Retirement Reality Podcast Mike Kojonen

On this episode, we’ll try to pick sides of some important financial debates. From bonds to life insurance, credit card debt to starting Social Security, we’ll propose several different topics to see which sides of the debates you and your advisor should probably fall on.

 

Here is some of what you’ll learn on this show:

Why it might not always be the best strategy to pay off your house as soon as you can. (2:03)
How you can benefit from having life insurance in retirement. (5:00)
Why annuities can provide big benefits to your financial plan even though a lot of people don’t feel they’re valuable. (6:57)
Social Security benefits can begin as early as age 62 but that doesn’t mean you should be claiming them as early as possible. (13:31)

 

If you have questions about anything we discussed on the show, please reach out and we’ll be happy to talk to you about your financial situation.

 

For more, visit us online: http://principalpreservationservices.com 

In the current market, a lot of us are looking to work with an advisor to help withstand these market turns. So, what do you need to look out for when working with a new professional?

An advisor that is a jack of all trades may not be the best fit for someone approaching retirement. Similarly, if they only tell you the good news, use a lot of technical jargon, or try to predict the turns of the market you may want to reconsider. Working with an advisor is a great advantage, but working with someone that understands your situation is essential. On today’s episode, we’ll break down five red flags investors need to be aware of when looking for a new advisor.

 

Today's key points: 

0:42 – How was Ireland?

1:47 – A jack of all trades

4:32 – They only tell you good news

6:34 – Setting realistic expectations

7:38 – Using technical jargon

9:20 – Fearful to ask

10:04 – Predicting the market

12:10 – More talking than listening

 

Read more and get additional resources here: https://principalpreservationservices.com/retirement-reality-podcast/

On this episode of the podcast, we’ve assembled a list of priorities to keep in mind as you count down the days to retirement. This won’t replace proper planning but running down this checklist will help you make sure you’re putting your best foot forward as you enter retirement.

 

Today's key points: 

0:49 – Headed to Ireland

1:53 – Get healthy

3:22 – How will you spend your free time?

4:43 – Do clients usually know?

6:06 – Post-retirement career

8:13 – Opportunities to save more  

9:16 – Pay down debt

10:58 – Assess your risk

13:13 – Do you have a plan?

 

Read more and get additional resources here: https://principalpreservationservices.com/retirement-reality-podcast/

With the great resignation sweeping the nation we’ve been hearing more and more from people that want to retire early. On today’s episode, we want to explore this topic and a recent Yahoo News article that breaks down whether you can really retire at age 55.

Retiring early can present a wide variety of unique challenges, for example, what will you do if you can’t take Social Security yet? You need to consider how you’ll cover that income gap. There are various issues people who want to retire early may face, but planning ahead of time can make the transition a lot easier.

Yahoo News Article: https://www.yahoo.com/video/retire-age-55-lets-run-203416606.html#:~:text=So%20can%20you%20retire%20at,Security%20retirement%20benefits%20is%2062.

 

Today's key points: 

0:43 – More people wanting to retire early

1:50 – Going to a Justin Bieber concert

2:52 – The peanut gallery term

5:01 – Social Security

6:13 – Penalties to worry about

9:02 – Healthcare expenses

11:49 – Any other challenges?

12:51 – What can you do now?

14:36 – Having guaranteed income

15:48 – Stock market’s impact on your plan

17:29 – Depends on how you want to live

18:58 – Retire whenever you want!

 

Read more and get additional resources here: https://principalpreservationservices.com/retirement-reality-podcast/

For the majority of people in Minnesota and across the country, your house will be the most expensive asset you ever own or manage. That’s why it’s no surprise that it takes up a big slice of the financial planning conversation.

Retirement brings along another set of decisions to be made with your house so we wanted to address some of the most common ones we hear at Principal Preservation Services. From paying off your mortgage to considering a downsize, we’ll find out what Mike thinks about these housing topics and hopefully touch on something you’ve been thinking about as well.

 

Today's key points: 

0:46 – Housing questions       

2:36 – Paying off mortgage or not?

4:27 – Downsizing

6:10 – Borrow from a Home Line of Equity

8:26 – Signing house over to kids before death

10:49 – Other estate planning problems

12:09 – Reverse mortgage

14:15 – Mailbag question on anxiety around money

15:49 – Mailbag question on life insurance

 

 

Read more and get additional resources here: https://principalpreservationservices.com/retirement-reality-podcast/

What are the important birthdays we need to take note of when planning for retirement? There are certain milestones that have a big impact on your plan. As you approach 50, you want to really start planning strategically. If you haven’t been saving much before, once you turn 50 you can actually participate in catch-up contributions.

A few years later at 59 ½, you can start taking out of those retirement accounts without the 10% penalty. At 62 you’re eligible to take Social Security, although whether you want to do so is dependent on your plan. What other important ages do you need to keep marked on your calendar? On today’s episode, we’ll break down the most important retirement birthdays as well as answer some mailbag questions.

 

What we discuss in this episode: 

0:54 – How are is Mike doing?

2:39 – Catch-up contributions at 50

4:56 – Withdrawing early at 55

6:27 – No penalty withdrawals at 59 ½

8:33 – Social Security at 62

11:02 – Medicare at 65

12:44 – Full retirement age

14:06 – RMDs and age 72

16:04 – Get your plan done!

17:27 – Mailbag: “Can I justify a private school tuition?”

 20:16 – Mailbag: “Should I budget before meeting with an advisor?”

 

Read more and get additional resources here: https://principalpreservationservices.com/retirement-reality-podcast/