Today’s Hack:
Life never goes as planned but how you react to each situation determines how your affected. Let’s look at a handful of negative scenarios that retirees and pre-retirees face and find the silver lining that can help you make the best of a bad situation.
Click the timestamps below to jump ahead in the episode…
Other Retirement Facts:
Hopefully you’ll never get into a situation where an unexpected event shakes up your life and your retirement plans, but there’s always a way to take a negative and turn into a positive.
This episode of Phil’s Tax Hacks will do just that. We’ll discuss some unfortunate financial situations that retirees and pre-retirees are faced with and figure out how to make the best of them. It’s all about how you handle a negative that determines your future and we want to help you find those silver linings when you’d least expect them. We’ll run through four specific ones that might have already impacted you or someone you know.
We also received an interesting question from a business owner who hasn’t saved as much as he would have liked for retirement. That’s a challenge for many owners as you try to reinvest in your company and take care of employees. Now that he’s enjoying a great year and has some money to invest, he wants Phil’s help picking out places to put his profits.
Listen to the entire episode or click on the timestamps below to learn how to address some of these awkward financial conversations.
1:21 – Getting ready for the holiday season.
2:47 – In the news: A baggage handler in Nevada just got a cease and desist letter from the SEC for pretending to be an investment advisor.
4:19 – Moving into our main topic this week: finding silver linings in difficult situations.
5:18 – Situation: Company is forcing you into early retirement. How can we turn this into a positive?
7:41 – Situation: You find out the life insurance premiums are going up.
8:42 – Situation: The company is doing away with pensions and giving you a lump sum instead.
10:07 – Situation: Your company is being bought out and you have to adjust to management changes.
12:47 – Mailbag question: I’m in my mid-50s and don’t have much saved toward retirement. I own my own business and I’m having a huge year. I’ll have some profits to invest. Can you give me some ideas where to start?
A Quotable Moment:
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Additional Resources:
- Phone: 248.888.7530
- Email: pputney@afswealthmgt.com
- Schedule A Visit With Phil
