Retirement Plan Live 2019 - When Life Disrupts Retirement
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Welcome to a new Retirement Plan Live. If you this is your first time listening to one, be sure to sign up for 6-Shot Saturday to get all the updates. On this Retirement Plan Live, we\\u2019ll be working with Emma and Luca. Life has thrown them a curveball and we\\u2019ll see if they can still make their ideal retirement a reality given their current situation. Week by week we\\u2019ll walk through their situation. On this episode, you\\u2019ll hear what happened and what their retirement goals are. Next, you\\u2019ll hear about their financial resources. Then we\\u2019ll discuss how they can remain agile given their situation. We\\u2019ll also discuss their opportunities and the risks that surround them. Each week you\\u2019ll get an update in 6-Shot Saturday. Then in October, we\\u2019ll have a webinar where we lay it all out on the table to see if they can make their revised retirement dreams a reality. Make sure to listen to the whole series and sign up for 6-Shot Saturday to get all the updates.
Even with the best-laid plans, things can go wrong
Even for those of us who plan and plan and try to prepare for everything, things can go wrong. Life can throw us curveballs from out of nowhere. Your friends, your parents, your kids, your partner and even you can get sick. Death is another curveball that can derail your plans. Divorce, addiction, depression: these can all disrupt our best-laid plans. How do you rock retirement if you don\\u2019t even want to get out of bed? Over the next few episodes, we\\u2019ll be exploring how you can learn to change your plans to adapt to a new reality.\\xa0
Who are Emma and Luca?
Emma and Luca have been married for 40 years. She is turning 65 soon and he is 66. They envisioned their retirement to be a combination of work with a bit of flexibility. Travel was a big part of their retirement plans. They enjoy camping and are avid cyclists. Luca is a bit of a workhorse and could never imagine stopping work completely. They are good savers and their ideal retirement didn\\u2019t seem too far-fetched. But then one day Luca got sick.\\xa0
What derailed their retirement plans?
Luca has always been very healthy and was never one for doctors\\u2019 visits. But after he got sick and became jaundiced Emma convinced him it was time to see a doctor. Pancreatic cancer was the diagnosis. They didn\\u2019t realize it but their retirement plans had changed overnight. With his illness surgery and extensive chemotherapy would be necessary. And even if all went well there is still only a 10% 5-year survival rate. It took them both a while to realize that things would never be the same and their retirement plans would need to change drastically.
How do they deal with all this?
Luca tried returning to work briefly this year but it didn\\u2019t last long. Emma\\u2019s employer has been considerate of their situation and she has taken some time off as well. It is hard for a man who values work so much to suddenly stop working when he isn\\u2019t ready to. Your outlook can become very negative in this situation. They know they can\\u2019t go back and change the past so now they must consider what they can do next. They have to balance whether to spend or regret not spending. Emma knows that her retirement plans now must include 2 different versions. Find out what will happen with Emma and Luca by listening to this Retirement Plan Live.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
HOT TOPIC SEGMENT
- [2:49] Even with the best-laid plans, things can go wrong
PRACTICAL PLANNING SEGMENT
- [10:57] What were their previous retirement plans?
- [14:36] What derailed their plans?
- [19:32] It took them a while to realize that things will never be the same
- [20:54] How do you plan for retirement in this situation?
- [26:50] They need to create 2 sets of plans
THE HAPPY LAB SEGMENT
- [29:10] It\\u2019s only when we cannot change the experience that we look for ways to change the view of the experience
TODAY\\u2019S SMART SPRINT SEGMENT
- [30:27] Apply that quote to one situation\\xa0
Resources Mentioned In This Episode
Roger\\u2019s YouTube Channel - Roger That
BOOK - Rock Retirement \\xa0by Roger Whitney
Roger\\u2019s Retirement Learning Center
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