Retirement Ready

Retirement Planning Statistics

Retirement is closer than you think, but are you ready? With a staggering number of people lacking confidence in their retirement savings, Eric shares the misconceptions people have and what mistakes can derail someone’s financial future. Many people feel inadequate when it comes to what they have saved in their nest egg, uninformed about the pitfalls of target date funds, and unprepared about the reality of leaving the workforce earlier than expected.
 
Here’s some of what we discuss in this episode:
76 percent of Baby Boomers say they are not confident they have saved enough.
30 percent of workers say they don't know what to do with their 401(k).
46 percent ​of ​workers ​leave ​the ​workforce ​earlier ​than ​they ​planned.
Only 24 percent of retirees work with a financial advisor of some sort.
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Mailbag: Should I Fire My Broker?

Navigating life's financial crossroads can be tricky, especially when it involves your financial future. In this episode of Retirement Ready, Eric addresses these complex issues head-on. How do you best evaluate your broker and your investment performance against the S&P 500? Eric says a lot of that comes down to setting expectations and understanding the risks. Then, Holly wants to know what to consider before making a midlife career change.
 
Here’s some of what we discuss in this episode:
Mailbag: Do I need to fire my broker?
Mailbag: What to consider about switching careers in your mid-fifties.
Mailbag: How to support adult children living at home.  
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Putting It Off

We are all guilty of procrastinating from time to time. Financially speaking, though, this can get you into a lot of trouble. Let’s talk about the areas where it might feel better to kick the can down the road. 
Ultimately, it’s best to get things taken care of sooner, rather than later. Dealing with financial stuff or tightening up the budget might not sound appealing at first, but doesn’t have to stress you out. Sometimes worrying about it is worse than it really is.
 
Here’s some of what we discuss in this episode:
Talk with your parents about financials as they age.
Is retirement planning harder today than it used to be?
You might find financial information overload online that’s actually entertainment.
Sometimes dealing with financial stuff stresses people out.
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 
 
 

Common Scams to Avoid

Americans over 60 have lost more than $3.1 billion in various forms of fraud and scams in the last 12 months! Today we talk through some of the common scams people unfortunately fall for and how you can stay vigilant against it. As the scams get more sophisticated, it can be harder to see through them. Understanding what ones to look out for will help you steer clear of these schemes.
 
Here’s some of what we discuss in this episode:
Financial advisors have high level protection and help clients who may have been hacked.
Personal data scam or phishing happens when clicking on links and attachments.
Some scams pose as the government.
Watch out for “winnings” that require you to pre-pay or wire money.
The family scam uses AI to trick you.
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Financial Strategies: Agree or Disagree?

There are a number of financial ideas that people have differing opinions on. Eric shares today which of these he agrees with or disagrees and why. From paying off the house to having life insurance after you retire, each of these financial concepts will give you something to consider as you compare to what you’re doing.
 
Here’s some of what we discuss in this episode:
Should you pay off your house as soon as you can?
Individual bonds better than bond funds?
Do you need life insurance after you retire?
Is it better to have a fee-based advisor?
Are annuities rip-offs?
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Divorce Mistakes

Unfortunately, divorce happens. When it does, no one wants to make costly financial mistakes amidst an already stressful time. Today, we talk about the mistakes that can happen and how to avoid them when it comes to dividing up your assets with a spouse. 
 
Here’s some of what we discuss in this episode:
Choosing the house vs. other assets.
Consider the tax implications and long-term impact.
Combining accounts and rolling over IRAs.
The decision-making process can be overly impacted by the emotions.
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Villains of the Financial World

In movies, there are all-time classic villains like Darth Vader or the Wicked Witch of the West. When it comes to the financial world, what kind of villains should you look out for? Just like some of these cinematic villains, some of these financial elements may have a bit of nuance and history that can make it hard to label them all good or all bad.
 
Here’s some of what we discuss in this episode:
The stock market can be a force for good or for bad.
People can get overly fixated on fees.
Technology is great, but it isn’t everything.
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Uses for Life Insurance

When you’re younger, life insurance is often thought of as an income replacement as needed. But as you get older and into retirement, you might find other uses for life insurance. When thinking ahead for your estate and how it passes to beneficiaries, life insurance can prove to be a useful tool.
Currently, the proceeds from life insurance are tax-free. How does that change how you include it in your financial plan? Eric outlines some of the options and benefits life insurance can provide.
 
Here’s some of what we discuss in this episode:
Life insurance for income replacement.
You can use life insurance for estate liquidity.
Locking in a low premium.
Passing on generational wealth.
Life insurance can help with business succession.
Use it as a tax-free income.
Long-term care coverage can be a part of it.
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Understanding Financial Risk

What kind of risks do you take in your financial life? As you get less comfortable with things like climbing up ladders and riding on skateboards, you might also become less financially risky. When you enter retirement, how you view your money in the market changes significantly from your working years. It’s important to look at your portfolio to ensure your investments match your risk tolerance.
Eric and his team use a risk analysis with prospective clients to help them understand what you have and how exposed you are to risk. From there, you can better make adjustments according to your risk tolerance and financial plan to put your mind at ease.
 
Here’s some of what we discuss in this episode:
What kind of financial risks do Eric’s clients take?
How often does a person’s portfolio match their risk tolerance?
How do you know what your risk profile is?
Why do people take unnecessary risk? 
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 
 

Mailbag: What Financial Advice Should I Share with My Grandchild?

A lot of times, when you consider what is happening with your money, questions arise. Instead of letting those questions serve as a mental roadblock, ask a qualified financial professional. You may be surprised at what you hear! Or, you may feel validated that you are headed the right direction. On today’s show, Eric answers three questions from listeners.
 
Here’s some of what we discuss in this episode:
Mailbag: How much money do you need to qualify for a continuing care community?
Mailbag: What advice can I give my 21-year-old granddaughter who just inherited $300,000?
Mailbag: What if my financial advisor retires before me?
 
Get in touch with the Peterson Financial team: https://petersonfg.com/