Traveling Through The Retirement Airport

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!

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

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

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

Mailbag: Should I Move my Mom’s Money into Investments?

May 26, 2022

Where’s the best place for your money to go? Several people are considering where their money should be, so Eric answers three questions from the mailbag for today’s show.

Read More

A Perfect Match: Tennis and Retirement Planning

May 19, 2022

Ready to ace your retirement plans? Let’s talk tennis and see how much it relates to your financial plans on today’s show.

Read More

Mailbag: Money Management Tips For Younger Couples

May 12, 2022

What financial advice does Eric have for younger couples? What can you do to reduce next year’s taxes? Eric answers these questions and more from the mailbag.

Read More

Building a Plan for the Long Haul

May 5, 2022

What do you need to get you through the long haul of life? Eric talks us through what this looks like in your financial plan and how to build it with an eye on a distant horizon.

Read More

What Do You Need to Know About Today’s Inflation?

April 28, 2022

Everywhere you turn there’s a headline about inflation but what do you need to know about what’s going on? Eric weighs in on the recent numbers and what you can do about it.

Read More

Mailbag: Should I Save Elsewhere Besides My 401(k)?

April 21, 2022

What kind of savings do you really need for retirement? Are you working with the right advisor to get you there? Eric answers three questions from listeners.

Read More

Playing the Retirement Game Show

April 14, 2022

Come on down! We talk about our favorite TV game shows and how it relates to our financial plan (and when it should look different).

Read More

Tax Season

April 7, 2022

What do you need to know when it comes to tax planning? Eric outlines the ways a tax strategy can make a big difference in your retirement plan.

Read More

Asking the Wrong Questions

March 31, 2022

What do I really spend? What does it take to maintain this standard of living? And what changes in retirement from when I am working from an expense side?

Read More

Mailbag: Should I Combine My Old 401(k) Accounts?

March 24, 2022

What should you do about 401(k) accounts from old jobs? How can you find out what your Social Security benefits would be? Eric answers these questions on today’s show.

Read More

Leave a Comment