Retirement Ready

Watch Out For These Red Flags When Working With A Financial Advisor

When you are working with an advisor, you want your relationship to be built on trust and quality expertise. But how do you know if an advisor is a bad fit? What red flags should you avoid? We’ll tell you in this episode.
Check out the full show notes here. 

This or That Financial Debates – Debt, Mortgages, Life Insurance & Mutual Funds

This or that? Depending on who you listen to, you may have heard a variety of opinions on these financial debates. Eric shares his thoughts on debt, mortgages, life insurance, and mutual funds.
To learn more and to see the show notes, click here. 

Retiring Early: Is It Possible and Is It Right For You?

Some may think that retiring early is just a dream, but can you turn this dream into a reality? In this episode, Eric talks about the ins and outs of taking an early retirement. Find out when you can retire and whether you will actually want to stay retired.
To get more details about this episode and this topic, visit the show page here.

Tending To Your Retirement Garden

What does retirement planning have in common with growing a garden? Both need patience, vision, determination, and the proper tools to succeed. Eric Peterson explores all the comparisons on this week’s podcast.
 Show notes: https://petersonfg.com/tending-to-your-retirement-garden/

Retirement Decisions: More Than Just Investments

When it comes to planning for your retirement, there’s a lot more to consider than where to invest. Going beyond the data and numbers, you need to consider these areas of your life and what you want them to look like in retirement.
 Show Notes
0:59 Lifestyle 
When people come in to meet with Eric and his team, they are often surprised that it’s not just about the data. It’s important to find out what you envision your retirement will look like. Then you need to consider the challenges in retirement.
The number one thing people miss when entering retirement is how much income they need or are able to generate. Income is the key to retirement success.
A lot of people want to work doing something else or volunteer to give back to their community.
 4:25 Social Security
Social Security is one of the only guaranteed income sources for most people. Claiming it correctly is critical to your plan.
The spousal benefits for Social Security are worth understanding.
Eric shares a client example of a couple making decisions about Social Security.
The tax strategies are crucial.
 6:39 Pensions
The nice thing about a pension is that it pays for the rest of your life. You don’t have control over the asset, however.
If you roll it over in a lump sum, then you have control over it in case something happens. Eric shares a client story to illustrate how he breaks down someone’s pension options.
 8:33 Home-related issues
Are you thinking of downsizing? Maybe you would rather travel or don’t want to take care of the maintenance on a home.
Reverse mortgages are a way to supplement income, but there are a lot of nuances.
Think about where you want to live. Maybe you need to get everything in one level so you can “age in place”.
 10:12 Health
This is the biggest fear among many of Eric’s clients since healthcare insurance as an individual is hard to find.
You need to think about long-term care or be prepared for a health catastrophe.
Consider what kind of damage a healthcare issue may do to your retirement plan and address that now.

Presidential Quotes And The Financial World

Today's Prep:
There are a lot of great quotes from past presidents that also apply in the financial industry. Have you heard all of these? How would you apply them to your financial portfolio?
Full show notes at: https://petersonfg.com/presidential-quotes-and-the-financial-world
Equipping Points:
1:06 “When only one side of a story is heard and often repeated, the human mind becomes impressed with it.” - George Washington
If you watch too much news, then you only get one side of the story from the “Wall Street machine”.
Keep in mind that you might be listening to a marketer.
What’s right for someone else might not be the best fit for your situation. For example, someone with a billion dollars does things differently than someone with half a million.
You have to understand who the message is for, and who it’s coming from, and what they are trying to get you to agree to.
4:08 “Ask not what your country can do for you, ask what you can do for your country.” - JFK
From a financial advisor standpoint, this is what a fiduciary is supposed to think about.
Advisors should be client-focused and asking what is right for the client instead of just doing whatever is going to generate the most revenue.
A lot of people in retirement just want someone who is going to look out for them and their best interests.
6:54 “Think about every problem, every challenge we face. The solution to each starts with education.” - George Bush
Education is the foundation of everything Eric does for clients. The first two meetings of the planning process are designed to help educate you about risk and what a properly designed portfolio looks like.
 

Mailbag: Retention Bonus or Retirement?

As you near the final months or years before taking the plunge into retirement, there are always a few details to work out and questions to ask. Eric answers a few questions from the mailbag about pensions, paying taxes in retirement, and deciding when to walk away from a retention bonus and just retire already.
Check out this episode's show notes: https://petersonfg.com/mailbag-retention-bonus-or-retirement

Handling What You Can’t Control in Retirement

Some things are just out of your hands. In retirement planning there are a lot of things completely out of your control, but if you re-frame your thinking, there is actually something you can do about them. Eric talks through these four areas where you have an opportunity to prepare for the unpredictable.
Full show notes: https://petersonfg.com/handling-what-you-cant-control-in-retirement

Wishful Thinking In Retirement Planning

Is your head in the clouds when it comes to retirement? Here are three common phrases people say when it comes to retirement planning. Eric shares whether these mentalities are wishful thinking. 
Check out the full show notes for this episode and relevant links at: https://petersonfg.com/wishful-thinking-in-retirement-planning/

Underrated Or Overrated?

We’re playing a game to determine what’s underrated and overrated when it comes to a few topics in the financial world (and even a few outside of financial planning). Let us know what you think. 
Check out the full show notes for this episode and relevant links at: https://petersonfg.com/underrated-or-overrated/