Retirement Reality Podcast

Ep 51: 5 Ways to Ruin Retirement

You’ve heard advice about how to improve your finances and prepare for retirement, but what about mistakes? On this week’s episode of the Retirement Reality Podcast, Mike Kojonen shares five ways you could be ruining your retirement.
 
Read more and get additional financial resources here: https://principalpreservationservices.com/ep-51-5-ways-to-ruin-retirement/ 
 
What we discuss today: 
3:28 - Treating retirement as a destination
6:22 – Believing retirement will solve all your problems
8:11 - Assuming your monthly spending habits will be same
10:39 – Not staying active in retirement
13:52 – Investing like you’re 35 years old
18:14 – Mailbag: Which account should I withdraw from first?

Ep 50: Financial Issues and Advice for Women

On this week’s episode, we take a look at some of the financial and retirement challenges that are unique to women and how to handle them.
 
Read more and get additional financial details here: https://principalpreservationservices.com/ep-50-financial-issues-and-advice-for-women/ 
 
What we discuss today: 
1:04 – Off-topic: Is this a good time to buy a home or refinance?
4:49 – How engaged are women with finances?
7:59 – Women in difficult financial situations
9:43 – Challenges faced by widowed women
11:43 – Advice for men
13:22 – A memorable story
17:36 – Mailbag: Financial issues in second marriage

Ep 49: How to Build a Strong Financial House

How can you build a strong financial house? Mike gives you step-by-step instructions to create a solid foundation for your finances.
 
Read more and get additional financial resources here: https://principalpreservationservices.com/ep-49-how-to-build-a-strong-financial-house/ 
 
What we discuss on this episode: 
3:56 – Foundation = Income Plan
6:23 – Walls = Investment Plan
8:11 – Roof = Insurance protections
11:20 – Finishing Touches = Estate Plan
16:54 – Mailbag: Forced into early retirement
19:12 – Mailbag: Can you explain the rule of 100?

Ep 48: Market Crash Survival Guide

How should you prepare for a market crash? We’re here to help you get through those tough times with a five-step market crash survival guide.
 
Read more and get additional financial resources here: https://principalpreservationservices.com/ep-48-market-crash-survival-guide/ 
 
On today's show: 
2:19 - Know how much risk you are exposed to
6:01 - Protect your gains
8:40 - Have appropriate diversification
10:00 - Don’t try to time the market
12:48 - Don't panic
15:10 – Mailbag: Buy shares of company stock?
16:48 – Mailbag: Pay off house/rental property or keep money in account?

Ep 47: Are You Really Ready for Retirement?

Just how ready are you for retirement? We explore some of the faulty thinking that leaves people underprepared when it comes time for retirement.
 
Read more and get additional resources here: https://principalpreservationservices.com/ep-47-are-you-really-ready-for-retirement/ 
 
On today's show:
2:41 – Believing a certain number is all you need
5:22 – Believing you won’t need as much money in retirement
7:34 – Expecting you’ll get an inheritance
10:05 – Thinking you’ll just figure it out
11:40 – Believing the income estimate in your 401K statement or retirement accounts
15:21 – Mailbag: Real estate investment trusts
18:36 – Mailbag: Retiring at 55

Ep 46: Figuring Out Finances After the Death of a Spouse

It’s a topic no one likes to think about. Would you be OK financially if your spouse passed away? Find out how to prepare financially for a worst-case scenario like this and what common mistakes people make.
 
Read more and get additional financial resources here: 
 
On today's show: 
0:55 – A tough situation
2:31 – What can you do to prepare?
3:42 – Why it’s important to meet with both spouses
4:30 – Immediate financial challenges when a spouse dies
7:55 – Wife didn’t know where all the assets were
9:43 – Husband and wife had good plan in place
11:18 – Why planning is key
12:54 – Mailbag: What should a financial advisor help me with?

Ep 45: Avoid These Classic Pre-Retiree Mistakes

We see it all the time. People approach retirement and make these classic mistakes, costing them time and money. Find out how to avoid these common blunders and set yourself up for financial success.
 
Read more and get additional financial resources here: https://principalpreservationservices.com/ep-45-avoid-these-classic-pre-retiree-mistakes/ 
 
On today's show: 
2:40 – Investing like you’re younger
4:35 – Taking Social Security too early
6:38 – Failing to focus on tax planning
8:59 – Thinking Medicare will cover all your needs
10:20 – Taking on extra risk
13:10 – Mailbag question

Ep 44: Applying Mark Twain Quotes to Finance

Mark Twain is considered one of the greatest writers in American history and many of the things he wrote and said are still very applicable more than 100 years later. To celebrate his humor and wisdom, we pulled some of his best quotes and applied them to financial planning.
 
Show notes & additional financial resources: https://principalpreservationservices.com/ep-44-applying-mark-twain-quotes-to-finance/ 
 
Today's show schedule: 
 
1:29 – Before we turn to Mark Twain quotes, let’s begin with our favorite Yogi Berra quotes.
3:58 – 1st Mark Twain quote
5:43 – 2nd Mark Twain quote
7:05 – 3rd Mark Twain quote
8:44 – 4th Mark Twain quote
10:26 – 5th Mark Twain quote
12:02 – 6th Mark Twain quote
14:37 – Mailbag Question: When should I start focusing less on growing my money and focus more on protecting it instead? I plan on retiring in two years and the volatility makes me nervous.

Ep 43: Saying One Thing But Doing Another

When it comes to investing, do your actions line up with your goals? It’s easy to talk about what you want to accomplish but are you taking the proper steps to make progress towards those things? Let’s talk about the ways in which people will say one thing about their finances but do another.
 
Read more and get additional resources here: https://principalpreservationservices.com/ep-43-saying-one-thing-but-doing-another/ 
 
Today's show schedule:
1:02 – Update on Mike professional career.
2:53 – What we’re talking about today.
3:17 – They spend a lot of time saving but don’t worry about fees in their investments.
5:33 – Someone says they aren’t comfortable with risk but their portfolio doesn’t reflect that.
7:26 – People that really care about their family and loved ones but don’t have a plan in place to take care of them in the event something happens.
10:24 – People want to retire as soon as possible but don’t take the time to put a plan in place.
13:52 – Mailbag question: Is it wise to have a trust as part of my financial and estate plan? 

Ep 42: Traditional or Roth IRA?

Despite the popularity of IRAs, there seems to be quite a bit of confusion between the traditional options and the Roth. What’s the difference between the two and where should you be contributing your money? Today we’ll answer those questions and help you better understand your investing options.
 
Read more and get additional financial resources here: https://principalpreservationservices.com/ep-42-traditional-or-roth-ira/ 
 
Today's show schedule: 
1:19 – Do you get a lot of questions on this subject from clients?
2:32 – Explain the differences between the two.
4:56 – Why do people typically contribute more to IRA over Roth?
6:00 – How can a Roth be a powerful tool for investors?
8:00 – Who is someone that would benefit from contributing to a Roth over traditional?
11:31 – Who would benefit more from a traditional IRA over a Roth?
13:26 – Mailbag question #1: We should be leaving a significant amount of money to our kids. Should we tell them about our plans now or let it be a surprise?
16:41 – Mailbag question #1: We have big travel plans in retirement, including visiting all 7 continents. Will we need more income in retirement than we have now?