Retirement Reality Podcast

It’s time for another mailbag episode! We have an exciting lineup of topics to discuss today. Listen in as we tackle some current questions from our listeners, and you’ll likely gain some invaluable insights to help you make informed financial decisions.

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

• How can my investment strategy impact my returns? (1:08)
• How can I protect my savings from losing value? (4:05)
• How can I tackle this credit card debt? (8:51)

For more episodes, visit us online here: http://principalpreservationservices.com

It’s a topic no one likes to think about. Would you be OK financially if your spouse passed away? Find out how to prepare financially for a worst-case scenario like this and what common mistakes people make.

Read more and get additional financial resources here:

On today's show:

0:55 – A tough situation

2:31 – What can you do to prepare?

3:42 – Why it’s important to meet with both spouses

4:30 – Immediate financial challenges when a spouse dies

7:55 – Wife didn’t know where all the assets were

9:43 – Husband and wife had good plan in place

11:18 – Why planning is key

12:54 – Mailbag: What should a financial advisor help me with?

When was the last time you took a flight? Did you think at all about how that process related to investing? Probably not, but there are actually some pretty great parallels between retirement planning and flying that we will talk about on this episode. Buckle up and prepare for takeoff.

On this episode:

2:36 – Introducing our topic on today’s show.

3:32 – In the news: 37% of households are ‘free and clear.’ Is that number high or low?

4:49 – 75% of our clients are free and clear and the others are pretty close.

5:44 – Beginning our main topic of what flying teaches us about retirement

6:09 – The first lesson: You need a flight plan.

7:42 – You need someone with experience to build the correct flight plan.

8:51 – The third lesson: Turbulence effects different people in different ways.

10:15 – Your plan, like an airplane, is built to withstand the ups and downs.

11:00 - The final lesson: You need help along the way to get from point a to point b.

11:50 - Past success can really hurt you. Here’s why.

Get the full show notes and additional resources by clicking here: https://principalpreservationservices.com/what-flying-can-teach-us-about-retirement/

What do you know about the “Great Resignation”? There’s been a lot of people leaving their jobs lately, either to take a break or to retire early. We’ve seen it with some of our clients even. With this huge shift in the workplace, we want to discuss how it could impact your retirement plan if you decide to leave your job.

What should you be aware of when it comes to Social Security and your retirement accounts if you quit your job? You’ll have to keep in mind if you do take a break, your Social Security payment calculations could change later on. Don’t think of your 401(k) as a rainy-day fund either. However, make sure you take it with you if you do go to a new job. A lot of people are thinking about retiring early and having a stable plan is the first step to realizing that goal.

Forbes Article: https://www.forbes.com/advisor/retirement/great-resignation/

Get additional financial information: https://principalpreservationservices.com/ep-85-how-the-great-resignation-could-impact-your-retirement/

What we discuss:

1:31 - Happy New Year!

2:25 – Retirement planning during the great resignation

4:10 – The impact of the pandemic

5:05 – Taking a break from Social Security

6:56 – 401(k) as a rainy-day fund

9:05 – Take your 401(k) with you

11:37 – Leaving before a potential match

14:18 – Cover your basis before you retire early

18:15 – Mailbag: “How much stock in the company I work for is too much?”

20:20 – Mailbag: “How do I get myself motivated to save more for retirement?”

Your advisor is here to help you make the best financial decisions for your future, but there are still some unreasonable things to expect from them. It’s important, as a client, to stay down to earth when it comes to your financial expectations. On today’s episode, we will be discussing 4 requests that are probably a little too unreasonable to ask of your advisor.

Do you want big returns without risk? Well, you are probably going to have to take on at least some risk to get there. Can you ask an advisor to lower their fees? Some people wonder if there is a way to get out of paying taxes on retirement accounts like a 401(k) or IRAs. Although you can roll over these accounts to a Roth, you’ll still have a tax bill. What if you don’t want to be involved in the planning process? It’s crucial your advisor understands you and your expenses so being involved to some degree is required. We’ll also answer three mailbag questions about retiring early, risk, and working until the age of 70.

Get additional financial information: https://principalpreservationservices.com/episode-81-4-unreasonable-requests-for-your-advisor/

What we discuss:

1:14 – Enjoying fall

2:26 – I want big returns, but I don’t want any risk

6:03 – Can you reduce your fees?

9:42 – How can I get out of paying taxes on my 401(k) or IRA?

12:03 – Do I have to be involved in the planning process?

15:12 – Mailbag: What steps should I take to retire at 55?

17:05 – Mailbag: How much should I have at risk in my portfolio?

19:38 – Mailbag: I’m single, should I work until I am 70?