Things That Don’t Matter…Until They Do

Today’s Prep:

Certain financial documents might seem like they can be put off for now. But when you need them, it’s important to be prepared ahead of time! Do you have all of these things in place?

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

Equipping Points:

What are some things we don’t think about until suddenly you need it? Things like fire extinguishers or fire alarms are things often just have and then forget about–unless suddenly they save us in an emergency. What kind of financial things are like this?

Legal documents like a will or power of attorney are never fun to put together. It is, however, relatively to simple to do–from using online forms to getting a lawyer. Have you gotten this all lined up? Once you need them, it’s too late to put them together! If something happens to you, does someone else know where these important documents are kept?

Do you have long-term care protection? The default for many people may be to self-insure, but what are your other options? Have you considered using your life insurance toward long-term care costs? Are you properly leveraging life insurance and building it into your financial plan?

Where will your lifetime income streams come from? If you have guaranteed income streams, you don’t have to adjust your spending each month. What happens if you deplete your assets? It goes away, whereas guaranteed income will continue to be there.

Do you have all of these things at the ready?

Listen to the entire episode or click on the timestamps below to learn more about these important things.

[0:47] – Let’s play a game!

[2:01] – Do you have legal documents prepared?

[5:06] Have you thought about long-term care protection?

[7:22] – What can life insurance do for you?

[9:03] – What sort of lifetime income streams do you have?

Today’s Takeaway:

You have to start treating life insurance as a different asset class, not just as an insurance policy.

-Eric Peterson

Related Resources:

Uncommon Sense in Financial Planning

Is This Retirement Fact or Fiction?

What Is Your Retirement Mindset?

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

Retirement Income Planning Essentials

September 23, 2021

What do you need to know about retirement income? From Social Security to planning for inflation, Eric breaks down the basics of what you need to know and how to make a plan that fits your future.

Read More

Easy Financial Improvements To Make

September 16, 2021

What’s a simple way to make your financial planning better? Today we are going to discuss some easy steps you can take to improve your financial plan.

Read More

Empty Nest Syndrome

September 9, 2021

Have all of your little baby birds left the nest? Today, we discuss the kind of financial decisions you may make in this next stage of life.

Read More

Retirement Quiz – Is That Your Final Answer?

September 2, 2021

We quiz Eric with a few multiple-choice questions all about retirement. Which one will he choose? Do you agree?

Read More

Moving On From Financial Mistakes

August 26, 2021

Instead of getting stuck in a rut after a financial mistake, it’s important to move forward in the right direction. So, what can you do to recover? Find out on today’s show.

Read More

Common Complaints About Financial Advisors

August 19, 2021

Are you feeling frustrated when it comes to your financial planning? If so, these three common financial complaints might make you feel like you aren’t alone, but also give you hope for a better scenario.

Read More

Navigating Retirement Disagreements Between Spouses

August 12, 2021

What do couples tend to argue about when it comes to their money in retirement? Eric talks through what you need to do to get on the same page.

Read More

5 Most Common Retirement Planning Mistakes

August 5, 2021

Do you have a strategy in place to avoid these retirement planning mistakes? Eric talks through what to do instead to make sure your plan is a success.

Read More

The Retirement Countdown

July 29, 2021

In those final years before retirement, what should you be considering and doing now? We tackle a list of things you should do in the years before retirement.

Read More

Mailbag: Do I Need Long-Term Care Insurance If I Expect an Inheritance?

July 22, 2021

Looking for a way around paying for long-term care insurance? Will an inheritance cover it? Eric answers this question and two others from the mailbag.

Read More

Leave a Comment