The Fool’s Gold of Retirement Planning

Today’s Prep:

Are you clinging to financial ideas that give you a false sense of hope? On this episode, Eric points to clear strategies for you to make wise decisions when retirement planning.


 

Equipping Points:

Amidst everything going on with the economy and coronavirus, you might be worried about your retirement savings. Where are you holding onto fool’s gold when you should look toward sound advice and financial expertise instead?

Are you aiming for a particular number? Instead of looking for a certain dollar amount to have before retiring, focus on the income side of things. How much do you need to maintain your standard of living? What are your income streams?

Right now, what are your expenses? As we all stay home you may see what your spending habits are without going out to eat or traveling, which may be closer to your base budget. But in retirement, you’ll likely want to still do things and travel. On the other hand, some of your expenses might shift and come down when you are no longer working in retirement. Consider what you might do when you have the time and flexibility to do things once you are retired.

Make sure your plan is thorough and it works for you. Don’t just assume an inheritance will make up for an area where you don’t plan yourself. During this period of staying at home and social distancing, take some time to look at your budget or understand your account statement and how it fits into your financial plan.

Listen to the full episode or click on the timestamps below to hear a specific segment.

2:12 – You don’t have to hit a certain dollar amount to retire.

4:10 – Don’t think your income needs will decrease necessarily.

7:34 – Don’t count on an inheritance to make up for your poor planning.

9:11 – Now is the time to figure out what your plan is.

 

Related Resources:

Social Distancing For Your Finances

Making Home Renovations and Protecting Your Retirement Income

Retirement Decisions: More Than Just Investments

 

Today’s Takeaway:

[spp-tweet tweet= “Get some momentum going. Look at your budget this month while you’re in quarantine. Did you just get a statement? If accounts are down, will that still work with your projections for retirement?  –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

The Importance of Preventative Care

July 11, 2024

Preventative care isn’t just for your health; it’s essential for your financial well-being too. By consulting a financial advisor early and often, you can avoid financial distress and make informed decisions that lead to a secure and fulfilling retirement. Many people will put it off for fear they will be told something they don’t want to hear or because of the perceived costs of financial advisors.

Read More

Preparing for Retirement like Noah’s Ark

July 2, 2024

Financial planning involves a lot of planning ahead, much like Noah did when he started building the ark long before the rain began. This metaphor serves as a powerful reminder that proactive planning is essential for weathering financial storms. Eric highlights that while we can’t predict events like market crashes or global pandemics, we can prepare for them by stress-testing our financial plans.

Read More

Retirement Income

June 27, 2024

When planning for retirement, one of the most critical aspects to consider is your income. But what does this mean, and how can you ensure you have enough income to cover your needs and desires?

Read More

Retirement Checklist

June 20, 2024

Retirement is a significant milestone that requires careful planning and preparation. In today’s podcast, Eric shares a comprehensive checklist to ensure you’re fully prepared for your golden years.

Read More

Financial Wisdom from Mark Twain

June 13, 2024

In the latest episode of the Retirement Ready Podcast, Eric invites us to explore the timeless wisdom of Mark Twain and how it applies to modern financial planning. Mark Twain, known for his wit and keen observations, offers quotes that are surprisingly relevant to today’s financial landscape. Eric takes these quotes and translates them into practical advice for those planning their retirement.

Read More

Understanding Bonds in Today’s Market

June 6, 2024

Are bonds really the safe investment we’ve always been told they are? What percentage of assets should a retiree or pre-retiree hold in bonds? In today’s episode, Eric addresses some of his most frequently asked questions about the world of bonds…

Read More

Understanding Your Financial Statements

May 30, 2024

Financial statements can often feel like a foreign language, filled with jargon and numbers that seem to have little relevance to your everyday life. However, understanding these documents is crucial for effective retirement planning. In the latest episode of the Retirement Ready Podcast, Eric breaks down the essentials of reading and interpreting your financial statements.

Read More

From Graduation to Retirement

May 23, 2024

This one goes to the grads! Whether you know someone graduating high school, college, or even preschool, graduation marks a new stage and season in life. Similarly, retirement is a new chapter in life. It’s a time of change, celebration, and sometimes, uncertainty. On today’s show, we talk through the similarities between leaving school and entering retirement.

Read More

401(k) Mistakes

May 16, 2024

Your 401(k) likely plays a major role in your retirement savings. That’s why it’s important that it’s set up and functions in the way that’s most beneficial to you. Following our last podcast about beneficiary mistakes, now we focus on common mistakes people make with their 401(k).

Read More

Beneficiary Mistakes

May 9, 2024

In this episode of the Retirement Ready Podcast, Eric guides us through the critical yet often overlooked details of beneficiary designations. Learn the simple yet vital steps to prevent beneficiary blunders that could lead to unnecessary headaches for your heirs. Eric calls these errors “low hanging fruit” because they’re easy to fix yet can save your family from future heartache.

Read More

Leave a Comment