Retirement Ready

Why is retirement planning different than the “good old days” that our parents and grandparents experienced? This is one of those cases where you most likely can’t follow the same plan as previous generations and expect it to work out the same. Things like pensions, Social Security, and even RMD age have changed. Is your financial plan set up accordingly or is it in need of some changes to match?...

When is the perfect time to retire? One question from the mailbag asks whether retiring now or in two years will make a big difference. Stay tuned as Eric answers this listener question and more in this week's show.    Here’s some of what we discuss in this episode: Mailbag: I’d like to retire soon, but how big of a difference will it make now or in two years? Mailbag: How important is it to have...

More than likely, you’ve heard about financial commentator, Dave Ramsey. Today, we talk about some of Dave’s core beliefs and how they may differ from those of a licensed financial advisor. While Dave’s tips and baby steps have helped people, it’s worth taking some of his advice with a grain of salt.    Here’s some of what we discuss in this episode: Should you cut up your credit cards? Is whole l...

Every day you have to make choices about your money. What to spend it on, when to save, and how to manage it well. We tackle three questions from the mailbag today from people facing a financial decision. From learning how to take care of the household finances after one spouse passes to deciding about helping a child pay for college, Eric can help point clients in the right direction.   Here’s so...

What does the voice of greed sound like? We hear a lot in the financial space, some of it sound advice, and some of it just plain greedy (and even risky). There’s a time and a place for risk, but it comes down to planning. Not all of your money should have the same risk profile. Working with a financial advisor can help you determine how much risk is good vs. having safety.   Here’s some of what w...

Sometimes we fall into playing the guessing game when it comes to our finances. For instance, how much do you really need in retirement? Instead of grabbing at arbitrary numbers, first think about how much you spend. Some of your expenses may change in retirement compared to your working years, but plan for your needs based on your expenses and your goals.   Here’s some of what we discuss in this...

When you retire, you have to be strategic about what you do with your money. In today’s show, Eric answers three questions from the mailbag about how to make the best financial decision possible with your money once you’re retired.    Here’s some of what we discuss in this episode: Mailbag: What’s the maximum income I can have in retirement without paying taxes? Mailbag: Should I pay off my daught...

There are some common questions that come up around inheritance, so today we are going to tackle a few! Whether you have recently inherited or want to set up your estate in a way that makes it easier on your beneficiaries, there’s something for you to learn in today’s show.   Here’s some of what we discuss in this episode: Should my mom sign the house over to me before she dies? How will I be taxe...

There are so many different ways to approach the subject of financial planning. In light of the holidays, we wanted to have a little fun and compare some Christmas classic songs with financial lessons. For starters, as you sing about Rudolph, it’s easy to see now what a great asset he had in that shiny bright nose. What financial tools are underrated and a better asset than you originally thought?...

When you sit down to talk about your finances, sometimes you run into a question that stumps you. Even if you can’t fully answer the questions, it’s still important to consider these when financial planning. For instance, no one really knows when the next market crash will hit. We can, though, consider what caused market crashes in the past and then set up your financial plan strategically to acco...

Sometimes people get advice from financial “professionals” who maybe aren’t the right fit for their needs. Today, we discuss some of the things your advisor might not be talking to you about. If you’re getting value for the fees you’re paying then that’s one thing. But if you’re not getting your needs met by your financial advisor, it might be time to find the right advisor for you.   Here’s some...

Taxes are a major part of your life, especially your life in retirement. Having a good understanding of how you can prepare may save you in the long-run. Discussing your options with a financial advisor can help point you in the right direction. A big part of the conversation will be about deciding how to best save in a 401(k) or a Roth 401(k). But you also need to consider the outcomes and limita...

Sometimes we want to take the easy way out instead of the smarter way. Today, we talk about ways people have tried to cut corners financially and where that falls apart. Remember, having a plan and understanding what’s in it can save you a lot of heartache later on.    Here’s some of what we discuss in this episode: Some people take too much risk to make up for lost time. Don’t fail to update your...

