Today’s Prep:
From market crashes to empty nests, we discuss different situations that may be first viewed as a crisis. But is it really an opportunity in disguise? We will explore both sides today on the podcast.
Equipping Points:
Do you live life with a glass half full or glass half empty mentality? Depending on how you look at things, there are several scenarios that may happen in life that could either be considered a crisis or opportunity. On today’s podcast, we talk through the good and bad of several different situations to give you perspective and help you find the hidden financial opportunity, even amidst a crisis.
As kids leave the nest and go off to college or homes of their own, do you fear the empty nest syndrome? Whether you are sentimental about your babies leaving home or ready for them to spread their wings, being an empty nester may provide a unique opportunity financially. You are likely making more money than you’ve ever made, have the chance to put more away for retirement, and have a little more flexibility with your investments.
Market crashes are unfortunately inevitable. The vast majority of time, the market eventually goes back up but you have to have your money still in the market to do so. When the market is down, is this a chance though to make a Roth conversion? Do you have a plan in place to be able to view this calmly and as an opportunity instead of a crisis?
How does long-term care insurance work? How should you build it in your plan? Or is there a plan that could be better implemented into your legacy plans?
Are you fearful of getting laid off, especially in the midst of coronavirus? As you get closer to retirement, getting a forced early exit may feel like a bit crisis. You may however find there’s opportunity to do something else that you enjoy to cover an income gap. Putting a plan in place may show you the possibility of reasonably retiring, even sooner than you thought.
Is your situation a crisis or opportunity?
Listen to the entire episode to hear more or skip to a particular scenario using the timestamps below.
1:22 – Is empty nest syndrome a crisis or opportunity?
4:55 – Is there an upside to market downturns?
6:56 – How should you view long-term care insurance rate hikes?
9:11 – What is the opportunity in getting laid off?
Today’s Takeaway:
“If you’re going to be retired, you’re going to be subject to ups and downs from the market–you don’t want that to affect your income. You want your income coming from safer, smarter places that do not come from the market.“
-Eric Peterson
Related Resources:
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Do You Have These Blind Spots In Your Retirement Plan?
Many people can have a couple of “blind spots” so to speak when it comes to their retirement plans. Do you worry you may not be accounting for everything you might need for your retirement? Then today’s episode is perfect for you!
Read More
Inside Out: How We Can Look at Finances Through the Characters of Pixar’s Latest Flick
There can be a lot of emotions when it comes to investing and planning for retirement. And what better way to discuss those emotions than through the characters of Pixar’s latest film, Inside Out 2?
Read More
The Importance of Preventative Care
Preventative care isn’t just for your health; it’s essential for your financial well-being too. By consulting a financial advisor early and often, you can avoid financial distress and make informed decisions that lead to a secure and fulfilling retirement. Many people will put it off for fear they will be told something they don’t want to hear or because of the perceived costs of financial advisors.
Read More
Preparing for Retirement like Noah’s Ark
Financial planning involves a lot of planning ahead, much like Noah did when he started building the ark long before the rain began. This metaphor serves as a powerful reminder that proactive planning is essential for weathering financial storms. Eric highlights that while we can’t predict events like market crashes or global pandemics, we can prepare for them by stress-testing our financial plans.
Read More
Retirement Income
When planning for retirement, one of the most critical aspects to consider is your income. But what does this mean, and how can you ensure you have enough income to cover your needs and desires?
Read More
Retirement Checklist
Retirement is a significant milestone that requires careful planning and preparation. In today’s podcast, Eric shares a comprehensive checklist to ensure you’re fully prepared for your golden years.
Read More
Financial Wisdom from Mark Twain
In the latest episode of the Retirement Ready Podcast, Eric invites us to explore the timeless wisdom of Mark Twain and how it applies to modern financial planning. Mark Twain, known for his wit and keen observations, offers quotes that are surprisingly relevant to today’s financial landscape. Eric takes these quotes and translates them into practical advice for those planning their retirement.
Read More
Understanding Bonds in Today’s Market
Are bonds really the safe investment we’ve always been told they are? What percentage of assets should a retiree or pre-retiree hold in bonds? In today’s episode, Eric addresses some of his most frequently asked questions about the world of bonds…
Read More
Understanding Your Financial Statements
Financial statements can often feel like a foreign language, filled with jargon and numbers that seem to have little relevance to your everyday life. However, understanding these documents is crucial for effective retirement planning. In the latest episode of the Retirement Ready Podcast, Eric breaks down the essentials of reading and interpreting your financial statements.
Read More
From Graduation to Retirement
This one goes to the grads! Whether you know someone graduating high school, college, or even preschool, graduation marks a new stage and season in life. Similarly, retirement is a new chapter in life. It’s a time of change, celebration, and sometimes, uncertainty. On today’s show, we talk through the similarities between leaving school and entering retirement.
Read More