A random, retired YouTuber did a simple video exploring the top 5 regrets from other retirees he interviewed (all in their 70s). It blew up to almost half a million views (and counting). Let’s see what regrets made the list and, more importantly, explore what proactive steps you can take to avoid having the same regrets when you retire. Be sure to stay tuned until the end of the episode as Mike answers two questions from the listener mailbag! Here are the regrets we discuss in this episode: They wish they had retired earlierThey wish they had spent more when they first retiredThey wish they took better care of their healthThey wish they had taken up a hobbyThey wish they had traveled moreMailbag: Would the financial industry be a good career for my nephew to consider?Mailbag: Is it a good idea to keep my current home as a rental property? To get in touch with Mike, visit our website: http://principalpreservationservices.com

In this episode, we’re exploring some of the world’s most unique and quirky fears—and believe it or not, they have a lot more in common with your financial life than you might think. From the fear of long words to the fear of peanut butter sticking to the roof of your mouth, we’ll navigate through a list of some of the world’s most peculiar fears and draw parallels to financial planning. Mike shares his insights on how these fears can manifest in our financial decisions and offers practical advice on how to overcome them.   Here are some of the fears we discuss in this episode: Hippopotomonstrosesquipedaliophobia (Fear of Long Words)Arachibutyrophobia (Fear of Peanut Butter Sticking to the Roof of the Mouth)Nomophobia (Fear of Being Without Your Mobile Phone or Disconnected from Tech)Xenophobia (Fear of the Unknown or Foreign)Chronophobia (Fear of Time Passing or Running Out of Time)   To get in touch with Mike, visit our website: http://principalpreservationservices.com

In this special mailbag edition of the show, Mike answers a wide range of listener questions. From life insurance and alimony to savings and retirement planning, this episode covers many of the financial planning conversations we have with clients every day.   Here are some of the questions we’ll answer in this episode: I’ve heard that you need to have between 15 and 20 times your annual salary in savings to be able to retire comfortably—do you think that’s accurate?It seems that all of the experts I hear say that you should work until 70 and then start your Social Security. I’m only 57 now and I can’t imagine working another 13 years. How important is this notion of working until 70?I’ve interviewed seven different financial advisors. All of them have aspects that I like, but not even one seems perfect to me. Should I keep interviewing more folks or am I being too picky?I was planning to retire this year, but would this be a bad time to retire with everything that’s going on?   To get in touch with Mike, visit our website: http://principalpreservationservices.com

Retirement planning is a complex process that requires careful consideration of various factors, including the needs of your family. In the latest episode, Mike shares valuable insights on how children and grandchildren can significantly impact retirement goals and offers practical advice on how to navigate these challenges.   Here’s some of what we discuss in this episode: More and more parents are providing financial support for their adult children.Parents who had kids later in life are still paying for college heading into retirement.People who want to be very intentional about leaving a financial legacy.Parents lending money to their children for significant expenses like down payments on homes or starting a business.Grandparents who want to help with education costs for their grandchildren.   To get in touch with Mike, visit our website: http://principalpreservationservices.com

Mike gets a lot of questions about 401(k)s and knows they can be tricky to navigate. That's why we're tackling your top questions in one comprehensive episode. From understanding target date funds to adjusting your investments as you near retirement, this conversation will cover a wide range of essential topics. Listen in to see what you can learn!   Here’s some of what we discuss in this episode: Should I contribute as much as I can to my 401k or only as much as the company will match?Is taking a 401k loan always a bad idea?When should I take money out of my 401k and roll it over to an IRA?How should I adjust my 401k investments as I get closer to retirement?Can I make catch-up contributions to my 401k? If so, how much and when?What are the risks and benefits of including company stock in my 401k?   To get in touch with Mike, visit our website: http://principalpreservationservices.com

Imagine retiring comfortably on just $42 per month—sounds too good to be true, right? Well, it’s exactly the assertion you might have seen in the headline of a recent article online.   Here’s some of what we discuss in this episode: Is this article clickbait or is there some value to it?Some strategies you need in order to save for retirement.What are some realistic savings goals that people should have?The role planning plays in helping you reach your goals and save enough money to enjoy retirement.   Read the article: https://www.fool.com/the-ascent/buying-stocks/articles/you-can-retire-on-4167-a-month-if-you-do-these-2-things/   To get in touch with Mike, visit our website: http://principalpreservationservices.com

