Ep 21: The Things You Can’t Predict

February 24, 2022

How do you plan for things you simply can’t predict? No one knows what the future holds, but you do need a financial plan that will hold up and carry you through various circumstances.

What are your goals? What does retirement look like and what have you always dreamed about? Building a long-term plan that accomplishes those goals is key. Then you must stress-test your plan to see how your life’s savings will react to different situations. Make sure your money will last, no matter what happens. Do you know what a downturn in the market might do to your portfolio?

How can you make sure you’ll be able to pay for healthcare expenses in the future? Consider inflation prices just over the last year. You have to build in rising costs into the plan for healthcare, not to mention the possibility for long-term care.

What should you expect to pay in taxes? Sometimes this question can get overlooked, but you must plan for it. Taxes are likely to cycle back up from where they are now, especially given all of the additional spending throughout the pandemic. How can you take advantage of the current tax rates now?

How do you plan for how long you’ll live? No one knows if they will live until 95 or pass away soon after they retire. Troy and Alan make sure the plans for their clients will cover them financially until 95 years old, just to be safe. There are a lot of things you can’t know the answer to, but you still want to make a plan in order to succeed.

Listen to the entire episode or skip ahead using the timestamps below.

0:40 – What’s it like living that RV life?

1:54 – How do you plan for the next big market crash?

5:44 – What are healthcare costs going to look like in 20 years?

8:29 – What will your tax rates be in the future?

11:00 – How long are you going to live?

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