January 14, 2021
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
January 7, 2021
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?
December 23, 2020
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?
December 17, 2020
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
December 10, 2020
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?
December 3, 2020
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
November 24, 2020
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?
November 19, 2020
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?
November 12, 2020
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
November 5, 2020
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?