We hear a lot of half-truths in the financial world, not necessarily because people try to make misleading statements, but because sometimes a simple statement just doesn’t quite tell the whole story. Join Mike as he goes over some common financial half-truths to try and help clear some things up and put your mind at ease.   Here’s some of what we discuss in this episode: Knowing how much you are paying in fees.Weighing whether to invest or finish paying off a low-interest mortgage early.Planning for retirement even when you plan to work through your retirement.Healthcare needs during retirement.   To get in touch with Mike, visit our website: http://principalpreservationservices.com

In this episode, we’re diving into some famous words by the one and only Yogi Berra. You might know him for his legendary baseball career, but Yogi was also a goldmine of wisdom. So, what can we learn from Yogi about retirement planning?   Here are some of the quotes we’ll unpack in this episode: “I never said most of the things I said.”“A nickel ain’t worth a dime anymore.”“If you don’t know where you’re going, you might wind up some place else.”“The future ain’t what it used to be.”"You can observe a lot by watching.""It ain't over till it's over."   To get in touch with Mike, visit our website: http://principalpreservationservices.com

What types of coverage should you be considering for your golden years? What do you need to keep in mind as you prep for the transition? We’re going to walk you through the fundamentals in today's episode, covering health insurance, long-term care insurance, life insurance, and more.   Here’s some of the mistakes we discuss in this episode: Why your health insurance coverage might change and how can you bridge the gap to Medicare?The different parts of Medicare and what it does/doesn’t cover.Why you would want to consider long-term care insurance?What are the alternatives to LTC insurance?   To get in touch with Mike, visit our website: http://principalpreservationservices.com

In this episode, we’ll uncover the critical mistakes many make when choosing a financial advisor. We're cutting through the noise to highlight what often goes wrong- from misplaced trust in big names to overlooking the fine print. This episode is your essential guide to avoiding those pitfalls and making informed decisions that align with your financial goals.   Here’s some of the mistakes we discuss in this episode: Not understanding how the advisor gets paidPutting too much trust in a recognizable national brand nameNot checking credentials or the advisor’s backgroundNot covering expectations for communication style & frequency   To get in touch with Mike, visit our website: http://principalpreservationservices.com

When we think of retirement, we often imagine endless days of relaxation, travel, and leisure. But how much of this is a dream versus reality? Today, we'll explore why a realistic approach to retirement, inclusive of financial planning and the potential for unexpected challenges, is crucial.   Here’s some of what we discuss in this episode: Understanding what retirement will realistically look like for you and planning accordinglyAccounting for changing expenses, from health insurance to cell phone billsBeing ready to adjust your plan in response to market volatility, health changes, and inflationNot being too proud to get help when it comes to your finances   To get in touch with Mike, visit our website: http://principalpreservationservices.com

Each generation is currently navigating a unique part of the retirement planning experience. With many baby boomers preparing for the transition into retirement and the early half of Generation Z taking their initial steps into the career field, these major life events come with a handful of financial planning questions. In this episode, we're covering the retirement questions that Gen X, Millennials, and Gen Z are asking.   Here’s some of what we discuss in this episode: How do you know how much you need to have saved and how to you tell if you’re on track?How to balance savings goals with other expenses like a mortgage, children’s education, and other things.Should I rely on Social Security and how do you account for potential changes?What can I do if I want to retire early?   To get in touch with Mike, visit our website: http://principalpreservationservices.com

Each generation is currently navigating a unique part of the retirement planning experience. With many baby boomers preparing for the transition into retirement and the early half of Generation Z taking their initial steps into the career field, these major life events come with a handful of financial planning questions. Over the next few weeks, we’ll share insights into the unique concerns that echo across different age groups. We're starting this series with the baby boomer generation, as a majority of Mike's clients belong to this demographic.   Here’s some of what we discuss in this episode: How do I manage the risks of market volatility as I approach retirement?What's the best approach for transitioning from a steady income to retirement withdrawals?What steps can I take to address rising healthcare costs in my retirement plan?What's the best way to pass on wealth without sacrificing my own retirement?What are the best ways to maximize my Social Security benefits for a more secure retirement?Should I consider downsizing or relocating in retirement?Listener question: As a pastor, I have the opportunity to opt out of Social Security. Is this something I should consider?   To get in touch with Mike, visit our website: http://principalpreservationservices.com

