Retirement Reality Podcast

It’s a topic no one likes to think about. Would you be OK financially if your spouse passed away? Find out how to prepare financially for a worst-case scenario like this and what common mistakes people make.   Read more and get additional financial resources here:    On today's show:  0:55 – A tough situation 2:31 – What can you do to prepare? 3:42 – Why it’s important to meet with both spouses 4:...

We see it all the time. People approach retirement and make these classic mistakes, costing them time and money. Find out how to avoid these common blunders and set yourself up for financial success.   Read more and get additional financial resources here: https://principalpreservationservices.com/ep-45-avoid-these-classic-pre-retiree-mistakes/     On today's show:  2:40 – Investing like you’re yo...

Mark Twain is considered one of the greatest writers in American history and many of the things he wrote and said are still very applicable more than 100 years later. To celebrate his humor and wisdom, we pulled some of his best quotes and applied them to financial planning.   Show notes & additional financial resources: https://principalpreservationservices.com/ep-44-applying-mark-twain-quotes-to...

When it comes to investing, do your actions line up with your goals? It’s easy to talk about what you want to accomplish but are you taking the proper steps to make progress towards those things? Let’s talk about the ways in which people will say one thing about their finances but do another.   Read more and get additional resources here:  https://principalpreservationservices.com/ep-43-saying-one...

Despite the popularity of IRAs, there seems to be quite a bit of confusion between the traditional options and the Roth. What’s the difference between the two and where should you be contributing your money? Today we’ll answer those questions and help you better understand your investing options.   Read more and get additional financial resources here:  https://principalpreservationservices.com/ep...

We were playing the dangerous game of perusing the comments section of a recent article about COVID-19 and the impacts on retirees and how much money you’ll need to retire going forward. The trip into the comments section is always a mixed bag of trolling, inaccuracies, and sometimes surprisingly helpful insight from what we’ve come to describe as “Keyboard Warriors.” So, let’s look at some of the...

If you really took inventory of your financial situation, you might find that you’ve been taking for granted some assets that make up a huge piece of your puzzle. Is it possible you should be putting a little more thought into some of these assets? We’ll tell you why on today’s episode.   Read more and get additional financial resources here:  https://principalpreservationservices.com/ep-40-are-yo...

If you’re like most people, you have old financial accounts that you haven’t looked at it recently and the statements are filed away collecting dust. You might not think much of them, but those accounts might be hidden gems for your portfolio if used in a different way. Let’s talk about where you should look and what you could gain out of these old investments.     Read more and get additional fin...

 Should you follow Dave Ramsey and his baby steps to financial success? On this episode of the Retirement Reality Podcast, Mike takes a critical approach to help you determine if Dave’s advice is right for everyone.  Read more and get additional resources here:  https://principalpreservationservices.com/?p=39469 Today's show schedule:  1:04 - Mike looks forward to summer weather and football seaso...

With so much happening in the financial world these past few months, there can be a lot to process when you’re trying to understand the market and the economy. Certain financial terms are being used a lot more now than they were the past decade so we will help you understand what these things mean and how they apply to you.   Read more and get additional resources here:  https://principalpreservat...

Sometimes events happen in life that make it really important for you to carefully assess your financial situation. Let’s explain why these five major events are usually a good reason for a financial review.   Read more and get additional financial resources here:  https://principalpreservationservices.com/ep-36-5-life-events-that-spark-major-financial-changes/     Today's show schedule:  1:12 – M...

We turn to many different people and resources to get financial advice, but how much can you depend on the information you’re getting? Today we’ll talk about four common people we go to that might have the best intentions but why their advice isn’t always beneficial to you.   Read more and get additional financial resources here:  https://principalpreservationservices.com/ep-35-best-intentions-som...

The government implemented multiple measures to assist Americans during this health crisis, and there are number of changes that investors and retirees need to know about. Mike is going to run through the key provisions so that you will have a better idea of how your retirement plan will be impacted.   Read more and get additional financial resources here:  https://principalpreservationservices.co...

Okay, so there might not be such a thing as a ‘bad financial product’, but there are certainly inappropriate investments out there for people in certain situations. We’ll explore some examples of those kinds of situations on this episode and you might be surprised just how common it is for people to be invested in products that are ill-suited for their financial goals.   Read more and get addition...

Now that we’ve had a little time to process what we’ve been seeing in the stock market, let’s get an update from Mike on where we stand, how clients are handling everything, and what the next steps need to be for your finances.   Read more and get additional resources here:  Today's rundown:  1:16 – How is Mike and his team dealing with the quarantine? 2:43 – Mike’s usual seminars are on halt but...

Planning for retirement consists of many different steps, and a comprehensive plan will cover dozens of different areas of your finance over time. But that doesn’t mean you have to focus on everything at once. It’s time to really start honing in on your retirement when you reach your 50s and making sure everything is taken care of. On this episode, we’ll talk about what’s most important at each st...

As we’ve seen over the last month, a market downturn can happen quickly and it causes many people to evaluate their financial situation. As you’re doing that, pay attention to the lessons that can be learned in times like these. On this episode, we’ll talk about five financial truths that are even more evident now than they were to start the year.   Read more and get additional resources:  https:/...

We talk all the time about how people need to give their dollars purpose or set goals for their retirement and even specifically for certain investments. But let’s dive deeper into what different goals look like for various folks approaching retirement. How do you determine if a goal is realistic or out of reach? We’ll tackle that conversation with plenty of examples on this episode.   Read more a...

With taxes at historically low levels, many people have turned to Roth conversions as a planning strategy. Is this a smart option for you? What all should you consider when it comes to conversions? Let’s breakdown the pros and cons and explain how the process would work for you.   Read more and get additional resources here:  https://principalpreservationservices.com/ep-27-understanding-roth-conve...

With so much uncertainty in the market right now, we want to get Mike’s opinion on what we’re seeing with the coronavirus and the impact it’s having financially. We’ll then spend the rest of the show discussing ways in which you get lost in retirement. It doesn’t take much to get off track but there are always ways to regain your retirement compass.     Read more and get additional resources here:...

When you think about retirement, are you someone that pictures yourself working for as long as you can or do you want to hang it up as soon as financially possible? Everyone has a different level of desire when it comes to retiring and we’ll span the full spectrum on this episode.   Read more and get additional resources here:   https://principalpreservationservices.com/ep-26-whats-your-level-of-d...

The SECURE Act took effect at the beginning of 2020 and it brought significant changes to retirement accounts. Let’s break down the new legislation and explain what it means to your plan.   Get the show notes and additional resources here:  https://principalpreservationservices.com/ep-25-what-does-the-secure-act-mean-for-your-retirement/     Today's rundown:  0:56 – Here’s what we plan on talking...

We spend a lot of time we researching and gathering information but some of the best guidance for retirement planning can be found right in front of us. We’ll show you that’s the case by taking farming and extracting five lessons that you can apply to your planning strategy.   Show notes and additional resources:  https://principalpreservationservices.com/ep-24-5-retirement-lessons-you-can-gather-...

A lot of financial professionals will tell you things that just aren’t true. That doesn’t mean they do it intentionally. Many times these professionals have been given talking points, which they might even feel to be true themselves. We want to talk about the statements you should be cautious of if you hear them from an advisor.   Show notes and additional resources:  https://principalpreservation...

Of course we all want to have a healthy bank account and feel the security of knowing we have money at our disposal. Having plenty of cash on hand can help in the event of an emergency but building up your account too much can actually be a detriment to your retirement. Let’s talk about the situations where cash can be a benefit and the times when it can hurt you.   Show Notes and Additional Resou...