Retirement Ready

Most of us have a junk drawer stuffed with random odds and ends we forgot about. But what about your financial junk drawer? Old insurance policies, dusty 401(k) statements, outdated wills, or savings bonds from decades ago could be sitting forgotten, and they might be costing you money or missing opportunities. In this episode, Eric opens the drawer on common financial items people stash away and forget to revisit. Here's some of what we discuss in this episode:  

In today's world, information is everywhere, but not all of it is helpful. When it comes to financial planning, too much research or the wrong kind of advice can do more harm than good. In this episode, Eric tackles the overwhelming flood of financial content people consume through news articles, websites, AI tools, and so-called “money experts.” While it feels empowering to Google your way to a decision, Eric warns that many of these sources use emotional triggers to sell products instead of offering real guidance. Here's some of what we discuss in this episode:  

Retirement isn't just about financial spreadsheets, it's about preparing your whole life for a new chapter. In this episode, Eric uses the clever framework of The Five People You Meet in Heaven to explore the five types of professionals and relationships that can shape your retirement journey. From legal guidance to physical wellness, these people can help protect what you've built and ensure you're actually able to enjoy it. Here's some of what we discuss in this episode:

When it comes to retirement, some decisions aren't as clear-cut as they seem. Should you pay off your mortgage early? Convert to a Roth IRA? Claim Social Security at 62 or wait until 70? The math might say one thing, but your emotions, goals, and personal circumstances often pull you in another direction. In this episode, Eric tackles the “gray areas” of retirement planning, those tricky crossroads where logic and lifestyle collide.   Here's some of what we discuss in this episode:

We all like to believe we're rational when it comes to money, but our emotions often tell a different story. In this episode, Eric unpacks key insights from Morgan Housel's The Psychology of Money and explains how our upbringing, fears, and life experiences shape how we save and spend. From the fear of running out to the trap of always wanting more, Eric explores why logic alone isn't enough to build a solid retirement plan.   Here's some of what we discuss in this episode:

Most people assume all financial advisors offer the same services, but that couldn't be further from the truth. From taxes to Social Security, Medicare to estate planning, the depth and quality of your advisor's services can make or break your retirement plan. In this episode, Eric walks through the often-overlooked services a true, holistic advisor should provide and why they matter. Here's some of what we discuss in this episode:

Thanks to a variety of economic and geopolitical circumstances, many people are experiencing some form of financial anxiety right now. Whether it's market volatility, inflation headlines, or fears about Social Security and global instability, the emotional impact of uncertainty is very real. In this episode, Eric addresses what's behind that anxiety and how a solid retirement plan can keep you grounded, even when the news cycle suggests otherwise. Here's some of what we discuss in this episode:

In this episode, Eric opens the mailbag to answer three listener questions that hit on some of the most common—and often misunderstood—retirement topics. From how the 4% withdrawal rule really works, to whether life insurance is a smart legacy tool, Eric brings practical, experience-backed advice to each conversation. Here's some of what we discuss in this episode:

Most people think a financial advisor's primary job is picking investments, but that's just a small piece of the puzzle. In today's episode, Eric explains that the real work happens in solving the complex, emotional, and unexpected problems that come with retirement: early job loss, tax challenges, the loss of a spouse, or even recovering from bad advice.   Here's some of what we discuss in this episode:

Making more money is great, but what happens when it becomes a roadblock for contributing to a Roth IRA? And how can you make your emergency fund work smarter for you? In today's episode, we pull from the mailbag and answer a mix of listener questions. Eric addresses concerns that reflect the real-life hurdles many face on the road to retirement.   Here's some of what we discuss in this episode:

Although tax season has come to a close, the time for smart tax planning has just begun! In this episode, we unpack the upcoming tax updates that could affect your planning for the next few years, including changes to 401(k) contribution limits, tax deductions, and the potential benefits of using tax-advantaged accounts like HSAs. Here's some of what we discuss in this episode:

Ever fantasize about leaving your 9-to-5 before traditional retirement age? You're not alone, but is early retirement even possible? In today's episode, Eric explores what it really takes to retire early including how to tackle healthcare costs, how to make money last longer, and the importance of shifting your mindset from spender to saver. Here's some of what we discuss in this episode:

