5 Life Events That Spark Major Financial Changes

The Bird’s Eye View:

Building a financial plan is as much about protecting your portfolio as it is building it, and that’s why it’s important to prepare for the unexpected. These five life events would likely fall into that category so what should you financially if any of these things impact you? We’ll talk about each one and discuss what adjustments might be made.


Your Guide:

No matter how well you prepare for retirement, life will present you with unexpected obstacles and challenges that will change your course of action dramatically.

That’s why it’s a priority for our business to help prepare clients for the unexpected so they’ll be in position to handle what life throws their way. Protecting what you’ve built is just as important as continuing to grow your portfolio.

So this episode of the Your Retirement Elevated Podcast, we want to talk about a handful of those events that call for a review of your finances to see if changes or adjustments are required. Not all of these are completely unexpected but they all can have a significant impact on your financial planning.

The first two we’ll discuss deal with changing jobs. This happens one of two ways: either planned or unplanned. Many people have been dealing with the latter with the coronavirus forcing many businesses to close, but each of these scenarios will require you to consider certain things with your finances.

The third is one that you might experience once or twice in your lifetime and that’s an inheritance. This sudden windfall can really change your future but it requires some careful planning. And even if you’re planning on receiving an inheritance, you probably don’t want to include those assets into your plan until they’re legally in your possession.

The last two are much more difficult to deal with but might be the two most impactful. Facing a serious medical condition and the death of a spouse are conversations no one wants to have but it’s important to really give your financial plan a thorough assessment.

All of these topics are on the show along with some conversation about why it’s an advisor’s job to make sure your plan is able to handle the unexpected. We don’t know when and what is coming our way, but we can be in a position to deal with it.

Let’s get the show started. Feel free to use the timestamps below by clicking on them to skip around to specific topics. 

[0:56] – What our topic is all about today.

[1:48] – A planned move to a new job.

[3:02] – An unplanned change of jobs.

[3:56] – Conversation Scott’s been having with clients about job uncertainty.

[4:50] – Receiving an inheritance.

[6:51] – Facing a serious medical issue.

[9:26] – The death of a spouse.

[12:03] – On all of these situations, we want to make sure you plan prepares you for the unexpected.

Thanks for checking out the Your Retirement Elevated Podcast. We’ll talk to you again on the next show.



Your Guide:

Home Insight About Scott

Scott Dougan, RFC, Investment Advisor – Contact