Retirement Ready

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...

What small piece of wisdom can we take away and apply to our financial plan? Eric talks through five fortune cookie statements and what they mean.   Key topics on this show:  1:37 - “Crisis is an opportunity…” 3:10 - “A feather in the hand is better than a bird in the air.” 3:45 - “Accept something you cannot change and you’ll feel better.” 6:03 - “A foolish man listens to his heart.” 7:00 - “Don’...

Episode preview: Which investors will end up ahead in the end? Eric talks through the types that might look successful…until they aren’t.   What we discuss:  0:47 - Who are the worst investors? 1:33 - Trying to get rich quick. 3:46 - Operating without a plan won’t work. 7:32 - Don’t only focus on short-term instead of long-term investing. 8:49 - Remember what happens when you invest in the stock m...

Episode preview: Ever wonder what to expect during a periodic review with your financial advisor? Eric shares what this looks like depending on the client.   What we discuss:  0:47 - What does a periodic review look like? 5:23 - What kinds of things do you talk about with an advisor? 10:39 - Get reassured about your plan in relation to what the market is doing.   More about this episode: On today’...

Think about the taxes! Eric answers three questions from the mailbag today that all involve financial decisions with tax implications.   What we discuss on this episode:  0:46 - Mailbag: Should I take the lump sum or monthly payment for my pension? 4:55 - Mailbag: Should I use my retirement savings to pay off debts? 9:57 - Mailbag: Does it matter who gets what asset in my legacy plan?    Visit us...

Financial advisors are people who want to get along with, but you probably want more than just a nice person. We talk through what you should expect with a fiduciary and when you should get a second opinion.   Key topics on this show:  0:47 - Working with a “nice” person? 2:06 - A lot of people ask for a second opinion. 6:08 - Is the communication lacking? 8:51 - Are you working with the right spe...

Retirement decisions involve a lot more than just the money, but also the emotional and lifestyle decisions, too. Eric answers three questions from the mailbag from listeners making retirement decisions.   Key topics on this episode: 0:46 - Mailbag: How does tax get calculated on stock sold? 4:04 - Mailbag: How much is too much to spend on a forever home? 6:44 - Mailbag: What do I do when my retir...

We play the game of Jeopardy as Eric answers financial questions on today’s show. Do you know all the answers?   Key topics on this show:  0:50 - Let’s play a little Jeopardy! 1:28 - Known for its high fees, this financial product has given a bad name to others. 4:47 - This requires a financial advisor to put the clients’ best interests first. 6:57 - This financial phenomenon will eventually retur...

If you have a 401(k), what are some of the downsides? Eric talks through what a 401(k) is best for and when it is better to invest elsewhere.   Key topics on this show:  0:46 - Let’s talk about the weaknesses of 401(k) accounts. 1:46 - The administrative costs are expensive. 2:52 - Target date funds are a tool. 5:32 - What kind of risk do you have? 7:44 - There are not many choices.   9:53 - Withd...

What should you be considering when trying to DIY your retirement plan? Eric talks through why many later decide working with a financial advisor is best.   Key topics on this show:  0:47 - Retirement planning is not as easy as it looks. 2:59 - How do you approach the plan as a whole? 7:03 - How much time do you want to spend focusing on this? 10:10 - What happens if…?   Read more and get addition...