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Joe Anderson, CFP\xae and Big Al Clopine, CPA recap recent Brexit headlines and take a look at how the markets have reacted, in episode 43 of the YMYW podcast. Plus, is the US in a retirement crisis? If so, how can it be solved, and what can you do to achieve your financial independence? Original publish date July 2, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro
02:17 - \u201cIf you think about the market, in one particular day it might go up, and the next day it could go down. So-called experts quote the same things\u2026\u201d
06:09 - \u201cWhen markets go down, what you want to do is be more strategic. You want to look at tax-loss harvesting and rebalancing the overall portfolio. [It\u2019s a better time to do] Roth IRA conversions or distributions.\u201d
08:26 - \u201cAchieving financial independence only comes from having a thoughtful and comprehensive financial plan. The sooner you create that plan, the sooner the independence will come.\u201d
19:39 - \u201cWhen markets go down, people stop investing which is the worst thing you can do.\u201d
20:15 - \u201cInvest regularly and periodically, like through your 401(k) for example. It\u2019s the \u2018pay yourself first\u2019 concept.\u201d
22:50 - \u201cYou have to make sure that you take a look at your current portfolio and make sure you understand the risks that you\u2019re taking in your overall portfolio.\u201d
27:41 - \u201cIt\u2019s not about saving \u2018x\u2019 amount of money, it\u2019s not about the next hot stock or some one-size-fits-all product, it\u2019s a comprehensive plan that tackles risk, income, taxes, Social Security, healthcare and so much more.\u201d
31:37 - \u201cMany retirees underestimate future living expenses.\u201d
35:37 - \u201cWhen it comes to planning for retirement, what you have now versus what you\u2019ll actually need are two totally different things.\u201d