#199 - Market Correction Fire Drill Starts Here

What can we control in life? How can we identify factors beyond our control? The trouble with retirement planning is that so much of it relies on factors beyond our control. Join me today as I discuss the impending force of a market correction and answer some listener questions from our Retirement Plan Live Webinar. We must learn to accept that there are things beyond our control. Once we do that and we learn to only worry about the things that are within our power to change we begin to feel much freer. So listen in to today’s episode to find out how to identify forces that are within your control to free yourself of inner turmoil about your retirement. Market corrections may not be all that scary Vanguard published a report recently stating that there is a 70% chance that there will be a stock market correction. I’m here to tell you that that’s not true, there is a 100% chance of that happening! Unfortunately, no one can accurately predict when this will happen. There is so much concern that head of Goldman Sachs feels unnerved by things going on in the stock market. Listen in to hear what his 8 reservations are. As scary as market corrections are, they can be healthy, similar to a forest fire. They help to burn off the excess, weaker growth in the markets. Find out what I mean by this by listening to this episode of Retirement Answer Man. What can we control? We know a correction is going to happen but not when or how extensive it will be. So, knowing all this, what do we do with this information? We can’t control or predict when a market correction will happen, but we can control how we allocate our assets to work towards a life that we want. Right now is the best time to discover how to control your balance sheet and make sure that your financial plan is fully in order. Listen in as I discuss how to financially weather a market correction and what you should be doing to prepare yourself for the inevitable market correction. How do taxes affect your retirement plan? Are you curious as to how to apply what you learned in the Retirement Plan Live Webinar to your own retirement plan? You guys chimed in with some incredible questions about our Retirement Plan Live webinar. On this episode, I address some listeners’ questions and make things clearer on how we can take Lori and Bruce's situation and apply it to you. Listen in as I answer some fantastic listener questions about taxes and retirement. We discuss state income tax and when to contribute to a Roth IRA. Listen to the Q&A portion of the show to find out to what extent the planning tool takes taxes into account and how moving states can affect your retirement plans. What you can do to raise your confidence level in your retirement plan Are you concerned about confidence levels in your own retirement plan? One listener is. Listen to this show as I address this question. You may feel concerned that your money could run out. But what can you do to up your confidence level in your retirement plan? Think of the all the levers you could pull; work longer, spend less in retirement, save more, take more risk. What could you do to become more confident in your retirement? I get down to the heart of this question so listen in to hear my thoughts on this matter and discover why is an 80% confidence level ok when talking about retirement. We must make smart, balanced choices to live a great life today but be confident about tomorrow. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:22] Today I discuss market corrections and answer some questions from listeners HOT TOPIC SEGMENT [3:36] Vanguard says there is a 70% chance for a stock market correction [4:42] The 8 worries that the head of Goldman Sachs has for the stock market [8:42] What can we control in the market? PRACTICAL PLANNING SEGMENT [12:52] Listeners comments and questions about Lori and Bruce [13:52] Listener questions about taxes [20:10] Confidence scores in retirement THE HAPPY LAB SEGMENT [27:56] On Christmas decorating and allowing yourself to fully celebrate events TODAY’S SMART SPRINT SEGMENT [30:02] Make a list of events to celebrate at a higher level than in the past Resources Mentioned In This Episode Ask Roger a question Work with Roger 3-video Series: 5 Minute Retirement Makeover Roger’s Retirement Learning Center The Retirement Answer Man Facebook Page