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Retirement Reality Podcast

Mike Kojonen

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Retirement Reality Podcast

Retirement Reality Podcast

Mike Kojonen

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Followers
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About Us

Weekly financial and retirement planning guidance with Mike Kojonen of Principal Preservation Services. Mike serves western Wisconsin and the Twin Cities areas of Minnesota. He's the co-author of Momma's Secret Recipe for Retirement Success and will impart financial wisdom each week on this podcast.

Latest Episodes

Ep 40: Are You Giving Your Biggest Assets Enough Attention?

If you really took inventory of your financial situation, you might find that you’ve been taking for granted some assets that make up a huge piece of your puzzle. Is it possible you should be putting a little more thought into some of these assets? We’ll tell you why on today’s episode.Read more and get additional financial resources here:https://principalpreservationservices.com/ep-40-are-you-giving-your-biggest-assets-enough-attention/Today's show schedule:2:04 – Mailbag question: I counted up the mutual funds in my IRA and it appears that I have 33 different funds. Is that adequate diversification?3:46 – Mailbag question: I’m 55 and I have about $300K saved for retirement but I feel like I’m behind compared to people I know. Am I in trouble?5:23 – Are you paying enough attention to the biggest assets you already own?First asset: 401k7:47 – Second asset: Your house9:39 – Third asset: Social Security12:40 – Fourth asset: Your future savings potential14:12 – Fifth asset: Having a bunch of smaller accounts

17 MIN1 w ago
Comments
Ep 40: Are You Giving Your Biggest Assets Enough Attention?

Ep 39: Hidden Gems in Your Financial Portfolio

If you’re like most people, you have old financial accounts that you haven’t looked at it recently and the statements are filed away collecting dust. You might not think much of them, but those accounts might be hidden gems for your portfolio if used in a different way. Let’s talk about where you should look and what you could gain out of these old investments. Read more and get additional financial resources here:https://principalpreservationservices.com/ep-39-hidden-gems-in-your-financial-portfolio/Today's show schedule:1:02 – Hoping to get educational seminars going again soon. 2:35 – More virtual seminars going up to the website as well. 3:11 – Mailbag question 1: An online calculator gave me an amount I need for retirement. How accurate do you think that is?5:02 – Mailbag questions 2: I have almost $150,000 sitting in my savings account. I don’t like getting no interest on it but I’m also too scared to invest right now. Should I just leave it in the bank? 8:02 – Let’s talk hidden gems starting with the old 401k. 11:43 – What should you do with the life insurance policy you have?14:00 – How can savings accounts be hidden gems? 16:11 – Last hidden gem: old pension fund. 19:04 – We work with clients to go through all of these things in a discovery meeting.

21 MIN2 w ago
Comments
Ep 39: Hidden Gems in Your Financial Portfolio

Ep 38: Should You Follow Dave Ramsey’s Financial Advice?

Should you follow Dave Ramsey and his baby steps to financial success? On this episode of the Retirement Reality Podcast, Mike takes a critical approach to help you determine if Dave’s advice is right for everyone.Read more and get additional resources here:https://principalpreservationservices.com/?p=39469Today's show schedule:1:04 - Mike looks forward to summer weather and football season.3:01 - Mike shares about his favorite charity to support.5:55 - Is the debt snowball a good strategy?7:43 - Should you just invest in mutual funds?10:07 - Can you spend eight percent of your money in retirement?12:42 - Is it a good idea to stop saving for retirement while getting out of debt?14:23 - Dave Ramsey has seven baby steps, but are they for everyone?17:14 - Know who the audience is for these financial experts.

