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?
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?
Today’s Takeaway:
[spp-tweet tweet= “One of the biggest holes I see in most people’s plans is the economic impact of losing a spouse. What happens if something happens to one of you–can the plan still work and can the surviving spouse maintain that standard of living? –Eric Peterson“]
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