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.