Skip to content

Life Happens: How Will Your Financial Plan Be Impacted?

Today’s Prep:

We all know at one point or another something is bound to happen that can throw off your financial plan. How will you address these possible scenarios when it comes to your financial plan?

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

 

Equipping Points:

While we may hope for the best, life happens and sometimes things don’t go as we’d like. What do you do to prepare as best as possible within your financial plan?

Whether you are planning on it or not, you might move to a new job at some point in your career. What do you need to keep in mind when that happens? What do you do with your old 401(k)? What kind of benefits do you need to consider when taking on a new job?

Sometimes job changes are planned and sometimes they aren’t. If your company suddenly goes through layoffs or gets bought out, what will that mean for you and your retirement plans? Companies make staff changes more often than you think, so it’s important to be prepared.

If you inherit assets or an estate, that has the potential to significantly change your financial situation. Before you start claiming things, sit down with someone to sort through the ramifications of receiving an inheritance. You usually don’t have to take it out right away, so consider the tax planning and think through it strategically.

While no one wants to talk about it, losing a spouse will change your life. Not only is it tragic and emotional, but it has a significant impact on your finances. Maybe it will put you in a different tax bracket and you’ll likely lose some of your Social Security or pension income. If you are in retirement, you’ll want to have a plan for how to address the economic impact of losing a spouse.

The bottom line is life happens and you have to be prepared to deal with anything that comes your way. That all begins by formulating a solid plan that you can have confidence in, and this episode will help start that process.

Listen to the entire episode or click on the timestamps below to hear more about a specific life situation and how to prepare for it.

[0:47] – What life events may happen?

[1:30] – Moving to a new job may change your situation.

[3:26] – Layoffs and downsizing could catch you off-guard.

[5:55] – Inheritance can alter your financial situation.

[8:07] – Losing a spouse will change your life, including your financial life.

 

 

Related Resources:

Understanding How Your Feelings Impact Your Financial Decisions

How To Handle Financial Pain Points in Retirement

Retiring Early: Is It Possible and Is It Right For You?

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

Should I Keep My Life Insurance Policy + Other Mailbag Questions

April 2, 2020

If your life insurance policy goes up after you turn 60, you may wonder if it’s still something
worth paying for. Or maybe you’ve just received an inheritance and don’t know what to
expect when it comes to taxes. Eric answers three questions from the mailbag this week.

Read More

Making Home Renovations and Protecting Your Retirement Income

March 26, 2020

Are you wondering how to pay for a home renovation in retirement? Or, are you concerned about the market volatility with retirement a few years away? Eric answers three questions from the mailbag all related to making wise decisions regarding money in retirement.

Read More

Don’t Mistake Good Intentions for Sound Financial Advice

March 12, 2020

Can you tell the difference between good intentions and bad advice? Sometimes, even people who are truly trying to help can give you bad information and cause you to question your financial decisions.

Read More

Stages Leading Up To Retirement

March 5, 2020

Life isn’t just “before retirement” and “after retirement” when it comes to your financial plan. There are several stages leading up to and through retirement. Which stage are you in?

Read More

5 Frequently Asked 401k Questions

February 27, 2020

Do you have a question about your 401(k)? There’s a good chance you’ve wondered about at least one of these five frequently asked questions when it comes to your 401(k).

Read More

What You Should Know About Leaving an Inheritance

February 20, 2020

Estate planning is just one piece of a comprehensive retirement plan but it’s an important one because you only get one opportunity to get it right. The problem is many individuals have very little experience with inheritances and often make mistakes when handing them down or receiving them. Let’s try to change that today by informing you about inheritances and the steps you need to take.

Read More

Reasons Why People Don’t Retire

February 13, 2020

Why would someone put off retirement? Are there valid reasons to wait, even if you are of retirement age? Today we’ll look at the reasons that we often hear and the meaning behind what is said.

Read More

Financial Advisor Green Flags

February 6, 2020

How do you know if you’ve found the right type of financial advisor? What is most important when looking for someone to work with who will create the right types of financial strategies for where you are in life?

Read More

Understanding The SECURE Act, Part 2: Stretch IRAs

January 30, 2020

In part two of our series on the SECURE Act, we talk about some of the downsides to the changes. Eric explains the stretch IRA and what impact the SECURE Act made on it.

Read More

Understanding The SECURE Act, Part 1

January 23, 2020

What is the SECURE Act? And how does it impact your retirement plans? We’ll outline some of the major changes you need to be aware of in this two-part series.

Read More

Leave a Comment