Retirement Ready

What does it take to create a strong financial foundation in your financial plan? Today we talk about the importance of your income plan and how it influences your spending decisions in retirement.   What we discuss: 0:46 - What is your income plan? 2:55 - How many people have an income plan in place? 6:22 - Why do we find ourselves unprepared when we near retirement? 7:47 - What steps should we t...

Have a question for Eric? As a retirement planner, he answers questions like this all day. We tackle three questions today about pensions, vacation homes, and having multiple brokers.   Read and learn more: https://petersonfg.com/mailbag-pensions-vacation-homes-and-more/   What we discuss: 0:46 – “Should I buy a vacation home with my adult children?” 4:46 – “Should I take the lump sum or monthly p...

Planning to “live off the interest” or be in a lower tax bracket in retirement? Eric breaks down some of these concepts and points out what’s realistic vs. wishful thinking on today’s podcast.   Read and learn more: https://petersonfg.com/wishful-thinking-with-your-finances-2/   What we discuss: 1:03 - Can you live off the interest? 3:30 - I’ll be in a lower tax bracket when I retire. 5:20 - Can w...

When and how is the best way to do a 401(k) rollover? Eric discusses the benefits and details of doing a rollover.   Read and learn more: https://petersonfg.com/should-you-do-a-401k-rollover/   What we discuss: 0:47 - What are the main benefits of rolling an old 401(k) into an IRA? 5:41 - What are the tax implications of doing rollovers? 7:09 - Can you do a rollover while still working at that com...

What can you do to spend with confidence now and in the future? Eric discusses what will ensure you feel good about your financial decisions and spending habits.   Read and learn more: https://petersonfg.com/spending-with-confidence/   What we discuss: 0:49 - What does Bill Murray say about taxes? 2:03 - How do we get around the nerves in retirement? 4:20 - What does your budget do? 5:53 - How do...

How can you know just what you need? Eric talks through four different financial scenarios to help you get a better idea of what you need to consider and feel confident in your decisions.   Read and learn more: https://petersonfg.com/how-much-you-need/   What we discuss: 1:35 - How much income will I need in retirement? 4:43 - How much do you need in savings? 6:40 - How much life insurance do you...

What are some of the most frequently asked questions when it comes to a 401(k)? There can be a lot to a 401(k) so we’ll help you plan correctly.   Read and learn more: https://petersonfg.com/common-401k-faqs/   What we discuss: 1:11 - Company plan offers advice for a low fee, should I take it? 4:04 - Do I put as much as I can in or just up to the match? 6:03 - Should I use target-date funds? 7:16...

Maybe you know you want to work with a financial advisor but don’t know how to determine which one is best for you. Where do you start? What should you look for?   Read and learn more: https://petersonfg.com/how-do-you-pick-a-financial-advisor/   What we discuss: 0:47 - How do you know when picking an advisor if it’s the right fit? 3:31 - Big name is not always better. 5:52 - Ask for clarification...

If you have a financial setback, how can you find the upside in the situation? We talk through four major financial upsets that could actually be an opportunity in disguise.   Read and learn more: https://petersonfg.com/finding-the-silver-linings/   What we discuss: 0:46 - What’s the silver lining in a market downturn? 2:47 - What’s the bright side of capital gains? 5:01 - What are the pros and co...

What financial rewards are worth waiting for? We talk through three sets of options to determine whether delayed or instant gratification is better in retirement.    Read and learn more: https://petersonfg.com/delayed-gratification-in-retirement-planning-2/   What we discuss: 1:12 - Relief with the household budget vs. the getting 401(k) match.  3:30 - Tax deduction now vs. better tax planning for...

What kind of lies do you need to watch out for when it comes to your finances? Eric shares the truth you need to know in these five financial situations.    Read and learn more: https://petersonfg.com/two-truths-and-a-lie/   What we discuss: 1:23 - Which beats out inflation? 2:37 - Who does rising interest rates hurt? 3:55 - Emergency funds should be what? 5:35 - Market crashes are most problemati...

Are your expectations of retirement realistic? We talk through four things to keep in mind when you dream about your retirement future.   Read and learn more: https://petersonfg.com/retirement-reality-checks/   What we discuss: 0:46 - How can we manage expectations? 4:16 - Account for a change in expenses. 8:01 - You need to be flexible. 8:56 - Ask for help.

