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

More From Eric:

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

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

Mailbag: Do I Have Too Much in Cash?

November 22, 2022

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

Retirement Planning with Mr. Miyagi

November 17, 2022

Eric answers three questions from the mailbag today, all common scenarios that you might one day come across yourself. Find out what he has to say!

Read More

Mailbag: Is It Irresponsible to Retire Early?

November 10, 2022

Eric answers three questions from the mailbag today, all common scenarios that you might one day come across yourself. Find out what he has to say!

Read More

Retirement Red Zone

November 3, 2022

Let’s talk football! As fans of the game, we make some comparisons between football terms and retirement planning. How can you win when it comes to our financial plan? Understanding the strategies ahead of time and having the right team behind you can make all the difference.

Read More

Mailbag: Do I Need To Budget For Retirement?

October 27, 2022

Day-to-day, Eric works with a lot of people as he helps them navigate a variety of financial decisions. But what might seem rare to you could be a more common occurrence to wit-ness in his office. How often does Eric come across scenarios like these? You might be surprised by some of the answers!

Read More

How Often Do These Financial Situations Happen?

October 20, 2022

Day-to-day, Eric works with a lot of people as he helps them navigate a variety of financial decisions. But what might seem rare to you could be a more common occurrence to wit-ness in his office. How often does Eric come across scenarios like these? You might be surprised by some of the answers!

Read More

Mailbag: Should I Get a Prenup?

October 13, 2022

What are the financial implications of getting married later in life? There are a lot of variables that go into this financially speaking. Have you talked through what happens when one of you passes away? Do you or your fiancé have children? Eric and Marc go over what this may look like and also answer two other questions from the mailbag.

Read More

Financial Advice from Seinfeld

October 6, 2022

Ever take financial advice from your favorite TV show? Believe it or not, you might learn something, even from an unlikely source. Inspired by a classic sitcom, today we take some quotes from Seinfeld to apply them to our financial plans.

Read More

Mailbag: Which Investment Should I Withdraw From?

September 29, 2022

Whether you are nearing retirement or wanting to buy a new car, taxes are often a big part of the conversation. Thinking through how and when to withdraw from your investments strategically can make all the difference in what taxes you pay afterwards.

Read More

Investing and Coffee

September 22, 2022

In the fall, a lot of people are ready to cozy up with a coffee or latte in their favorite mug. For fun, we talk about the different types of coffee drinks and what kind of investor that might make them. Do you take your coffee the same style you do your investing? Which one are you?

Read More

Leave a Comment