Retirement Ready

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/

The Good Old Days

Why is retirement planning different than the “good old days” that our parents and grandparents experienced? This is one of those cases where you most likely can’t follow the same plan as previous generations and expect it to work out the same. Things like pensions, Social Security, and even RMD age have changed. Is your financial plan set up accordingly or is it in need of some changes to match?
 
Here’s some of what we discuss in this episode:
Pensions were a staple of retirement plans back in the day.
People are living longer now.
We have an overabundance of information.
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Mailbag: When Should I Retire?

When is the perfect time to retire? One question from the mailbag asks whether retiring now or in two years will make a big difference. Stay tuned as Eric answers this listener question and more in this week's show. 
 
Here’s some of what we discuss in this episode:
Mailbag: I’d like to retire soon, but how big of a difference will it make now or in two years?
Mailbag: How important is it to have a financial advisor? 
Mailbag: How can I gift my daughter $50,000 for a down payment?
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Discussing Dave Ramsey and His Core Beliefs

More than likely, you’ve heard about financial commentator, Dave Ramsey. Today, we talk about some of Dave’s core beliefs and how they may differ from those of a licensed financial advisor. While Dave’s tips and baby steps have helped people, it’s worth taking some of his advice with a grain of salt. 
 
Here’s some of what we discuss in this episode:
Should you cut up your credit cards?
Is whole life insurance a rip-off?
Should you invest in four types of mutual funds?
Is it easy to find mutual funds that average more than 12 percent annual return?
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Mailbag: What Should I Do With My Inheritance?

Every day you have to make choices about your money. What to spend it on, when to save, and how to manage it well. We tackle three questions from the mailbag today from people facing a financial decision. From learning how to take care of the household finances after one spouse passes to deciding about helping a child pay for college, Eric can help point clients in the right direction.
 
Here’s some of what we discuss in this episode:
Mailbag: What financial things do I need to consider after my spouse has passed?
Mailbag: Should I help my son pay for an extra year of college?
Mailbag: Should I pay off my house with a recently received inheritance?
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

The Voice of Greed

What does the voice of greed sound like? We hear a lot in the financial space, some of it sound advice, and some of it just plain greedy (and even risky). There’s a time and a place for risk, but it comes down to planning. Not all of your money should have the same risk profile. Working with a financial advisor can help you determine how much risk is good vs. having safety.
 
Here’s some of what we discuss in this episode:
The market’s doing great, it’s a good time to invest!
Did you hear the hot tip? Hot tips are lukewarm at best.
Playing catch-up with the retirement savings of the Joneses isn’t always what you most need.
When the market was doing well, you might DIY it.
 
Get in touch with the Peterson Financial team: https://petersonfg.com/