Retirement Ready

Retirement Planning Rules of Thumb

You may have heard of at least one if not all of these financial rules, but should you follow them? What do they really mean? On today’s episode of the podcast, we talk through four common rules of thumb when it comes to financial planning and what Eric advises about them.
 
Read more and get additional financial resources here: https://petersonfg.com/financial-rules-of-thumb/ 
 
What we discuss on this episode: 
1:51 - What’s the Rule of 100?
3:03 - The 75 percent rule means what?
4:50 - Do you need six months in savings?
8:01 - Should you use the 4 percent rule?

Financial Abbreviations, Explained

While financial planning has a lot of numbers involved, here are a few letters and abbreviations you should know, too. Eric explains several common financial abbreviations.
 
Read more and get additional financial resources here: https://petersonfg.com/financial-abbreviations-explained/ 
 
What we discuss on this episode: 
1:05 - What is an ETF? 
2:36 - Do you know what an RMD is?
4:22 - What about an RIA?
6:05 - What is an FRA?

Do You Agree or Disagree with this Retirement Advice?

We all hear retirement plans and opinions but does Eric agree with these? On this episode of the podcast we play a game of “agree or disagree?” with some commonly thought retirement planning statements. What do you think?
 
Read more and get additional financial resources here: https://petersonfg.com/do-you-agree-or-disagree-with-this-retirement-advice/ 
 
What we discuss on this episode:
0:58 - Should you pay off the house ASAP?
2:26 - Are individual bonds better than bond funds? 
4:17 - Do you need life insurance once you retire?
6:00 - Are annuities a rip-off?
7:39 - Will you be in a lower tax bracket in retirement?

Mailbag: Can I Sell My Home and Just Rent in Retirement?

When it comes to retirement, beyond the numbers, how do you want your life to look? Eric answers three questions from the mailbag this week that go beyond the basic financials and consider the retirement lifestyle and mindset listeners are most interested in pursuing.
 
Read more and get additional financial resources here: https://petersonfg.com/mailbag-can-i-sell-my-home-and-just-rent-in-retirement/ 
 
What we discuss on this show: 
0:47 - Mailbag: Can I sell my house and rent instead in retirement?
4:58 - Mailbag: What happens to my insurance when I get remarried?   
8:08 - Mailbag: Can I just invest in and live off of dividend-paying stocks? 

What Creates A Sense of Urgency With Your Financial Plan?

Have you been procrastinating putting together a financial plan or do you have a sense of urgency? What events may prompt you to act quickly?
 
Read more and get additional financial resources here: https://petersonfg.com/what-creates-a-sense-of-urgency-with-your-financial-plan/ 
 
What we discuss on this episode: 
1:23 - The loss of a job creates a sense urgency.
3:29 - Do you have to make a decision about an early retirement buyout?
4:58 - Have you been procrastinating about retirement coming?
6:28 - Maybe an illness has changed your trajectory. 
7:47 - The death of a spouse changes things.
9:30 - You don’t want a market crash to alter your retirement plans.

Should You Follow Dave Ramsey’s Financial Advice?

Another popular financial radio host and podcaster is Dave Ramsey. What does Eric have to say about Dave’s advice? Does he agree or disagree with the baby step program? Find out on today’s episode of the Retirement Ready podcast.
 
Read more and get additional financial resources here: https://petersonfg.com/should-you-follow-dave-ramseys-financial-advice/ 
 
What we discuss on this episode: 
1:40 - Should you use credit cards?
4:43 - Is whole life insurance a bad idea?
6:16 - What should you invest in?
7:42 - Is it easy to find a mutual fund with a 12 percent rate of return?
9:38 - Should you pay off your home as soon as possible?

Financial Wisdom from Calvin and Hobbes

When it comes to retirement planning, some of the same concepts found in these fun quotes from Calvin and Hobbes can apply. What sort of financial wisdom can you glean from a boy and his tiger? Eric shares how these quotes can coincide with what he teaches clients every day.
 
Read more and get additional financial resources here: http://petersonfg.com/financial-wisdom-from-calvin-and-hobbes/ 
 
What we discuss on this episode: 
1:47 - “Life is full of surprises, but never when you need one.”
4:14 - “When life gives you lemons, chuck it right back.”
5:50 - “There’s no problem so awful that you can’t add some guilt to it to make it even worse.
8:27 - “A day can really slip by you when you’re deliberately avoiding what you’re supposed to do.” 

Can You DIY Financial Planning?

When it comes to weighing out the decision between working with a financial advisor and doing it yourself, what are common reasons why people consider DIY? Are these reasons valid or should you always work with a financial advisor?
 
Read more and get additional financial resources here: http://petersonfg.com/can-you-diy-financial-planning/ 
 
What we discuss on this episode: 
1:13 - What would you say to, “It’s not that hard, I can do it”?
2:54 - “Having a financial advisor costs too much.”
4:31 - “Financial advisors or a trust are just for rich people and I’m not rich.” 
6:46 - “If I ignore it, it will all work out in the end.”

Translating Financial Jargon

Do you know the difference between large cap and small cap funds? What are basis points? This episode will discuss various financial jargon to help translate what these really mean.
 
Read more and get additional financial resources here: http://petersonfg.com/translating-financial-jargon/ 
 
What we discuss on this episode: 
0:47 - Sometimes financial jargon comes up.
1:30 - What is asset allocation?
2:55 - What is your risk tolerance?
5:47 - What are basis points?
6:26 - What’s small cap, mid cap, and large cap?
7:22 - What are qualified accounts?

Financial Fill in the Blank

What’s the best way to not run out of money in retirement? What are most people worried about when retirement planning? Eric fills in these blanks in today’s episode.
 
Read more and get additional financial resources here: http://petersonfg.com/financial-fill-in-the-blank/ 
 
What we discuss on this episode: 
0:48 - The best way to not run out of money is to____.
2:40 - The stock market has the ability to____.
4:13 - Run the other way if your advisor tells you to____.
6:26 - When someone comes to visit for the first time, they’re most likely worried about ____.
7:50 - The most common mistake retirees and pre-retirees make is ____.