21 MIN3 w ago
Comments
Ep 38: Should You Follow Dave Ramsey’s Financial Advice?

Ep 37: Financial Terms You Should Know During the Pandemic

With so much happening in the financial world these past few months, there can be a lot to process when you’re trying to understand the market and the economy. Certain financial terms are being used a lot more now than they were the past decade so we will help you understand what these things mean and how they apply to you.Read more and get additional resources here:https://principalpreservationservices.com/ep-37-financial-terms-you-should-know-during-the-pandemic/Today's show schedule:1:28 – Mike and his family staying active outdoors.3:08 – Getting to Know Mike: What do you do to relieve stress?5:20 – What would you call what’s happening right now with the market?7:17 – Help us understand the difference between a recession and a depression.8:55 – Explain the types of recoveries: U-shaped, V-shaped, W-shaped, L-shaped10:24 – What is the VIX index?12:38 – Is this an opportunity for tax-loss harvesting15:17 – How can index funds benefit people during a downturn?16:46 – What is rebalancing, how does it work, and how often should you?19:48 – Our team is in the office and available for people that want to take meetings in person.

21 MINJUN 4
Comments
Ep 37: Financial Terms You Should Know During the Pandemic

Ep 36: 5 Life Events That Spark Major Financial Changes

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 inheritance14:02 – Life event: A serious medical issue16:07 – Life event: Death of a spouse

22 MINMAY 28
Comments
Ep 36: 5 Life Events That Spark Major Financial Changes

Ep 35: Best Intentions Sometimes End in Bad Advice

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 friends7:21 – The third is a CPA8:53 – 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?

19 MINMAY 21
Comments
Ep 35: Best Intentions Sometimes End in Bad Advice

Ep 34: Retirement Account Changes for 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 loans7:54 – 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?

20 MINMAY 14
Comments
Ep 34: Retirement Account Changes for 2020

Ep 33: Are You in a Bad Investment?

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?

20 MINMAY 7
Comments
Ep 33: Are You in a Bad Investment?

Ep 32: Coronavirus Market Update & Where to Go From Here

Now that we’ve had a little time to process what we’ve been seeing in the stock market, let’s get an update from Mike on where we stand, how clients are handling everything, and what the next steps need to be for your finances.Read more and get additional resources here:Today's rundown:1:16 – How is Mike and his team dealing with the quarantine?2:43 – Mike’s usual seminars are on halt but virtual seminars are starting.4:21 – Getting to Know Mike: What’s dumbest or most foot-in-mouth thing that you’ve ever said?5:45 – Let’s turn to the market and get Mike’s perspective on what we’ve seen over the past two months.7:44 – How have your clients handled everything so far?9:36 – What about someone with a solid financial plan already, what adjustments can they be making?12:07 - If you have the ability, now is the time to increase your contributions.13:36 - It’s difficult in the moment to trust the process but look at some of the values out there.15:26 - What about the people without a plan in place? What are their next steps?17:37 – Mailbag Question #1: I haven’t wanted to pay off my house but I have the money to now so should I?19:46 - Mailbag Question #2: I’ve heard I should be saving about 10% of my income towards retirement? Is that right?

22 MINAPR 23
Comments
Ep 32: Coronavirus Market Update & Where to Go From Here

Ep 31: Where You Should Focus During Each Stage of Retirement

Planning for retirement consists of many different steps, and a comprehensive plan will cover dozens of different areas of your finance over time. But that doesn’t mean you have to focus on everything at once. It’s time to really start honing in on your retirement when you reach your 50s and making sure everything is taken care of. On this episode, we’ll talk about what’s most important at each stage to help you prioritize.Read more and get additional resources here:https://principalpreservationservices.com/ep-31-where-you-should-focus-during-each-stage-of-retirement/Today's rundown:1:26 – How’s the office handling everything and what kind of conversations are you having with clients?3:38 – Let’s talk stages of retirement.4:16 – 15 years out (about 50 years old) what do you need to be focusing on?6:41 – Now you’re about 10 years out, where does your attention turn?8:17 – You cross into your 60s and you’re closing in on retirement. Here’s what you need to do.10:06 – You’ve reached retirement. What’s the one essential thing you need to take care of?12:28 – After retiring, there’s still work to do.15:54 – Mailbag Question #1: We had kids later in life than most people so they’ll be in college when we’re ready to retire. Should we make them take out student loans instead of trying to come up with the money to pay tuition?18:51 - Mailbag Question #2: We’re both 63 and haven’t saved much at all for retirement. We’re about to sell our farm and that will net about a million dollars. What should we do with the money?

