Retirement Ready

401(k) Mistakes You Don’t Want To Make

Many of us have a 401(k), but what mistakes can get overlooked? Eric shares a few key points to keep in mind when it comes to your 401(k).
Read more and get additional financial resources here: https://petersonfg.com/retirementreadypodcast/
 
What we discuss on this episode: 
0:46 - The 401(k) is an easy way to save.
3:05 - Did you leave it with a former employer?
5:25 - Are you rebalancing?
7:06 - Is your target date fund right?
9:18 - Who is the client in the 401(k) plan?

Financial Blind Spots

What kind of blind spots should you look out for when it comes to your financial plan? We talk about four key areas that often get overlooked when retirement planning.
 
Read more and get additional financial resources here: https://petersonfg.com/financial-blind-spots/ 
 
What we discuss on this episode: 
1:08 - The danger of a downturn.
5:18 - Inflation is a big blind spot.
6:54 - Medical costs keep rising.
8:59 - Tax increases are inevitable.

SECURE Act 2.0 – What to Know

Today on the podcast, we discuss the SECURE Act 2.0. While we have talked through the SECURE Act in the past, this is a whole new set of changes should it get passed. Which of these will play the biggest role in impacting your financial future?
 
Read more and get additional financial resources here: https://petersonfg.com/secure-act-2-0-what-to-know/ 
 
What we discuss on this episode: 
0:46 - What is the SECURE Act 2.0?
1:06 - What could be the new RMD age?
4:03 - Employers could auto-enroll employees in 401(k) program.
5:56 - Catch-up contributions would be extended.
7:38 - Matching funds on student loan payoffs.
9:32 - A national database could be started for lost accounts.
11:31 - What does Eric think about these possible changes?

Why People Put Off Meeting with a Financial Advisor

Are you avoiding meeting with an advisor? Let’s talk through some of those fears or doubts and help you overcome the hurdles to getting your financial plan in order.
 
Read more and get additional financial resources here: https://petersonfg.com/why-people-put-off-meeting-with-a-financial-advisor/ 
 
What we discuss on this episode: 
0:47 - Do you avoid going to a financial advisor?
1:29 - It might be expensive.
5:47 - They will tell me to do something I don’t want to do.
7:54 - I’m embarrassed or won’t know what they are saying.
10:22 - What if they give me bad news?

Emotions That Drive Financial Decisions

What emotions are you prone to fall for when investing? How can you overcome the emotional grip? Making investment decisions based on emotions can cause your plan to not be successful. Today we’ll find out primary emotions to look out for and what to do about them.
 
Read more and get additional financial resources here: https://petersonfg.com/emotions-that-drive-financial-decisions/ 
 
What we discuss on this episode: 
1:00 - Fun Fact: Apple has enough money to buy every major sports team in the world.
2:27 - Is greed good when investing?
3:58 - Are you investing with fear?
5:43 - Pride may cause you to do it yourself. 
7:49 - Don’t dwell on guilt.
9:03 - Advisors are more detached from the personal emotions.

Mailbag: What Should I Do With My IRA?

When should you use your IRA and how can it be best utilized? These three questions from the mailbag all mention their IRA as an option, but what does Eric have to say about all of these situations? Find out!
 
Read more and get additional financial resources here: https://petersonfg.com/mailbag-what-should-i-do-with-my-ira/ 
 
What we discuss on this episode: 
0:47 - Mailbag: Should I take money from an IRA or get a business loan?
4:08 - Mailbag: My pension won’t adjust for inflation. What should I do?
7:25 - Mailbag: I’m annoyed about taking money out of my IRA. How can I avoid that?

Avoiding the Tax Time Bomb

Are you nervous about all the taxes you might have to pay in retirement? We talk through strategies you can implement now to reduce your taxes down the road.
 
Read more and get additional financial resources here: https://petersonfg.com/avoiding-the-tax-time-bomb/ 
 
What we discuss on this episode: 
0:46 - What are tax strategies to consider?
1:11 - Reducing the 401(k) contributions.
3:22 - If you don’t have a Roth option at work, should you do a Roth IRA?
4:41 - Would funding a cash value life insurance be a good strategy?
7:48 - What do we need to know about Roth conversions?

The ‘What If?’ Game

Are you looking at the future and wondering, “What if…?” We talk through several scenarios to see what may or may not be possible and how you can prepare accordingly. 
 
Read more and get additional financial resources here: https://petersonfg.com/the-what-if-game/ 
 
What we discuss on this episode: 
1:20 - What if… interest rates double?
3:24 - What if… married couples under 30 have one (or less) child per family?
6:31 - What if… college education becomes free?
8:56 - What if… we experience another economic downturn?
11:26 - What if… a state decides to secede from the union?
15:02 - What if… price of oil doubles?
16:10 - What if… we adopt a single payer healthcare system?

Navigating the New Administration’s Tax Plan

What kind of tax plans have been proposed lately? These plans may cause you to strategize differently when it comes to your financial plan.
 
Read more and get additional financial resources here: https://petersonfg.com/navigating-the-new-administrations-tax-plan/ 
 
What we discuss on this episode: 
1:08 - Top individual tax rates will increase.
3:50 - What happens when the corporate tax rate goes up?
5:42 - Long-term capital gains tax would almost double.
9:47 - What would the elimination of the step-up in basis mean?
12:52 - Is generational wealth being targeted?

Retirement Readiness Pop Quiz

On today’s episode of the Retirement Ready podcast, we check in to see how ready you really are. What sorts of things are you overlooking, and where do you need to stay better focused? Know all you need for retirement? Take this little quiz to see where you stand when it comes to retirement readiness.
 
Read more and get additional financial resources here: https://petersonfg.com/retirement-readiness-pop-quiz/
 
What we discuss on this episode: 
1:08 - How much does it cost you to fund your lifestyle?
3:26 - What do you need your net worth to be to retire?
7:08 - How does the latest news impact our retirement plans?