Retirement Reality Podcast
Weekly financial and retirement planning guidance with Mike Kojonen of Principal Preservation Services. Mike serves western Wisconsin and the Twin Cities areas of Minnesota. He's the co-author of Momma's Secret Recipe for Retirement Success and will impart financial wisdom each week on this podcast.
Episodes
2 days ago
The Top 401(k) FAQs in 2024
2 days ago
2 days ago
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
Thursday Jul 11, 2024
Can You Retire on $42/Month?
Thursday Jul 11, 2024
Thursday Jul 11, 2024
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
Thursday Jun 27, 2024
Clearing Up Some Common Financial Half-Truths
Thursday Jun 27, 2024
Thursday Jun 27, 2024
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
Thursday Jun 13, 2024
Take the Fork: Yogi Berra's Wisdom on Making Financial Choices
Thursday Jun 13, 2024
Thursday Jun 13, 2024
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
Thursday May 30, 2024
Retiree Insurance: The Basics You Must Know
Thursday May 30, 2024
Thursday May 30, 2024
What types of coverage should you be considering for your golden years? What do you need to keep in mind as you prep for the transition? We’re going to walk you through the fundamentals in today's episode, covering health insurance, long-term care insurance, life insurance, and more.
Here’s some of the mistakes we discuss in this episode:
Why your health insurance coverage might change and how can you bridge the gap to Medicare?
The different parts of Medicare and what it does/doesn’t cover.
Why you would want to consider long-term care insurance?
What are the alternatives to LTC insurance?
To get in touch with Mike, visit our website: http://principalpreservationservices.com
Thursday May 16, 2024
Mistakes When Choosing A Financial Advisor
Thursday May 16, 2024
Thursday May 16, 2024
In this episode, we’ll uncover the critical mistakes many make when choosing a financial advisor. We're cutting through the noise to highlight what often goes wrong- from misplaced trust in big names to overlooking the fine print. This episode is your essential guide to avoiding those pitfalls and making informed decisions that align with your financial goals.
Here’s some of the mistakes we discuss in this episode:
Not understanding how the advisor gets paid
Putting too much trust in a recognizable national brand name
Not checking credentials or the advisor’s background
Not covering expectations for communication style & frequency
To get in touch with Mike, visit our website: http://principalpreservationservices.com
Thursday Apr 25, 2024
Expectation vs. Reality: The Truth About Retirement Planning
Thursday Apr 25, 2024
Thursday Apr 25, 2024
When we think of retirement, we often imagine endless days of relaxation, travel, and leisure. But how much of this is a dream versus reality? Today, we'll explore why a realistic approach to retirement, inclusive of financial planning and the potential for unexpected challenges, is crucial.
Here’s some of what we discuss in this episode:
Understanding what retirement will realistically look like for you and planning accordingly
Accounting for changing expenses, from health insurance to cell phone bills
Being ready to adjust your plan in response to market volatility, health changes, and inflation
Not being too proud to get help when it comes to your finances
To get in touch with Mike, visit our website: http://principalpreservationservices.com
Thursday Apr 11, 2024
Retirement Questions That Younger Generations are Asking
Thursday Apr 11, 2024
Thursday Apr 11, 2024
Each generation is currently navigating a unique part of the retirement planning experience. With many baby boomers preparing for the transition into retirement and the early half of Generation Z taking their initial steps into the career field, these major life events come with a handful of financial planning questions.
In this episode, we're covering the retirement questions that Gen X, Millennials, and Gen Z are asking.
Here’s some of what we discuss in this episode:
How do you know how much you need to have saved and how to you tell if you’re on track?
How to balance savings goals with other expenses like a mortgage, children’s education, and other things.
Should I rely on Social Security and how do you account for potential changes?
What can I do if I want to retire early?
To get in touch with Mike, visit our website: http://principalpreservationservices.com
Thursday Mar 28, 2024
Retirement Questions Every Generation Is Asking (Baby Boomers)
Thursday Mar 28, 2024
Thursday Mar 28, 2024
Each generation is currently navigating a unique part of the retirement planning experience. With many baby boomers preparing for the transition into retirement and the early half of Generation Z taking their initial steps into the career field, these major life events come with a handful of financial planning questions. Over the next few weeks, we’ll share insights into the unique concerns that echo across different age groups.
We're starting this series with the baby boomer generation, as a majority of Mike's clients belong to this demographic.
Here’s some of what we discuss in this episode:
How do I manage the risks of market volatility as I approach retirement?
What's the best approach for transitioning from a steady income to retirement withdrawals?
What steps can I take to address rising healthcare costs in my retirement plan?
What's the best way to pass on wealth without sacrificing my own retirement?
What are the best ways to maximize my Social Security benefits for a more secure retirement?
Should I consider downsizing or relocating in retirement?
Listener question: As a pastor, I have the opportunity to opt out of Social Security. Is this something I should consider?
To get in touch with Mike, visit our website: http://principalpreservationservices.com
Thursday Mar 14, 2024
How Is Technology Redefining Retirement Planning?
Thursday Mar 14, 2024
Thursday Mar 14, 2024
Today we will unpack the toolbox of technology that's promising to redefine retirement planning, but does it deliver? This episode takes a critical look at the wave of innovations, from personal finance management software to online calculators, and questions whether they truly simplify the planning process or introduce new complexities.
Here’s some of what we discuss in this episode:
The rise of robo-advisors and the ways they aren’t able to keep up with comprehensive planning.
Online calculators work for some things but can’t take into account all the factors we can in a projection.
Webinars are more common and much easier to be a part of, but Mike explains why he still prefers in-person events.
Social media has its positives but it also exposes you to people that might seem like they’re much more successful than they truly are.
Digital estate planning services can provide some the basics for people but they don’t handle complexity as well as working with an attorney does.
To get in touch with Mike, visit our website: http://principalpreservationservices.com