What Creates A Sense of Urgency With Your Financial Plan?

Today’s Prep:

Have you been procrastinating putting together a financial plan or do you have a sense of urgency? What events may prompt you to act quickly?

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

Equipping Points:

What events create a sense of urgency when it comes to putting together a financial plan? Have you experienced one of these in the past year?

COVID brought a lot of stress, including a loss of job for many. What do the numbers say if you lose your job? Are you able to take an early retirement? How does this impact your plan in the short-term and in the long-term?

What if you’re offered an early retirement buyout? Some of these offers can be lucrative, but what else do you need to consider? Will you have health insurance available? The biggest hang-up is not necessarily income, but health insurance until you turn 65. Running through your plan with an advisor might help you find that an early retirement is more doable than you thought.

Have you been putting off a retirement plan? As it nears, you might be nervous to check and see just how the numbers fall. But finding this out with an advisor can give you the confidence you need in knowing what your plan is.

Has an illness or long-term disability changed your plan? If your income changes, you need to figure out how to replace the income. Will you do this through Social Security or a pension or a rental property? If you experience a death of a spouse, you may suddenly realize that everything from your taxes to your Social Security changes, but not things like your mortgage or utilities.

Lastly, you want to be able to retire in any market condition or economy. So, what happens if there is a market crash? How can you prepare ahead of time? It’s important to have diversification among your assets and money, as well as a plan that prepares you accordingly.

[1:23] – The loss of a job creates a sense urgency.

[3:29] – Do you have to make a decision about an early retirement buyout?

[4:58] – Have you been procrastinating about retirement coming?

[6:28] – Maybe an illness has changed your trajectory. 

[7:47] – The death of a spouse changes things.

[9:30] – You don’t want a market crash to alter your retirement plans.

 

Today’s Takeaway:

That’s what a plan does–it gives people confidence about any of these dates or things that happen in retirement. That’s why you need one.

-Eric Peterson

Related Resources:

Can You DIY Financial Planning?

Financial Fill in the Blank

The Three Worlds of Money

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

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