Retirement Reality Podcast

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?

Ep 33: Are You in a Bad Investment?

Okay, so there might not be such a thing as a ‘bad financial product’, but there are certainly inappropriate investments out there for people in certain situations. We’ll explore some examples of those kinds of situations on this episode and you might be surprised just how common it is for people to be invested in products that are ill-suited for their financial goals.
 
Read more and get additional resources here: https://principalpreservationservices.com/ep-33-are-you-in-a-bad-investment/ 
 
Today's show schedule: 
1:05 – A recent study found a bad savings trend for Americans.
4:04 – Does Mike agree that there aren’t bad financial products, mainly just bad fits for people?
5:15 – Mike shares the worst investments he remembers seeing from a client.
7:59 – Do clients have any idea how they got into these bad investments?
9:48 – There are usually ways to correct your mistakes and get into correct investments. Mike shares a story.
12:31 – Making changes can benefit you greatly and here’s another story about a past client.
14:45 – Mailbag Question #1: How much long-term care coverage is recommend? It seems there are hundreds of options out there.
17:45  - Mailbag Question #2: I’ve had the same financial advisor for 20 years but it seems like he’s phasing out and passing things on to a younger advisor in the firm. Should we stick with them or find somebody new?

Ep 32: Coronavirus Market Update & Where to Go From Here

Now that we’ve had a little time to process what we’ve been seeing in the stock market, let’s get an update from Mike on where we stand, how clients are handling everything, and what the next steps need to be for your finances.
 
Read more and get additional resources here: 
Today's rundown: 
1:16 – How is Mike and his team dealing with the quarantine?
2:43 – Mike’s usual seminars are on halt but virtual seminars are starting.
4:21 – Getting to Know Mike: What’s dumbest or most foot-in-mouth thing that you’ve ever said?
5:45 – Let’s turn to the market and get Mike’s perspective on what we’ve seen over the past two months.
7:44 – How have your clients handled everything so far?
9:36 – What about someone with a solid financial plan already, what adjustments can they be making?
12:07 - If you have the ability, now is the time to increase your contributions.
13:36 - It’s difficult in the moment to trust the process but look at some of the values out there.
15:26 - What about the people without a plan in place? What are their next steps?
17:37 – Mailbag Question #1: I haven’t wanted to pay off my house but I have the money to now so should I?
19:46  - Mailbag Question #2: I’ve heard I should be saving about 10% of my income towards retirement? Is that right?

Ep 31: Where You Should Focus During Each Stage of Retirement

Planning for retirement consists of many different steps, and a comprehensive plan will cover dozens of different areas of your finance over time. But that doesn’t mean you have to focus on everything at once. It’s time to really start honing in on your retirement when you reach your 50s and making sure everything is taken care of. On this episode, we’ll talk about what’s most important at each stage to help you prioritize.
 
Read more and get additional resources here: https://principalpreservationservices.com/ep-31-where-you-should-focus-during-each-stage-of-retirement/ 
 
Today's rundown:
1:26 – How’s the office handling everything and what kind of conversations are you having with clients?
3:38 – Let’s talk stages of retirement.
4:16 – 15 years out (about 50 years old) what do you need to be focusing on?
6:41 – Now you’re about 10 years out, where does your attention turn? 
8:17 – You cross into your 60s and you’re closing in on retirement. Here’s what you need to do.
10:06 – You’ve reached retirement. What’s the one essential thing you need to take care of?
12:28 – After retiring, there’s still work to do.
15:54 – Mailbag Question #1: We had kids later in life than most people so they’ll be in college when we’re ready to retire. Should we make them take out student loans instead of trying to come up with the money to pay tuition?
18:51 - Mailbag Question #2: We’re both 63 and haven’t saved much at all for retirement. We’re about to sell our farm and that will net about a million dollars. What should we do with the money?

Ep 30: 5 Financial Truths You Can Rely On

As we’ve seen over the last month, a market downturn can happen quickly and it causes many people to evaluate their financial situation. As you’re doing that, pay attention to the lessons that can be learned in times like these. On this episode, we’ll talk about five financial truths that are even more evident now than they were to start the year.
 
Read more and get additional resources: https://principalpreservationservices.com/ep-30-5-financial-truths-you-can-rely-on/ 
 
Today's rundown: 
2:17 – Today’s topic is on financial truths.
2:49 – 1st truth: TV can be your biggest enemy.
4:04 – 2nd truth: It’s important not to react emotionally.
5:15 – 3rd truth: The market will always go in cycles.   
6:48 – 4th truth: People aren’t ask risk tolerant as they think they are.
9:01 – 5th truth: There is no magic bullet when it comes to retirement planning.
13:56 – Mailbag Question #1: Is it wise for me to own some gold in my portfolio? What percentage?
14:58 – Mailbag Question #2: The coronavirus scare has me convinced the market will keep crashing again and again. I’m ready to move everything to cash right now. Is there any reason to wait?

Ep 29: Setting Financial & Retirement Goals

We talk all the time about how people need to give their dollars purpose or set goals for their retirement and even specifically for certain investments. But let’s dive deeper into what different goals look like for various folks approaching retirement. How do you determine if a goal is realistic or out of reach? We’ll tackle that conversation with plenty of examples on this episode.
 
Read more and get additional resources here: https://principalpreservationservices.com/ep-28-setting-financial-retirement-goals/ 
 
Today's rundown: 
1:35 – It’s a busy time around the office.
3:33 – What general goals can everyone shoot for when building a plan?
5:30 – Not having a plan is planning to fail.
5:55 – You don’t have to completely understand finances to build a plan and set goals. That’s what we’re for.
7:26 – How do you help someone determine what their goals are?
8:46 – What unrealistic goals have you heard from people?
11:35 – How can you know if your financial goal is realistic and achievable?
13:19 – Mike shares a client story about underestimating expenses.
14:50 – Mailbag question: I just looked at Social Security estimate and see how much I’d get at 62, 66, and 70. I’m blown away by how much more I’d get at 70. I’m inclined to wait as long as possible to start it event though I’ll retire around 66. Is that the best option for me?