Retirement Reality Podcast

Ep 88: Who Even Needs an Advisor?

A lot of us don’t have the time or knowledge to properly dedicate to a robust financial plan, that’s why having a financial advisor is so important. But, who really needs a financial advisor? Probably, most of us. Are you a procrastinator? A financial plan is certainly not the place you want to procrastinate.
Maybe you don’t know where to start. There’s so much information out there! For a lot of people, the hardest part is starting. There might be a lot of things out there you aren’t considering and that can set you behind on your plan without you even knowing it. The closer you get to retirement, the harder it is to recover from mistakes. On today’s episode, we’ll discuss who really needs a financial advisor and why.
 
What we discuss:
2:21 – Are you a procrastinator?
4:10 – Do you know where to start?
5:45 – You don’t know what you don’t know
7:14 – Once you get into your 50s and 60s
8:42 – Are you too busy?
10:13 – All the conflicting opinions
14:43 – Mailbag: “My kids are grown; do I still need life insurance?”
16:22 – Mailbag: “I want to travel; I need a higher income in retirement. Is that irresponsible?”
 
Get additional financial information: https://principalpreservationservices.com/retirement-reality-podcast/

Ep 87: Planning for Things We Can’t Predict

How do you plan for things you can’t predict? There are a lot of factors in life that we can’t be sure will happen, but with proper planning we can prepare for them financially. No one can predict the next market crash. However, we know it will happen eventually. When we do planning, we want your retirement to be the same, whether the market is good or bad.
There’s really no way to know what healthcare will cost or look like in the future. You have to factor in healthcare in your overall retirement plan. The healthcare you are offered at your employer will look different once you are in retirement. On today’s episode, we’ll discuss four areas in financial planning where you can’t predict the future, but you can still plan for it.
 
What we discuss:
0:52 - Wishing for warmer weather
2:44 – When will the next market crash be?
6:00 – Planning for healthcare costs
9:03 – Planning for future tax obligations
12:10 – It’s not easy to keep up with taxes
12:57 – How do you plan for longevity?
16:29 – Mailbag: “I want to retire, should I sell the building my business is in?”
18:11 – Mailbag: “My company is having a pension buyout, should I retire now?”
 
 
Get additional financial information: https://principalpreservationservices.com/retirement-reality-podcast/

Ep 86: Don’t Fumble in the Retirement Red Zone

We are talking about finances and football today! Like a quarterback protects the ball, you need to protect your finances, especially as you enter the retirement red zone. What is the retirement red zone? It's the 10 years before you retire and the 10 years after.
You need to really focus during this time and nail down the details of your plan. Make sure your game plan is in place. Time is no longer on your side, you need to avoid big mistakes and think about the long-term. We’ll discuss this crucial time period, the common mistakes people make in the red zone, and how having a plan will help you.
 
Get additional financial information: https://principalpreservationservices.com/ep-86-dont-fumble-in-the-retirement-red-zone/ 
 
What we discuss:
0:31 – Finance and football
2:29 – New YouTube channel!
4:25 – What is the retirement red zone?
4:59 – Why is this a crucial time period?
7:13 – Common mistakes that people make
9:59 – Are people more emotional?
11:25 – Why is planning easier in the retirement red zone?
15:27 – Mailbag: “Am I stuck in my job or is there a way I can retire early?”
17:28 – Mailbag: “I have $150,000 in the bank is that bad?”

Ep 85: How the “Great Resignation” Could Impact Your Retirement

What do you know about the “Great Resignation”? There’s been a lot of people leaving their jobs lately, either to take a break or to retire early. We’ve seen it with some of our clients even. With this huge shift in the workplace, we want to discuss how it could impact your retirement plan if you decide to leave your job.
What should you be aware of when it comes to Social Security and your retirement accounts if you quit your job? You’ll have to keep in mind if you do take a break, your Social Security payment calculations could change later on. Don’t think of your 401(k) as a rainy-day fund either. However, make sure you take it with you if you do go to a new job. A lot of people are thinking about retiring early and having a stable plan is the first step to realizing that goal.
 
Forbes Article: https://www.forbes.com/advisor/retirement/great-resignation/
 
Get additional financial information: https://principalpreservationservices.com/ep-85-how-the-great-resignation-could-impact-your-retirement/
 
What we discuss:
1:31 - Happy New Year!
2:25 – Retirement planning during the great resignation
4:10 – The impact of the pandemic
5:05 – Taking a break from Social Security
6:56 – 401(k) as a rainy-day fund
9:05 – Take your 401(k) with you
11:37 – Leaving before a potential match
14:18 – Cover your basis before you retire early
18:15 – Mailbag: “How much stock in the company I work for is too much?”
20:20 – Mailbag: “How do I get myself motivated to save more for retirement?”

Ep 84: 5 Signs You Are in Good Financial Health

Are you in good financial health? On today's episode, we'll discuss 5 signs you are in shape when it comes to your finances. Are you spending less than you make? If not, it’s probably time to take another look at your budget. This is especially important in retirement when you’re no longer getting a paycheck.
When it comes to taxes are you aware of what you'll be paying and when? Other signs you are in good financial health include being on the same page with your spouse and having a retirement income plan. If you can answer yes to these 5 signs, you are probably financially healthy!
 
Get additional financial information: https://principalpreservationservices.com/ep-84-5-signs-you-are-in-good-financial-health/
 
What we discuss:
2:08 – Are you spending less than you make?
3:41 – Do you understand future tax consequences?
6:29 – Do both you and your spouse know enough?
8:11 – Do you have a retirement income plan?
9:04 – Do you worry about your financial future?
12:24 – Any other bonus signs to look out for?
13:45 – Mailbag: “Where do we start with new investments?”
15:28 – Mailbag: “How can we plan for retirement with separate accounts?”

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?