Think you’ve figured out the secret to beating the system when it comes to your finances? What financial lies might you be telling to yourself and how can you overcome them?   Read and learn more: https://petersonfg.com/financial-lies-we-tell-ourselves/   What we discuss: 1:00 - How often do people borrow money from their 401(k)? 2:42 - The stock market seems rigged. 5:04 - Isn’t the bank the safe...

Sometimes wisdom comes from the most unlikely places. Today we take celebrity advice and apply it to our own financial lives for a new take on how to approach your financial plan.   Read and learn more: https://petersonfg.com/unlikely-financial-wisdom/   What we discuss: 1:21 - “I’m my own worst enemy.” 4:43 - “Anybody you put on TV for five hours a week is inevitably going to say something stupid...

Are there any good reasons to skip out on working with a financial advisor? We talk through some funny ones on today’s show.   Read more and get additional financial information: https://petersonfg.com/reasons-to-not-work-with-a-financial-advisor/   What we discuss on today's episode:  1:03 - You’ve already mastered the internet. 3:36 - You like to DIY. 5:25 - Maybe you want to work until you die....

We are opening up the mailbag today to answer some listener questions. We will be discussing rental properties, taxes on sold businesses, and changing advisors based on investment performances.    Read more and get additional financial information: https://petersonfg.com/mailbag-rental-properties-advisor-reviews-and-more/   What we discuss on today's episode:  0:46 - Should I pay off my mortgage b...

What do you need to know about retirement income? From Social Security to planning for inflation, Eric breaks down the basics of what you need to know and how to make a plan that fits your future.   Read more and get additional financial information: https://petersonfg.com/retirement-income-planning-essentials/   Key Points:  0:47 - Should we plan to retire for years or decades? 2:04 - How long wi...

We all want to get to the easy improvements, especially ones that can make a big impact. On today’s show, we talk about easy financial changes you can make to improve your situation. Have you done any of these already?   Read more and get additional financial information: https://petersonfg.com/easy-financial-improvements-to-make/   Key Points:  1:01 - What should you do with cash? 4:22 - Do you h...

As your children go off to college, trade school, or work and leave your home, what do you need to know about empty nest syndrome? What are some major financial issues you might face in this time of life?  Today, we discuss the kind of financial decisions you may make in this next stage of life.     Read more and get additional financial information: https://petersonfg.com/empty-nest-syndrome/   K...

We quiz Eric with a few multiple-choice questions all about retirement. Which one will he choose? Do you agree?    Read more and get more financial information at: https://petersonfg.com/is-that-your-final-answer-retirement-quiz/   Key Points:  0:46 - Let’s play a multiple-choice game! 1:02 - What scares the average person the most about retirement? 2:26 - What scares Eric about the coming years?...

Instead of getting stuck in a rut after a financial mistake, it’s important to move forward in the right direction. So, what can you do to recover? Find out on today’s show.   Read more and get additional financial resources here: https://petersonfg.com/moving-on-from-financial-mistakes/     What we discuss on this episode:  1:27 - Start by determining the cause. 3:11 - Increase the savings rate....

Are you feeling frustrated when it comes to your financial planning? If so, these three common financial complaints might make you feel like you aren’t alone, but also give you hope for a better scenario.   Read more and get additional financial resources here: https://petersonfg.com/what-to-do-about-common-financial-complaints/     What we discuss on this episode: 1:45 - “My advisor takes too muc...

What do couples tend to argue about when it comes to their money in retirement? Eric talks through what you need to do to get on the same page.   Read more and get additional financial resources here: https://petersonfg.com/navigating-retirement-disagreements-between-spouses/     What we discuss on this episode:  1:08 - How much risk should you have in your portfolio? 3:06 - What age makes sense t...

Do you have a strategy in place to avoid these retirement planning mistakes? Eric talks through what to do instead to make sure your plan is a success.   Read more and get additional financial resources here: https://petersonfg.com/5-most-common-retirement-planning-mistakes/     What we discuss on this episode:  1:01 - What are the top five retirement planning mistakes? 1:09 - Ignoring the future...

In those final years before retirement, what should you be considering and doing now? We tackle a list of things you should do in the years before retirement.   Read more and get additional financial resources here: https://petersonfg.com/the-retirement-countdown/     What we discuss on this episode:  0:46 - Ready for the final countdown toward retirement? 1:20 - When should we try to be debt-free...