Retirement Ready

Financial Main Characters and Secondary Characters

When you watch TV shows or movie, it doesn’t take long until you realize who is the main character or who is more of a secondary character. When it comes to your financial life, which strategies, products, or tools are main characters in your financial plan and which ones are secondary?
 
Here’s what we talk about on today’s show:
What role does your 401(k) play in your financial plan? (2:07)
Life insurance is something you really should look at. (4:47)
Bank accounts are safe but don’t overemphasize it. (6:22)
Roth IRAs have become more important in recent years. (8:18)
Social Security is the largest piece of most people’s retirements. (10:28)
 
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Separating Your Money

Do you have all of your money in one place? Sometimes your money should be kept in separate funds and separate places so that it can be used for the appropriate purposes. You want to be able to access the money you have when you need it, both now and in the future.
On today’s show we talk about a few categories that can sometimes get combined and whether they should be together or separate.
Here’s what you’ll learn more about:
Don’t have your emergency fund with your stock market money. (1:03)
Investments and life insurance can get blurred. (3:31)
High turnover investment strategies vs. non-retirement assets strategies. (5:32)
Emotions should be separate from investment decisions. (7:10)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Mailbag: Do We Need So Much Money in Cash?

When you retire, your income changes but so do your options. One listener is wondering how to convince his wife that they don’t need to put so much money in the bank and can enjoy it a bit, too.
Eric explains where things like your emergency fund can come and how couples usually think about savings. He also answers two other questions from the mailbag regarding retirement.
Here are the questions Eric answers today:
Mailbag: How can I convince my wife we don’t need as much in cash? (0:47)
Mailbag: Why do I have to pay money back to Social Security? (6:01)
Mailbag: Do I have to work until I’m 59 and a half or can I retire? (8:02)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 

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)
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