Retirement Reality Podcast
Ep 8: Why the Final Decade of Work is So Important for Retirement

Ep 8: Why the Final Decade of Work is So Important for Retirement

October 24, 2019

No one wants to play the guessing game when it comes to retirement and waiting until the last minute to iron out your plan will leave you unsure about your readiness. That’s why that final decade of work is very important from a retirement planning perspective. Get this list of items in order and you’ll be in great shape when that retirement day arrives.

On this episode:

1:36 – Mailbag question: I’ve heard people say the only type of life insurance you should by is term insurance. Is that true?

2:55 – Mike is a fan of some of the index universal life policies.

4:39 – Mailbag question: I’ve owned my own business and haven’t paid a lot into Social Security even though I’ve had a nice income. Is this going to be problematic for me in retirement?

6:37 – Moving into the main topic on why the last decade of work is so important for retirement planning.

7:41 – First thing to do is decide what’s most important to you.

8:27 – The next thing is getting a handle on your numbers.

10:04 – Next you should estimate your income streams and get an idea of how much to expect in retirement.

11:41 – As you’re planning for retirement, keep in mind the cost of healthcare.

12:58 – The final thing to keep in mind is things will change during retirement.

Show notes and additional resources:

Ep #7: What Will the Next Market Crash Look Like?

Ep #7: What Will the Next Market Crash Look Like?

October 17, 2019

We’ve been enjoying a long bull run over the past decade and that’s made many people fearful that a major downturn is right around the corner. So what might that look like and when could it happen? We discuss the next market crash and how to prepare yourself for it.

Today's rundown:

1:20 – Mike’s team is moving into a new office.

2:37 – Mailbag question: Should I work with a younger advisor with less experience or someone my age that will retire the same time I do?

5:17 – It’s valid to ask an advisor what their plan is when they retire. Who will take care of you?

6:00 – Mailbag question: I’m retiring in six months and worried about a market crash before I get to the finish line. Will I be ok?

7:41 – So what will the next market crash look like? Let’s discuss.

8:07 – When is the next market crash coming?

9:34 – When it does happen, should we plan for it to be as severe as 2008?

10:52 – If someone is worried, is it best to pull your money out of the market and just wait?

12:19 – What our team does to protect our clients from a downturn.

15:30 – An advisor can help you understand investment options you might not even be aware of.

Show notes and additional resources:

Ep #6: What Flying Can Teach Us About Retirement Planning

Ep #6: What Flying Can Teach Us About Retirement Planning

October 10, 2019

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

On this episode: 

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

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

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

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

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

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

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

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

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

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

Get the full show notes and additional resources by clicking here:

Ep #5: Even Responsible Savers Make These Mistakes

Ep #5: Even Responsible Savers Make These Mistakes

October 3, 2019

You can’t criticize people that take a proactive approach to their future by putting away savings as they earn, but you can offer up ways to improve the way that they save. Believe it or not, even responsible savers make mistakes because the transition into retirement can be a major lifestyle change. Let’s talk about some of those missteps that happen along the way.

Today's rundown: 

2:01 – What we’ll talk about on today’s show.

2:43 – Wedding loans are a new trend where young couples take out money to pay for their ceremony. Mike shares his thoughts on this.

6:01 – Moving into the main topic – even responsible savers make mistakes.

6:22 – Mistake: Getting too enamored with cash.     

8:00 – Mistake: Taking too much risk to accumulate savings.   

10:11 – How often you should be evaluating your portfolio with an advisor.

10:45 – Mistake: Not preparing for that tax time bomb.

14:21 – Mistake: You aren’t enjoying the savings you’ve accumulated.

Get the show notes and additional resources by visiting our website here: