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
Mailbag – Roth IRA, Emergency Funds & Tax-Deferred vs. Tax-Free
Making more money is great, but what happens when it becomes a roadblock for contributing to a Roth IRA? And how can you make your emergency fund work smarter for you? In today’s episode, we pull from the mailbag and answer a mix of listener questions. Eric addresses concerns that reflect the real-life hurdles many face on the road to retirement.
Read MoreHow 2025 Tax Updates Can Impact Your Financial Plan
Although tax season has come to a close, the time for smart tax planning has just begun! In this episode, we unpack the upcoming tax updates that could affect your planning for the next few years, including changes to 401(k) contribution limits, tax deductions, and the potential benefits of using tax-advantaged accounts like HSAs.
Read MoreEarly Retirement: Dream Come True or Financial Trap?
Ever fantasize about leaving your 9-to-5 before traditional retirement age? You’re not alone, but is early retirement even possible? In today’s episode, Eric explores what it really takes to retire early including how to tackle healthcare costs, how to make money last longer and the importance of shifting your mindset from spender to saver.
Read MoreWhat 400+ Advisors Say Really Keeps Retirees Up at Night
What are Americans really concerned about when it comes to retirement? In this episode, we unpack the results of an insightful survey from Financial Advisor Magazine, which was completed by over 400 financial advisors. We’ll also compare these answers with the real-world concerns we hear every day from the clients in our own practice.
Read MoreBracket Busters and Stock Flops: The Risky Game of Picking Winners
March Madness is here, and just like filling out a bracket, picking individual stocks can feel like a thrilling gamble. But the odds of winning big are slim. In fact, history shows that most stock picks, like most brackets, end up busted.
Read MoreAre Hidden Fees Draining Your Retirement Savings?
In this episode, Eric reveals the true cost of investing and how to protect yourself from unnecessary financial drains.
Read MoreWhat Game Night Can Teach Us About Financial Planning
In this episode, Eric breaks down the surprising financial lessons hidden in classic board games, offering valuable insights to help you navigate your retirement strategy.
Read MoreMailbag – Upsizing, Financial Advisors & Business Owner Planning
Join us as we answer questions about the challenges of downsizing, the emotional aspects of planning for family gatherings, and the realities of transitioning into a financial advisory career.
Read MorePlanning 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