Retirement Reality Podcast

Social Security Shake-Up: How Raising the Retirement Age Could Impact You

Social Security has long been a cornerstone of retirement planning for millions of Americans, providing a crucial safety net in their golden years. However, recent proposals suggest significant changes could be on the horizon, potentially altering the landscape of retirement as we know it.
Here’s some of what we discuss in this episode:
Brendan Boyle’s request for information from the Congressional Budget Office regarding raising the age for full Social Security benefits.
The increased penalty that could come if you claim Social Security benefits early.
Why is Congress considering making changes to Social Security?
Strategies to consider to maximize Social Security benefits.
To get in touch with Mike, visit our website: http://principalpreservationservices.com

What Makes Our Financial Planning Approach Unique?

Every firm has distinct principles that guide its approach to financial planning. In this episode, we take you behind the scenes to explore the core values and unique processes that set Principal Preservation Services apart. We’ll walk you through how we get to know our clients on a deeper level, create personalized financial strategies, and how our approach redefines what it means to have a successful financial planning experience.
Here’s some of what we discuss in this episode:
The importance of education and understanding in the financial planning process
The core values that guide Principal Preservation Services + Mike’s primary niche of clients
The various educational resources and workshops offered by Principal Preservation Services
The financial planning tools and software that the team uses
How Mike measures success beyond financial returns + scheduling your discovery call
 
To get in touch with Mike, visit our website: http://principalpreservationservices.com

Retirees In Their 70s Regret These 5 Things

A random, retired YouTuber did a simple video exploring the top 5 regrets from other retirees he interviewed (all in their 70s). It blew up to almost half a million views (and counting). Let’s see what regrets made the list and, more importantly, explore what proactive steps you can take to avoid having the same regrets when you retire.
Be sure to stay tuned until the end of the episode as Mike answers two questions from the listener mailbag!
Here are the regrets we discuss in this episode:
They wish they had retired earlier
They wish they had spent more when they first retired
They wish they took better care of their health
They wish they had taken up a hobby
They wish they had traveled more
Mailbag: Would the financial industry be a good career for my nephew to consider?
Mailbag: Is it a good idea to keep my current home as a rental property?
To get in touch with Mike, visit our website: http://principalpreservationservices.com

Unusual Fears & Financial Planning: Lessons from the Strangest Phobias

In this episode, we’re exploring some of the world’s most unique and quirky fears—and believe it or not, they have a lot more in common with your financial life than you might think.
From the fear of long words to the fear of peanut butter sticking to the roof of your mouth, we’ll navigate through a list of some of the world’s most peculiar fears and draw parallels to financial planning. Mike shares his insights on how these fears can manifest in our financial decisions and offers practical advice on how to overcome them.
 
Here are some of the fears we discuss in this episode:
Hippopotomonstrosesquipedaliophobia (Fear of Long Words)
Arachibutyrophobia (Fear of Peanut Butter Sticking to the Roof of the Mouth)
Nomophobia (Fear of Being Without Your Mobile Phone or Disconnected from Tech)
Xenophobia (Fear of the Unknown or Foreign)
Chronophobia (Fear of Time Passing or Running Out of Time)
 
To get in touch with Mike, visit our website: http://principalpreservationservices.com

Financial Mailbag: Retirement Savings, Life Insurance Claim, Finding an Advisor & More

In this special mailbag edition of the show, Mike answers a wide range of listener questions. From life insurance and alimony to savings and retirement planning, this episode covers many of the financial planning conversations we have with clients every day.
 
Here are some of the questions we’ll answer in this episode:
I’ve heard that you need to have between 15 and 20 times your annual salary in savings to be able to retire comfortably—do you think that’s accurate?
It seems that all of the experts I hear say that you should work until 70 and then start your Social Security. I’m only 57 now and I can’t imagine working another 13 years. How important is this notion of working until 70?
I’ve interviewed seven different financial advisors. All of them have aspects that I like, but not even one seems perfect to me. Should I keep interviewing more folks or am I being too picky?
I was planning to retire this year, but would this be a bad time to retire with everything that’s going on?
 
To get in touch with Mike, visit our website: http://principalpreservationservices.com

How Kids & Grandkids Influence YOUR Retirement Planning

Retirement planning is a complex process that requires careful consideration of various factors, including the needs of your family. In the latest episode, Mike shares valuable insights on how children and grandchildren can significantly impact retirement goals and offers practical advice on how to navigate these challenges.
 
Here’s some of what we discuss in this episode:
More and more parents are providing financial support for their adult children.
Parents who had kids later in life are still paying for college heading into retirement.
People who want to be very intentional about leaving a financial legacy.
Parents lending money to their children for significant expenses like down payments on homes or starting a business.
Grandparents who want to help with education costs for their grandchildren.
 
To get in touch with Mike, visit our website: http://principalpreservationservices.com

The Top 401(k) FAQs in 2024

Mike gets a lot of questions about 401(k)s and knows they can be tricky to navigate. That's why we're tackling your top questions in one comprehensive episode. From understanding target date funds to adjusting your investments as you near retirement, this conversation will cover a wide range of essential topics. Listen in to see what you can learn!
 
Here’s some of what we discuss in this episode:
Should I contribute as much as I can to my 401k or only as much as the company will match?
Is taking a 401k loan always a bad idea?
When should I take money out of my 401k and roll it over to an IRA?
How should I adjust my 401k investments as I get closer to retirement?
Can I make catch-up contributions to my 401k? If so, how much and when?
What are the risks and benefits of including company stock in my 401k?
 
To get in touch with Mike, visit our website: http://principalpreservationservices.com

Can You Retire on $42/Month?

Imagine retiring comfortably on just $42 per month—sounds too good to be true, right? Well, it’s exactly the assertion you might have seen in the headline of a recent article online.
 
Here’s some of what we discuss in this episode:
Is this article clickbait or is there some value to it?
Some strategies you need in order to save for retirement.
What are some realistic savings goals that people should have?
The role planning plays in helping you reach your goals and save enough money to enjoy retirement.
 
Read the article: https://www.fool.com/the-ascent/buying-stocks/articles/you-can-retire-on-4167-a-month-if-you-do-these-2-things/
 
To get in touch with Mike, visit our website: http://principalpreservationservices.com

Clearing Up Some Common Financial Half-Truths

We hear a lot of half-truths in the financial world, not necessarily because people try to make misleading statements, but because sometimes a simple statement just doesn’t quite tell the whole story. Join Mike as he goes over some common financial half-truths to try and help clear some things up and put your mind at ease.
 
Here’s some of what we discuss in this episode:
Knowing how much you are paying in fees.
Weighing whether to invest or finish paying off a low-interest mortgage early.
Planning for retirement even when you plan to work through your retirement.
Healthcare needs during retirement.
 
To get in touch with Mike, visit our website: http://principalpreservationservices.com

Take the Fork: Yogi Berra's Wisdom on Making Financial Choices

In this episode, we’re diving into some famous words by the one and only Yogi Berra. You might know him for his legendary baseball career, but Yogi was also a goldmine of wisdom. So, what can we learn from Yogi about retirement planning?
 
Here are some of the quotes we’ll unpack in this episode:
“I never said most of the things I said.”
“A nickel ain’t worth a dime anymore.”
“If you don’t know where you’re going, you might wind up some place else.”
“The future ain’t what it used to be.”
"You can observe a lot by watching."
"It ain't over till it's over."
 
To get in touch with Mike, visit our website: http://principalpreservationservices.com