Weekly financial and retirement planning guidance with Mike Kojenen of Principal Preservation Services. Mike serves western Wisconsin and the Twin Cities areas of Minnesota.
For some people, the idea of retiring and then getting another job is detestable. For others, they can't sit still and have to go find some other job. In this show, we discuss the benefits of taking on side gigs during retirement and explore five practical ideas that can help retirees stay engaged and financially secure. Here's what we discuss in this episode: 0:00 - Intro 1:52 – Consulting 2:43 – Teaching 3:48 – Selling Items Online 5:30 – Pet Sitting 7:03 – Retail 8:40 – How it impacts planning Our website: https://principalpreservationservices.com/ Phone: (855) 987-8888 Contact our team: https://principalpreservationservices.com/wisconsin-minnesota-financial-services/ Get your exclusive first chapter of Mike's books: https://principalpreservationservices.com/books/ Check out our downloadable guides: https://principalpreservationservices.com/useful-financial-guides/ Check us out on YouTube: https://www.youtube.com/channel/UCJ6RRiWvkInUm_E3lg38T2g
The five love languages were made popular by author Gary Chapman. If you're not familiar with them, they include acts of service, quality time, words of affirmation, gifts, and physical touch. In the spirit of the month of love, let's take a look at how you may encounter the love languages when it comes to financial planning. Here's what we discuss in this episode: 0:00 - Intro 1:22 – Acts of Service 2:55 – Quality Time 4:16 – Words of Affirmation 5:33 – Gifts 7:19 – Physical Touch Our website: https://principalpreservationservices.com/ Phone: (855) 987-8888 Contact our team: https://principalpreservationservices.com/wisconsin-minnesota-financial-services/ Get your exclusive first chapter of Mike's books: https://principalpreservationservices.com/books/ Check out our downloadable guides: https://principalpreservationservices.com/useful-financial-guides/ Check us out on YouTube: https://www.youtube.com/channel/UCJ6RRiWvkInUm_E3lg38T2g
If you've spent years successfully managing your own investments, do you really need a financial advisor? That's the question Bob, one of our listeners, sent in. He's got an MBA, knows the markets well, and has always handled his portfolio solo. So, is working with an advisor just an extra expense, or could it actually add real value? In this episode, we break down when and why even experienced investors might benefit from professional guidance and when they're probably fine on their own. Here's what we discuss in this episode: 0:00 - Intro 1:23 – Today's question 3:01 – How advisors provide value 4:18 – Financial blindspots 6:24 – Help managing a portfolio 8:43 – Why you work with an advisor Our website: https://principalpreservationservices.com/ Phone: (855) 987-8888 Contact our team: https://principalpreservationservices.com/wisconsin-minnesota-financial-services/ Get your exclusive first chapter of Mike's books: https://principalpreservationservices.com/books/ Check out our downloadable guides: https://principalpreservationservices.com/useful-financial-guides/ Check us out on YouTube: https://www.youtube.com/channel/UCJ6RRiWvkInUm_E3lg38T2g
Social Security claiming strategies can vary greatly depending on family dynamics. This episode explores how different family situations, such as those with a stay-at-home spouse or a blended family, can impact when and how to claim Social Security benefits to maximize your retirement income. Here's what we discuss in this episode: 0:00 - Intro 1:26 – Single-income households 3:53 – Coordinating claiming strategies 6:39 – Blended families 9:33 – Disabled family members 11:09 – Mike's advice for claiming Our website: https://principalpreservationservices.com/ Phone: (855) 987-8888 Contact our team: https://principalpreservationservices.com/wisconsin-minnesota-financial-services/ Get your exclusive first chapter of Mike's books: https://principalpreservationservices.com/books/ Check out our downloadable guides: https://principalpreservationservices.com/useful-financial-guides/ Check us out on YouTube: https://www.youtube.com/channel/UCJ6RRiWvkInUm_E3lg38T2g
Winter has a lot of people thinking about warmer weather. For some, that just means an annual vacation down south. But for certain retirees, they choose to live elsewhere through the brunt of winter, becoming “snowbirds.” Is snowbird life for you? Let's talk about what motivates people to take up temporary residence elsewhere, where they go, and if it's worthwhile. Here's what we discuss in this episode: 0:00 - Intro 1:50 – How common is this? 3:10 – Trying it before retirement 4:30 – What you need to know 6:24 – How a financial advisor helps Text RETIRE to 21000 to Begin Building Your Retirement Reality Roadmap Learn more about Principal Preservation Services: https://principalpreservationservices.com Schedule an Initial Meeting with Mike: https://calendly.com/ppservices/60-minute-initial-meeting Watch Retirement Reality on Demand: https://bit.ly/40VIByr
