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Financial and retirement planning guidance from Des Moines' Eric Peterson of Peterson Financial Group.
3 days ago
Financial Abbreviations, Explained
While financial planning has a lot of numbers involved, here are a few letters and abbreviations you should know, too. Eric explains several common financial abbreviations. Read more and get additional financial resources here: https://petersonfg.com/financial-abbreviations-explained/ What we discuss on this episode: 1:05 - What is an ETF? 2:36 - Do you know what an RMD is? 4:22 - What about an RIA? 6:05 - What is an FRA?
Apr 8, 2021
Do You Agree or Disagree with this Retirement Advice?
We all hear retirement plans and opinions but does Eric agree with these? On this episode of the podcast we play a game of “agree or disagree?” with some commonly thought retirement planning statements. What do you think? Read more and get additional financial resources here: https://petersonfg.com/do-you-agree-or-disagree-with-this-retirement-advice/ What we discuss on this episode: 0:58 - Should you pay off the house ASAP? 2:26 - Are individual bonds better than bond funds? 4:17 - Do you need life insurance once you retire? 6:00 - Are annuities a rip-off? 7:39 - Will you be in a lower tax bracket in retirement?
Apr 1, 2021
Mailbag: Can I Sell My Home and Just Rent in Retirement?
When it comes to retirement, beyond the numbers, how do you want your life to look? Eric answers three questions from the mailbag this week that go beyond the basic financials and consider the retirement lifestyle and mindset listeners are most interested in pursuing. Read more and get additional financial resources here: https://petersonfg.com/mailbag-can-i-sell-my-home-and-just-rent-in-retirement/ What we discuss on this show: 0:47 - Mailbag: Can I sell my house and rent instead in retirement? 4:58 - Mailbag: What happens to my insurance when I get remarried? 8:08 - Mailbag: Can I just invest in and live off of dividend-paying stocks?
Mar 25, 2021
What Creates A Sense of Urgency With Your Financial Plan?
Have you been procrastinating putting together a financial plan or do you have a sense of urgency? What events may prompt you to act quickly? Read more and get additional financial resources here: https://petersonfg.com/what-creates-a-sense-of-urgency-with-your-financial-plan/ What we discuss on this episode: 1:23 - The loss of a job creates a sense urgency. 3:29 - Do you have to make a decision about an early retirement buyout? 4:58 - Have you been procrastinating about retirement coming? 6:28 - Maybe an illness has changed your trajectory. 7:47 - The death of a spouse changes things. 9:30 - You don’t want a market crash to alter your retirement plans.
Mar 18, 2021
Should You Follow Dave Ramsey’s Financial Advice?
Another popular financial radio host and podcaster is Dave Ramsey. What does Eric have to say about Dave’s advice? Does he agree or disagree with the baby step program? Find out on today’s episode of the Retirement Ready podcast. Read more and get additional financial resources here: https://petersonfg.com/should-you-follow-dave-ramseys-financial-advice/ What we discuss on this episode: 1:40 - Should you use credit cards? 4:43 - Is whole life insurance a bad idea? 6:16 - What should you invest in? 7:42 - Is it easy to find a mutual fund with a 12 percent rate of return? 9:38 - Should you pay off your home as soon as possible?
Mar 11, 2021
Financial Wisdom from Calvin and Hobbes
When it comes to retirement planning, some of the same concepts found in these fun quotes from Calvin and Hobbes can apply. What sort of financial wisdom can you glean from a boy and his tiger? Eric shares how these quotes can coincide with what he teaches clients every day. Read more and get additional financial resources here: http://petersonfg.com/financial-wisdom-from-calvin-and-hobbes/ What we discuss on this episode: 1:47 - “Life is full of surprises, but never when you need one.” 4:14 - “When life gives you lemons, chuck it right back.” 5:50 - “There’s no problem so awful that you can’t add some guilt to it to make it even worse. 8:27 - “A day can really slip by you when you’re deliberately avoiding what you’re supposed to do.”
Mar 4, 2021
Can You DIY Financial Planning?
When it comes to weighing out the decision between working with a financial advisor and doing it yourself, what are common reasons why people consider DIY? Are these reasons valid or should you always work with a financial advisor? Read more and get additional financial resources here: http://petersonfg.com/can-you-diy-financial-planning/ What we discuss on this episode: 1:13 - What would you say to, “It’s not that hard, I can do it”? 2:54 - “Having a financial advisor costs too much.” 4:31 - “Financial advisors or a trust are just for rich people and I’m not rich.” 6:46 - “If I ignore it, it will all work out in the end.”
Feb 25, 2021
Translating Financial Jargon
Do you know the difference between large cap and small cap funds? What are basis points? This episode will discuss various financial jargon to help translate what these really mean. Read more and get additional financial resources here: http://petersonfg.com/translating-financial-jargon/ What we discuss on this episode: 0:47 - Sometimes financial jargon comes up. 1:30 - What is asset allocation? 2:55 - What is your risk tolerance? 5:47 - What are basis points? 6:26 - What’s small cap, mid cap, and large cap? 7:22 - What are qualified accounts?
Feb 18, 2021
Financial Fill in the Blank
What’s the best way to not run out of money in retirement? What are most people worried about when retirement planning? Eric fills in these blanks in today’s episode. Read more and get additional financial resources here: http://petersonfg.com/financial-fill-in-the-blank/ What we discuss on this episode: 0:48 - The best way to not run out of money is to____. 2:40 - The stock market has the ability to____. 4:13 - Run the other way if your advisor tells you to____. 6:26 - When someone comes to visit for the first time, they’re most likely worried about ____. 7:50 - The most common mistake retirees and pre-retirees make is ____.
Feb 11, 2021
What to Know About Biden’s Initial Executive Orders
President Biden has made a number of executive orders in his time in office. What do they have to do with your financial plans? How might they affect you economically? Read more and get additional financial resources here: http://petersonfg.com/what-to-know-about-bidens-initial-executive-orders/ What we discuss on this episode: 0:47 - Biden has made several new executive orders. How will these impact us? 1:16 - Moratoriums extended on evictions, foreclosures, and federally guaranteed mortgages. 2:58 - Student loan interest payments on pause. 3:50 - The Keystone pipeline permit was revoked. 7:21 - Regulations are being reinstated. 8:44 - Minimum wage could be raised.
Feb 4, 2021
Mailbag: Retirement Planning With Separate Bank Accounts
From managing your income as a contract employee to managing your income in retirement, Eric answers three questions from the mailbag in today’s episode of the podcast. Read more and get additional financial resources here: http://petersonfg.com/mailbag-retirement-planning-with-separate-bank-accounts/ What we discuss on this episode: 0:47 - Mailbag: Should I switch to work as an independent contractor? 3:44 - Mailbag: Can we have separate bank accounts but still plan for retirement together? 5:33 - Does having separate accounts make it harder to plan for retirement? 6:35 - Mailbag: How can I lessen my tax burden in retirement?
Jan 28, 2021
Estate & Legacy Planning FAQs
Have you recently inherited assets or one day expect to? How can you prepare your estate in a way that makes it easy for your heirs later on? We’ll look at all sides of legacy planning on this episode. Show notes and additional financial resources here: http://petersonfg.com/estate-legacy-planning-faqs/ What we discuss on this episode: 0:46 - Mailbag: Should my parents sign over their house to me before they die? 4:05 - Mailbag: Is an inherited taxable account considered capital gains? 5:40 - Mailbag: How do I change a beneficiary designation for an ex-spouse to me? 8:35 - Mailbag: Is it okay to have two separate financial advisors?
Jan 21, 2021
What Does Mark Twain Have to Say About Your Financial Plan?
What financial wisdom can we glean from the sayings of Mark Twain? Believe it or not, many of these quotes are quite relevant today. Read more and get additional financial resources here: http://petersonfg.com/what-does-mark-twain-have-to-say-about-your-financial-plan/ What we discuss on this episode: 1:25 - “Apparently there is nothing that cannot happen today.” 5:02 - “The lack of money is the root of all evil.” 6:58 - “October is one of the particularly dangerous months for speculating on stocks…” 8:47 - “The secret to getting ahead is getting started.”
Jan 14, 2021
New Year, New Ideas to Consider
We’ve made it into the new year and time will tell if 2021 is a big improvement over 2020. What are some things to keep in mind as we transition into the year? What changes could impact you? On today’s episode of the Retirement Ready podcast we discuss a variety of new things--from how we celebrated the holidays to new SEC rules to dealing with an unexpected early retirement. Read more and get additional financial resources here: http://petersonfg.com/new-year-new-ideas-to-consider/ What we discuss on this episode: 0:47 - What were the holidays like for Eric? 3:13 - SEC rules are changing to allow people to use testimonials. 6:14 - You never know when things will happen or you might lose your job. 8:17 - When does Medicare kick in during retirement? 9:11 - What’s your new year’s resolution?
Jan 7, 2021
Mailbag: Should I Use My Severance Package to Pay Off the House?
