Retirement Reality Podcast

Ep 8: Why the Final Decade of Work is So Important for Retirement

No one wants to play the guessing game when it comes to retirement and waiting until the last minute to iron out your plan will leave you unsure about your readiness. That’s why that final decade of work is very important from a retirement planning perspective. Get this list of items in order and you’ll be in great shape when that retirement day arrives.
On this episode:
1:36 – Mailbag question: I’ve heard people say the only type of life insurance you should by is term insurance. Is that true?
2:55 – Mike is a fan of some of the index universal life policies.
4:39 – Mailbag question: I’ve owned my own business and haven’t paid a lot into Social Security even though I’ve had a nice income. Is this going to be problematic for me in retirement?
6:37 – Moving into the main topic on why the last decade of work is so important for retirement planning.
7:41 – First thing to do is decide what’s most important to you.
8:27 – The next thing is getting a handle on your numbers.
10:04 – Next you should estimate your income streams and get an idea of how much to expect in retirement.
11:41 – As you’re planning for retirement, keep in mind the cost of healthcare.
12:58 – The final thing to keep in mind is things will change during retirement.
Show notes and additional resources: https://principalpreservationservices.com/ep-8-why-the-final-decade-of-work-is-so-important-for-retirement/

Ep #7: What Will the Next Market Crash Look Like?

We’ve been enjoying a long bull run over the past decade and that’s made many people fearful that a major downturn is right around the corner. So what might that look like and when could it happen? We discuss the next market crash and how to prepare yourself for it.
Today's rundown:
1:20 – Mike’s team is moving into a new office.
2:37 – Mailbag question: Should I work with a younger advisor with less experience or someone my age that will retire the same time I do?
5:17 – It’s valid to ask an advisor what their plan is when they retire. Who will take care of you?
6:00 – Mailbag question: I’m retiring in six months and worried about a market crash before I get to the finish line. Will I be ok?
7:41 – So what will the next market crash look like? Let’s discuss.
8:07 – When is the next market crash coming?
9:34 – When it does happen, should we plan for it to be as severe as 2008?
10:52 – If someone is worried, is it best to pull your money out of the market and just wait?
12:19 – What our team does to protect our clients from a downturn.
15:30 – An advisor can help you understand investment options you might not even be aware of.
Show notes and additional resources: https://principalpreservationservices.com/ep-7-what-will-the-next-market-crash-look-like/

Ep #6: What Flying Can Teach Us About Retirement Planning

When was the last time you took a flight? Did you think at all about how that process related to investing? Probably not, but there are actually some pretty great parallels between retirement planning and flying that we will talk about on this episode. Buckle up and prepare for takeoff. 
On this episode: 
2:36 – Introducing our topic on today’s show. 
3:32 – In the news: 37% of households are ‘free and clear.’ Is that number high or low?
4:49 – 75% of our clients are free and clear and the others are pretty close. 
5:44 – Beginning our main topic of what flying teaches us about retirement
6:09 – The first lesson: You need a flight plan.
7:42 – You need someone with experience to build the correct flight plan.
8:51 – The third lesson: Turbulence effects different people in different ways. 
10:15 – Your plan, like an airplane, is built to withstand the ups and downs. 
11:00 - The final lesson:  You need help along the way to get from point a to point b. 
11:50 - Past success can really hurt you. Here’s why.
Get the full show notes and additional resources by clicking here: https://principalpreservationservices.com/what-flying-can-teach-us-about-retirement/

Ep #5: Even Responsible Savers Make These Mistakes

You can’t criticize people that take a proactive approach to their future by putting away savings as they earn, but you can offer up ways to improve the way that they save. Believe it or not, even responsible savers make mistakes because the transition into retirement can be a major lifestyle change. Let’s talk about some of those missteps that happen along the way.
Today's rundown: 
2:01 – What we’ll talk about on today’s show.
2:43 – Wedding loans are a new trend where young couples take out money to pay for their ceremony. Mike shares his thoughts on this.
6:01 – Moving into the main topic – even responsible savers make mistakes.
6:22 – Mistake: Getting too enamored with cash.     
8:00 – Mistake: Taking too much risk to accumulate savings.   
10:11 – How often you should be evaluating your portfolio with an advisor.
10:45 – Mistake: Not preparing for that tax time bomb.
14:21 – Mistake: You aren’t enjoying the savings you’ve accumulated.
Get the show notes and additional resources by visiting our website here: https://principalpreservationservices.com/even-responsible-savers-make-these-mistakes/

Ep #4: Is Playing the Blame Game Holding You Back Financially?

