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
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Retirement Lifestyles
Retirement planning is so much more than simply having enough money socked away. Social activity, hobbies, skills, physical activity, and routines are all big components of your life now and likewise, should be in your retirement.
Read More
Good Intentions and Financial Advice
How can you use your money wisely? Eric answers three questions that range from short-term travel plans to long-term estate planning decisions. While it’s good to be a good steward with your money, remember what it’s really there for.
Read More
Mailbag: Should I Invest Unused Travel Funds Into Something More Practical?
How can you use your money wisely? Eric answers three questions that range from short-term travel plans to long-term estate planning decisions. While it’s good to be a good steward with your money, remember what it’s really there for.
Read More
Desire to Retire
Are you dreaming of retirement? We talk through the different levels of desire people have in regards to retirement. Some can’t wait to cross the finish line and others have no plans soon to walk away from their jobs and careers. Depending on where your desire lies, here’s what you can be doing to prepare for the future.
Read More
Retirement Lessons From Disney World
Ready to reminisce about the happiest place on earth? Or maybe you have plans to visit Mickey in the new year. On today’s show, we talk through some of the classic rides you can find at Disney World and what they have in common with your financial plan.
Read More
Naughty or Nice? Financial Advisor Behaviors
Do you think your financial advisor belongs on the naughty list or the nice list this year? Eric talks through a few scenarios that financial advisors may face to set the record straight on whether it is nice or naughty. If you come across a similar situation, hopefully, this will shed some light on reasonable expectations clients should have with their advisors.
Read More
Mailbag: Where Should I Withdraw My Retirement Funds?
In retirement, even if you’ve saved more than you’ll need, there are still a lot of questions that come up as you make wise decisions about what to do with your money. Eric answers three questions from retirees on how to best navigate what they have and how to rest easy in retirement. If ever you have a question for Eric, feel free to reach out!
Read More
Year-end Roth Conversions
As we start to close out 2022, what are the things we should be doing with our finances? Is now the time to do a Roth conversion? Depending on your situation, you may want to con-sider it before the ball drops on New Year’s Eve. Eric explains how a Roth conversion works, what the benefits are, and why you’ll want to talk to your advisor about whether you should do one right now.
Read More
Inheritance 101
An inheritance isn’t something you experience every year, so when it does happen, there are a lot of details to understand. We talk about some of the questions surrounding inheritances. Eric also shares the most common mistakes and how you can avoid them.
Read More
Mailbag: Do I Have Too Much in Cash?
When people are in retirement or closer to retirement, the accessibility of money goes up. So, what does that mean when you have to take out RMDs? How do you know if you have too much money in the bank? Talking through this with an advisor might help you make the right next steps with your money. We also talk about what mistakes people are prone to make if they try to DIY their retirement planning without a financial advisor.
Read More