Retirement Reality Podcast

Ep 18: Are You Making These Excuses to Avoid Retiring?

Sometimes people say they don’t want to retire and they really mean it. But other times it’s just a defense mechanism to mask the opinion that they don’t feel like they can retire. Let’s look at the common excuses people make and explore the possible meanings behind why you don’t want to retire
 
Show notes and additional resources: https://principalpreservationservices.com/ep-18-are-you-making-these-excuses-to-avoid-retiring/ 
 
Today's rundown: 
2:15 – We’re talking about excuses people make for not retiring.  
2:33 – “I love my career.” What’s the deeper meaning to that statement?
4:43 – “If I’m not working, I’m going to be bored.”  
6:30 – “I don’t have enough money to retire.”
8:01 – Mike shares a recent meeting he had where they discovered the client was going to run out of money.
9:59 – The final excuse is when someone says they don’t have the confidence in their plan/portfolio.  
13:56 – Mailbag Question: I’ll be retiring in exactly one year. What’s on the list of things I need to do before I retire.
15:32 – Mailbag Question: I’m overwhelmed by how many accounts we have accumulated through our careers. How much can we consolidate and how does that all work?

Ep 17: 5 Traits Your Financial Advisor Should Have

How do you know if an advisor is a good fit? That’s a question that keeps many people from working with a professional so let’s identify the essential traits every advisor should possess. That might be easier said than done so let’s also talk about how you can determine whether an advisor has these characteristics.
 
Show notes and additional resources: https://principalpreservationservices.com/5-traits-your-financial-advisor-should-have/ 
 
Today's rundown: 
1:23 – Excited for the new year and what 2020 will bring.
2:42 – In the News: For the first time in 37 years, the inventory of homes is at its lowest level nationally. Is that the case in Minnesota and Wisconsin as well?
6:13 – Personality trait: Trust. How do you identify if someone is trustworthy?
8:20 – Trait: Likeability. How can you assess whether or not you want to work someone?
9:45 – Trait: Area of expertise that matches your needs.
11:50 – Trait: Good listener. You need someone that can key in on what your needs are.
13:39 – Trait: Problem Finder
16:50 – Mike adds one final trait to the list: full disclosure.

Ep 16: Top 5 Biggest Social Security Misunderstandings

There’s plenty of misinformation and rumors in the world of Social Security and that might cause a little anxiety when it comes time to claim your benefit. On this show, we’ll look to clear up the top 5 misunderstandings about Social Security.
 
Show Notes and Additional Resources: https://principalpreservationservices.com/top-5-biggest-social-security-misunderstandings/ 
 
Today's Rundown: 
1:19 – What goals does Mike have for the company in 2020?
2:22 – Reflecting on 2019
3:30 – In the News: A baggage handler at an airport in Nevada was giving financial advice to more than 900 people and even charging them a fee before the SEC charged him with fraud.
5:36 – Moving into our main topic today on Social Security misunderstandings.  
6:05 – No. 1: Social Security is going broke.
8:09 – No. 2 and 3: Some people say you need to start as early as possible while others say delaying as long as possible is the best strategy.
9:52 – No. 4: The Social Security Administration office will help you determine the best strategy for claiming your benefits.
13:07 – No. 5: Assuming that you don’t have to pay any taxes on your Social Security.  
15:26 – Getting to Know Mike: What do you do to relax after a long day or a long week of work?

Ep 15: Finding the Silver Lining in 4 Challenging Financial Situations

Not everything goes as planned when it comes to your financial life, but how will you respond to difficult situations? We’ll look at some negative circumstances that many retirees and pre-retirees face and help you find the silver lining.
 
Show Notes and Additional Resources: https://principalpreservationservices.com/finding-the-silver-lining-in-4-challenging-financial-situations/
 
On This Episode: 
1:19 – What’s happening around the office during the holiday season.
3:38 – Let’s talk about the difficult situations we sometimes face and how to find the silver lining.
4:01 – First situation: Your company forces you into an early retirement.
7:04 – Second situation: You find out your insurance premiums are going up.  
9:34 – Third situation: Your company is doing away with pensions.
11:54 – Fourth situation: Your company gets bought out and you have to get used to new management.
14:28 – Mailbag question: I’m selling one of my rental properties in a month or two and don’t plan to buy another one. What’s the best thing to do with the money from that sale?
17:25 – Mailbag question: Are there really no tax obligations to rolling over my 401k?

Ep 14: 5 Critical Estate Planning Mistakes to Avoid

Not everyone wants to leave a financial legacy behind, but for those that do, it’s important to eliminate the common estate planning mistakes. We’ll identify five key missteps that people make when building and managing an estate plan so that you’ll be able to leave exactly what you want to the people that mean the most to you.
 
Show Notes and Additional Resources: https://principalpreservationservices.com/5-critical-estate-planning-mistakes-to-avoid/ 
 
On This Episode:  
1:20 – It’s been a busy but great year.
2:22 – Today our topic is avoiding estate planning mistakes.
2:45 – Mistake 1: Failing to plan for expenses that can be foreseen like healthcare.  
4:30 – Mistake 2: Failing to update beneficiary designations.
6:18 – Which accounts should you be starting with when you go back to update beneficiaries.
7:34 – Mistake 3: Failing to take those steps to avoid conflict among heirs and family members.
11:01 – Mistake 4: Transferring your real estate while you’re still living instead of at death.
13:56 – Mistake 5: Not considering the tax implications of your estate.

