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| Name | 4 Steps to Planning for Unexpected Expenses in Retirement |
| Video Uploader | Video From James Conole, CFP® |
| Upload Date | This Video Uploaded At 30-09-2023 08:00:00 |
| Video Discription | Planning for retirement would be easier if you knew what to expect. One of the hardest things to anticipate is how much your living expenses will be. And what about unexpected expenses? James covers four essential steps to help you prepare for those unforeseen financial challenges and maintain a comfortable retirement. ➡️ Step 1: Plan Ahead for Common Unexpected Expenses By understanding the landscape of potential financial challenges, you can better position yourself for a secure retirement. Here are some common unexpected expenses to consider: -Family support -Home repairs -Health care costs -Long-term care -Pet care ➡️ Step 2: Know Your Personal Financial Situation Understanding your financial assets and expenses is crucial. It helps you determine your capacity to deal with unexpected expenses. Consider home equity, portfolio assessment and expense type. ➡️ Step 3: Implement the Right Tax Strategy Taxes can significantly impact your ability to handle unexpected expenses. Diversifying your accounts to include both taxable and tax-advantaged options can reduce the tax burden when you need to access funds for unexpected costs. A strategic approach to taxes can save you money and provide flexibility during challenging times. ➡️ Step 4: Get the Right Insurance Coverage Insurance is a powerful tool to protect against unexpected expenses. Ensure you have appropriate coverage for health care, long-term care, homeowners, and auto insurance. Adequate insurance can help minimize the financial impact of unexpected events and provide peace of mind during retirement. Planning for retirement isn't just about saving and investing; it's also about preparing for the unexpected. Remember, it's never too early to start preparing for a financially stable retirement. ======================= Learn the tips & strategies to get the most out of life with your money. Get started today → https://www.rootfinancialpartners.com/ 🔔 Make sure to subscribe here to be notified for future videos! https://www.youtube.com/channel/UCBNdQfS-fzODmYb8Hkr4egA?sub_confirmation=1 _ _ 👥 Make sure to connect with us on all socials below → https://beacons.ai/rootfinancialpartners ⏱Timestamps:⏱ 0:00 Intro 1:01 Step 1 4:51 Step 2 8:34 Step 3 10:25 Step 4 11:34 Summary 12:12 Outro Other videos we think you'll like: About Root: https://www.youtube.com/watch?v=ZPy7Qlmemy8&t=1s Worried about retirement? Start here: https://www.youtube.com/watch?v=c1dCo73XTw4&t=1s |
| Category | Education |
| Tags | investing | retirement planning | tax planning | financial planning | retirement | personalfinance | taxes | dividend investing | financial planning at 50 | how do I retire? | long-term investing | financial planning at 60 | roth conversions | roth ira | IRA | individual retirement account | benefits of investing | pros and cons of investing | donor advised fund | financial education |
