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Retirement Reality Podcast
16 minutes | 2 months ago
Ep 66: Things Nobody Says in the Financial Planning World
On today’s episode, we’re talking about things nobody says in the financial planning world and Mike explains why that’s the case. Read more and get additional resources here: https://principalpreservationservices.com/ep-66-things-nobody-says-in-the-financial-planning-world/ What we discuss on this episode: 3:08 – I really regret putting money into my Roth IRA every year 4:33 – I should have spent more and saved less 6:00 – Life insurance payment was insulting 8:10 – It makes me feel patriotic to pay more in taxes 10:56 – I love big market corrections 13:35 – Mailbag: How to stay out of craziness of the market
20 minutes | 2 months ago
Ep 65: Lessons Learned From Biggest Market Crashes of All-Time
Our country has been through some major market crashes over the years. What happened during those events and what can we learn from them? Read more and get additional financial resources here: https://principalpreservationservices.com/ep-65-lessons-learned-from-biggest-market-crashes-of-all-time/ What we discuss on this show: 1:59 – Black Tuesday 3:50 – Dot com crash 6:25 – 2008 8:42 – 2020 coronavirus pandemic 10:34 – Lessons learned 14:28 – Contact Mike and his team 16:15 – Mailbag: Should I take Social Security? 18:03 – Mailbag: Husband doesn’t want to plan for retirement?
21 minutes | 2 months ago
Ep 64: Are You Prepared for Retirement? Take This Quiz
Today we’re sharing five key questions to see if you are ready for retirement. How well do you know your finances? Read more and get additional financial resources here: https://principalpreservationservices.com/ep-64-are-you-prepared-for-retirement-take-this-quiz/ What we discuss on this show: 2:42 – Do you know how much you actually have? 5:09 – Do you know how much you’re spending? 7:37 – Do you know how much risk you actually have? 10:07 – Do you know what you’re paying in fees? 12:28 – Do you know what your retirement income stream will actually look like? 14:10 – Using a financial advisor 14:50 – Mailbag: Thoughts on annuities and hedge funds 17:58 – Mailbag: How can I save taxes on my new income?
20 minutes | 3 months ago
Ep 63: Why Variable Annuities Are the Liver & Onions of the Financial World
Variable annuities are a bit of an outcast, the liver and onions of the financial world. Why is that? What are the pros and cons? Mike explains on the show. Read more and get additional financial resources here: https://principalpreservationservices.com/ep-63-why-variable-annuities-are-the-liver-onions-of-the-financial-world/ What we discuss on this show: 2:27 – Why variable annuities are hated on 5:31 – Do many people have variable annuities 7:25 – Many people don’t know they have variable annuities 8:50 – Fees 12:11 – Can you get out of a variable annuity 14:44 – Mailbag: Helping mom after dad dies 16:30 – Mailbag: Should I do a Roth conversion
19 minutes | 3 months ago
Ep 62: In Financial Planning, the Customer Isn’t Always Right
You know the saying, “The customer is always right.” Well, that’s not always the case in the financial world. On this episode of the Retirement Reality Podcast, Mike Kojonen explains why you should rely on your advisor’s expertise. Read more and get additional financial resources here: https://principalpreservationservices.com/ep-62-in-financial-planning-the-customer-isnt-always-right/ What we discuss on this show: 2:28 – Telling the customer they’re wrong 3:28 - Now is the time to get in or out of the market 6:20 - This is what I want to invest in. I want you to pick the exact funds. 8:19 - I don't need a will, life insurance, long-term care insurance, etc. 10:23 – Feelings about fees 12:24 – I don’t know if this plan is going to work 14:14 – Mailbag: Should I self-insure? 16:18 – Mailbag: Are reverse mortgages a bad idea?
18 minutes | 3 months ago
Ep 61: Is Diversification for Suckers?
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
20 minutes | 3 months ago
Ep 60: Frequently Asked Questions About 401Ks
Most people have a 401K or other retirement plan, but it’s not as simple as contributing money and collecting it when you retire. There are a lot of decisions you can make about investments, loans, rollovers and more. Read more and get additional financial resources: https://principalpreservationservices.com/ep-60-frequently-asked-questions-about-401ks/ What we discuss on this show: 2:09 - Should I accept 401K advice from my company? 3:37 - Should I take out a 401K loan? 5:45 - Are 401K rollovers a good idea? 7:25 – Should people consider target date funds? 9:36 – Should you invest enough to get match or more? 11:46 – Should you use a Roth option? 15:02 – Mailbag: Is $250,000 enough for long-term care coverage? 16:53 – Mailbag: Should I move my investments to cash?
18 minutes | 4 months ago
Ep 59: Common Retirement Mistakes and Concerns of Baby Boomers
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?
23 minutes | 4 months ago
Ep 58: Five Financial Commandments to Follow
On this episode, we share five commandments that should be written on stone tablets in your retirement plan. Read more here: https://principalpreservationservices.com/ep-58-five-financial-commandments-to-follow/ What we discuss on this show: 4:13 – Mike talks about a place he never wants to visit again 7:43 – Thou shall not compare your investments to the stock market without the proper context 9:21 - Thou shalt not give up before giving your strategy enough time to play out. 10:59 – Thou shalt not chase big returns too late in life. 13:39 – Thou shalt not ignore costs and fees. 16:42 – Thou shalt not overlook the importance of rebalancing and diversifying. 19:46 – Mailbag: Can I get half of my ex-husband’s Social Security benefit
22 minutes | 4 months ago
Ep 57: What You Should Know About Wills and Trusts
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?
21 minutes | 4 months ago
Ep 56: Five Common Financial Mistakes in Hindsight
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?
