Retirement Reality Podcast

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/

Ep 93: Can you Retire at 55?

With the great resignation sweeping the nation we’ve been hearing more and more from people that want to retire early. On today’s episode, we want to explore this topic and a recent Yahoo News article that breaks down whether you can really retire at age 55.
Retiring early can present a wide variety of unique challenges, for example, what will you do if you can’t take Social Security yet? You need to consider how you’ll cover that income gap. There are various issues people who want to retire early may face, but planning ahead of time can make the transition a lot easier.
Yahoo News Article: https://www.yahoo.com/video/retire-age-55-lets-run-203416606.html#:~:text=So%20can%20you%20retire%20at,Security%20retirement%20benefits%20is%2062.
 
Today's key points: 
0:43 – More people wanting to retire early
1:50 – Going to a Justin Bieber concert
2:52 – The peanut gallery term
5:01 – Social Security
6:13 – Penalties to worry about
9:02 – Healthcare expenses
11:49 – Any other challenges?
12:51 – What can you do now?
14:36 – Having guaranteed income
15:48 – Stock market’s impact on your plan
17:29 – Depends on how you want to live
18:58 – Retire whenever you want!
 
Read more and get additional resources here: https://principalpreservationservices.com/retirement-reality-podcast/

Ep 92: Common Housing Questions from Retirees

For the majority of people in Minnesota and across the country, your house will be the most expensive asset you ever own or manage. That’s why it’s no surprise that it takes up a big slice of the financial planning conversation.
Retirement brings along another set of decisions to be made with your house so we wanted to address some of the most common ones we hear at Principal Preservation Services. From paying off your mortgage to considering a downsize, we’ll find out what Mike thinks about these housing topics and hopefully touch on something you’ve been thinking about as well.
 
Today's key points: 
0:46 – Housing questions       
2:36 – Paying off mortgage or not?
4:27 – Downsizing
6:10 – Borrow from a Home Line of Equity
8:26 – Signing house over to kids before death
10:49 – Other estate planning problems
12:09 – Reverse mortgage
14:15 – Mailbag question on anxiety around money
15:49 – Mailbag question on life insurance
 
 
Read more and get additional resources here: https://principalpreservationservices.com/retirement-reality-podcast/

Ep 91: Important Retirement Birthdays

What are the important birthdays we need to take note of when planning for retirement? There are certain milestones that have a big impact on your plan. As you approach 50, you want to really start planning strategically. If you haven’t been saving much before, once you turn 50 you can actually participate in catch-up contributions.
A few years later at 59 ½, you can start taking out of those retirement accounts without the 10% penalty. At 62 you’re eligible to take Social Security, although whether you want to do so is dependent on your plan. What other important ages do you need to keep marked on your calendar? On today’s episode, we’ll break down the most important retirement birthdays as well as answer some mailbag questions.
 
What we discuss in this episode: 
0:54 – How are is Mike doing?
2:39 – Catch-up contributions at 50
4:56 – Withdrawing early at 55
6:27 – No penalty withdrawals at 59 ½
8:33 – Social Security at 62
11:02 – Medicare at 65
12:44 – Full retirement age
14:06 – RMDs and age 72
16:04 – Get your plan done!
17:27 – Mailbag: “Can I justify a private school tuition?”
 20:16 – Mailbag: “Should I budget before meeting with an advisor?”
 
Read more and get additional resources here: https://principalpreservationservices.com/retirement-reality-podcast/

Ep 90: When Guessing in Retirement Planning Goes Wrong

If you are someone that tackles financial planning on your own without the help of a professional, you might be relying too much on the guessing game. We’ve seen the end results of retirement without a plan and many times it’s not what the retiree had envisioned.
Today we’re going to identify some of the key planning areas that people often fall short and Mike will help provide some clarity. From income needs to inflation to healthcare costs, these are all things you need to have buttoned up before you hit retirement.
 
What we discuss in this episode: 
1:31 – Monthly income needs
6:41 – Planning for major purchases
10:11 – How much impact will inflation have?
13:31 – Healthcare costs
17:20 – Mailbag question on reducing investment risk
18:48 – Mailbag question on rolling over a 401(k)  
 
Read more and get additional resources here: https://principalpreservationservices.com/retirement-reality-podcast/

Ep 89: Murky Issues That Make Retirement Planning Harder

We found a recent article in USA Today that talked about the retirement planning issues that most Americans don’t have answers for. On this episode, we’re going to breakdown the article and share a few of the key takeaways we identified.
The key with financial planning is to remove the guesswork and have a concrete strategy for income and expenses in retirement. That’s why we think you’ll get a lot out of this episode because we’ll talk about how to keep up with inflation, explain why so many people don’t understand their Social Security benefits and tell you why many people don’t have a plan for withdrawing money in retirement.
These are three key parts of determining your income plan and how much you’re going to need to feel comfortable in retirement.
 
USA Today Article: usatoday.com/story/money/personalfinance/retirement/2022/02/28/retirement-3-issues-making-planning-harder/49859935/
 
What we discuss in this episode: 
0:46 – Uncertainty around the world  
2:17 – Lack of basic knowledge
3:56 – Takeaway 1: Keeping up with inflation
6:00 – Awareness of inflation
8:06 – Takeaway 2: Social Security benefits
10:40 – Takeaway 3: Withdrawal rates
14:37 – Final thoughts
 
Read more and get additional financial resources here: https://principalpreservationservices.com/retirement-reality-podcast/