Whether you want to learn more about using your HSA or trying to make strategic use of your severance package, Eric answers three questions from the mailbag. Do any of these questions relate to your situation? Read more and get additional financial resources here: http://petersonfg.com/mailbag-should-i-use-my-severance-package-to-pay-off-the-house/ What we discuss on this show: 0:49 - Mailbag: If I max out my HSA, will that mean a huge balance in retirement? 3:28 - Mailbag: If forced into early retirement, should I use my severance package to pay off the house? 7:02 - Mailbag: Should I give my son a $5,000 gift or make it a loan?
Dec 30, 2020
Things Your Advisor Should Be Doing
What kind of decisions are you making alongside your financial advisor? How do you know if they are doing everything you need when it comes to creating and implementing a retirement plan? Eric talks through what you deserve from a financial advisor and how his team works with clients to meet their needs. Read more and get additional resources here: http://petersonfg.com/things-your-advisor-should-be-doing/ What we discuss on this show: 1:22 - A lot of places don’t factor in tax planning. 4:13 - We assume advisors evaluate fees on our investments. Are they? 6:23 - Is your advisor planning retirement income? 8:52 - Are you clarifying goals together?
Dec 23, 2020
The Three Worlds of Money
Do you know the three worlds of money? Where does the bulk of your money live? Is your money appropriately balanced across all three worlds? We’ll break it all down on this episode. Read more and get additional financial resources here: http://petersonfg.com/the-three-worlds-of-money/ What we discuss on this show: 1:05 - What are the three worlds of money? 2:14 - The banking world offers liquidity. 5:03 - The insurance world offers life insurance and annuities. 8:40 - The Wall Street world holds investments.
Dec 17, 2020
Year-End Financial Planning Checklist
What should you do before the end of 2020 when it comes to your finances? We'll run through a list of items on this show. Read more and get additional financial resources here: http://petersonfg.com/year-end-financial-planning-checklist/ What we discuss on this show: 1:15 - Are you maxing out retirement contributions? 2:36 - Are you using the options available in the CARES Act? 3:50 - What is tax-loss harvesting and why should we explore it? 6:44 - Are you making charitable contributions? 8:28 - Should you do a Roth conversion?
Dec 10, 2020
Managing Your Risk Aversion
How much risk should you have in your portfolio? How do you know how much risk you actually have? Today we’ll talk about managing the risk in your investments. Read more and get additional financial resources here: http://petersonfg.com/managing-your-risk-aversion/ What we discuss on this show: 0:47 - What does it mean when someone says they are risk-adverse? 2:31 - Why do people claim they are risk-adverse but have their money in risky places? 5:27 - How does Eric work through the risk assessment analysis with clients? 6:51 - Who was T Boone Pickens and what can we learn from his story? 8:20 - What should your risk mindset and strategy be?
Dec 3, 2020
Mailbag: Planning for Long-Term Care Expenses
When building a financial plan, it’s important to consider several different angles. Eric answers three questions from the mailbag on this week’s episode. Read more and get additional financial resources here: http://petersonfg.com/mailbag-how-do-i-plan-for-possible-long-term-care-expenses/ What we discuss on the show: 0:47 - Mailbag: How do you plan for long-term care expenses? 5:08 - Mailbag: Should all of my retirement savings go toward my Roth? 7:34 - Mailbag: Is it okay to not want a bigger portfolio but to protect what’s already there?
Nov 24, 2020
The Retirement Hierarchy of Needs
Retirement about more than just the money. Today we talk through Maslow’s hierarchy of needs to make sure your financial plan will support each tier in retirement. Read more and get additional financial resources here: http://petersonfg.com/the-retirement-hierarchy-of-needs/ What we discuss on this show: 0:47 - What are Maslow’s hierarchy of needs? 1:09 - What physical needs do you need to cover in retirement? 3:01 - What does it look like to have safety and security with your money? 5:37 - Your need for belonging will look different in retirement. 7:41 - What sort of feeling of accomplishment can you find? 9:13 - What does self-actualization look like as a retiree?
Nov 19, 2020
Financial Planning and Gun Safety
What safety measures do you use when you own a gun? Are you implementing similar tactics with your financial plan? Read more and get additional financial resources here: http://petersonfg.com/financial-planning-and-gun-safety/ What we discuss on this show: 1:15 - How does gun safety relate to financial planning? 2:03 - Why take unnecessary risk? 4:00 - Keep your ammunition separate from your guns. 5:48 - Understanding education vs. entertainment. 9:20 - Use a safe.
Nov 12, 2020
Mailbag: Do I Really Need All of These Life Insurance Policies?
Do you need as much life insurance as you have? Or should you factor in eventual inheritance money when deciding when to retire? Eric answers three questions from the mailbag in this week’s podcast. Read more and get additional financial resources here: http://petersonfg.com/mailbag-do-i-really-need-all-of-these-life-insurance-policies/ What we discuss on this show: 0:46 - Mailbag: Can I retire early and count on inheritance money coming later? 3:59 - Mailbag: Do I need this much life insurance? 6:56 - Mailbag: Should I pull from savings before Social Security in retirement?
Nov 5, 2020
Facing the Villains in the Financial World
Do you have a favorite movie villain? We talk about three classic roles and explain how they compare to the villains you may encounter in the financial world. Read more and get additional financial resources here: http://petersonfg.com/facing-the-villains-in-the-financial-world/ What we discuss on this show: 1:37 - What is the Darth Vader in the financial world? 4:14 - The Wicked Witch of the West will do whatever she can to get the ruby slippers. 6:52 - Ivan Drago from Rocky IV was almost robotic in his approach.
Oct 29, 2020
Financial Planning Lessons From Winston Churchill
How can the words of Winston Churchill help you in your financial life? We apply some of his quotes to your financial decisions in today’s podcast. Read more and get additional financial resources here: http://petersonfg.com/financial-planning-lessons-from-winston-churchill/ What we discuss on the show: 1:14 - “We shape our dwellings and afterwards our dwellings shape us.” 2:57 - “We must be aware of needless innovations…” 5:12 - “The problems of victory are more agreeable than those of defeat…” 7:08 - “The farther backward you can look, the farther forward you can see.”
Oct 22, 2020
Why Eric Loves Working as a Financial Advisor
Why does Eric do what he does? What’s his history and what are his passions? Find out on today’s episode of the podcast. Read more and get additional financial resources here: http://petersonfg.com/why-eric-loves-working-as-a-financial-advisor/ What we discuss on this show: 0:46 - Why does Eric do what he does? 1:19 - Who and what has shaped Eric’s view on wealth? 5:52 - What was the transition from insurance to financial planning like? 7:52 - What would Eric change about the industry?
Oct 15, 2020
What Goes Into a Customized Financial Plan?
Why should you have a customized financial plan? What do you need to consider and what goals help you build an outline for your plan? Join us as we talk about what goes into the process of setting someone up for a secure future. Read more and get additional financial resources here: http://petersonfg.com/what-goes-into-a-customized-financial-plan/ What we discuss on this show: 1:20 - What is the planned retirement age? 3:47 - What is your lifestyle and income needs? 5:21 - What is your risk tolerance? 7:21 - Does health history factor in? 9:22 - Will you leave a legacy?
Oct 8, 2020
Things That Don’t Matter…Until They Do
Certain financial documents might seem like they can be put off for now. But when you need them, it’s important to be prepared ahead of time! Do you have all of these things in place? Read more and get additional financial resources here: http://petersonfg.com/things-that-dont-matteruntil-they-do/ What we discuss on this show: 0:47 - Let’s play a game! 2:01 - Do you have legal documents prepared? 5:06 - Have you thought about long-term care protection? 7:22 - What can life insurance do for you? 9:03 - What sort of lifetime income streams do you have?
Oct 1, 2020
Uncommon Sense in Financial Planning
When common sense isn’t followed, what does that look like? What common sense should we adhere to when it comes to financial planning? Read more and get additional financial resources here: http://petersonfg.com/uncommon-sense-in-financial-planning/ What we discuss on the show: 1:06 - Buy low, sell high. 3:13 - Don’t pay more in taxes than you have to. 5:16 - Keep costs low. 7:33 - Diversify your assets.
Sep 24, 2020
Visiting the Financial Doctor
We’ve all been to the doctor at some point, so how is it like working with a financial advisor? We compare the similarities on today’s podcast! Read more and get additional financial resources here: http://petersonfg.com/visiting-the-financial-doctor/ What we discuss on this show: 0:50 - What lessons can you learn from a visit to the doctor? 1:04 - It’s important to get a checkup, especially as you’re aging. 2:44 - Are you trying to deal with it yourself or getting a prescription for help? 5:20 - Different doctors have different specialties. 7:42 - Make sure you have the right fit for you.
Sep 17, 2020
Mailbag: Should I Withdraw from an Old Annuity?
When is a good time to withdraw from an annuity and what should you know ahead of time? Eric answers this and two other questions from the mailbag in this week’s podcast. Read more and get additional financial resources here: http://petersonfg.com/mailbag-should-i-withdraw-from-an-old-annuity/ What we discuss on this show: 0:50 - Mailbag: Should I withdraw from an old annuity? 4:02 - Mailbag: Should I pay off a student loan that has no interest or payments due? 6:04 - Mailbag: What will be taxable after being furloughed and on unemployment?
Sep 10, 2020
Heard It Through The Grapevine?