Inflation has been a hot topic in recent years, and its impact on retirement planning is arguably bigger than ever. As prices for everyday goods and services continue to rise, understanding how to effectively manage these changes is essential for securing a comfortable retirement. Let's explore strategies for inflation-proofing your retirement and share a look into how we address this in our planning. Here's what we discuss in this episode: 0:00 - Intro 1:32 – How inflation changes planning 3:04 – Inflation rate average 4:15 – Inflation's impact over time 6:08 – Investment strategies 7:51 – Client story Our website: https://principalpreservationservices.com/ Phone: (855) 987-8888 Contact our team: https://principalpreservationservices.com/wisconsin-minnesota-financial-services/ Get your exclusive first chapter of Mike's books: https://principalpreservationservices.com/books/ Check out our downloadable guides: https://principalpreservationservices.com/useful-financial-guides/ Check us out on YouTube: https://www.youtube.com/channel/UCJ6RRiWvkInUm_E3lg38T2g
As we kick off 2025, a lot of people consider what they want the year to look like and how to put their best foot forward, especially financially. Think: “new year, new me!” Today, we'll talk about the financial decisions and habits you've maybe had in the past and what changes you can make this year to embrace the new you. Here's what we discuss in this episode: 0:00 – Intro 1:20 – Overspending 3:29 – Saving to a fault 5:28 – Not knowing what you have 7:30 – Pausing your investing 9:47 – Not having a plan Text RETIRE to 21000 to Begin Building Your Retirement Reality Roadmap Learn more about Principal Preservation Services: https://principalpreservationservices.com Schedule an Initial Meeting with Mike: https://calendly.com/ppservices/60-minute-initial-meeting Watch Retirement Reality on Demand: https://bit.ly/40VIByr
The majority of the investment planning you do for retirement is aimed at long-term success, but what can you do with the money you'll need in the next few years? You don't want to put those funds at risk when there's a major purchase like a wedding or a new car coming in the near future. So what can you do with that money to keep it from being stagnant in the interim? This show will discuss the pros and cons of traditional banking, money markets, fixed annuities, and structured notes. Here's what we discuss in this episode: 0:00 - Intro 1:10 – Putting money in the market for a short-term investment 3:06 – Are small returns good enough? 4:53 – Annuities and structured notes 6:29 – The decision-making process 7:49 – Another note on structured notes Text RETIRE to 21000 to Begin Building Your Retirement Reality Roadmap. Learn more about Principal Preservation Services: https://principalpreservationservices.com Schedule an Initial Meeting with Mike: https://calendly.com/ppservices/60-minute-initial-meeting Watch Retirement Reality on Demand: https://bit.ly/40VIByr
It's the beginning of a new year – a time when many of us make resolutions to improve our lives. But how often do we resolve to improve the way we feel about our finances? Today, we're talking about spending with confidence, a surprising challenge for many retirees. Here's what we discuss in this episode: 0:00 - Intro 1:19 – Why the reservations? 4:20 – Easing spending fears 5:59 – Overconfidence 8:00 – Spending strategies Text RETIRE to 21000 to Begin Building Your Retirement Reality Roadmap. Learn more about Principal Preservation Services: https://principalpreservationservices.com Schedule an Initial Meeting with Mike: https://calendly.com/ppservices/60-minute-initial-meeting Watch Retirement Reality on Demand: https://bit.ly/40VIByr
Join us as we explore the evolving benchmarks for retirement savings, the importance of proper planning over mere goal-setting, and the role of charitable contributions in financial strategies. We'll break it all down and explore what these new numbers mean for your financial future. Here's what we discuss in this episode: 0:00 - Intro 1:28 – Is there a universal retirement benchmark? 2:41 – Charitable giving 4:23 – The fear of never being able to retire 5:30 – Average 401k contribution 7:11 – Target date funds 8:44 – Roth 401ks 10:24 – Taking care of yourself in the present Text RETIRE to 21000 to Begin Building Your Retirement Reality Roadmap. Learn more about Principal Preservation Services: https://principalpreservationservices.com Schedule an Initial Meeting with Mike: https://calendly.com/ppservices/60-minute-initial-meeting Watch Retirement Reality on Demand: https://bit.ly/40VIByr
Did you know that most Americans are forced to retire early? A little bit more than you might actually realize. The Transamerica Center for Retirement Studies found that 60% of Americans are forced to retire earlier than their planned age. On this show, we're going to talk about some things to think about and the next steps to consider if you find yourself in this situation. Here's some of what we discuss in this episode: 0:00 – Intro 1:33 – How we guide clients in that situation 3:18 – Why people retire earlier than planned 4:28 – Social Security and Medicare 7:11 – Preparing for the unexpected 13:19 – The mindset shift For more, visit us online: http://philstaxhacks.com Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
Retirees face serious financial temptations that can jeopardize their future, but there are smart ways to avoid them. In this episode, we'll reveal the most dangerous temptations the average retiree faces and share strategies to help you avoid them, or correct your current course, to keep retirement on track. Here's what we discuss in this episode: 0:00 - Intro 1:00 – Debt 3:45 – Missing out on a 401k match 5:09 – Deferring taxes 8:23 – Taking Social Security early 10:28 – Concluding thoughts Text RETIRE to 21000 to Begin Building Your Retirement Reality Roadmap. Learn more about Principal Preservation Services: https://principalpreservationservices.com Schedule an Initial Meeting with Mike: https://calendly.com/ppservices/60-minute-initial-meeting Watch Retirement Reality on Demand: https://bit.ly/40VIByr
