Episode #8: Being Between Jobs

Today’s Prep:

Finding yourself between jobs can be frustrating, but it presents opportunities. Consider the challenges and opportunities that accompany an employment gap.

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

Equipping Points:

[1:37] – Is It Time For A New Career? 

  • Whether you’ve been downsized or left on your own accord, you should consider the possibility of a second career as you’re between jobs. Gone are the days of retiring and sipping sweet tea on the front porch in a rocking chair. Folks are working longer. If you’ve left your first career, perhaps there’s something you enjoy that you can find a way to monetize. Consider starting something that gives you more fulfillment in life. If you’ve planned well for retirement, it’s quite possible you can afford to make less money doing what you love.

[3:47] – Be Your Own Boss?

  • If you’re between jobs, perhaps this is your opportunity to finally become your own boss. Thanks to the internet, many of the barriers to becoming your own boss have disappeared. We no longer have to worry about manning a shop, paying rent, keeping up inventory, etc…Anymore, you can work from the comfort of your own home in your pj’s. All you need is a laptop. Being your own boss opens up additional income streams in retirement. It also gives you an added level of flexibility with your schedule, so you can experience the level of freedom that accompanies retirement while continuing to earn a paycheck.

[5:40] – Health Insurance Complicates Things. 

  • If you’re too young or unable to qualify for Medicare, you’ll need some sort of healthcare coverage in retirement. After all, you probably left your health benefits behind as you left your last employer. Health insurance is expensive, and if your employer is no longer paying the brunt of the costs, you’re going to face that burden alone. That’s why many folks look for part time jobs with companies like Starbucks in order to meet their health insurance needs.

Other Preparation:

  • [10:16] – 401(k) Rollovers.
  • [7:53] – How Your Advisor Can Help.

Today’s Takeaway:

More From Eric:

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

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

Retirement Income Planning Essentials

September 23, 2021

What do you need to know about retirement income? From Social Security to planning for inflation, Eric breaks down the basics of what you need to know and how to make a plan that fits your future.

Read More

Easy Financial Improvements To Make

September 16, 2021

What’s a simple way to make your financial planning better? Today we are going to discuss some easy steps you can take to improve your financial plan.

Read More

Empty Nest Syndrome

September 9, 2021

Have all of your little baby birds left the nest? Today, we discuss the kind of financial decisions you may make in this next stage of life.

Read More

Retirement Quiz – Is That Your Final Answer?

September 2, 2021

We quiz Eric with a few multiple-choice questions all about retirement. Which one will he choose? Do you agree?

Read More

Moving On From Financial Mistakes

August 26, 2021

Instead of getting stuck in a rut after a financial mistake, it’s important to move forward in the right direction. So, what can you do to recover? Find out on today’s show.

Read More

Common Complaints About Financial Advisors

August 19, 2021

Are you feeling frustrated when it comes to your financial planning? If so, these three common financial complaints might make you feel like you aren’t alone, but also give you hope for a better scenario.

Read More

Navigating Retirement Disagreements Between Spouses

August 12, 2021

What do couples tend to argue about when it comes to their money in retirement? Eric talks through what you need to do to get on the same page.

Read More

5 Most Common Retirement Planning Mistakes

August 5, 2021

Do you have a strategy in place to avoid these retirement planning mistakes? Eric talks through what to do instead to make sure your plan is a success.

Read More

The Retirement Countdown

July 29, 2021

In those final years before retirement, what should you be considering and doing now? We tackle a list of things you should do in the years before retirement.

Read More

Mailbag: Do I Need Long-Term Care Insurance If I Expect an Inheritance?

July 22, 2021

Looking for a way around paying for long-term care insurance? Will an inheritance cover it? Eric answers this question and two others from the mailbag.

Read More

Leave a Comment