Retirement Reality Podcast

Ep 118: The 12 Biggest Money Mistakes In Retirement Planning (Part 2)

It’s time for part two of our series on the biggest money mistakes you might be making in retirement planning. In part one, we shared the pitfalls of taking Social Security benefits too early, taking investment advice from family or friends instead of a financial professional, and other mistakes. Today we’ll highlight six more missteps.
 
Here’s some of what we’ll discuss in this episode:
Have you adjusted your retirement budget for inflation? (1:41)
Have you done your estate planning? (3:40)
Have you paid off high-interest debts? (7:36)
 
For more episodes, visit us online here: http://principalpreservationservices.com
 

Ep 117: The 12 Biggest Money Mistakes In Retirement Planning (Part 1)

In the complex world of retirement planning, there are countless pitfalls one could fall into. One misstep could lead to some serious financial consequences down the road. In part one of this two-part episode, we’re going to talk about 6 of the biggest money mistakes to avoid in retirement.
 
Here’s some of what we’ll discuss in this episode:
Taking Social Security too early. (2:53)
Being too aggressive or too conservative. (5:41)
Taking investing advice from friends and family. (8:15)
For more episodes, visit us online here: http://principalpreservationservices.com
 

Ep 116: Mailbag: Credit Card Debt, Savings Value & More

It’s time for another mailbag episode! We have an exciting lineup of topics to discuss today. Listen in as we tackle some current questions from our listeners, and you’ll likely gain some invaluable insights to help you make informed financial decisions.
 
Here’s some of what we’ll discuss in this episode:
How can my investment strategy impact my returns? (1:08)
How can I protect my savings from losing value? (4:05)
How can I tackle this credit card debt? (8:51)
 
For more episodes, visit us online here: http://principalpreservationservices.com

Ep 115: A Comprehensive Dismantling Of 2023’s Top Social Security Myths

Have you ever wondered if the Social Security system will run out of money before you retire? Or if claiming benefits as soon as you're eligible is the best decision for your financial future? In this episode, we're going to debunk the top ten Social Security myths and answer your questions surrounding this topic.
 
Here’s some of what we’ll discuss in this episode:
Myth: The Social Security Administration will help you make the best decision about when you should start your benefit. (2:06)
Myth: You won’t pay taxes on your Social Security since you already paid taxes on that money when you paid into the system. (5:09)
Myth: You should claim Social Security as soon as you’re eligible. (9:03)
For more episodes, visit us online here: http://principalpreservationservices.com

Ep 114: Fore Your Retirement - What Golf Teaches Us About Financial Planning

Are you a golfer? Even if you're not, the game of golf can teach us valuable lessons about retirement planning. For example, hitting a hole-in-one might be thrilling, but it won't necessarily guarantee your overall success.
In retirement planning, a financial advisor can help you navigate the hazards and make the most of your financial "clubs." Tune in to this episode to learn more about how the game of golf can help you plan for a successful retirement.
 
Here’s some of what we’ll discuss in this episode:
Why a hole-in-one is not the goal. (2:18)
You need several different golf clubs in your bag. (5:43)
Listen to your caddy. (9:37)
 
For more episodes, visit us online here: http://principalpreservationservices.com

Ep 113: Retirement Expenses For Which You Forgot To Plan

We’re willing to bet there are some retirement expenses that you may have forgotten to plan for. In today’s episode we will discuss some areas in your financial plan that you might have initially overlooked.
 
Here’s some of what we’ll discuss in this episode:
Are you prepared for medical expenses? (2:45)
Are you prepared for parental and child assistance? (5:58)
Are you prepared for home maintenance and repaid? (9:41)
 
For more episodes, visit us online here: http://principalpreservationservices.com

Ep 112: Top 10 Tax Questions For Retirees In 2023

Retirement can come with a lot of tax questions and concerns. From understanding the tax implications of withdrawing from your retirement accounts to minimizing taxes on investment income, it can be overwhelming. On today’s episode, we’ll break down the top 10 tax questions retirees are asking in 2023.
Here’s some of what we’ll discuss in this episode:
What are the tax implications of withdrawing money from my retirement accounts? (4:00)
Will my Social Security benefits be taxed? (6:42)
Does the taxation of my pension income differ from other forms of income? (7:45)
For more episodes, visit us online here: http://principalpreservationservices.com
 

Ep 111: Four Ways The SECURE Act 2.0 Might Impact You

After being discussed in Congress for nearly a year and a half, the SECURE Act 2.0 passed in January. On today’s show, we’ll explain what you need to know and learn four ways the new changes might impact you.
From Required Minimum Distributions (RMDs) to catch-up contributions, we’ll explain what you need to know about the SECURE Act 2.0.
Here’s some of what we’ll discuss in this episode:
The Required Minimum Distribution age has been pushed back again. (1:54)
What’s happening with the special catch-up contribution. (5:07)
Now the 529 Plan has a Roth transfer option (7:30)
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 us online:  http://principalpreservationservices.com

Ep 110: 5 Beneficiary Mistakes: Are You Accidentally Spoiling Your Retirement Plan?

On this episode, we’ll address five common beneficiary mistakes that, unfortunately, a lot of people make. From making errors to naming minors as beneficiaries, we’ll break down some common blunders. 
Are you making one of these beneficiary mistakes? If so, it could cost you and your loved ones dearly. Some of the simplest mistakes can completely spoil an otherwise well done retirement plan.
Here’s some of what we’ll discuss in this episode:
• Why you shouldn’t name minors as beneficiaries. (1:40)• Why you should name alternative beneficiaries. (5:16)• Why you shouldn’t name your estate as a beneficiary. (6:56)
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 us online:  http://principalpreservationservices.com

Ep 109: 10 Point Checklist For Retirement Preparedness

Another year is upon us and it’s a great time to ask yourself 10 questions to assess how ready you are for retirement to kick off 2023.
If you’re retiring this year, it’s essential to have some concrete answers to these questions. If you’re still a few years from the milestone, tune in so you can start thinking about these critical conversations.
 
Here’s some of what we’ll discuss in this episode:
Do I know exactly how much income I need every month? (1:55)
Do I know the ideal time to take social security? (5:30)
Do I have a plan to combat inflation? (10:30)
 
To get in touch with Mike, visit us online: http://principalpreservationservices.com