Today it's part two of our discussion about the crucial insights every investor should know before stepping into a financial advisor's office. This week, learn about the importance of comprehensive planning beyond investments, the emotional side of financial decisions, and the value of diversification. Discover why financial planning isn't just for the wealthy and the significance of working with a fiduciary. Plus, get insights on maintaining regular reviews of your financial plan and why consistent contributions to your 401k matter more than market timing. Here's what we discuss in this episode: 0:00 – Intro 1:42 – Emotions 3:18 – Diversification 4:33 – Planning not just for the wealthy 6:35 – Reviewing regularly 8:06 – Fiduciary 10:25 – Question on retirement contributions Learn more about Principal Preservation Services: https://principalpreservationservices.com Schedule an Initial Meeting with Mike: https://calendly.com/ppservices/60-minute-initial-meeting Watch Retirement Reality on Demand: https://bit.ly/40VIByr
Imagine you could read your financial advisor's mind before you even walked through the door for the first time. What would they want you to know? In this episode, we bring you the game-changing insights financial pros wish every saver and investor understood. Here's what we discuss in this episode: 0:00 – Intro 2:02 – Investment costs 3:40 – Real risk 5:40 – Motivation behind information 8:06 – Setting realistic goals 10:27 – Long term over short term 11:35 – One-size-fits-all planning Text RETIRE to 21000 to Begin Building Your Retirement Reality Roadmap. Learn more about Principal Preservation Services: https://principalpreservationservices.com Schedule an Initial Meeting with Mike: https://calendly.com/ppservices/60-minute-initial-meeting Watch Retirement Reality on Demand: https://bit.ly/40VIByr
As we rapidly approach 2025, it's essential to stay informed about the latest changes in retirement contribution limits and tax brackets. In this episode, Mike will update you on what adjustments are being made to key pension and retirement plan limits, providing listeners with the knowledge needed to maximize their retirement savings. Here's some of what we discuss in this episode: 0:00 – Intro 1:13 – 401k contributions 2:47 – IRA limits 3:27 – Standard tax deductions 4:17 – Tax bracket income thresholds 5:14 – Social Security COLA increase 6:37 – Impact on planning Text RETIRE to 21000 to Begin Building Your Retirement Reality Roadmap. Learn more about Principal Preservation Services: https://principalpreservationservices.com Schedule an Initial Meeting with Mike: https://calendly.com/ppservices/60-minute-initial-meeting Watch Retirement Reality on Demand: https://bit.ly/40VIByr
Social Security has long been a cornerstone of retirement planning for millions of Americans, providing a crucial safety net in their golden years. However, recent proposals suggest significant changes could be on the horizon, potentially altering the landscape of retirement as we know it. Here's some of what we discuss in this episode: Brendan Boyle's request for information from the Congressional Budget Office regarding raising the age for full Social Security benefits. The increased penalty that could come if you claim Social Security benefits early. Why is Congress considering making changes to Social Security? Strategies to consider to maximize Social Security benefits. To get in touch with Mike, visit our website: http://principalpreservationservices.com
Every firm has distinct principles that guide its approach to financial planning. In this episode, we take you behind the scenes to explore the core values and unique processes that set Principal Preservation Services apart. We'll walk you through how we get to know our clients on a deeper level, create personalized financial strategies, and how our approach redefines what it means to have a successful financial planning experience. Here's some of what we discuss in this episode: The importance of education and understanding in the financial planning process The core values that guide Principal Preservation Services + Mike's primary niche of clients The various educational resources and workshops offered by Principal Preservation Services The financial planning tools and software that the team uses How Mike measures success beyond financial returns + scheduling your discovery call To get in touch with Mike, visit our website: http://principalpreservationservices.com
A random, retired YouTuber did a simple video exploring the top 5 regrets from other retirees he interviewed (all in their 70s). It blew up to almost half a million views (and counting). Let's see what regrets made the list and, more importantly, explore what proactive steps you can take to avoid having the same regrets when you retire. Be sure to stay tuned until the end of the episode as Mike answers two questions from the listener mailbag! Here are the regrets we discuss in this episode: They wish they had retired earlier They wish they had spent more when they first retired They wish they took better care of their health They wish they had taken up a hobby They wish they had traveled more Mailbag: Would the financial industry be a good career for my nephew to consider? Mailbag: Is it a good idea to keep my current home as a rental property? To get in touch with Mike, visit our website: http://principalpreservationservices.com