21 MINAPR 16
Comments
Ep 31: Where You Should Focus During Each Stage of Retirement

Latest Episodes

Ep 40: Are You Giving Your Biggest Assets Enough Attention?

If you really took inventory of your financial situation, you might find that you’ve been taking for granted some assets that make up a huge piece of your puzzle. Is it possible you should be putting a little more thought into some of these assets? We’ll tell you why on today’s episode.Read more and get additional financial resources here:https://principalpreservationservices.com/ep-40-are-you-giving-your-biggest-assets-enough-attention/Today's show schedule:2:04 – Mailbag question: I counted up the mutual funds in my IRA and it appears that I have 33 different funds. Is that adequate diversification?3:46 – Mailbag question: I’m 55 and I have about $300K saved for retirement but I feel like I’m behind compared to people I know. Am I in trouble?5:23 – Are you paying enough attention to the biggest assets you already own?First asset: 401k7:47 – Second asset: Your house9:39 – Third asset: Social Security12:40 – Fourth asset: Your future savings potential14:12 – Fifth asset: Having a bunch of smaller accounts

17 MIN1 w ago
Comments
Ep 40: Are You Giving Your Biggest Assets Enough Attention?

Ep 39: Hidden Gems in Your Financial Portfolio

If you’re like most people, you have old financial accounts that you haven’t looked at it recently and the statements are filed away collecting dust. You might not think much of them, but those accounts might be hidden gems for your portfolio if used in a different way. Let’s talk about where you should look and what you could gain out of these old investments. Read more and get additional financial resources here:https://principalpreservationservices.com/ep-39-hidden-gems-in-your-financial-portfolio/Today's show schedule:1:02 – Hoping to get educational seminars going again soon. 2:35 – More virtual seminars going up to the website as well. 3:11 – Mailbag question 1: An online calculator gave me an amount I need for retirement. How accurate do you think that is?5:02 – Mailbag questions 2: I have almost $150,000 sitting in my savings account. I don’t like getting no interest on it but I’m also too scared to invest right now. Should I just leave it in the bank? 8:02 – Let’s talk hidden gems starting with the old 401k. 11:43 – What should you do with the life insurance policy you have?14:00 – How can savings accounts be hidden gems? 16:11 – Last hidden gem: old pension fund. 19:04 – We work with clients to go through all of these things in a discovery meeting.

21 MIN2 w ago
Comments
Ep 39: Hidden Gems in Your Financial Portfolio

Ep 38: Should You Follow Dave Ramsey’s Financial Advice?

Should you follow Dave Ramsey and his baby steps to financial success? On this episode of the Retirement Reality Podcast, Mike takes a critical approach to help you determine if Dave’s advice is right for everyone.Read more and get additional resources here:https://principalpreservationservices.com/?p=39469Today's show schedule:1:04 - Mike looks forward to summer weather and football season.3:01 - Mike shares about his favorite charity to support.5:55 - Is the debt snowball a good strategy?7:43 - Should you just invest in mutual funds?10:07 - Can you spend eight percent of your money in retirement?12:42 - Is it a good idea to stop saving for retirement while getting out of debt?14:23 - Dave Ramsey has seven baby steps, but are they for everyone?17:14 - Know who the audience is for these financial experts.

21 MIN3 w ago
Comments
Ep 38: Should You Follow Dave Ramsey’s Financial Advice?

Ep 37: Financial Terms You Should Know During the Pandemic

With so much happening in the financial world these past few months, there can be a lot to process when you’re trying to understand the market and the economy. Certain financial terms are being used a lot more now than they were the past decade so we will help you understand what these things mean and how they apply to you.Read more and get additional resources here:https://principalpreservationservices.com/ep-37-financial-terms-you-should-know-during-the-pandemic/Today's show schedule:1:28 – Mike and his family staying active outdoors.3:08 – Getting to Know Mike: What do you do to relieve stress?5:20 – What would you call what’s happening right now with the market?7:17 – Help us understand the difference between a recession and a depression.8:55 – Explain the types of recoveries: U-shaped, V-shaped, W-shaped, L-shaped10:24 – What is the VIX index?12:38 – Is this an opportunity for tax-loss harvesting15:17 – How can index funds benefit people during a downturn?16:46 – What is rebalancing, how does it work, and how often should you?19:48 – Our team is in the office and available for people that want to take meetings in person.

