Today's Hack

When faced with financial challenges, do you view them as a crisis or an opportunity? Phil shares how your financial advisor can help you navigate them.

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Show Notes For This Episode

Other Retirement Facts:

Throughout life, you’ll inevitably face ups and downs. As you handle these different situations and make financial decisions, will you view these as a crisis or opportunity?

When your kids leave home and head off to college or full-time jobs, you might find yourself in a new stage of life called the empty nest. Is it good or bad? While it might be an emotional stage, it could provide some good opportunities. You might save some money or maybe find an opportunity to reconnect with your spouse.

If you invest in the market, you’re bound to see a market crash or correction at some point. It’s not a matter of “if” but “when.” Make sure to account for it within your plan. Is that a moment of crisis or opportunity? If you’re doing Roth conversions, this can be a real opportunity.

Do you think long-term care won’t happen to you? Even if you don’t want it to happen, the odds are high that you or your spouse will face this at some point. So how do you plan for it? Don’t assume you won’t ever need it. If you do need long-term care, how will you pay for it? You don’t want to be insurance poor, but understand that you will likely encounter it. Ask, “what if…?”

COVID caused a lot of layoffs this past year. While this could be a crisis, for some it turned out to be an opportunity after they ran the numbers. Are you able to retire early? Could a buyout provide a silver lining? Maybe not the original plan, but if you’re able to pick up a part-time position to bridge the gap, you might find a new plan that works for you. Make sure to talk to your advisor to bring their input in.

Do you have a plan in place to help you deal with the crisis and look for the opportunity?

Listen to the entire episode or click on the timestamps below to skip ahead to a particular topic.

0:31 – Is Phil a half empty or half full kind of guy?

1:40 – How do you feel about empty nest syndrome?

5:32 – Is there anything good about a market crash?

7:48 – Long-term care could be in your future.

10:50 – What happens if you get laid off?

A Quotable Moment:

“Make sure to talk to your advisor to bring their input in. They’re not making the decision, it’s still your decision. It’s a sounding board.”

-Phil Putney

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