Retirement Reality Podcast

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.