From million-dollar retirement benchmarks to presidential election fears or predictions, have you heard these through the grapevine? Eric shares what he thinks about these three financial rumors. Read more and get additional financial resources here: http://petersonfg.com/heard-it-through-the-grapevine/ What we discuss on this show: 1:47 - Well I heard…you have to have at least $1 million to retire. 2:34 - What happened when one client aimed for $1 million? 4:08 - Well I heard…you should start Social Security as early as you can. 6:26 - Well I heard…the market will tank if Trump loses.
Sep 3, 2020
Is This Retirement Fact or Fiction?
Ever hear something and think, could that be true? Some of these financial concepts are fact and some are fiction--do you know which is which? Read more and get additional financial resources here: http://petersonfg.com/is-this-retirement-fact-or-fiction/ What we discuss on this episode: 1:04 - Fact or Fiction: Social Security is taxable. 3:18 - Fact or Fiction: Your taxes will likely be lower in retirement. 5:24 - Fact or Fiction: Term life insurance is better than whole life insurance. 7:37 - Fact or Fiction: Medicare will cover most of your medical needs in retirement. 9:30 - Fact or Fiction: As we get older, we should shift from stocks to bonds.
Aug 27, 2020
Are You Flirting with Financial Disaster?
You might feel great about where you stand financially but there’s a chance you could be flirting with disaster. We’ll tell you about three key areas where people make mistakes in their planning that can end up causing major financial problems in retirement. Read more and get additional financial resources here: http://petersonfg.com/are-you-flirting-with-financial-disaster/ On today's show: 0:58 - Out of date legal documents 2:43 - An article showing the importance of updating documents. 4:06 - If you’re not thinking about long-term tax planning 7:21 - No plan for long-term care expenses.
Aug 20, 2020
How To Pack Your Financial Suitcase
When you go on a trip, a lot of times it helps to refer to a packing list to make sure you have everything. When putting together a financial plan, do you have everything in order? Let’s talk about what you need to put into your financial suitcase. Read more and get additional financial resources here: http://petersonfg.com/how-to-pack-your-financial-suitcase/ On today's show: 0:46 - Where can Americans travel right now? 3:22 - How can we be sure we’ve packed efficiently? 5:02 - How do you deal with “lost luggage” in the financial world? 7:56 - How do you protect your assets?
Aug 13, 2020
What Is Your Retirement Mindset?
When it comes to retirement, where are you at? If you’re getting closer to retirement, it may help to understand your current mindset in order to know how best to proceed. Read more and get additional resources here: http://petersonfg.com/what-is-your-retirement-mindset/ On today's show: 0:54 - How would you describe your mindset? 1:28 - Do you feel like retiring now but not sure if you’re ready? 3:22 - Do you wonder how much you need to save before retirement? 5:10 - Are you waiting until you hit $1 million before retirement? 7:15 - Do you think retirement sounds boring?
Aug 6, 2020
Financial Crisis or Financial Opportunity?
From market crashes to empty nests, we discuss different situations that may be first viewed as a crisis. But is it really an opportunity in disguise? We will explore both sides today on the podcast. Read more and get additional financial resources here: http://petersonfg.com/are-you-facing-financial-crisis-or-financial-opportunity/ On today's show: 1:22 - Is empty nest syndrome a crisis or opportunity? 4:55 - Is there an upside to market downturns? 6:56 - How should you view long-term care insurance rate hikes? 9:11 - What is the opportunity in getting laid off?
Jul 30, 2020
Making The Right Decisions With Your 401(k)
Are you wondering what to do with your 401(k)? How can you make sure this investment is set-up well to suit your needs? Let’s answer some of the most common questions regarding this popular retirement account. Read more and get additional financial resources here: http://petersonfg.com/making-the-right-decisions-with-your-401k/ On today's show: 1:04 - Is free advice worth taking? 3:10 - Is it a good or bad idea to take a loan out on a 401(k)? 4:45 - When should you do a 401(k) rollover? 7:00 - Should you use target date funds? 9:15 - Which is better: Roth or Traditional 401(k)?
Jul 23, 2020
Which TV Character Describes Your Financial Personality?
What kind of classic TV personality do you most relate with when it comes to handling your finances? Are you more like Gilligan or Barney Fife? Find out on today’s podcast! Read more and get additional financial resources: http://petersonfg.com/which-tv-character-describes-your-financial-personality/ Today's show schedule: 1:08 - Jed Clampett from the Beverly Hillbillies got rich quick. 3:55 - Fred Mertz from I Love Lucy was always looking for the cheapest solution. 6:11 - Barney Fife felt big dreams were attainable. 8:06 - Gilligan has terrible luck on Gilligan’s Island.
Jul 16, 2020
Financial Pet Peeves
What little (or not little) things get under your skin when it comes to financial planning? Are they the same pet peeves as Eric’s? Find out on today’s podcast! Read more and get additional financial resources here: http://petersonfg.com/financial-pet-peeves/ Today's show schedule: 1:11 - Pet peeve: Hidden fees. 3:11 - Pet peeve: Advisors who work more as a salesman. 5:16 - Pet peeve: One-size-fits-all. 6:48 - Pet peeve: Jargon without explanation. 7:55 - Pet peeve: Massive financial plans.
Jul 9, 2020
Grading Your Financial Competency
How would you grade yourself on your financial competency? Are you at the top of the class or falling behind? Find out on this episode. Read more and get additional financial resources here: http://petersonfg.com/grading-your-financial-competency/ Today's show schedule: 0:57 - Do you know how much you actually have? 3:04 - Do you know how much you truly spend? 4:29 - How much risk do you have? 5:58 - What are you paying in fees? 8:43 - Do you know what your income streams are going to look like in retirement?
Jul 2, 2020
Mailbag: When Should I Take Social Security?
Are you wondering how much longer you really have to wait before claiming Social Security? Or are you looking to find the perfect financial advisor but haven’t found them yet? Eric answers three questions from the mailbag in this week’s podcast. Read more and get additional financial resources here: http://petersonfg.com/mailbag-when-should-i-take-social-security/ Today's show schedule: 0:46 - Mailbag: Should I wait to take Social Security until 70? 2:22 - Do you understand the taxes with Social Security? 4:37 - Mailbag: Should I refinance my home and re-do my kitchen? 7:40 - Mailbag: How do I decide the perfect financial advisor for me?
Jun 25, 2020
Financial Lessons Learned from the Farm
Whether you are growing some backyard tomatoes or have 100 acres of farmland, what are some financial lessons to be learned? You don’t need a green thumb to understand these financial principles. Read more and get additional financial resources here: http://petersonfg.com/financial-lessons-learned-from-the-farm/ Today's show schedule: 1:55 - Understanding net worth vs. cash flow. 4:41 - What sort of predators might you face? 7:22 - A diversity of crops is important to maintain.
Jun 18, 2020
Financial Truth Bombs
Need someone to tell it to you straight? On today’s episode, Eric gives four financial truth bombs that might change the way you think about your financial plan and your portfolio. Read more and get additional resources here: http://petersonfg.com/financial-truth-bombs/ Today's show schedule: 1:23 - Bonds aren’t always as good as retirees think. 5:14 - The hardest part of investing is managing our own behavior. 7:47 - You aren’t an expert at everything. 10:27 - You probably have more risk in your portfolio than you realize.
Jun 11, 2020
Outdated Financial Rules
What financial rules are worth following and which ones need an update? On this episode, we discuss several known financial rules to see which ones are dated and which ones stand the test of time. Read more and get additional resources here: http://petersonfg.com/outdated-financial-rules/ Today's show schedule: 1:38 - Should you follow the four percent rule? 4:36 - What is the 10-5-3 rule? 5:55 - Does it make sense to change from stocks to bonds as you age? 8:30 - Are you following the million-dollar rule?
Jun 4, 2020
How To Mess Up Your Retirement Plans
How can you know your retirement plans are what they should be? What thoughts and assumptions can ruin your retirement? One thing’s for sure--you don’t want to mess it up! Read more and get additional resources here: http://petersonfg.com/how-to-mess-up-your-retirement-plans/ Today's show schedule: 0:46 - What are some easy ways to mess up your retirement? 2:02 - Thinking of retirement as your destination. 3:45 - Believing that retirement is the cure-all for your problems. 6:18 - Assuming that your spending habits will stay the same. 8:31 - Don’t invest like you are younger than you actually are.
May 28, 2020
The Customer Ain’t Always Right
When you see a financial advisor, do you want them to always tell you “you’re right” or do you want someone to coach your through your financial plan? Let’s talk about when the customer isn’t always right when it comes to financial planning. Read more and get additional financial resources here: http://petersonfg.com/the-customer-aint-always-right-in-financial-planning/ Today's show schedule: 0:47 - Is the customer “always right” in financial planning? 3:29 - When should an advisor push back? 5:14 - Market volatility or financial trends may trigger sudden new ideas, but are they good ones? 6:51 - Consistent coaching can help you with long-term goals.
May 21, 2020
What To Do With Unexpected Extra Cash?