​What are Americans really concerned about when it comes to retirement? In this episode, we unpack the results of an insightful survey from Financial Advisor Magazine, which was completed by over 400 financial advisors. We'll also compare these answers with the real-world concerns we hear every day from the clients in our own practice.   Here's some of what we discuss in this episode:  

March Madness is here, and just like filling out a bracket, picking individual stocks can feel like a thrilling gamble. But the odds of winning big are slim. In fact, history shows that most stock picks, like most brackets, end up busted. Many investors can't resist chasing big wins, even though diversification is a smarter play. One economist, Hendrik Bessembinder, analyzed the returns of nearly a century of stock performance. Let's compare what he found to March Madness history and uncover what March Madness can teach us about investing! Here's some of what we discuss in this episode:

Many investors focus on market performance but overlook one of the biggest threats to their long-term wealth: hidden fees. These costs—often buried within mutual funds, annuities, and trading expenses—can quietly erode your retirement savings over time. In this episode, Eric reveals the true cost of investing and how to protect yourself from unnecessary financial drains. Here's some of what we discuss:

What do Monopoly, Trivial Pursuit, Candy Land, and Risk have in common with retirement planning? More than you might think! In this episode, Eric breaks down the surprising financial lessons hidden in classic board games, offering valuable insights to help you navigate your retirement strategy. From the asset management lessons of Monopoly to the strategic thinking required in Risk, these games mirror real-life financial decisions. Just as in Trivial Pursuit, where players must collect wedges in different categories, a well-rounded retirement plan requires knowledge of investments, Social Security, Medicare, and tax strategies. And if you're relying on luck—like in Candy Land—rather than a solid financial plan, you might be in for a rude awakening. Eric also explores how risk management and retirement readiness reviews can give you a clearer financial picture, helping you avoid costly missteps. Here's some of what we discuss in this episode:

Join us as we answer questions about the challenges of downsizing, the emotional aspects of planning for family gatherings, and the realities of transitioning into a financial advisory career. Whether you're a grandparent considering a new home or a professional seeking a career change, this episode will hopefully cover something that might impact your retirement. Here's some of what we discuss in this episode: Is upsizing in retirement to accommodate family gatherings a crazy idea? What advice would Eric give to someone thinking about becoming a financial advisor? What should business owners focus on if they haven't been saving in a 401k or retirement account? Get in touch with the Peterson Financial team: https://petersonfg.com/

On this episode, Eric dives into the complexities of crafting a personalized retirement strategy. While many face the same general retirement concerns, each individual's situation is unique, requiring tailored solutions. We'll explore real-life scenarios like age gaps and separate finances, highlighting the specific challenges people encounter when planning for the future. Here's some of what we discuss in this episode: What changes with planning when you and your spouse have an age gap? The things you have to plan for if you want to retire early. How we help couples who keep their finances separate. Rebounding from divorce and building your finances back up for retirement. Get in touch with the Peterson Financial team: https://petersonfg.com/

Anyone with children knows that they will have a huge impact on your money, and retirement planning is no different. There are family dynamics that impact decisions you'll need to make during the planning process. As many nearing retirement age are discovering, adult children and grandchildren can significantly influence financial strategies, making it crucial to understand how to navigate these relationships effectively. Here's some of what we discuss in this episode: When should you make sure your kids are no longer ‘on the payroll'? Making the decision to prioritize retirement versus helping your children with college funding. The best ways for grandparents to help with their grandchildren's education costs. Is it okay to count on your children to help take care of you as you age? Get in touch with the Peterson Financial team: https://petersonfg.com/

Financial advisors wear a lot of hats, but one role you probably didn't expect us to play is a counselor or therapist. That happens more than you would imagine because we help couples communicate about money and have conversations that they might not normally have at home. This episode is focused specifically on the planning we do with couples with insights on how we help them navigate tricky conversations about money and retirement. Here's some of what we discuss in this episode: The things that married couples tend to disagree about most when it comes to money. What financial matters do couples do a poor job communicating about? Why you want to have conversations about how you want to spend your time in retirement.   What should you discuss as a couple before meeting with a financial advisor? Get in touch with the Peterson Financial team: https://petersonfg.com/

