Retirement Reality Podcast

On this episode, we’ll try to pick sides of some important financial debates. From bonds to life insurance, credit card debt to starting Social Security, we’ll propose several different topics to see which sides of the debates you and your advisor should probably fall on.   Here is some of what you’ll learn on this show: Why it might not always be the best strategy to pay off your house as soon as...

In the current market, a lot of us are looking to work with an advisor to help withstand these market turns. So, what do you need to look out for when working with a new professional? An advisor that is a jack of all trades may not be the best fit for someone approaching retirement. Similarly, if they only tell you the good news, use a lot of technical jargon, or try to predict the turns of the ma...

On this episode of the podcast, we’ve assembled a list of priorities to keep in mind as you count down the days to retirement. This won’t replace proper planning but running down this checklist will help you make sure you’re putting your best foot forward as you enter retirement.   Today's key points:  0:49 – Headed to Ireland 1:53 – Get healthy 3:22 – How will you spend your free time? 4:43 – Do...

With the great resignation sweeping the nation we’ve been hearing more and more from people that want to retire early. On today’s episode, we want to explore this topic and a recent Yahoo News article that breaks down whether you can really retire at age 55. Retiring early can present a wide variety of unique challenges, for example, what will you do if you can’t take Social Security yet? You need...

For the majority of people in Minnesota and across the country, your house will be the most expensive asset you ever own or manage. That’s why it’s no surprise that it takes up a big slice of the financial planning conversation. Retirement brings along another set of decisions to be made with your house so we wanted to address some of the most common ones we hear at Principal Preservation Services...

What are the important birthdays we need to take note of when planning for retirement? There are certain milestones that have a big impact on your plan. As you approach 50, you want to really start planning strategically. If you haven’t been saving much before, once you turn 50 you can actually participate in catch-up contributions. A few years later at 59 ½, you can start taking out of those reti...

If you are someone that tackles financial planning on your own without the help of a professional, you might be relying too much on the guessing game. We’ve seen the end results of retirement without a plan and many times it’s not what the retiree had envisioned. Today we’re going to identify some of the key planning areas that people often fall short and Mike will help provide some clarity. From...

We found a recent article in USA Today that talked about the retirement planning issues that most Americans don’t have answers for. On this episode, we’re going to breakdown the article and share a few of the key takeaways we identified. The key with financial planning is to remove the guesswork and have a concrete strategy for income and expenses in retirement. That’s why we think you’ll get a lo...

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...

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 healt...

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 long...

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 retire...

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 a...

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 yo...

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...

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...

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-d...

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...

Pension options, Social Security, and investments are all among the topics that you should be addressing with your significant other. Finding the right balance between both of your risk tolerances can help you better manage your future income. Even if you both have a plan on saving for retirement, you will also need to plan on what your retirement will look like. Do you both want to travel or stay...

When it comes to our finances, there are certain things that we shouldn't wait to address. A few of the most common things people tend to put off in their finances include taxes in retirement planning, paying off debt, Social Security, and making a financial plan. Whether you can wait on some of these topics will depend a lot on your situation. Mike is going to discuss some general rules and advic...

So you’re experiencing some concerning symptoms with your finances? Let’s visit with the money ‘doctor’ Mike Kojonen to see what financial prescriptions you might need to keep your retirement on track.   Read more and get additional financial resources here: https://principalpreservationservices.com/ep-76-what-the-financial-doctor-ordered/     What we discuss on this episode:  1:17 – Summer update...

If they age is the price we pay for wisdom, then we should possess a strong fundamental understanding of our finances by the time we reach retirement. As we get older, our view of money changes and our perspective of what’s most important in our retirement plan will evolve.   Read more and get additional financial resources here: https://principalpreservationservices.com/ep-75-how-age-wisdom-play-...

All the hard work and time you spend during your working career should be enjoyed in retirement, but what type of motivation do you have? Let’s explore some of the primary motivations that people have for retirement and how planning can help you reach that.   Read more and get additional financial resources here: https://principalpreservationservices.com/ep-74-what-retirement-are-you-living-for/  ...

So much of the financial world is focused on accumulating money and you can find plenty of advice on how to save and invest. But there aren’t nearly as many resources for navigating the period of time after your retirement through decumulation. On this episode, we’ll point to 5 things you need to know about spending down and managing the assets you’ve accumulated throughout life.   Read more and g...

Just about everyone is familiar with the phrase diversification and what it means in financial planning, but what does it take to be properly diversified? On this episode of the podcast, we’ll break it down to the three worlds of money and explain why finding balance among these will provide you with the diversification you need to have a successful retirement. Each of these play a key role in pla...