Retirement Ready

Retirement Planning with Mr. Miyagi

Let’s dust off one of our favorite movies from the 80s today and talk about the financial advice you might get from Karate Kid’s Mr. Miyagi. The story is about someone who learns with the help of a mentor, just like you might learn from a financial mentor. With some planning and some focus, you’d be amazed just what you can accomplish. Find out what Eric has to say about retirement planning and how it relates to these movie quotes.
 
Here are the quotes we discuss on today’s podcast:
“Walk on the left side of the road, safe. Walk on the right side, safe. Walk in the middle? Sooner or later, get squished…” (3:40)
“Trust the quality of what you know, not the quantity.” (5:59)
“Sometimes what the heart knows, the head forgets.” (8:54)
“Man who catch fly with chopstick can accomplish anything.” (11:10)
 
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Mailbag: Is It Irresponsible to Retire Early?

From yearly taxes and investing strategies to retiring early, there’s always a question that comes up about your current financial situation.
Eric answers three questions from the mailbag today, all common scenarios that you might one day come across yourself. Find out what he has to say!
Here are the questions Eric answers on today’s show:
Mailbag: If now is actually a good time to invest, should I rearrange money from savings?  (0:47)
Mailbag: Without the child tax credit, I always owe on my taxes. Is that a problem? (3:51)
Mailbag: Ready to walk away from my job. Is it irresponsible to retire early?  (5:46)  
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Retirement Red Zone

Let’s talk football! As fans of the game, we make some comparisons between football terms and retirement planning. How can you win when it comes to our financial plan? Understanding the strategies ahead of time and having the right team behind you can make all the difference.
Which of these sayings relate to your financial life? 
What is the retirement red zone? (0:47)
Is the hurry-up offense a good strategy? (5:09)
When should you take the victory formation? (7:39)
Even the best of the best have a good coach. (9:20)
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Mailbag: Do I Need To Budget For Retirement?

Does a budget really make that big of a difference? Eric talks about what this looks like in retirement and why it is critical to your financial plan.
Not only does it impact your retirement lifestyle, but it has a huge implication on your taxes. Eric answers this question and two others from the mailbag on the podcast.
Which of these sayings relate to your financial life? 
Do I need to start budgeting before I retire? (1:12)
Are ETFs always better than mutual funds? (4:15)
How should my son invest some gifted money? (6:46)
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How Often Do These Financial Situations Happen?

Day-to-day, Eric works with a lot of people as he helps them navigate a variety of financial decisions. But what might seem rare to you could be a more common occurrence to witness in his office. How often does Eric come across scenarios like these? You might be surprised by some of the answers!
Which of these sayings relate to your financial life? 
Do people find out they can retire tomorrow if they wanted to? (0:47)
Are clients prone to disregard the advice from their financial advisor? (2:37)
Emotions happen. How often does someone cry during a financial meeting? (5:13)
Are unexpected inheritances a rare occurrence? (8:17)
 
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Mailbag: Should I Get a Prenup?

What are the financial implications of getting married later in life? There are a lot of variables that go into this financially speaking. Have you talked through what happens when one of you passes away? Do you or your fiancé have children? Eric and Marc go over what this may look like and also answer two other questions from the mailbag.  
Which of these sayings relate to your financial life? 
Mailbag: How complicated is a 401(k) rollover? (0:47)
Mailbag: Should I get a prenup before marrying at age 52? (3:47)
Mailbag: What do I need to know about an inherited IRA? (8:54)
 
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Financial Advice from Seinfeld

Ever take financial advice from your favorite TV show? Believe it or not, you might learn something, even from an unlikely source. Inspired by a classic sitcom, today we take some quotes from Seinfeld to apply them to our financial plans.
Which of these sayings relate to your financial life? 
“Sometimes the road less traveled is less traveled for a reason.” (2:47)
“It’s amazing that the amount of news that happens every day always fits in the newspaper.” (4:17)
“The true spirit of Christmas is people being helped by people other than me.” (7:19)
“I am so busy doing nothing…” (9:47)
 
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Mailbag: Which Investment Should I Withdraw From?

Whether you are nearing retirement or wanting to buy a new car, taxes are often a big part of the conversation. Thinking through how and when to withdraw from your investments strategically can make all the difference in what taxes you pay afterwards.
Today we’ll answer a question that came in about which accounts were best to take withdrawals from and a couple others as well.
Here are the questions Eric answers from the mailbag in today’s show: 
How is it possible to not pay taxes in retirement? (0:46)
Which investment should I withdraw from to pay cash for a car? (3:51)
Will Social Security still be around in 10 years? (7:28)
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Investing and Coffee

In the fall, a lot of people are ready to cozy up with a coffee or latte in their favorite mug. For fun, we talk about the different types of coffee drinks and what kind of investors that might make them. Do you take your coffee the same style you do your investments? Which one are you?
 
Key topics on this show: 
No frills, straight-forward investing is kind of like straight black coffee. (1:15)
Need a plan? You might want something simple and easy to make a decision. (3:06)
Overthinkers might want all the bells and whistles when it comes to their coffee. (5:17)
Is there such a thing as a good thing when it comes to investing? (7:07)
Need a quick fix and think crypto is your solution like a single shot of espresso? (9:06)
 
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The Different Kinds Of Annuities

To some people, an annuity is almost like a dirty word. In reality, there are a lot of different kinds of annuities, and some are better for your financial plan than others.
 
Are any of these the right tool to meet your needs? Eric explains the different annuities available and talks through the upsides and downsides of each one.
 
Key topics on this show: 
How an immediate annuity works and when it’s useful. (1:10)
When a deferred annuity gives a payout. (3:44)
Variable annuities give all the other annuities a bad reputation. (5:08)
What the risk is when investing in a fixed annuity. (8:04)
 
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