Retirement is often viewed as a golden era of relaxation and enjoyment, but it can also be riddled with misconceptions that can lead to financial pitfalls. Many people fall into the trap of wishful thinking when it comes to what they expect will happen in retirement, but a successful retirement isn't built on hope and assumptions. In this episode, Eric sheds light on these common myths and offers practical strategies for effective retirement planning. Here's some of what we discuss in this episode: Can retirees live off the interest generated by their investments in retirement? Many people think they'll be in a lower tax bracket in retirement but is that reality? Once you stop working, many expenses will no longer be necessary, but does that mean you'll end up spending less overall in retirement? People are often shocked at the cost of healthcare when it comes out of their own pocket.   Get in touch with the Peterson Financial team: https://petersonfg.com/

Retirement is a time for relaxation, exploration, and enjoying the fruits of years of hard work. However, for many, the transition from saving to spending can be a daunting challenge. It's a common dilemma that we'll discuss in this episode while offering up insightful strategies to help retirees spend with confidence. Here's some of what we discuss in this episode: Shifting from the saving mindset of your working life to the spending mindset of retirement. How proper planning can build up confidence for retirement. The accumulation vs. distribution phases. Not being overly confident. Get in touch with the Peterson Financial team: https://petersonfg.com/

In the latest episode of Retirement Ready Podcast, Eric pulls back the curtain on some of the most common financial half-truths that many retirees and investors encounter. As someone gearing up for retirement, it's crucial to have a clear understanding of these financial nuances to ensure your strategy is both effective and resilient. Here's some of what we discuss in this episode: While the market will go up in the long run, a downturn when you need to sell stock can be a major issue. Paying off a mortgage early vs. investing more in your retirement. Diversification is important, but it is not the only thing you need for a successful retirement. Bonds reduce risk, but they're not risk-free. Get in touch with the Peterson Financial team: https://petersonfg.com/

The 401k is the most common way that people save for retirement, which is why we get a lot of questions on the show and in the office about this employer-sponsored plan. You want to take full advantage of your 401k when you're working, but there are some intricacies that you might not even be aware of. This episode will tackle those frequently asked questions and break down the areas that people are most curious about. Here's some of what we discuss in this episode: Should you take advantage of employer-offered 401K advisory services? Should you put more into your 401K than the company match? Are 401K loans a good idea? When should you rollover a 401K into a Roth IRA? Get in touch with the Peterson Financial team: https://petersonfg.com/  

When you're ready to start working with a financial advisor, how do you find the right person to help you reach your financial goals? Not every advisor is the same but most people don't really know what to look for. This episode is all about helping you ask the right questions and avoid the mistakes that people commonly make when they choose a financial advisor.   Here's some of what we discuss in this episode: Different financial tools are used for different goals that people have. Discussing fee structure with a prospective advisor. Avoiding putting too much trust in big name brands. Not being afraid to ask questions. Making sure that you are working with somebody who has the right specialty.   Get in touch with the Peterson Financial team: https://petersonfg.com/

We all tell ourselves little white lies from time to time. But when it comes to our finances, these "little lies" can have se-rious consequences. In this episode, we explore some of the most common financial lies people tell themselves: "I'll pay back the money I borrowed from my 401(k)." Is borrowing from your retirement savings really a good idea? We'll discuss the potential pitfalls and explore better alternatives. "The stock market is rigged against the little guy." Is this a myth or a reality? "The bank is the safest place for my money." While banks offer security, they may not always be the best option for growing your wealth. We'll discuss the trade-offs and explore alternative strategies. "I'll start saving next year." Procrastination is a common financial enemy. We'll discuss the dangers of delaying your savings goals and provide actionable tips to get started today. Join us as we debunk these common financial myths and gain valuable insights into building a stronger financial future.   Tune in to learn how to: Make informed decisions about your retirement savings. Navigate the stock market with confidence. Develop a sustainable savings strategy. Overcome common financial roadblocks.   Get in touch with the Peterson Financial team: https://petersonfg.com/

