Skip to main content
Created: February 7, 2025
Modified: February 5, 2025

Podcast Episode 395: Preparing for the Possibility of a Layoff in Your 50s

In today’s fast-paced world, job security can often feel like a fragile concept, especially for those in their 50s. In this episode of the Money Wisdom podcast with Jake Doser, CFP®, CPWA® and Nicholas J. Colantuono, CFP® address a listener’s concern about preparing for potential layoffs and talk about steps to take if you’re facing similar uncertainties.

A key piece of this scenario is the age at which you’re facing these layoffs. An individual in their 50s face a unique set of challenges because their retirement savings might not be accessible without penalty and they might not have enough saved to fully retire. That’s why we want to talk about the importance of having a flexible financial strategy that extends beyond merely saving for retirement.

One of the key points discussed in this episode is the concept of tax diversification. Jake highlights that many people in their 50s have a substantial amount of their savings locked in retirement accounts, which can pose challenges when unexpected financial needs arise. By maintaining a balance of funds across different accounts, including brokerage accounts, individuals can ensure they have accessible resources without incurring hefty penalties for early withdrawals.

Nick further elaborates on the shift in mindset that occurs as one approaches retirement age. The primary one is that transition from the accumulation phase of wealth to the decumulation phase, where the focus shifts to ensuring that the money lasts through retirement. You want to have a well-structured plan in place that considers various financial scenarios, including the possibility of being forced into retirement earlier than anticipated.

Involving family members in financial planning is also something to prioritize. We encourage people to engage their spouses and children in discussions about financial goals and strategies. This collaborative approach can lead to a more comprehensive understanding of one’s financial landscape and foster a supportive environment for navigating potential challenges.

If you’re in your 50s and facing uncertainties in your career, make sure you have a comprehensive plan ready to go. A great place to learn more is through our retirement planning workshops, where people can learn valuable strategies for maximizing their financial resources.

Here’s what we discuss in this episode:

0:00 – Today’s question

1:05 – Initial checklist

2:26 – Why things change in your 50s

4:18 – Changing your saving strategies

5:18 – Retirement planning considerations

6:09 – Numbers to address

Join us for our next financial workshop to learn about these strategies and more. Text WORKSHOP to 800-757-0436 to reserve your spot today.

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.

Resources by Topic

Subscribe to Our YouTube Channel

Share

Related Resources

  • How to Jumpstart Your Retirement Planning

    Retirement planning can feel overwhelming, especially after decades of hard work and diligent saving. With so much to consider, how can you ensure your money lasts as long as you do? The good news…
  • What Estate Planning Steps Should I Take?

    With retirement on the horizon, you may be wondering what steps you should be taking from an estate planning standpoint. At its core, there are three key estate planning considerations to keep in …
  • Case Study: What Should My Investment Portfolio Include?

    As you approach retirement, your investment strategy must shift from aggressive growth to a focus on income generation, asset preservation, and moderate growth to outpace inflation. Consider th…
  • Podcast 407: Is My Social Security Income Taxable?

    Prefer to watch? Click here to watch and listen on YouTube. A common misconception about Social Security is that whether your benefits are taxed depends on the state you live in. While state ta…
  • How Can I Protect My Retirement Savings from Market Volatility?

    We’ve been receiving a lot of questions lately about how to best protect your retirement savings against stock market volatility. It’s easy to let recent fluctuations in the market shake your conf…
  • 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 406: How to Plan for a 30-Year Retirement

    Prefer to watch? Click here to watch and listen on YouTube. The retirement landscape has changed dramatically. Today’s retirees bear much more of the responsibility for securing their financial…
  • 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 …
    Back to top
    Our Locations
    Johnson Brunetti
    Welcome to Our New Website!
    Everything was designed with you in mind, making our retirement planning resources more easily accessible to you.
    Check out your new resource center, where everything can be organized by article type or topic
    Are you ready to speak with a financial advisor?
    Skip to content