Today’s Hack:
No matter how well you plan, there are times in your life where things shaken up and force you to change course. All of a sudden you shift to planning with a sense of urgency. On this episode, we’ll discuss some of those scenarios and how you can prepare yourself.
Click the timestamps below to jump ahead in the episode…
Other Retirement Facts:
We all hope for a smooth transition into retirement as we set aside money and make plans throughout our life. But as we all know, even the best plans go awry.
Changes come and life events occur that force us to act much faster than anticipated. All of a sudden our plan becomes more about urgency than longevity. That’s the focus of today’s Phil’s Tax Hacks podcast.
We’ll discuss four different scenarios that will cause you to react if you don’t have some sort of plan in place to deal with the unexpected. Even though you predict when these things if or when these things will happen, but there are ways to get ahead of these scenarios to limit the urgency.
This episode will also begin with a good conversation on Social Security and the possibility of age changes. With the SECURE Act in the news, maybe there are signs that additional changes might be on the horizon.
We’ll also answer an email question on 401(k) savings and unexpected taxes in retirement.
Listen to the full episode for more on these topics or click on the timestamps below to skip around.
1:51 – In the News: The SECURE Act could affect your retirement.
3:56 – Could changes coming to the RMD age signal changes in Social Security?
5:57 – Getting to Know Phil: What’s your greatest accomplishment in life?
7:14 – Moving to our main topic of planning with a sense of urgency.
8:05 – Scenario: The loss of a job.
10:10 – Scenario: Your retirement date begins closing in on you.
13:07 – Scenario: The death of a spouse.
14:58 – Scenario: The market drops significantly.
17:26 – Email Question: I’ve always told I’d be in a lower tax bracket when I retire so I should be putting as much money as possible in my 401(k). Now I’m retired and I am not in a lower tax bracket and I’m being taxed quite a bit. What went wrong?
A Quotable Moment:
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Additional Resources:
- Phone: 248.888.7530
- Email: pputney@afswealthmgt.com
- Schedule A Visit With Phil
