Podcast Episode 373: Family Matters Related to Money
Most people are focused on their family when it comes to planning, and there are some primary issues that need to be addressed ahead of time. In the latest episode of the Money Wisdom podcast, Jake Doser, CFP®, CPWA® joins the show to tackle critical issues head-on. This episode offers a wealth of knowledge on managing finances in challenging times and ensuring a secure financial future for your loved ones.
One of the primary topics is the financial challenges that arise after losing a spouse. There’s an immediate impact on income, particularly with the loss of one Social Security benefit and potentially a pension. The biggest challenge anyone’s going to have is suddenly having a loss of income. It can significantly affect your financial stability, making it essential to have a proactive plan in place to account for an income gap.
That’s why we emphasize the importance of forward-thinking planning. Couples should not only plan for their ideal retirement but also prepare for worst-case scenarios. “It is just so critical for people to do forward-thinking planning, not only for a best-case scenario but also for the unfortunate worst-case scenarios,” Jake notes. By anticipating potential financial challenges, you can create a more resilient financial plan that ensures stability even in difficult times.
Another crucial aspect covered is legacy planning for kids and grandkids. Many people overlook the tax implications of transferring wealth to the next generation. Failing to plan for taxes can leave your heirs with a substantial tax burden. Sometimes it’s not necessarily about you paying less or the kids paying less, but how do we make this money survive and not go to the government? By considering the long-term tax implications, you can maximize the benefits of your legacy for your family.
For those looking to dive deeper into these topics, Johnson Brunetti offers workshops that provide valuable insights and personalized advice. These workshops are an excellent opportunity to ask questions, share concerns, and learn from experts in a supportive group setting. To find out more about upcoming workshops, simply call or text 800-757-0436.
Here’s some of what we discuss in this episode:
• The financial problems people face when they lose their spouse.
• How planning today can help solve the income gap problem you might face in the future.
• Many people overlook taxes when planning for kids and grandkids.
Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.
Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.
Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
The guarantees provided by any type of insurance contract are based on the claims-paying ability of the insurance company.
Related Resources
-
Frequently Asked Social Security Questions
Almost every American is impacted by Social Security in some way, so it’s no wonder that it’s one of the most frequently asked topics in retirement planning. When and how you start taking benefits… -
How Much Money Can I Spend in Retirement?
“How much can my spouse and I realistically spend in retirement at age 62 with $1 million saved?” Today’s hypothetical couple is asking the very question that most pre-retirees ponder when gearing… -
What Should My Tax Plan Be at Age 65 with $1 Million?
Approaching retirement with $1 million saved is an impressive milestone, but turning those savings into a sustainable income stream requires careful planning. At age 65, many retirees face the cha… -
What to Consider Before Moving in Retirement
If you have the liberty to relocate in retirement, does that mean you should? Maybe you’re a snowbird who wants to live down South full-time, or maybe you want to stick it out in the cold and spen… -
Dodging the Tax Torpedo
When envisioning the next chapter of your life, the impact of taxes can often be overlooked or forgotten altogether. The reality is, without the proper planning, you may be at the mercy of an impe… -
What Habits Should I Unlearn Before I Retire?
Today’s insightful question explores the behavioral finance side of retirement planning – specifically, which financial habits you should leave in the rearview as you transition into retirement. … -
RMDs and You
Tax-deferred retirement accounts like IRAs and 401(k)s have allowed your savings to grow without any immediate tax burden. However, once you reach a certain age, the IRS requires you to begin maki… -
How to Financially Plan for a New Presidential Administration
A new presidential administration is set to take office next year, and while there are a lot of uncertainties around what a second Trump term could bring, it’s important to stay the course in your… -
Magic Retirement Number
Do you know your magic retirement number? This is the amount of money you need to retire – and it’s different for everyone. Let’s explore how to calculate your number, how it compares to the rest … -
Should I Consolidate My Multiple 401(k) Accounts?
If you’ve contributed to multiple 401(k) or other employer sponsored plans over the years, you may be wondering about today’s question, is it time to roll your old accounts into an IRA? In this we…
