Blue Collar Wealth

Blue Collar Wealth

Presented by Stone House®

Presented by Stone House®

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099. Things That CRASH Your Retirement… and How to AVOID Them 

In this episode of Blue Collar Wealth presented by Stone House®, join Bob Brown, CFP® as he talks about unexpected challenges that can derail your retirement dreams. But don’t worry, Bob shares insights and anecdotes to help you steer clear of these financial pitfalls. 
As you venture into the exciting phase of retirement, it's disheartening when a few seemingly innocuous decisions shatter your dreams. You might wonder, "What went wrong?" Despite diligent planning and careful consideration years ago, how did things take a turn for the worse? It's a familiar scenario; prospective clients often reach out to our office seeking assistance after finding themselves in this unfortunate situation. While we wish we could have intervened earlier, we relish the opportunity to guide individuals through these challenges, showcasing the invaluable role of a trusted financial planning firm.

Here are some great examples of decisions that you'll likely come across that may trip you up in the future: 
  • Travel Costs: This is your golden opportunity to explore the world! However, costs can escalate rapidly if not monitored closely. 
  • Healthcare Costs: Beyond Medicare enrollment lies a realm of expenses not covered, such as cosmetic procedures, alternative therapies, private-duty nursing, or international medical care. 
  • Sandwich Generation: Balancing financial responsibilities for both children and possibly aging parents can feel overwhelming, requiring careful financial planning. 
  • ​Long-Term Care: Have you outlined your strategy for long-term care or assisted living needs in your retirement plan? 
  • ​Gifting Money: Providing financial support to loved ones goes beyond mere taxation considerations. It's about ensuring the gift's messaging and purpose align with both your financial goals and family dynamics. 
  • ​Selling or Purchasing a Home: Whether selling or purchasing a home, these decisions carry significant financial implications that warrant careful consideration.
  • ​Inflation: Despite its dormancy for some time, recent years have seen a resurgence of inflation, highlighting the need to adapt financial plans accordingly. 
  • ​Taxes: Maximizing tax efficiency requires thoughtful consideration of income sources and timing in alignment with prevailing tax codes, underscoring the importance of collaboration with tax professionals. 
Each decision eats into your retirement funds, which can be a bit of a wake-up call. It really drives home the point that your financial plan isn't set in stone—it's more like a living document that needs constant tweaking to keep up with life's twists and turns. 
At Stone House, we understand the intricacies of retirement planning and can assist in aligning your financial strategy with your personal goals, ensuring a smooth transition into this next phase of life. 
Thanks for watching!   
We’ll be back next Wednesday with a new episode, so stay tuned.  

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Blue Collar Wealth Presented by Stone House® Video Archive

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