Equipping Points:
Life always has risk, and there are several types of financial risk. Do you know how much risk you have in your portfolio? Understanding the different types of risk may help you understand what kind of risk you are exposed to.
Some of these risks apply to everyone, and others hit harder during retirement when you’re on a fixed income and have less time to recover financially. Preparing ahead of time for these possible risk factors can make a big difference in your financial plan.
Here are the different types of risk we discuss on today’s show:
- Usually, people think of stock market risk. 1:45
- Interest rate risk was low until recently. 5:24
- Inflation risk has been more apparent lately. 7:20
- Tax rate risk will catch up with us. 8:46
- Longevity risk can add up over time. 9:57
If you have any questions about what we discussed on the show or want to follow up with any financial planning questions of your own, get in touch with us and schedule a visit here.
Today’s Takeaway:
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