While many are hitting hard times financially, maybe you are among the few who are doing well and trying to make the most of it like Grace in Ames. Eric gives some advice on what to do with extra cash as well as answering two other questions from the mailbag. Read more and get additional financial resources here: http://petersonfg.com/what-to-do-with-unexpected-extra-cash-other-mailbag-questions/ Today's show schedule: 0:47 - Mailbag: Should I rollover my 401(k) now? 2:24 - What do you miss out on when moving your 401(k) to an IRA? 4:31 - Mailbag: How should I best invest extra money right now? 7:32 - Mailbag: Is it good or bad to have taxes, legal documents, and investments all handled by the same firm?
May 14, 2020
Coronavirus Update and a Look at Interest Rates
To keep up with current events, we talk about how coronavirus is impacting us on a local level. Then, Eric explains the history of interest rates in light of the latest interest rate forecast from the Federal Reserve. Read more and get additional financial resources here: http://petersonfg.com/coronavirus-update-and-a-look-at-interest-rates/ Today's show schedule: 1:10 - What is life like right now for Eric in Iowa during coronavirus? 3:55 - Watch where you are getting your news from. 5:20 - What does Eric think about the rate forecast from the Fed? 6:34 - To understand interest rates, let’s go back to 1971. 9:46 - If you are a saver, what is a good way to get a fixed rate of return?
May 7, 2020
Finding Predictable Income Sources in Retirement
When you retire, it’s important to set up several sources of income, particularly predictable income. What are some forms of reliable income and what streams of income are more vulnerable? We'll explore the options and help you determine if they might work for you. Read more and get additional resources here: http://petersonfg.com/finding-predictable-income-sources-in-retirement/ Today's show schedule: 0:46 - What are retirement income sources people assume are predictable? 2:04 - Are variable annuities a worthwhile retirement income? 4:17 - Should you use bonds to create retirement income? 5:51 - Is there really such as thing as guaranteed income? 8:12 - Right now, coronavirus is highlighting some of the gaps in guaranteed retirement income.
Apr 30, 2020
What’s The Difference Between These Important Financial Terms?
Do you know the difference between a Roth contribution and a Roth conversion? Or between individual bonds and bond funds? Eric explains the difference between these important financial terms so you can decide what should be included in your financial plan. Read more and get additional resources: http://petersonfg.com/whats-the-difference-between-these-common-financial-terms/ Today's show schedule: 1:06 - What’s the difference: Roth contributions vs. Roth conversions? 5:08 - What’s the difference: term life and universal life insurance? 7:23 - What’s the difference: qualified account vs. non-qualified accounts? 9:12 - What’s the difference: variable annuity and fixed annuity? 11:26 - What’s the difference: 60-day rollover vs. trustee to trustee rollover? 13:59 - What’s the difference: individual bonds and bond funds?
Apr 23, 2020
The Fool’s Gold of Retirement Planning
Are you clinging to financial ideas that give you a false sense of hope? On this episode, Eric points to clear strategies for you to make wise decisions when retirement planning. Read more and get additional resources: http://petersonfg.com/the-fools-gold-of-retirement-planning/ Today's show schedule: 2:12 - You don’t have to hit a certain dollar amount to retire. 4:10 - Don’t think your income needs will decrease necessarily. 7:34 - Don’t count on an inheritance to make up for your poor planning. 9:11 - Now is the time to figure out what your plan is.
Apr 16, 2020
Dealing With The Death Of A Spouse
A financial plan should consider more than just where your investments are. Even though it’s uncomfortable to bring it up, do you know what your plan is following the death of a spouse? Read more and get additional resources here: http://petersonfg.com/dealing-with-the-death-of-a-spouse/ Today's rundown: 1:11 - Regarding the CARES Act, what do you need to know about RMDs? 3:07 - Just because you don’t have to take RMDs, is there a reason to still get them? 5:45 - What is typically the top concern of the remaining spouse? 7:11 - When a spouse passes away, your expenses don’t get cut in half. 8:22 - Stress test: if something were to happen, what’s your plan?
Apr 9, 2020
Social Distancing For Your Finances
In order to keep safe, we’re all practicing social distancing right now. With your finances, are there some areas that need a little bit of space between them for safety and protection? Let's run through four examples of social distancing in your financial plan. Read more and get additional resources here: http://petersonfg.com/social-distancing-for-your-finances/ Today's rundown: 1:00 - Which items should social distance from each other in our finances? 1:08 - Leave your emergency fund out of the stock market. 3:33 - Life insurance and investments should not go hand-in-hand. 5:46 - High turnover investment strategies should not be with after-tax brokerage accounts. 7:40 - Your emotions and your investment decisions need some space between them.
Apr 2, 2020
Should I Keep My Life Insurance Policy + Other Mailbag Questions
If your life insurance policy goes up after you turn 60, you may wonder if it’s still something worth paying for. Or maybe you’ve just received an inheritance and don’t know what to expect when it comes to taxes. Eric answers three questions from the mailbag this week. Read more and get additional resources here: http://petersonfg.com/should-i-keep-my-life-insurance-policy-other-mailbag-questions/ Today's rundown: 0:47 - Mailbag: What is the recommended IRA withdrawal rate? 1:28 - The old rule of thumb was four percent. 4:19 - Mailbag: When a life insurance policy keeps increasing in price, should you drop it? 6:57 - Mailbag: How will an inheritance made up of stocks, annuities, and an IRA be taxed?
Mar 26, 2020
Making Home Renovations and Protecting Your Retirement Income
Are you wondering how to pay for a home renovation in retirement? Or, are you concerned about the market volatility with retirement a few years away? Eric answers three questions from the mailbag all related to making wise decisions regarding money in retirement. Read more and get additional resources here: http://petersonfg.com/making-home-renovations-and-protecting-your-retirement-income/ Today's rundown: 0:47 - Mailbag: Should I pay for home renovations from my IRA or with a home equity loan? 3:10 - Mailbag: If planning to retire in the next few years, should I move my retirement savings to cash and wait until the market volatility blows over? 7:32 - Mailbag: What happens to my pension benefit if my ex-husband dies?
Mar 19, 2020
Life Happens: How Will Your Financial Plan Be Impacted?
We all know at one point or another something is bound to happen that can throw off your financial plan. How will you address these possible scenarios when it comes to your financial plan? Show notes and additional resources: http://petersonfg.com/life-happens-how-will-your-financial-plan-be-impacted/ Today's rundown: 0:47 - What life events may happen? 1:30 - Moving to a new job may change your situation. 3:26 - Layoffs and downsizing could catch you off-guard. 5:55 - Inheritance can alter your financial situation. 8:07 - Losing a spouse will change your life, including your financial life.
Mar 12, 2020
Don’t Mistake Good Intentions for Sound Financial Advice
Can you tell the difference between good intentions and bad advice? Sometimes, even people who are truly trying to help can give you bad information and cause you to question your financial decisions. Read more and get additional resources here: http://petersonfg.com/dont-mistake-good-intentions-for-sound-financial-advice/ Today's rundown: 0:47 - The best of intentions may include some bad financial advice. 1:11 - Family may lead you astray. 3:54 - Friends may brag about the wins but not admit to the losses. 5:12 - Should you take investment advice from your CPA?
Mar 5, 2020
Stages Leading Up To Retirement
Life isn’t just “before retirement” and “after retirement” when it comes to your financial plan. There are several stages leading up to and through retirement. Which stage are you in? Read more and get additional resources here: http://petersonfg.com/stages-leading-up-to-retirement/ Today's rundown: 0:47 - What are the different stages leading up to retirement? 1:07 - What should people think about when 15 years from retirement? 3:41 - Around 55 years old, where should people focus? 6:33 - Five years from retirement, what is important to consider? 9:54 - On the day of retirement, what’s the most essential to know? 12:47 - Once you retire, what kind of financial planning do you do?
Feb 27, 2020
5 Frequently Asked 401k Questions
Do you have a question about your 401(k)? There’s a good chance you’ve wondered about at least one of these five frequently asked questions when it comes to your 401(k). Get the show notes and additional resources here: http://petersonfg.com/5-frequently-asked-401k-questions/ Today's show rundown: 1:47 - Should you get advice through the company’s 401(k) program? 3:21 - Should you contribute as much as possible to a 401(k) or just up to the match? 6:00 - Should you use a target date fund? 8:28 - Is it a bad idea to take a loan against the 401(k)? 9:54 - When should you take money out and rollover the 401(k) to an IRA?
Feb 20, 2020
What You Should Know About Leaving an Inheritance
Estate planning is just one piece of a comprehensive retirement plan but it’s an important one because you only get one opportunity to get it right. The problem is many individuals have very little experience with inheritances and often make mistakes when handing them down or receiving them. Let’s try to change that today by informing you about inheritances and the steps you need to take. Check out the show notes and get additional resources here: http://petersonfg.com/what-you-should-know-about-leaving-an-inheritance/ Today's show rundown: 0:49 – Let’s tackle the biggest questions around an inheritance. 1:09 – First, what about taxes. What implications are there with an inheritance? 1:35 – Iowa does have inheritance tax if it comes from outside of a ‘straight line.’ 2:21 – Here’s what happens if someone leaves you an IRA or 401k. 3:55 – What are some of the changes coming from the SECURE Act relating to inheritances? 5:34 – These are the common mistakes…
Feb 13, 2020
Reasons Why People Don’t Retire
As people get ready to retire, there are lot of reasons someone might say they aren’t quite ready to retire. Not everyone is ready at the same time or a particular age, and we wanted to talk about a few of the reasons why someone may feel that way. Some of these are good reasons to put off retirement! The key is making sure they are the right reasons for you to retire when the timing is right. We'll discuss that on this show. Full show notes and additional resources: http://petersonfg.com/reasons-why-people-dont-retire/ Today's rundown: 1:06 - I love working and want to continue working. 3:25 - I would get bored in retirement. 6:19 - I don’t have enough money to retire. 9:13 - I don’t have confidence in my retirement plan.
