Retirement Reality Podcast

Ep 83: 22 Money Resolutions for 2022

It's getting close to the end of the year. What are your resolutions? On today's episode we go over 22 money resolutions you can make in 2022. Want to pay off your debt? Audit your insurance policies and make sure they fit your situation? Some of these ideas are easy like checking your credit while others will involve you working with an advisor. We'll discuss money-saving, taxes, consolidating your accounts, and more. At the end of the episode, we will go over two listener questions about mortgage and part-time work.
 
Get additional financial information: https://principalpreservationservices.com/episode-83-22-money-resolutions-for-2022/#
 
What we discuss:
0:50 – The holiday season!
2:02 – Reducing debt
3:43 – Reduce our retirement savings
4:28 – Preparing for emergencies
5:18 – Don’t overreact to headlines
5:55 – Implement a budget
6:55 – Meet with an advisor
7:49 – Check beneficiaries
8:30 – Tough conversations
9:41 – Audit our insurance
10:50 – Think about refinancing
11:53 – Organize your financial life
12:51 – Check your credit
13:46 – Check your fees
15:01 – Share our knowledge
16:04 – Donation options
17:00 – Review your tax bracket
17:56 – Roth conversions
18:44 – Update paycheck withholdings
19:39 – Rebalance your portfolio
20:40 – Plan your retirement transition
21:45 – Consolidate accounts
22:38 – Listen to more podcast episodes!
24:16 – Mailbag: “Should I work part-time or full-time as I get close to retirement?”
25:25 – Mailbag: “Should we split our mortgage in half and pay every two weeks?”

Ep 82: Opportunities for Retirement’s Late Bloomers

If you are close to retirement age but don't think you've saved enough money, you might be in better shape than you realize. Additionally, there are ways to save more as you approach retirement. You are probably in your peak earning years, meaning you have more money than ever to put away for your future. On today's episode, Mike is going to discuss some opportunities for late bloomers approaching retirement. In what ways can you save more? Where in your budget can you move money around?
 
Get additional financial information: https://principalpreservationservices.com/episode-82-opportunities-for-retirements-late-bloomers/
 
What we discuss:
1:17 – Happy Thanksgiving!
2:21 – Catch up contributions
4:40 – Kids no longer on your budget
8:09 – Disappearing debt
10:55 – Downsizing the house
13:13 – Working into retirement
15:44 – Mailbag: Pension lump-sum or monthly payments?
17:20 – Mailbag: Should I have more than one advisor?
20:09 – Mailbag: Do I really need a budget for retirement?

Ep 81: 4 Unreasonable Requests for Your Advisor

Your advisor is here to help you make the best financial decisions for your future, but there are still some unreasonable things to expect from them. It’s important, as a client, to stay down to earth when it comes to your financial expectations. On today’s episode, we will be discussing 4 requests that are probably a little too unreasonable to ask of your advisor.
Do you want big returns without risk? Well, you are probably going to have to take on at least some risk to get there. Can you ask an advisor to lower their fees? Some people wonder if there is a way to get out of paying taxes on retirement accounts like a 401(k) or IRAs. Although you can roll over these accounts to a Roth, you’ll still have a tax bill. What if you don’t want to be involved in the planning process? It’s crucial your advisor understands you and your expenses so being involved to some degree is required. We’ll also answer three mailbag questions about retiring early, risk, and working until the age of 70.
 
Get additional financial information: https://principalpreservationservices.com/episode-81-4-unreasonable-requests-for-your-advisor/
 
What we discuss:
1:14 – Enjoying fall
2:26 – I want big returns, but I don’t want any risk
6:03 – Can you reduce your fees?
9:42 – How can I get out of paying taxes on my 401(k) or IRA?
12:03 – Do I have to be involved in the planning process?
15:12 – Mailbag: What steps should I take to retire at 55?
17:05 – Mailbag: How much should I have at risk in my portfolio?
19:38 – Mailbag: I’m single, should I work until I am 70?

Ep 80: Tax Consequences on Retirement Accounts

Whether you choose to invest in a tax-deferred account or not, you will need to have a tax plan. Knowing which accounts could benefit your situation is important. Today, Mike is going to break down different types of accounts and the pros and cons we see with each.
The accounts you should be investing in will depend a lot on your income level and retirement goals. Many of us have invested in tax-deferred accounts. Once you are in retirement you will have to start paying taxes on withdrawals. If you decide to pay taxes now, that may be helpful in the future. Make sure you have a plan for these taxes that fit into your current financial budget. Either way, tax planning is an essential part of our retirement plan. We will also be opening up two mailbag questions today about business ownership and long-term care coverage.
 
Get additional financial information: https://principalpreservationservices.com/ep-80-tax-pros-and-cons/
 
What we discuss:
0:47 – Pros and cons of different accounts
2:07 – Tax-deferred accounts
4:37 – Tax ‘free’ accounts
7:49 – Taxable accounts
10:19 – CD tax consequences
12:23 – Life insurance
16:13 – Mailbag: Sell a business or retain ownership?
17:39 – Mailbag: Should we keep long-term care coverage?
 

