Ep 15: Finding the Silver Lining in 4 Challenging Financial Situations

The Concept:

Not everything goes as planned when it comes to your financial life, but how will you respond to difficult situations? We’ll look at some negative circumstances that many retirees and pre-retirees face and help you find the silver lining.

Click the timestamps below to skip around to specific topics in the episode.

The Reality of the Matter:

Since we’re right in the middle of the holiday season, what better way to embrace the spirit than by taking a positive approach to life. You never know what unexpected challenges or difficult situations you’ll face financially but take the right approach and you can control the outcome.

We want to take a look at four unfortunate situations that many people have to face in their 50s and 60s and find ways to make them benefit you rather than bring you down. We’ll do that with the help of Mike Kojonen on this episode of the Retirement Reality Podcast.

Click on the timestamps to skip around to specific portions of the show.

Holiday Plans at Principal Preservation Services

This show was published a week before Christmas so we wanted to update you on what was happening around the Principal Preservation Services offices during the holidays. Many businesses slow down and even shut down during this time of the year but we’ve found that clients want to tie up loose ends and get a jump on the new year.

[1:19] – What’s happening around the office during the holiday season.

Finding Silver Linings in Difficult Situations

We move into our main topic of the show and begin our discussion on finding silver linings. With Mike’s help, we identify four unfortunate financial situations that people are facing now. Each of these can cause anxiety and stress so let’s put a positive spin on them and show you there is always a light at the end of the tunnel.

Many times, these career changes allow you to really dive into your retirement plan and see exactly where you stand. For some people, they find out they’re actually ready to retirement sooner than expected. Talk about the ultimate silver lining!

[3:38] – Let’s talk about the difficult situations we sometimes face and how to find the silver lining.

[4:01] – First situation: Your company forces you into an early retirement.

[7:04] – Second situation: You find out your insurance premiums are going up.  

[9:34] – Third situation: Your company is doing away with pensions.

[11:54] – Fourth situation: Your company gets bought out and you have to get used to new management.

Listener Mailbag

Today’s show ends with two mailbag questions from listeners. The first comes from a man about to sell a rental property and needs guidance on where to invest those proceeds. The second comes from a lady that wants to rollover her 401k but is worried about the tax implications for that move. Should she be? Mike tackles both topics before we finish.

1[4:28] – Mailbag question: I’m selling one of my rental properties in a month or two and don’t plan to buy another one. What’s the best thing to do with the money from that sale?

[17:25] – Mailbag question: Are there really no tax obligations to rolling over my 401k?

Thanks for checking out this episode of the Retirement Reality Podcast. We’ll talk to you again next week.



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