Retirement Reality Podcast

Will The Economy Boom Or Bust In 2024?

Everyone wants to know. Will the economy boom or bust in 2024? Join us as we explore a range of expert predictions, from the shifting trends in housing prices to the looming question of a potential recession or stock market crash.
 
Here’s some of what we discuss in this episode:
Why Mike feels bullish about real estate in the upcoming year.
Is a recession coming in 2024? Mike says there’s a lot of momentum heading into this year.
There are two vastly different stock market predictions for the coming year. Which one will be right?
 
To get in touch with Mike, visit our website: http://principalpreservationservices.com

Patience Pays: The Power of Delayed Gratification (Part 2)

Sometimes it’s hard to make financial sacrifices when the reward might not be seen until several years in the future. Today we’ll talk about some of the situations where you might be inclined to take the immediate benefit, when you should really consider the delayed rewards.
In part two of our discussion, we’re going to talk through four more situations which people commonly pick the option that gives them a benefit now. Many people aren’t making these choices intentionally so our goal is to help you understand why patience pays in these scenarios.
 
Here’s some of what we discuss in this episode:
Maintenance updates and timely upgrades might seem unnecessary in the short term but can prevent larger expenses in the future.
Claiming Social Security at age 62 might allow you to claim your benefit as soon as possible, but are you maximizing how much you can get over retirement?
Skipping regular health check-ups and preventative care can help prevent much bigger issues and costs in the future.
Don’t avoid a tough conversation now if you aren’t with the right advisor.
 
To get in touch with Mike, visit our website: http://principalpreservationservices.com

Patience Pays: The Power of Delayed Gratification (Part 1)

Sometimes it’s hard to make financial sacrifices when the reward might not be seen until several years in the future. Today we’ll talk about some of the situations where you might be inclined to take the immediate benefit when you should really consider the delayed rewards.
 
Here’s some of what we discuss in this episode:
It might not seem like a big deal to miss a 401k contribution and the company match once or twice, but you don’t ever want to leave free money on the table.
The tax benefits for contributing to a tax-deferred account now might give you a nice tax savings now but it might cost you even more in retirement.
People will sometimes deplete their emergency savings to cover expenses rather than keeping that money set aside for when they truly need it.
Don’t cash out part of a 401k or IRA like Mike did when he was young because you miss out on so much growth over time.
 
To get in touch with Mike, visit our website: http://principalpreservationservices.com

Financial Tweaks That Matter: Small Steps, Big Impact

Ever thought that minor tweaks in your financial plan could lead to major wins? In this episode, we're exploring the surprisingly powerful world of simple financial adjustments. From finding the right balance in your cash reserves to consolidating old 401Ks, we're unpacking those seemingly small steps that can bring about big, positive ripples in your financial life.
 
Here are a few of the financial tweaks that we discuss in this episode:
Keeping the right amount of cash on hand for emergencies
Consolidating your old 401ks
Reassessing your managed accounts to ensure they align with your current financial goals
Replacing high-expense mutual funds
Analyzing the tax efficiency of your investments
Checking that your beneficiary designations are up-to-date and accurate
Automating your savings
 
To get in touch with Mike, visit our website: http://principalpreservationservices.com

End of Year Financial Planning For 2023

We're nearing the end of the year, but it's not quite over yet! Join us for a thoughtful episode where we unpack our 2023 edition of key year-end planning strategies for those nearing or embracing their retirement years.
 
Here’s some of what we discuss in this episode:
Regularly reassessing and rebalancing investment portfolios
Tax-loss harvesting, required minimum distribution (RMDs), and qualified charitable distributions (QCDs)
Reviewing medical, life, and long-term care insurance
Budget and expense management + Social Security cost of living adjustments
Proactively planning for downsizing + relocating in retirement
Staying informed about cybersecurity threats
Gifting to charities and family members + tax considerations
 
To get in touch with Mike, visit our website: http://principalpreservationservices.com

Money Mistakes You’ll Regret and How to Avoid Them

Ever wish you could foresee financial missteps before they happen? On today’s episode explore some real-life stories of regret and arm yourself with the essential dos and don'ts to ensure your money works for you, not against you.
 
