Retirement Ready

Generational Challenges

Every generation has had a different experience and is currently at a different life stage. In this episode, Eric talks through some of the financial challenges that Millennials, Gen X, and Baby Boomers face. Understanding and acknowledging these different challenges can help you better plan according to where you are in life.
 
Here’s what we talk about on today’s show:    
Millennials face prices that are way more than what their parents paid. (1:10)
Gen X is in the "sandwich" generation now. (5:11)
Boomers are retiring. (7:57)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 

Advisor Pet Peeves

We all have pet peeves, so in today’s episode we talk about some pet peeves financial advisors have. Eric shares his experience as a financial advisor and sheds light on some things in the industry that can negatively impact both clients and professionals. From cookie-cutter financial plans to hidden fees, these things can really rub you the wrong way.
Here are the pet peeves we talk about on today’s show:
Fee structures can result in hidden fees. (1:21)
Advisors who put their own goals ahead of their clients. (3:41)
One-size-fits-all plans aren’t the answer. (5:56)
A complicated plan is not a better plan. (10:35)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 
 

Grading Your Financial Competency

Financial competency is something that is not taught nearly enough. As an advisor, Eric focuses on teaching not only strategic investing decisions but also the basic foundations of money. It starts by knowing how much you have. Then, ask yourself, how much do you really spend? It’s easy to spend more than you realize, so getting that in check can make a huge difference.
When it comes to investing, are you truly diversified? How much are you actually paying in fees? Eric shares why some of these answers can be misconstrued and how to get back on track.
 
Here are the questions you need to ask yourself:
Do you know how much you have? (1:11)
Do you know how much you spend? (3:45)
Do you know how much risk you have? (5:39)
Do you know what you’re paying in fees? (7:47)
Do you know what your retirement income streams look like? (9:46)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 

Financial Lessons from Yogi Berra

What kind of financial wisdom can we take from a baseball player’s quotes? Quite a bit! Today’s quotes from Yogi Berra have a bit of humor and a lot of truth when it comes to your financial plan. From navigating annuities to planning for inflation, Eric shares how these quotes can bring a lot of meaning and understanding to our finances. 
 
Here are the quotes we talk through on the show:
“I never said most of the things I said.” (1:49)
“A nickel ain’t worth a dime anymore.” (3:55)
“If you don’t know where you’re going, you might go somewhere else.” (7:17)
“The future--it ain’t what it used to be.” (8:15)
“It’s like déjà vu all over again.” (10:29)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 
 
 

Mailbag: Should I be Worried about Investing in a Bank?

You may have seen the news about some bank issues with banks like Silicon Valley Bank. Is that cause for concern? If you have money in the bank, Eric explains how much is covered and what you can do to protect yourself. With any investments you make, realize which of the three components you’ll have: safety, liquidity, or growth.
In this episode, Eric also answers two more questions from the mailbag related to retiring early and required minimum distributions. Find out what best practices and rules apply and how they can impact your financial plan. 
 
Here are the questions Eric answers on today’s show:
Mailbag: With recent bank failures, should I be worried about investing in a bank? (0:46)
Mailbag: Can I retire at 57? What do I need to know? (5:16)
Mailbag: Why do I have to take RMDs? (8:50)
Get in touch with the Peterson Financial team: https://petersonfg.com/
 

Ways to Ruin Retirement

Building a successful retirement requires careful planning and wise decision-making. Unfortunately, it's all too easy to undo all of that hard work by falling prey to common pitfalls. Rather than risking the enjoyment and security of your golden years, we’ll discuss some ways to avoid these mistakes and secure your financial future in this episode.  
 
Here are ways you can easily ruin your retirement (and what to do instead):
Treating retirement as a destination. (1:12)
Believing that retirement will solve all your problems. (3:33)
Quit being active. (6:08)
Assuming your spending habits will be the same or lower. (8:04)
Investing like you’re 35 when you’re 65. (10:19)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 

Financial Mistruths

Every once in a while, financial concepts or strategies get misunderstood or misconstrued. It’s important to understand what you have and why you have it. On today’s show, we break down some financial ideals to find the “mistruths” or lies that can mistakenly be adopted. 
 
Here are the mistruths we talk about on today’s show:
“We can beat the market.” (1:40)
“There are no fees.” (3:39)
“Your tax rate will be much lower in retirement.” (8:11)  
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 

What’s the Difference? Traditional IRA vs. Roth IRA

Roth IRAs have been around for about 25 years, but a lot of people still don’t know how they differ from a traditional IRA. Understanding the difference between the two will help you determine which option is best for your retirement goals. In this episode, Eric shares what you’ll want to know about a Roth IRA and when to use it.
 
Here’s what you’ll learn on today’s show:
The difference between a Roth IRA vs. traditional IRA. (1:56)        
Why so many people focus on the traditional IRA first. (4:10)
The benefits of growing tax-free. (6:13)
Who benefits from a Roth IRA? (7:57)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

What’s the Difference in These Financial Items?

Some financial products or terms are easy to mix up. They sound the same or might do some of the same things, but there’s still an important difference between them. Eric guides us through several of these commonly mixed up financial things. Knowing the difference could help you make the right decisions when it comes to your financial plan.
 
Here’s what you’ll learn on today’s show:
What are Roth contributions vs. Roth conversions? (1:05)
Should I get term life or permanent life insurance? (3:25)
Variable annuity vs. fixed annuity? (6:11)
What’s the difference between 60 day rollover vs. trustee to trustee? (9:53)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Mailbag: Where Should I Invest after Maxing Out 401(k)?

When saving for retirement, a lot of people look to their 401(k). But what happens after you’ve maxed out your contribution based on the yearly limit? Eric explains what options you have to invest toward your retirement beyond a 401(k). This will include money in the different buckets as well as other products to consider.
Here are the questions Eric answers on today’s show:      
Mailbag: After maxing out a 401(k), where should we go for retirement savings? (0:48)
Mailbag: Is it unwise to start a business in retirement? (5:06)
Mailbag: Is it okay to push off Social Security withdrawals? (7:57)
Get in touch with the Peterson Financial team: https://petersonfg.com/