Retirement Ready

What’s The Difference Between These Important Financial Terms?

Do you know the difference between a Roth contribution and a Roth conversion? Or between individual bonds and bond funds? Eric explains the difference between these important financial terms so you can decide what should be included in your financial plan.
 
Read more and get additional resources: http://petersonfg.com/whats-the-difference-between-these-common-financial-terms/ 
 
Today's show schedule: 
1:06 - What’s the difference: Roth contributions vs. Roth conversions?
5:08 - What’s the difference: term life and universal life insurance?
7:23 - What’s the difference: qualified account vs. non-qualified accounts?
9:12 - What’s the difference: variable annuity and fixed annuity?
11:26 - What’s the difference: 60-day rollover vs. trustee to trustee rollover?
13:59 - What’s the difference: individual bonds and bond funds?

The Fool’s Gold of Retirement Planning

Are you clinging to financial ideas that give you a false sense of hope? On this episode, Eric points to clear strategies for you to make wise decisions when retirement planning.
 
Read more and get additional resources: http://petersonfg.com/the-fools-gold-of-retirement-planning/ 
 
Today's show schedule: 
2:12 - You don’t have to hit a certain dollar amount to retire.
4:10 - Don’t think your income needs will decrease necessarily.
7:34 - Don’t count on an inheritance to make up for your poor planning.
9:11 - Now is the time to figure out what your plan is.

Dealing With The Death Of A Spouse

A financial plan should consider more than just where your investments are. Even though it’s uncomfortable to bring it up, do you know what your plan is following the death of a spouse?
 
Read more and get additional resources here: http://petersonfg.com/dealing-with-the-death-of-a-spouse/ 
 
Today's rundown: 
1:11 - Regarding the CARES Act, what do you need to know about RMDs?
3:07 - Just because you don’t have to take RMDs, is there a reason to still get them?
5:45 - What is typically the top concern of the remaining spouse?
7:11 - When a spouse passes away, your expenses don’t get cut in half.
8:22 - Stress test: if something were to happen, what’s your plan?

Social Distancing For Your Finances

In order to keep safe, we’re all practicing social distancing right now. With your finances, are there some areas that need a little bit of space between them for safety and protection? Let's run through four examples of social distancing in your financial plan.
 
Read more and get additional resources here: http://petersonfg.com/social-distancing-for-your-finances/ 
 
Today's rundown: 
1:00 - Which items should social distance from each other in our finances?
1:08 - Leave your emergency fund out of the stock market.
3:33 - Life insurance and investments should not go hand-in-hand.
5:46 - High turnover investment strategies should not be with after-tax brokerage accounts.
7:40 - Your emotions and your investment decisions need some space between them.

Should I Keep My Life Insurance Policy + Other Mailbag Questions

If your life insurance policy goes up after you turn 60, you may wonder if it’s still something worth paying for. Or maybe you’ve just received an inheritance and don’t know what to expect when it comes to taxes. Eric answers three questions from the mailbag this week.
 
Read more and get additional resources here: http://petersonfg.com/should-i-keep-my-life-insurance-policy-other-mailbag-questions/ 
 
Today's rundown: 
0:47 - Mailbag: What is the recommended IRA withdrawal rate?
1:28 - The old rule of thumb was four percent.
4:19 - Mailbag: When a life insurance policy keeps increasing in price, should you drop it?
6:57 - Mailbag: How will an inheritance made up of stocks, annuities, and an IRA be taxed?

Making Home Renovations and Protecting Your Retirement Income

Are you wondering how to pay for a home renovation in retirement? Or, are you concerned about the market volatility with retirement a few years away? Eric answers three questions from the mailbag all related to making wise decisions regarding money in retirement.
 
Read more and get additional resources here: http://petersonfg.com/making-home-renovations-and-protecting-your-retirement-income/ 
 
Today's rundown: 
0:47 - Mailbag: Should I pay for home renovations from my IRA or with a home equity loan?
3:10 - Mailbag: If planning to retire in the next few years, should I move my retirement savings to cash and wait until the market volatility blows over?  
7:32 - Mailbag: What happens to my pension benefit if my ex-husband dies?  

Life Happens: How Will Your Financial Plan Be Impacted?

We all know at one point or another something is bound to happen that can throw off your financial plan. How will you address these possible scenarios when it comes to your financial plan?
 
Show notes and additional resources: http://petersonfg.com/life-happens-how-will-your-financial-plan-be-impacted/
 
Today's rundown: 
0:47 - What life events may happen?
1:30 - Moving to a new job may change your situation.
3:26 - Layoffs and downsizing could catch you off-guard.
5:55 - Inheritance can alter your financial situation.
8:07 - Losing a spouse will change your life, including your financial life.

Don’t Mistake Good Intentions for Sound Financial Advice

Can you tell the difference between good intentions and bad advice? Sometimes, even people who are truly trying to help can give you bad information and cause you to question your financial decisions.
 
Read more and get additional resources here: http://petersonfg.com/dont-mistake-good-intentions-for-sound-financial-advice/ 
 
Today's rundown: 
0:47 - The best of intentions may include some bad financial advice.
1:11 - Family may lead you astray.
3:54 - Friends may brag about the wins but not admit to the losses.
5:12 - Should you take investment advice from your CPA?

Stages Leading Up To Retirement

Life isn’t just “before retirement” and “after retirement” when it comes to your financial plan. There are several stages leading up to and through retirement. Which stage are you in?
 
Read more and get additional resources here: http://petersonfg.com/stages-leading-up-to-retirement/ 
 
Today's rundown: 
0:47 - What are the different stages leading up to retirement?
1:07 - What should people think about when 15 years from retirement?
3:41 - Around 55 years old, where should people focus? 
6:33 - Five years from retirement, what is important to consider?
9:54 - On the day of retirement, what’s the most essential to know?
12:47 - Once you retire, what kind of financial planning do you do?

5 Frequently Asked 401k Questions

Do you have a question about your 401(k)? There’s a good chance you’ve wondered about at least one of these five frequently asked questions when it comes to your 401(k).  
 
Get the show notes and additional resources here: http://petersonfg.com/5-frequently-asked-401k-questions/ 
 
Today's show rundown: 
1:47 - Should you get advice through the company’s 401(k) program?
3:21 - Should you contribute as much as possible to a 401(k) or just up to the match?
6:00 - Should you use a target date fund?
8:28 - Is it a bad idea to take a loan against the 401(k)?
9:54 - When should you take money out and rollover the 401(k) to an IRA?