Here are the mistakes we’re going to talk through:
I regret taking premature IRA withdrawals.
I spent way too much in my peak earning years.
I paid so much in tuition for the kids.
I retired a bit too early and now it’s costing me.
Maybe I should have investigated opportunities for Roth IRAs.
 
To get in touch with Mike, visit our website: http://principalpreservationservices.com

Retirement Planning for High-Net-Worth Individuals

In today's episode, we're taking a close look at high-net-worth individuals - those who have accumulated significant wealth and face unique challenges and opportunities when planning for retirement. Unlike the average person, their financial considerations go beyond the basics. We'll explore the distinct strategies and factors that come into play when securing a comfortable and prosperous retirement.
 
Here’s some of what we discuss in this episode:
How Mike would define a high-net-worth individual?
Some of the complex situations that these people might run into.
How we work with a client’s CPA to make sure we’re being as efficient as we can with their tax planning.
3 retirement myths that hurt high-net-worth individuals.
 
To get in touch with Mike, visit our website: http://principalpreservationservices.com

Understanding RMDs: A Guide For Retirees & The Soon-to-Retire

Are you over 55 and pondering retirement? Dive into the world of Required Minimum Distributions (RMDs) with us. In this episode, we demystify the reasons behind mandatory withdrawals from your retirement savings. 
Discover strategies to potentially avoid them and understand the risks of not preparing in advance. And for those fortunate to not rely on RMDs for income, we'll explore impactful ways to utilize those funds. We see people get caught off-guard by RMDs and the tax impact they have on retirement, so getting a jump on planning can go a long way.
 
Here are some key topics to listen for in this episode:
Why do we have to take RMDs in the first place?
There are a couple of ways to avoid RMDs.
Mike shares some examples of how he helps people plan around RMDs.
Learn about some of the risks you face by not planning in advance.
What options do you have for the money if you don’t need it immediately for income?
 
If you are interested in any of the topics we discussed, please reach out and we would be happy to help you navigate your financial situation.
 
To get in touch with Mike, visit our website: http://principalpreservationservices.com

Navigating Finances After Losing a Spouse: Strategies & Mistakes to Avoid

Losing a spouse is an unimaginably tough life event, but the financial implications can add another layer of stress to the grieving process. In this episode, we delve deep into the most common financial issues faced by widows and widowers, from dealing with income gaps to navigating tax changes as a single filer.
 
We explore actionable strategies to address these problems, such as the importance of life insurance and the ins and outs of spousal pension continuation. This is the episode for you if you’re concerned with ensuring the financial well-being of your remaining family members and safeguarding your financial future and legacy in the face of loss.
 
Here are some key topics to listen for in this episode:
The income gap problem that most widows face in this position.
What planning options do you have to solve for the income gap issue?
The importance of legacy planning and the common mistakes that people make with their kids and grandkids.
The benefits of a trust and how it might be used to preserve family wealth.
 
To get in touch with Mike, visit our website: http://principalpreservationservices.com

Navigating the Transition to a New Financial Advisor

In today's episode, we'll explore the sensitive and significant process of transitioning from one financial advisor to another. We'll cover how to recognize when your current advisor may no longer be serving your financial needs effectively, the right questions to ask, and crucial factors to consider when searching for a new financial partner.
 
Here are some key topics to listen for in this episode:
What are some of the reasons people decide they need to make a change?
What are the financial consequences of switching advisors?
The different metrics you can use to evaluate your current advisor.
The questions you need to ask a new advisor when you begin looking.
We’ll walk you through that transition process and what steps you’ll need to take.
 
To get in touch with Mike, visit our website: http://principalpreservationservices.com