Retirement is often seen as the golden phase of life, a time to sit back, relax, and enjoy the fruits of your labor. However, did you know that psychologists rank retirement as the 10th most stressful event you can experience? In this episode, Eric discusses why this phase can be so daunting and offers strategies to ease the transition. Here's some of what we discuss in this episode: The stress that can come with no set day to day schedule during retirement. Keeping your options open as you plan for retirement. Reducing your retirement stress by working with a qualified professional. Get in touch with the Peterson Financial team: https://petersonfg.com/

Throughout our lives, there will be times when the markets rise and times when we experience downturns. Largely, we don't have control over the circumstances we're dealt, but we do have control over how we respond to those situations. In this episode, Eric will explore financial situations that can often feel stressful and inconvenient. We'll focus on finding the silver linings and learning how to make the best of those situations.   Here's some of what we discuss in this episode: Finding opportunities during a market downturn Understanding capital gains taxes Leveraging high interest rates to your advantage Turning a layoff into an opportunity for a reset Get in touch with the Peterson Financial team: https://petersonfg.com/

There are plenty of obvious questions about retirement planning that everybody knows they should be asking. Then, there are other questions that aren't exactly enjoyable to think about. For example, it's not easy to consider how taxes and income might shift after losing a spouse, how losing the ability to drive could lead to new financial and social challenges, or whether relying on your children for care in old age is realistic. Yet, these are necessary things to ask yourself as you build a plan. Tune in to this episode with Eric, as he breaks down some frequently unasked retirement questions that are very important to consider.   Here's some of what we discuss in this episode: Downsizing in retirement How taxes change when you must file as single The financial impacts of losing the ability to drive Not just assuming that your kids are on board with taking care of you in old age   Get in touch with the Peterson Financial team: https://petersonfg.com/

Diversification is one of those buzzwords you hear often in financial planning. While many people know it's important, few are clear on what it actually means when applied to various aspects of their financial strategy. In today's episode, Eric and Marc will bring you the diverse definitions of diversification.   Here's some of what we discuss in this episode: Diversification in terms of stocks. Diversification of asset classes. Global diversification. Diversification of strategies. Diversification around taxes.   Get in touch with the Peterson Financial team: https://petersonfg.com/

As technology keeps advancing, it's made our lives easier in so many ways. Tasks that used to need outside help can now be done on our own with just a few clicks. This shift has also brought more accessible online financial tools, but how accurate and helpful are they really?   Here's some of what we discuss in this episode: The risks that come with sponsored ads on Google. How robo-advisors take the emotion out of investing. How useful are online “retirement calculators?” Different uses for technology in the accumulation phase vs. the distribution phase.   Get in touch with the Peterson Financial team: https://petersonfg.com/

Dorothy Parker is one of the great writers of the 20th century. Her wit and prose have been appreciated by readers for generations. But are there any lessons we can learn when it comes to finance with some of Parker's most well-known quotes?   Here's some of what we discuss in this episode: Planning for the worst and hoping for the best. Putting your financial resources to work for you. Having a plan for what you want to do with your wealth when you die. The relief you'll feel after financial planning.   Get in touch with the Peterson Financial team: https://petersonfg.com/

In this episode, Eric is answering your questions! We'll cover a range of topics today, including key considerations for income taxes when moving to a new state, how to initiate financial conversations with parents or grandparents, and whether using a life insurance policy to save for a college fund is a wise choice.   Here's some of what we discuss in this episode: The financial impacts of moving to a state with a higher income tax. Getting the conversation started with older parents when it comes to their finances. Is it better to use a life insurance policy for college savings?   Get in touch with the Peterson Financial team: https://petersonfg.com/

What is lazy money and why do you want to not have too much of it in your retirement portfolio? Simply put, lazy money is money that isn't growing as much as it could be. Having your money grow and work for you is a key part of building a solid portfolio, so Eric breaks down some strategies to help get the most out of your money in this episode. Here's some of what we discuss in this episode: Defining the term “lazy money.” Making sure that you are getting the most out of your money. The concept of investing with your conscience or “moral investing.” How lazy money can be dangerous. Getting your money to make more money for you. Get in touch with the Peterson Financial team: https://petersonfg.com/

