Retirement Ready

Estate & Legacy Planning FAQs

Have you recently inherited assets or one day expect to? How can you prepare your estate in a way that makes it easy for your heirs later on? We’ll look at all sides of legacy planning on this episode.
 
Show notes and additional financial resources here: http://petersonfg.com/estate-legacy-planning-faqs/ 
 
What we discuss on this episode: 
0:46 - Mailbag: Should my parents sign over their house to me before they die?
4:05 - Mailbag: Is an inherited taxable account considered capital gains?
5:40 - Mailbag: How do I change a beneficiary designation for an ex-spouse to me?
8:35 - Mailbag: Is it okay to have two separate financial advisors?

What Does Mark Twain Have to Say About Your Financial Plan?

What financial wisdom can we glean from the sayings of Mark Twain? Believe it or not, many of these quotes are quite relevant today.
 
Read more and get additional financial resources here: http://petersonfg.com/what-does-mark-twain-have-to-say-about-your-financial-plan/ 
 
What we discuss on this episode:
1:25 - “Apparently there is nothing that cannot happen today.”
5:02 - “The lack of money is the root of all evil.”
6:58 - “October is one of the particularly dangerous months for speculating on stocks…”
8:47 - “The secret to getting ahead is getting started.”

New Year, New Ideas to Consider

We’ve made it into the new year and time will tell if 2021 is a big improvement over 2020. What are some things to keep in mind as we transition into the year? What changes could impact you? On today’s episode of the Retirement Ready podcast we discuss a variety of new things--from how we celebrated the holidays to new SEC rules to dealing with an unexpected early retirement. 
 
Read more and get additional financial resources here: http://petersonfg.com/new-year-new-ideas-to-consider/ 
 
What we discuss on this episode: 
0:47 - What were the holidays like for Eric?
3:13 - SEC rules are changing to allow people to use testimonials.
6:14 - You never know when things will happen or you might lose your job.
8:17 - When does Medicare kick in during retirement?
9:11 - What’s your new year’s resolution? 

Mailbag: Should I Use My Severance Package to Pay Off the House?

Whether you want to learn more about using your HSA or trying to make strategic use of your severance package, Eric answers three questions from the mailbag. Do any of these questions relate to your situation?
 
Read more and get additional financial resources here: http://petersonfg.com/mailbag-should-i-use-my-severance-package-to-pay-off-the-house/ 
 
What we discuss on this show:
0:49 - Mailbag: If I max out my HSA, will that mean a huge balance in retirement?
3:28 - Mailbag: If forced into early retirement, should I use my severance package to pay off the house?
7:02 - Mailbag: Should I give my son a $5,000 gift or make it a loan?

Things Your Advisor Should Be Doing

What kind of decisions are you making alongside your financial advisor? How do you know if they are doing everything you need when it comes to creating and implementing a retirement plan? Eric talks through what you deserve from a financial advisor and how his team works with clients to meet their needs.
 
Read more and get additional resources here: http://petersonfg.com/things-your-advisor-should-be-doing/ 
 
What we discuss on this show: 
1:22 - A lot of places don’t factor in tax planning. 
4:13 - We assume advisors evaluate fees on our investments. Are they?
6:23 - Is your advisor planning retirement income? 
8:52 - Are you clarifying goals together? 

The Three Worlds of Money

Do you know the three worlds of money? Where does the bulk of your money live? Is your money appropriately balanced across all three worlds? We’ll break it all down on this episode.
 
Read more and get additional financial resources here: http://petersonfg.com/the-three-worlds-of-money/ 
 
What we discuss on this show: 
1:05 - What are the three worlds of money?
2:14 - The banking world offers liquidity.
5:03 - The insurance world offers life insurance and annuities.
8:40 - The Wall Street world holds investments.

Year-End Financial Planning Checklist

What should you do before the end of 2020 when it comes to your finances? We'll run through a list of items on this show. 
 
Read more and get additional financial resources here: http://petersonfg.com/year-end-financial-planning-checklist/ 
 
What we discuss on this show:
1:15 - Are you maxing out retirement contributions?
2:36 - Are you using the options available in the CARES Act?
3:50 - What is tax-loss harvesting and why should we explore it?
6:44 - Are you making charitable contributions?
8:28 - Should you do a Roth conversion?

Managing Your Risk Aversion

How much risk should you have in your portfolio? How do you know how much risk you actually have? Today we’ll talk about managing the risk in your investments.
 
Read more and get additional financial resources here: http://petersonfg.com/managing-your-risk-aversion/ 
 
What we discuss on this show: 
0:47 - What does it mean when someone says they are risk-adverse?
2:31 - Why do people claim they are risk-adverse but have their money in risky places?
5:27 - How does Eric work through the risk assessment analysis with clients?
6:51 - Who was T Boone Pickens and what can we learn from his story?
8:20 - What should your risk mindset and strategy be?

Mailbag: Planning for Long-Term Care Expenses

When building a financial plan, it’s important to consider several different angles. Eric answers three questions from the mailbag on this week’s episode.
 
Read more and get additional financial resources here: http://petersonfg.com/mailbag-how-do-i-plan-for-possible-long-term-care-expenses/ 
 
What we discuss on the show: 
0:47 - Mailbag: How do you plan for long-term care expenses?
5:08 - Mailbag: Should all of my retirement savings go toward my Roth?
7:34 - Mailbag: Is it okay to not want a bigger portfolio but to protect what’s already there?

The Retirement Hierarchy of Needs

Retirement about more than just the money. Today we talk through Maslow’s hierarchy of needs to make sure your financial plan will support each tier in retirement.
 
Read more and get additional financial resources here: http://petersonfg.com/the-retirement-hierarchy-of-needs/ 
 
What we discuss on this show:
0:47 - What are Maslow’s hierarchy of needs?
1:09 - What physical needs do you need to cover in retirement?
3:01 - What does it look like to have safety and security with your money?
5:37 - Your need for belonging will look different in retirement.
7:41 - What sort of feeling of accomplishment can you find?
9:13 - What does self-actualization look like as a retiree?