Retirement Ready

Mailbag: What Should I Do With My Inheritance?

Every day you have to make choices about your money. What to spend it on, when to save, and how to manage it well. We tackle three questions from the mailbag today from people facing a financial decision. From learning how to take care of the household finances after one spouse passes to deciding about helping a child pay for college, Eric can help point clients in the right direction.
 
Here’s some of what we discuss in this episode:
Mailbag: What financial things do I need to consider after my spouse has passed?
Mailbag: Should I help my son pay for an extra year of college?
Mailbag: Should I pay off my house with a recently received inheritance?
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

The Voice of Greed

What does the voice of greed sound like? We hear a lot in the financial space, some of it sound advice, and some of it just plain greedy (and even risky). There’s a time and a place for risk, but it comes down to planning. Not all of your money should have the same risk profile. Working with a financial advisor can help you determine how much risk is good vs. having safety.
 
Here’s some of what we discuss in this episode:
The market’s doing great, it’s a good time to invest!
Did you hear the hot tip? Hot tips are lukewarm at best.
Playing catch-up with the retirement savings of the Joneses isn’t always what you most need.
When the market was doing well, you might DIY it.
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 

The Financial Guessing Game

Sometimes we fall into playing the guessing game when it comes to our finances. For instance, how much do you really need in retirement? Instead of grabbing at arbitrary numbers, first think about how much you spend. Some of your expenses may change in retirement compared to your working years, but plan for your needs based on your expenses and your goals.
 
Here’s some of what we discuss in this episode:
How much will you need in retirement?
Planning for the things you want to do.  
What liquidity can look like.
What impact inflation has on retirement.
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Mailbag: Should I Pay off my Daughter’s College Loan?

When you retire, you have to be strategic about what you do with your money. In today’s show, Eric answers three questions from the mailbag about how to make the best financial decision possible with your money once you’re retired. 
 
Here’s some of what we discuss in this episode:
Mailbag: What’s the maximum income I can have in retirement without paying taxes?
Mailbag: Should I pay off my daughter’s college loan?
Mailbag: Anything I should do now to prepare for my RMD withdrawals next year?
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Inheritance FAQ

There are some common questions that come up around inheritance, so today we are going to tackle a few! Whether you have recently inherited or want to set up your estate in a way that makes it easier on your beneficiaries, there’s something for you to learn in today’s show.
 
Here’s some of what we discuss in this episode:
Should my mom sign the house over to me before she dies?
How will I be taxed on inherited stocks?
What if the beneficiary listed is my late husband’s ex-wife instead of me?
My siblings want to sell the land we inherited, should I buy them out to keep it?
My parents’ money was managed by an advisor I trust, but now should I move it to my advisor?
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Financial Lessons from Christmas Songs

There are so many different ways to approach the subject of financial planning. In light of the holidays, we wanted to have a little fun and compare some Christmas classic songs with financial lessons.
For starters, as you sing about Rudolph, it’s easy to see now what a great asset he had in that shiny bright nose. What financial tools are underrated and a better asset than you originally thought? Or, what happens after grandma gets run over by a reindeer? Did she have a financial plan in place?
 
Here’s some of what we discuss in this episode:
The “12 Days of Christmas” is a story of compounding.
“Rudolph the Red-Nosed Reindeer” had quite the asset!
Were all the proper documents in place before “Grandma Got Run Over by a Reindeer?"
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 

Questions That Are Hard to Answer

When you sit down to talk about your finances, sometimes you run into a question that stumps you. Even if you can’t fully answer the questions, it’s still important to consider these when financial planning. For instance, no one really knows when the next market crash will hit. We can, though, consider what caused market crashes in the past and then set up your financial plan strategically to account for the possibility of a crash in the future. Stay tuned as we chat about some financial questions that are hard to answer and how we navigate these questions in the world of planning.
 
Here’s some of what we discuss in this episode:
When’s the next market crash going to happen?
What will healthcare costs look like in 20 years?
Who will our future president do and how will they change the taxes?
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Things Your Financial Advisor Might Not Be Doing

Sometimes people get advice from financial “professionals” who maybe aren’t the right fit for their needs. Today, we discuss some of the things your advisor might not be talking to you about. If you’re getting value for the fees you’re paying then that’s one thing. But if you’re not getting your needs met by your financial advisor, it might be time to find the right advisor for you.
 
Here’s some of what we discuss in this episode:
The tax angle needs to be considered.
Are they focused on the accumulation or distribution?
What are you paying in fees?
What’s the strategy for your retirement income?
What is the legacy plan?
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Tax Consequences

Taxes are a major part of your life, especially your life in retirement. Having a good understanding of how you can prepare may save you in the long-run. Discussing your options with a financial advisor can help point you in the right direction. A big part of the conversation will be about deciding how to best save in a 401(k) or a Roth 401(k). But you also need to consider the outcomes and limitations on things like taxable accounts or even life insurance.
Stay tuned as we discuss all things tax consequences in today's episode.
Here’s some of what we discuss in this episode:
What are the pros and cons of using a 401(k)?
What should you do about tax-free accounts?
What are the consequences of taxable accounts?
Are there tax consequences with life insurance?
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Cutting Corners Financially

Sometimes we want to take the easy way out instead of the smarter way. Today, we talk about ways people have tried to cut corners financially and where that falls apart. Remember, having a plan and understanding what’s in it can save you a lot of heartache later on. 
 
Here’s some of what we discuss in this episode:
Some people take too much risk to make up for lost time.
Don’t fail to update your legal documents.
Make sure you get organized.
Some ignore the fine details.
Ignoring potential long-term care needs.
 
Get in touch with the Peterson Financial team: https://petersonfg.com/