Retirement Ready

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.  

Flying Toward Retirement

Any time you fly in a plane, there’s a lot going on as you travel to your destination. How does this relate to your financial plan? We compare the experience of flying to preparing for retirement in today’s episode.
 
Show Notes: http://petersonfg.com/what-flying-can-teach-us-about-retirement/ 
 
Today's Rundown: 
2:21 - Flying requires a flight plan ahead of time.
3:59 - You need to know in advance what your income (and taxes) will look like in retirement.
6:12 - When you’re thinking about a retirement plan, it also includes what to do with your time.
7:42 - When you experience turbulence, it can cause you to panic.
10:11 - You can’t get there alone.

What Holds You Back From Breaking Up With A Financial Advisor?

Breaking up is hard, but sometimes you stay in a relationship too long for the wrong reasons. Is your relationship with your financial advisor working as it should? Or are you using some of these common excuses to stay with the wrong advisor?
 
Show Notes and Additional Resources: http://petersonfg.com/what-holds-you-back-from-breaking-up-with-a-financial-advisor/ 
 
Today's Rundown: 
1:40 - My portfolio hasn’t done well, but my advisor seems nice.
3:49 - I know them through...a family friend, college, a neighbor, my parents.
4:24 - I feel confused after meeting with my advisor.
7:49 - I get a birthday card, but don’t get good communication otherwise.

7 Deadly Sins of Financial Planning

Like in all areas of life, it’s important to be cognizant of your blind spots and sinful tendencies. When it comes to the seven deadly sins, how do those apply in your financial plans?   
 
Show Notes: http://petersonfg.com/7-deadly-sins-of-financial-planning/ 
 
On This Episode: 
1:07 - How pride gets in the way of your finances. 
3:48 - Envy
6:12 - Wrath against your job, the market, or your financial situation can cause long-term consequences.
7:11 - Greed may cause you to look for a big payday…but then lose it.
9:40 - Sloth behavior can make establishing a retirement plan feel insurmountable.
11:13 - Gluttony is too much of one thing when you need to diversify.
13:37 - Lust may look like lofty goals, but it’s important to have realistic goals.

Let's Play Financial Jeopardy

Financial for 200! Financial for 400! Are you ready to match the questions with the statements like in Jeopardy when it comes to your knowledge of financial terms? Which of these currently impact your retirement plan? 
 
Show Notes: http://petersonfg.com/lets-play-financial-jeopardy/ 
 
On This Episode: 
1:18 - This financial product has given a bad name to some of its cousins.
3:50 - This requires a financial advisor to put his client’s best interests before his own.
4:53 - What is the difference between a fiduciary and a broker?
6:16 - This financial phenomenon is thought to be imminent or by others off in the distance.
9:14 - This is mandated by the IRS and force retirees to drain retirement accounts.
11:04 - This common staple of retirement is quickly becoming scarce.

Getting Your Health And Wealth In Shape

Are you feeling yourself slide into a bit of a rut? Need more tone and discipline in your life? Getting your body in shape can look a lot like getting your finances in shape.
 
Show Notes: http://petersonfg.com/getting-your-health-and-wealth-in-shape/
 
Today's Rundown: 
2:05 - You can’t just read a book and know all there is to know.
4:04 - Doing it on your own and doing it poorly could make things worse.
5:04 - Start with some goals.
6:56 - Don’t counteract your progress with bad habits.
8:35 - Think about the long-term and the value an advisor may bring.