Feb 6, 2020
Financial Advisor Green Flags
How do you know if you’ve found the right type of financial advisor? What is most important when looking for someone to work with who will create the right types of financial strategies for where you are in life? Show notes and additional resources: http://petersonfg.com/financial-advisor-green-flags/ Today's rundown: 0:47 - What do you want in a financial advisor? 1:16 - There are different types of advisors and what they do. 1:44 - When you are younger, you are in the accumulation stage. 2:34 - Then, you are looking at preservation and distribution and need an advisor to support you. 3:59 - You want to be able to trust your financial advisor. 6:13 - Sincere means “without wax” which is real.
Jan 30, 2020
Understanding The SECURE Act, Part 2: Stretch IRAs
In part two of our series on the SECURE Act, we talk about some of the downsides to the changes. Eric explains the stretch IRA and what impact the SECURE Act made on it. Read more about the SECURE Act here: http://petersonfg.com/understanding-the-secure-act-part-2-stretch-iras/ On today's show: 1:11 - The stretch IRA is being eliminated with the SECURE Act. 2:17 - Before the SECURE Act, a non-spouse beneficiary would only have to take out a percentage based on their life expectancy. 4:19 - Why is this changing? 6:17 - What options does a surviving spouse have? 7:19 - What are the exceptions? 9:40 - When does this go into effect?
Jan 23, 2020
Understanding The SECURE Act, Part 1
What is the SECURE Act? And how does it impact your retirement plans? We’ll outline some of the major changes you need to be aware of in this two-part series. Show notes and additional resources: http://petersonfg.com/understanding-the-secure-act-part-1/ Today's rundown: 0:48 - The SECURE Act passed, so what does that mean? 2:17 - The RMD age was raised to 72 years old. 4:26 - If you began taking RMDs in 2019, do you have to keep with it? 5:43 - What can you do with your RMD? 8:01 - The contribution age limit was also eliminated with the SECURE Act.
Jan 16, 2020
Retirement Savings Options: IRA Contributions & Roth Conversions
What happens if you’ve maxed out your 401(k) contribution limit? When is a good time to make a Roth conversion? Eric answers three questions from the mailbag this week all pertaining to the options you have when it comes to saving for retirement. Show notes and additional resources: http://petersonfg.com/retirement-savings-options-ira-contributions-roth-conversions/ Today's rundown: 0:46 - Mailbag: Outside of a maxed out 401(k), where can you save? 1:56 - You can also make a nondeductible IRA contribution. 4:26 - Mailbag: How and when do you make Roth conversions? 7:28 - Mailbag: Is it foolish to retire in your late 50s? 9:07 - Retirement is about filling your income gap.
Jan 9, 2020
Making The Right Decisions When It Comes To Real Estate
Are you considering making a move this year? When it comes to home buying or selling decisions, there are a lot of factors to consider. Eric answers a few questions from the mailbag related to real estate. Show Notes and Additional Resources: http://petersonfg.com/making-the-right-decisions-when-it-comes-to-real-estate/ Today's Rundown: 0:46 - Mailbag: Need cash for closing on a new house before current home sells, should this be done through a short-term loan? 3:13 - Mailbag: With two homes in different states, should you sell one home to be able to retire early? 6:07 - If retiring early, how can you cover the medical insurance gap? 7:32 - Mailbag: How can I help my adult child financially without enabling her?
Jan 2, 2020
Fortune Cookie Proverbs For Your Financial Plan
The message inside a fortune cookie may bring you more fortune than you think if you apply those proverbs in your financial plan. Let’s look at four fortunes and how it applies with your financial decisions. Show notes and additional resources: http://petersonfg.com/fortune-cookie-proverbs-for-your-financial-plan/ Today's Rundown: 1:49 - “Crisis is opportunity riding on a dangerous wind.” 3:47 - “A feather in the hand is better than a bird in the air.” 5:52 - “Accept something you cannot change and you’ll feel better.” 8:39 - “The greatest danger could be your stupidity.”
Dec 26, 2019
Facing The Final Decade Before Retirement
The last few years leading up to retirement can have a significant impact on what your retirement actually looks like. This is when you start making the decisions and plans you’ll actually implement in a few years. Are you ready? Show Notes and Additional Resources: http://petersonfg.com/facing-the-final-decade-before-retirement/ Today's Rundown: 1:34 - Deciding what’s important is the first thing to do. 4:04 - Know your numbers and understand what it will take to maintain your standard of living. 7:13 - Get a handle on your healthcare. How will you pay for it? 9:55 - Understand that your plan and needs will continue to evolve.
Dec 19, 2019
A Message For The Savers
Maybe you are great at saving and putting away money toward retirement. Is that enough? Find out three areas where a bit more strategy and behavior modification may come into play with your savings and investments as you enter into retirement. Show Notes and Additional Resources: http://petersonfg.com/a-message-for-the-good-savers/ Today's Rundown: 1:26 - Be careful about keeping too much cash in savings. 2:52 - Why you need to implement behavior modification when it comes to a rainy day fund in retirement. 5:24 - Don’t overlook the risk of your investments. 6:38 - The math behind how much risk you’re willing to take. 8:21 - Taxes are going to impact you more in retirement than when you are working.
Dec 12, 2019
Flying Toward Retirement
Any time you fly in a plane, there’s a lot going on as you travel to your destination. How does this relate to your financial plan? We compare the experience of flying to preparing for retirement in today’s episode. Show Notes: http://petersonfg.com/what-flying-can-teach-us-about-retirement/ Today's Rundown: 2:21 - Flying requires a flight plan ahead of time. 3:59 - You need to know in advance what your income (and taxes) will look like in retirement. 6:12 - When you’re thinking about a retirement plan, it also includes what to do with your time. 7:42 - When you experience turbulence, it can cause you to panic. 10:11 - You can’t get there alone.
Dec 5, 2019
What Holds You Back From Breaking Up With A Financial Advisor?
Breaking up is hard, but sometimes you stay in a relationship too long for the wrong reasons. Is your relationship with your financial advisor working as it should? Or are you using some of these common excuses to stay with the wrong advisor? Show Notes and Additional Resources: http://petersonfg.com/what-holds-you-back-from-breaking-up-with-a-financial-advisor/ Today's Rundown: 1:40 - My portfolio hasn’t done well, but my advisor seems nice. 3:49 - I know them through...a family friend, college, a neighbor, my parents. 4:24 - I feel confused after meeting with my advisor. 7:49 - I get a birthday card, but don’t get good communication otherwise.
Nov 26, 2019
7 Deadly Sins of Financial Planning
Like in all areas of life, it’s important to be cognizant of your blind spots and sinful tendencies. When it comes to the seven deadly sins, how do those apply in your financial plans? Show Notes: http://petersonfg.com/7-deadly-sins-of-financial-planning/ On This Episode: 1:07 - How pride gets in the way of your finances. 3:48 - Envy 6:12 - Wrath against your job, the market, or your financial situation can cause long-term consequences. 7:11 - Greed may cause you to look for a big payday…but then lose it. 9:40 - Sloth behavior can make establishing a retirement plan feel insurmountable. 11:13 - Gluttony is too much of one thing when you need to diversify. 13:37 - Lust may look like lofty goals, but it’s important to have realistic goals.
Nov 21, 2019
Let's Play Financial Jeopardy
Financial for 200! Financial for 400! Are you ready to match the questions with the statements like in Jeopardy when it comes to your knowledge of financial terms? Which of these currently impact your retirement plan? Show Notes: http://petersonfg.com/lets-play-financial-jeopardy/ On This Episode: 1:18 - This financial product has given a bad name to some of its cousins. 3:50 - This requires a financial advisor to put his client’s best interests before his own. 4:53 - What is the difference between a fiduciary and a broker? 6:16 - This financial phenomenon is thought to be imminent or by others off in the distance. 9:14 - This is mandated by the IRS and force retirees to drain retirement accounts. 11:04 - This common staple of retirement is quickly becoming scarce.
Nov 14, 2019
Getting Your Health And Wealth In Shape
Are you feeling yourself slide into a bit of a rut? Need more tone and discipline in your life? Getting your body in shape can look a lot like getting your finances in shape. Show Notes: http://petersonfg.com/getting-your-health-and-wealth-in-shape/ Today's Rundown: 2:05 - You can’t just read a book and know all there is to know. 4:04 - Doing it on your own and doing it poorly could make things worse. 5:04 - Start with some goals. 6:56 - Don’t counteract your progress with bad habits. 8:35 - Think about the long-term and the value an advisor may bring.
