Retirement Ready

Rescuing Old Accounts

Do you have an old account laying around collecting dust, so to speak? Instead of forgetting about these, it’s important to find them, assess them, and get them up-to-date. It may even be an easier process than you think.
 
Here are the old accounts people tend to neglect or forget about:
An old 401(k) might be out there. (1:09)
Life insurance policies should be reviewed. (2:44)
Savings accounts could be earning interest right now. (5:11)
Pensions might carry an opportunity. (8:33)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

SECURE Act 2.0 – What Retirees Need to Know

Congress passed the SECURE Act 2.0 at the end of 2022, and you might have missed it because it was part of a larger bill.
Now that the bill is law and many of the provisions have already taken effect, we want to talk through what changes that might mean for your financial plan. From RMD age to 529 plans, there’s something for everyone to be on the lookout for.
 
Here are some of the changes passed in the SECURE Act 2.0:
The RMD age got changed again. (1:20)
The penalty was reduced, but it is still there. (4:41)
Qualified charitable distributions may help. (5:20)
The 529 can convert to a Roth IRA, with rules. (7:24)
What does Eric think is less definitive in the SECURE Act? (9:05)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Retirement Lifestyles

Retirement planning is so much more than simply having enough money socked away. Social activity, hobbies, skills, physical activity, and routines are all big components of your life now and likewise, should be in your retirement.
When considering your time in retirement, don’t overlook these parts of your life and how it impacts your financial plan. Having an idea of what type of lifestyle you want to live will help you build an income plan that can match you goals.
Here are some ways to make sure your retirement is enjoyable:
Stay connected with people. (1:15)
Physical activity keeps you going. (3:16)
Find your groove and new routine. (5:48)
A work project might be fulfilling. (7:45)
 
Get in touch with Eric: http://petersonfg.com

Good Intentions and Financial Advice

Sometimes even the best of intentions can lead you astray. When you get financial advice, it’s good to be a little cautious and consider where you are getting your information from. Everyone’s situation is a little bit different, so you need to focus on what the right thing is for you and your unique situation.
 
Look out when you hear financial information from these sources:
Family may try to help. (1:15)
Friends don’t know the whole story. (4:29)
A CPA should work on your taxes, not make your financial plan. (5:35)
Financial “experts” in the media are really entertainers. (9:40)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Mailbag: Should I Invest Unused Travel Funds Into Something More Practical?

How can you use your money wisely? Eric answers three questions that range from short-term travel plans to long-term estate planning decisions. While it’s good to be a good steward with your money, remember what it’s really there for.
Sometimes money should be saved for your future, and sometimes making memories with your money now is worth more.
These are the three questions Eric answers from the mailbag today:
Mailbag: Should I put my unused travel funds into something more practical? (0:47)
Mailbag: How can I make sure my kids don’t fight over my estate? (3:38)
Mailbag: Should I pay off the mortgage early with extra monthly income? (7:27)
Get in touch with the Peterson Financial team: https://petersonfg.com/

Desire to Retire

Are you dreaming of retirement? We talk through the different levels of desire people have in regard to retirement. Some can’t wait to cross the finish line and others have no plans soon to leave their jobs and careers. Depending on where your desire lies, here’s what you can do to prepare for the future.
 
Here are some of the levels of desire people feel when it comes to retirement:
Level 1: I don’t see myself retiring ever, I love what I do. (1:49)
Level 2: I could retire, but don’t mind my job enough yet. (4:37)
Level 3: I’d like to retire but have no idea if I can. (6:10)
Level 4: I thought I’d work longer, but early retirement is looking better. (7:41)         
Level 5: Get me out of here! (10:07)
Contact us: http://petersonfg.com

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)
Contact us: http://petersonfg.com

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)
Contact us: http://petersonfg.com

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)
 
Contact us: http://petersonfg.com

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)
 
Contact us: http://petersonfg.com