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.
The Reality of the Matter:
We’ve been talking a lot these past few months about taking a close look at all of your financials. With the extra time many of us have on our hands, it’s a perfect time to get organized and updated.
What you might find out by doing so is that many of your biggest assets aren’t getting the attention they deserve. That’s not to say you aren’t managing your portfolio, but are you devoting enough time to getting more out of the significant pieces in your portfolio?
On this episode of the Retirement Reality Podcast, Mike Kojonen will tell us why these five assets need more attention and what you could benefit by doing so. We’ll take you through these areas of the financial planning process:
- Your home
- Social Security
- Future savings potential
- All of those smaller accounts
Each of these things play a crucial role in retirement so you should consistently be assessing where you stand. Would it be a good idea to refinance? When should you take you Social Security benefit? Would it make more sense to consolidate all of your smaller accounts into one spot?
We’ll answer these questions and give you a much clearer picture of how these assets can have a bigger impact on your long-term goals.
Before we get into that main discussion, we’re going to open up the show with two listener questions. The first comes in from someone wondering about the diversification in their portfolio. You’ve probably invested in mutual funds at some point because of the ability to own multiple companies at once, but at one point does too much diversification occur?
These second asks about knowing whether you have enough saved for retirement. Often times people will evaluate their situation based on what other people have. By comparison you might appear to be in good shape, but how do you know? The answer is going to vary for everyone but don’t get caught up in comparing yourself to others. The amount that someone else needs will likely be very different from what you will need in retirement.
Listen to the full episode or click on the timestamps below to skip around to a specific topic.
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: 401k
7:47 – Second asset: Your house
9:39 – Third asset: Social Security
12:40 – Fourth asset: Your future savings potential
14:12 – Fifth asset: Having a bunch of smaller accounts
Thanks for checking out the Retirement Reality Podcast. We’ll talk to you again next week.