Nov 7, 2019
Answering The 401(k) FAQs
Most likely, at some point or another, you’ve had the option of contributing to a 401(k). But do you know how to really leverage it? This episode will tackle some of the frequently asked questions when it comes to your 401(k). Show Notes: http://petersonfg.com/answering-the-401k-faqs/ Today's Rundown: 1:51 - Should I use the company-provided advice on my 401(k) plan for a low fee? 3:21 - Should I contribute as much to my 401(k) as I can or just up to the match? 6:01 - Should you use target date funds? 8:29 - Is it a bad idea to take out a loan against your 401(k)? 9:53 - When should I take money out of my 401(k) and roll it over to an IRA?
Oct 31, 2019
Understanding How Your Feelings Impact Your Financial Decisions
When you make a financial decision, does it start with looking at the numbers or asking the question, “How do you feel about that?” When should your feelings overrule the numbers, and what areas of your plan are most likely swayed by feelings and emotions? Show Notes: http://petersonfg.com/understanding-how-your-feelings-impact-your-financial-decisions/ Today's Rundown: 1:06 - Feelings get tied up in the family home. 3:36 - Make sure you can age in place and have the proper support around you. 4:06 - How important is it to you to leave a financial legacy? 6:25 - Do you want to know the fine details of your financial plan? 8:41 - How you feel about the market volatility can impact your decisions.
Oct 24, 2019
Planning Your Road Trip Towards Retirement
Think back to your last road trip--what did you do to prepare? Chances are you didn’t suddenly jump in the car and then a few hours (or days) later simply arrive. Yet this is what some people think retirement looks like. Instead, you’ve got to plan ahead and know where you’re going and how you’ll get there. On this episode: 1:18 - Planning a road trip is like planning for retirement. 1:37 - Decide where you’re going. 3:57 - Determine the route. 7:16 - Consider who you’re listening to. 9:55 - Know when to use cruise control. Show notes and additional resources: http://petersonfg.com/planning-your-road-trip-towards-retirement/
Oct 17, 2019
Let's Talk About The “A” Word: Annuities
We’ve all heard about annuities, but there’s still tons of confusion about them. What are the different types of annuities? And are any of them worth having? On this episode: 1:20 - There are four types of annuities. 2:58 - Immediate annuities are like a pension--payment for the rest of your life. 4:04 - The downside of immediate annuities. 5:05 - A fixed annuity is like a CD. 6:10 - The variable annuity has the worst connotation of the four types of annuities. 9:51 - Finally, the fixed index annuity interest rate is dependent on the movement of an external market index. Show notes and additional resources: http://petersonfg.com/lets-talk-about-the-a-word-annuities/
Oct 10, 2019
Should You Adhere To Conventional Financial Wisdom?
What common financial advice have you heard that is actually worth following? Do these concepts provide a better financial future for you and your family? Or are these ideas more damaging in the long-run? On this episode: 1:03- Real estate is said to appreciate in value. But is it a good investment? 4:22- There’s good debt and bad debt, and mortgage is considered good debt. Is it though? 5:42 - You can’t finance your retirement. 6:50- Should you pay off the house at an accelerated rate? 8:50- If your investments aren’t doing well, should you try something else? Get the full show notes and additional resources by clicking here: http://petersonfg.com/should-you-adher…financial-wisdom/
Oct 3, 2019
How To Create A Retirement Plan Without Compromises, Part 2
We all want a certain sense of safety and security, but we also need the growth and potential that comes with risk. So how do you weigh out the two and create a plan without compromise? What tools can be used to achieve the right combination of both safety and growth? Today's rundown: 1:16 - One of the compromises in retirement is deciding between growth vs. safety. 1:56 - How can the power of indexing work to your advantage? 6:55 - What are some areas to be aware of with life insurance? 10:45 - What happens when the tax rate changes Get the full show notes and additional resources by clicking here: http://petersonfg.com/how-to-create-a-retirement-plan-without-compromises-part-2/
Sep 26, 2019
How To Create A Retirement Plan Without Compromises, Part 1
When making any decisions, you may get to a point when you have to make some compromises. How about when it comes to your retirement plans, are you making too many compromises? On this episode: 1:26 - What does it mean to have no compromises in retirement? 2:29 - What compromise is often overlooked in retirement? 3:45 - What strategies are there to save and prepare for taxes? 8:34 - How can you predict your tax liability in retirement? Get the full show notes and additional resources here: http://petersonfg.com/how-to-create-a-retirement-plan-without-compromises-part-1/
Sep 19, 2019
How To Handle Financial Pain Points in Retirement
When planning for retirement, there are a number of pain points that can come up to cause stress and fear for the future. What are some ways you can address these pain points now? On this episode: 0:48 - What are some of the main financial pain points? 1:11 - Many people worry about running out of money before they die. 3:21 - How will taxes go in retirement? 6:55 - People are terribly afraid of living in (and paying for) a nursing home. 9:12 - Anxiety over a potential market crash can feel overwhelming. Get the full show notes and additional resources here: http://petersonfg.com/how-to-handle-financial-pain-points-in-retirement/
Sep 12, 2019
Can Financial Planning Be A DIY Job?
Wondering whether or not you really need a financial advisor or if you could just figure it out on your own? Why do people choose to approach financial planning like a DIY project, and why do some of those DIYers later change their mind? On this episode: 1:04 - Why don’t some people choose to work with a financial advisor? 2:49 - What triggers someone to go from DIY to working with a financial advisor? 4:38 - What is a big mistake that happens with those who decide to DIY their financial plans? 6:34 - Is risk factored into a DIY financial plan? Get the full show notes and additional resources by clicking here.
Sep 5, 2019
What’s In Your Financial Junk Drawer?
We all have that drawer in the house with random odds and ends--some of it valuable and some of it you have no idea what to do with. What about in your financial files or folders? Do you know what’s what and what needs to go? Click here to see the full show notes. ----more---- Today's rundown: 2:15 - Old life insurance policies should be considered. Do you still need them? 4:12 - Outdated will or estate plan may need updating, especially if a life event has happened since then. 5:16 - Social Security statements (the old green ones) won’t show current numbers, so they aren’t accurate. 8:09 - Orphaned accounts with old 401(k) statements should usually be rolled over. 9:28 - U.S. savings bonds stop earning interest after 30 years.
Aug 29, 2019
What You Should Ask When Planning For Retirement With Your Spouse
Did you take the trash out? Oh, and what is our income plan after one of us dies? One of these is a question you might ask your spouse regularly after dinner while the other one is important but often overlooked. We’ll talk about five questions you should start to ask now when it comes to planning your retirement with your spouse. Check out the full show notes for this episode by clicking here. ----more---- Today's rundown: 1:22 - Are you supporting your kids and your parents simultaneously? 3:24 - How does your family feel about you quitting your job and being home more? 6:15 - Are you retiring from your job or to something else? 8:48 - How will you be prepared to handle emergency fund expenses? 9:57 - What happens to the income plan after the death of the first spouse?
Aug 22, 2019
Strategizing for Retirement (Just Like In Chess)
The fun and challenge of games such as chess is a bit similar to planning for retirement. We’ll talk about how it takes a lot of pieces and the right plays to win in the end. Check out the full show notes by clicking here.----more---- Today's rundown: 2:12 - The pawn of the retirement world is the monthly retirement contributions. 4:31 - The knight moves differently than anything else on the board, just like conservative investments. 7:14 - Everyone tries to find the perfect investment. 9:11 - The king of your retirement is your income in retirement.
Aug 15, 2019
How To Ask Better Financial Questions
Asking questions is always a good thing. The more you ask, the more you understand. But sometimes you don’t get the answer you need until you ask the right question. These four common financial questions are a bit better when they are rephrased and reconsidered. Check out the show notes by clicking here. ----more---- Today's rundown: 1:07 - “How much money do I need to retire?” Better question: How much income do I need? 3:26 - “How can I get the highest possible return on my money?” 5:26 - “Where can I pay the lowest fees for financial advice?” 7:01 - Vanguard study shows what value an advisor brings to portfolio. 8:11 - “What can I do to pay less in taxes this year?” Better question: What can I save on taxes in the future?
Aug 8, 2019
Financial Mythbusting: Making A Financial Plan Based On Reality
Do you know the difference between a financial myth and financial reality? When you make a plan for your future, you want to make sure it is based on what’s true. We’ll talk through four ideas to discover whether they are myths and real. Check out the show notes for this episode here. ----more---- Today's rundown: 1:14 - Myth or Bust: The more a financial plan weighs, the more valuable it is. 4:08 - Myth or Bust: My life is simple, so all I need is a will. 5:20 - Make sure the people you are leaving money to know it will be there to claim. 6:40 - Myth or Bust: My spouse will only need half as much income when I’m gone. 8:49 - Myth or Bust: When I retire, I need to dramatically shift from stocks to bonds in my portfolio.
Aug 1, 2019
Should You Take House Debt Into Retirement?