Retirement planning simply isn't the same as it used to be. From changes in life expectancy, the lack of pensions, and getting caught in the sandwich generation, there's a lot to keep in mind when putting together your financial plan. Instead of taking advice from others who may have retired in a different era, it's important to understand what strategy is right for you.     Here's some of what we discuss in this episode: Pensions are no longer the norm. Life expectancy is longer, so we need to financially prepare for longer lives. Some get stuck in the sandwich generation and caring for others. You should be strategic about your Social Security income. Taxes are an area where you can take control in retirement.   Get in touch with the Peterson Financial team: https://petersonfg.com/

After so many years of paying into Social Security, you might feel ready to reap the benefits. But before you get too eager, it's best to have a thorough understanding of the different variables and how to best leverage them. On today's podcast, Eric emphasizes the need for a comprehensive strategy and personalized plan. Here's some of what we discuss in this episode: The different buckets in retirement.   How Social Security benefits apply with a spouse. Maximizing your financial outcome. Potential changes to Social Security. Get in touch with the Peterson Financial team: https://petersonfg.com/

One of the key discussions you may have in retirement is what to do about the house. Should you downsize your home? Pay it off early? Buy a vacation home and become a snow bird? Eric emphasizes the importance of considering not just the financial implications but also the lifestyle changes each of these decisions entail. Weighing out the pros and cons of each decision can highlight what is right for you (which isn't always the same as what your neighbor is doing).    Here's some of what we discuss in this episode: Whether or not to downsize. Considering the interest rates. Wondering about paying off the house. Springing for a vacation home.    Get in touch with the Peterson Financial team: https://petersonfg.com/

One major (yet often overlooked!) expense in retirement is healthcare. Especially if you are retiring early, healthcare can be a huge expense as you bridge the gap between your working years and when eligible for Medicare. Not only will you have an increased monthly cost, but you may need to budget for additional medical costs as time goes on or even long-term care needs. In today's episode, Eric will give us an inside look at the healthcare-related items you need to think about as you approach your retirement years.   Here's some of what we discuss in this episode: How Medicare fits in your retirement plan. What happens if you retire early? Dealing with unexpected medical expenses. Planning for long-term care needs.   Get in touch with the Peterson Financial team: https://petersonfg.com/

Your money and your nest egg have a direct effect on so much of your life, especially those you hold dear. Today we talk about what happens in a family, particularly when someone has passed away, and the financial impact that can have. Losing a spouse is an emotionally devastating experience, and amidst the grief, the financial implications can add another layer of stress.   Here's some of what we discuss in this episode: Overcoming the most significant financial challenge after the loss of a spouse. Understanding the tax implications. Why estate planning is so vital. What a balanced financial strategy looks like.   Get in touch with the Peterson Financial team: https://petersonfg.com/

Have you ever wondered how a water wheel can relate to your retirement planning? It might seem like an odd comparison, but in today's podcast, Eric breaks down this fascinating analogy and its significance in maintaining a stable financial future.   Here's some of what we discuss in this episode: The driving force behind your lifestyle in retirement. Diversifying income streams. How personal pensions could help. Managing your finances with vigilance.   Get in touch with the Peterson Financial team: https://petersonfg.com/

We all make mistakes from time to time. But what if your financial mistakes could be avoided with just a little insight? Eric shares some of the most common retirement planning mistakes people are prone to make and what you can do to save yourself from heartache.   Here's some of what we discuss in this episode: Understanding tax implications. Timing your Social Security benefits wisely. Focusing on income instead of returns. Balancing aggressiveness and conservative investing.   Get in touch with the Peterson Financial team: https://petersonfg.com/

When it comes to planning for retirement, the relationship you have with your financial advisor is crucial. Many people express common complaints about their financial advisors, from taking on too much risk to paying high fees or a lack of communication. In today's podcast, Eric sheds light on these concerns and offers valuable insights to help you navigate your financial journey.   Here's some of what we discuss in this episode: Assessing risk in investments. Understanding the value for your fees. Evaluating investment performance. The importance of holistic financial planning.   Get in touch with the Peterson Financial team: https://petersonfg.com/

Inside a marriage, retirement planning is a journey that ideally involves both partners working together towards a common goal. However, as with any significant life decision, disagreements can arise. Eric sheds light on some of the most common spousal disagreements regarding retirement and offers practical advice on how to navigate them.   Here's some of what we discuss in this episode: Determining the risk tolerance level. Deciding what age to retire. How much to allot toward legacy planning. Considering when to downsize. Finding a retirement lifestyle that makes everyone happy.   Get in touch with the Peterson Financial team: https://petersonfg.com/

