Today's Hack

Your financial plan is more than just the numbers. Having these sometimes awkward conversations now could save you a lot of trouble later on and provide clarity in a tough situation.

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Show Notes For This Episode

Today’s Hack:

Your financial plan is more than just the numbers. Having these sometimes awkward conversations now could save you a lot of trouble later on and provide clarity in a tough situation.

Click the timestamps below to jump ahead in the episode…

Other Retirement Facts:

You’ve probably got a few topics you’d rather just leave unsaid when it comes to your financial plan. Things like death or long-term care may feel far off in the distance and uncomfortable to talk about, but they are important pieces to understand in your financial plan.

In today’s episode of Phil’s Tax Hacks, we’ll talk about some of the awkward conversations you may be avoiding and how to approach them in the best way possible.

Starting with a big one–no one really knows when exactly someone will pass away. So, if you are married, have you considered what happens to your financial plan after the first spouse passes away? It’s important to talk through this every few years to stress test your plan (Phil does this with his clients every five years).

What about if someone needs a nursing home or long-term care later on? Does your plan have room for those expenses and have you made known your decisions if it were to come down to that? If you are considering getting long-term care insurance, you have to consider the risk vs. the benefit to determine if it is right for you.

What happens if you get to retirement age or thought you could retire early but the numbers aren’t quite there yet? Would you work longer or adjust some of your retirement plans to budget appropriately? What kind of legacy do you want to leave if possible?

In all of these conversations, you need to make a plan with the right advisor. Listen to the entire episode or click on the timestamps below to learn how to address some of these awkward financial conversations.

1:36 – Quote: “Time is more valuable than money. You can get more money, but you can’t get more time.” – Jim Rohn

4:58 – How do you handle the financial plan when the first spouse passes away?

7:50 – What will you do if someone needs long-term care?

11:01 – What if you have to work longer than you wanted to?

15:12 – What kind of legacy do you want to leave (and do you agree)?

18:42 – What do you do if you feel like you’ve got the wrong financial advisor?

A Quotable Moment:

 

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