What do you do when…? Eric answers three pressing questions from the mailbag in today’s podcast. Whether you are being thrust into an early retirement or are considering delaying retirement due to debt, financial advice from an advisor will set you in the right direction. Make sure you check out the show notes by clicking here. Take a look at the episode rundown below: 0:47 - Mailbag: What does an early retirement offer look like? How should you prepare? 3:40 - Mailbag: Should you keep working until you’ve paid the house off or retire as planned? 5:08 - You can always do something else in retirement, such as part-time work. 6:05 - Mailbag: Financial advisor is tough to get in touch with. Is this common practice?
Jul 25, 2019
Watch Out For These Red Flags When Working With A Financial Advisor
When you are working with an advisor, you want your relationship to be built on trust and quality expertise. But how do you know if an advisor is a bad fit? What red flags should you avoid? We’ll tell you in this episode. Check out the full show notes here. ----more---- Here's what you can expect in this episode: 1:22 - A long resume might sound good at first when it comes to experience, but it’s not so good if they have moved around frequently. 2:50 - Review their license and see if there are any disclosures for an advisor. 3:49 - Figure out if the advisor is limited by certain licenses or if they are more of a salesperson. 5:24 - Are they selling something to you or are they a fiduciary? 7:28 - If there is very little listening on behalf of the advisor, you might get pushed into a sales tactic.
Jul 18, 2019
This or That Financial Debates – Debt, Mortgages, Life Insurance & Mutual Funds
This or that? Depending on who you listen to, you may have heard a variety of opinions on these financial debates. Eric shares his thoughts on debt, mortgages, life insurance, and mutual funds. To learn more and to see the show notes, click here. ----more---- Take a look at the full rundown for this episode: 1:06 – IN THE NEWS: STUDENT LOAN DEBT * Bernie Sanders wants to forgive about $1.6 trillion in student loan debt. Is this a good idea or realistic? * Who is going to pay for it? * The first rule you should learn about taking out loans. * Eric gives his take on the topic. 3:55 – PAY OFF DEBT OR BUILD UP SAVINGS? * Both are important but here’s how you treat yourself. * Strategy you should use in your life. 5:00 – KEEP A MORTGAGE OR PAY OFF HOUSE AS QUICKLY AS POSSIBLE * Why do people say mortgage debt ‘better’ than other types of debt? * Eric shares a client example of someone wanting to pay off their mortgage with retirement account money. * Is…
Jul 11, 2019
Retiring Early: Is It Possible and Is It Right For You?
Some may think that retiring early is just a dream, but can you turn this dream into a reality? In this episode, Eric talks about the ins and outs of taking an early retirement. Find out when you can retire and whether you will actually want to stay retired. To get more details about this episode and this topic, visit the show page here.----more---- Equipping Points: 0:47 – WHAT AGE IS ‘EARLY RETIREMENT’ FOR MOST PEOPLE? 2:01 – CAN EARLY RETIREMENT BE A REALISTIC GOAL? * The common mistake people make but what you should really be focusing on. * Tax penalties that need to be considered. * Do you need to have additional income still coming in? 4:39 – DOES RETIRING EARLY MEAN COMPLETELY STOPPING WORK * What do most people do after retirement? * Eric shares an example of someone who found a way to bring in bonus income 7:55 – THE BIGGEST CHALLENGE TO RETIRING EARLY 9:01 – HOW WILL I KNOW IF RETIRING EARLY WILL WORK FOR ME?
Jul 3, 2019
Tending To Your Retirement Garden
What does retirement planning have in common with growing a garden? Both need patience, vision, determination, and the proper tools to succeed. Eric Peterson explores all the comparisons on this week’s podcast. Show notes: https://petersonfg.com/tending-to-your-retirement-garden/ ----more---- 1:06 Plants don’t grow overnight * If you want to have a BLT for dinner, you can’t buy a tomato plant and stick it in the ground and expect to eat tomato that evening. * A lot of clients who retire want to go into gardening because it’s something that you do almost every day but also something that makes you focus on a longer-term goal. Some people struggle, however, with that level of patience. This is true in a lot of younger people who don’t have enough of a long-term focus and don’t see how they need to build up their financial future. 4:18 Keep the weeds and pests away * If you don’t pull the weeds in your garden, they’ll take it over and choke out your plants an…
Jun 27, 2019
Retirement Decisions: More Than Just Investments
When it comes to planning for your retirement, there’s a lot more to consider than where to invest. Going beyond the data and numbers, you need to consider these areas of your life and what you want them to look like in retirement. Show Notes 0:59 Lifestyle * When people come in to meet with Eric and his team, they are often surprised that it’s not just about the data. It’s important to find out what you envision your retirement will look like. Then you need to consider the challenges in retirement. * The number one thing people miss when entering retirement is how much income they need or are able to generate. Income is the key to retirement success. * A lot of people want to work doing something else or volunteer to give back to their community. 4:25 Social Security * Social Security is one of the only guaranteed income sources for most people. Claiming it correctly is critical to your plan. * The spousal benefits for Social Security are worth understanding.…
Jun 20, 2019
Presidential Quotes And The Financial World
Today's Prep: There are a lot of great quotes from past presidents that also apply in the financial industry. Have you heard all of these? How would you apply them to your financial portfolio? Full show notes at: https://petersonfg.com/presidential-quotes-and-the-financial-world Equipping Points: 1:06 “When only one side of a story is heard and often repeated, the human mind becomes impressed with it.” - George Washington * If you watch too much news, then you only get one side of the story from the “Wall Street machine”. * Keep in mind that you might be listening to a marketer. * What’s right for someone else might not be the best fit for your situation. For example, someone with a billion dollars does things differently than someone with half a million. * You have to understand who the message is for, and who it’s coming from, and what they are trying to get you to agree to. 4:08 “Ask not what your country can do for you, ask what you can do for your countr…
Jun 12, 2019
Mailbag: Retention Bonus or Retirement?
As you near the final months or years before taking the plunge into retirement, there are always a few details to work out and questions to ask. Eric answers a few questions from the mailbag about pensions, paying taxes in retirement, and deciding when to walk away from a retention bonus and just retire already. Check out this episode's show notes: https://petersonfg.com/mailbag-retention-bonus-or-retirement ----more---- Equipping Points: 0:48 Pensions: Lump sum or payout? * You need to look at what the payout of the pension is. * How many years will it take you to break even on the payout? * Eric talks about clients locally who had the option for the pension payout. * Having a guaranteed payoff is comforting, but you don’t have the control of it if something happened to you early. * How many months will it take to get the lump sum back? 4:28 Mailbag: Taxes in retirement * Kathy in Clive says her income will be very different once she retires. What should she do abo…
Jun 6, 2019
Handling What You Can’t Control in Retirement
Some things are just out of your hands. In retirement planning there are a lot of things completely out of your control, but if you re-frame your thinking, there is actually something you can do about them. Eric talks through these four areas where you have an opportunity to prepare for the unpredictable. Full show notes: https://petersonfg.com/handling-what-you-cant-control-in-retirement ----more---- Equipping Points: 1:08 The Market * You can’t control the whims of the market, but you can control how exposed you are to certain risks. * There are two sides to the debate, however. If you don’t have risk, then you won’t have the same kind of returns from the market. * Allocation comes in during retirement planning to give you an appropriate amount of risk. 2:34 How Long You Live * Staying healthy helps, but you can’t know how long you will live. * You want money for the remainder of your life and to be covered through retirement. * Sometimes something will happ…
May 30, 2019
Wishful Thinking In Retirement Planning
Is your head in the clouds when it comes to retirement? Here are three common phrases people say when it comes to retirement planning. Eric shares whether these mentalities are wishful thinking. Check out the full show notes for this episode and relevant links at: https://petersonfg.com/wishful-thinking-in-retirement-planning/
May 23, 2019
Underrated Or Overrated?
We’re playing a game to determine what’s underrated and overrated when it comes to a few topics in the financial world (and even a few outside of financial planning). Let us know what you think. Check out the full show notes for this episode and relevant links at: https://petersonfg.com/underrated-or-overrated/
May 16, 2019
Do you have money sitting around without a purpose? We’ll explain the dangers of lazy money, why people have it, and how you can put it to work! Make your money work for you as you plan for retirement. Check out the full show notes for this episode and relevant links at: https://petersonfg.com/lazy-money/
May 9, 2019
Delayed Gratification In Retirement Planning
Sometimes, it’s hard to make financial sacrifices when the reward seems so far away. However, delayed gratification can be extremely beneficial when it comes to your finances. Eric talks about four situations when people may be tempted to choose instant gratification over a better long-term pay out. Check out the full show notes for this episode and relevant links at: https://petersonfg.com/delayed-gratification-in-retirement-planning/
May 2, 2019
If Retirement Were Like A Game Show
Everyone loves a good game show, whether it's The Price Is Right, Jeopardy, or Who Wants To Be A Millionaire? It's fun to play along, but remember, they're just a game. Today we'll talk about game shows and how they relate to your retirement planning process. Ready to play? Check out the full show notes for this episode and relevant links at: https://petersonfg.com/if-retirement-were-like-a-game-show/
Apr 25, 2019
Financial “Jerseys” and What They Say About Your Plan
On game day, it’s fun to wear your jersey and show some team spirit. What you might not realize are the three ways your financial planning process is similar to a jersey. Consider the names, numbers, and symbols on a jersey. How might they be similar to the names, numbers, and symbols on your financial statements? Check out the full show notes for this episode and relevant links at: https://petersonfg.com/financial-jerseys-and-what-they-say-about-your-plan/
Apr 18, 2019
Unlikely Wisdom From Unlikely Voices
You might not expect to gain wisdom from these popular celebrities. To be honest, these quotes weren't intended to be about finances either. However, there's plenty of retirement planning wisdom we can learn from these personalities. Check out the full show notes for this episode and relevant links at: https://petersonfg.com/unlikely-wisdom-from-unlikely-voices/
Apr 11, 2019
Misconceptions With Annuities
Sometimes annuities are misused or misunderstood, but annuities can be powerful tools if you know how to use them properly. Check out the full show notes for this episode and relevant links at: https://petersonfg.com/misconceptions-with-annuities/
Apr 4, 2019
Excuses, Excuses, Excuses - Stop Making Them
What’s your excuse for doing one thing over another when it comes to finances? Sometimes you want to justify your actions instead of thinking through what is actually best for you and your money. Here are three common decisions people make and why the excuses just don’t add up. Check out the full show notes for this episode and relevant links at https://petersonfg.com/excuses-excuses-excuses-stop-making-them.
