Today’s Prep:
What do an airport and your retirement plan have in common? Find out things like what to leave behind, what’s worth the money, and what’s a rip-off on today’s podcast!
Equipping Points:
Ready to start planning a trip? Flying can be fun and exciting, but there’s also a lot to keep in mind. Similarly, retirement planning can be a bit like going through the airport before a big trip.
When you enter the airport on your way to the gate, you have to think through what you have or can’t have when you go through TSA. When you’re planning for retirement, what kind of things should you consider or let go ahead of time? Heading into retirement, removing debt is ideal. Are you properly allocated? You may also want to rebalance. A retirement income analysis is eye-opening to understand your financial plan, your risk, and how to best get your money out in retirement.
If you travel a lot, having the TSA pre-check is well worth the cost. What is worth the cost in the financial world? Life insurance is something you buy that is well worth it if and when the time comes. Having a good supplemental health plan is also something you may want to pay for in retirement.
Whenever you travel, you always have to prepare yourself to adapt and be ready for change. In retirement, you also want to be adaptable because you never know what the market will do. Your plans may have to adjust when you face market volatility. Pay attention to your allocations, so you can be prepared for possible turbulence.
In the airport, you might pay more for the exact same thing you could get elsewhere, like a souvenir or snack. Where does this happen in the financial world? Are you paying for asset management on its own without getting the value and planning you might get with a retirement planner? Instead of simply asset management, Eric and his team offer things like income planning, tax reduction, tax-efficient withdrawal strategies, and behavior modification. You can potentially get a lot more value for the fees you’re already paying, so make sure you get the retirement plan and financial support that you need in retirement from your financial advisor.
Listen to the entire episode or skip ahead using the timestamps below.
0:46 – What should you remove before retirement?
2:15 – What’s worth paying for?
3:38 – How might you need to adapt?
5:54 – Where might you be overpaying?
Today’s Takeaway:
“In retirement, one thing that’s worth the cost would be properly structured life insurance.“
-Eric Peterson
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Planning for Kids, Grandkids, & Your Future
As many nearing retirement age are discovering, adult children and grandchildren can significantly influence financial strategies, making it crucial to understand how to navigate these relationships effectively.
Read More
Financial Planning Conversations for Couples
This episode is focused specifically on that planning we do with couples with insights on how we help them navigate tricky conversations about money and retirement.
Read More
Is Your Retirement Based on Wishful Thinking?
Many people fall into the trap of wishful thinking when it comes to what they expect will happen in retirement, but a successful retirement isn’t built on hope and assumptions.
Read More
Spending With Confidence in Retirement
Eric shares strategies to help retirees enjoy their savings while ensuring financial security.
Read More
Watch Out For These Financial Half Truths
Eric pulls back the curtain on some of the most common financial half-truths that many retirees and investors encounter. As someone gearing up for retirement,
Read More
Answering Common 401K FAQs
The 401k is the most common way that people save for retirement, which is why we get a lot of questions on the show and in the office about this employer-sponsored plan.
Read More
Mistakes People Make When Choosing An Advisor
When you’re ready to start working with a financial advisor, how do you find the right person to help you reach your financial goals?
Read More
Financial Lies We Tell Ourselves
We all tell ourselves little white lies from time to time. But when it comes to our finances, these “little lies” can have se-rious consequences.
Read More
The Stress That Comes With Retirement
Eric discusses why this phase can be so daunting and offers strategies to ease the transition.
Read More
Finding Financial Silver Linings
Throughout our lives, there will be times when the markets rise and times when we experience downturns. Largely, we don’t have control over the circumstances we’re dealt, but we do have control over how we respond to those situations.
Read More