Retirement Ready

Financial Matters People Put Off

Humans can be really good at procrastination. When we have the basics covered, it’s easy to put off the decisions and actions that we don’t want to deal with just yet. Today, we talk about some of the financial matters people are prone to put off and what you would be better off tackling right away. You might be surprised to find it wasn’t so hard to handle after all!
 
Here’s what we discuss in today’s show:
 
Is deferring taxes the right choice?
Some put off eliminating debt.
Setting up legal and estate documents isn’t fun, but needs to happen.
Delaying the start of Social Security may be a good idea, may not be.
Putting off meeting an advisor does yourself a disservice.
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 

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.
 
Here’s what to consider before you retire:
• Some choose to work well into retirement. • How will your spending habits change? • You may still be helping with older or younger generations. • Your retirement funding probably needs to last for decades. 
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

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. 
 
Here are the tax mistakes we discuss today:
• Forgetting the required minimum distribution. • Not understanding Social Security taxation. • Overlooking tax deductions. • Not utilizing tax-advantaged accounts properly. 
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

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.
Here are the spending personalities we talk about today:
The emotional spender.
The YOLO spender.
The savvy spender.
The miser.
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

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. Listen in as we discuss what similarities Eric sees across different industries and how he approaches each of them.
 
Here’s what you’ll learn on today’s show:
Teachers are used to stability and tend to be risk-averse.
Doctors are smart but can be disorganized in other areas of their life.
Engineers are analytical and want to know how things work.
Entrepreneurs pour their heart, soul, and finances into the business.
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

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.
Here’s what we talk about on today’s show:
Why is “life insurance” such a dirty word?
How do you know if you need life insurance?
Why do wealthy people keep life insurance?
How does this work as a tax-free income?
Get in touch with the Peterson Financial team: https://petersonfg.com/

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. We share some laughs and some financial wisdom as we talk through some of these fun quotes from the tv show. 
 
Here are some of the quotes we talk about on today’s show:
“There’s only one thing I hate more than lying….”
“I’d wish you the best of luck, BUT…”
“The whole point of this country is…” 
“I’ve had a hernia and have been ignoring it successfully, but this morning I made the mistake of sneezing…”
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 

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.
Are you saving your money or investing it? Are you actually as diversified as you think you are? Are you using your Social Security strategically in retirement? Knowing how all of these things can work in your plan can make a big difference in your retirement income and taxes.
 
Here are some of the outdated strategies we discuss on today’s show:
Using savings accounts for long-term growth.
Diversification across stocks only.
Focusing only on domestic investments.
Relying on Social Security for retirement.
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

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. In this episode, Eric talks through some different examples of non-correlated income and how it can shore up your retirement income. 
 
Here’s what you’ll learn on today’s show:
How does non-correlated income work?
What are examples of non-correlated income?
How much of a retiree’s income should come from a non-correlated source?
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 
 

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.
Today, we talk about what taxes really look like in retirement, what expenses you should expect, and how to keep your investments safe.
 
Which of these is fact and which is fiction:
Fact or Fiction: Social Security is taxable.
Fact or Fiction: Your taxes will be lower in retirement.
Fact or Fiction: Term life is better than whole life insurance.
Fact or Fiction: Medicare will cover most of your medical needs in retirement.
Fact or Fiction: As you get older, you should shift from stocks to bonds.
 
Get in touch with the Peterson Financial team: https://petersonfg.com/