25 minutes | 5 months ago
Ep 55: How Does Your Retirement Savings Compare to Average American?
Have you ever wondered how your savings plan compares to the average American? Vanguard released a report with stats on retirement accounts and we’re going to look at some of the most interesting data to come out of the past year. Read more and get additional financial resources here: https://principalpreservationservices.com/ep-55-how-does-your-retirement-savings-compare-to-average-american/ Read the full Vanguard report: https://institutional.vanguard.com/ngiam/assets/pdf/has/how-america-saves-report-2020.pdf What we discuss on this show: 6:01 – Majority of assets in 401Ks or something similar 7:41 – Maximizing your 401K contributions 8:58 – 1 in 5 use Roth or after-tax option 10:08 – Statistics on employer matches 12:39 – Average rates of return 16:24 – Leaving money with former employer 19:40 – How we help educate clients 21:53 – 76% of people have balanced strategies
19 minutes | 5 months ago
Ep 54: Five Outdated Financial Strategies
Just like technologies change and become outdated, so do some retirement planning strategies. Let’s look at five financial strategies and determine whether or not they still apply. Read more and get additional financial resources here: https://principalpreservationservices.com/ep-54-five-outdated-financial-strategies/ What we discuss on the show: 2:34 – 4% rule 4:00 – 10/5/3 rule 7:10 - as you get older, move money from stocks to bonds 9:37 - $1 million retirement target 12:17 - you’ll need less money in retirement 15:11 – Mailbag: Should I invest differently based on the election?
20 minutes | 5 months ago
Ep 53: Answers to Common Housing and Retirement Questions
Clients often ask how housing fits into retirement plans. From downsizing to rental properties to interest rates, let’s explore some of the top retirement questions about housing. Read more and get additional financial resources here: https://principalpreservationservices.com/ep-53-answers-to-common-housing-and-retirement-questions/ What we discuss on this show: 4:00 – Pay off the house early or slowly? 6:28 – Downsize to a smaller home at retirement? 8:55 – Is rental property a good idea for creating income? 10:37 – Complications with real estate legacy plans? 14:47 – Contact Mike 15:34 – Mailbag: How much money will I spend in retirement? 17:15 – Mailbag: Can I overcome a divorce this late in life?
20 minutes | 5 months ago
Ep 52: Can You Afford to Live a Long Life?
As life spans continue to increase, so does the need for more money later in life. On this week’s episode of the Retirement Reality Podcast, Mike Kojonen explains how to plan financially for a long life. Read more and get additional financial resources here: https://principalpreservationservices.com/ep-52-can-you-afford-to-live-a-long-life/ What we discuss on this show: 1:05 – Let’s talk about longevity 2:40 – Oldest clients 4:33 – Oldest family member 5:44 – Why is living long a risk? 8:44 – Are people prepared for longevity question? 11:05 – People afraid of running out of money 14:00 – Mailbag: should I cash out life insurance policies? 16:04 – Mailbag: How to prepare financially to leave job?
21 minutes | 6 months ago
Ep 51: 5 Ways to Ruin Retirement
You’ve heard advice about how to improve your finances and prepare for retirement, but what about mistakes? On this week’s episode of the Retirement Reality Podcast, Mike Kojonen shares five ways you could be ruining your retirement. Read more and get additional financial resources here: https://principalpreservationservices.com/ep-51-5-ways-to-ruin-retirement/ What we discuss today: 3:28 - Treating retirement as a destination 6:22 – Believing retirement will solve all your problems 8:11 - Assuming your monthly spending habits will be same 10:39 – Not staying active in retirement 13:52 – Investing like you’re 35 years old 18:14 – Mailbag: Which account should I withdraw from first?
22 minutes | 6 months ago
Ep 50: Financial Issues and Advice for Women
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
23 minutes | 6 months ago
Ep 49: How to Build a Strong Financial House
How can you build a strong financial house? Mike gives you step-by-step instructions to create a solid foundation for your finances. Read more and get additional financial resources here: https://principalpreservationservices.com/ep-49-how-to-build-a-strong-financial-house/ What we discuss on this episode: 3:56 – Foundation = Income Plan 6:23 – Walls = Investment Plan 8:11 – Roof = Insurance protections 11:20 – Finishing Touches = Estate Plan 16:54 – Mailbag: Forced into early retirement 19:12 – Mailbag: Can you explain the rule of 100?
20 minutes | 6 months ago
Ep 48: Market Crash Survival Guide
How should you prepare for a market crash? We’re here to help you get through those tough times with a five-step market crash survival guide. Read more and get additional financial resources here: https://principalpreservationservices.com/ep-48-market-crash-survival-guide/ On today's show: 2:19 - Know how much risk you are exposed to 6:01 - Protect your gains 8:40 - Have appropriate diversification 10:00 - Don’t try to time the market 12:48 - Don't panic 15:10 – Mailbag: Buy shares of company stock? 16:48 – Mailbag: Pay off house/rental property or keep money in account?
22 minutes | 7 months ago
Ep 47: Are You Really Ready for Retirement?
Just how ready are you for retirement? We explore some of the faulty thinking that leaves people underprepared when it comes time for retirement. Read more and get additional resources here: https://principalpreservationservices.com/ep-47-are-you-really-ready-for-retirement/ On today's show: 2:41 – Believing a certain number is all you need 5:22 – Believing you won’t need as much money in retirement 7:34 – Expecting you’ll get an inheritance 10:05 – Thinking you’ll just figure it out 11:40 – Believing the income estimate in your 401K statement or retirement accounts 15:21 – Mailbag: Real estate investment trusts 18:36 – Mailbag: Retiring at 55
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