Retirement Ready

Mailbag: Moving To A State With Income Tax And More

In this episode, Eric is answering your questions! We’ll cover a range of topics today, including key considerations for income taxes when moving to a new state, how to initiate financial conversations with parents or grandparents, and whether using a life insurance policy to save for a college fund is a wise choice.
 
Here’s some of what we discuss in this episode:
The financial impacts of moving to a state with a higher income tax.
Getting the conversation started with older parents when it comes to their finances.
Is it better to use a life insurance policy for college savings?
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

What Is Lazy Money?

What is lazy money and why do you want to not have too much of it in your retirement portfolio? Simply put, lazy money is money that isn’t growing as much as it could be. Having your money grow and work for you is a key part of building a solid portfolio, so Eric breaks down some strategies to help get the most out of your money in this episode.
Here’s some of what we discuss in this episode:
Defining the term “lazy money.”
Making sure that you are getting the most out of your money.
The concept of investing with your conscience or “moral investing.”
How lazy money can be dangerous.
Getting your money to make more money for you.
Get in touch with the Peterson Financial team: https://petersonfg.com/

Retirement Planning Today Is Harder Than It Used To Be

Retirement planning simply isn’t the same as it used to be. From changes in life expectancy, the lack of pensions, and getting caught in the sandwich generation, there’s a lot to keep in mind when putting together your financial plan. Instead of taking advice from others who may have retired in a different era, it’s important to understand what strategy is right for you.  
 
Here’s some of what we discuss in this episode:
Pensions are no longer the norm.
Life expectancy is longer, so we need to financially prepare for longer lives.
Some get stuck in the sandwich generation and caring for others.
You should be strategic about your Social Security income.
Taxes are an area where you can take control in retirement.
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Social Security Variables That Impact Your Claiming Strategy

After so many years of paying into Social Security, you might feel ready to reap the benefits. But before you get too eager, it’s best to have a thorough understanding of the different variables and how to best leverage them.
On today’s podcast, Eric emphasizes the need for a comprehensive strategy and personalized plan.
Here’s some of what we discuss in this episode:
The different buckets in retirement.  
How Social Security benefits apply with a spouse.
Maximizing your financial outcome.
Potential changes to Social Security.
Get in touch with the Peterson Financial team: https://petersonfg.com/

Retirement Real Estate Decisions: Downsizing, Snowbirding, and More

One of the key discussions you may have in retirement is what to do about the house. Should you downsize your home? Pay it off early? Buy a vacation home and become a snow bird? Eric emphasizes the importance of considering not just the financial implications but also the lifestyle changes each of these decisions entail. Weighing out the pros and cons of each decision can highlight what is right for you (which isn’t always the same as what your neighbor is doing). 
 
Here’s some of what we discuss in this episode:
Whether or not to downsize.
Considering the interest rates.
Wondering about paying off the house.
Springing for a vacation home. 
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Healthcare in Retirement

One major (yet often overlooked!) expense in retirement is healthcare. Especially if you are retiring early, healthcare can be a huge expense as you bridge the gap between your working years and when eligible for Medicare. Not only will you have an increased monthly cost, but you may need to budget for additional medical costs as time goes on or even long-term care needs.
In today’s episode, Eric will give us an inside look at the healthcare-related items you need to think about as you approach your retirement years.
 
Here’s some of what we discuss in this episode:
How Medicare fits in your retirement plan.
What happens if you retire early?
Dealing with unexpected medical expenses.
Planning for long-term care needs.
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Family Matters When It Comes to Finances

Your money and your nest egg have a direct effect on so much of your life, especially those you hold dear. Today we talk about what happens in a family, particularly when someone has passed away, and the financial impact that can have. Losing a spouse is an emotionally devastating experience, and amidst the grief, the financial implications can add another layer of stress.
 
Here’s some of what we discuss in this episode:
Overcoming the most significant financial challenge after the loss of a spouse.
Understanding the tax implications.
Why estate planning is so vital.
What a balanced financial strategy looks like.
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Water Wheels and Retirement Planning

Have you ever wondered how a water wheel can relate to your retirement planning? It might seem like an odd comparison, but in today’s podcast, Eric breaks down this fascinating analogy and its significance in maintaining a stable financial future.
 
Here’s some of what we discuss in this episode:
The driving force behind your lifestyle in retirement.
Diversifying income streams.
How personal pensions could help.
Managing your finances with vigilance.
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Most Common Retirement Planning Mistakes

We all make mistakes from time to time. But what if your financial mistakes could be avoided with just a little insight? Eric shares some of the most common retirement planning mistakes people are prone to make and what you can do to save yourself from heartache.
 
Here’s some of what we discuss in this episode:
Understanding tax implications.
Timing your Social Security benefits wisely.
Focusing on income instead of returns.
Balancing aggressiveness and conservative investing.
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Common Complaints About Financial Planning

When it comes to planning for retirement, the relationship you have with your financial advisor is crucial. Many people express common complaints about their financial advisors, from taking on too much risk to paying high fees or a lack of communication. In today’s podcast, Eric sheds light on these concerns and offers valuable insights to help you navigate your financial journey.
 
Here’s some of what we discuss in this episode:
Assessing risk in investments.
Understanding the value for your fees.
Evaluating investment performance.
The importance of holistic financial planning.
 
Get in touch with the Peterson Financial team: https://petersonfg.com/