Skip to content

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.

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

 

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

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

What To Do With Unexpected Extra Cash & Other Mailbag Questions

May 21, 2020

While many are hitting hard times financially, maybe you are among the few who are doing well and trying to make the most of it like Grace in Ames. Eric gives some advice on what to do with extra cash as well as answering two other questions from the mailbag.

Read More

Coronavirus Update and a Look at Interest Rates

May 14, 2020

When you retire, it’s important to set up several sources of income, particularly predictable income. What are some forms of reliable income and what streams of income are more vulnerable? We’ll explore the options and help you determine if they might work for you.

Read More

Finding Predictable Income Sources in Retirement

May 7, 2020

When you retire, it’s important to set up several sources of income, particularly predictable income. What are some forms of reliable income and what streams of income are more vulnerable? We’ll explore the options and help you determine if they might work for you.

Read More

What’s The Difference Between These Important Financial Terms?

April 30, 2020

Do you know the difference between a Roth contribution and a Roth conversion? What about individual bonds and bond funds? Eric explains the difference between these important financial terms so you can decide what should be included in your financial plan.

Read More

Dealing With The Death Of A Spouse

April 16, 2020

A financial plan should consider more than just where your investments are. Even though it’s
uncomfortable to bring it up, do you know what your plan is following the death of a spouse?

Read More

Social Distancing For Your Finances

April 9, 2020

In order to keep safe, we’re all practicing social distancing right now. With your finances, are there some areas that need a little bit of space between them for safety and protection? Let’s run through four examples of social distancing in your financial plan.

Read More

Should I Keep My Life Insurance Policy + Other Mailbag Questions

April 2, 2020

If your life insurance policy goes up after you turn 60, you may wonder if it’s still something
worth paying for. Or maybe you’ve just received an inheritance and don’t know what to
expect when it comes to taxes. Eric answers three questions from the mailbag this week.

Read More

Making Home Renovations and Protecting Your Retirement Income

March 26, 2020

Are you wondering how to pay for a home renovation in retirement? Or, are you concerned about the market volatility with retirement a few years away? Eric answers three questions from the mailbag all related to making wise decisions regarding money in retirement.

Read More

Life Happens: How Will Your Financial Plan Be Impacted?

March 19, 2020

We all know at one point or another something is bound to happen that can throw off your financial plan. How will you address these possible scenarios when it comes to your financial plan?

Read More

Don’t Mistake Good Intentions for Sound Financial Advice

March 12, 2020

Can you tell the difference between good intentions and bad advice? Sometimes, even people who are truly trying to help can give you bad information and cause you to question your financial decisions.

Read More

Leave a Comment