Retirement Ready

Good News, Bad News

Sometimes you get good news and bad news at the same time. Which one will outweigh the other? In this episode, we talk through a number of financial scenarios that can bring a bit of both good and bad. More times than not, you are better off than you expected but you won’t know until you ask a professional.
 
Here’s some of the good/bad news we’ll discuss on today’s show:
You have a lot of debt, but you have some tax-deductible interest. (2:05)
Mutual funds haven’t performed well…but the fees are low. (4:18)
Not enough money to pay for long-term care, but Medicaid can step in. (6:32)
Lost a lot of your portfolio, but it will come back, eventually. (8:44)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 

401(k) Considerations

A 401(k) is a highly valuable, widely used investment asset for many people. But what should you know when you set one up or contribute to one? In this episode, we’ll talk through some of the things you’ll want to consider when using this powerful investment tool. Stay tuned to learn how to get the most out of your 401(k).
 
Here’s what you’ll learn about on today’s show:
Understand your need for liquid assets. (1:43)
Get the employer contributions. (3:32)
Consider the tax implications. (4:58)
Don’t leave money behind at an old job. (7:52)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 
 

Generational Challenges

Every generation has had a different experience and is currently at a different life stage. In this episode, Eric talks through some of the financial challenges that Millennials, Gen X, and Baby Boomers face. Understanding and acknowledging these different challenges can help you better plan according to where you are in life.
 
Here’s what we talk about on today’s show:    
Millennials face prices that are way more than what their parents paid. (1:10)
Gen X is in the "sandwich" generation now. (5:11)
Boomers are retiring. (7:57)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 

Advisor Pet Peeves

We all have pet peeves, so in today’s episode we talk about some pet peeves financial advisors have. Eric shares his experience as a financial advisor and sheds light on some things in the industry that can negatively impact both clients and professionals. From cookie-cutter financial plans to hidden fees, these things can really rub you the wrong way.
Here are the pet peeves we talk about on today’s show:
Fee structures can result in hidden fees. (1:21)
Advisors who put their own goals ahead of their clients. (3:41)
One-size-fits-all plans aren’t the answer. (5:56)
A complicated plan is not a better plan. (10:35)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 
 

Grading Your Financial Competency

Financial competency is something that is not taught nearly enough. As an advisor, Eric focuses on teaching not only strategic investing decisions but also the basic foundations of money. It starts by knowing how much you have. Then, ask yourself, how much do you really spend? It’s easy to spend more than you realize, so getting that in check can make a huge difference.
When it comes to investing, are you truly diversified? How much are you actually paying in fees? Eric shares why some of these answers can be misconstrued and how to get back on track.
 
Here are the questions you need to ask yourself:
Do you know how much you have? (1:11)
Do you know how much you spend? (3:45)
Do you know how much risk you have? (5:39)
Do you know what you’re paying in fees? (7:47)
Do you know what your retirement income streams look like? (9:46)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 

Financial Lessons from Yogi Berra

What kind of financial wisdom can we take from a baseball player’s quotes? Quite a bit! Today’s quotes from Yogi Berra have a bit of humor and a lot of truth when it comes to your financial plan. From navigating annuities to planning for inflation, Eric shares how these quotes can bring a lot of meaning and understanding to our finances. 
 
Here are the quotes we talk through on the show:
“I never said most of the things I said.” (1:49)
“A nickel ain’t worth a dime anymore.” (3:55)
“If you don’t know where you’re going, you might go somewhere else.” (7:17)
“The future--it ain’t what it used to be.” (8:15)
“It’s like déjà vu all over again.” (10:29)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 
 
 

Mailbag: Should I be Worried about Investing in a Bank?

You may have seen the news about some bank issues with banks like Silicon Valley Bank. Is that cause for concern? If you have money in the bank, Eric explains how much is covered and what you can do to protect yourself. With any investments you make, realize which of the three components you’ll have: safety, liquidity, or growth.
In this episode, Eric also answers two more questions from the mailbag related to retiring early and required minimum distributions. Find out what best practices and rules apply and how they can impact your financial plan. 
 
Here are the questions Eric answers on today’s show:
Mailbag: With recent bank failures, should I be worried about investing in a bank? (0:46)
Mailbag: Can I retire at 57? What do I need to know? (5:16)
Mailbag: Why do I have to take RMDs? (8:50)
Get in touch with the Peterson Financial team: https://petersonfg.com/
 

Ways to Ruin Retirement

Building a successful retirement requires careful planning and wise decision-making. Unfortunately, it's all too easy to undo all of that hard work by falling prey to common pitfalls. Rather than risking the enjoyment and security of your golden years, we’ll discuss some ways to avoid these mistakes and secure your financial future in this episode.  
 
Here are ways you can easily ruin your retirement (and what to do instead):
Treating retirement as a destination. (1:12)
Believing that retirement will solve all your problems. (3:33)
Quit being active. (6:08)
Assuming your spending habits will be the same or lower. (8:04)
Investing like you’re 35 when you’re 65. (10:19)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 

Financial Mistruths

Every once in a while, financial concepts or strategies get misunderstood or misconstrued. It’s important to understand what you have and why you have it. On today’s show, we break down some financial ideals to find the “mistruths” or lies that can mistakenly be adopted. 
 
Here are the mistruths we talk about on today’s show:
“We can beat the market.” (1:40)
“There are no fees.” (3:39)
“Your tax rate will be much lower in retirement.” (8:11)  
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 

What’s the Difference? Traditional IRA vs. Roth IRA

Roth IRAs have been around for about 25 years, but a lot of people still don’t know how they differ from a traditional IRA. Understanding the difference between the two will help you determine which option is best for your retirement goals. In this episode, Eric shares what you’ll want to know about a Roth IRA and when to use it.
 
Here’s what you’ll learn on today’s show:
The difference between a Roth IRA vs. traditional IRA. (1:56)        
Why so many people focus on the traditional IRA first. (4:10)
The benefits of growing tax-free. (6:13)
Who benefits from a Roth IRA? (7:57)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/