Retirement Reality Podcast

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

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 

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 

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/  

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/  

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 

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/

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/

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/

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/