Retirement Ready

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Outdated Financial Strategies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/

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/