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:
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 Fire My Broker?
Navigating life’s financial crossroads can be tricky, especially when it involves your financial future. In this episode of Retirement Ready, Eric addresses these complex issues head-on. How do you best evaluate your broker and your investment performance against the S&P 500? Eric says a lot of that comes down to setting expectations and understanding the risks. Then, Holly wants to know what to consider before making a midlife career change.
Read MorePutting It Off
We are all guilty of procrastinating from time to time. Financially speaking, though, this can get you into a lot of trouble. Let’s talk about the areas where it might feel better to kick the can down the road.
Read MoreCommon Scams to Avoid
Americans over 60 have lost more than $3.1 billion in various forms of fraud and scams in the last 12 months! Today we talk through some of the common scams people unfortunately fall for and how you can stay vigilant against it.
Read MoreFinancial Strategies: Agree or Disagree?
There are a number of financial ideas that people have differing opinions on. Eric shares today which of these he agrees with or disagrees and why.
Read MoreDivorce Mistakes
Unfortunately, divorce happens. When it does, no one wants to make costly financial mistakes amidst an already stressful time. Today, we talk about the mistakes that can happen and how to avoid them when it comes to dividing up your assets with a spouse.
Read MoreVillains of the Financial World
Just like some of these cinematic villains, some of these financial elements may have a bit of nuance and history that can make it hard to label them all good or all bad.
Read MoreUses for Life Insurance
When you’re younger, life insurance is often thought of as an income replacement as needed. But as you get older and into retirement, you might find other uses for life insurance. When thinking ahead for your estate and how it passes to beneficiaries, life insurance can prove to be a useful tool. Currently, the proceeds from life insurance are tax-free. How does that change how you include it in your financial plan? Eric outlines some of the options and benefits life insurance can provide.
Read MoreUnderstanding Financial Risk
What kind of risks do you take in your financial life? As you get less comfortable with things like climbing up ladders and riding on skateboards, you might also become less financially risky. When you enter retirement, how you view your money in the market changes significantly from your working years. It’s important to look at your portfolio to ensure your investments match your risk tolerance.
Read MoreMailbag: What Financial Advice Should I Share with My Grandchild?
Why is retirement planning different than the “good old days” that our parents and grandparents experienced? Things like pensions, Social Security, and even RMD age have changed. Is your financial plan set up accordingly or is it in need of some changes to match?
Read MoreThe Good Old Days
Why is retirement planning different than the “good old days” that our parents and grandparents experienced? Things like pensions, Social Security, and even RMD age have changed. Is your financial plan set up accordingly or is it in need of some changes to match?
Read More