Today’s Prep:
Have you been procrastinating putting together a financial plan or do you have a sense of urgency? What events may prompt you to act quickly?
Equipping Points:
What events create a sense of urgency when it comes to putting together a financial plan? Have you experienced one of these in the past year?
COVID brought a lot of stress, including a loss of job for many. What do the numbers say if you lose your job? Are you able to take an early retirement? How does this impact your plan in the short-term and in the long-term?
What if you’re offered an early retirement buyout? Some of these offers can be lucrative, but what else do you need to consider? Will you have health insurance available? The biggest hang-up is not necessarily income, but health insurance until you turn 65. Running through your plan with an advisor might help you find that an early retirement is more doable than you thought.
Have you been putting off a retirement plan? As it nears, you might be nervous to check and see just how the numbers fall. But finding this out with an advisor can give you the confidence you need in knowing what your plan is.
Has an illness or long-term disability changed your plan? If your income changes, you need to figure out how to replace the income. Will you do this through Social Security or a pension or a rental property? If you experience a death of a spouse, you may suddenly realize that everything from your taxes to your Social Security changes, but not things like your mortgage or utilities.
Lastly, you want to be able to retire in any market condition or economy. So, what happens if there is a market crash? How can you prepare ahead of time? It’s important to have diversification among your assets and money, as well as a plan that prepares you accordingly.
1:23 – The loss of a job creates a sense urgency.
3:29 – Do you have to make a decision about an early retirement buyout?
4:58 – Have you been procrastinating about retirement coming?
6:28 – Maybe an illness has changed your trajectory.
7:47 – The death of a spouse changes things.
9:30 – You don’t want a market crash to alter your retirement plans.
Today’s Takeaway:
“That’s what a plan does–it gives people confidence about any of these dates or things that happen in retirement. That’s why you need one.“
-Eric Peterson
Related Resources:
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Do You Have These Blind Spots In Your Retirement Plan?
Many people can have a couple of “blind spots” so to speak when it comes to their retirement plans. Do you worry you may not be accounting for everything you might need for your retirement? Then today’s episode is perfect for you!
Read MoreInside Out: How We Can Look at Finances Through the Characters of Pixar’s Latest Flick
There can be a lot of emotions when it comes to investing and planning for retirement. And what better way to discuss those emotions than through the characters of Pixar’s latest film, Inside Out 2?
Read MoreThe Importance of Preventative Care
Preventative care isn’t just for your health; it’s essential for your financial well-being too. By consulting a financial advisor early and often, you can avoid financial distress and make informed decisions that lead to a secure and fulfilling retirement. Many people will put it off for fear they will be told something they don’t want to hear or because of the perceived costs of financial advisors.
Read MoreRetirement Income
When planning for retirement, one of the most critical aspects to consider is your income. But what does this mean, and how can you ensure you have enough income to cover your needs and desires?
Read MoreFinancial Wisdom from Mark Twain
In the latest episode of the Retirement Ready Podcast, Eric invites us to explore the timeless wisdom of Mark Twain and how it applies to modern financial planning. Mark Twain, known for his wit and keen observations, offers quotes that are surprisingly relevant to today’s financial landscape. Eric takes these quotes and translates them into practical advice for those planning their retirement.
Read MoreUnderstanding Bonds in Today’s Market
Are bonds really the safe investment we’ve always been told they are? What percentage of assets should a retiree or pre-retiree hold in bonds? In today’s episode, Eric addresses some of his most frequently asked questions about the world of bonds…
Read MoreUnderstanding Your Financial Statements
Financial statements can often feel like a foreign language, filled with jargon and numbers that seem to have little relevance to your everyday life. However, understanding these documents is crucial for effective retirement planning. In the latest episode of the Retirement Ready Podcast, Eric breaks down the essentials of reading and interpreting your financial statements.
Read MoreFrom Graduation to Retirement
This one goes to the grads! Whether you know someone graduating high school, college, or even preschool, graduation marks a new stage and season in life. Similarly, retirement is a new chapter in life. It’s a time of change, celebration, and sometimes, uncertainty. On today’s show, we talk through the similarities between leaving school and entering retirement.
Read More