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 Is Your Retirement Mindset?

August 13, 2020

When it comes to retirement, where are you at? If you’re getting closer to retirement, it may help to understand your current mindset in order to know how best to proceed.

Read More

Are You Facing Financial Crisis or Financial Opportunity?

August 6, 2020

From market crashes to empty nests, we discuss different situations that may be first viewed as a crisis. But is it really an opportunity in disguise? We will explore both sides today on the podcast.

Read More

Making The Right Decisions With Your 401(k)

July 30, 2020

Are you wondering what to do with your 401(k)? How can you make sure this investment is set-up well to suit your needs? Let’s answer some of the most common questions regarding this popular retirement account.

Read More

Which TV Character Describes Your Financial Personality?

July 23, 2020

What kind of classic TV personality do you most relate with when it comes to handling your finances? Are you more like Gilligan or Barney Fife? Find out on today’s podcast!

Read More

Financial Pet Peeves

July 16, 2020

What little (or not little) things get under your skin when it comes to financial planning? Are they the same pet peeves as Eric’s? Find out on today’s podcast!

Read More

Grading Your Financial Competency

July 9, 2020

How would you grade yourself on your financial competency? Are you at the top of the class or falling behind? Find out on this episode.

Read More

Mailbag: When Should I Take Social Security?

July 2, 2020

Are you wondering how much longer you really have to wait before claiming Social Security? Or are you looking to find the perfect financial advisor but haven’t found them yet? Eric answers three questions from the mailbag in this week’s podcast.

Read More

Financial Lessons Learned from the Farm

June 25, 2020

Whether you are growing some backyard tomatoes or have 100 acres of farmland, what are some financial lessons to be learned? You don’t need a green thumb to understand these financial principles.

Read More

Financial Truth Bombs

June 18, 2020

Need someone to tell it to you straight? On today’s episode, Eric gives four financial truth bombs that might change the way you think about your financial plan and your portfolio.

Read More

Outdated Financial Rules

June 11, 2020

What financial rules are worth following and which ones need an update? On this episode, we discuss several known financial rules to see which ones are dated and which ones stand the test of time.

Read More

Leave a Comment