Retirement Reality Podcast

If financial planning was simple, no one would need help. Even when we know what we’re supposed to do, it’s not always a certainty that we will.
On this episode of the Retirement Reality podcast, we’ll go through some common sense financial statements that ring true to all of us and Mike will explain why we often fall short in following this guidance. If you find yourself getting off-track, make sure you lean on an advisor to help you keep retirement planning on the right path.
You can listen to the full episode or use the timestamps below to find a specific segment.
 1:14 – Buy Low, Sell High
4:04 – Don’t pay more in taxes than you have to.
7:02 – Keep expenses low.
9:56 – Don’t put all your eggs in one basket.
12:04 – Market timing is virtually impossible.
17:01 – Mailbag question on capital gains taxes
18:48 – Mailbag question on IRAs
 
For additional financial resources, visit us online at http://principalpreservationservices.com 

On part two of our estate planning conversation with attorney Patrick Boley, we turn our attention to life after death to discuss the documents you need to have in place. That includes a detailed discussion on wills and trusts, along with the role probates play in the estate process.
 
Read more and get additional resources here: https://principalpreservationservices.com/ep-70-estate-planning-for-life-after-death-with-patrick-boley-part-2/ 
 
Check out Part 1: https://principalpreservationservices.com/ep-69-the-living-side-of-estate-planning-part-1/ 
 
What we discuss on this episode:
1:14 – Interview begins
2:44 – What happens if you don’t have documents in place?
3:58 – The Will
6:19 – Probate & the Transfer on Death Deed
10:16 – Stepped-Up Value  
11:52 – Formal or Informal Probate
13:44 – Mike shares a personal story  
17:48 – Client story about a will getting contested
18:55 – Revocable Living Trust
22:41 – Putting house in a trust  
28:22 – Second marriages
30:30 – Dangers of doing it yourself
33:24 – Protection from nursing home
35:13 – Updating your documents

Through years of working with clients, we’ve seen that the estate side of planning often gets overlooked. That’s why we’ve asked attorney Patrick Boley of Eckberg Lammers to come on and talk to us about the living documents that every person needs in part one of a two-part series on estate planning.
 
Read more and get additional resources here: https://principalpreservationservices.com/?p=39915&preview=true 
 
What we discuss on this episode: 
1:01 – Welcome in Patrick Boley
2:09 – Background on Patrick
5:37 – Healthcare directive  
8:04 – Specific statutes that need to be in place 
14:45 – Mike shares story about how a catastrophic event can unfold. 
16:46 – What if you have an adult college student and need access to medical records? 
18:02 – Definition of Durable Power of Attorney 
19:36 – Standard Power of Attorney
21:31 – Little things to think about
26:31 – How long is the process to get these living documents in place?

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

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?

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

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?

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?

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

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?