Retirement Ready

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.
 
Here are the important strategies we discuss on today’s show:
Updating out of date legal documents. (1:05)
Fixing your beneficiary designations. (4:19)
Avoid the tax time bomb. (8:04)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

What Retirement Statistics Tell Us

Let’s talk about some retirement statistics and hear Eric explain some of the reasons behind it. Are you among the 56 percent of Americans losing sleep thinking about retirement? That might be a sign you need to make a plan so you can rest easily.
Knowing is way better than worrying. A large percentage of Baby Boomers think they can’t retire yet, but can they? One third of retirees still having a mortgage might go against some conventional ways of thinking, but is it a problem? Eric talks about how these things impact planning on today’s show.
 
Here are the stats we discuss:
Women are 27 percent more likely to have no or low retirement savings. (0:59)
76 percent of Baby Boomers are not confident they’ve saved enough. (3:39)
Nearly one third of homeowners at retiring age still have mortgage debt. (6:57)
56 percent of Americans lose sleep thinking about retirement. (9:18)
A 65-year-old man as a 78 percent chance of living 10 more years. (10:41)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Reasons People Don’t Visit a Financial Advisor

Why wouldn’t someone want to work with a financial advisor? In today’s episode, we’ll discuss some common reasons why someone might hesitate to work with one. To some, having an advisor sounds like added cost or something only for the rich. Instead, the value you receive from an advisor and having a customized financial plan could make all the difference in your financial life. 
 
Here are the reasons some people avoid meeting with an advisor:
The perceived lack of trust holds people back. (1:14)
The perceived costs loom large. (4:09)
I’m not rich enough, so I can DIY it. (7:05)
What does an advisor really do? (9:51)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 

Mailbag: Should I Help My Parents with Long-Term Care Costs?

For those in the sandwich generation, you may be wondering how much to help aging parents who weren’t prepared for long-term care costs or your children trying to pay for college. Is it wise to step up financially to help them or are you better off focusing on your own retirement savings? In this episode, Eric answers this question as well as two more regarding CD rates and what to do if facing a potential market crash. 
 
Here are the questions we cover on today’s show:
Mailbag: My parents didn’t do a good job saving for the future and I’m worried about long-term care needs. Should I help them out or avoid this to save for myself? (1:22)
Mailbag: Should I jump on the current CD rates? (5:23)
Mailbag: I’m worried about a market crash, but I’m only 40. Do I need to stop worrying? (9:06)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 

3 Qualities of Money

All money has one (or two) of these three qualities: safety, liquidity, and growth. Eric shares which types of accounts carry these qualities for your money and why you should have a mix of each quality. What are the benefits and risks associated with each one?
 
Here’s what you’ll learn on today’s show:
What three things your money can do. (0:50)
What options you have with your money. (1:46)
If you have growth and liquidity, what does that look like? (3:15)
With growth and safety, what’s the downside? (5:07)
Do people overemphasize one quality over another? (7:48)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Awkward Financial Conversations

As a financial advisor, Eric has experience navigating some awkward conversations when it comes to managing money. Maybe someone wants to cut a family member off financially after being estranged. Or a couple decides to get divorced after several years together. Whatever the dynamic, you want to work with a financial advisor and fiduciary who can guide you through the situation.
 
Here are some of the awkward situations Eric has helped clients overcome:
Wanting to remove a family member as a beneficiary. (1:35)
Divorce happens and the assets get split up. (3:55)
A client makes a financial decision that backfires. (6:18)
Money might make the kids fight over it after you’re gone. (8:16)
Leaving one financial advisor for another. (10:13)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Knowing Your Money Mindset

When it comes to money, there are a variety of different stances and mindsets people have. Eric has seen a bit of everything in his years as a financial advisor. In this episode, he talks through some of the mindsets he frequently sees and how he advises people to best approach the mindset they are in with money.
 
Here are the mindsets we cover on today’s show:
“I hate my job, how soon can I retire?” (1:13)
“I have no clue how much I need for retirement.” (3:41)
“I’d love to retire soon, but I don’t have a million dollars.” (6:19)
“I think we can retire if we cut back on our spending.” (9:36)  
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 

The Different Types of Financial Risk

Life always has risk, and there are several types of financial risk. Do you know how much risk you have in your portfolio? Understanding the different types of risk may help you understand what kind of risk you are exposed to.
 
Here are the different types of risk we discuss on today’s show:
Usually, people think of stock market risk. (1:45)
Interest rate risk was low until recently. (5:24)
Inflation risk has been more apparent lately. (7:20)
Tax rate risk will catch up with us. (8:46)
Longevity risk can add up over time. (9:57)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Good News, Bad News

Sometimes you get good news and bad news at the same time. Which one will outweigh the other? In this episode, we talk through a number of financial scenarios that can bring a bit of both good and bad. More times than not, you are better off than you expected but you won’t know until you ask a professional.
 
Here’s some of the good/bad news we’ll discuss on today’s show:
You have a lot of debt, but you have some tax-deductible interest. (2:05)
Mutual funds haven’t performed well…but the fees are low. (4:18)
Not enough money to pay for long-term care, but Medicaid can step in. (6:32)
Lost a lot of your portfolio, but it will come back, eventually. (8:44)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 

401(k) Considerations

A 401(k) is a highly valuable, widely used investment asset for many people. But what should you know when you set one up or contribute to one? In this episode, we’ll talk through some of the things you’ll want to consider when using this powerful investment tool. Stay tuned to learn how to get the most out of your 401(k).
 
Here’s what you’ll learn about on today’s show:
Understand your need for liquid assets. (1:43)
Get the employer contributions. (3:32)
Consider the tax implications. (4:58)
Don’t leave money behind at an old job. (7:52)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/