Retirement Reality Podcast

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?

Ep 41: Lessons From Keyboard Warriors

We were playing the dangerous game of perusing the comments section of a recent article about COVID-19 and the impacts on retirees and how much money you’ll need to retire going forward. The trip into the comments section is always a mixed bag of trolling, inaccuracies, and sometimes surprisingly helpful insight from what we’ve come to describe as “Keyboard Warriors.” So, let’s look at some of the sentiments found under this recent article and see if they resonate with how others truly see the financial world, retirement, and how to best prepare for it all.
 
Read more and get additional financial resources here: https://principalpreservationservices.com/ep-41-lessons-from-keyboard-warriors/ 
 
Today's show schedule: 
0:58 – Mike has his first seminar scheduled since the pandemic started.
3:22 – Let’s talk about keyboard warriors and the comments on a recent article.
4:11 – First comment
5:46 – Second comment on concern
7:44 – Third comment on opportunity
9:22 – Fourth comment
10:54 – Fifth comment with opposite views.
13:22 – Final comment on planning
15:27 – Mailbag Question: I have a variable annuity and found out that the fees are very high. I’d like to move the money but I’d have to pay a penalty to get it out. Is it worth paying the penalty to lose the high fees?

Ep 40: Are You Giving Your Biggest Assets Enough Attention?

If you really took inventory of your financial situation, you might find that you’ve been taking for granted some assets that make up a huge piece of your puzzle. Is it possible you should be putting a little more thought into some of these assets? We’ll tell you why on today’s episode.
 
Read more and get additional financial resources here: https://principalpreservationservices.com/ep-40-are-you-giving-your-biggest-assets-enough-attention/ 
 
Today's show schedule: 
2:04 – Mailbag question: I counted up the mutual funds in my IRA and it appears that I have 33 different funds. Is that adequate diversification?
3:46 – Mailbag question: I’m 55 and I have about $300K saved for retirement but I feel like I’m behind compared to people I know. Am I in trouble?
5:23 – Are you paying enough attention to the biggest assets you already own?
First asset: 401k
7:47 – Second asset: Your house
9:39 – Third asset: Social Security
12:40 – Fourth asset: Your future savings potential
14:12 – Fifth asset: Having a bunch of smaller accounts

Ep 39: Hidden Gems in Your Financial Portfolio

If you’re like most people, you have old financial accounts that you haven’t looked at it recently and the statements are filed away collecting dust. You might not think much of them, but those accounts might be hidden gems for your portfolio if used in a different way. Let’s talk about where you should look and what you could gain out of these old investments.  
 
Read more and get additional financial resources here: https://principalpreservationservices.com/ep-39-hidden-gems-in-your-financial-portfolio/ 
Today's show schedule: 
1:02 – Hoping to get educational seminars going again soon.   
2:35 – More virtual seminars going up to the website as well.  
3:11 – Mailbag question 1: An online calculator gave me an amount I need for retirement. How accurate do you think that is?
5:02 – Mailbag questions 2: I have almost $150,000 sitting in my savings account. I don’t like getting no interest on it but I’m also too scared to invest right now. Should I just leave it in the bank?  
8:02 – Let’s talk hidden gems starting with the old 401k.  
11:43 – What should you do with the life insurance policy you have?
14:00 – How can savings accounts be hidden gems?  
16:11 – Last hidden gem: old pension fund.    
19:04 – We work with clients to go through all of these things in a discovery meeting.   

Ep 38: Should You Follow Dave Ramsey’s Financial Advice?

 Should you follow Dave Ramsey and his baby steps to financial success? On this episode of the Retirement Reality Podcast, Mike takes a critical approach to help you determine if Dave’s advice is right for everyone. 
Read more and get additional resources here: https://principalpreservationservices.com/?p=39469
Today's show schedule: 
1:04 - Mike looks forward to summer weather and football season.
3:01 - Mike shares about his favorite charity to support.
5:55 - Is the debt snowball a good strategy?
7:43 - Should you just invest in mutual funds?
10:07 - Can you spend eight percent of your money in retirement?
12:42 - Is it a good idea to stop saving for retirement while getting out of debt?
14:23 - Dave Ramsey has seven baby steps, but are they for everyone?
17:14 - Know who the audience is for these financial experts.