Today we will unpack the toolbox of technology that's promising to redefine retirement planning, but does it deliver? This episode takes a critical look at the wave of innovations, from personal finance management software to online calculators, and questions whether they truly simplify the planning process or introduce new complexities.   Here’s some of what we discuss in this episode: The rise of robo-advisors and the ways they aren’t able to keep up with comprehensive planning.Online calculators work for some things but can’t take into account all the factors we can in a projection.Webinars are more common and much easier to be a part of, but Mike explains why he still prefers in-person events.Social media has its positives but it also exposes you to people that might seem like they’re much more successful than they truly are.Digital estate planning services can provide some the basics for people but they don’t handle complexity as well as working with an attorney does.   To get in touch with Mike, visit our website: http://principalpreservationservices.com

In today’s episode, we spotlight some of the single oversights that could send your dreams to the bottom. We'll share key strategies to plug the gaps, ensuring your financial ship stays buoyant and on course. Tune in to protect your future from the one mistake that could derail everything.   Here’s some of what we discuss in this episode: The importance of having a robust financial strategy that ensures a steady income throughout retirement.Investment strategies to keep pace with, or beat, inflation.You have to consider long-term care costs in retirement planning.Strategies to mitigate this risk, such as diversification and proper asset allocation.   To get in touch with Mike, visit our website: http://principalpreservationservices.com

In this episode, we’ll share some eye-opening statistics and actionable advice to empower women in their financial journey. From the persistent gender pay gap to the impact of caregiving responsibilities and higher debt burdens, this is why retirement planning is different for women.   Here’s some of what we discuss in this episode: Even though they make up almost half of the workforce, women receive lower compensation than men across almost every occupation.Women are more likely to face career interruptions.Longer life expectancy and divorce can create additional challenges for women when they’re suddenly on their own.Only 53% of women feel confident enough to retire.   To get in touch with Mike, visit our website: http://principalpreservationservices.com

Is 'Lazy Money' still a concern in 2024's higher interest rate landscape? In this episode, we explore this question, examining how the recent rise in interest rates affects the money sitting in savings accounts, CDs, and conservative investments.   Here’s some of what we discuss in this episode: What do we mean by lazy money?Why we should still be concerned about having too much lazy money.The dangers to your retirement if you’re too conservative.How we help people shift their mindset and look at other investment options.   To get in touch with Mike, visit our website: http://principalpreservationservices.com

Everyone wants to know. Will the economy boom or bust in 2024? Join us as we explore a range of expert predictions, from the shifting trends in housing prices to the looming question of a potential recession or stock market crash.   Here’s some of what we discuss in this episode: Why Mike feels bullish about real estate in the upcoming year.Is a recession coming in 2024? Mike says there’s a lot of momentum heading into this year.There are two vastly different stock market predictions for the coming year. Which one will be right?   To get in touch with Mike, visit our website: http://principalpreservationservices.com

Sometimes it’s hard to make financial sacrifices when the reward might not be seen until several years in the future. Today we’ll talk about some of the situations where you might be inclined to take the immediate benefit, when you should really consider the delayed rewards. In part two of our discussion, we’re going to talk through four more situations which people commonly pick the option that gives them a benefit now. Many people aren’t making these choices intentionally so our goal is to help you understand why patience pays in these scenarios.   Here’s some of what we discuss in this episode: Maintenance updates and timely upgrades might seem unnecessary in the short term but can prevent larger expenses in the future.Claiming Social Security at age 62 might allow you to claim your benefit as soon as possible, but are you maximizing how much you can get over retirement?Skipping regular health check-ups and preventative care can help prevent much bigger issues and costs in the future.Don’t avoid a tough conversation now if you aren’t with the right advisor.   To get in touch with Mike, visit our website: http://principalpreservationservices.com

Sometimes it’s hard to make financial sacrifices when the reward might not be seen until several years in the future. Today we’ll talk about some of the situations where you might be inclined to take the immediate benefit when you should really consider the delayed rewards.   Here’s some of what we discuss in this episode: It might not seem like a big deal to miss a 401k contribution and the company match once or twice, but you don’t ever want to leave free money on the table.The tax benefits for contributing to a tax-deferred account now might give you a nice tax savings now but it might cost you even more in retirement.People will sometimes deplete their emergency savings to cover expenses rather than keeping that money set aside for when they truly need it.Don’t cash out part of a 401k or IRA like Mike did when he was young because you miss out on so much growth over time.   To get in touch with Mike, visit our website: http://principalpreservationservices.com