Are You Flirting with Financial Disaster?

Today’s Prep:

You might feel great about where you stand financially but there’s a chance you could be flirting with disaster. We’ll tell you about three key areas where people make mistakes in their planning that can end up causing major financial problems in retirement.

(Click the featured times below to jump forward in the episode)

Equipping Points:

No matter how diligently you save for retirement, there are certain planning areas that need to be addressed or you might end up flirting with disaster.

Saving and investing is only part of the process when it comes to retirement. You also have to be looking long-term to make sure all of the potential expenses you might face are covered. Many people fail to do that without a comprehensive financial plan and it can carry major financial implications.

On this episode of the Retirement Ready podcast, Eric will tell you about three key areas where disaster could be looming in your portfolio. We try to stress each of these to our clients and now we want to make sure you’re aware of these areas so that you can make any necessary adjustments.

The first we’ll cover is legal documents. When was the last time you updated beneficiaries? If you can’t answer that question, it’s probably time to do it. Without updated legal documents, your money might not go where you intend and it could end up causing headaches for your family.

After that we’ll talk about taxes. We’ll all aware of this one but what about the long-term planning side of taxes? How much have you been thinking about how taxes will impact your retirement accounts and even the money you plan to pass on to your loved ones? That ticking tax time bomb could be waiting for you if you don’t plan for it.

We’ll finish out the conversation with healthcare needs. Depending on where you look, there are statistics that will tell you one in three people will need long-term care assistance. That number might be even higher based on some opinions, but either way, it’s a major expense that needs to be accounted for within your plan.

So come listen to the full discussion and find out why each of these things could cause disaster within your finances if you aren’t careful.

Listen to the entire episode or click on the timestamps below to skip to a specific segment.

[0:58] – Out of date legal documents

[2:43] – An article showing the importance of updating documents. 

[4:06] – If you’re not thinking about long-term tax planning

[7:21] – No plan for long-term care expenses.

Today’s Takeaway:

You don’t know what your tax rate is going to be in retirement. Everyone assumes they’re going to be in a lower tax rate in retirement but a lot of times that’s not necessarily the case.

-Eric Peterson

Related Resources:

How To Pack Your Financial Suitcase

Are You Facing Financial Crisis or Financial Opportunity?

Grading Your Financial Competency

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

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