Retirement Ready

Retirement Quiz - Is That Your Final Answer?

We quiz Eric with a few multiple-choice questions all about retirement. Which one will he choose? Do you agree? 
 
Read more and get more financial information at: https://petersonfg.com/is-that-your-final-answer-retirement-quiz/
 
Key Points: 
0:46 - Let’s play a multiple-choice game!
1:02 - What scares the average person the most about retirement?
2:26 - What scares Eric about the coming years?
3:19 - Which tax situation describes the average retiree?
5:16 - How much money do you need to retire comfortably?
8:35 - What do people wish they had more of in retirement?

Moving On From Financial Mistakes

Instead of getting stuck in a rut after a financial mistake, it’s important to move forward in the right direction. So, what can you do to recover? Find out on today’s show.
 
Read more and get additional financial resources here: https://petersonfg.com/moving-on-from-financial-mistakes/ 
 
What we discuss on this episode: 
1:27 - Start by determining the cause.
3:11 - Increase the savings rate.
4:52 - Recalibrate your goals.
7:08 - Have a plan of action.

Common Complaints About Financial Advisors

Are you feeling frustrated when it comes to your financial planning? If so, these three common financial complaints might make you feel like you aren’t alone, but also give you hope for a better scenario.
 
Read more and get additional financial resources here: https://petersonfg.com/what-to-do-about-common-financial-complaints/ 
 
What we discuss on this episode:
1:45 - “My advisor takes too much risk.”
4:35 - “My fees are too high.”
8:20 - “I only hear from them when they want something.”

Navigating Retirement Disagreements Between Spouses

What do couples tend to argue about when it comes to their money in retirement? Eric talks through what you need to do to get on the same page.
 
Read more and get additional financial resources here: https://petersonfg.com/navigating-retirement-disagreements-between-spouses/ 
 
What we discuss on this episode: 
1:08 - How much risk should you have in your portfolio?
3:06 - What age makes sense to retire?
6:23 - Do we leave something behind for heirs?
10:25 - What is the dream retirement?

5 Most Common Retirement Planning Mistakes

Do you have a strategy in place to avoid these retirement planning mistakes? Eric talks through what to do instead to make sure your plan is a success.
 
Read more and get additional financial resources here: https://petersonfg.com/5-most-common-retirement-planning-mistakes/ 
 
What we discuss on this episode: 
1:01 - What are the top five retirement planning mistakes?
1:09 - Ignoring the future tax implications.
2:49 - Starting Social Security too early.
5:05 - Focusing on returns vs. the income needed.
6:56 - Taking advice from friends and family.
8:25 - You have to find the right balance.

The Retirement Countdown

In those final years before retirement, what should you be considering and doing now? We tackle a list of things you should do in the years before retirement.
 
Read more and get additional financial resources here: https://petersonfg.com/the-retirement-countdown/ 
 
What we discuss on this episode: 
0:46 - Ready for the final countdown toward retirement?
1:20 - When should we try to be debt-free before retirement? 
3:30 - How do you generate income in retirement?
5:48 - Should you and your spouse retire at the same time?
8:44 - Is there a financial advantage to staggering retirement?

Mailbag: Do I Need Long-Term Care Insurance If I Expect an Inheritance?

When retirement planning, you may have to make decisions regarding your finances such as which pension package to take or how to plan for long-term care. Eric answers three questions from the mailbag in today’s podcast.
 
Read more and get additional financial planning resources: https://petersonfg.com/mailbag-do-i-need-long-term-care-insurance-if-i-expect-an-inheritance/ 
 
What we discuss on this episode:
0:46 - Mailbag: Do I need long-term care insurance if I’ll later receive inheritance?
4:54 - Mailbag: Which pension package should I choose?
8:33 - Mailbag: What should I do if my job is eliminated and I’m only 55 years old?

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?