Mar 28, 2019
Technology For Retirement Planning
There are all sorts of online tools out there for financial planning. We’ll talk about some of the various technologies and tools to choose from as you prepare for retirement. For in-depth analysis and a recent blog post, click here: https://petersonfg.com/technology-for-retirement-planning/
Mar 21, 2019
4 Things March Madness and Retirement Planning Have in Common
What does your March Madness bracket have to do with financial planning? More than you might think! For in-depth analysis and a recent blog post, click here: https://petersonfg.com/4-things-march-madness-and-retirement-planning-have-in-common/
Mar 14, 2019
Why Retirement Planning Ain't What It Used To Be
You've heard your parents discussing how difficult things used to be. We've all heard the adage about walking uphill both ways in the snow to get to school. However, reality suggests retirement planning actually used to be easier than it is today. Find out why. For in-depth analysis and a recent blog post, click here: https://petersonfg.com/why-retirement-planning-aint-what-it-used-to-be/
Mar 7, 2019
3 Questions You Should Ask A Potential Advisor
When shopping for a potential advisor, you want to find the right fit for your needs. Ask each candidate these three important questions. For in-depth analysis and a recent blog post, click here: https://petersonfg.com/3-questions-you-should-ask-a-potential-advisor/
Feb 28, 2019
The Financial Water Wheel
On this podcast, we love a good analogy. Join us as we discover what we can learn from retirement by observing a water wheel. For in-depth analysis and a recent blog post, click here: https://petersonfg.com/the-financial-water-wheel/
Feb 21, 2019
Episode #27: It's Time To Talk About RMDs
Required minimum distributions can easily slip through the cracks of your retirement plan. As tax day 2019 is approaching, understand the impact RMDs will have on your finances. For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-27-its-time-to-talk-about-rmds/
Feb 14, 2019
Episode #26: Taking Care Of Family
Part of retirement planning includes taking care of family. After all, you'll want to make sure your loved ones have what they need after you're gone. For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-26-taking-care-of-family/
Feb 7, 2019
Episode #25: Retirement On The Golf Course
Learn how retirement planning is a bit like golf. Grab your sticks, and join us on the proverbial golf course. For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-25-retirement-on-the-golf-course/
Jan 31, 2019
Episode #24: Breaking Bad Financial Habits
While it's easy to slip into a routine, some of the habits you're developing might do more harm than good. Eric offers tips for breaking bad financial habits. For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-24-breaking-bad-financial-habits/
Jan 24, 2019
Episode#23: Prepping For Tax Season
It's the time of year when people start thinking about taxes. We'll ask a few questions and offer a few tips to prepare you for tax season. For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode23-prepping-for-tax-season/
Jan 17, 2019
Episode #22: Common Money Mistakes
There are many moving parts in a successful retirement plan. If you're not careful, it's easy to gloss over key details. Eric uncovers some of the common money mistakes he sees people making. For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-22-common-money-mistakes/
Jan 10, 2019
Episode #21: Retirement Income Planning
Income planning is an essential part of retirement planning. Learn to examine your income needs in retirement, and join us for a conversation on diversification. For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-21-retirement-income-planning/
Jan 3, 2019
Episode #20: Unpacking Client Personalities
We work with all sorts of personalities. After all, everyone has their own approach to retirement. Discover your personality when it comes to financial planning. For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-20-unpacking-client-personalities/
Dec 27, 2018
Episode #19: Pension Buy-Outs
Join us as we dive into the mailbag. This week, we'll feature your email questions on pension buy-outs, commercial real estate, and divorce. For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-19-pension-buy-outs/
Dec 20, 2018
Episode #18: Defining Dividend-Paying Stocks
We hear about dividend-paying stocks, but what are they? Find out as we take your email questions. We'll also hear from a couple with a significant age gap between spouses. For in-depth analysis and a recent blog post, click here:https://petersonfg.com/episode-18-episode-18-defining-dividend-paying-stocks/
Dec 13, 2018
Episode #17: Financial Blind Spots
When you're driving, you always check your blind spot before changing lanes. If you don't, you might find yourself in an accident. Eric covers the blind spots in your financial vehicles. For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-17-financial-blind-spots/
Dec 6, 2018
Episode #16: Retirement Checklist
Much like a pilot going through his pre-flight checklist before takeoff, it's important you examine your pre-retirement checklist before walking away from a paycheck. Eric explains the items on that list. For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-16-retirement-checklist/
Nov 29, 2018
Episode #15: Understanding Your Statements
Your financial statements are confusing. They contain all sorts of jargon and puzzling graphics. On this edition of the podcast, Eric enters the fray and helps to clear up the confusion. For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-15-understanding-your-statements/
Nov 22, 2018
Episode #14: Grandma’s Financial Wisdom
There are probably lots of sayings you remember your grandmother using as you grew up. Find out how her musings might be applied as financial wisdom. For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-14-grandmas-financial-wisdom/
Nov 15, 2018
Episode #13: The Retirement Gridiron
This time of year, you can find football on TV almost every night. Let's see what we can learn about retirement from the gridiron. For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-13-the-retirement-gridiron/
Nov 8, 2018
Episode #12: To Agree Or Disagree
Join us for a game of Agree or Disagree. Discover whether Eric agrees with popular statements about finances and retirement planning. For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-12-to-agree-or-disagree/
Nov 1, 2018
Episode #11: Financial Warning Lights
Much like the lights on your dashboard indicate issues with your car, there are indicators in your financial life that highlight problems in your portfolio. Join us as Eric serves as our financial mechanic. For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-11-financial-warning-lights/
Oct 25, 2018
Episode #10: Reading The Fine Print
Many investments promise enticing perks and large returns. They’re usually too good to be true and inundate you with fees. Avoid a headache by reading the fine print. For in-depth analysis and a recent blog post, click here:https://petersonfg.com/episode-10-reading-the-fine-print/
Oct 18, 2018
Episode #9: Retirement Procrastination
Procrastination is dangerous as it pertains to your retirement. Don’t let these lines of thought keep you from planning your financial future. For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-9-retirement-procrastination/
Oct 11, 2018
Episode #8: Being Between Jobs
Finding yourself between jobs can be frustrating, but it presents opportunities. Consider the challenges and opportunities that accompany an employment gap. For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-8-being-between-jobs/
Oct 4, 2018
Episode #7: Financial Pop Quiz
Eric takes a multiple choice pop quiz about retirement planning. See how his answers stack up with your own. For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-7-financial-pop-quiz/
Sep 27, 2018
Episode #6: Investor Beware
As you search for a financial advisor, you need to beware of certain characteristics. Some traits could raise red flags toward an advisor. For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-6-investor-beware/
Sep 20, 2018
Episode #5: Get Out Of Your Own Way
Are you doing more harm than good to your financial life? If so, listen up. It’s time to get out of your own way. For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-5-get-out-of-your-own-way/
Sep 6, 2018
Episode #4: Financial Junk Food
Explore the correlation between different unhealthy foods and the financial world. Remember, too much junk food is bad for you. For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-4-financial-junk-food/
Aug 23, 2018
Episode #3: Mailbag - Weddings, Capturing Gains, Underperforming IRAs
We'll take your questions on saving for weddings, capturing gains versus saving in taxes, and underperforming IRAs. For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-3-mailbag-weddings-capturing-gains-underperforming-iras/
Aug 9, 2018
Episode #2: Fill In The Financial Blanks
Avoid any gaps in your financial plan. Join us as Eric fills in the financial blanks in your retirement. For in-depth analysis and a recent blog post, click here: https://petersonfg.com/episode-2-fill-in-the-financial-blanks/
Aug 2, 2018
Ep #01: What Is A Fiduciary?
On this inaugural episode of the Retirement Ready podcast, we'll explore the meaning behind the fiduciary standard. For in-depth analysis and a recent blog post, click here: https://petersonfg.com/what-is-a-fiduciary/