Have you ever had any type of financial trouble and immediately look to place the blame on external factors? Many times there are situations that make retirement planning difficult, but making excuses rather than looking for solutions will slow down your growth and limit your potential. We’ll share some of the common ‘blame game’ examples we hear and provide you with guidance to get past them.
On this show:
0:54 – Introducing the topic for today’s show.
1:15 – Getting to Know Mike: What hobby would you pick up if time and money weren’t an issue?
3:30 – Blame game excuse 1 : My divorce has really messed me up financially.
5:04 – How difficult is to get back on track financially after a divorce?    
5:48 – Blame game excuse 2: My old broker did me wrong?   
7:12 – Blame game excuse 3: The system is rigged in that Wall Street always wins but not the little guy.
9:37 – Blame game excuse 4: My kids have had trouble finding good jobs since leaving school so I’ve been helping them out for years.
11:17 – Is Mike seeing clients that are dealing with kids living with them longer and relying them for long periods of time.
13:34 – Another common issue Mike sees from clients.
Get the full show notes and additional resources by clicking here: https://principalpreservationservices.com/is-playing-the-blame-game-holding-you-back-financially/

Ep #3: 3rd & 4th Quarter Financial Planning Checklist

As the year begins to wind down, it becomes a great time to run through a financial checklist to make sure your investments all are on track. These six items will help you decrease your taxes, improve your portfolio, and keep your retirement plan moving forward.
Today's rundown:
1:21 – Mike talks about his trip to the Minnesota State Fair.
3:13 – Let’s talk about a 3rd & 4th quarter planning checklist.   
3:53 – Item 1: Evaluating our IRA or Roth contribution options.
5:31 – Item 2: Taking a look at your charitable donations.    
7:06 – Item 3: Offsetting your gains with losses.   
8:19 – Item 4: Get updated estimates on retirement income streams.  
9:49 – Item 5: Put a plan or schedule in place to get rid of your debt.
11:12 – Item 6: Evaluate your portfolio and rebalance your investments.  
14:22 – Mailbag question: What kind of annual return should I be seeking on investments in retirement?
15:54 – Mailbag question: I’ve seen a lot of growth in my 401(k) recently but I feel like I should capture these gains and take risk off the table. On the other hand, what if the market continues to go up?
For full show notes and additional resources, click here. 

Ep #2: 5 Financial Myths That Need to Be Busted

When it comes to retirement planning, there are some widely believed financials myths that you’ve likely heard. Today we’ll look at some of those and try to bust them wide open. The scary thing is that a lot of people base their financial plans on some of these myths. Don’t be like that.
2:22 – Getting to know Mike: Who is somebody that always makes you laugh?  
4:25 – Beginning our discussion on the biggest financial myths.   
4:49 – Myth 1: Shifting from stocks to bonds removes the volatility.
6:42 – Myth 2: Once you’re retired, life insurance is no longer necessary.   
7:43 – Myth 3: You’ll need less income in retirement than when you’re working.   
9:43 – Myth 4: You will be in a lower tax bracket once you retire.
10:55 – Myth 5: Financial planning today is easy to do by yourself now because there’s so much info available.
13:08 – One final myth that Mike hears a lot.
15:17 – Some people are so hard on themselves when planning for retirement.
 
Get show notes and additional resources here: https://principalpreservationservices.com/5-financial-myths-that-need-to-be-busted/

Ep #1: Signs Your Financial Advisor Isn’t Right for You

It’s not uncommon to meet people that aren’t completely satisfied with their financial advisor but don’t feel the need to make a change. Many times, relationships have been formed that prevent clients from making a tough choice, but other times the excuses are a little flimsier. Find out some of the common signs that your advisor might not be a great fit in this episode.
Podcast Website: https://principalpreservationservices.com/retirement-reality-podcast/
Today's rundown:
3:27 – In the news: Reacting to the campaigns to forgive student debt.  
6:29 – Mike shares his personal philosophy on how to handle student loans as parents.
7:45 – Conversation about advisors begins.
8:13 – Common excuse from clients: My portfolio hasn’t done well but he’s a nice guy and I don’t want to make a change.  
9:20 – Common excuse #2: I don’t understand everything in my portfolio but money isn’t really my thing.  
10:38 – Common excuse #3: We don’t regularly get together for reviews and we don’t talk often, but I assume he’s taking care of me.
11:54 – Common excuse #4: He doesn’t really specialize in retirement planning but he’s an old friend so I stick with him.
13:28 – What advice would you give someone that might be in this situation and having second thoughts?

Ep #0: Getting to Know Mike Kojonen & the New Podcast

Before we launch the first episode of the Retirement Reality podcast, we wanted to introduce you to the show and the people. In this ‘Getting to Know You’ episode, we’ll learn more about Mike Kojonen, his business, and the future of the podcast.
Check out the full show notes by clicking here.