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?
(Click the featured times below to jump forward in the episode)
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
What to Know About Retiring Today
When you work with a financial advisor, you aren’t just talking about money. Saving for your retirement also includes thinking about what kind of retirement lifestyle you want to have and what you need to keep in mind for the long-run. Do you want to work, by choice? What kinds of expenses will you have and how are they different in retirement? Is your money going to last for 30 years of retirement? Eric has seen his clients through all of these decisions and shares what to keep in mind about retirement.
Read More
Common Pre-Retiree Tax Mistakes
Let’s talk about the different tax mistakes retirees are prone to make. Between changing rules and a lot of financial documents to manage, you’ll want to avoid these tax mistakes. Eric talks us through where people get tripped up and why. What you pay in taxes can make a significant impact on your nest egg, so be sure to work with a financial profes-sional who can help you navigate them in retirement.
Read More
What Is Your Financial Personality?
What kind of personality do you have when it comes to money? Before you put together a financial plan, it’s important to understand the way you think and approach money. We talk through a few different personalities Eric commonly sees and how he advises them. Whether you are spending whenever you get a good excuse to or more of an intentional spender, it’s good to be cognizant of how you handle it and what possible downfalls you may face.
Read More
Investing Strategies by Profession
From teachers to engineers, there are a variety of people who work with Eric and his team to build a solid financial plan. Those in similar professions tend to have similar mindsets when it comes to finances. We discuss what similarities Eric sees across different industries and how he approaches each of them. Do any of these relate to you and your financial mindset? Find out what strategies a financial advisor might suggest pursuing.
Read More
Life Insurance 101
While no one really likes to talk about it, life insurance can be an important part of your financial plan. We talk about why people cringe when they hear the term, who most needs it, and why you might want to reconsider your preconceived notions about it. Life insurance sometimes gets a bad rap, but it can be a powerful tool. If you care for someone else and you hate taxes, look at life insurance.
Read More
Financial Wisdom from Ron Swanson
Today, we take some quotes from the gruff but beloved Parks and Recreation character, Ron Swanson. He’s got a lot of dry sarcasm that can be hilarious, and surprisingly, can teach us a thing or two about financial planning.
Read More
Outdated Financial Strategies
Some of the strategies of yesteryear might not be the right strategy for you today. We talk through different financial strategies people have used and what makes the most sense for your financial plan.
Read More
What Is Non-Correlated Income?
The term might sound fancy, but non-correlated income doesn’t have to be confusing. Ask, which one of these is not like the other? In retirement planning, you want to have some income that is not dependent on something else, such as the stock market.
Read More
Fact or Fiction: Financial Situations in Retirement
We play a game of fact or fiction when it comes to these five financial statements. Eric explains which one is which and shares why these ideas are true or false. As you make a financial plan, it’s crucial to base it on facts and reality so you can best prepare for retirement.
Read More
Avoiding Possible Financial Disasters
No one wants to find themselves in a financial disaster. Having a plan is a great way to start. On today’s show, we talk about simple strategies that can make a huge difference in your financial future.
Read More