Today's Hack

You’ve been planning for retirement by saving and investing for years but how prepared are you for negative events? Portfolio disaster could strike at any time and you need to have a plan in place to deal with it. We’ll run through the most likely scenarios and what you should do to stay retirement ready.

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Show Notes For This Episode

Today’s Hack:

You’ve been planning for retirement by saving and investing for years but how prepared are you for negative events? Portfolio disaster could strike at any time and you need to have a plan in place to deal with it. We’ll run through the most likely scenarios and what you should do to stay retirement ready.

Click the timestamps below to jump ahead in the episode…

Other Retirement Facts:

No one likes to be a pessimist, but the reality is that disaster will likely impact us at some time in our lives. Having a plan in place to handle these events makes the difference in whether we’ll be able to enjoy retirement on our own terms.

To help you be aware of the where these disasters might happen, we want to discuss the possibilities and what impact they can have on your finances. That’s the focus of today’s Phil’s Tax Hacks podcast.

The three scenarios on the agenda are death, a market crash, and long-term care. They can all hit you when you least expect it so put a plan in place now to deal to save you the worry. Phil will provide his thoughts on each scenario and the strategies that might be used to deal with them.

This episode also includes some conversation on the direction the world is going with automation and how that might impact the financial advisor role in planning. I

We’ll also answer a couple mailbag questions on early retirement and planning without the help of an advisor.

Listen to the full episode for more on these topics or click on the timestamps below to skip around.

1:57 – News headline reaction: Will the financial advisor role become unnecessary with the advent of automation?

4:30 – Getting to know Phil: What’s the most danger you ever put yourself into?

6:01 – Mailbag question: I’m retiring early from my state job. Do I need to find a new job since I’m too young for Social Security or my IRA?

7:36 – Main topic on portfolio disasters begins.

8:37 – Scenario 1: Your spouse passes away early and you never took part in financial planning. Now you’re left figuring it out.

10:09 – Scenario 2: The market crashes and you didn’t have a plan in place.

12:46 – Scenario 3: The family legacy that gets wiped out by a long-term care expense.

15:06 – Mailbag question: I’ve always handled my retirement planning with no help, but are there any items that I might be missing?

A Quotable Moment:

 

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