Today’s Hack:
Ever wish you knew then what you know now? That’s especially true in the year 2020. We discuss areas where hindsight could help and what to do about those financial decisions today.
Click the timestamps below to jump ahead in the episode…
Video Version:
Other Retirement Facts:
Hindsight is 20/20, and what a year 2020 has been so far. As different things have hit this year, everything from COVID to the upcoming election, what do you wish you had known ahead of time? What would you have done differently?
The election is about a month away and is causing a lot of questions. What should you do right now? Is it time to make a big move? First, do you have a plan? The election may cause things to change, but make sure your plan accounts for it.
Do you know what kind of risk is in your portfolio? Are you overexposed to risk? What about Social Security–do you know your options? How does it fit in your plan? Instead of just winging it and automatically taking Social Security at 62, consider what decision will benefit you most. If you’re married, your decisions won’t just affect you, but your spouse as well.
Maybe you wish you had taken better advantage of a Roth IRA. Instead of regretting the past, what can you do now? Is a Roth a good fit for you? Or would it be better to do a Roth conversion? Consider your tax rates to see what makes the most sense moving forward.
Do you wish you had known ahead of time that you weren’t ready to retire yet? Without knowing what will happen in the market, it can be scary to retire. Having a plan and running the numbers will help you determine if it makes sense. Ideally, you retire on your own terms and with thorough plans to cover your retirement income and health care costs.
Listen to the entire episode or click on the timestamps below to skip to a particular segment.
0:34 – What does fall fashion look like for Phil and Marc?
1:35 – Do you wish you had done things differently with your finances?
1:54 – As the election approaches, what should you keep in mind?
3:31 – Should you make some big financial moves now?
5:15 – How much risk are you exposed to?
6:31 – Do you know your options with Social Security?
9:45 – Should you be taking advantage of the Roth?
11:30 – Are you regretting retiring too early?
Thanks for listening! We’ll be back with another episode next week.
A Quotable Moment:
“First of all, you have to have a plan. What is your plan? How does your money position according to that plan? Then, maybe look for opportunities.“
-Phil Putney
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