Ep 27: Coronavirus Update + Getting Lost in Retirement
With so much uncertainty in the market right now, we want to get Mike’s opinion on what we’re seeing with the coronavirus and the impact it’s having financially. We’ll then spend the rest of the show discussing ways in which you get lost in retirement. It doesn’t take much to get off track but there are always ways to regain your retirement compass.
The Reality of the Matter:
The strong market we’ve been enjoying for many years came to abrupt end with the spread of the coronavirus. Fear and speculation have driven the market down significantly and we’ve all been impacted in some way.
We’ve been having conversations with our clients making adjustments as needed but we wanted to bring the conversation to the podcast. So we’ll get Mike’s opinion and perspective on what we’ve been witnessing in the market. How concerned should we be about the economy over the long term? We’ll find out what Mike thinks about this question as well.
From there, we’ll turn our attention to the main topic on this episode of the Retirement Reality Podcast, which is how people get lost in retirement. Your planning is much like taking a roadtrip. If you don’t have the tools or accurate information, you could get off track and completely miss your destination. This happens all the time with people that listen to the wrong sources or fail to pay attention to the details.
Let’s discuss the common ways that people end up getting lost and what they can do to get back on track. The good news with financial planning is there are always ways to adjust and improve your situation if you’re willing to act.
It’s a crazy time in the financial world right now so planning is as important as ever. Make sure you’re taking the appropriate actions with your retirement by reaching out to an advisor.
2:17 – What does Mike make of the coronavirus and its impact on the market.
3:42 – This is scary if you’re in retirement.
5:20 – You have to know where you are in your retirement planning process.
6:49 – Long term we’re not worried.
8:07 – Let’s shift to our main topic today on getting lost in retirement planning.
8:31 – The first way to get lost is having bad tools.
10:13 – The next way is getting poor directions from someone.
12:52 – If the first two don’t get you, then you might get lost due to lack of attention.
14:36 – How can we get back on track? Let’s start with determining exactly where you are.
15:51 – The next thing you need to do is decide where you want to go.
17:27 – Don’t be afraid to get help along the way.
Thanks for checking out the Retirement Reality Podcast. We’ll talk to you again next week.