Retirement Reality Podcast
Ep 36: 5 Life Events That Spark Major Financial Changes

Ep 36: 5 Life Events That Spark Major Financial Changes

May 28, 2020

Sometimes events happen in life that make it really important for you to carefully assess your financial situation. Let’s explain why these five major events are usually a good reason for a financial review.

 

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-36-5-life-events-that-spark-major-financial-changes/ 

 

Today's show schedule: 

1:12 – Mike is busy with spring projects and getting life back to normal.

2:44 – Financial Dictionary: What is an Adjustable Rate Mortgage?

6:21 – Mike isn’t a fan of these mortgages and this is why. 

8:33 – Let’s get into the main discussion.

8:55 – Life event: Moving to a new job (planned)

10:21 – Life event: Changing jobs (unplanned)

12:08 – Life event: An inheritance

14:02 – Life event: A serious medical issue

16:07 – Life event: Death of a spouse

Ep 35: Best Intentions Sometimes End in Bad Advice

Ep 35: Best Intentions Sometimes End in Bad Advice

May 21, 2020

We turn to many different people and resources to get financial advice, but how much can you depend on the information you’re getting? Today we’ll talk about four common people we go to that might have the best intentions but why their advice isn’t always beneficial to you.

 

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-35-best-intentions-sometimes-end-in-bad-advice/ 

 

Today's show schedule: 

1:55 – How is Mike handling the quarantine time? 

2:37 – What we’re talking about on this episode.

3:10 – Get advice from our family.

5:05 – Next on the list is friends

7:21 – The third is a CPA

8:53 – Mike shares as story about a continuing education event he held.

10:01 – The final one is financial experts in the media.

13:35 – Mailbag question #1: I make too much money to contribute to an IRA or Roth. What’s the best way to contribute towards retirement?

16:26 – Mailbag question #2: My financial advisor is older than me. Should I move to someone else that won’t retire before I do?

Ep 34: Retirement Account Changes for 2020

Ep 34: Retirement Account Changes for 2020

May 14, 2020

The government implemented multiple measures to assist Americans during this health crisis, and there are number of changes that investors and retirees need to know about. Mike is going to run through the key provisions so that you will have a better idea of how your retirement plan will be impacted.

 

Read more and get additional financial resources here: https://principalpreservationservices.com/ep-34-retirement-account-changes-for-2020/ 

 

Today's show schedule: 

1:17 – Are you and clients getting used to the virtual meetings?

2:06 – First thing Mike wants to do when quarantine is over?

4:44 – Give us the details of the changes made to retirement accounts and withdrawals. 

7:14 – 401k loans

7:54 – RMDs have been waived for 2020.

8:55 – Mike doesn’t recommend taking money out of retirement accounts.

9:49 – Are clients considering this option right now?

11:11 – Does Mike think these are good changes that will help people?

12:50 – Before you withdrawal any money, make sure you have a plan.

14:40 – Mailbag Question #1: I’m going to sell three rental properties but maybe all five. I have quite a bit of equity in these properties. What should I do with this money?

16:32 – Mailbag Question #2: I retired two years ago with more than a million dollars in my IRA, which I thought was more than enough at the time. It makes me nervous every time I withdrawal money from that account because I don’t want to run out of money. Am I worrying too much?

Ep 33: Are You in a Bad Investment?

Ep 33: Are You in a Bad Investment?

May 7, 2020

Okay, so there might not be such a thing as a ‘bad financial product’, but there are certainly inappropriate investments out there for people in certain situations. We’ll explore some examples of those kinds of situations on this episode and you might be surprised just how common it is for people to be invested in products that are ill-suited for their financial goals.

 

Read more and get additional resources here: https://principalpreservationservices.com/ep-33-are-you-in-a-bad-investment/ 

 

Today's show schedule: 

1:05 – A recent study found a bad savings trend for Americans.

4:04 – Does Mike agree that there aren’t bad financial products, mainly just bad fits for people?

5:15 – Mike shares the worst investments he remembers seeing from a client.

7:59 – Do clients have any idea how they got into these bad investments?

9:48 – There are usually ways to correct your mistakes and get into correct investments. Mike shares a story.

12:31 – Making changes can benefit you greatly and here’s another story about a past client.

14:45 – Mailbag Question #1: How much long-term care coverage is recommend? It seems there are hundreds of options out there.

17:45  - Mailbag Question #2: I’ve had the same financial advisor for 20 years but it seems like he’s phasing out and passing things on to a younger advisor in the firm. Should we stick with them or find somebody new?