of long-term care needs.

No one knows just how long we have to live. Family history may factor into your estimate, but ultimately, you don’t want to outlive your money for an extra ten years because of poor planning. Prioritize your health to save you money in the long run, but financially plan for longevity.

Part of the retirement planning process is to ask questions and think about the future. You want to talk with your spouse about your goals as well as consider where you’ve been. Going into retirement you want to know what kind of income you have coming in, how much you have to take off of what you’ve accumulated, and how long the money will last will. Doing a retirement readiness review may be an eye-opening experience and gives you the confidence you need to approach retirement.

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

0:47 – What are the things that don’t work?

2:20 – Having a target date fund might not fit your needs.

4:02 – We’ll take care of each other in old age.

6:52 – You can’t guess how long you’ll live.

8:47 – Do you have someone guiding you through the process?

Today’s Takeaway:

Going through your goals, objectives, also where you’ve been and your experiences–part of the retirement planning process is finding out what those things are.

-Eric Peterson

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The host: Eric Peterson - Contact - Call: (515) 226-1500

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