Depending on how far away you are from retirement, you may have a different thing to focus on with your retirement plan. What should you be doing right now and how has the current market volatility impacted that?
Click the timestamps below to jump ahead in the episode…
Other Retirement Facts:
What do you really need to do when it comes to retirement planning? On today’s episode ofPhil’s Tax Hacks, we talk through several stages of life leading up to retirement and how to prepare. Further, we address the ways this might shift given the current market conditions. To start out, we’ll answer two questions from the mailbag regarding coronavirus.
Jason sent in a question asking if it would be good to own gold in his portfolio right now. Especially considering the current volatility of the market, will gold be a more stable asset to have? Phil in Northville fears the market will keep crashing due to the coronavirus. Should he move everything to cash?
While these are more extreme times with COVID-19, we want to talk about what you should do to prepare for retirement in the years leading up to retirement (particularly in times a bit more normal compared to these unprecedented times). So, if you are 15 years off from retiring, how can you position yourself well to retire when it’s time?
At ten years prior to a retirement date, you may want to visualize what retirement will look like. What kind of income streams will you have in retirement? When is retirement actually going to be? Right now, are you feeling like that date has changed due to the impact of coronavirus on the market?
Around five years before you plan to retire, what does your plan look like? Having a strategic and well-thought-out plan can make all the difference. Even now as things are more temperamental, having a plan in place can help you weather the conditions financially.
When retirement comes around, you’ll want everything already sorted out. The day you retire is not the day you start to make a plan. Right now is the time to plan and take control of what retirement might look like for you. Times like we’re experiencing now are stressful, but don’t continue to do nothing. If you haven’t started retirement planning yet, start now.
Listen to the full episode or click on the timestamps below to hear Phil’s answer to these retirement questions.
1:40 – Mailbag: Is it wise to own gold?
5:06 – Mailbag: Should you move everything to cash now?
8:07 – What should you look at fifteen years before retirement?
9:37 – Is right now an opportunity to invest for some?
12:01 – Ten years before retirement, what do you visualize with retirement?
13:35 – Are you feeling like the coronavirus will set you back a few years?
16:12 – What should you do five years before retiring?
17:20 – Do you have a strategic plan?
19:06 – What do you do when you retire?
A Quotable Moment: