Retirement Reality Podcast

On this week’s episode, we take a look at some of the financial and retirement challenges that are unique to women and how to handle them.

Read more and get additional financial details here: https://principalpreservationservices.com/ep-50-financial-issues-and-advice-for-women/

What we discuss today:

1:04 – Off-topic: Is this a good time to buy a home or refinance?

4:49 – How engaged are women with finances?

7:59 – Women in difficult financial situations

9:43 – Challenges faced by widowed women

11:43 – Advice for men

13:22 – A memorable story

17:36 – Mailbag: Financial issues in second marriage

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 younger

4:35 – Taking Social Security too early

6:38 – Failing to focus on tax planning

8:59 – Thinking Medicare will cover all your needs

10:20 – Taking on extra risk

13:10 – Mailbag question

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 additional resources here: https://principalpreservationservices.com/ep-33-are-you-in-a-bad-investment/

Today's show schedule:

1:05 – A recent study found a bad savings trend for Americans.

4:04 – Does Mike agree that there aren’t bad financial products, mainly just bad fits for people?

5:15 – Mike shares the worst investments he remembers seeing from a client.

7:59 – Do clients have any idea how they got into these bad investments?

9:48 – There are usually ways to correct your mistakes and get into correct investments. Mike shares a story.

12:31 – Making changes can benefit you greatly and here’s another story about a past client.

14:45 – Mailbag Question #1: How much long-term care coverage is recommend? It seems there are hundreds of options out there.

17:45 - Mailbag Question #2: I’ve had the same financial advisor for 20 years but it seems like he’s phasing out and passing things on to a younger advisor in the firm. Should we stick with them or find somebody new?

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 and get additional resources here: https://principalpreservationservices.com/ep-28-setting-financial-retirement-goals/

Today's rundown:

1:35 – It’s a busy time around the office.

3:33 – What general goals can everyone shoot for when building a plan?

5:30 – Not having a plan is planning to fail.

5:55 – You don’t have to completely understand finances to build a plan and set goals. That’s what we’re for.

7:26 – How do you help someone determine what their goals are?

8:46 – What unrealistic goals have you heard from people?

11:35 – How can you know if your financial goal is realistic and achievable?

13:19 – Mike shares a client story about underestimating expenses.

14:50 – Mailbag question: I just looked at Social Security estimate and see how much I’d get at 62, 66, and 70. I’m blown away by how much more I’d get at 70. I’m inclined to wait as long as possible to start it event though I’ll retire around 66. Is that the best option for me?

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-desire-to-retire/

Today's rundown:

2:48 – Getting to Know Mike: What’s your favorite sport?

5:21 – Moving into our main topic on desire to retire.

5:41 – Level 1: ‘I don’t see myself retiring. I love what I do.’

6:49 – Level 2: ‘I guess I could retire but they pay me pretty well and I don’t hate it. So I might as well keep working.’

7:35 – Mike shares a story about a trip to California and a retirement conversation he had.

8:52 – Level 3: ‘I’d like to retire in a few years but I’m not really sure when I can.’

11:05 – Level 4: ‘I always pictured myself working for a few more years but the idea of retirement is looking better and better.’

13:28 – Level 5: ‘I want to retire tomorrow and if I don’t quit this job right now, they might have to put me in an asylum.’

16:28 – Here’s how you can start the planning process regardless of your level.

17:54 – Mailbag question: It appears I’m now able to contribute more to my 401k this year than I was allowed to last year. Is it safe to assume I should put in the extra amount?