In this episode, we're exploring some of the world's most unique and quirky fears—and believe it or not, they have a lot more in common with your financial life than you might think. From the fear of long words to the fear of peanut butter sticking to the roof of your mouth, we'll navigate through a list of some of the world's most peculiar fears and draw parallels to financial planning. Mike shares his insights on how these fears can manifest in our financial decisions and offers practical advice on how to overcome them. Here are some of the fears we discuss in this episode: Hippopotomonstrosesquipedaliophobia (Fear of Long Words) Arachibutyrophobia (Fear of Peanut Butter Sticking to the Roof of the Mouth) Nomophobia (Fear of Being Without Your Mobile Phone or Disconnected from Tech) Xenophobia (Fear of the Unknown or Foreign) Chronophobia (Fear of Time Passing or Running Out of Time) To get in touch with Mike, visit our website: http://principalpreservationservices.com
In this special mailbag edition of the show, Mike answers a wide range of listener questions. From life insurance and alimony to savings and retirement planning, this episode covers many of the financial planning conversations we have with clients every day. Here are some of the questions we'll answer in this episode: I've heard that you need to have between 15 and 20 times your annual salary in savings to be able to retire comfortably—do you think that's accurate? It seems that all of the experts I hear say that you should work until 70 and then start your Social Security. I'm only 57 now and I can't imagine working another 13 years. How important is this notion of working until 70? I've interviewed seven different financial advisors. All of them have aspects that I like, but not even one seems perfect to me. Should I keep interviewing more folks or am I being too picky? I was planning to retire this year, but would this be a bad time to retire with everything that's going on? To get in touch with Mike, visit our website: http://principalpreservationservices.com
Retirement planning is a complex process that requires careful consideration of various factors, including the needs of your family. In the latest episode, Mike shares valuable insights on how children and grandchildren can significantly impact retirement goals and offers practical advice on how to navigate these challenges. Here's some of what we discuss in this episode: More and more parents are providing financial support for their adult children. Parents who had kids later in life are still paying for college heading into retirement. People who want to be very intentional about leaving a financial legacy. Parents lending money to their children for significant expenses like down payments on homes or starting a business. Grandparents who want to help with education costs for their grandchildren. To get in touch with Mike, visit our website: http://principalpreservationservices.com
Mike gets a lot of questions about 401(k)s and knows they can be tricky to navigate. That's why we're tackling your top questions in one comprehensive episode. From understanding target date funds to adjusting your investments as you near retirement, this conversation will cover a wide range of essential topics. Listen in to see what you can learn! Here's some of what we discuss in this episode: Should I contribute as much as I can to my 401k or only as much as the company will match? Is taking a 401k loan always a bad idea? When should I take money out of my 401k and roll it over to an IRA? How should I adjust my 401k investments as I get closer to retirement? Can I make catch-up contributions to my 401k? If so, how much and when? What are the risks and benefits of including company stock in my 401k? To get in touch with Mike, visit our website: http://principalpreservationservices.com
Imagine retiring comfortably on just $42 per month—sounds too good to be true, right? Well, it's exactly the assertion you might have seen in the headline of a recent article online. Here's some of what we discuss in this episode: Is this article clickbait or is there some value to it? Some strategies you need in order to save for retirement. What are some realistic savings goals that people should have? The role planning plays in helping you reach your goals and save enough money to enjoy retirement. Read the article: https://www.fool.com/the-ascent/buying-stocks/articles/you-can-retire-on-4167-a-month-if-you-do-these-2-things/ To get in touch with Mike, visit our website: http://principalpreservationservices.com
We hear a lot of half-truths in the financial world, not necessarily because people try to make misleading statements, but because sometimes a simple statement just doesn't quite tell the whole story. Join Mike as he goes over some common financial half-truths to try and help clear some things up and put your mind at ease. Here's some of what we discuss in this episode: Knowing how much you are paying in fees. Weighing whether to invest or finish paying off a low-interest mortgage early. Planning for retirement even when you plan to work through your retirement. Healthcare needs during retirement. To get in touch with Mike, visit our website: http://principalpreservationservices.com
