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
-
Avoiding the Retirement Tax Trap
Once you retire, understanding your tax implications becomes even more crucial. After all, taxes don’t disappear in retirement. In fact, as you begin withdrawing from your retirement savings, you … -
Podcast Episode 405: The Retirement Tax Trap
Prefer to watch? Click here to watch and listen on YouTube. The term “tax trap” comes from the misconception that you’ll need less income in retirement, so you’ll pay lower taxes. This leads ma… -
What Should I Watch Out for When Reviewing My Retirement Tax Return?
Now that tax season is over and your return is filed, you may be wondering what you need to review in preparation for next year, especially if you’re approaching retirement. In this week’s Mone… -
Retiring In Uncertain Times
During times of economic uncertainty, it’s natural to feel overwhelmed. It seems like every day there’s a new update from the markets. But rather than reacting to the noise, focus on why you have … -
How Do Tariffs Affect the Stock Market?
If you’ve been tuned into the news lately, you’ve probably heard a lot about tariffs. The current administration’s latest economic push has introduced a wave of uncertainty in the market. But what… -
How Do I Get Out of Debt Fast?
Most people with debt want to get out of it quickly and efficiently. To do that, you first need a clear understanding of your financial situation. Second, you need a clear, actionable plan. In … -
Why Do I Need to Account for Inflation in Retirement?
Today’s question is: What is inflation and why is it important to account for in my retirement plan? Inflation is the rising cost of goods over time. Meaning, it will cost you more money next year… -
How Does a Tax Return Work?
As tax season concludes, it’s a good time to refresh your tax knowledge. In this week’s Money Wisdom Question Series, Ian Fergusson, RICP® discusses how filing your taxes works and why it’s essen… -
What Is a Fiduciary?
When it comes to managing your money, trust is everything. That’s why today’s question is one of the most common and important ones we receive: What is a fiduciary? In this week’s Money Wisdom … -
Podcast Episode 403: How to Approach Finances in a Second Marriage Later in Life
Getting engaged later in life is an exciting time, but it requires different financial planning conversations. With blended families, different retirement timelines, and evolving goals, couples in…