Ep 13: These Mistakes Could Sabotage Your Retirement

With all of the things in the financial world that you can’t control, why would you sabotage your own retirement by messing up the thing you can control? It’s time to discuss the ways in which people damage their retirement and hurt their long-term financial health.
 
Show Notes and Additional Resources: https://principalpreservationservices.com/these-mistakes-could-sabotage-your-retirement/ 
 
On This Episode: 
1:32 – Mike gives us an update on his daughter’s wedding.
2:31 – In the News: Social Security Administration announced a 1.6% cost of living adjustment on their monthly benefits in 2020. Is this a big deal?
4:18 – Our main topic today is sabotaging your own retirement.
4:35 – Obsessing about the short term ups and downs of the market.
6:04 – Choosing to start Social Security at the wrong time.
7:29 – Mike shares a client story about Social Security benefits timing.
8:21 – Not planning for nursing home care.
9:57 – Underestimating how much money you’ll need in retirement to fund the lifestyle you want to have.
12:01 – Not funding your retirement accounts enough.
12:45 – Pulling money out of your retirement accounts early to help your children or grandchildren.

Ep 12: Are You Having These Tough Financial Conversations

There are things we'd all like to avoid talking about with our advisor because it makes us feel uncomfortable or awkward, but some topics have to be addressed if you want to build a strong retirement portfolio. We’ll take a look at how advisors should help clients navigate various tricky situations.
 
Full Show Notes: https://principalpreservationservices.com/are-you-having-these-tough-financial-conversations/ 
 
On This Episode: 
1:19 – Mike shares a Black Friday story from a time he waited in line.  
3:38 – We’re talking about awkward conversations on today’s show.
4:15 – Mailbag question: It’s seems counterintuitive to move out of a house I’ve already paid off, but I’m thinking about selling my home and moving into a rental to avoid taxes and repairs. Is that a good or bad idea?
7:20 – Starting to discuss conversations you should be having with your advisor and we begin with the death of a spouse.
9:19 – Another conversation is nursing home care and how will we afford it.
11:28 – The next topic you need to be discussing is whether you need to work longer than you expected.
13:55 – You need to sit down with your children and discuss your estate plan.
16:09 – The last conversation you need to have is with your advisor if that person doesn’t fit with your plans.

Ep 11: 4 Tips to Help You Retire Without Regret

No one wants to reach retirement and wonder what might have happened if they made a few small changes. Simple mistakes can lead to larger financial regrets later in life. On today’s show, we’ll explore some of the things you can do to avoid living with regret in retirement.
 
Show Notes: https://principalpreservationservices.com/4-tips-for-retiring-without-regret/
 
Today's Rundown: 
1:17 – What does the holiday season look like for the Kojonen family?
2:29 – Previewing our main topic for this episode.
2:58 – Retire without regret: Don’t make any sudden decisions.
4:17 – Retire without regret: Do your research.
6:51 – How does Mike help a client make the right choice?
7:47 – Retire without regret: Work with a professional you can trust.
9:27 – An advisor can help you sort through all of your investments and help you develop a plan.
11:08 – Retire without regret: Have an actual plan for retirement.

Ep 10: Retirement Constants That Affect Everyone

While there are some factors that are different for everyone in retirement planning, there are also constants that affect everyone, no matter the specifics of your situation. How do we plan around these constants? We’ll explore that question on this episode
 
Show Notes: https://principalpreservationservices.com/retirement-constants-that-affect-everyone/
 
Today's Rundown:
1:06 – Mike’s daughter is getting married in a couple days.
2:29 – Previewing today’s show.
2:48 – Mailbag question: Most of my 401k is invested in company stock. Is that a bad thing?
4:28 – Mailbag question: How long should I be meeting with my advisor? I get a birthday card every year but that’s about it.
5:48 – Let’s move to our main topic on retirement constants.
6:18 – Retirement constant: Inflation
7:24 – Mike shares the story of the first car he bought.
9:36 – Retirement constant: Rising taxes
11:22 – Retirement constant: Market volatility
13:42 – Retirement constant: Healthcare costs
15:59 – Retirement constant: Fees and commissions

Ep 9: Retirement Variables That Need to Factor Into Your Plan

Retirement planning is most effective when it’s tailored to a specific individual’s needs but what factors should you pay the most attention to? We’ll discuss five retirement variables that will change from person to person but need to be considered when building a financial plan.
 
Show Notes: https://principalpreservationservices.com/retirement-variables-that-need-to-factor-into-your-plan/
 
Today's Rundown:
1:00 – Mike and his team have moved into a new office in Wisconsin office.  
1:58 – Previewing our main topic today.  
2:40 – Getting to Know Mike: What is your favorite movie genre?
4:28 – Retirement variable 1: How much income will we need in retirement?
7:55 – Retirement variable 2: Taxes
10:32 – Retirement variable 3: Our life expectancy
12:09 – Retirement variable 4: At what age should I take Social Security.
15:32 – Retirement variable 5: Risk