Ep 37: Financial Terms You Should Know During the Pandemic

With so much happening in the financial world these past few months, there can be a lot to process when you’re trying to understand the market and the economy. Certain financial terms are being used a lot more now than they were the past decade so we will help you understand what these things mean and how they apply to you.
 
Read more and get additional resources here: https://principalpreservationservices.com/ep-37-financial-terms-you-should-know-during-the-pandemic/ 
Today's show schedule: 
1:28 – Mike and his family staying active outdoors.
3:08 – Getting to Know Mike: What do you do to relieve stress?
5:20 – What would you call what’s happening right now with the market?
7:17 – Help us understand the difference between a recession and a depression.
8:55 – Explain the types of recoveries: U-shaped, V-shaped, W-shaped, L-shaped
10:24 – What is the VIX index?
12:38 – Is this an opportunity for tax-loss harvesting
15:17 – How can index funds benefit people during a downturn?
16:46 – What is rebalancing, how does it work, and how often should you?
19:48 – Our team is in the office and available for people that want to take meetings in person.

Ep 36: 5 Life Events That Spark Major Financial Changes

Sometimes events happen in life that make it really important for you to carefully assess your financial situation. Let’s explain why these five major events are usually a good reason for a financial review.
 
Read more and get additional financial resources here: https://principalpreservationservices.com/ep-36-5-life-events-that-spark-major-financial-changes/ 
 
Today's show schedule: 
1:12 – Mike is busy with spring projects and getting life back to normal.
2:44 – Financial Dictionary: What is an Adjustable Rate Mortgage?
6:21 – Mike isn’t a fan of these mortgages and this is why. 
8:33 – Let’s get into the main discussion.
8:55 – Life event: Moving to a new job (planned)
10:21 – Life event: Changing jobs (unplanned)
12:08 – Life event: An inheritance
14:02 – Life event: A serious medical issue
16:07 – Life event: Death of a spouse

Ep 35: Best Intentions Sometimes End in Bad Advice

We turn to many different people and resources to get financial advice, but how much can you depend on the information you’re getting? Today we’ll talk about four common people we go to that might have the best intentions but why their advice isn’t always beneficial to you.
 
Read more and get additional financial resources here: https://principalpreservationservices.com/ep-35-best-intentions-sometimes-end-in-bad-advice/ 
 
Today's show schedule: 
1:55 – How is Mike handling the quarantine time? 
2:37 – What we’re talking about on this episode.
3:10 – Get advice from our family.
5:05 – Next on the list is friends
7:21 – The third is a CPA
8:53 – Mike shares as story about a continuing education event he held.
10:01 – The final one is financial experts in the media.
13:35 – Mailbag question #1: I make too much money to contribute to an IRA or Roth. What’s the best way to contribute towards retirement?
16:26 – Mailbag question #2: My financial advisor is older than me. Should I move to someone else that won’t retire before I do?

Ep 34: Retirement Account Changes for 2020

The government implemented multiple measures to assist Americans during this health crisis, and there are number of changes that investors and retirees need to know about. Mike is going to run through the key provisions so that you will have a better idea of how your retirement plan will be impacted.
 
Read more and get additional financial resources here: https://principalpreservationservices.com/ep-34-retirement-account-changes-for-2020/ 
 
Today's show schedule: 
1:17 – Are you and clients getting used to the virtual meetings?
2:06 – First thing Mike wants to do when quarantine is over?
4:44 – Give us the details of the changes made to retirement accounts and withdrawals. 
7:14 – 401k loans
7:54 – RMDs have been waived for 2020.
8:55 – Mike doesn’t recommend taking money out of retirement accounts.
9:49 – Are clients considering this option right now?
11:11 – Does Mike think these are good changes that will help people?
12:50 – Before you withdrawal any money, make sure you have a plan.
14:40 – Mailbag Question #1: I’m going to sell three rental properties but maybe all five. I have quite a bit of equity in these properties. What should I do with this money?
16:32 – Mailbag Question #2: I retired two years ago with more than a million dollars in my IRA, which I thought was more than enough at the time. It makes me nervous every time I withdrawal money from that account because I don’t want to run out of money. Am I worrying too much?