Ep 79: Overconfidence in Retirement Planning

When our financial growth is going well it can create a false sense of overconfidence. You want to stay vigilant about protecting your financial plan. 
On today’s episode, we are going to discuss places in our finances that we can be overconfident in. Even if the stock market has been great for the past 10 years, that’s no indication of how it will look in the next 5 or ten years. Some of us have an ideal number we want to reach in order to retire, but this may cause a false sense of security and overconfidence.
So, how should we prepare for these circumstances and protect our overall retirement plan?
 
Get additional financial information: https://principalpreservationservices.com/ep-79-overconfidence-in-retirement-planning/
 
What we discuss: 
0:44 – Pride cometh before the fall
1:53 – Mike goes to Greece
3:38 – The stock market
7:16 – 1 million dollars for retirement
9:11 – Rules of thumb
11:40 – Investment products
13:55 – Decision-making process
17:59 – Mailbag: Do I really need an emergency fund?
19:06 – Mailbag: My advisor doesn’t reach out to me?
 

Ep 78: Retirement Decisions to Make as a Couple

Pension options, Social Security, and investments are all among the topics that you should be addressing with your significant other. Finding the right balance between both of your risk tolerances can help you better manage your future income. Even if you both have a plan on saving for retirement, you will also need to plan on what your retirement will look like. Do you both want to travel or stay close to family? Should you sell your current home or the vacation home? On today's episode, we are talking about some common financial mistakes couples make and what decisions you need to address together.
 
Read and get additional financial information: https://principalpreservationservices.com/ep-78-retirement-decisions-to-make-as-a-couple/
 
What we discuss: 
1:00 – Couples as clients
2:06 – Pension options
6:27 – Social Security
8:59 – Should spouses come in together?
10:24 – 401k and IRAs
12:49 – Managing risk together
15:14 – Retirement planning together
19:22 – Mailbag: Am I in trouble with investing?
21:35 – Mailbag: Roth or Traditional 401(k)

Ep 77: Can You Wait on These Financial Decisions?

When it comes to our finances, there are certain things that we shouldn't wait to address. A few of the most common things people tend to put off in their finances include taxes in retirement planning, paying off debt, Social Security, and making a financial plan. Whether you can wait on some of these topics will depend a lot on your situation. Mike is going to discuss some general rules and advice about waiting to act on these financial decisions.
 
Read and get additional financial information: https://principalpreservationservices.com/ep-77-can-you-wait-on-these-financial-decisions/
 
What we discuss on the episode: 
1:24 – Catching up with Mike
3:29 – Paying taxes on investments
5:43 – Paying off debt
9:01 – Legal and estate documents
12:09 – Taking out Social Security
15:29 – Creating a financial plan
18:27 – Mailbag: Starting a business
20:35 – Mailbag: Required minimum distributions

Ep 76: What the Financial Doctor Ordered

So you’re experiencing some concerning symptoms with your finances? Let’s visit with the money ‘doctor’ Mike Kojonen to see what financial prescriptions you might need to keep your retirement on track.
 
Read more and get additional financial resources here: https://principalpreservationservices.com/ep-76-what-the-financial-doctor-ordered/ 
 
What we discuss on this episode: 
1:17 – Summer update  
4:34 – Dizziness from market volatility 
6:44 – Paralysis in financial decision-making because of too many options 
8:40 – Anxiety from watching the news everyday 
10:21 – High blood pressure from anger about receiving bad advice in the past  
12:58 – Losing sleep about not having enough money for retirement 
16:40 – Mailbag question on which accounts to withdraw from first
18:19 – Mailbag question on robo advisors 

Ep 75: How Age & Wisdom Play Into Financial Planning

If they age is the price we pay for wisdom, then we should possess a strong fundamental understanding of our finances by the time we reach retirement. As we get older, our view of money changes and our perspective of what’s most important in our retirement plan will evolve.
 
Read more and get additional financial resources here: https://principalpreservationservices.com/ep-75-how-age-wisdom-play-into-financial-planning/ 
 
What we discuss on this episode: 
1:55 – Perspective of money changing with age
3:59 – What would you have done differently?  
6:22 – Worry more or less later in life?
7:59 – Leaving a legacy  
12:36 – How we view risk  
15:38 – Mailbag questions on giving money to children   
17:37 – Mailbag question on dividend-paying stocks  

Ep 74: What Retirement Are You Living For?

All the hard work and time you spend during your working career should be enjoyed in retirement, but what type of motivation do you have? Let’s explore some of the primary motivations that people have for retirement and how planning can help you reach that.
 
Read more and get additional financial resources here: https://principalpreservationservices.com/ep-74-what-retirement-are-you-living-for/ 
 
What we discuss on this episode: 
1:52 – Spending more time with your family
3:53 – Want to buy stuff
6:10 – The desire to travel
8:56 – Helping your grandchildren with college  
11:15 – Donating to a charity
13:32 – Mailbag question on money creating stress in a relationship
14:30 – Mailbag question on Social Security