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Managing Key Life Events
Can Your Finances Withstand A Major Life Event?
Some major life events are seemingly positive, like receiving an inheritance or selling a business or real estate. Others – especially the ones you don’t see coming – are negative and often very costly, in more ways than one.
It’s scary to think about what could happen to your finances if one of these negative events takes place deep into retirement. What if your spouse has a health crisis during an economic downturn? The double whammy from those two portfolio drainers could cause major financial stress for the remainder of your life.
The biggest fear about weathering life’s storms comes from our inability to predict or prevent them. Things will happen, and no matter who we are or how much wealth we’ve accumulated, we still feel vulnerable and powerless against them.
Positive major life events bring with them difficult decisions that will affect your finances and life situation for many years to come. You may be faced with an array of complex and interrelated choices that must be decided in a relatively short period of time.
You’ll need help working through these choices in order to come out on the other side feeling great about the outcomes, such as avoiding excessive taxes and ensuring the one-time windfall isn’t gone within a year.
Whether positive or negative, all major life events can spark fear, anxiety, and as a result – poor decision-making. The good news is, to some degree you can actually plan ahead for unexpected major life events.
Stay Secure In Retirement by Planning Ahead
Planning in anticipation for these major life events is a critical component of Pillar’s wealth management and investment process. There are specific steps you can take and systems you can put in place so you’ll know your money will be there even if a costly negative event happens to you or someone in your life, or a consequential positive one comes your way.
Even if you have no new income when these events happen, we can help you be secure and confident that you will make good decisions and weather the storm with healthy enough finances to peaceably endure, while still achieving your biggest life goals and dreams.
So what do you do when major life events happen?
If you’ve been working with a proactive wealth manager who updates your plan every quarter, you’ll be more prepared for the unexpected. And if something does happen, you can call your wealth manager and update us. We will then update your plan and walk you through any decisions you need to make, while also employing our unique management process to keep your finances safely on track.
LIFE IMPACT EVENTS
- Receiving a retirement rollover
- Selling or buying a business
- Buying or selling real estate
- Receiving inheritance
- Transfering Wealth
- Birth & death
- Marriage & divorce
- Health crisis
- Investing proceeds from an asset sale
- Unwinding large equity positions
- Changing marital status/divorce
- Exercising stock options
- Paying for a child’s or grandchild’s education
- Political unrest
- Natural disaster
- Economic cycles
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