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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?

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

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