Retirement Ready

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)
Contact us: http://petersonfg.com

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)
 
Contact us: http://petersonfg.com

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)
 
Contact us: http://petersonfg.com

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)
 
Contact us: http://petersonfg.com

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)
For additional resources or to get in touch, visit us online: https://petersonfg.com/

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)
 
Visit us online: http://petersonfg.com 

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)
 
Visit us online: http://petersonfg.com 

Financial Fortune Cookies

What small piece of wisdom can we take away and apply to our financial plan? Eric talks through five fortune cookie statements and what they mean.
 
Key topics on this show: 
1:37 - “Crisis is an opportunity…”
3:10 - “A feather in the hand is better than a bird in the air.”
3:45 - “Accept something you cannot change and you’ll feel better.”
6:03 - “A foolish man listens to his heart.”
7:00 - “Don’t let statistics do a number on you.”
 
Visit us online: http://petersonfg.com 

The Worst Types of Investors

Episode preview:
Which investors will end up ahead in the end? Eric talks through the types that might look successful…until they aren’t.
 
What we discuss: 
0:47 - Who are the worst investors?
1:33 - Trying to get rich quick.
3:46 - Operating without a plan won’t work.
7:32 - Don’t only focus on short-term instead of long-term investing.
8:49 - Remember what happens when you invest in the stock market.
 
More about this episode:
When it comes to your retirement journey, you want to be a wise investor. What are the traits common among the worst investors (and how can you avoid being one of them)? Eric shares what investment strategies will end up being more successful than others.
Those who are trying to get rich quickly don’t usually win in the end. An investor who is slow and steady but saving and working hard over time is more likely to succeed. Making safer, smarter choices with your money is key.
Instead of just hoping it all works out eventually, have a plan. You don’t want to reach retirement and realize you have no plan. Start working on your financial plan several years before retirement to make smarter choices on where to put your money. Don’t just assume because “everyone” else is doing it that it’s right for you. Instead, have a plan that focuses on your needs and goals. Make sure you’re accounting for your long-term goals and not caught being short-sighted.
Visit Eric online:
https://petersonfg.com/

What Happens in a Periodic Review With Your Financial Advisor?

Episode preview:
Ever wonder what to expect during a periodic review with your financial advisor? Eric shares what this looks like depending on the client.
 
What we discuss: 
0:47 - What does a periodic review look like?
5:23 - What kinds of things do you talk about with an advisor?
10:39 - Get reassured about your plan in relation to what the market is doing.
 
More about this episode:
On today’s show we talk through what it looks like when someone comes in for a periodic review with Eric. Everyone has a different personality type, so it can look different depending on the client.
Someone who wants all the data is very different from someone who just wants to know the big picture. Eric and his team talk through where the money invested started and explain where it is today. There are also a lot of questions to talk through in order to plan for the needs of the future.
Some people do not relate as well with the numbers, but there’s still plenty to discuss. Conversations may revolve around family and life goals, which is ultimately what your financial plan is all for. While a financial plan can be a serious topic to cover, it can also be a fun conversation, too.
You may have questions or need reassurances and the periodic review is a great time to discuss why your plan is set up the way it is. How are you feeling about the market? What direction are you headed? All of these questions will be answered by a trusted advisor during this meeting.
 
Visit Eric online:
https://petersonfg.com/