Retirement Reality Podcast

What does diversification mean to you? And is it good financial strategy? On this episode of the Retirement Reality Podcast, Mike Kojonen breaks down the reasons why it’s not always a good financial strategy.

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-61-is-diversification-for-suckers/

What we discuss on this show:

1:58 – Get to know you: Mike’s go-to karaoke song?

4:01 – Warren Buffet quote about diversification

4:54 – Definition of diversification

7:07 – What is diversification?

8:36 - How much emphasis should be put on diversification?

9:34 - Is it possible to be “too diversified?”

11:08 – Mike describes diversification scenario

14:26 – Be prepared

We’re talking specifically to Baby Boomers on this episode. What are the most common challenges, fears and goals of this generation? What are some of the mistakes Boomers often make and how can they be avoided?

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-59-common-retirement-mistakes-and-concerns-of-baby-boomers/

What we discuss on this show:

3:00 – Challenges of Baby Boomers

4:30 – Have people failed to save enough without a pension?

5:56 – Baby Boomers’ fears

8:55 – What mistakes do Baby Boomers make?

13:01 – Mailbag: Can I use this money to buy a car or should I invest it?

14:23 – Mailbag: How reliable is my 401K estimated income statement?

Let’s talk about estate planning, specifically wills and trusts. Find out what’s right for you, how much it costs and more.

Read more on the topic here: https://principalpreservationservices.com/ep-57-what-you-should-know-about-wills-and-trusts/

What we discuss on this show:

2:10 – Getting to know you question

5:39 – Why estate planning is so important

7:19 – Will or trust?

10:41 - You don’t need a lot of assets for a trust

14:14 – What does it cost to set up will vs. trust

16:40 - Financial adviser’s role

18:30 – Mailbag: Should I give my son this inheritance?

Have you ever looked back on a financial decision and thought, “I wish I would have done that differently”? Decisions about money are a lot easier with the benefit of hindsight. On this episode of the Retirement Reality Podcast, Mike Kojonen looks at five common money mistakes people have made this year.

Read more and get additional financial resources here: https://principalpreservationservices.com/39703-2/

What we discuss on this show:

2:19 – Getting out of the market

4:59 – Not knowing your risk factor

6:51 – Not knowing your social security options

9:15 – Not putting money in a Roth IRA

12:21 – Retiring too early and going back to work

15:30 – Mailbag: Should I try to get a tax refund?

17:12 – Mailbag: Redo our kitchen or save more for retirement?

On part two of our estate planning conversation with attorney Patrick Boley, we turn our attention to life after death to discuss the documents you need to have in place. That includes a detailed discussion on wills and trusts, along with the role probates play in the estate process.

Read more and get additional resources here: https://principalpreservationservices.com/ep-70-estate-planning-for-life-after-death-with-patrick-boley-part-2/

Check out Part 1: https://principalpreservationservices.com/ep-69-the-living-side-of-estate-planning-part-1/

What we discuss on this episode:

1:14 – Interview begins

2:44 – What happens if you don’t have documents in place?

3:58 – The Will

6:19 – Probate & the Transfer on Death Deed

10:16 – Stepped-Up Value

11:52 – Formal or Informal Probate

13:44 – Mike shares a personal story

17:48 – Client story about a will getting contested

18:55 – Revocable Living Trust

22:41 – Putting house in a trust

28:22 – Second marriages

30:30 – Dangers of doing it yourself

33:24 – Protection from nursing home

35:13 – Updating your documents