Retirement Reality Podcast
Ep 32: Coronavirus Market Update & Where to Go From Here

Ep 32: Coronavirus Market Update & Where to Go From Here

April 23, 2020

Now that we’ve had a little time to process what we’ve been seeing in the stock market, let’s get an update from Mike on where we stand, how clients are handling everything, and what the next steps need to be for your finances.


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Today's rundown: 

1:16 – How is Mike and his team dealing with the quarantine?

2:43 – Mike’s usual seminars are on halt but virtual seminars are starting.

4:21 – Getting to Know Mike: What’s dumbest or most foot-in-mouth thing that you’ve ever said?

5:45 – Let’s turn to the market and get Mike’s perspective on what we’ve seen over the past two months.

7:44 – How have your clients handled everything so far?

9:36 – What about someone with a solid financial plan already, what adjustments can they be making?

12:07 - If you have the ability, now is the time to increase your contributions.

13:36 - It’s difficult in the moment to trust the process but look at some of the values out there.

15:26 - What about the people without a plan in place? What are their next steps?

17:37 – Mailbag Question #1: I haven’t wanted to pay off my house but I have the money to now so should I?

19:46  - Mailbag Question #2: I’ve heard I should be saving about 10% of my income towards retirement? Is that right?

Ep 31: Where You Should Focus During Each Stage of Retirement

Ep 31: Where You Should Focus During Each Stage of Retirement

April 16, 2020

Planning for retirement consists of many different steps, and a comprehensive plan will cover dozens of different areas of your finance over time. But that doesn’t mean you have to focus on everything at once. It’s time to really start honing in on your retirement when you reach your 50s and making sure everything is taken care of. On this episode, we’ll talk about what’s most important at each stage to help you prioritize.


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Today's rundown:

1:26 – How’s the office handling everything and what kind of conversations are you having with clients?

3:38 – Let’s talk stages of retirement.

4:16 – 15 years out (about 50 years old) what do you need to be focusing on?

6:41 – Now you’re about 10 years out, where does your attention turn? 

8:17 – You cross into your 60s and you’re closing in on retirement. Here’s what you need to do.

10:06 – You’ve reached retirement. What’s the one essential thing you need to take care of?

12:28 – After retiring, there’s still work to do.

15:54 – Mailbag Question #1: We had kids later in life than most people so they’ll be in college when we’re ready to retire. Should we make them take out student loans instead of trying to come up with the money to pay tuition?

18:51 - Mailbag Question #2: We’re both 63 and haven’t saved much at all for retirement. We’re about to sell our farm and that will net about a million dollars. What should we do with the money?

Ep 30: 5 Financial Truths You Can Rely On

Ep 30: 5 Financial Truths You Can Rely On

April 9, 2020

As we’ve seen over the last month, a market downturn can happen quickly and it causes many people to evaluate their financial situation. As you’re doing that, pay attention to the lessons that can be learned in times like these. On this episode, we’ll talk about five financial truths that are even more evident now than they were to start the year.


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Today's rundown: 

2:17 – Today’s topic is on financial truths.

2:49 – 1st truth: TV can be your biggest enemy.

4:04 – 2nd truth: It’s important not to react emotionally.

5:15 – 3rd truth: The market will always go in cycles.   

6:48 – 4th truth: People aren’t ask risk tolerant as they think they are.

9:01 – 5th truth: There is no magic bullet when it comes to retirement planning.

13:56 – Mailbag Question #1: Is it wise for me to own some gold in my portfolio? What percentage?

14:58 – Mailbag Question #2: The coronavirus scare has me convinced the market will keep crashing again and again. I’m ready to move everything to cash right now. Is there any reason to wait?

Ep 29: Setting Financial & Retirement Goals

Ep 29: Setting Financial & Retirement Goals

April 2, 2020

We talk all the time about how people need to give their dollars purpose or set goals for their retirement and even specifically for certain investments. But let’s dive deeper into what different goals look like for various folks approaching retirement. How do you determine if a goal is realistic or out of reach? We’ll tackle that conversation with plenty of examples on this episode.


Read more and get additional resources here: 


Today's rundown: 

1:35 – It’s a busy time around the office.

3:33 – What general goals can everyone shoot for when building a plan?

5:30 – Not having a plan is planning to fail.

5:55 – You don’t have to completely understand finances to build a plan and set goals. That’s what we’re for.

7:26 – How do you help someone determine what their goals are?

8:46 – What unrealistic goals have you heard from people?

11:35 – How can you know if your financial goal is realistic and achievable?

13:19 – Mike shares a client story about underestimating expenses.

14:50 – Mailbag question: I just looked at Social Security estimate and see how much I’d get at 62, 66, and 70. I’m blown away by how much more I’d get at 70. I’m inclined to wait as long as possible to start it event though I’ll retire around 66. Is that the best option for me?