Retirement Reality Podcast

Ep 103: Warning Signs - How To Spot Problems In Your Financial Life

Just like the lights on your dashboard can indicate if something is wrong with your car, such as low tire pressure or leaking oil, there are indicators in your financial life that might point out that you have a problem that needs to be addressed.
If any of these raise a red flag for you, it might be time to sit down with your advisor. If you don’t have an advisor or want a second opinion, we’d be happy to help.
Here is some of what you’ll learn on this show:
What to do if you have no idea what it costs to fund your lifestyle. (2:22)
It’s good to have goals, but net worth or account balance shouldn’t be the main goal. (4:24)
Your mental image of retirement shouldn’t be based on what your parents had. (6:15)
For more episodes, visit us online here: http://principalpreservationservices.com
Get additional financial education on our YouTube channel: https://www.youtube.com/channel/UCJ6RRiWvkInUm_E3lg38T2g

Ep 102: How Money Ads Catch Your Attention

We’re bombarded with ads each day in all forms of media. But have you ever taken a closer look at these messages?
If we unpack some of these headlines and ads a little bit more, we’re able to clearly understand what emotions they’re trying to elicit. More importantly, we can figure out what companies are trying to sell us.
Here is some of what you’ll learn on this show:
What is meant by ‘invest like the 1%’?  (1:49)
Tactics used to try and sell you something to help you invest more successfully. (3:19)
How advertisers tap into the emotion of the stock market. (6:42)
Some messaging Mike has seen a lot of and why it caught his attention. (10:21)
Should you take Social Security early to help pay off your house? (14:36)
For more, visit us online: http://principalpreservationservices.com

Ep 101: Retirement Planning From A Psychologist’s Point Of View

We always talk about the money side of financial and retirement planning. But what about the mental aspect of that big life change?
Today we’ll break down an article written by a Licensed Professional Counselor (Kate Schroeder) for Psychology Today, titled The Psychological Investment In Retirement.
 
Read the article here: https://www.psychologytoday.com/us/blog/next-change-is-inevitable-growth-is-optional/202208/the-psychological-investment-in-retirement 
 
Here is some of what you’ll learn on this show:
Are you mentally prepared to walk away from a life and routine you’ve been used to? (2:24)
What’s the number one thing retirees struggle with in retirement? (4:13)
Why many retirees view this free time as a more stressful period of life. (7:03)
The earlier you start in this area of retirement prep, the better you’ll do. (10:00)
It’s common to struggle with this transition. (13:33)
Is now a time to be converting IRA money to a Roth? (17:34)
For more, visit us online: http://principalpreservationservices.com

Ep 100: How Procrastination Dooms Your Financial Future

People have many reasons for procrastinating when it comes to putting a retirement plan together. Let’s explore some of those excuses and why they can be dangerous, and talk about how to overcome them…
Here is some of what you’ll learn on this show:
Why you should still plan for retirement, even if your parents didn’t. (1:23)
How to sort through which financial advisors to listen to. (3:00)
Why stress shouldn't keep you from financial planning. (4:28)
Do you feel too busy to plan for retirement? (5:44)
When you don't know how to get started on your financial plan, this is what you should do. (7:46)
Visit us online: http://principalpreservationservices.com 

Ep 99: Should You Follow These Popular Retirement Rules of Thumb?

You’ve most likely heard plenty of “rules” you’re supposed to follow to retire successfully. Some of these rules are stated so confidently, you’d be crazy not to immediately accept them as fact.
But we don’t mind the threat of being called crazy, so let’s dive into some of the most popular retirement “rules of thumb” to see if they truly lead us down the path of good financial guidance or run a chance of leading us astray.
Here is some of what you’ll learn on this show:
Can you rely on the rule of 100 to help you determine how much risk to have? (1:37)
Can you plan for 75% of your current income to have a successful retirement? (3:05)
Why going off the rule of 10 for savings isn’t an exact measurement for where you should be at 67. (7:03)
Does the 4% rule for year withdrawals still hold true today for retirees? (8:43)
 
Visit us online: http://principalpreservationservices.com 

Ep 98: Tough Topic – Retirement and Divorce

Going through a divorce at any age is difficult, but doing it near or in retirement adds all sorts of additional complications. On this episode, we’ll talk about some of the financial mistakes we see people make in the midst of a divorce.
Here is some of what you’ll learn on this show:
Why choosing the house over other financial assets might not be in your best interest. (2:06)
The tax implications of the retirement accounts could discount how much you’re actually getting. (3:06)
Why you shouldn’t rollover a spouse’s IRA immediately after a divorce. (5:13)
Best practices for managing your TSP account as a federal employee. (10:39)
If you’re going through divorce and would like to begin discussing your financial situation, please reach out and we’ll be happy to sit down and provide you with support.
 
Contact us: 
(855) 987-8888
http://principalpreservationservices.com/  

Ep 97: What Grade Can You Get on This Retirement Planning Quiz?

Don’t dread this as much as you hated hearing these words as a kid, but it’s time for a pop quiz! We’re putting retirement planning preparedness under the microscope with 5 critical questions to which you need to know the answers. So sharpen those pencils and let’s see how ready you are for retirement.
Here is some of what you’ll learn on this show:
How much income will you need in retirement compared to how much you’re making while working. (4:19)
What’s the biggest fear for most retirees and how planning accounts for that. (6:10)
How we help our clients achieve a truly diversified portfolio. (8:55)
Hopefully, you’ll pick up on something during the quiz that you didn’t know about before, but if you have questions about anything we discussed on the show, please reach out and we’ll be happy to talk to you about your financial situation.
 
Contact us: 
(855) 987-8888
http://principalpreservationservices.com/  

Ep 96: Picking Sides In Important Financial Debates

On this episode, we’ll try to pick sides of some important financial debates. From bonds to life insurance, credit card debt to starting Social Security, we’ll propose several different topics to see which sides of the debates you and your advisor should probably fall on.
 
Here is some of what you’ll learn on this show:
Why it might not always be the best strategy to pay off your house as soon as you can. (2:03)
How you can benefit from having life insurance in retirement. (5:00)
Why annuities can provide big benefits to your financial plan even though a lot of people don’t feel they’re valuable. (6:57)
Social Security benefits can begin as early as age 62 but that doesn’t mean you should be claiming them as early as possible. (13:31)
 
If you have questions about anything we discussed on the show, please reach out and we’ll be happy to talk to you about your financial situation.
 
For more, visit us online: http://principalpreservationservices.com 

Ep 95: Investor Beware: Spotting Red Flags When Picking An Advisor

In the current market, a lot of us are looking to work with an advisor to help withstand these market turns. So, what do you need to look out for when working with a new professional?
An advisor that is a jack of all trades may not be the best fit for someone approaching retirement. Similarly, if they only tell you the good news, use a lot of technical jargon, or try to predict the turns of the market you may want to reconsider. Working with an advisor is a great advantage, but working with someone that understands your situation is essential. On today’s episode, we’ll break down five red flags investors need to be aware of when looking for a new advisor.
 
Today's key points: 
0:42 – How was Ireland?
1:47 – A jack of all trades
4:32 – They only tell you good news
6:34 – Setting realistic expectations
7:38 – Using technical jargon
9:20 – Fearful to ask
10:04 – Predicting the market
12:10 – More talking than listening
 
Read more and get additional resources here: https://principalpreservationservices.com/retirement-reality-podcast/

Ep 94: Counting Down the Days Until Retirement

On this episode of the podcast, we’ve assembled a list of priorities to keep in mind as you count down the days to retirement. This won’t replace proper planning but running down this checklist will help you make sure you’re putting your best foot forward as you enter retirement.
 
Today's key points: 
0:49 – Headed to Ireland
1:53 – Get healthy
3:22 – How will you spend your free time?
4:43 – Do clients usually know?
6:06 – Post-retirement career
8:13 – Opportunities to save more  
9:16 – Pay down debt
10:58 – Assess your risk
13:13 – Do you have a plan?
 
Read more and get additional resources here: https://principalpreservationservices.com/retirement-reality-podcast/