In this episode of the Retirement Ready Podcast, Eric guides us through the critical yet often overlooked details of beneficiary designations. Learn the simple yet vital steps to prevent beneficiary blunders that could lead to unnecessary headaches for your heirs. Eric calls these errors "low hanging fruit" because they're easy to fix yet can save your family from future heartache.

Here’s some of what we discuss in this episode:

• Eric shares some details from his exotic vacation!
• What beneficiary mistakes are most common?
• Do you have an alternate?
• What happens with probate?
• What a will does and doesn’t do for you.

Get in touch with the Peterson Financial team: https://petersonfg.com/

Dive into the world of financial emotions in this episode with Eric Peterson. Discover how greed, fear, hope, and pride can make or break your investment strategy. Eric unravels the complexities of managing emotions to ensure a secure and enjoyable retirement.

This episode isn't just about financial strategies; it's about understanding the human side of investing. It's about knowing when to hold on and when to let go, when to take risks and when to seek shelter. It's a must-listen for anyone standing at the cusp of retirement—or even those just starting to climb their financial mountain.

Here’s some of what we discuss in this episode:

• Greed motivates us to keep chasing returns in the market when we should be taking chips off the table.
• The pull between what you know you should do versus what fear is driving you to do.
• Why you need to have a plan for your spouse passing away.
• The role an advisor plays in helping you overcome emotions.

Get in touch with the Peterson Financial team: https://petersonfg.com/

Retirement is closer than you think, but are you ready? With a staggering number of people lacking confidence in their retirement savings, Eric shares the misconceptions people have and what mistakes can derail someone’s financial future. Many people feel inadequate when it comes to what they have saved in their nest egg, uninformed about the pitfalls of target date funds, and unprepared about the reality of leaving the workforce earlier than expected.

Here’s some of what we discuss in this episode:

• 76 percent of Baby Boomers say they are not confident they have saved enough.
• 30 percent of workers say they don't know what to do with their 401(k).
• 46 percent ​of ​workers ​leave ​the ​workforce ​earlier ​than ​they ​planned.
• Only 24 percent of retirees work with a financial advisor of some sort.

Get in touch with the Peterson Financial team: https://petersonfg.com/

Navigating life's financial crossroads can be tricky, especially when it involves your financial future. In this episode of Retirement Ready, Eric addresses these complex issues head-on. How do you best evaluate your broker and your investment performance against the S&P 500? Eric says a lot of that comes down to setting expectations and understanding the risks. Then, Holly wants to know what to consider before making a midlife career change.

Here’s some of what we discuss in this episode:

• Mailbag: Do I need to fire my broker?
• Mailbag: What to consider about switching careers in your mid-fifties.
• Mailbag: How to support adult children living at home.

Get in touch with the Peterson Financial team: https://petersonfg.com/

We are all guilty of procrastinating from time to time. Financially speaking, though, this can get you into a lot of trouble. Let’s talk about the areas where it might feel better to kick the can down the road.

Ultimately, it’s best to get things taken care of sooner, rather than later. Dealing with financial stuff or tightening up the budget might not sound appealing at first, but doesn’t have to stress you out. Sometimes worrying about it is worse than it really is.

Here’s some of what we discuss in this episode:

• Talk with your parents about financials as they age.
• Is retirement planning harder today than it used to be?
• You might find financial information overload online that’s actually entertainment.
• Sometimes dealing with financial stuff stresses people out.

Get in touch with the Peterson Financial team: https://petersonfg.com/

Americans over 60 have lost more than $3.1 billion in various forms of fraud and scams in the last 12 months! Today we talk through some of the common scams people unfortunately fall for and how you can stay vigilant against it. As the scams get more sophisticated, it can be harder to see through them. Understanding what ones to look out for will help you steer clear of these schemes.

Here’s some of what we discuss in this episode:

• Financial advisors have high level protection and help clients who may have been hacked.
• Personal data scam or phishing happens when clicking on links and attachments.
• Some scams pose as the government.
• Watch out for “winnings” that require you to pre-pay or wire money.
• The family scam uses AI to trick you.

Get in touch with the Peterson Financial team: https://petersonfg.com/

There are a number of financial ideas that people have differing opinions on. Eric shares today which of these he agrees with or disagrees and why. From paying off the house to having life insurance after you retire, each of these financial concepts will give you something to consider as you compare to what you’re doing.

Here’s some of what we discuss in this episode:

• Should you pay off your house as soon as you can?
• Individual bonds better than bond funds?
• Do you need life insurance after you retire?
• Is it better to have a fee-based advisor?
• Are annuities rip-offs?

Get in touch with the Peterson Financial team: https://petersonfg.com/

Unfortunately, divorce happens. When it does, no one wants to make costly financial mistakes amidst an already stressful time. Today, we talk about the mistakes that can happen and how to avoid them when it comes to dividing up your assets with a spouse.

Here’s some of what we discuss in this episode:

• Choosing the house vs. other assets.
• Consider the tax implications and long-term impact.
• Combining accounts and rolling over IRAs.
• The decision-making process can be overly impacted by the emotions.

Get in touch with the Peterson Financial team: https://petersonfg.com/