divorce

Mailbag: Answering Your Questions About Gold, Divorce, and the Election

The Bird’s Eye View:

Should I invest in gold? How will the election affect my financial strategy? Will a divorce tank my retirement? Scott answers these questions and more in today’s podcast. 

 

Your Guide:

On this episode of Your Retirement Elevated podcast with Scott Dougan, he takes your questions about gold, divorce, the election and much more.

Will I spend more money in the first few years of retirement?

“I would say 100 percent, you will probably spend more money in the first few years of retirement,” said Scott.

You’ve likely built a giant bucket list and will want to travel and do other things that cost some money. That’s especially common in the first year of retirement, or the transition year, as we call it.

Should I buy gold coins, gold bars, or no gold at all?

“I get this question all the time about gold and precious metals,” said Scott. “Precious metals are a store of wealth. They’re not an investment.”

Gold is not the best hedge for your retirement dollars, but if you have some, hold onto it for a rainy day.

Should I be investing differently since we have a national election coming?

“The fundamentals don’t change depending on the whims of the political climate,” said Scott.

No matter what, you need a good financial plan that relies on facts and logic, not emotion. That should include short-term accessible cash for necessities. We suggest a six-month emergency fund at a minimum.

You should also have some conservative, moderate and maybe some aggressive investments.

Can I overcome a divorce financially in my late 50s?

“I definitely think it’s doable, you’ll just definitely have some headwinds that you’ll have to accommodate for,” said Scott. “It all comes back to planning.”

Most people don’t start really saving for retirement until they’re in their 50s, so it is possible to make some headway. You can delay your Social Security in order to get the maximum payment and put more money in your 401K since you’re over 50.

Is it better to get a big tax refund or keep more money throughout the year?

“There’s the logical side and the emotional side to this,” said Scott.

It’s exciting to get money back, but you’ve essentially just given the government your money to use interest free for a year. Most of our clients would rather write a small tax check than get a refund. But for some people it’s a forced saving mechanism.

Should we renovate our kitchen or save more for retirement?

Couples need to be on the same page financially and have definable goals. This is a common problem in marriages. You should work with a financial planner to develop your goals and how to get there.

Listen to the full episode or use the timestamps below to hear more.  

[1:38] – Will I spend more money in the first few years of retirement?

[4:17] – Should I buy gold coins, gold bars, or no gold at all?

[6:59] – Should I be investing differently since we have a national election coming?

[8:47] – Can I overcome a divorce financially in my late 50s?

[11:09] – Is it better to get a big tax refund or keep more money throughout the year?

[12:47] – Should we renovate our kitchen or save more for retirement?

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

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