Confidence Corner

What are the things that get easily overlooked? On today’s episode of the podcast, we discuss some of the things you might not be considering when it comes to your retirement plans.

Some will become the sandwich generation, with adult children back at home and aging parents needing to live with you. Often these are loved ones you want to help care for, but it can still be a challenge. You want to be careful that it doesn’t deplete your own retirement.

Are you facing early retirement? Whether on your terms or someone else’s there’s a lot to look at and discuss to make sure your financial plan can handle it. Maybe you’ll need to continue working and doing something else. Even if you don’t go back to work, you want to have something you enjoy doing during that time.

If you’re getting close to retirement, you might want to assess what major costs are on the horizon. Are you planning for things like a new roof or an HVAC that needs to be replaced? Make sure you are planning for these things and have enough cash flow to handle it. Are you going to buy a car again? Make sure you include that as a part of your financial plan and talk it over with your financial advisor.

Lastly, no one wants to think about it, but what will happen with your retirement plan when one spouse passes away? For instance, your tax bracket may change. A lot of costs don’t go down after one person dies. 

0:47 – We’re kicking off the season of summer.

1:50 – The sandwich generation can be a challenge.

6:27 – Early retirement still needs a plan.

12:19 – What major purchases might come up?

15:09 – What happens when a spouse dies?

A Point Of Wisdom:

“Make sure that you are planning for these things, they will happen. Make sure there’s enough cash flow to handle it, or that there is enough in the emergency funds or other funds that you have set aside.”

-Nathan O’Bryant