No one loves losing money. So how do you strike the right balance of investing vs. being overly risk averse? Eric talks through how he guides clients through this dilemma. You might be surprised to find out your investment accounts are riskier than you realized!   Here’s some of what we discuss in this episode: What does it mean when someone is risk averse? A lot of times you don’t know how risky...

Next to income, tax planning is the most important thing Eric focuses on with his clients. If you can control how much tax you pay, it’s more money you get to keep, spend, and enjoy. Retirement is a prime time to focus on tax planning as you have more opportunity to control the taxes you owe. Listen in as we talk about tax planning in retirement!   Here’s some of what we discuss in this episode: W...

When can overconfidence cause catastrophe? If you are setting your financial goals based on a rule of thumb or a certain arbitrary dollar amount, you might want to reconsider. Having overconfidence, especially in the wrong things, can lead to financial disaster.   Here’s some of what we discuss in this episode: Overconfidence in the stock market. Overconfidence in a certain dollar amount for retir...

Sometimes we learn from our mistakes, and unfortunately, sometimes we make the same mistake over and over. Having a financial advisor can help you navigate through your financial decisions so you don’t get stuck in the same rut of financial mistakes on repeat. In today's episode, Eric will share some of the mistakes that he sees people make frequently.    Here’s what you’ll learn on today’s show:...

You may be familiar with Maslow’s hierarchy of needs, which breaks down a human’s needs into five different tiers. In today’s episode, we apply those tiers to what you need when retirement planning. Have you planned and saved in a way that will cover all of these needs? Stick around to find out!   Here’s what you’ll about learn today: The physical needs are your retirement basics. Safety concerns...

The classic movie, Forrest Gump, is full of great quotes. We see how some of those quotes can be applied to your finances. From figuring out what to do when life isn’t going just like you thought to learning from past mistakes, there are a lot of takeaways from Forrest.   Here are the quotes we dive into and turn into financial advice: “Life’s like a box of chocolates, you never know what you’re g...

Humans can be really good at procrastination. When we have the basics covered, it’s easy to put off the decisions and actions that we don’t want to deal with just yet. Today, we talk about some of the financial matters people are prone to put off and what you would be better off tackling right away. You might be surprised to find it wasn’t so hard to handle after all!   Here’s what we discuss in t...

When you work with a financial advisor, you aren’t just talking about money. Saving for your retirement also includes thinking about what kind of retirement lifestyle you want to have and what you need to keep in mind for the long-run. Do you want to work, by choice? What kinds of expenses will you have and how are they different in retirement? Is your money going to last for 30 years of retiremen...

Let’s talk about the different tax mistakes retirees are prone to make. Between changing rules and a lot of financial documents to manage, you’ll want to avoid these tax mistakes. Eric talks us through where people get tripped up and why. What you pay in taxes can make a significant impact on your nest egg, so be sure to work with a financial profes-sional who can help you navigate them in retirem...

What kind of personality do you have when it comes to money? Before you put together a financial plan, it’s important to understand the way you think and approach money. We talk through a few different personalities Eric commonly sees and how he advises them. Whether you are spending whenever you get a good excuse to or more of an intentional spender, it’s good to be cognizant of how you handle it...

From teachers to engineers, there are a variety of people who work with Eric and his team to build a solid financial plan. Those in similar professions tend to have similar mindsets when it comes to finances. Listen in as we discuss what similarities Eric sees across different industries and how he approaches each of them.   Here’s what you’ll learn on today’s show: Teachers are used to stability...

While no one really likes to talk about it, life insurance can be an important part of your financial plan. We talk about why people cringe when they hear the term, who most needs it, and why you might want to reconsider your preconceived notions about it. Life insurance sometimes gets a bad rap, but it can be a powerful tool. If you care for someone else and you hate taxes, look at life insurance...