According to Ernest Hemingway, "In order to write about life, you must first live it." Eric shares how his years working as a financial advisor have given him the experience to guide others through various market conditions and make a financial plan that is possible to follow. It's not just about understanding the products and tools; it's about knowing how people react to different financial stimuli and steering them accordingly. Tune in to the conversation as we unpack more Ernest Hemingway quotes just like this and see how they relate to financial planning!   Here's some of what we discuss in this episode: The value of years in the financial services industry for understanding market conditions and reactions Guiding and counseling clients through various financial situations The importance of cautious investing approaching retirement   Get in touch with the Peterson Financial team: https://petersonfg.com/

Saving for retirement is not like it used to be. For too many, it's a mystery whether or not they have what they need to retire comfortably. To best prepare for retirement, it's important to know where you stand. Do you have an understanding of what your goals and financial needs are?   Here's some of what we discuss in this episode: How retirement has changed from previous generations. The key question to ask yourself. Understanding your income needs. Stress-testing your plan.   Get in touch with the Peterson Financial team: https://petersonfg.com/

When it comes to financial planning, understanding your investor personality type can significantly impact your retirement plan. From one of the most common investor types to the mismatched couple, Eric shares the different investors he has encountered and how to plan accordingly. Hear how to ensure a successful retirement, no matter what your personality type. Which of these investor personalities sounds most like you? Find out in this episode.   Here's some of what we discuss in this episode: The victim personality. The over-analyzer. The DIY-er. The odd couple.   Get in touch with the Peterson Financial team: https://petersonfg.com/

Are your financial habits setting you up for a secure retirement or are they leading you down a path of uncertainty and uneasiness? Eric shares about the consequences of bad financial habits and what you can do to cultivate better ones. Instead of burying your head in the sand or overemphasizing the wrong things, take some time to recalibrate and get your financial life in the right direction.   Here's some of what we discuss in this episode: Ignoring your account statements. Understanding volatility. Being addicted to the stock market. Overcoming procrastination. The best time to start.   Get in touch with the Peterson Financial team: https://petersonfg.com/  

Have you ever wondered how major historical events influence our financial behaviors? Or wondered what the root is of some of your or your family members' financial decisions? In today's podcast, we dive into the profound impact of these "black swan" events on our investment and saving habits. From the Great Depression to the 2008 housing crisis, these events have left lasting impressions on generations of investors.   Here's some of what we discuss in this episode: The deep scars of the Great Depression. The post-WWII economic boom and the Dot-Com bubble. The 2008 housing crisis. Modern financial strategies for a stable retirement.   Get in touch with the Peterson Financial team: https://petersonfg.com/    

Many people can have a couple of “blind spots” so to speak when it comes to their retirement plans. Do you worry you may not be accounting for everything you might need for your retirement? Then today's episode is perfect for you!   Here's some of what we discuss in this episode: The dangers of a market downturn early in your retirement. Accounting for inflation. Planning for medical costs. Understanding the tax coordination on your income.   Get in touch with the Peterson Financial team: https://petersonfg.com/

There can be a lot of emotions when it comes to investing and planning for retirement. And what better way to discuss those emotions than through the characters of Pixar's latest film, Inside Out 2? In this episode, Eric breaks down how emotions can impact your financial decisions and shares practical strategies to help you manage them.    Here's some of what we discuss in this episode: The potential joy in retirement planning. Quelling fears about retirement. Avoiding dwelling on poor financial decisions. Running your own race. Reducing anxiety through planning.   Get in touch with the Peterson Financial team: https://petersonfg.com/

Preventative care isn't just for your health; it's essential for your financial well-being too. By consulting a financial advisor early and often, you can avoid financial distress and make informed decisions that lead to a secure and fulfilling retirement. Join us as we talk about the importance of preventative care with your finances in today's episode!   Here's some of what we discuss in this episode: Proactive vs. reactive financial planning. The perceived cost of financial advisors. Overcoming financial fears and misconceptions. The power of financial literacy.   Get in touch with the Peterson Financial team: https://petersonfg.com/