Retirement Ready

What You Should Know About Leaving an Inheritance

Estate planning is just one piece of a comprehensive retirement plan but it’s an important one because you only get one opportunity to get it right. The problem is many individuals have very little experience with inheritances and often make mistakes when handing them down or receiving them. Let’s try to change that today by informing you about inheritances and the steps you need to take.
 
Check out the show notes and get additional resources here: http://petersonfg.com/what-you-should-know-about-leaving-an-inheritance/ 
 
Today's show rundown: 
0:49 – Let’s tackle the biggest questions around an inheritance.
1:09 – First, what about taxes. What implications are there with an inheritance?
1:35 – Iowa does have inheritance tax if it comes from outside of a ‘straight line.’
2:21 – Here’s what happens if someone leaves you an IRA or 401k.  
3:55 – What are some of the changes coming from the SECURE Act relating to inheritances?
5:34 – These are the common mistakes people make with inheritances.
7:33 – Some companies allow a per Stirpes designation. Here’s how that works.
8:46 – Are there some common mistakes on the receiving end of an inheritance?

Reasons Why People Don’t Retire

As people get ready to retire, there are lot of reasons someone might say they aren’t quite ready to retire. Not everyone is ready at the same time or a particular age, and we wanted to talk about a few of the reasons why someone may feel that way. Some of these are good reasons to put off retirement! The key is making sure they are the right reasons for you to retire when the timing is right. We'll discuss that on this show. 
 
Full show notes and additional resources: http://petersonfg.com/reasons-why-people-dont-retire/ 
 
Today's rundown: 
1:06 - I love working and want to continue working.
3:25 - I would get bored in retirement.
6:19 - I don’t have enough money to retire.
9:13 - I don’t have confidence in my retirement plan.

Financial Advisor Green Flags

How do you know if you’ve found the right type of financial advisor? What is most important when looking for someone to work with who will create the right types of financial strategies for where you are in life?
 
Show notes and additional resources: http://petersonfg.com/financial-advisor-green-flags/ 
 
Today's rundown: 
0:47 - What do you want in a financial advisor?
1:16 - There are different types of advisors and what they do.
1:44 - When you are younger, you are in the accumulation stage.
2:34 - Then, you are looking at preservation and distribution and need an advisor to support you.
3:59 - You want to be able to trust your financial advisor.
6:13 - Sincere means “without wax” which is real.

Understanding The SECURE Act, Part 2: Stretch IRAs

In part two of our series on the SECURE Act, we talk about some of the downsides to the changes. Eric explains the stretch IRA and what impact the SECURE Act made on it.
 
Read more about the SECURE Act here: http://petersonfg.com/understanding-the-secure-act-part-2-stretch-iras/ 
 
On today's show: 
1:11 - The stretch IRA is being eliminated with the SECURE Act.
2:17 - Before the SECURE Act, a non-spouse beneficiary would only have to take out a percentage based on their life expectancy.
4:19 - Why is this changing?
6:17 - What options does a surviving spouse have?
7:19 - What are the exceptions?
9:40 - When does this go into effect?  

Understanding The SECURE Act, Part 1

What is the SECURE Act? And how does it impact your retirement plans? We’ll outline some of the major changes you need to be aware of in this two-part series.
 
Show notes and additional resources: http://petersonfg.com/understanding-the-secure-act-part-1/ 
 
Today's rundown: 
0:48 - The SECURE Act passed, so what does that mean?
2:17 - The RMD age was raised to 72 years old.
4:26 - If you began taking RMDs in 2019, do you have to keep with it?
5:43 - What can you do with your RMD?         
8:01 - The contribution age limit was also eliminated with the SECURE Act.

Retirement Savings Options: IRA Contributions & Roth Conversions

What happens if you’ve maxed out your 401(k) contribution limit? When is a good time to make a Roth conversion? Eric answers three questions from the mailbag this week all pertaining to the options you have when it comes to saving for retirement.
 
Show notes and additional resources: http://petersonfg.com/retirement-savings-options-ira-contributions-roth-conversions/
 
Today's rundown: 
0:46 - Mailbag: Outside of a maxed out 401(k), where can you save?
1:56 - You can also make a nondeductible IRA contribution.
4:26 - Mailbag: How and when do you make Roth conversions?
7:28 - Mailbag: Is it foolish to retire in your late 50s?
9:07 - Retirement is about filling your income gap.

Making The Right Decisions When It Comes To Real Estate

Are you considering making a move this year? When it comes to home buying or selling decisions, there are a lot of factors to consider. Eric answers a few questions from the mailbag related to real estate.
 
Show Notes and Additional Resources: http://petersonfg.com/making-the-right-decisions-when-it-comes-to-real-estate/ 
 
Today's Rundown: 
0:46 - Mailbag: Need cash for closing on a new house before current home sells, should this be done through a short-term loan?
3:13 - Mailbag: With two homes in different states, should you sell one home to be able to retire early?
6:07 - If retiring early, how can you cover the medical insurance gap?
7:32 - Mailbag: How can I help my adult child financially without enabling her?

Fortune Cookie Proverbs For Your Financial Plan

The message inside a fortune cookie may bring you more fortune than you think if you apply those proverbs in your financial plan. Let’s look at four fortunes and how it applies with your financial decisions.
 
Show notes and additional resources: http://petersonfg.com/fortune-cookie-proverbs-for-your-financial-plan/ 
 
Today's Rundown: 
1:49 - “Crisis is opportunity riding on a dangerous wind.”
3:47 - “A feather in the hand is better than a bird in the air.”
5:52 - “Accept something you cannot change and you’ll feel better.”
8:39 - “The greatest danger could be your stupidity.”

Facing The Final Decade Before Retirement

The last few years leading up to retirement can have a significant impact on what your retirement actually looks like. This is when you start making the decisions and plans you’ll actually implement in a few years. Are you ready? 
 
Show Notes and Additional Resources: http://petersonfg.com/facing-the-final-decade-before-retirement/ 
 
Today's Rundown: 
1:34 - Deciding what’s important is the first thing to do.
4:04 - Know your numbers and understand what it will take to maintain your standard of living.
7:13 - Get a handle on your healthcare. How will you pay for it?
9:55 - Understand that your plan and needs will continue to evolve.

A Message For The Savers

Maybe you are great at saving and putting away money toward retirement. Is that enough? Find out three areas where a bit more strategy and behavior modification may come into play with your savings and investments as you enter into retirement.  
 
Show Notes and Additional Resources: http://petersonfg.com/a-message-for-the-good-savers/ 
 
Today's Rundown: 
1:26 - Be careful about keeping too much cash in savings.
2:52 - Why you need to implement behavior modification when it comes to a rainy day fund in retirement.
5:24 - Don’t overlook the risk of your investments.
6:38 - The math behind how much risk you’re willing to take.
8:21 - Taxes are going to impact you more in retirement than when you are working.