Retirement Reality Podcast

2024's Best Stocking Stuffers for Financial Freedom

🎄 The holiday season is here! As you're busy stuffing stockings for your loved ones, don’t forget to stuff your own financial stocking with tips that bring you closer to a secure retirement. 🎁
 
Here’s what we discuss in this episode:
0:00 - Intro
1:03 – Maxing out contributions
2:04 – Reviewing your Social Security strategy
3:55 – Consolidating old retirement accounts
5:28 – Bucket strategy
7:07 – Revisit your estate plan
8:40 – Planning for inflation
10:05 – RMDs
11:11 – Risk tolerance
12:54 – Emergency funds
14:39 – Financial checkups
 
Text RETIRE to 21000 to Begin Building Your Retirement Reality Roadmap.
Learn more about Principal Preservation Services: https://principalpreservationservices.com
Schedule an Initial Meeting with Mike: https://calendly.com/ppservices/60-minute-initial-meeting
Watch Retirement Reality on Demand: https://bit.ly/40VIByr

Most Americans Are Forced to Retire Early - Are You Ready?

Did ​you ​know ​that ​most ​Americans ​are ​forced ​to ​retire ​early? ​A ​little ​bit ​more ​than ​you ​might ​actually ​realize. The Transamerica Center for Retirement Studies found that 60% of Americans are forced to retire earlier than their planned age.​ On this show, ​we're ​going ​to ​talk ​about ​some ​things ​to ​think ​about and the next steps to consider if you find yourself in this situation.  
Here’s some of what we discuss in this episode:
0:00 – Intro
1:33 – How we guide clients in that situation
3:18 – Why people retire earlier than planned
4:28 – Social Security and Medicare
7:11 – Preparing for the unexpected
13:19 – The mindset shift
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Retirees Have a Serious Temptation Problem

Retirees face serious financial temptations that can jeopardize their future, but there are smart ways to avoid them. In this episode, we’ll reveal the most dangerous temptations the average retiree faces and share strategies to help you avoid them, or correct your current course, to keep retirement on track.
Here’s what we discuss in this episode:
0:00 - Intro
1:00 – Debt
3:45 – Missing out on a 401k match
5:09 – Deferring taxes
8:23 – Taking Social Security early
10:28 – Concluding thoughts
Text RETIRE to 21000 to Begin Building Your Retirement Reality Roadmap.
 
Learn more about Principal Preservation Services: https://principalpreservationservices.com
 
Schedule an Initial Meeting with Mike: https://calendly.com/ppservices/60-minute-initial-meeting
 
Watch Retirement Reality on Demand: https://bit.ly/40VIByr

What Financial Advisors Wish Every Investor Knew (Part 2)

Today it’s part two of our discussion about  the crucial insights every investor should know before stepping into a financial advisor's office.
This week, learn about the importance of comprehensive planning beyond investments, the emotional side of financial decisions, and the value of diversification. Discover why financial planning isn't just for the wealthy and the significance of working with a fiduciary. Plus, get insights on maintaining regular reviews of your financial plan and why consistent contributions to your 401k matter more than market timing.
Here’s what we discuss in this episode:
0:00 – Intro
1:42 – Emotions
3:18 – Diversification
4:33 – Planning not just for the wealthy
6:35 – Reviewing regularly
8:06 – Fiduciary
10:25 – Question on retirement contributions
 
Learn more about Principal Preservation Services: https://principalpreservationservices.com
Schedule an Initial Meeting with Mike: https://calendly.com/ppservices/60-minute-initial-meeting
Watch Retirement Reality on Demand: https://bit.ly/40VIByr

What Financial Advisors Wish Every Investor Knew (Part 1)

Imagine you could read your financial advisor’s mind before you even walked through the door for the first time. What would they want you to know? In this episode, we bring you the game-changing insights financial pros wish every saver and investor understood.
Here’s what we discuss in this episode:
0:00 – Intro
2:02 – Investment costs
3:40 – Real risk
5:40 – Motivation behind information
8:06 – Setting realistic goals
10:27 – Long term over short term
11:35 – One-size-fits-all planning
 