In this episode, we're diving into some famous words by the one and only Yogi Berra. You might know him for his legendary baseball career, but Yogi was also a goldmine of wisdom. So, what can we learn from Yogi about retirement planning? Here are some of the quotes we'll unpack in this episode: “I never said most of the things I said.” “A nickel ain't worth a dime anymore.” “If you don't know where you're going, you might wind up some place else.” “The future ain't what it used to be.” "You can observe a lot by watching." "It ain't over till it's over." To get in touch with Mike, visit our website: http://principalpreservationservices.com
What types of coverage should you be considering for your golden years? What do you need to keep in mind as you prep for the transition? We're going to walk you through the fundamentals in today's episode, covering health insurance, long-term care insurance, life insurance, and more. Here's some of the mistakes we discuss in this episode: Why your health insurance coverage might change and how can you bridge the gap to Medicare? The different parts of Medicare and what it does/doesn't cover. Why you would want to consider long-term care insurance? What are the alternatives to LTC insurance? To get in touch with Mike, visit our website: http://principalpreservationservices.com
In this episode, we'll uncover the critical mistakes many make when choosing a financial advisor. We're cutting through the noise to highlight what often goes wrong- from misplaced trust in big names to overlooking the fine print. This episode is your essential guide to avoiding those pitfalls and making informed decisions that align with your financial goals. Here's some of the mistakes we discuss in this episode: Not understanding how the advisor gets paid Putting too much trust in a recognizable national brand name Not checking credentials or the advisor's background Not covering expectations for communication style & frequency To get in touch with Mike, visit our website: http://principalpreservationservices.com
When we think of retirement, we often imagine endless days of relaxation, travel, and leisure. But how much of this is a dream versus reality? Today, we'll explore why a realistic approach to retirement, inclusive of financial planning and the potential for unexpected challenges, is crucial. Here's some of what we discuss in this episode: Understanding what retirement will realistically look like for you and planning accordingly Accounting for changing expenses, from health insurance to cell phone bills Being ready to adjust your plan in response to market volatility, health changes, and inflation Not being too proud to get help when it comes to your finances To get in touch with Mike, visit our website: http://principalpreservationservices.com
Each generation is currently navigating a unique part of the retirement planning experience. With many baby boomers preparing for the transition into retirement and the early half of Generation Z taking their initial steps into the career field, these major life events come with a handful of financial planning questions. In this episode, we're covering the retirement questions that Gen X, Millennials, and Gen Z are asking. Here's some of what we discuss in this episode: How do you know how much you need to have saved and how to you tell if you're on track? How to balance savings goals with other expenses like a mortgage, children's education, and other things. Should I rely on Social Security and how do you account for potential changes? What can I do if I want to retire early? To get in touch with Mike, visit our website: http://principalpreservationservices.com
Each generation is currently navigating a unique part of the retirement planning experience. With many baby boomers preparing for the transition into retirement and the early half of Generation Z taking their initial steps into the career field, these major life events come with a handful of financial planning questions. Over the next few weeks, we'll share insights into the unique concerns that echo across different age groups. We're starting this series with the baby boomer generation, as a majority of Mike's clients belong to this demographic. Here's some of what we discuss in this episode: How do I manage the risks of market volatility as I approach retirement? What's the best approach for transitioning from a steady income to retirement withdrawals? What steps can I take to address rising healthcare costs in my retirement plan? What's the best way to pass on wealth without sacrificing my own retirement? What are the best ways to maximize my Social Security benefits for a more secure retirement? Should I consider downsizing or relocating in retirement? Listener question: As a pastor, I have the opportunity to opt out of Social Security. Is this something I should consider? To get in touch with Mike, visit our website: http://principalpreservationservices.com
Today we will unpack the toolbox of technology that's promising to redefine retirement planning, but does it deliver? This episode takes a critical look at the wave of innovations, from personal finance management software to online calculators, and questions whether they truly simplify the planning process or introduce new complexities. Here's some of what we discuss in this episode: The rise of robo-advisors and the ways they aren't able to keep up with comprehensive planning. Online calculators work for some things but can't take into account all the factors we can in a projection. Webinars are more common and much easier to be a part of, but Mike explains why he still prefers in-person events. Social media has its positives but it also exposes you to people that might seem like they're much more successful than they truly are. Digital estate planning services can provide some the basics for people but they don't handle complexity as well as working with an attorney does. To get in touch with Mike, visit our website: http://principalpreservationservices.com
