Episode 12: Retirement plans left high & dry
Finance 101On this episode…
Linda and Jim were living large with millions in real estate equity, thinking it’d be smooth sailing towards retirement …until the recession took the wind out of their sails. After the crash of 2008, they were at sea, with no stock, no property and an empty savings account. A decade or so later, the couple is living on a 44-foot sailboat with zero cash reserves and zero retirement plans.
This episode’s expert is Zach Ciampa, a Financial Planner at John Hancock. Zach weighs in on the changing retirement landscape, advice for people starting fresh financially and the benefits of getting professional financial help.
Key Takeaways:
- It’s wise to have separate accounts for separate savings goals: one as an emergency fund, one as a retirement account and one for short or mid-term goals.
- Take your finances one step at a time. Making gradual improvements can be much more realistic than a complete overhaul.
- John Hancock’s 2020 Financial Stress Survey uncovered that 74% of individuals are worried about not having enough money for retirement. Talking to a financial advisor can help reduce financial stress when it comes to planning your future.
Want to learn more? Check out:
Retirement planning for married couples
10 years out: retirement and market volatility
Putting 5 myths about financial advisors to rest
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