Text RETIRE to 21000 to Begin Building Your Retirement Reality Roadmap.
Learn more about Principal Preservation Services: https://principalpreservationservices.com
Schedule an Initial Meeting with Mike: https://calendly.com/ppservices/60-minute-initial-meeting
Watch Retirement Reality on Demand: https://bit.ly/40VIByr

Pension & Retirement Plan Contribution Adjustments for 2025

As we rapidly approach 2025, it's essential to stay informed about the latest changes in retirement contribution limits and tax brackets. In this episode, Mike will update you on what adjustments are being made to key pension and retirement plan limits, providing listeners with the knowledge needed to maximize their retirement savings.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:13 – 401k contributions
2:47 – IRA limits
3:27 – Standard tax deductions
4:17 – Tax bracket income thresholds
5:14 – Social Security COLA increase
6:37 – Impact on planning
 
Text RETIRE to 21000 to Begin Building Your Retirement Reality Roadmap.
 
Learn more about Principal Preservation Services: https://principalpreservationservices.com
 
Schedule an Initial Meeting with Mike: https://calendly.com/ppservices/60-minute-initial-meeting
 
Watch Retirement Reality on Demand: https://bit.ly/40VIByr

Social Security Shake-Up: How Raising the Retirement Age Could Impact You

Social Security has long been a cornerstone of retirement planning for millions of Americans, providing a crucial safety net in their golden years. However, recent proposals suggest significant changes could be on the horizon, potentially altering the landscape of retirement as we know it.
Here’s some of what we discuss in this episode:
Brendan Boyle’s request for information from the Congressional Budget Office regarding raising the age for full Social Security benefits.
The increased penalty that could come if you claim Social Security benefits early.
Why is Congress considering making changes to Social Security?
Strategies to consider to maximize Social Security benefits.
To get in touch with Mike, visit our website: http://principalpreservationservices.com

What Makes Our Financial Planning Approach Unique?

Every firm has distinct principles that guide its approach to financial planning. In this episode, we take you behind the scenes to explore the core values and unique processes that set Principal Preservation Services apart. We’ll walk you through how we get to know our clients on a deeper level, create personalized financial strategies, and how our approach redefines what it means to have a successful financial planning experience.
Here’s some of what we discuss in this episode:
The importance of education and understanding in the financial planning process
The core values that guide Principal Preservation Services + Mike’s primary niche of clients
The various educational resources and workshops offered by Principal Preservation Services
The financial planning tools and software that the team uses
How Mike measures success beyond financial returns + scheduling your discovery call
 
To get in touch with Mike, visit our website: http://principalpreservationservices.com

Retirees In Their 70s Regret These 5 Things

A random, retired YouTuber did a simple video exploring the top 5 regrets from other retirees he interviewed (all in their 70s). It blew up to almost half a million views (and counting). Let’s see what regrets made the list and, more importantly, explore what proactive steps you can take to avoid having the same regrets when you retire.
Be sure to stay tuned until the end of the episode as Mike answers two questions from the listener mailbag!
Here are the regrets we discuss in this episode:
They wish they had retired earlier
They wish they had spent more when they first retired
They wish they took better care of their health
They wish they had taken up a hobby
They wish they had traveled more
Mailbag: Would the financial industry be a good career for my nephew to consider?
Mailbag: Is it a good idea to keep my current home as a rental property?
To get in touch with Mike, visit our website: http://principalpreservationservices.com

Unusual Fears & Financial Planning: Lessons from the Strangest Phobias

In this episode, we’re exploring some of the world’s most unique and quirky fears—and believe it or not, they have a lot more in common with your financial life than you might think.
From the fear of long words to the fear of peanut butter sticking to the roof of your mouth, we’ll navigate through a list of some of the world’s most peculiar fears and draw parallels to financial planning. Mike shares his insights on how these fears can manifest in our financial decisions and offers practical advice on how to overcome them.
 
Here are some of the fears we discuss in this episode:
Hippopotomonstrosesquipedaliophobia (Fear of Long Words)
Arachibutyrophobia (Fear of Peanut Butter Sticking to the Roof of the Mouth)
Nomophobia (Fear of Being Without Your Mobile Phone or Disconnected from Tech)
Xenophobia (Fear of the Unknown or Foreign)
Chronophobia (Fear of Time Passing or Running Out of Time)
 
To get in touch with Mike, visit our website: http://principalpreservationservices.com