Retirement Reality Podcast

Ep 68: Understanding the Different Risk Types

You can't talk about financial planning without discussing risk, but what does that mean exactly? Risks comes in multiple forms and you have to guard against each when building a plan. Today we'll tell you about the different types of risk and how we help clients manage it.
 
Read more and get additional financial resources here: http://principalpreservationservices.com 
 
What we discuss on this episode: 
2:00 - Market Risk
4:31 - Interest Rate Risk
6:47 - Inflation Risk
9:44 - Taxes
12:01 - Longevity risk
14:35 - Mailbag question on variable annuities
17:25 - Mailbag question on flipping houses

Ep 67: Things That Drive Your Financial Advisor Crazy

On today’s episode, we’re talking about things that drive your financial advisor crazy about the financial world.   
 
Read more and get additional financial resources here: https://principalpreservationservices.com/retirement-reality-podcast/ 
 
What we discuss on this episode: 
1:21 – Coronavirus vaccine
3:10 – Hidden fees
5:08 – Advisors who put their own goals ahead of their clients
7:00 – Cookie cutter (one-size-fits-all) sales pitches
9:15 – Big companies who push products
11:12 – Buzzwords and jargon that don’t mean anything to the average person
13:25 – Financial plans that consist of dozens of pages that no one can understand
16:48 – Mailbag: Should we refinance our house?

Ep 66: Things Nobody Says in the Financial Planning World

On today’s episode, we’re talking about things nobody says in the financial planning world and Mike explains why that’s the case.
 
Read more and get additional resources here: https://principalpreservationservices.com/ep-66-things-nobody-says-in-the-financial-planning-world/ 
 
What we discuss on this episode: 
3:08 – I really regret putting money into my Roth IRA every year
4:33 – I should have spent more and saved less
6:00 – Life insurance payment was insulting
8:10 – It makes me feel patriotic to pay more in taxes
10:56 – I love big market corrections
13:35 – Mailbag: How to stay out of craziness of the market

Ep 65: Lessons Learned From Biggest Market Crashes of All-Time

Our country has been through some major market crashes over the years. What happened during those events and what can we learn from them?
 
Read more and get additional financial resources here: https://principalpreservationservices.com/ep-65-lessons-learned-from-biggest-market-crashes-of-all-time/ 
 
What we discuss on this show: 
1:59 – Black Tuesday
3:50 – Dot com crash
6:25 – 2008
8:42 – 2020 coronavirus pandemic
10:34 – Lessons learned
14:28 – Contact Mike and his team
16:15 – Mailbag: Should I take Social Security?
18:03 – Mailbag: Husband doesn’t want to plan for retirement?

Ep 64: Are You Prepared for Retirement? Take This Quiz

Today we’re sharing five key questions to see if you are ready for retirement. How well do you know your finances?
 
Read more and get additional financial resources here: https://principalpreservationservices.com/ep-64-are-you-prepared-for-retirement-take-this-quiz/ 
 
What we discuss on this show: 
2:42 – Do you know how much you actually have?
5:09 – Do you know how much you’re spending?
7:37 – Do you know how much risk you actually have?
10:07 – Do you know what you’re paying in fees?
12:28 – Do you know what your retirement income stream will actually look like?
14:10 – Using a financial advisor
14:50 – Mailbag: Thoughts on annuities and hedge funds
17:58 – Mailbag: How can I save taxes on my new income?

Ep 63: Why Variable Annuities Are the Liver & Onions of the Financial World

Variable annuities are a bit of an outcast, the liver and onions of the financial world. Why is that? What are the pros and cons? Mike explains on the show. 
 
Read more and get additional financial resources here: https://principalpreservationservices.com/ep-63-why-variable-annuities-are-the-liver-onions-of-the-financial-world/ 
 
What we discuss on this show: 
2:27 – Why variable annuities are hated on
5:31 – Do many people have variable annuities
7:25 – Many people don’t know they have variable annuities
8:50 – Fees
12:11 – Can you get out of a variable annuity
14:44 – Mailbag: Helping mom after dad dies
16:30 – Mailbag: Should I do a Roth conversion

Ep 62: In Financial Planning, the Customer Isn’t Always Right

You know the saying, “The customer is always right.” Well, that’s not always the case in the financial world. On this episode of the Retirement Reality Podcast, Mike Kojonen explains why you should rely on your advisor’s expertise.
 
Read more and get additional financial resources here: https://principalpreservationservices.com/ep-62-in-financial-planning-the-customer-isnt-always-right/ 
 
What we discuss on this show: 
2:28 – Telling the customer they’re wrong
3:28 - Now is the time to get in or out of the market
6:20 - This is what I want to invest in. I want you to pick the exact funds.
8:19 - I don't need a will, life insurance, long-term care insurance, etc.
10:23 – Feelings about fees
12:24 – I don’t know if this plan is going to work
14:14 – Mailbag: Should I self-insure?
16:18 – Mailbag: Are reverse mortgages a bad idea?

Ep 61: Is Diversification for Suckers?

What does diversification mean to you? And is it good financial strategy? On this episode of the Retirement Reality Podcast, Mike Kojonen breaks down the reasons why it’s not always a good financial strategy. 
 
Read more and get additional financial resources here: https://principalpreservationservices.com/ep-61-is-diversification-for-suckers/ 
 
What we discuss on this show: 
1:58 – Get to know you: Mike’s go-to karaoke song?
4:01 – Warren Buffet quote about diversification
4:54 – Definition of diversification
7:07 – What is diversification?
8:36 - How much emphasis should be put on diversification?
9:34 - Is it possible to be “too diversified?”
11:08 – Mike describes diversification scenario
14:26 – Be prepared

Ep 60: Frequently Asked Questions About 401Ks

Most people have a 401K or other retirement plan, but it’s not as simple as contributing money and collecting it when you retire. There are a lot of decisions you can make about investments, loans, rollovers and more.
 
Read more and get additional financial resources: https://principalpreservationservices.com/ep-60-frequently-asked-questions-about-401ks/ 
 
What we discuss on this show: 
2:09 - Should I accept 401K advice from my company?
3:37 - Should I take out a 401K loan?
5:45 - Are 401K rollovers a good idea?
7:25 – Should people consider target date funds?
9:36 – Should you invest enough to get match or more?
11:46 – Should you use a Roth option?
15:02 – Mailbag: Is $250,000 enough for long-term care coverage?
16:53 – Mailbag: Should I move my investments to cash?

Ep 59: Common Retirement Mistakes and Concerns of Baby Boomers

We’re talking specifically to Baby Boomers on this episode. What are the most common challenges, fears and goals of this generation? What are some of the mistakes Boomers often make and how can they be avoided?
 
Read more and get additional financial resources here: https://principalpreservationservices.com/ep-59-common-retirement-mistakes-and-concerns-of-baby-boomers/ 
 
What we discuss on this show: 
3:00 – Challenges of Baby Boomers
4:30 – Have people failed to save enough without a pension?
5:56 – Baby Boomers’ fears
8:55 – What mistakes do Baby Boomers make?
13:01 – Mailbag: Can I use this money to buy a car or should I invest it?
14:23 – Mailbag: How reliable is my 401K estimated income statement?