In today's episode, we spotlight some of the single oversights that could send your dreams to the bottom. We'll share key strategies to plug the gaps, ensuring your financial ship stays buoyant and on course. Tune in to protect your future from the one mistake that could derail everything. Here's some of what we discuss in this episode: The importance of having a robust financial strategy that ensures a steady income throughout retirement. Investment strategies to keep pace with, or beat, inflation. You have to consider long-term care costs in retirement planning. Strategies to mitigate this risk, such as diversification and proper asset allocation. To get in touch with Mike, visit our website: http://principalpreservationservices.com
In this episode, we'll share some eye-opening statistics and actionable advice to empower women in their financial journey. From the persistent gender pay gap to the impact of caregiving responsibilities and higher debt burdens, this is why retirement planning is different for women. Here's some of what we discuss in this episode: Even though they make up almost half of the workforce, women receive lower compensation than men across almost every occupation. Women are more likely to face career interruptions. Longer life expectancy and divorce can create additional challenges for women when they're suddenly on their own. Only 53% of women feel confident enough to retire. To get in touch with Mike, visit our website: http://principalpreservationservices.com
Is 'Lazy Money' still a concern in 2024's higher interest rate landscape? In this episode, we explore this question, examining how the recent rise in interest rates affects the money sitting in savings accounts, CDs, and conservative investments. Here's some of what we discuss in this episode: What do we mean by lazy money? Why we should still be concerned about having too much lazy money. The dangers to your retirement if you're too conservative. How we help people shift their mindset and look at other investment options. To get in touch with Mike, visit our website: http://principalpreservationservices.com
Everyone wants to know. Will the economy boom or bust in 2024? Join us as we explore a range of expert predictions, from the shifting trends in housing prices to the looming question of a potential recession or stock market crash. Here's some of what we discuss in this episode: Why Mike feels bullish about real estate in the upcoming year. Is a recession coming in 2024? Mike says there's a lot of momentum heading into this year. There are two vastly different stock market predictions for the coming year. Which one will be right? To get in touch with Mike, visit our website: http://principalpreservationservices.com
Sometimes it's hard to make financial sacrifices when the reward might not be seen until several years in the future. Today we'll talk about some of the situations where you might be inclined to take the immediate benefit, when you should really consider the delayed rewards. In part two of our discussion, we're going to talk through four more situations which people commonly pick the option that gives them a benefit now. Many people aren't making these choices intentionally so our goal is to help you understand why patience pays in these scenarios. Here's some of what we discuss in this episode: Maintenance updates and timely upgrades might seem unnecessary in the short term but can prevent larger expenses in the future. Claiming Social Security at age 62 might allow you to claim your benefit as soon as possible, but are you maximizing how much you can get over retirement? Skipping regular health check-ups and preventative care can help prevent much bigger issues and costs in the future. Don't avoid a tough conversation now if you aren't with the right advisor. To get in touch with Mike, visit our website: http://principalpreservationservices.com
Sometimes it's hard to make financial sacrifices when the reward might not be seen until several years in the future. Today we'll talk about some of the situations where you might be inclined to take the immediate benefit when you should really consider the delayed rewards. Here's some of what we discuss in this episode: It might not seem like a big deal to miss a 401k contribution and the company match once or twice, but you don't ever want to leave free money on the table. The tax benefits for contributing to a tax-deferred account now might give you a nice tax savings now but it might cost you even more in retirement. People will sometimes deplete their emergency savings to cover expenses rather than keeping that money set aside for when they truly need it. Don't cash out part of a 401k or IRA like Mike did when he was young because you miss out on so much growth over time. To get in touch with Mike, visit our website: http://principalpreservationservices.com
