Retirement Ready

Next to income, tax planning is the most important thing Eric focuses on with his clients. If you can control how much tax you pay, it’s more money you get to keep, spend, and enjoy. Retirement is a prime time to focus on tax planning as you have more opportunity to control the taxes you owe. Listen in as we talk about tax planning in retirement!

Here’s some of what we discuss in this episode:

• Why is tax planning important?
• How do the tax brackets work?
• What does a Roth conversion strategy look like?

Get in touch with the Peterson Financial team: https://petersonfg.com/

While no one really likes to talk about it, life insurance can be an important part of your financial plan. We talk about why people cringe when they hear the term, who most needs it, and why you might want to reconsider your preconceived notions about it. Life insurance sometimes gets a bad rap, but it can be a powerful tool. If you care for someone else and you hate taxes, look at life insurance.

Here’s what we talk about on today’s show:

• Why is “life insurance” such a dirty word?
• How do you know if you need life insurance?
• Why do wealthy people keep life insurance?
• How does this work as a tax-free income?

Get in touch with the Peterson Financial team: https://petersonfg.com/

Let’s talk about the different tax mistakes retirees are prone to make. Between changing rules and a lot of financial documents to manage, you’ll want to avoid these tax mistakes. Eric talks us through where people get tripped up and why. What you pay in taxes can make a significant impact on your nest egg, so be sure to work with a financial profes-sional who can help you navigate them in retirement.

Here are the tax mistakes we discuss today:

• Forgetting the required minimum distribution.
• Not understanding Social Security taxation.
• Overlooking tax deductions.
• Not utilizing tax-advantaged accounts properly.

Get in touch with the Peterson Financial team: https://petersonfg.com/

When you sit down to talk about your finances, sometimes you run into a question that stumps you. Even if you can’t fully answer the questions, it’s still important to consider these when financial planning. For instance, no one really knows when the next market crash will hit. We can, though, consider what caused market crashes in the past and then set up your financial plan strategically to account for the possibility of a crash in the future. Stay tuned as we chat about some financial questions that are hard to answer and how we navigate these questions in the world of planning.

Here’s some of what we discuss in this episode:

• When’s the next market crash going to happen?
• What will healthcare costs look like in 20 years?
• Who will our future president do and how will they change the taxes?

Get in touch with the Peterson Financial team: https://petersonfg.com/

Retirement is closer than you think, but are you ready? With a staggering number of people lacking confidence in their retirement savings, Eric shares the misconceptions people have and what mistakes can derail someone’s financial future. Many people feel inadequate when it comes to what they have saved in their nest egg, uninformed about the pitfalls of target date funds, and unprepared about the reality of leaving the workforce earlier than expected.

Here’s some of what we discuss in this episode:

• 76 percent of Baby Boomers say they are not confident they have saved enough.
• 30 percent of workers say they don't know what to do with their 401(k).
• 46 percent ​of ​workers ​leave ​the ​workforce ​earlier ​than ​they ​planned.
• Only 24 percent of retirees work with a financial advisor of some sort.

Get in touch with the Peterson Financial team: https://petersonfg.com/