21 MINJUN 4
Comments
Ep 37: Financial Terms You Should Know During the Pandemic

Ep 36: 5 Life Events That Spark Major Financial Changes

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 inheritance14:02 – Life event: A serious medical issue16:07 – Life event: Death of a spouse

22 MINMAY 28
Comments
Ep 36: 5 Life Events That Spark Major Financial Changes

Ep 35: Best Intentions Sometimes End in Bad Advice

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 friends7:21 – The third is a CPA8:53 – 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?

19 MINMAY 21
Comments
Ep 35: Best Intentions Sometimes End in Bad Advice

Ep 34: Retirement Account Changes for 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 loans7:54 – 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?

20 MINMAY 14
Comments
Ep 34: Retirement Account Changes for 2020

Ep 33: Are You in a Bad Investment?

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?

20 MINMAY 7
Comments
Ep 33: Are You in a Bad Investment?

Ep 32: Coronavirus Market Update & Where to Go From Here

Now that we’ve had a little time to process what we’ve been seeing in the stock market, let’s get an update from Mike on where we stand, how clients are handling everything, and what the next steps need to be for your finances.Read more and get additional resources here:Today's rundown:1:16 – How is Mike and his team dealing with the quarantine?2:43 – Mike’s usual seminars are on halt but virtual seminars are starting.4:21 – Getting to Know Mike: What’s dumbest or most foot-in-mouth thing that you’ve ever said?5:45 – Let’s turn to the market and get Mike’s perspective on what we’ve seen over the past two months.7:44 – How have your clients handled everything so far?9:36 – What about someone with a solid financial plan already, what adjustments can they be making?12:07 - If you have the ability, now is the time to increase your contributions.13:36 - It’s difficult in the moment to trust the process but look at some of the values out there.15:26 - What about the people without a plan in place? What are their next steps?17:37 – Mailbag Question #1: I haven’t wanted to pay off my house but I have the money to now so should I?19:46 - Mailbag Question #2: I’ve heard I should be saving about 10% of my income towards retirement? Is that right?

22 MINAPR 23
Comments
Ep 32: Coronavirus Market Update & Where to Go From Here

Ep 31: Where You Should Focus During Each Stage of Retirement

Planning for retirement consists of many different steps, and a comprehensive plan will cover dozens of different areas of your finance over time. But that doesn’t mean you have to focus on everything at once. It’s time to really start honing in on your retirement when you reach your 50s and making sure everything is taken care of. On this episode, we’ll talk about what’s most important at each stage to help you prioritize.Read more and get additional resources here:https://principalpreservationservices.com/ep-31-where-you-should-focus-during-each-stage-of-retirement/Today's rundown:1:26 – How’s the office handling everything and what kind of conversations are you having with clients?3:38 – Let’s talk stages of retirement.4:16 – 15 years out (about 50 years old) what do you need to be focusing on?6:41 – Now you’re about 10 years out, where does your attention turn?8:17 – You cross into your 60s and you’re closing in on retirement. Here’s what you need to do.10:06 – You’ve reached retirement. What’s the one essential thing you need to take care of?12:28 – After retiring, there’s still work to do.15:54 – Mailbag Question #1: We had kids later in life than most people so they’ll be in college when we’re ready to retire. Should we make them take out student loans instead of trying to come up with the money to pay tuition?18:51 - Mailbag Question #2: We’re both 63 and haven’t saved much at all for retirement. We’re about to sell our farm and that will net about a million dollars. What should we do with the money?

21 MINAPR 16
Comments
Ep 31: Where You Should Focus During Each Stage of Retirement
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