Let’s talk about estate planning, specifically wills and trusts. Find out what’s right for you, how much it costs and more. Read more on the topic here: https://principalpreservationservices.com/ep-57-what-you-should-know-about-wills-and-trusts/  What we discuss on this show:2:10 – Getting to know you question5:39 – Why estate planning is so important7:19 – Will or trust?10:41 - You don’t need a lot of assets for a trust14:14 – What does it cost to set up will vs. trust16:40 - Financial adviser’s role18:30 – Mailbag: Should I give my son this inheritance?

Have you ever looked back on a financial decision and thought, “I wish I would have done that differently”? Decisions about money are a lot easier with the benefit of hindsight. On this episode of the Retirement Reality Podcast, Mike Kojonen looks at five common money mistakes people have made this year. Read more and get additional financial resources here: https://principalpreservationservices.com/39703-2/  What we discuss on this show:2:19 – Getting out of the market4:59 – Not knowing your risk factor6:51 – Not knowing your social security options9:15 – Not putting money in a Roth IRA12:21 – Retiring too early and going back to work15:30 – Mailbag: Should I try to get a tax refund?17:12 – Mailbag: Redo our kitchen or save more for retirement?

Have you ever wondered how your savings plan compares to the average American? Vanguard released a report with stats on retirement accounts and we’re going to look at some of the most interesting data to come out of the past year. Read more and get additional financial resources here: https://principalpreservationservices.com/ep-55-how-does-your-retirement-savings-compare-to-average-american/  Read the full Vanguard report: https://institutional.vanguard.com/ngiam/assets/pdf/has/how-america-saves-report-2020.pdf What we discuss on this show: 6:01 – Majority of assets in 401Ks or something similar7:41 – Maximizing your 401K contributions8:58 – 1 in 5 use Roth or after-tax option10:08 – Statistics on employer matches12:39 – Average rates of return16:24 – Leaving money with former employer19:40 – How we help educate clients21:53 – 76% of people have balanced strategies

Just like technologies change and become outdated, so do some retirement planning strategies. Let’s look at five financial strategies and determine whether or not they still apply.  Read more and get additional financial resources here: https://principalpreservationservices.com/ep-54-five-outdated-financial-strategies/ What we discuss on the show: 2:34 – 4% rule4:00 – 10/5/3 rule7:10 - as you get older, move money from stocks to bonds9:37 - $1 million retirement target12:17 - you’ll need less money in retirement15:11 – Mailbag: Should I invest differently based on the election?

Clients often ask how housing fits into retirement plans. From downsizing to rental properties to interest rates, let’s explore some of the top retirement questions about housing. Read more and get additional financial resources here: https://principalpreservationservices.com/ep-53-answers-to-common-housing-and-retirement-questions/  What we discuss on this show: 4:00 – Pay off the house early or slowly?6:28 – Downsize to a smaller home at retirement?8:55 – Is rental property a good idea for creating income?10:37 – Complications with real estate legacy plans?14:47 – Contact Mike15:34 – Mailbag: How much money will I spend in retirement?17:15 – Mailbag: Can I overcome a divorce this late in life?

As life spans continue to increase, so does the need for more money later in life. On this week’s episode of the Retirement Reality Podcast, Mike Kojonen explains how to plan financially for a long life. Read more and get additional financial resources here: https://principalpreservationservices.com/ep-52-can-you-afford-to-live-a-long-life/  What we discuss on this show: 1:05 – Let’s talk about longevity2:40 – Oldest clients4:33 – Oldest family member5:44 – Why is living long a risk?8:44 – Are people prepared for longevity question?11:05 – People afraid of running out of money14:00 – Mailbag: should I cash out life insurance policies?16:04 – Mailbag: How to prepare financially to leave job?

You’ve heard advice about how to improve your finances and prepare for retirement, but what about mistakes? On this week’s episode of the Retirement Reality Podcast, Mike Kojonen shares five ways you could be ruining your retirement.  Read more and get additional financial resources here: https://principalpreservationservices.com/ep-51-5-ways-to-ruin-retirement/  What we discuss today: 3:28 - Treating retirement as a destination6:22 – Believing retirement will solve all your problems8:11 - Assuming your monthly spending habits will be same10:39 – Not staying active in retirement13:52 – Investing like you’re 35 years old18:14 – Mailbag: Which account should I withdraw from first?

On this week’s episode, we take a look at some of the financial and retirement challenges that are unique to women and how to handle them.  Read more and get additional financial details here: https://principalpreservationservices.com/ep-50-financial-issues-and-advice-for-women/  What we discuss today: 1:04 – Off-topic: Is this a good time to buy a home or refinance?4:49 – How engaged are women with finances?7:59 – Women in difficult financial situations9:43 – Challenges faced by widowed women11:43 – Advice for men13:22 – A memorable story17:36 – Mailbag: Financial issues in second marriage

How can you build a strong financial house? Mike gives you step-by-step instructions to create a solid foundation for your finances. Read more and get additional financial resources here: https://principalpreservationservices.com/ep-49-how-to-build-a-strong-financial-house/  What we discuss on this episode: 3:56 – Foundation = Income Plan 6:23 – Walls = Investment Plan 8:11 – Roof = Insurance protections 11:20 – Finishing Touches = Estate Plan 16:54 – Mailbag: Forced into early retirement19:12 – Mailbag: Can you explain the rule of 100?

How should you prepare for a market crash? We’re here to help you get through those tough times with a five-step market crash survival guide.  Read more and get additional financial resources here: https://principalpreservationservices.com/ep-48-market-crash-survival-guide/  On today's show: 2:19 - Know how much risk you are exposed to6:01 - Protect your gains8:40 - Have appropriate diversification10:00 - Don’t try to time the market12:48 - Don't panic15:10 – Mailbag: Buy shares of company stock?16:48 – Mailbag: Pay off house/rental property or keep money in account?