Ever thought that minor tweaks in your financial plan could lead to major wins? In this episode, we're exploring the surprisingly powerful world of simple financial adjustments. From finding the right balance in your cash reserves to consolidating old 401Ks, we're unpacking those seemingly small steps that can bring about big, positive ripples in your financial life. Here are a few of the financial tweaks that we discuss in this episode: Keeping the right amount of cash on hand for emergencies Consolidating your old 401ks Reassessing your managed accounts to ensure they align with your current financial goals Replacing high-expense mutual funds Analyzing the tax efficiency of your investments Checking that your beneficiary designations are up-to-date and accurate Automating your savings To get in touch with Mike, visit our website: http://principalpreservationservices.com
We're nearing the end of the year, but it's not quite over yet! Join us for a thoughtful episode where we unpack our 2023 edition of key year-end planning strategies for those nearing or embracing their retirement years. Here's some of what we discuss in this episode: Regularly reassessing and rebalancing investment portfolios Tax-loss harvesting, required minimum distribution (RMDs), and qualified charitable distributions (QCDs) Reviewing medical, life, and long-term care insurance Budget and expense management + Social Security cost of living adjustments Proactively planning for downsizing + relocating in retirement Staying informed about cybersecurity threats Gifting to charities and family members + tax considerations To get in touch with Mike, visit our website: http://principalpreservationservices.com
Ever wish you could foresee financial missteps before they happen? On today's episode explore some real-life stories of regret and arm yourself with the essential dos and don'ts to ensure your money works for you, not against you. Here are the mistakes we're going to talk through: I regret taking premature IRA withdrawals. I spent way too much in my peak earning years. I paid so much in tuition for the kids. I retired a bit too early and now it's costing me. Maybe I should have investigated opportunities for Roth IRAs. To get in touch with Mike, visit our website: http://principalpreservationservices.com
In today's episode, we're taking a close look at high-net-worth individuals - those who have accumulated significant wealth and face unique challenges and opportunities when planning for retirement. Unlike the average person, their financial considerations go beyond the basics. We'll explore the distinct strategies and factors that come into play when securing a comfortable and prosperous retirement. Here's some of what we discuss in this episode: How Mike would define a high-net-worth individual? Some of the complex situations that these people might run into. How we work with a client's CPA to make sure we're being as efficient as we can with their tax planning. 3 retirement myths that hurt high-net-worth individuals. To get in touch with Mike, visit our website: http://principalpreservationservices.com
Are you over 55 and pondering retirement? Dive into the world of Required Minimum Distributions (RMDs) with us. In this episode, we demystify the reasons behind mandatory withdrawals from your retirement savings. Discover strategies to potentially avoid them and understand the risks of not preparing in advance. And for those fortunate to not rely on RMDs for income, we'll explore impactful ways to utilize those funds. We see people get caught off-guard by RMDs and the tax impact they have on retirement, so getting a jump on planning can go a long way. Here are some key topics to listen for in this episode: Why do we have to take RMDs in the first place? There are a couple of ways to avoid RMDs. Mike shares some examples of how he helps people plan around RMDs. Learn about some of the risks you face by not planning in advance. What options do you have for the money if you don't need it immediately for income? If you are interested in any of the topics we discussed, please reach out and we would be happy to help you navigate your financial situation. To get in touch with Mike, visit our website: http://principalpreservationservices.com
Losing a spouse is an unimaginably tough life event, but the financial implications can add another layer of stress to the grieving process. In this episode, we delve deep into the most common financial issues faced by widows and widowers, from dealing with income gaps to navigating tax changes as a single filer. We explore actionable strategies to address these problems, such as the importance of life insurance and the ins and outs of spousal pension continuation. This is the episode for you if you're concerned with ensuring the financial well-being of your remaining family members and safeguarding your financial future and legacy in the face of loss. Here are some key topics to listen for in this episode: The income gap problem that most widows face in this position. What planning options do you have to solve for the income gap issue? The importance of legacy planning and the common mistakes that people make with their kids and grandkids. The benefits of a trust and how it might be used to preserve family wealth. To get in touch with Mike, visit our website: http://principalpreservationservices.com
