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.

(Click the featured times below to jump forward in the episode)

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

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

Mailbag: Do I Have Too Much in Cash?

November 22, 2022

When people are in retirement or closer to retirement, the accessibility of money goes up. So, what does that mean when you have to take out RMDs? How do you know if you have too much money in the bank? Talking through this with an advisor might help you make the right next steps with your money. We also talk about what mistakes people are prone to make if they try to DIY their retirement planning without a financial advisor.

Read More

Retirement Planning with Mr. Miyagi

November 17, 2022

Eric answers three questions from the mailbag today, all common scenarios that you might one day come across yourself. Find out what he has to say!

Read More

Mailbag: Is It Irresponsible to Retire Early?

November 10, 2022

Eric answers three questions from the mailbag today, all common scenarios that you might one day come across yourself. Find out what he has to say!

Read More

Retirement Red Zone

November 3, 2022

Let’s talk football! As fans of the game, we make some comparisons between football terms and retirement planning. How can you win when it comes to our financial plan? Understanding the strategies ahead of time and having the right team behind you can make all the difference.

Read More

Mailbag: Do I Need To Budget For Retirement?

October 27, 2022

Day-to-day, Eric works with a lot of people as he helps them navigate a variety of financial decisions. But what might seem rare to you could be a more common occurrence to wit-ness in his office. How often does Eric come across scenarios like these? You might be surprised by some of the answers!

Read More

How Often Do These Financial Situations Happen?

October 20, 2022

Day-to-day, Eric works with a lot of people as he helps them navigate a variety of financial decisions. But what might seem rare to you could be a more common occurrence to wit-ness in his office. How often does Eric come across scenarios like these? You might be surprised by some of the answers!

Read More

Mailbag: Should I Get a Prenup?

October 13, 2022

What are the financial implications of getting married later in life? There are a lot of variables that go into this financially speaking. Have you talked through what happens when one of you passes away? Do you or your fiancé have children? Eric and Marc go over what this may look like and also answer two other questions from the mailbag.

Read More

Financial Advice from Seinfeld

October 6, 2022

Ever take financial advice from your favorite TV show? Believe it or not, you might learn something, even from an unlikely source. Inspired by a classic sitcom, today we take some quotes from Seinfeld to apply them to our financial plans.

Read More

Mailbag: Which Investment Should I Withdraw From?

September 29, 2022

Whether you are nearing retirement or wanting to buy a new car, taxes are often a big part of the conversation. Thinking through how and when to withdraw from your investments strategically can make all the difference in what taxes you pay afterwards.

Read More

Investing and Coffee

September 22, 2022

In the fall, a lot of people are ready to cozy up with a coffee or latte in their favorite mug. For fun, we talk about the different types of coffee drinks and what kind of investor that might make them. Do you take your coffee the same style you do your investing? Which one are you?

Read More

Leave a Comment