Retirement Ready

When you watch TV shows or movie, it doesn’t take long until you realize who is the main character or who is more of a secondary character. When it comes to your financial life, which strategies, products, or tools are main characters in your financial plan and which ones are secondary?   Here’s what we talk about on today’s show: What role does your 401(k) play in your financial plan? (2:07) Life...

Do you have all of your money in one place? Sometimes your money should be kept in separate funds and separate places so that it can be used for the appropriate purposes. You want to be able to access the money you have when you need it, both now and in the future. On today’s show we talk about a few categories that can sometimes get combined and whether they should be together or separate. Here’s...

When you retire, your income changes but so do your options. One listener is wondering how to convince his wife that they don’t need to put so much money in the bank and can enjoy it a bit, too. Eric explains where things like your emergency fund can come and how couples usually think about savings. He also answers two other questions from the mailbag regarding retirement. Here are the questions E...

Do you have an old account laying around collecting dust, so to speak? Instead of forgetting about these, it’s important to find them, assess them, and get them up-to-date. It may even be an easier process than you think.   Here are the old accounts people tend to neglect or forget about: An old 401(k) might be out there. (1:09) Life insurance policies should be reviewed. (2:44) Savings accounts c...

Congress passed the SECURE Act 2.0 at the end of 2022, and you might have missed it because it was part of a larger bill. Now that the bill is law and many of the provisions have already taken effect, we want to talk through what changes that might mean for your financial plan. From RMD age to 529 plans, there’s something for everyone to be on the lookout for.   Here are some of the changes passed...

Retirement planning is so much more than simply having enough money socked away. Social activity, hobbies, skills, physical activity, and routines are all big components of your life now and likewise, should be in your retirement. When considering your time in retirement, don’t overlook these parts of your life and how it impacts your financial plan. Having an idea of what type of lifestyle you wa...

Sometimes even the best of intentions can lead you astray. When you get financial advice, it’s good to be a little cautious and consider where you are getting your information from. Everyone’s situation is a little bit different, so you need to focus on what the right thing is for you and your unique situation.   Look out when you hear financial information from these sources: Family may try to he...

How can you use your money wisely? Eric answers three questions that range from short-term travel plans to long-term estate planning decisions. While it’s good to be a good steward with your money, remember what it’s really there for. Sometimes money should be saved for your future, and sometimes making memories with your money now is worth more. These are the three questions Eric answers from the...

Are you dreaming of retirement? We talk through the different levels of desire people have in regard to retirement. Some can’t wait to cross the finish line and others have no plans soon to leave their jobs and careers. Depending on where your desire lies, here’s what you can do to prepare for the future.   Here are some of the levels of desire people feel when it comes to retirement: Level 1: I d...

Ready to reminisce about the happiest place on earth? Or maybe you have plans to visit Mickey in the new year. On today’s show, we talk through some of the classic rides you can find at Disney World and what they have in common with your financial plan.  Here are the rides we compare our financial lives to: Space Mountain is full of unexpected turns. (1:36) The Dumbo ride is a classic. (5:12) It’s...

Do you think your financial advisor belongs on the naughty list or the nice list this year? Eric talks through a few scenarios that financial advisors may face to set the record straight on whether it is nice or naughty. If you come across a similar situation, hopefully, this will shed some light on reasonable expectations clients should have with their advisors. Which of these are naughty and whi...

In retirement, even if you’ve saved more than you’ll need, there are still a lot of questions that come up as you make wise decisions about what to do with your money. Eric answers three questions from retirees on how to best navigate what they have and how to rest easy in retirement. If ever you have a question for Eric, feel free to reach out!   Here’s what we talk about in regard to Roth conver...

As we start to close out 2022, what are the things we should be doing with our finances? Is now the time to do a Roth conversion? Depending on your situation, you may want to consider it before the ball drops on New Year’s Eve. Eric explains how a Roth conversion works, what the benefits are, and why you’ll want to talk to your advisor about whether you should do one right now.   Here’s what we ta...

An inheritance isn’t something you experience every year, so when it does happen, there are a lot of details to understand. We talk about some of the questions surrounding inheritances. Eric also shares the most common mistakes and how you can avoid them.   Here are the questions Eric answers on today’s show: What you need to know about the tax implications with an inheritance. (1:00) The eliminat...

When people are in retirement or closer to retirement, the accessibility of money goes up. So, what does that mean when you have to take out RMDs? How do you know if you have too much money in the bank? Talking through this with an advisor might help you make the right next steps with your money. We also talk about what mistakes people are prone to make if they try to DIY their retirement planning...

Let’s dust off one of our favorite movies from the 80s today and talk about the financial advice you might get from Karate Kid’s Mr. Miyagi. The story is about someone who learns with the help of a mentor, just like you might learn from a financial mentor. With some planning and some focus, you’d be amazed just what you can accomplish. Find out what Eric has to say about retirement planning and ho...

From yearly taxes and investing strategies to retiring early, there’s always a question that comes up about your current financial situation. Eric answers three questions from the mailbag today, all common scenarios that you might one day come across yourself. Find out what he has to say! Here are the questions Eric answers on today’s show: Mailbag: If now is actually a good time to invest, should...

Let’s talk football! As fans of the game, we make some comparisons between football terms and retirement planning. How can you win when it comes to our financial plan? Understanding the strategies ahead of time and having the right team behind you can make all the difference. Which of these sayings relate to your financial life?  What is the retirement red zone? (0:47) Is the hurry-up offense a go...

Does a budget really make that big of a difference? Eric talks about what this looks like in retirement and why it is critical to your financial plan. Not only does it impact your retirement lifestyle, but it has a huge implication on your taxes. Eric answers this question and two others from the mailbag on the podcast. Which of these sayings relate to your financial life?  Do I need to start budg...

Day-to-day, Eric works with a lot of people as he helps them navigate a variety of financial decisions. But what might seem rare to you could be a more common occurrence to witness in his office. How often does Eric come across scenarios like these? You might be surprised by some of the answers! Which of these sayings relate to your financial life?  Do people find out they can retire tomorrow if t...

What are the financial implications of getting married later in life? There are a lot of variables that go into this financially speaking. Have you talked through what happens when one of you passes away? Do you or your fiancé have children? Eric and Marc go over what this may look like and also answer two other questions from the mailbag.   Which of these sayings relate to your financial life?  M...

Ever take financial advice from your favorite TV show? Believe it or not, you might learn something, even from an unlikely source. Inspired by a classic sitcom, today we take some quotes from Seinfeld to apply them to our financial plans. Which of these sayings relate to your financial life?  “Sometimes the road less traveled is less traveled for a reason.” (2:47) “It’s amazing that the amount of...

Whether you are nearing retirement or wanting to buy a new car, taxes are often a big part of the conversation. Thinking through how and when to withdraw from your investments strategically can make all the difference in what taxes you pay afterwards. Today we’ll answer a question that came in about which accounts were best to take withdrawals from and a couple others as well. Here are the questio...

In the fall, a lot of people are ready to cozy up with a coffee or latte in their favorite mug. For fun, we talk about the different types of coffee drinks and what kind of investors that might make them. Do you take your coffee the same style you do your investments? Which one are you?   Key topics on this show:  No frills, straight-forward investing is kind of like straight black coffee. (1:15)...

To some people, an annuity is almost like a dirty word. In reality, there are a lot of different kinds of annuities, and some are better for your financial plan than others.   Are any of these the right tool to meet your needs? Eric explains the different annuities available and talks through the upsides and downsides of each one.   Key topics on this show:  How an immediate annuity works and when...