In today's episode, we'll explore the sensitive and significant process of transitioning from one financial advisor to another. We'll cover how to recognize when your current advisor may no longer be serving your financial needs effectively, the right questions to ask, and crucial factors to consider when searching for a new financial partner. Here are some key topics to listen for in this episode: What are some of the reasons people decide they need to make a change? What are the financial consequences of switching advisors? The different metrics you can use to evaluate your current advisor. The questions you need to ask a new advisor when you begin looking. We'll walk you through that transition process and what steps you'll need to take. To get in touch with Mike, visit our website: http://principalpreservationservices.com
In this episode, we're tackling some common complaints and fears that can arise during the retirement planning process. These complaints often include concerns about advisors taking too much risk, dissatisfaction with account growth, high fees, worries about Social Security not being enough to retire on, and more. We'll discuss which concerns are well-founded, which are based on misconceptions, and offer insight on how retirees can best navigate their financial future. Here are some key takeaways from this episode: Advisors should align investment risk with clients' preferences and needs. Clients should not feel forced into taking on more risk than they are comfortable with. Clients should be aware of the fees they are paying and how they impact their investments. Fee transparency is essential, and clients should consider both the cost of services and the value they receive. Social Security is an important income source for retirees, and it's essential to understand when and how to claim benefits. Advisors should be well-informed about Social Security changes and provide guidance on the optimal time to claim benefits. Retirement portfolios may not always experience high growth every year. Understanding market fluctuations and having a well-structured financial plan that accounts for potential down years is important. Some clients feel they only hear from their advisors when it's time to buy or sell stocks. Comprehensive financial planning should include regular communication, addressing all aspects of retirement planning beyond just investment transactions. For more episodes, visit us online here: http://principalpreservationservices.com
Money can't buy love, but it can certainly start some spicy debates between you and your better half. In part 1 of this series, we're digging into the financial face-offs that make Monopoly fights look like child's play and exploring some money minefields that can test even the most solid relationships. Here's some of what we'll discuss in this episode: What is your risk tolerance with your investments? (3:41) What age do you want to retire? (6:07) What legacy do you want to leave your children? (9:25) For more episodes and to get in touch with our team, visit us online here: http://principalpreservationservices.com
Welcome to part 2 of our series on mastering retirement cash flow. Last episode, we talked about expenses in your life that might drastically change in retirement. On today's show, we'll talk about income and why you need to understand the crucial role of income analysis. We'll also explain why you never want to retire without an income plan and what various income sources you might have in retirement. Here's some of what we'll discuss in this episode: Why is understanding income so crucial? (2:35) What could go wrong if you don't understand your income and budget? (4:10) What income sources could you have? (5:58) For more episodes, visit us online here: http://principalpreservationservices.com
In this episode, we'll explore many of the expenses in your life that might drastically change (one way or another) in retirement. We'll break those expenses down further to see which ones are the top priorities and analyze some of the other factors that impact your cash flow in retirement. Here's some of what we'll discuss in this episode: What is your housing situation? Is your mortgage paid off? (2:13) Can you move down a tax bracket in retirement? (7:23) How much will you be traveling in retirement? (10:31) For more episodes, visit us online here: http://principalpreservationservices.com
Get ready to roll up your sleeves and dive into the gritty side of personal finance. In this episode, we reveal how everyday household tasks can serve as reminders of the principles that lead to financial success. From taking out the trash in your investment portfolio to cleaning out the fridge of outdated financial strategies, we'll explore how to declutter your financial life. Here's some of what we'll discuss in this episode: Take out the financial trash. (2:11) Clean up your financial fridge. (4:11) Do periodic financial maintenance. (8:13) For more episodes, visit us online here: http://principalpreservationservices.com
It's time for part two of our series on the biggest money mistakes you might be making in retirement planning. In part one, we shared the pitfalls of taking Social Security benefits too early, taking investment advice from family or friends instead of a financial professional, and other mistakes. Today we'll highlight six more missteps. Here's some of what we'll discuss in this episode: Have you adjusted your retirement budget for inflation? (1:41) Have you done your estate planning? (3:40) Have you paid off high-interest debts? (7:36) For more episodes, visit us online here: http://principalpreservationservices.com
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