Retirement Ready

Financial Lessons from Disney Rides

Ready to reminisce about the happiest place on earth? Or maybe you have plans to visit Mickey in the new year. On today’s show, we talk through some of the classic rides you can find at Disney World and what they have in common with your financial plan. 
Here are the rides we compare our financial lives to:
Space Mountain is full of unexpected turns. (1:36)
The Dumbo ride is a classic. (5:12)
It’s a small world after all…good luck forgetting that song. (8:19)
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Naughty or Nice? Financial Advisor Behaviors

Do you think your financial advisor belongs on the naughty list or the nice list this year? Eric talks through a few scenarios that financial advisors may face to set the record straight on whether it is nice or naughty. If you come across a similar situation, hopefully, this will shed some light on reasonable expectations clients should have with their advisors.
Which of these are naughty and which of these are nice? Find out!
A retirement planning meeting replaces an annual review scheduled for 6 months later. (1:09)
Asset minimums are required for clients. (4:37)
Handling an investment change with a mere voicemail. (6:44)
Advisor won’t transfer money without verbal confirmation. (9:09)
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Mailbag: Where Should I Withdraw My Retirement Funds?

In retirement, even if you’ve saved more than you’ll need, there are still a lot of questions that come up as you make wise decisions about what to do with your money. Eric answers three questions from retirees on how to best navigate what they have and how to rest easy in retirement. If ever you have a question for Eric, feel free to reach out!
 
Here’s what we talk about in regard to Roth conversions:
How do I know where to withdraw from? (0:46)
Should I get an insurance policy to cover funeral expenses? (4:35)
What should I do with surplus money in retirement? (7:46)
 
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Year-end Roth Conversions

As we start to close out 2022, what are the things we should be doing with our finances? Is now the time to do a Roth conversion? Depending on your situation, you may want to consider it before the ball drops on New Year’s Eve. Eric explains how a Roth conversion works, what the benefits are, and why you’ll want to talk to your advisor about whether you should do one right now.
 
Here’s what we talk about in regard to Roth conversions:
Why you should consider a Roth conversion and what it is. (2:38)
What the limits are and why a conversion benefits high-income earners. (4:30)
Avoid making these common Roth conversion mistakes. (5:43)
Act wisely and have a tax analysis. (7:09)
 
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Inheritance 101

An inheritance isn’t something you experience every year, so when it does happen, there are a lot of details to understand. We talk about some of the questions surrounding inheritances. Eric also shares the most common mistakes and how you can avoid them.
 
Here are the questions Eric answers on today’s show:
What you need to know about the tax implications with an inheritance. (1:00)
The elimination of the stretch IRA changed the rules for inherited IRAs. (3:16)
These are some of the most common mistakes people make. (7:05)
What mistakes do beneficiaries make? (9:02)
 
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Mailbag: Do I Have Too Much in Cash?

When people are in retirement or closer to retirement, the accessibility of money goes up. So, what does that mean when you have to take out RMDs? How do you know if you have too much money in the bank? Talking through this with an advisor might help you make the right next steps with your money. We also talk about what mistakes people are prone to make if they try to DIY their retirement planning without a financial advisor.
 
Here are the questions Eric answers on today’s show:
Mailbag: How do I figure out all my RMDs? (0:47)
Mailbag: Do I have too much in cash? (4:57)
Mailbag: What aspects of my retirement plan am I most likely to mess up without an advisor? (8:02)
 
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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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